These days, it is common for professionals across a number of industries to travel for work. Whether your business involves sending employees on domestic and foreign flights on a routine basis or it only happens every now and again, you need to make sure you’re hitting all the right points with your insurance coverage. Most standard packages do not include coverage for times when employees are away from the workplace. Consider these points to take out policies that keep your staff protected no matter where they roam.
Common Risks Involved With Travel
Understanding the basics of business travel accident coverage is a must when you’re reviewing your options. Essentially, this type of policy protects your employees in the event of an accident that transpires while they are away. Whether a worker slips while trying to catch a cab on a rainy day or falls ill during his or her stay, this insurance policy covers the major gaps created by a standard policy. When taking out travel coverage, be sure to also think over factors like:
- How often you send workers on trips
- The length of each trip
- Protection for non-workers like investors and shareholders
Proper Protection Is a Must
By considering all possible risks involved with sending employees on work-related trips, you can ensure your coverage hits all of the right marks. Look over the details and get a better feel for a policy that will help your employees feel protected.
Working in the media industry, whether you produce TV programs, write newspaper columns or market advertisements, usually entails some degree of vulnerability to professional liability claims. If you’re in media and are wondering what sort of media insurance coverage you should get to protect yourself or your company, take a look at these insurance basics you should be aware of.
Look for a Tailored Policy
In order to get the most out of your insurance coverage, spend some time shopping around for a policy tailored to your field and your individual needs. Industries that are eligible for media insurance coverage include:
- Communications and telecommunications
- Software design
In short, if you regularly publish material, you may need liability insurance.
Protect Yourself Against Several Claim Types
When choosing your policy, make sure you or your company are protected against many types of claims. Some of the most common ones may include:
- Slander or libel
- Intellectual property infringement
- Breach of agreement
Without adequate coverage, you may leave yourself or your employees legally and financially vulnerable.
The media industry covers a broad range of professions, including journalism, marketing, content production and much more. If you work in these fields, consider getting a media insurance policy for protection in the event of a claim.
All commercial truckers know the importance of trucker insurance. Trucker insurance includes coverages that are specific to commercial trucking, the property you carry and the specific risks that truckers face on the road. When it comes to insurance, there are always dos and don’ts. Here are two of the don’ts to remember.
Use the Cheapest Option
Some truckers mistakenly believe that all commercial truck insurance is the same. The truth is that different insurers offer different policies. Your coverage options will depend on the cargo you carry, whether you work for a company or are an independent trucker. Do not simply choose the cheapest option.
Cancel the Coverage in Off-Season
If you have times where you store your truck, you may consider canceling your insurance policies. Some truckers assume that since they are not actively on the road, they do not have to pay for insurance. The problem with this line of thinking is that your property can still suffer damage while stored. Vandalism and fires, for instance, can still cause damage to your truck.
When it comes to commercial truck insurance, you should focus on what protects your business the most. While price matters, you should also pay attention to comprehensive coverages that will save you in the long run.
While most companies provide employee benefits programs, even the most generous packages can sometimes contain omissions that may lead to claims and liabilities. Some employee benefits claim examples include accidentally erasing employee files, discussing plans with non-employees, and failing to enroll an eligible employee. In order to protect yourself and your business, there are a few important facts to understand benefits liability coverage.
Ensure Your Benefits Program Qualifies
Before you can purchase liability coverage, you should ensure that your current benefits program fits requirements. Covered benefits typically include:
- Workers compensation
- Maternity leave
- Health insurance
- Life insurance
Once you’ve identified the benefits you need coverage for, you can begin looking for a policy. Be aware that many policies only provide coverage for claims made during the period you purchase.
Errors Covered May Vary
Because the errors covered by a policy may vary, be sure that your plan will help protect you in areas you need. Administrative mistakes and filing errors are common situations where your company may need help covering damages, for instance.
Even if your company offers a generous employee benefits package, you may still be vulnerable to claims due to errors or omissions. If you’ve looked at some employee benefits claim examples and wondered whether your company could use extra protection, you may want to look into benefits liability coverage. The right plan could give your business the coverage it needs.
Public official’s liability insurance covers defense costs or damages for claims brought against elected officials, government employees, and volunteers.
Why Do Public Employees Need Liability Policies?
Any business needs protection to cover expenses when faced with unexpected lawsuits and legal fees. Those who work in the public sphere also require this type of coverage. These kinds of jobs involve a high level of risk exposure to legal claims.
Public figures face a great deal of legal scrutiny within every project. People file lawsuits for issues involving discrimination or mismanagement of funds. There is also potential exposure to claims regarding things like zoning issues or failure to perform job-related tasks.
Public entities, their officials, and employees working in various capacities need this type of liability policy, including:
- Local governments – This includes towns, cities, boroughs, and counties.
- Special Districts – Districts such as water and sewer utilities, hospital, fire, irrigation, housing, transit, and parks, and recreation departments are part of this category.
- Airports and airport authorities
What Does Public Officials Liability Insurance Cover?
This type of policy protects the insured from wrongful acts claims. These claims consist of alleged misstatements, errors, negligence, or omissions while working as an elected official or public entity employee.
Public officials are liable for their actions while performing their professional duties. They should obtain coverage from an insurer who can meet their unique requirements as public figures.
