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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.

Why Your Business Needs Valet Parking Insurance

If you provide parking services to customers, chances are very good that your general liability policy doesn’t include provisions for damages to customer vehicles while your staff is behind the wheel. That can be a problem if there’s a claim to be made. It’s also a fact that traditional vehicle insurance policies for businesses do not anticipate a situation like valet parking. That’s why robust valet parking coverage options have been developed by insurers who focus on the entertainment and hospitality industries. With specialized coverage just for your valet services, you can be sure your business is protected in the event of an accident with customer vehicles.

The Value of Working With Specialized Insurers

While most businesses can find robust general liability, commercial vehicle, and property protection coverage from most business insurance providers, working with a company that specializes in the needs of one industry means having more options, getting the coverage that’s tailored to your needs more closely, and usually saving money. Many carriers can help you by building a comprehensive insurance plan that includes options like valet coverage alongside your general liability coverage while folding in other industry-specific insurance policies as needed. That saves you the time and effort of tracking down a provider for each new type of insurance you realize you need, and it usually saves you money too.

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.

Does Your Insurance Agency Use Content Marketing?

These days, having a website for your business isn’t necessarily enough. You also need content. This type of marketing is a powerful tool that attracts customers to your website and your brand, making content marketing for insurance companies a must-have part of their marketing strategy, according to http://www.neilsonmarketing.com/.

How Can You Use Content Marketing

Your business can use content marketing in several ways. For example, you can answer questions consumers commonly search for in relation to insurance products and even link the information back to your products as the solutions. To get the most out of your content, make sure that it does the following:

  • Provides useful or helpful information
  • Contains relevant advice or information
  • Addressing concerns relating to consumers
  • Engages consumers through content and keywords

When you begin your content marketing strategy, you need to first understand what is important to your target audience. Then you need to craft content, usually in the form of blog posts, that can help you establish a relationship with your audience. Lastly, you need to post content on a regular basis to keep the attention of your consumers.

Dive Into the World of Content

Content marketing for insurance companies is part of a marketing strategy that enables you to connect with your audience. Make sure you keep the tips above in mind when you get started on your strategy.

Liabilities in Administering Employee Benefits

Fiduciary liability was established by the federal government in order to guarantee employees that the employee pension or welfare benefit plans they elected to participate in were given the benefits that they had been promised. Because of the liabilities that were established through this regulation, the need for an insurance plan to aid businesses became widespread, and fiduciary liability became widespread among the business industry.

Common Claims

In spite of the variation in benefit plans, companies, industries, and employees, there are several areas of liability that threaten fiduciary duties. Here are some of the more common fiduciary liability insurance claim examples.

  1. Claims regarding fees charged for 401k plans
  2. Claims against company stock that is rendered worthless
  3. Claims concerning healthcare plan administration where treatment was withheld or the provider network contained incompetent providers
  4. Claims involving risk investments by the pension fund manager where benefit payments were lost

Employee Liability

In addition to the claims against benefit status with the above-mentioned areas, the team at Axis Insurance reveals that errors and omissions coverage is often included in fiduciary liability. The coverage protects a company when an employee doesn’t get enrolled in a healthcare plan, receives erroneous or misleading benefits advice, or doesn’t have beneficiary designation changed when requested. With these areas, there can be lengthy and expensive litigation involved. An insurance policy can help provide the financial defenses necessary to keep a company from going under.

4 Tips for Tenant Troubles

Renting houses, apartments or any other living space can be both profitable and problematic. While you hope to ideally screen out every possible troublemaker and only have the best-behaved tenants, there is always a chance that something could be overlooked or missed. Screening processes aren’t perfect, and sometimes even those who appear perfect end up acting poorly. If you are dealing with troublesome tenants or fear to have to do so in the future, here are some tips.

  1. Write and Keep Records of Everything

First and foremost, it may seem bothersome, but having written records available to support your side of the story can be vital to avoid possible legal issues from false accusations.

  1. Work With Them

Before anything gets out of hand, try to listen to complaints of tenants, even if they seemed unfounded. If you work with your tenants and build a good relationship early on, you may be able to avoid dealing with troublesome tenants.

  1. Be Professional and Objective

Don’t let emotions get the best of you. Handle the situation calmly without losing your temper and don’t let them prey on your sympathy. Being late for one rent payment due to personal issues is understandable, but if this continues on for some time, it’s inexcusable.

  1. Have Renter’s Insurance

In some cases, the damage may be done before action can be taken. Repairing the property, taking legal action and being denied months of rent can be financially devastating. As mentioned on https://www.rentrescue.com, renters can be reimbursed by insurance for troublesome tenants.