now browsing by author
Owning a yacht seems to offer an elite status, a life of luxury and world-class way to enjoy the open water. For those who are privileged to construct a dream home for the water, the process is rewarding and unique. For these companies, finding insurance for yacht builders is one way to protect their company and the client during the building process.
There are a lot of people involved in building a yacht. While the client is first and foremost, an entire company of individuals is needed to operate the machinery, equipment and materials that go into the perfect build. This situation brings liability and exposure to a wide array of industry-specific risks. A well-tailored insurance policy can address these concerns. Some of them may include:
- Property such as pier and dock
- Mobile equipment/tools/lifts
- Builder’s Risk
- Protection and Hull Coverage
- Marina Operators Legal Liability
- Pollution and Environmental Liability
In addition to the challenges of equipment and property where construction takes places, there are several concerns with employees assisting the build. Federal law has established compensation and benefits requirements for job injuries sustained on navigable waters or adjoining areas used for building or repairing a vessel. A comprehensive insurance policy can address these.
There are many companies offering insurance for yacht builders. Look for one able to cover your areas of liability affordably and effectively.
Keeping your business protected against internal and external risks cannot be overstated. Regardless of your industry, safeguarding your assets is key to your business’ continued growth. As you get started with your search for business insurance coverage, you should be sure to have your foundation properly set with commercial property and liability insurance. Here’s what you need to know about these two coverage types.
General Liability Insurance
General liability is the most popular of all business insurance. It covers your business against lawsuits resulting from bodily injury or property damage to a non-employee. Even in odd instances where a customer hurts themselves in your office and you don’t feel at fault, general liability will be there to cover any legal and medical fees.
Commercial Property Insurance
In simple terms, commercial property insurance protects your physical (and electronic) assets. Your buildings, furniture, equipment, computers are all covered against damage or loss caused by incidents ranging from fires to theft. Some policies will even cover your electronic data. Depending on the level of coverage you choose, you may be reimbursed for potential revenue that you missed out on due to your loss.
There’s a lot to consider when searching for business insurance but having the right amount of commercial property and liability insurance will serve as the foundation for the rest of your policy. With these in place, you can work with your agent to tailor the rest of your coverage to fit your exact needs.
If you are in the business of building recreational boats, you may know that there can be many risks associated with this business. To mitigate the potentially devastating costs that can be associated with those risks you may need a pleasure boat insurance program designed with the builder of recreational boats in mind.
Boat Builders Risk
A boat builder can face risks from the time construction starts on the boat to the time that it is delivered to the customer. The boat could be damaged during construction or while being tested on the water. There can also be a risk to third parties while the boat is being tested if a collision occurs. It can also become damaged during delivery.
The boat builders liability may not end with the safe delivery of the completed boat to the customer. If there is a problem with the boat after the sale and delivery and someone is injured or killed, the boat builder could be held liable.
A good pleasure boat insurance program can help boat builders cover the risks associated with their profession. Coverage can be customized based on the specific risks associated with the operation of each individual business. The cost from one settlement of a lawsuit could significantly outweigh the cost of an insurance premium to protect the boat builder.
Few programs are more expensive for companies than workers’ compensation insurance. Though somewhat counter-intuitive, some employers are finding a more cost-effective solution in large-deductible workers comp plans.
What It Is
Large-deductible workers comp plans allow companies to partially self-insure workers’ compensation claims. The deductible paid by the business is much higher than usual and often ranges from $100,000 to $1,000,000.
How It Works
The insured sets up a loss fund earmarked for workers’ comp claims and reimburses the fund as deductibles are paid. The insurance company provides excess coverage for any loss above the agreed-upon deductible amount.
Claims processes are virtually identical to standard workers’ comp plans, and the insurance company pays the employee directly. The difference? The insured company reimburses the insurer up to the deductible amount.
Why It Works
Clearly, companies must possess the financial security necessary to pay the larger deductibles. Which begs the question, why would a company choose to pay a deductible that is so high that it often covers the entire cost of a claim? The answer is simple: drastically reduced premiums.
Companies that choose large-deductible workers comp plans typically pay more than $500,000 per year in premiums alone. By partially self-insuring, they are gambling on spending less on deductibles than they would on premiums.
This option isn’t for everyone. But a large company with financial security and budgeting savvy may just find that large deductibles are a cost-saving measure.
If you’re producing a short-term project such as a film, commercial, trailer, television series, music video or many other similar creations, you’ll most likely want to be able to see it to its end. Sometimes, problems arise, accidents happen and things are damaged. Depending on the scope of your project, many things could be at risk, whether its the people working on it with you, props and other objects involved, equipment or vehicles. In order to avoid burning through your budget covering damages and medical bills in the event something goes wrong, consider investing in production insurance. This way, if there is trouble along the way in production, you hopefully wont have to call it quits.
What Does Production Insurance Cover?
While this depends on the policy and who you get it from, there are usually multiple aspects that production insurance may be able to have coverage over. Some of these include:
- General liability
- Workers compensation
- Stunt work
- Animal liability for sickness, injury and death
- Errors and omissions
- Cast coverage
Of course, not only can things vary from one policy to the next, some insurance companies may aim to specialize their coverage for your specific production. This can help to make sure you’re only paying for what you need, and making sure that all possible risks are covered.
