July, 2015

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Partnering with a Hospitality Insurance Company

Whenever a patron enters your establishment, your business could quite easily be found liable should an accident or issue ensue. This is due to the fact that food service professionals who serve others on a daily basis have some serious exposures.

As the owner of a restaurant or similar establishment that serves food to the public, you understand the importance of contacting an agent of a hospitality insurance company to discuss your general liability coverage needs. Whenever a patron enters your establishment, your business could quite easily be found liable should an accident or issue ensue. This is due to the fact that food service professionals who serve others on a daily basis have some serious exposures.

For example, if a customer slips on a wet floor and breaks their arm, they are likely to file a lawsuit against your business. Despite the court’s ruling, your food service business would still be responsible for court costs, including the steep attorney’s fees to defend your business in court, even when the outcome does not rule in the other parties favor.

General Liability insurance (GL) for food service professionals

A GL policy protects your establishment against these kinds of claims as well as claims related to damaged property. Remember that, if your restaurant is found liable for a claim of this type, your business assets could be seized to pay the judgment if you don’t have adequate protection in place. Legal fees can easily bankrupt a small business; GL insurance is an essential component in any business protection plan.

GL coverage protects your company and its employees from claims brought against your business. This insurance is designed to offer the peace of mind that your business will be able to survive a costly lawsuit and still have the necessary funds to continue operating. If a third party’s injury or illness results in death, your general liability policy will cover medical expenses, funeral expenses, and court-awarded compensation.

Restaurant owners know how quickly an accident can befall a patron dining in their establishment. Anything from hot coffee burns, allergic reactions and even food poisoning is a serious issue, and your business must be prepared for these kinds of common lawsuits and mishaps.

A hospitality insurance company can also protect your company from liability due to injuries or property damage that happen at other locations. For example, if your business caters a corporate reception and your food-warming equipment malfunctions and starts a fire, your policy will handle any resulting lawsuits alleging property damage. Speak to a reputable agent familiar with all aspects of the hospitality industry today.

Atlanta Insurance Agency Professional Liability Solutions

Atlanta Insurance Agency Professional Liability Solutions

Professional liability insurance is a very important policy for any business owner to consider. Anyone that operates a business where they are providing professional services to their clients, or are giving their professional advice and opinions should have this vital coverage in place. If a client follows your suggestions or advice, and something goes wrong, you could be held liable. If they experience a financial loss they will probably seek retribution in a court of law.

An Atlanta Insurance Agency that specializes in professional liability coverage can help you by providing you with this insurance, often referred to as “errors and omissions insurance“, or E&O insurance. The list of professionals that need, or could certainly benefit by having this product in their insurance portfolio includes:

  • Doctors
  • Dentists
  • Chiropractors
  • Architects
  • Engineers, and
  • Attorneys

This is just the tip of the iceberg. Those working in the financial sector also are at risk without a policy of this type in place, and includes (but is not limited to):

  • Accountants, bookkeepers, and CPA’s
  • Tax preparers/professionals
  • Financial planners and advisers
  • Insurance and real estate agents
  • Business consultants
  • Technology consultants
  • Marketing and managements consultants

There are many benefits to having professional liability insurance, including personal injury coverage, coverage for defense costs, and even full severability (for partners deemed innocent of any wrongdoing).

You may also find yourself entering in a contract where your client is requiring you to have professional coverage, so you’ll want to make sure that you have coverage that is correct for the type of work you’re doing or services you’re providing. Some companies even offer special packages tailored just for these types of businesses.

This coverage focuses on any alleged failure to perform a service sold by the policyholder. It can also protect against financial loss caused by your product or service, or even, as it states, an error or omission.

As you can see there are many different types of businesses that should consider professional insurance as something they simply cannot afford to be without. The cost of doing business without this product, as any Atlanta Insurance Agency partner will tell you, is simply too big a risk to take.

Safety, Theft, and Laundromat Insurance

Safety, Theft, and Laundromat Insurance

Running a laundromat is no easy task. There is an abundance of risks and exposures associated with the business of helping others get their clothes properly washed and dried. Owners must be diligent in a number of areas with respect to safety issues, along with concerns for the internal workings of their equipment and staff.

Preventing dryer fires should be a priority

Dryer fires constitute perhaps the most devastating and costly laundromat insurance claims for many self-service laundries. Entire operations have been burned to the ground as a result of dryer fires. Prevention begins by having good maintenance habits and a competent lint control system in place. Developing a schedule to keep lint screens clean, prevent lint from accumulating inside the dryer cabinet and the cleaning out of ductwork on a regular basis can aid this process tremendously.

