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.
Ship-owners and those who deal with marine transport or operations are exposed to unique risks. Marine insurance experts will tell you of the need for comprehensive coverage for your boat or operations. This could include or more of the following coverage types.
This coverage focuses on the hull of the vessel and the torse, as well as most of the furniture and articles on the ship. This probably the most commonly sought after coverage for loss protection.
With this policy, all of the essential machinery on the vessel will be covered in case of operational damages. Compensation required post-survey and approval by a licensed surveyor. Most often, hull and machinery coverage are combined into one policy.
Protection and Indemnity Insurance
This policy would address risks that are related to the ownership of the vessel from things like crew related claims. The indemnity potion addresses risks that are related to the services of the ship, such as cargo-related and client claims.
A general form of insurance, this is used when there is compensation being sought for an incident that occurred because the ship crashed, collided, or induced damage. This could address either bodily harm or property damage.
These are four of the most commonly used insurance policies in the marine industry. The right kind of coverage is important to securing the financial and legal responsibilities of your vessel when an adverse incident occurs.
Running a successful business involves striking a balance between innovation and risk management. With the different insurance policy options available, it is important to consider which ones provide the necessary coverage for potential liability. When it comes to risk management for business executives, these are some of the components to be aware of:
Employment Practices Liability Insurance
EPLI policies are vital for protecting a business from a wide array of employee-related events, which can often include:
- Wrongful termination
- Breach of employment contract
EPLI policies minimize the exposure of claims made against a company’s directors and officers. They can vary depending on the particular vulnerabilities of a business.
Additional Liability Insurance
Businesses can also become vulnerable to risk through indirect exposure. Companies can be held liable for any claims made against a third-party contractor or agent. They may also be obligated to fulfill any fiduciary responsibilities toward employee benefit plans. Business executives should consider whether they need coverage due to:
- Contingent liability: minimizes exposure to third party claims
- Fiduciary liability: provides coverage for employee benefit plans
- Miscellaneous liability: protects against employee errors and property damage
Proper coverage is crucial for maintaining a fruitful business and mitigating unforeseen risks. Work with your agent to find the right insurance policies for your business.
If you provide parking services to customers, chances are very good that your general liability policy doesn’t include provisions for damages to customer vehicles while your staff is behind the wheel. That can be a problem if there’s a claim to be made. It’s also a fact that traditional vehicle insurance policies for businesses do not anticipate a situation like valet parking. That’s why robust valet parking coverage options have been developed by insurers who focus on the entertainment and hospitality industries. With specialized coverage just for your valet services, you can be sure your business is protected in the event of an accident with customer vehicles.
The Value of Working With Specialized Insurers
While most businesses can find robust general liability, commercial vehicle, and property protection coverage from most business insurance providers, working with a company that specializes in the needs of one industry means having more options, getting the coverage that’s tailored to your needs more closely, and usually saving money. Many carriers can help you by building a comprehensive insurance plan that includes options like valet coverage alongside your general liability coverage while folding in other industry-specific insurance policies as needed. That saves you the time and effort of tracking down a provider for each new type of insurance you realize you need, and it usually saves you money too.
Things happen in a hurry when you buy a new home and sifting through the details of your homeowners’ insurance policy may not be a priority. Nonetheless, it is important that you understand your coverage limits and deductible amounts before filing a claim. Consider the following features of a homeowners’ policy when deciding on what is best for you.
What Is Covered?
Most policies provide protection for four main areas. Each of these will have some type of maximum limit that will be paid out for any given claim.
- Property – covers the cost to repair your home if it is damaged or destroyed. It is important to know that flood and earthquake disasters are not covered and require special insurance.
- Belongings – provides reimbursement costs of personal items that are destroyed or stolen.
- Liability – protects against claims by others against you for bodily injury or property damage.
- Expenses – covers additional costs such as hotel rooms or other expenses that are incurred while your home is being repaired.
How Much Deductible?
Choosing the right deductible depends on several factors and won’t be the same for everyone. The deductible is what you pay out of pocket before the insurance company starts picking up the tab. Keep in mind this applies to each claim. If you live in an area of high risk then you may want a lower deductible. If you want lower payments and are willing to pay more out of pocket if something happens, then a higher deductible could be right for you.