Is your online search for “NM insurance” turning up a number of results, with each agency attempting to explain why they’re better than the next? This process can be a bit of a pain and causes many new business owners to simply settle for the option with the lowest premiums. In order to maintain an objective approach to your search, it’s good to first have a solid understanding of the basic business insurance options available on the market. While there are many more available, here are two of the more popular coverage types you’ll likely need for your business and what they offer.
General Liability Insurance
Of all the business insurance options, this is probably the most common. General liability insurance does just what the name implies: it covers your business against any liability charges that may come against it. If your business activities cause bodily injury to a non-employee or damages their property, any legal fees, settlements or judgments will be covered under this policy.
Commercial Property Insurance
Accidents happen, and you want to make sure you’re covered when they do. Commercial property insurance provides funds towards the repair or replacement of your business property including buildings, equipment, furniture, computers and data. Some policies will even provide payments towards revenue you may have lost as a result of any downtime.
Finding the perfect “NM insurance” can be time-consuming. Having an understanding of the most popular coverage options can make it easier to settle on the right coverages for your business.
Everyone makes mistakes, even though no one likes to admit it. If your mistakes have the potential to impact you business, professional risk insurance is an investment you should make. Appropriate coverage can protect you in the event that something you do, or fail to do, has a financial effect
Errors and Omissions
Professional risk or liability insurance is often referred to as “errors and omissions” insurance. It exists to provide protection when you do something you shouldn’t, or fail to do something you should. Professional liability will protect you from civil claims of:
- inaccurate advice
- violation of good faith
Professionals in industries like information technology, banking, law or real estate can all benefit from this kind of coverage. As the list makes clear, any time your business decisions can affect the property and resources of a client, errors and omissions can have costly implications.
Good Faith, Bad Choice
All of the types of claims listed above are risks in professions where unknown factors and conditions can affect the results of your clients’ choices. A good faith offer of advice based on incomplete or inaccurate information can go wrong. A decision made in one set of market conditions may look quite different in another. Professional risk insurance reduces the likelihood that circumstances beyond your control will jeopardize your business and your future.
Nurses choose their profession because they are committed to caring for others. But if mistakes happen, they may find that no one is there to care for them. RN liability insurance provides individual nurses with the protection they need to practice confidently, knowing that if problems arise, they have a resource to rely on.
Nurses and Medical Claims
We typically think of malpractice claims as a doctors problem, but in the decade from 2003-2013, the National Practitioner Data Bank shows that 100,709 adverse actions were taken, and 3,743 medical malpractice payments were made for RNs.
What Does Liability Insurance Cover?
Liability insurance is designed to protect you against covered claims that arise as a result of real or alleged errors and omissions in care, including neglect. You may believe that you are covered by the facility where you work, but a facility policy may not provide enough protection. Common gaps in coverage include:
- an employer policy with limits that are too low to protect all staff
- lack of insurance when you are volunteering or self-employed
- suits filed after you have left your job
Mistakes Can Happen
Even the best nurse is not perfect, and even exemplary nurses sometimes have bad days. RN liability insurance can give you the peace of mind you need, so that you can focus on the work you love.
The healthcare industry is one of the most attacked sectors when it comes to cyber threats. Due to more information being stored digitally for ease and efficiency, hackers are able to find methods of infiltration to steal it. With MRIs, ultrasounds, and CT scans becoming digital, this puts cyber medical imaging at the same risk. If these images are stolen, they can be used for a variety of illegal activities, such as identity theft and medical fraud. Furthermore, these scan results hold private information for the patient involved, leading to the exposure of protected health information (PHI).
As more industries are put under threat of cyber attacks, more insurance companies are offering policies for the protection of digital aspects for the business along with other general policies. When it comes to cyber medical imaging companies, some insurance policies may offer specific coverage for the theft of the digital images stored on the business servers. This means they can pay for any legal fees involved in a case where hackers may leak information, as well as cover general liability and other important aspects of insurance. Cyber medical imaging clinics should consider finding an insurance policy that also protects against hackers, as digital threats are becoming more frequent and advanced as technology develops.
For many agencies, digital Internet marketing strategies have become a big part of the equation in the insurance field. Agents need to constantly be interacting with customers in order to provide them with a good understanding of the policies being offered and the benefits of securing different types of coverage.
Online advertising, as digital marketing goes, is where insurance agents will provide a detailed description of the services rendered and customers may make inquiries. A lot of successful insurance agencies have made it a point to buy paid social media ads because this has been proven to be a very effective way to reach their target audiences.
Search engine optimization
We’ve said it before, and well say it again; search engine optimization is by far the fastest growing digital marketing tool for insurance, showing truly positive results over a short period of time. What it requires of the agency is the use of specific words, called keywords, in any blogs or articles written, words that are frequently used by people on search engines looking for products or companies in any given industry.
Any blog or website using a maximum number of common words or phrases will often show up in the top results. This can help to steer customers to your website without having to first engage them. This is perhaps the most cost-effective marketing strategy for bringing organic traffic to your business while boosting your marketing efforts to a higher level.
Another good way to raise awareness of your brand is through affiliate marketing. This is where known publishers provide space on their pages for you to advertise, allowing your agency to take advantage of the footfall of their website and you simply pay them based on a compensation model. A strategy often used by startups to generate more traffic to their websites.
Posting advertisements alone on social media is not going to get the job done in trying to get customers to understand the benefits of your coverage. Its important to interact with customers in order to get a handle on what it is that they’re looking for and then you can present them with options on policies and services. The use of digital internet marketing strategies can be a highly useful tool alongside your other advertising avenues.