Another way to keep your laundromat safe, and to minimize the likelihood of insurance claims, is to be sure to inspect your facility for problems and to fix any issues as soon as possible. This includes not only the inside of your business, but outside of the building as well. As the owner, you can prevent many laundromat insurance claims just by operating your coin laundry company properly and being constantly aware of issues pertaining to slips, trips and falls, which may occur inside or outside the walls of the laundry.

Employee theft is a serious concern

Storeowners must be diligent and take reasonable precautions to guard against internal theft, which can take on a variety of forms. Get to know your laundromat employees by name and treat them with respect, which will make them less likely to steal. Commercial laundry owners who disregard or ignore the possibility of internal theft can be making a serious mistake all while providing thieves with a lucrative hunting ground.

One solution, and it’s surprising to see how quickly cash shortages in the till tend to vanish when attendants are asked to sign off, is cash count slips. Experience has shown that shortages often appear at the end of a particular shift. Let employees know that, if caught skimming cash from the store, that they will be prosecuted to the fullest extent of the law. You’re running a business after all, and you can’t afford to be left at the mercy of the people you’ve entrusted to mind the store in your absence.

Private Client Services and Miami Fl Insurance

Private Client Services and Miami Fl Insurance

Many high net worth investors have financial concerns regarding the future, and nearly two-thirds of high net worth investors cite their biggest financial concern as maintaining their current financial position. They come from all walks of life, from business owners to doctors, lawyers, athletes and many celebrities. This elite group comes with sophisticated assets that need to be properly managed. They’re not only concerned with their own personal financial situations; they have equal concern over the financial situation of their children and grandchildren.

Most high net worth individuals seek out private client services groups, knowledgeable about the Miami FL insurance needs of this class of clientele. They seek the advice of those who are experienced in all aspects of estate, income, and gift taxation, along with trust tax compliance, charitable giving and philanthropic foundations. Clients may also be concerned with executive compensation, cash flow, retirement, and various forms of life insurance planning.

Common concerns for those in the high net worth bracket

In addition to financial planning, many high net worth clients have concerns over theft and security breaches, even within the confines of their own homes. For example, they often worry about problems like domestic staff taking unfair advantage by stealing valuables and cash, to home contractors overcharging for services, to other outside people brought into the family’s circle of trust.

In addition careless online behavior (especially by children), routinely providing private information to public organizations, or installing robust, but impractical, home security systems, all create situations that expose them to losses, which can quickly add up. As a person’s net worth grows, their financial risks become more and more complex.

Successful individuals, along with their families, have to do some very complex financial planning. Families with substantial assets understand the need for a personal risk management approach for protecting their homes, automobiles, fine art, jewelry, and collectibles.

An agency that supplies Miami FL insurance solutions for the high net worth client is able to provide critical wealth preservation and risk management tools, which can fully protect these individuals from many future liability issues and/or losses, making it an important first step that they seek out private client services that can help ease any concerns.

Builders Risk Policy and New York Property Insurance

Builders Risk Policy and New York Property Insurance

When building construction occurs in New York, either brand new from the ground up, or the renovation of an existing structure, risk management professionals consider that the exposure constitutes purchasing a builders risk policy. Depending on the details surrounding the project, the risk management professional needs all of the available information in order for he/she to secure the proper New York Property Insurance in the form of a builders risk insurance policy. As a broker, you might agree, or suggest another property policy that provides the same, similar, or better coverage than a builders risk insurance policy.

The answer may lie in knowing exactly what perils exist in the process of construction for any particular project. The exposure review should start with the insurable interest of the various parties to the construction contract to build the new building. The answer will inevitably present itself once all of the facts are in.

Important to ensure that adequate coverage is in place

The builders risk policy, whether obtained by the owner or the general contractor (GC), will need to be carefully reviewed, as with any property insurance policy, in order to make sure that coverage terms (property insured, soft costs, etc.) and perils insured are appropriate for the exposure (i.e., special perils including flood and earthquake).

In addition, it’s also important to note whether or not the limit will satisfy all insurable interests including whatever is required specifically in the owner’s mortgage agreement and the construction agreement between the owner and GC. Special consideration should be made as to the amount of deductible and which party is responsible for its cost (the owner or GC) even when the general contractor obtains the policy. There must be clarity in the construction agreement as to who is responsible for the policy deductible if it will not be the sole responsibility of the first named insured.

If a building is constructed new, or is renovated to become modernized or assume new occupancies, the risk management professional has to consider the construction exposure from various interests, such as owner, GC, and subcontractor, to ensure that each has appropriate coverage for its exposures. New York Property Insurance is available through wholesalers who specialize in quality commercial insurance services.