Employers’ liability insurance is a crucial type of business insurance designed to protect employers from financial loss if an employee sues for a work-related injury or illness. While workers’ compensation insurance typically covers medical expenses and lost wages for injured employees, employers’ liability insurance provides coverage when an employee alleges that negligence or unsafe practices by the employer directly contributed to their injury or illness. This insurance safeguards businesses against potentially devastating lawsuits, ensuring that employers can manage legal and financial risks effectively. How Employers’ Liability Insurance Works Employers ’ liability insurance comes into play when an employee believes their injury or illness resulted from the employer’s negligence and chooses to file a lawsuit rather than rely solely on workers’ compensation benefits. For example, an employee might claim the employer failed to provide adequate safety training, leading to an...

Magic Johnson’s wealth has crossed the billion-dollar mark, according to Forbes.

Be honest: how much thought have you put into financial planning? Depending on where you are in life, you might think that you’re not making enough money for that to be a concern; or that you’re too young to be thinking about retirement or life insurance. But the truth is it’s never too early to take the necessary steps to set yourself and your family up for the future. And the idea that financial planning is one of the best ways for people of color to start leveling the playing field when it comes to generational wealth really is a thing. Especially if those plans include a life insurance policy. Now before we go any further, let’s dispel some of the shame and judgment that exists around this sensitive topic. Yes, communities of color remain severely under protected when it comes to life insurance. Yes, Grandma’s house could have stayed in the family longer if only she’d had life insurance. But if you’ve ever made a slick comment about someone’s family having to turn to...

Lami, a Kenya-based insurance platform, has raised an impressive $1.8 million in its inaugural seed funding round. According to TechCrunch, the round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other venture capital (VC) firms that participated include AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners, and Future Africa. Previously, AfroTech reported that the Future Africa Fund had invested nearly $2 million across more than 19 different African companies. The fund works in a unique way, known as a “syndicate,” where investors provide money to Future Africa, and Future Africa disburses their money throughout a network of related funds. Lami, specifically, aims to address the insurance disparity in Africa. CEO Jihan Abass, who founded the company in 2018, told TechCrunch that her goal with the platform was to provide a more democratized, and personalized, set of insurance...

Entrepreneur Valerie Randolph has built a 30-year long career as a small-business owner in Atlanta, but found a higher calling in teaching young Black girls in the areas of STEM. According to The Renewal Project — an extension of Allstate that shares the stories of individuals and organizations problem-solving in their communities — Randolph, an Allstate agency owner, has helped dozens of young Black women prepare themselves to pursue STEM careers since 2000 as both a teacher and a mentor. Through Teens on the Move — a mentorship program that provides support to young at-risk girls in the metro area — Randolph has exposed a community of underrepresented high school girls to the skills that they’ll need to make them competitive candidates in their respective fields. As part of the program, girls not only get a chance to explore subjects like science and engineering, they also have the opportunity to visit college campuses and participate in summer internships, where Randolph says...

Loop — an Insurtech startup led by John Henry and Carey Anne Nadeau — announced today that it has raised $3.25 million in seed funding. According to its website, Loop is “building an inclusive future for auto insurance.” In their announcement, they stated: “Loop, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more fairly priced insurance products, announced today it has closed a $3.25M seed round led by Freestyle VC, with participation from Blue Fog Capital, Fontinalis Capital Partners, Concrete Rose, Uprising Ventures, and Backstage Capital.” After the events surrounding the death of George Floyd, Nadeau and Henry partnered in July of 2020 to embark on something more meaningful. “We believe there’s a large market opportunity in pricing people more fairly and building a community-first brand in the auto insurance space,” Henry said in a statement. Nadeau, co-founder and co-CEO of Loop, also added: “The technology and data to assess risk more...

Father-son business partners Osei and Nadir Rubie are developing a new affordable housing project amid the U.S. housing crisis. According to Shoppe Black , the Rubies closed a $30 million real estate deal through their title insurance agency, National Standard Abstract (NSA) , one of the largest Black-owned companies in the industry. “In our five-plus years of operation, a common question posed to us is ‘how do we engage National Standard Abstract to provide title insurance for our project or transaction?’ As an MBE NYC Certified firm, our credentials are inclusive of City-funded commercial real estate projects as well as market-rate development projects,” said Nadir Rubie. Overseen by CB Emmanuel Realty, LLC, the project will be a seven-story residential building with 71 units— 55 studios, 14 one-bedroom, and two two-bedroom apartments—in Brooklyn, New York’s Brownsville neighborhood. The residences will be economic-friendly and provide upscale amenities including tenant and bike...

Start-up company, Kliit Health, Inc. won the opportunity of a lifetime at the 2019 AfroTech conference that took place on Nov. 7-9. The Los-Angeles-based femtech company took home a $10,000 prize after winning the pitch competition sponsored by the American Family Insurance Institute for Corporate and Social Impact. Kliit Heath Inc. is a female sexual and reproductive healthcare platform founded in December 2018 by Crystal Evuleocha and Cassy Gibson. Kliit enables multicultural women to connect with a network of clinicians to ask questions about their sexual and reproductive health virtually through their mobile devices, according to the company. Evuleocha and Gibson competed against a host of other founders including: Erik Young of Audios, Chloë Rogers of Community X, Michael Garrick of Fitnesse, Branden Criss of Rap Plug, Christian Hines of Semy, Ty’Lisha Summers of Spendebt and Zachary Johnson of TicketDM. They each had a three-minute pitch presentation followed by a two-minute...