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Choosing the Best Auto Insurance Policy

You would never consider foregoing auto insurance for your vehicles. If you are in an accident, proper coverage will protect you and others involved when you are at fault. Most states mandate some type of coverage, but not all policies give you the protection you need.

Basic Auto Insurance Options

Selecting the right auto insurance can seem daunting. It’s critical to discuss your options with your insurance agent to ensure you obtain the best coverage for your needs. Typical policies include some form of the following coverage:

  • Collision Insurance – In the event of a collision, repairs are covered
  • Liability Coverage – This protects against injury to others and damages to their property
  • Uninsured Drivers – If another motorist involved in the accident does not have insurance or has limited coverage, this policy helps to protect you
  • Medical Payments – This coverage pays for medical expenses that you and your family may require after the accident

Additional Coverage Available

Most auto insurance companies offer additional types of coverage. If you are at fault for an accident, accident forgiveness protection will prevent your rates from going up on your first offense. When your car requires extensive repairs, rental car coverage provides the use of a rental car for free.

Make sure you and your passengers are protected with a comprehensive auto insurance package.

Coverage Options for Product Liability Claims

If you make money by selling products to consumers, you could have increased risk for a lawsuit that claims product liability. Any defect in a product that causes damage to property or injury to another could lead to litigation against your company. Product liability insurance is a way to protect your business from these claims, but there are several options with regard to coverage.

Forms of Coverage

If you are a supplier, retailer, distributor, manufacturer or other organization that sells to the public, you may be held liable for damages that occur from the use of your product. These types of product liability insurance can protect you from the financial fallout of such a claim.

  1. Product Tampering: If another individual corrupts a product or tampers with it, this insurance could help with product restoration expenses, product recall, destruction of the tampered product and loss of profits.
  2. Hazardous/New Products: Hazard liability often accompanies products made in factories, such s as chemicals, cosmetics, drugs, ladders and more.
  3. Product Warranty Inefficiency: This is a warranty form of coverage that helps pay for the expenses when a line of products experiences performance failure on a mass scale.
  4. Product Recall: In the event of product failure or malfunction, recall costs such as shipping, communication, media announcements, overtime labor expenses and product destruction are covered.

Product liabilities are varied, which is why there is a need for several types of product liability insurance. Speak to a broker about the option that covers your greatest risks.

Dispatch Software: The Future of Taxi Companies Is Now

Taxi cabs have been providing fast and reliable transportation in cities throughout the world for generations. On the front lines are the drivers, guiding their vehicles safely through traffic to get passengers to their destinations. But there are also employees behind the scenes who are just as important. Mechanics keep the fleet running. Then there are dispatchers, who control the flow.

Taxi Dispatch Software

The old school method had dispatchers staying in touch with drivers using two-way radios, tracking their locations with paper maps and using log-in sheets to know who was driving which cab. It could make for some challenging shifts in the dispatch cage.

Thanks to modern technology, there is automated dispatch software. Using GPS, the internet and smartphone apps, all of a dispatcher’s duties are faster and more efficient. There are several different brands of software from which to choose, but there are features that every cab company should have in their dispatch programs.

Essential Features

Among the most helpful features in automated dispatch software are these:

  • Automated functions – The fewer tasks a dispatcher has to do manually, the more things they can get done in a timely fashion.
  • Easy-to-use interface – Overly complex software takes more time to learn and use and dispatchers are already busy enough.
  • Excellent tracking abilities – Dispatchers need precise locations for drivers at all times so they can send the closest driver to a passenger needing pickup.

Without a dispatcher, a taxi company won’t run efficiently. It’s a tough job and dispatch software can help make it easier.

A Short Guide To Volunteer Insurance

Volunteering your work and time is a noble pursuit.  Helping others with no gain to yourself is a great thing and can be extremely rewarding. However, it is important to consider the risk that can come along with volunteer work. Volunteers are often exposed to the same risks that typical businesses are exposed to, despite not being employees in the usual sense. This makes it vital for you to have volunteer insurance.

What Is Volunteer Insurance?

Volunteer insurance is exactly what it sounds like. It’s a type of insurance coverage that is designed to protect volunteer workers from the financial risks they may encounter while doing volunteer work.

Why Do You Need Volunteer Insurance?

To put it simply, if you have a claim made against you, you could face significant financial damages. Volunteer work related claims can be just as damaging as claims made against for-profit businesses and can often cost thousands of dollars in court fees, settlements, and judgments.

What Does Volunteer Insurance Protect You From?

Volunteer insurance can offer you protection from a variety of claims that are commonly made against volunteer workers. Some examples of claims are:

  • Bodily injury
  • Property damage
  • Breach of fiduciary duty
  • Fraud
  • Negligence

Volunteer work comes with a certain amount of risk. Volunteer insurance can make all the difference in terms of your financial security.

The Importance of Flood Insurance

Filing a flood insurance claim is something no one wants to do, but it is unfortunately not uncommon, particularly as seasonal weather patterns continue to shift and regions unaccustomed to flooding increasingly see high amounts of water. Carrying flood insurance will ensure that if faced with severe flooding — and consequent water damage to your property or personal effects — you will be financially and mentally prepared to deal with damages.

Filing an Insurance Claim

If there is a possibility of filing a flood insurance claim, it is helpful to understand some general aspects involved in the process:

  • Immediately after a flood, evaluate damage (before cleaning or repairing anything), and work to determine the value of damaged or destroyed items; you’ll ultimately want to document all damage with photos
  • Speak with your insurer about a claim, determining where your coverage limit is and whether it will cover the extent of damage
  • Submit all claims within 60 days of a flood

While you never want to be the one filing a flood insurance claim, there is always a chance it will happen. Ensuring you’re well-covered — including, if needed, carrying excess flood insurance — will allow for peace of mind in the interim and financial security in the event that significant damages do occur.

