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.

Auto Insurance When Operating for a TNC

Driving for a Transportation Network Company (TNC) such as Uber or Lyft can present some unique challenges when it comes to auto insurance. Working for them is different than operating a traditional taxi or limousine in that those drivers are licensed and typically carry a commercial vehicle insurance policy. Obtaining such coverage may not be economical for the standard TNC driver.

According to American Risk Management, most personal auto policies state exclusions in coverage when the owner is receiving money for driving services. This creates a potential gap in insurance when using your vehicle for rideshare duties.

Where Gaps Exist

The business model of being a rideshare driver presents dynamic periods of activity. This is where TNC/ridesharing insurance becomes essential. Even if you don’t have a customer in the car but are actively seeking one, your personal auto policy is likely not in effect. It has become understood that these three timeframes define operating in this model where coverage is needed:

  1. The driver has a rideshare app on but has not accepted a passenger.
  2. The driver has accepted the request and is en route to pick up.
  3. The passenger is physically in the vehicle.

Property damage and liability claims can be costly in any motor vehicle accident. If you are operating for a TNC, it is important that you understand the insurance protection needed in all situations.

Managing Risk at Your Nonprofit Event

When you’re planning a nonprofit event, there is a lot to stay on top of. You need to take active measures to mitigate the risk of unsafe conditions, accidents, and liability exposure.

  1. Screen Your Volunteers

When your nonprofit relies on assistance from volunteers, you have an affirmative duty to exercise reasonable efforts to screen them. Simple background checks can help ensure that you’re bringing in people who will interact safely with your organization’s clients and donors. Source: visvolunteers.com.

  1. Identify Unsafe Conditions

Inspect the premises where you will hold your event with an eye towards potential safety hazards. Keep an eye out for trip hazards such as uneven flooring, loose wires, leaks, and areas that don’t have enough lighting.

  1. Confirm Insurance Coverage

You want to make sure that any potential claims related to your event will fall within the scope of your existing coverage. If you have questions about whether your current policy offers adequate protection for your nonprofit event, talk to an agent while you’re still early in the planning process.

Ultimately, nonprofit event risk management requires careful planning and detail-oriented oversight. In order to direct a safe event, it’s important to review safety precautions with your entire team and assign specific responsibilities to individual team members.

What You Need To Know About Wage Theft

Theft of employee wages by an employer is a real concern in many industries that staffing agencies service. This kind of theft can happen in any industry, whether it’s blue or white collar. Understanding this kind of theft and guarding your company against it can help to ensure that it doesn’t have a negative impact on your business.

What Is Wage Theft?

According to https://www.wwspi.com/, there are different forms of wage theft a staffing company may need to be aware of. One common example is the failure of an employer to keep up with changes in the minimum wage set by state and federal laws. Theft may also occur if an employer tells an employee that they are required to work off the clock. All employees are entitled to wages for all hours they work, including overtime. Yet another form of theft is when an employer simply doesn’t pay for hours that were worked. While this kind of theft may seem bold, it does happen.

The Takeaway

No matter what industry your agency specializes in, it is important to be aware of the various forms of wage theft. To minimize the potential financial impact of a claim, make sure your business has a strong insurance policy that covers possible pay discrepancies.

Payment Protection for Failed Building Projects

There are many types of surety bonds used as protection in construction investments, and a construction bond is designed to cover financial losses that could occur. If you’re asking what is a construction bond, it an insurance policy that addresses project disruptions.

The Process of Securing a Bond

According to the experts at Daniels Insurance Inc, a contract must be established between a contractor and investor (whether homeowner or developer) prior to securing the bond. The contractor must agree to the terms of the contract and acknowledge that the work will be completed as outlined. Most government and public work projects require a contractor to have a construction bond, but this insurance is also commonly requested in home construction and commercial building projects.

Who Pays the Bill

The contractor pays a surety company to issue and back the bond. The bond amount can be determined by the project owner, with the intent to cover the costs of material and completion in the event of contractor default. Should the contractor fail to finish the work or perform the essential functions according to the contract, the surety company and the contractor are liable for the loss. In the end, the surety company issues financial reparations.

With a construction bond, the investor isn’t held responsible for all the bills of the project when problems arise with the contractor.

Hospitality Insurance For The Win

The hospitality industry can be a luxurious one to get into, but since there is so much direct contact with clients it can also be a risky one. If you’re the owner of a hotel or motel, remember to invest in the right kinds of insurance to protect your establishment and your reputation. All it takes is one negative review for yours to be known as the setting from a horror story.

