The oil and gas industry is a high-risk industry with insurance requirements above and beyond the standard property damage and general liability coverage. Consulting an insurance professional who specializes in the oil and gas industry when you’re looking for oil field insurance in NM, can save you time and aggravation. Your insurance representative has the expertise to guide you through the different insurance options available to you and help you find the right policies for your company’s specific needs.
Survive Accidents With the Right Insurance Protections
Included among the different policy protections your insurance representative can offer you are,
- Specialized equipment breakdown protection
- Environmental and pollution liability
- Commercial umbrella and excess liability
- Workers Compensation liability.
Review Your Coverage to Safeguard Your Company
Whether your company functions as an oil and gas industry supplier or a service contractor, you need to have adequate insurance coverage. No matter the safety-consciousness level of your business and employees, the simple fact remains that accidents happen. These accidents can be something as simple as a pump failing due to severe weather or as complicated as a roadside accident resulting in an oil spill. Regardless of the cause or type of the accident, you can make sure your coverage is adequate by reviewing your oil field insurance in NM, with a professional insurance representative.
Like many business professionals, real estate professionals may benefit from and errors and omissions insurance policy. An Axis policy can provide the errors and omissions coverage that you need.
Who Needs Errors and Omissions Coverage?
A broad range of real estate professionals should consider protecting themselves and their businesses with an errors and omissions Axis policy. These professionals include:
- Residential and commercial real estate agents and brokers.
- Escrow and title agents.
- Mortgage brokers and bankers.
- Property managers.
Axis policies for real estate professionals cover areas such as:
- Property owned by these professionals.
- Property leased by these professionals.
- Asset and construction management.
- Fungus and mold growth.
- Property management and consulting.
- Pollution and other environmental hazards.
An Axis policy for errors and omissions in the real estate field can also provide coverage for other real estate services, commonly not covered by other policies, such as:
- Joint ventures.
- Tenant representation.
- Owned property.
- Corporate services.
As with any insurance policy, you want an errors and omissions policy that from an agent who has worked to discover your specific exposures and provide you with the specific coverage you need to protect against these exposures. With an Axis policy, you will have errors and omissions coverage that is customized to your specific needs.
When storing goods or belongings of others, warehouse owners are exposed to many risks, including fire, flood, theft and other causes of damage to third-party owned materials stored in their facilities. With the acceptance of someone elses property comes the duty to exercise proper care in protection of that property from damage. The company or individual in possession of the property (the bailee) is responsible to exercise proper care.
You are offered certain protection in the event that if your facility were to experience a loss, the client would then have to prove that you failed to exercise due care over their possessions. The purpose of obtaining warehouse liability insurance is to provide you with protection in the event that negligence on your part does result in damage to a clients property. Regardless of the size of your warehouse, you have a potential liability issue that is covered with the proper Orlando warehouse legal liability insurance coverage.
Certain limitations may exist when a loss occurs
Damages may be limited by a term in the warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage, and setting forth a specific liability per article or item, or value per unit of weight, beyond which, as the warehouse owner, you shall not be liable. Therefore any agreed upon contract must detail the value of any items placed in your storage facility that will help determine damages in the event of a loss.
It may be a bit shortsighted on your part to rely on a standard general liability policy for restitution since a commercial general liability policy has an exclusion for property in the named insureds care, custody and control. Even though the policy covers damage to the property of others, this exclusion removes coverage that doesnt meet the conditions of the contract.
Depending on your type of operations, there are various policies that will offer coverage for many of the exposures you face. Note that an Orlando warehouse legal liability insurance policy covers the exposure of holding others people property and goods for storage under some form of warehouse receipt.
Choosing an insurance plan is often confusing for business owners. There are many types of insurance, after all: professional liability, employee benefits and property insurance, to name a few. However, an errors and omissions plan shouldn’t be overlooked. This valuable investment can protect your business if someone, whether a former client or an employee, claims that he or she suffered because of negligence.
Invest Your Funds Wisely
There are many different ways a company can invest funds to expand and grow. However, errors and omissions NJ plans are specifically tailored to protect your company if it is engaged in a costly lawsuit, covering attorney fees and even settlements. Thus, any monthly investment you might make into a coverage plan can turn out to be very beneficial when you need it most.
Prepare for the Unexpected
Lawsuits regarding professional liability are common, yet many professionals choose to hide it under the rug if they’re ever caught in an unpleasant situation. Errors and omissions NJ coverage can mitigate some of the risks that many companies face, but that few ever talk about.
In order for a business to thrive, preparation must be made for the future. Adding an errors and omissions plan to your roster of insurance coverages can prove to be a great safeguard in times of need.
Contrary to popular belief, workers compensation benefits are not available to just anyone who is injured on the job. In order to be eligible, the injury and the circumstances leading up to it must meet certain standards and the claim itself must meet strict criteria. Workers compensation law is not cut and dry, and if you are someone who deals with workers compensation insurance in Texas in any capacity, you may benefit from knowing what may lead to a claim denial.
Deadlines Werent Met
In Texas, a claimant must adhere to a certain timeline in order to have their claim heard. They must report the injury to their employer within 30 days, appeal any medical decisions within 90 days and file the official claim within one year. If they fail to meet any deadlines, their claim will be dismissed.
The Claim Was Inaccurate
The details of a workers compensation claim must be wholly accurate in order for the claim to be valid. If one detail is wrongeven if its something as minor as the location of the puddle slipped onit could ruin a claimants entire case.
The Claimant Was at Fault
If it is discovered that the claimant was goofing off, intoxicated or involved in criminal activity at the time of the injury, they are not eligible for workers compensation benefits. The same is true if the accident occurred outside of the normal scope of employment.
There are several reasons a claim filed under workers compensation insurance in Texas may be denied, but the above three are the most common.
