The news is full of cyber liability and data breach stories. The best known may have occurred in 2011 when SONY’s Playstation Network was hacked and some 70 million users names, physical and email addresses, birthdates, and credit card numbers were stolen. SONY quickly took the system offline to reinforce it, but within days of coming back on line, hackers broke in again. The FBI believes that similar intrusions are happening to corporate networks, personal computers and government systems by the thousands every single day.
Answer: With the recent economic downturn, the internet and other technology advancements, more and more people are running home based businesses. Most people assume that their home based business is covered by their homeowner’s policy. In almost every case, this is not correct.
Effective 8/7/13, individuals who own 10% or more of a non-construction LLC may now file to exempt themselves from workers compensation coverage. This means that their salaries can be entirely excluded when calculating the payroll on which WC rates are applied.