What Insurance Can Protect You From

You already know that it takes money to make money, and one worthy investment for your business is hotel and motel insurance. Think about your home: You want to be ready for anything in case of an emergency, why would you not take the same precautions for your business?  Check out https://www.byrnesagency.com to learn more, but some of the best coverage includes packages like:

  • Liquor liability and foodborne illness coverage
  • Event and reservation cancellation
  • Fungus/mold removal services in case of an outbreak
  • Theft or accusations of theft

Your insurance can cover so much more than these simple few things, which is why it’s such a good idea to do more research. Figure out some packages that your business needs so that you can run successfully for many years more to come.

Insurance for Boat Rental Businesses

If you own a boat rental business, you may have set it up to share your love of the waters with others. This may give you the chance to earn a living while doing something you love. You want to protect your business as much as possible, however. It’s important to understand what type of insurance is necessary to protect your assets.

Do You Need Boat Rental Business Insurance?

As someone who owns a business that rents out boats, you’re liable for any accident or injuries that occur while someone is riding one of your boats. This includes repair expenses as well as potential medical expenses. The insurance firm Merrimac states that “the responsibility to pay for the related medical bills, pain, and suffering, even lost wages—can all fall back on the business owner.” Unfortunately, those costs tend to be on the expensive side and you can quickly find yourself out of business if you aren’t careful.

With boat rental business insurance, you can protect your assets. This insurance covers damages and injuries caused by your boat. Additionally, it can cover repairs to your boat if a renter damages it in an accident. This will save you from having to pay out of pocket for these costs.

You deserve to keep doing what you love and sharing that passion with other people. Make sure that your business is covered so you can focus on the important things.

Why Professional Liability Coverage is Important

Having professional liability insurance for staffing firms is necessary in order to protect the company in case a problem arises. Here are a few of the benefits of this coverage.

Protects in Regard to Placement and Work

As a staffing agency, you are responsible for the placement of individuals, but you cannot always guarantee the work they perform. With professional liability coverage, you can have the protection your company needs, according to world wide specialty programs. This is helpful if the worker you are placing is working in the medical field, or another area that can have a high instance of claims filed.

Taking Care to Prevent Mistakes

When it comes to certain services, such as IT, it is possible for errors to occur. Services provided by the worker that include issues such as mistakes made or improper information being used when consulting. Having professional liability insurance for staffing firms helps to eliminate some of the worries that come from problems created by the worker.

Having professional liability coverage is important if you run a staffing firm. It protects you in regard to placement and the work the employee does, including if they make mistakes. This can give you peace of mind and allow you to operate your staffing firm properly.

How to Protect Employees Who Travel Overseas

The world of business has changed dramatically over the course of the last few decades. The internet has connected the various cultures of the world in new and innovative ways, making it easier to conduct business with people all over in mere minutes. It has also increased the need for employees to travel for work. While a crucial part of landing new clients and assessing overseas facilities, employees who travel post unique risks to your company. This is why voluntary workers insurance is a must.

An Array of Potential Risks

According to the professionals at https://www.moodyinsurance.com/, employees who travel for work need very specific coverage. Not only will a member of your team need to stay protected in the event of a medical problem while he or she is traveling abroad, a typical plan should also include coverage to help the employee return home if needed. Additional coverage points to pay attention to when selecting a plan include:

  • Coverage during wartime
  • Endemic disease coverage
  • Medical care coordination services

Do What’s Best by Your Employees

You never know when a routine trip overseas for an employee could turn into a medical emergency. By looking into the benefits of temporary insurance, you are doing your part to keep the men and women who work for you safe in all scenarios. Review your options to discover the best fit for your team.

Get Better Service From Your Group Medical and Dental Benefits

If you’re looking for ways to improve your company’s cash efficiency without short-changing your employees, you need to find ways to better administrate their benefits, so they cost less to keep up and running. That means understanding how outsourcing those services to a dedicated provider who can streamline your experience can actually save you money. In-house administration involves a deep investment in both physical and staffing infrastructure, but working with the right benefit specialists and providers can put that administration in the hands of an organization that is designed to handle it quickly because they already have the infrastructure in place.

Process Claims Faster With the Right Help

Employee benefits don’t have to be difficult to manage, and outsourcing group medical services dental claims can be a great way to keep your employees happy without getting bogged down in paperwork. Claim management is a big part of providing benefits your employees can actually use because sometimes a long wait for processing can result in providers attempting to collect from the employee, a situation that doesn’t help anyone in the long run. Make sure your people are taken care of while improving your bottom line by finding the right people to administrate your coverage and put your focus back on your core business.