How to Avoid Financial Ruin With Construction Insurance

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.

Risk Coverage

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:

  • Materials
  • Equipment
  • Property

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.

The Importance of Offering Disability Insurance to Your Employees

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.

3 Marketing Ideas That are Practically Free

Many small businesses worry that they don’t have the funds for a strong marketing campaign, and as a result, don’t make the effort to move their marketing strategy forward at all. Contrary to what these business owners think, you don’t need a lot of money when looking at marketing for a small business. Here’s your guide to marketing tactics on a limited budget.

Social Networking Sites

There are several networking sites that allow you to create a free profile or page, but that’s not enough to attract new customers. You need great content. Creating it yourself saves money, but working with a freelancer that specializes in content writing is an expense worth taking.

Instructional Videos

Though getting a professional YouTube video produces can cost a pretty penny, you can use a friend, film student looking for experience, or a good old iPhone to create some personalized and engaging video content. Create videos that deal with your areas of expertise and bring in guests that lend credibility to your position.

Customer Reviews

You need to leverage the power of peer pressure. Social networking sites, Google reviews, Yelp, and Linked In are just of the few of the places a satisfied customer can leave a comment. Watch out though, since unhappy customers also have the freedom to share. Always respond to whatever content is posted and address any wrongs that were mentioned to beef up your credibility.

These are just a few of the dozens of ways you can improve your marketing strategy on the cheap.

What To Know About Kidnap, Ransom and Extortion Insurance

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
  • Celebrities
  • Journalists
  • 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.

5 Factors That Affect Boat Insurance Costs

You have spent a lot of time finding a perfect boat for your recreational needs, so now it’s time to protect it. Just like with a personal automobile, accidents and weather can cause significant damage. This is why having a boat insurance policy is essential. If you are unfamiliar with this type of coverage, you may be wondering what the approximate cost of boat insurance is and what factors drive it. Understanding this upfront may prevent surprises when the premium quote arrives.

There are numerous reasons why the cost of boat insurance can vary. One is certainly the size of the vessel – a large yacht will cost more to insure than a small fishing craft. In general, annual boat insurance premiums are in the range of $300 to $1000. Below are five additional items that influence this cost:

  1. Your driving record. Even though infractions (or lack thereof) occurred on land and not water, it is still used as an indicator.
  2. How the boat is used. Fishing trips on a quiet lake will net lower rates than a fast wakeboarding boat in a busy area.
  3. Previous history. Past claims on boat insurance will have an effect.
  4. Additional operators. Adding others to the policy can increase rates, especially if they are inexperienced.
  5. Being safe. Taking a safety course or carrying specific safety gear onboard may decrease costs.

Do I Need Private and Commercial Auto Insurance?

Deciding what kind of auto insurance you need can be difficult, especially if you have a vehicle you use for business and personal purposes. Understanding commercial car insurance vs private insurance is critical in determining what plan is best for you. However, in many cases, it may benefit you to have both commercial and private auto insurance. Ultimately, it comes down to why you’re driving to certain places and whether or not you’re carrying anything or anyone related to business dealings.

How to Know a Trip is Personal or Commercial

Some travels are very clearly personal, such as going on a family vacation or driving to the movies with a group of friends. Confusion really begins with travels like commutes. While commuters get you to work and you can use them for tax write-offs, they’re covered by personal insurance. However, if you were to transport a client or business partner, that would require commercial insurance to cover any risks. The same goes for transporting job-related equipment. It can get even more complicated when your job requires a lot of driving. If you frequently drive to different locations throughout the workday to fulfill your job responsibilities, commercial auto insurance may be necessary, regardless of whether you have anyone else in your vehicle. In these types of situations, if you use your personal vehicle, both commercial and private insurance would be a good idea.

Avoiding confusion with regards to auto insurance is as simple as speaking with a qualified professional. Make sure you know what coverage you need and stay protected.

4 Factors That Determine Homeowners Coverage

No one likes to think of theft, disaster and property loss during a new home search. However, these are potential risks and if you have a loan with a mortgage company then there will be a requirement to obtain insurance coverage for the home. Here are five things that factor into homeowners’ insurance coverage, and ultimately what you will pay for it.