If youre a business owner, you may be wondering if its worth it to get Workers Compensation insurance. The Workers Compensation policy in Texas allows employers to decide for themselves if they want to provide it to employees. Although it may be tempting to forgo insurance to save money up-front, it could cost you in the long run. Here are some serious advantages to carrying Workers Compensation insurance for your employees.
The most obvious advantage to insurance is if an employee is injured and they sue you. Without insurance, you may end up paying damages out-of-pocket if you lose the case.
When companies are sued by employees, there are some common defenses they use in court. For example, they can argue that the employee knew the hazards of a situation and volunteered to do it anyway. They may also argue that the injury was a result of the employees own negligence or the negligence of his co-workers. Without Workers Compensation insurance, you lose the right to use these defenses.
If you don’t have insurance, workers compensation policy in Texas states that you have to report your no-coverage status to the Texas Department of Insurance Division of Workers Compensation. You also have to report every work-related injury or illness.
It may seem easier to skip Workers Compensation insurance, but there are many advantages in the long run. If one of your employees gets injured on the job, you’ll be grateful you have it.
You and your wife finally took the vacation of your dreams. You went to Ireland. Aside from the beautiful landscape and friendly people, your favorite part of the trip was staying at the old-fashioned taverns. On your flight back to the States, you came to one conclusion: You must own one yourself. Tired of your job, and your boss for that matter, you decide you’re going to bring a bit of Ireland to your hometown. You inform your wife you’re opening a tavern. Her mission, should she decide to accept it, is to look into tavern liability coverage programs. This type of facility has special policy needs.
Tavern insurance goes way beyond your standard business general liability and property policies. You must secure added protection. Owning a tavern opens your business up to unique liability. When people drink, they can get unruly, and you must ensure your patrons and your premises against bar fights and the increased risk of accidents inside and outside your tavern. You must also carry special licenses and permits to stock and serve alcohol, and if you’re going to open a traditional tavern, you’ll have guests staying overnight. Your wife can call an insurance wholesaler to find the best prices on tavern liability programs. After all, you need to save money where you can without skimping on protection.
Employers across the Lone Star State spend a significant amount of money every year on workers comp premiums. Meanwhile, knowledgeable business leaders recognize that the longer a workers compensation claim stays open, the more expensive it gets. To control costs related to workers compensation insurance in Texas, then, savvy managers establish an after-injury, return-to-work program.
Explore Modified Work
Often, the best way to get an employee back to work is to modify his or her work assignment in some way. While this might not be possible in every situation, many employers have flexibility to change an employees working conditions in the following ways:
- Modified Hours
- Light-Work Duty
- Changed Worksite
- Other Accommodations
Understand Medical Constraints
When attempting to return a worker to full employment, diligent business leaders recognize that no two claims for workers compensation insurance in Texas are the same. Thats because workplace injuries vary widely. By understanding medical constraints unique to the employee, managers may put him or her back to work in a safe, productive way. Usually, this requires receiving modified-work clearance from the workers medical provider.
While there are many ways to control workers compensation costs, setting up a return-to-work program is a proven approach. With a bit of planning and effort, business leaders save on their workers compensation insurance in Texas.
As a business owner, you should be well aware that workers compensation is a state-regulated insurance program that provides covered employees with income and medical benefits for times when they sustain an injury or illness that is work-related. Private employers can make the choice as to whether to provide a workers compensation policy in Texas or not. Keep in mind that this is coverage that makes it easier to hire and retain good employees.
Circumstances surrounding any injury will dictate whether an injury will be covered. For example, workers are not covered if their injury was as a result of horseplay, willful criminal acts or self-injury. In addition, intoxication due to the use of drugs or alcohol, voluntary participation in an off-duty recreational activity, or a third party’s criminal act (if directed against the employee) for personal reasons unrelated to the work, or acts of God are not covered events.
The claims process
Injured workers must file injury reports within thirty days of the accident, and must appeal the first impairment rating within 90 days of its issuance. They must also file the formal paperwork for the workers’ comp claim within one year of the injury. If the work-related nature of the injury or illness was not immediately apparent, those deadlines run from the date on which the employee should have known the problem was work-related.
To aid with the rehabilitation process, the law places a heavy emphasis on return-to-work programs, since studies show that recovery is faster and much more efficient when an employee, once healthy enough, is given some type of useful work to do by the company. The laws do state that an employee’s refusal of suitable light-duty work can put a stop to the payment of workers’ compensation benefits.
If you should decide to discontinue your workers’ compensation coverage, you must inform employees and the Workers’ Compensation Division of the Texas Department of Insurance as soon as possible, using applicable state form DWC005. Protecting your workers is a no-brainer. A best business practice is to provide a workers compensation policy in Texas to create a happier work environment.
Many businesses rent rather than own their office or warehouse spaces. While the owners of that property may have some insurance, it is important that leaseholders also procure their own Orlando commercial rental property insurance.
Renters insurance can provide many of the same benefits as property insurance. It protects against damages incurred through a covered cause of loss such as vandalism, theft or fire. These policies not only safeguard buildings, but can also cover loss of inventory, equipment, and some personal belongings.
While it may be possible to easily obtain a new leased storefront, it could be difficult to operate a brick and mortar business without supplies, furniture, and salable items. A sufficient insurance policy geared towards business rental properties can often help a company recoup the costs associated with covered damages. An organization without the proper coverage may find it difficult to maintain its daily operations as it will have to cover any restocking and construction costs through its own funds.
A business owner who rents a working space should never assume that the owner of the property has sufficient insurance to cover unexpected circumstances. Doing so could be financially detrimental as it is possible that an owners policy only covers damage to the physical space. An Orlando commercial rental property insurance policy may help cover any holes left open by the property owners insurance policy.