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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.

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.

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.

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.