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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.
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.
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.
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.
- 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.
- 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.
- 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.
- 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.
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.
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.