errors and omissions insurance Professional Liabilities During the Holidays | Axis Error & Omission
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Professional Liabilities During the Holidays

Professional Liabilities During the Holidays

Professional Liabilities During the HolidaysThe holidays are a busy time for everyone. Between buying gifts for your friends and family, planning vacations, decorating your home, having and attending parties, and hosting houseguests, many people are likely very stressed during the month of December. In addition to the pressure of trying to get work completed in the midst of the additional responsibilities of the season, there are several workplace liabilities that appear or increase in riskiness during the holiday season. Make sure that your organization is thoroughly protected with Directors & Officers Insurance and any other necessary insurance policies, and familiarize yourself with some of the most common liabilities and how you can minimize them.

Phishing and Other Cyber Attacks

It has been reported that phishing attacks increase in frequency during the holidays. This is in part due to the 7 percent increase in credit card spending that happens during the holiday season. Make sure that all of your employees are aware of phishing and other common types of cyber scams, and take the time to update your software and other cyber security measures. The last thing you want is to start off the new year with a data breach.

Hiring

Depending on the industry you work in, hiring could be a big topic during the holiday season. Retail in particular is susceptible to employment practices liabilities, as most retailers choose to bring on extra hands to help with the increased business. However, it was recently reported by the Global Retail Theft Barometer from Checkpoint Systems that 42.9 percent of shrink was due to employee theft, and the risk for employee theft and shrink increases during the holidays with the influx of new and temporary employees. Make sure to prioritize anti-theft measures: the holidays are a time to give, but you don’t want to give away your products to thieves.

Even if you do not work in retail, you might be engaging in hiring before the holidays are up: you often find more dedicated candidates during the holidays, you can ease them into your company at the holiday party and with time off, and it could have financial benefits. In spite of this, hiring during the holidays is just like hiring at any other time of year, and it’s important to not let the hustle and bustle of the holidays impact your hiring process and cause you to make dangerous mistakes.

Christmas Parties

The office Christmas party can be a fun time, but there are a number of liabilities to consider, particularly if you are planning to have alcohol served (or even an open bar). Remind all of your employees to be responsible. Encourage alternate modes of transportation, make sure that no minors consume alcoholic beverages, and keep an eye out for untoward behavior. A sexual harassment suit could mean very bad things for your business.

About Axis Insurance Services

Axis Insurance Services specializes in providing employers with EPLI coverage and would be happy to discuss this must-have protection with you, particularly critical in today’s litigious environment. Just give us a call at (201) 847-9175.

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Blogged on: December 11, 2017 by Mike Smith
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