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What Insurance Do Volunteer Groups Need?

Nonprofit companies and volunteer organizations operate differently than traditional businesses and have specific risk management needs. To find the right insurance for voluntary groups, consult an agency with expertise in this area.

Public Liability

This type of insurance covers costs if someone sustains an injury resulting from a volunteer’s actions. It is vital to make sure the policy you choose for your company includes volunteers. These policies typically cover the following third-party claims stemming from accidents or negligence:

  • illness
  • loss
  • injury
  • death
  • property damage

Coverage varies, so carefully read your policy to ensure you have adequate protections in place.

Employers’ Liability

Often the law requires this kind of insurance for voluntary groups. It provides coverage to help pay the costs associated with volunteers who become ill or injured while performing duties for your company.

Directors and Officers Liability

A D&O policy offers protection for the people who run your team, mitigating attorney costs associated with the defense of claims stemming from events, such as:

  • An officer fails to fulfill legal obligations or execute professional duties.
  • A manager does not comply with industry regulations or standards.
  • A board member receives accusations of funds misuse or bad investment decisions.

You can often add coverage offering protection for discrimination claims in hiring, promotion or termination practices.

Mistakes and accidents occur within every organization. Ensure your operation has sufficient coverage in place by obtaining the necessary insurance for voluntary groups.

Understanding the Different Types of Liquor Liability Insurance

Business owners that serve alcohol know they can be held liable for various types of damage that result in injury or property damage by intoxicated persons. Liquor liability insurance coverage usually protects an alcohol-serving business from claims or damages that result from their patrons’ consumption of alcohol. This is just one of two types of liquor liability insurance that a business can purchase to help cover their operational risks. Companies that do not serve alcohol, but allow the consumption of it on their premises may also be liable from injuries and losses caused by intoxicated persons. In this case, a host liquor liability insurance policy helps protect these companies.

Exploring the Differences

Liquor liability policies are usually one of two types:

  1. Liquor Liability Insurance: This is recommended for businesses that sell or serve alcohol to protect against lawsuits resulting from injuries or property damage from an intoxicated person.
  2. Host Liquor Liability Insurance: This type of coverage is advised for companies that host social events where alcohol can be consumed on the premises.

Host liquor liability insurance is often included in general liability insurance. It covers medical expenses, damages and legal costs.

Tailoring Your Coverage

As a business owner, you should consult an insurer that specializes in liquor liability coverage. The right provider can help you determine the specific type of liability coverage that your business needs with respect to risks associated with alcohol service and consumption.

Top Surprising Reasons Business Insurance Can Help Protect Laundromats

From keeping the machines in top shape to sharpening your accounting skills, operating your laundromat requires mastering multiple skills. One you might not have sharpened yet, however, is finding the right laundry business insurance. Although it can be easy to overlook, laundry insurance can have surprisingly protective benefits.

It Could Benefit Your Laundromat in Several Scenarios

If you think nothing will ever happen to your business that will require insurance protections, you may want to reconsider. Unexpected weather events like floods and fires occur frequently depending on geography, and other issues like theft or property damage can arise at any time. With insurance, you can rest assured that your business won’t take too big a hit if these events occur.

It Can Offer You Protections for Your Property and Your Workers

One of the biggest advantages in securing laundry insurance is that you can get both your property and your workers protected at the same time. While policies differ, you could potentially bundle:

  • Workers’ comp for your employees
  • Property insurance in case of damage to your building
  • Liability insurance in the event of lawsuits
  • Insurance for assets like washers and dryers in case they get damaged

You already put in plenty of work to keep your laundromat going, so make sure you’ve protected your efforts with a solid laundry business insurance plan. Once you know you’re covered, you can enjoy the added business security every day.

Agricultural Insurance Can Keep You Growing

The agriculture industry is an important sector in the U.S. economy. Whether you are the owner of a farm, ranch, orchard or any other agricultural business, you have specific risks that other businesses and other industries do not face. Agricultural insurance coverage is critical.

Types of Businesses Covered By Agricultural Insurance

When it comes to agriculture insurance, there are several types of businesses that are covered. This includes crop farms, animal ranches, wineries, nurseries and more. Agricultural insurance covers businesses that grow food, raise livestock and more. Whether you mill grain, own a dairy farm or ranch animals, you are a part of the agriculture industry.

Types of Risks Accounted for By Agricultural Insurance

Whether you have a large operation or a small farm, there are several risks that you may have to account for. For instance, you need to think about damages to your commercial property, injuries to staff or breakdowns of equipment.

Some common solutions cover the following:

  • General liability
  • Feed lots
  • Livestock
  • Business interruption
  • Workers’ compensation

When it comes to your farm, you need to remain protected. If you lose your crops, your livestock or if your staff becomes injured, you have to have a way to keep going, despite the costs.

When it comes to insuring your business, you have to consider the specific risks of the industry. Farming and agriculture are no different.

Why You Should Consider Purchasing Truck Cargo Insurance

Truckers are often considered to be the backbone of North America. They keep our country running by transporting essential goods where they need to go.  However, owning a trucking business is not without risks. It is of the upmost importance that you are correctly covered in case something goes wrong. This is where truck cargo insurance comes in.

What is Covered By Truck Cargo Insurance?