The Important Role of the Underwriter

Financial organizations employ underwriters who assess and evaluate the risks involved in representing another party before accepting those risks. Mortgage companies, banks and insurance agencies rely on underwriters to make sound decisions before they offer loans and issue insurance policies. The fee for this assessment usually takes the form of interest payments or premiums.

Underwriters in the Insurance Business

Insurance underwriters evaluate the risks before insuring a business, home or automobile so that the risks don’t outweigh the potential benefits for the organization. They consider certain criteria to make sure the contract will be profitable for the insurance agency. For example, if a person has been in numerous accidents, they may be denied car insurance or may pay a higher premium than a person who has a clean driving record.

Financial Underwriters

Banks and other financial institutions employ underwriters to evaluate the applicant’s financial history before approving a mortgage or other loan. Financial records and credit ratings are reviewed to ensure the party will be able to pay back the loan on time.

The underwriter wants the loan to be safe for all involved. In some instances, underwriting software is utilized to give a more accurate picture of the risks.

Underwriters play a critical role in the financial process of issuing loans and insurance policies.

Understanding EO and DO Insurance for HOAs

Homeowners’ associations are tasked with seeing to the needs and best interests of the communities they serve. From community upkeep to ensuring that neighborhood best practices are adhered to, these homeowners’ associations or HOAs carry a great responsibility and are exposed to various operational risks and potential liabilities. Two types of insurance, E&O and D&O can help cover an HOA’s exposures to claims and liabilities, but it’s important to understand these policy types and what they specifically address.

Comparing E&O and D&O Coverages

E&O stands for errors and omissions and is also known as professional liability insurance. This coverage protects the insured from claims due to errors, omissions, and other negative outcomes as a result of their actions. Such a policy covers any actions for anyone affiliated with an HOA, including employees. D&O stands for directors and officers liability. This coverage specifically protects the directors, officers, and other senior positions in the HOA. This policy would protect individual members of an HOA from claims.

Protecting my Community Association

According to providers of homeowners’ or community association directors and officers insurance, it may be beneficial to have both. E&O and D&O protections cover the individuals as well as the entire board and employees, where applicable. As you explore the needs of your community association, considering talking to an insurer about creating a comprehensive plan.

What You Should Know About TNC Insurance

Ridesharing has provided many people the opportunity to earn extra income transporting others from here to there. Driving for companies such as Uber or Lyft and other delivery services comes with rewards as well as risks. Presumably, rideshare drivers experience more wear and tear on their vehicles, and the increased time on the road increases the risk of collisions and accidents. Auto insurance policies often don’t include coverage for livery which includes ridesharing and delivery services. Are you covered in the event of an accident or other loss?

Understanding TNC Protection

Transportation Network Companies or TNC insurance helps cover the gaps in insurance protection. Even though ridesharing companies offer additional coverage, you may be unprotected if something happens while you’re waiting for a pickup request. A TNC or rideshare insurance provides these coverages whether on or off the job:

  • Bodily injury
  • Property damage
  • Medical bill payment
  • Uninsured/underinsured motorist
  • Comprehensive and collision

Covering your rideshare auto with TNC protection helps to ensure that an uncovered claim doesn’t threaten your business.

Protecting Your Business

Leaving your car in the hands of a typical auto policy or rideshare protection can cost you serious money. Not only do you have the costs associated with repair or replacement, but there’s also lost money from not having a car to fulfill trip requests. Don’t delay. Get a TNC policy to protect your rideshare business today.

Transportation Safety Essentials for Businesses

Whether a business’s primary activity is transportation or it’s just one facet of its operations, staying safe on the road has to be a key priority. Here are some of the most important things that businesses can do to ensure that their employees are as safe as possible.

Screening

Emphasis on the importance of safety in transportation needs to start in hiring. It is advisable to conduct driving history record checks on any employees who will be driving as part of their regular job duties.

Training Programs

Experienced drivers can benefit from additional training. Defensive driving, handling inclement conditions, and avoiding distracted driving are all essential training safety topics.

Vehicle Maintenance

Keeping vehicles in good condition may help to prevent accidents. Businesses need comprehensive maintenance plans in place for each vehicle that it has on the road.

Safe Equipment

Businesses whose vehicles have secondary functions such as waste collection trucks or fuel delivery systems need to ensure that equipment is well maintained. Any type of malfunction could create issues while a vehicle is stationary or in motion.

Good policies equip businesses to promote safety while also mitigating exposure to liability and loss. Ultimately, businesses that are engaged in any type of transportation need to be proactive about avoiding accidents while also being prepared to handle the unexpected.

Getting More Out of Your Staffing Insurance Plan

There are plenty of problems that can come along with running a specialty business. Not only can it be more challenging to deal with traditional business tasks like marketing and organic growth, you also must consider the unique circumstances of your industry in order to find appropriate insurance coverage. If you run a staffing firm, for example, you might find yourself confused about whether or not your temp workers can be covered via traditional means. Unfortunately, business owners must typically take extra steps when they employ workers of this designation.

What Are Temp Workers?

The idea of the temp worker is nothing new. Official temporary employee classification pretty much applies to any individuals who are not employed in a full-time capacity by an organization and are only required to commit to the job until the end of a contract or project. With a temp agency, this is a vast majority of the employees. Since traditional workers’ compensation plans and other insurance options will not apply to such workers, you need to find specialized policies that reflect your actual needs. Areas to consider include:

  • Theft or damage caused by subcontractors
  • Harassment claims against a client
  • E&O coverage for documentation

Getting More From Your Insurance

The more you understand about your industry’s risks, the easier it will be to find insurance that meets your needs. Review your options to find a plan that helps your staffing agency stay safe no matter what issues may arise.