Life is full of unexpected events that may benefit from an additional insurance policy. Tail end insurance is one instance where supplemental coverage may be helpful since it extends coverage for claims filed after a policy expires. Here are three essential things to know about tail end coverage or the Extended Reporting Period (ERP) before you cancel your policy.
Why Tail Coverage is Important
Because daily life is often unpredictable, this endorsement gives policyholders peace of mind because it allows you to file a claim against your policy even after it expires or is canceled. Adding this supplemental claims-made insurance policy requires additional payment to your insurer, but is often worth the added cost. Keep in mind that while this policy does grant you more time to file a claim, it does not extend your current policy period.
How Long Coverage is Needed
Many insurers recommend purchasing the most time possible because you cannot add additional time after your endorsement ends. It’s also important to note that since an ERP is a fixed time, it’s also not renewable.
Generally, most insurers look at your professional liability policy and charge an additional fixed percentage. Usually, this cost is between 100 to 300% of your final premium.
Tail end coverage can be a practical endorsement option for anyone with professional and management liability policies. Just make sure you add the endorsement before canceling your policy to ensure you don’t miss any narrow window.
Many companies carry insurance policies that protect their employers in the event of accidents or injuries suffered while at work. Employers also carry benefits plans that provide health insurance or other services to employees. In spite of these protections, employers are susceptible to claims from their employees that personal rights have been violated by company policies or practices.
Add-on Coverage for Business Owners
Large corporations used to carry the largest threat of a lawsuit from a disgruntled employee, but companies of any size can have a claim or lawsuit opened against them by a worker. A business owner’s policy offers some protection against this threat, but stand-alone coverage from an Employment Practices Liability Insurance (EPLI) policy is generally more comprehensive toward exposures. EPLI can assist with lawsuits where the following claims have been made by employees:
- Wrongful termination
- Sexual harassment
- Breach of contract
- Wrongful discipline
- Failure to promote
- Negligent evaluation
- Mismanagement of employee benefit plans
Costs and Inclusions
The size and scope of your business influence how expensive EPLI will be for your company. The carrier will evaluate if your company has had prior lawsuits filed concerning employment practices and what other risks are present. Policies include coverage for the costs of legal defense and award amounts for a settlement or judgment. Legal costs are covered whether or not your company wins the suit.
Educate your company employees and managers to minimize the potential for problems in the workplace. Have fair hiring practices, clear behavior expectations, and prompt reporting processes.
Workers’ compensation insurance offers vital protection for your employees. Should a member of your staff be injured or fall sick while on the job, this insurance will cover sick pay, medical costs, and even retraining, if it is needed? It also protects your company, as employees who make use of these benefits typically surrender their right to sue for negligence. Despite the many advantages of this insurance, traditional-style workers’ comp plans can be very expensive to maintain.
The Downsides of Traditional Lump-Sum Payments
Premiums for workers’ comp policies are usually paid annually as a lump sum. This can significantly impact the cash flow of businesses not able to keep larger amounts of cash in reserve. Moreover, the annual lump-sum payments are estimates of your liability in relation to your projected payroll. This often leads to over- or under-paying.
The Benefits of Pay-As-You-Go
A benefit of pay-as-you-go plans is that they eliminate both of these problems. You make a payment each time you run your payroll. Insurance costs are thus spread over the year, freeing up cash that can be used for other purposes. Additionally, the payments are accurate as they reflect your liability in relation to your actual payroll, as opposed to projected estimates.
Most organizations would benefit from making use of pay-as-you-go plans. However, these policies are particularly advantageous for companies with a highly fluctuating payroll. An expert in professional liability insurance can assist you in choosing the right type of policy for your business.
There is no question of how much joy can come out of owning a boat, but it can make a big difference depending on where you choose to store it. There are several reasons why a marina is one of the best options for boaters. Beyond granting easy access to getting your boat out on the water, here are some marina benefits that you should consider.
Rest Easy Knowing You Are Covered
Marinas have established security and they often end up being a much safer place when compared to other storage options.
Marina security usually includes:
- security cameras
- gates surrounding the property
- live attendants
It is also possible to receive insurance benefits for keeping your boat at a marina.
Feel a Sense of Community and Convenience
Marinas provide amenities, and many of them host holiday events. A marina makes it easy to get involved with the boating community. You can also benefit from the convenience of businesses that they tend to attract.
Since a marina caters to boaters, many services will be easily accessible, such as:
- Marine supplies
- Food and dining
Any boater can benefit from using a marina. It grants convenient access and community, which makes it that much easier to get out on the water and enjoy your passion.
Business owners and managers need to protect their operations with essential insurance coverage. It’s important that insurance is customized to meet your business’ needs in order to fully address your risk exposure.
Work With a Knowledgeable and Experienced Agency
When Connecticut businesses need to get insurance, they should work with a company that is experienced in serving businesses in their area and industry. An experienced insurance agency will be able to help connect your business with the right carriers in the insurance marketplace that can accommodate your individual needs at competitive rates.
Build a Package to Support the Full Scope of Your Business’ Activities
A business’s insurance needs will depend largely on its individual activities and the value of its assets. While you have to choose a line of coverage that’s affordable, you also need coverage that will provide comprehensive protection in the event of loss or a liability claim. You can customize a package with specific coverage limits and deductibles that will align with your operating budget and risk exposure.
A comprehensive commercial package may need to include a variety of policy endorsements. Get help from an agency that can help you evaluate your business’ needs and offer expert assistance in structuring a package to effectively safeguard your business.