ADVERTISING-WHAT'S THE RISK?

You should be aware that most Comprehensive General Liability forms include coverage for Personal Injury and Advertising Injury liability. Below is a definition and sample claim scenario related to Advertising. In my next post, I will address "Personal Injury".
ADVERTISING INJURY LIABILITY
"Advertising Injury" means injury rising out of an offense committed in the course of your advertising activities, if such injury rises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright, title or slogan.
COULD THIS BE YOU??
Willie Widget and several of his colleagues began a start-up company, Willie Widgets, Inc.(WW). WW makes widgets in a market sector populated by a handful of competitors. Willie and his engineers who design the widgets all worked together at a competing firm.
WW later implements a broad campaign to launch its new product, the Wonder Widget. A WW competitor is impressed with the Wizard advertising and notes that some of the functions of the product closely resembles theirs. The competing firm sues WW for piracy, copyright, and trademark infringement.
QUESTIONS
What if this scenario happened to your business? Have you secured the correct coverage?
If you are in the Advertising business, you should have a professional liability policy in-force. Professional media firms will not find coverage for their business activities under the commercial general liability form.
What if you only provide advice? Consultants who advertise their expertise and knowledge are subject to the same exposures as a firm that sells tangible products.
Make sure your business risk assessment is broad and comprehensive.
Discover the "not-so-obvious"!!!!

THE RELUCTANT ENTREPRENEUR

From interviews and discussions I have enjoyed with people across this nation, my intuition told me that many out of work Americans were becoming entrepreneurs, albeit reluctantly.
This article is about the reluctant entrepreneur. The person who has worked in the corporate world and now finds themselves out of work and little hope of returning to the corporate world anytime soon.

The statistics are impressive. Lots of people entering self-employment and lots of failures. Amongst the number are the success stories.

I urge you to read this article and hope you receive the same adrenaline rush as I did.

What If-Life On the Dark Side of the Moon

17.5 million Americans out of work. The nationwide unemployment rate hovers around 10%. Businesses have cut payrolls and inventories to match the decline in revenue as a result of lower demand for product and services. Individuals and families are working diligently to strengthen their balance sheets by reducing debt, increasing savings and consuming less.
As each day goes by, the unemployed begin to realize that the likelihood of their re-joining the corporate workforce is unlikely. Unemployment benefits will begin to run out. The responsibility for providing and procuring benefits such as health, life insurance, disability protection and retirement savings is shifted from the employer to the unemployed.
As a result, many of the unemployed are becoming entrepreneurs. Clearly, they do not want to nor have they planned for such a dramatic event. To fund their business, they draw upon retirement funds, savings, borrow against cash-values of life insurance policies, sell assets, or borrow money from lenders, credit cards or friends and family. Success of the business becomes critical.
The Internet has lowered the barrier to entry to starting a business. However, entrepreneurs quickly learn that their skill or knowledge will not sell itself. Most have to learn how to sell or market or procure services to help them run their business. That is why I am building relationships with business coaches, mentors and consultants. These highly trained professionals provide the necessary tools to help any start-up believe they can be successful.
This blog is dedicated to my fellow entrepreneurs who are in the midst of or seriously considering the transition from being a corporate employee to self-employment. Henceforth, each posting will be a story (most are true). The story will illustrate a risk that is probably relevant to your business.
As your awareness of risk increases, you will realize that you have the power to implement risk management strategies to address these risks. I will work with you and guide you through the various solutions, building a customized product or service to meet your needs and budget.
After all, you may be risking everything you own or have. Shouldn't you take advantage of the opportunity to protect your business so you have a reasonable chance of growing it??