Just as with any repair profession, workers who repair ships should be covered in the case that they cause any damage while on the job. Ship contractors can be held liable for damage or losses inflicted when they are working on a vessel, and they should understand the coverage that is available to them should problems arise.
Ship Repairers Legal Liability
Ship repairer risk can come in many forms. You are responsible not only for any damage you create on the boat, but you can also be held liable for accidents that cause injuries to those working. If a vessel needs to be tested on water or if it simply needs to be transported to another location for repair, you risk damage and losses there, too.
Legal liability coverage can protect you from all of these risks, especially if you are found negligent on the job (meaning your careless actions caused the damage). It covers the costs of vessels, equipment, and anything on board in the case that something should happen during your repairs.
Occasionally, some types of coverage will overlap with others, meaning that you’ll be doubling up on coverage you only need once. Be sure to check that your coverage includes everything you need and doesn’t leave any gaps or overlaying details.
In the construction industry, there are a lot of risks. When you don’t have adequate insurance coverage, you could devastate your business with legal fees. Lawsuits can happen, particularly on a Jobsite where there are several risk factors. Here is what you need to know about coverage for your company.
General Liability Coverages
General liability is a broad coverage. It generally covers property damage or injury. For instance, if someone falls on your construction site or suffers an injury on your site, you could be liable. This could be contractors, guests to the property or someone passing by. If someone suffers an injury on your site, then the general liability coverage will help you with legal fees.
The risks involved in construction are a serious variable to your coverage. While every company has to have its own customized coverage, there are some coverages that no construction company should go without.
These policies cover:
Damage to your construction site can occur due to vandalism, storms, theft, vehicular accidents and more. It is important to know the exclusions in your policy. For instance, some policies will not cover damages that are caused by earthquakes or water damage.
To protect your construction business, you need construction general liability coverage. Without it, you could financially devastate your business.
Financial advisors will tell you that the ability to earn an income is your most valuable asset. That’s why disability insurance is an important benefit for an individual to have, but more importantly – for companies to offer to their employees. There are two types of disability coverage an employer can offer.
Short Term Disability
Short term disability (STD) insurance protects 40-60% an employee’s regular wages if they have an injury or illness that is relatively short. Depending on the policy, STD provides between nine to 52 weeks of coverage.
Long Term Disability
Long term disability (LTD) insurance is arguably the most important of the two coverages to have because it provides long term income replacement should an individual become unable to work due to a debilitating illness or injury. Depending on the policy, it covers 50-70% of regular income and it kicks in when STD coverage ends. Policies vary, but this could be for 5 to 10 years, or as long as the employee is disabled until they hit the retirement age of 65.
In surveys regarding benefits offerings, employees consistently rank disability insurance as one of the most important. To attract and retain top talent, companies must offer a full array of benefits to their employees, and disability insurance should not be overlooked.
Kidnap, Ransom and Extortion Insurance (K&R) provides peace of mind for many global travelers. A number of kidnappings result in demands for ransom, so K&R insurance covers expenses for corporate and organization employees, as well as individuals who become targets of extortion. Given the specific nature of these crimes, there are exclusions that apply. It’s important to check the coverage of a K&R insurance policy to see who it covers and the associated benefits.
Extortion and World Travel
With globalization, world travel has become a necessity for many people. Kidnap, ransom & extortion coverage is becoming increasingly important for these travelers:
- Wealthy businesspeople and their families
- Corporate professionals
- International aid program workers
- Nongovernmental organization (NGO) employees
- University employees and students
The U.S. State Department provides a list of countries where persons should not travel. People who travel to these countries might not be covered under K&R, due to the risk advisory warnings.
Good Reasons To Select Coverage
Corporations, organizations and individuals carrying K&R are covered for monetary losses and other damages related to kidnappings and extortion. Expenses can involve ransom reimbursements, treatment for injuries (bodily and cosmetic), rewards for information, payment of travel costs and funeral arrangements. Coverage also provides for experts to assist with negotiations for victim release and recovery.
Not everyone traveling abroad needs to have kidnap, ransom and extortion coverage. However, with increasing risk to employees and individual travelers, K&R insurance can be a lifesaver with real-time security protection in dangerous situations.