Top Risk Considerations for Buying a Business
Found a promising acquisition? Vet the risk. Make sure your due diligence includes evaluating these key areas:
The ALS Group
September 7, 2016
We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
Found a promising acquisition? Vet the risk. Make sure your due diligence includes evaluating these key areas:
In Part 1 of this post, I noted that ransomware events are occurring much more frequently; as many as 4,000 a day since January 1st of 2016. We took a look at some preventative measures that may protect your company and its network/data against a ransomware event.
You’ve done your due diligence and obtained insurance policies for your business. But, often times that’s not enough to ensure you’ve got the right coverage in place to best protect your people, your business, and ultimately, your bottom line. Our Managing Principal, Al Sica, offers excellent guidance to both business owners and individuals in his article “Insurance Coverage Purchase Strategies.”
With the deadline for filing form 5500 literally around the corner (July 31), fees and expenses associated with 401(k) are critical issues for plan sponsors. One of the most important things a plan sponsor can do is to benchmark their plan fees against the ones in comparable plans, to mitigate their risk for lawsuits or sanctions. According to the July 20, 2016 article in Bloomberg BNA “New York Accused of Profiting Off Workers’ 401(k)“, New York Life has been sued by employees who claim that one of the company’s in-house mutual funds carried needlessly high fees that eroded their retirement savings.
When considering cyber related risk, many would often think, “How could my organization’s system be breached?” Hopefully, they plan some defense for their server being hacked and purchase Cyber Liability Insurance that covers first party loss. This is all well and good, but it is important to consider the exposure when storing data with an off-site storage provider or granting system access to a vendor/provider of any kind. What if they are hacked?
The recent changes to the OSHA record keeping rules that were issued a couple of weeks ago have been drawing quite a few negative comments from business and industry. The new rule has a component requiring employers with more than 20 employees to electronically submit information about work-related injuries and illnesses.
Legionella, a harmful bacteria that causes the pneumonia-type illness called Legionnaires’ disease, was initially identified in 1977 after being responsible for 34 deaths. Since the initial discovery, outbreaks have occasionally surfaced. In 2015, numerous outbreaks in New York City; specifically in the Bronx and Queens, infected nearly 150 people and resulted in 13 deaths.
Failing to provide a safe work environment for employees will leave employers paying the consequences from both a financial and workforce standpoint. We all know that an unsafe work place can make it very difficult for good contractors to attract good tradesman; nobody wants to go to work thinking they have an increased likelihood of being injured due to the negligence of their employer.
Merriam-Webster defines the term “contract” as a binding agreement between two or more persons or parties; especially: one legally enforceable. In a construction relationship, there are many types of contracts. These include lump sum, guaranteed maximum price, item rate, cost-plus-fixed fee, and cost-plus-percentage of cost. There are also special contracts which include turnkey, negotiated, package, continuing and running contracts.
Will your insurance program’s Builders Risk policy respond if a major loss occurs from faulty workmanship at a job site? The best time to determine if it will is before a loss occurs.
Our areas of expertise include:
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information: [email protected]
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024
At The ALS Group, we help clients achieve their strategic goals via expert and insightful identification, quantification, and mitigation of the risks that could impact their business, or present opportunities for it.
More Information : [email protected]
New Jersey
175 Main St
Woodbridge, NJ 07095
Tel: +1-732-395-4250
Florida
1800 NW Corporate Blvd Ste 202
Boca Raton, FL 33431
Tel: +1-561-437-0024