Truck cargo insurance makes sure your cargo is protected in a variety of different scenarios. It covers damages of all kinds including damage from an accident or fire. Truck cargo insurance even covers cleanup if you are involved in an accident that causes your cargo to be spread all over the road. Truck cargo insurance can be purchased for a variety of different trucks including:

  • Dump trucks
  • Tractors
  • Cargo vans
  • Car haulers
  • Flatbeds

Some vehicles are not able to be covered by truck cargo insurance. These vehicles are:

  • Garbage trucks
  • Limosines
  • Hearses
  • Buses
  • Ice cream trucks
  • Passenger vans

What is Not Covered By Truck Cargo Insurance?

While you are offered an immense amount of protection for your cargo, there are some things that cannot be covered. Some of these types of cargo are:

  • Money
  • Jewelry
  • Live animals
  • Explosive material
  • Radioactive material

If you are the owner of a trucking business, you know that there are a lot of potential risks to your cargo. Having the right truck cargo insurance can make all the difference.

Avoid These Two Trucking Insurance Mistakes

All commercial truckers know the importance of trucker insurance. Trucker insurance includes coverages that are specific to commercial trucking, the property you carry and the specific risks that truckers face on the road. When it comes to insurance, there are always dos and don’ts. Here are two of the don’ts to remember.

Use the Cheapest Option

Some truckers mistakenly believe that all commercial truck insurance is the same. The truth is that different insurers offer different policies. Your coverage options will depend on the cargo you carry, whether you work for a company or are an independent trucker. Do not simply choose the cheapest option.

Cancel the Coverage in Off-Season

If you have times where you store your truck, you may consider canceling your insurance policies. Some truckers assume that since they are not actively on the road, they do not have to pay for insurance. The problem with this line of thinking is that your property can still suffer damage while stored. Vandalism and fires, for instance, can still cause damage to your truck.

When it comes to commercial truck insurance, you should focus on what protects your business the most. While price matters, you should also pay attention to comprehensive coverages that will save you in the long run.

Liability Insurance for Public Officials

Public official’s liability insurance covers defense costs or damages for claims brought against elected officials, government employees, and volunteers.

Why Do Public Employees Need Liability Policies?

Any business needs protection to cover expenses when faced with unexpected lawsuits and legal fees. Those who work in the public sphere also require this type of coverage. These kinds of jobs involve a high level of risk exposure to legal claims.

Public figures face a great deal of legal scrutiny within every project. People file lawsuits for issues involving discrimination or mismanagement of funds. There is also potential exposure to claims regarding things like zoning issues or failure to perform job-related tasks.

Public entities, their officials, and employees working in various capacities need this type of liability policy, including:

  • Local governments – This includes towns, cities, boroughs, and counties.
  • Special Districts – Districts such as water and sewer utilities, hospital, fire, irrigation, housing, transit, and parks, and recreation departments are part of this category.
  • Airports and airport authorities

What Does Public Officials Liability Insurance Cover?

This type of policy protects the insured from wrongful acts claims. These claims consist of alleged misstatements, errors, negligence, or omissions while working as an elected official or public entity employee.

Public officials are liable for their actions while performing their professional duties. They should obtain coverage from an insurer who can meet their unique requirements as public figures.

3 Essential Things to Know About Tail Coverage

Life is full of unexpected events that may benefit from an additional insurance policy. Tail end insurance is one instance where supplemental coverage may be helpful since it extends coverage for claims filed after a policy expires. Here are three essential things to know about tail end coverage or the Extended Reporting Period (ERP) before you cancel your policy.

Why Tail Coverage is Important

Because daily life is often unpredictable, this endorsement gives policyholders peace of mind because it allows you to file a claim against your policy even after it expires or is canceled. Adding this supplemental claims-made insurance policy requires additional payment to your insurer, but is often worth the added cost. Keep in mind that while this policy does grant you more time to file a claim, it does not extend your current policy period.

How Long Coverage is Needed

Many insurers recommend purchasing the most time possible because you cannot add additional time after your endorsement ends. It’s also important to note that since an ERP is a fixed time, it’s also not renewable.

Additional Costs

Generally, most insurers look at your professional liability policy and charge an additional fixed percentage. Usually, this cost is between 100 to 300% of your final premium.

Tail end coverage can be a practical endorsement option for anyone with professional and management liability policies. Just make sure you add the endorsement before canceling your policy to ensure you don’t miss any narrow window.

Free Up Your Cash Flow With Pay-As-You-Go Workers’ Comp

Workers’ compensation insurance offers vital protection for your employees. Should a member of your staff be injured or fall sick while on the job, this insurance will cover sick pay, medical costs, and even retraining, if it is needed? It also protects your company, as employees who make use of these benefits typically surrender their right to sue for negligence. Despite the many advantages of this insurance, traditional-style workers’ comp plans can be very expensive to maintain.

The Downsides of Traditional Lump-Sum Payments

Premiums for workers’ comp policies are usually paid annually as a lump sum. This can significantly impact the cash flow of businesses not able to keep larger amounts of cash in reserve. Moreover, the annual lump-sum payments are estimates of your liability in relation to your projected payroll. This often leads to over- or under-paying.

The Benefits of Pay-As-You-Go

A benefit of pay-as-you-go plans is that they eliminate both of these problems. You make a payment each time you run your payroll. Insurance costs are thus spread over the year, freeing up cash that can be used for other purposes. Additionally, the payments are accurate as they reflect your liability in relation to your actual payroll, as opposed to projected estimates.

Most organizations would benefit from making use of pay-as-you-go plans. However, these policies are particularly advantageous for companies with a highly fluctuating payroll. An expert in professional liability insurance can assist you in choosing the right type of policy for your business.

Risk and Liability: How Business Executives Can Be Prepared

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
  • Harassment
  • Discrimination
  • Retaliation
  • 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.