  1. Where You Live

If your house is located in an area prone to natural disasters such as forest fires and floods, then expect to be required to have coverage for them – and pay more.

  1. Home Value and Condition

A larger home with more square footage and more belongings inside it will need more insurance than a smaller one. Similarly, the age of a house can also have an effect on a policy.

  1. The Deductible

While not directly related to your home or location, this definitely plays a role in what you pay each month. A higher deductible means lower payments. However, if you do need to file a claim then expect to pay more out of pocket at that time.

  1. Additional property

If you have other structures on your land or additional property such as expensive jewelry, then you should also add these to your homeowners to protect them as well.

Does Your Organization Need Employee Benefits Liability Coverage?

Employee benefits coverage may seem like a burdensome insurance requirement, especially for a nonprofit organization with limited resources or an up and coming small business. However, it’s an essential part of any employer’s insurance coverage.

What Doe Benefits Liability Coverage Do?

Employee benefits liability coverage is an important policy indorsement geared towards protecting your organization in the event of a legal claim related to employee benefits administration. In all the effort that you’ve put into securing benefits for your employees, you know that you and your team work hard to make sure that everything goes as planned. Nevertheless, administrative problems resulting from simple error or oversight can have dramatic consequences for individual employees and their families.

What Kind of Claims Can Occur?

According to Worldwide Specialty Programs, there are many different types of claims that can arise from mismanaging employee benefits. For example, if an HR administrator relays inaccurate information about a health insurance plan’s benefits, it could prevent an individual from making the right coverage elections. Moreover, providing misinformation could cause an employee to reasonably believe that their coverage is effective when in fact it is not; this could cause ab employee to incur significant medical bills without having insurance to pay for them. Ultimately, managing individuals’ health benefits is an enormous responsibility, and it is extremely important to safeguard your company’s benefits administration.

Understanding Surety Bonds

A surety bond is a financial agreement between three parties to ensure that one of the parties follows through on specified obligations and protect another party from loss if the obligations are not met. The party that must fulfill the requirements of the agreement is called the principal, the protected party is called the obligee, and the third party, which pays the obligee if the principal fails to meet the requirements, is called the surety. The surety is typically an insurance company from which you obtain the surety bond. The principal is the party responsible for obtaining the bond before moving forward with a project.

Types of Bonds

There are a handful of kinds of worldwide surety bonds that may be required of a principal.

  • license or permit bonds
  • performance bonds
  • bid bonds
  • payment bonds
  • contract surety bonds

According to the professionals at Moody Insurance Worldwide, surety bonds entail a more extensive application procedure and more than one type may be necessary depending on the task you wish to accomplish and how much the enterprise costs.

Quality surety bonds are critical for many business transactions and contracted projects. With an experienced insurance provider, you can move forward with your work and accomplish everything you need to fulfill the surety bond’s obligations.

3 Coverage Areas for Tankers

Tanker trucks have a significant role in the transport industry, whether the tank is hailing milk or crude oil. Tankers aren’t easy to drive, and there can be considerable hazards associated with the product being hauled. Accidents or damage caused by a tanker can result in an expensive lawsuit, which puts a steep financial burden on the operator or fleet owners. Tanker truck insurance is critical to making sure a trucker’s career isn’t ended by an accident.

Insurance Options

The team at Gain Insurance Agency recommends three types of insurance for tanker truck operators.

  1. Comprehensive and collision coverage. With this coverage, any damages to your truck from an accident where you are at fault could be covered. The comprehensive coverage works in cases of loss stemming from natural disasters, tornado, hail, fire, theft or vandalism.
  2. This coverage is required by law and must be in place in order to get a truck license or permit. Property coverage and bodily injury are included in this coverage.
  3. Medical payments. If you or another party is injured during an accident, this coverage will take care of the medical bills. The payments could include ambulance transport, hospital stays, rehab, and therapies, or prosthetic devices.

Though a tanker operator has had years of experience and a good driving record, an accident could happen at any time. Having a combination of these forms of insurance can provide some financial protection.