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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.
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.
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.
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.
For most people, the terms staffing agency and temp agency are interchangeable. While both organizations overlap in the way they operate, they are different and separate business models. They do, however, sometimes provide the same types of services. Staffing agencies usually offer a wider range of options on the type of candidates they provide, offering more solutions that will suit their clients needs. Both business models must rely on employment agency insurance to address exposures they face providing their specialized services.
Its a given fact that staffing agencies and temp agencies both provide their corporate clientele with workers dependent upon a particular skill set and experience level. In certain situations, corporate clients may ask the agency to fill a short-term position, even on very short notice, or they may give advanced notice of the need for a long-term or permanent position. The agency tasked with filling the position then consults its worker database, contacts a worker they deem qualified for the job, and sends them directly to the corporate client.
Where issues may need to be addressed
Most companies providing staffing to clients will utilize contingent workers in a variety of different ways. The often end up using a combination of temporary workers and independent contractors to satisfy their clients needs. But there are significant differences between independent contractors and temporary workers that should be understood, and erroneously referring to one as the other could lead to problems and ramifications. So getting the definition correct, and having clarity of the type of position and the work being committed to, is critically important.
Staffing agencies are in the business of providing on-site support staff to their clients from a pool of individuals that are hired (as employees of the staffing agency) and assigned to a specific company for a limited period of time on a fill-in basis, or perhaps for a finite project time span, usually for less than one year.
Independent contractors are specifically not temporary workers since they do not fill out time sheets, or are paid and taxed using a W-2 form. Independent contractors are responsible for the delivery of a product or service, by a specified deadline, no matter how many hours are spent working. Independent contractors are also responsible for calculating and paying their own taxes, generally using IRS Form 1099.
Employment agencies must carefully designate between temp and contract workers in order to remain compliant with regulations regarding workers. Having employment agency insurance helps to address any concerns related to this arrangement when issues occur.
Various businesses provide services where a temporary assumption of ownership occurs between company and client. Services like this could include dry cleaning, vehicle mechanics or furniture restoration. To protect from liability in situations like these, a company may look for specialized insurance through a bailee insurance application.
How Does It Work
When one person transfers their property to the care of another during the purchase of a service, the transaction is called a bailment. The business taking temporary ownership is considered the bailee, and is held liable for any damages done to the property while in their possession. General liability insurance would not cover these items, as they are not the property of the business. Bailee insurance generally provides coverage for the following situations:
- Water/flood damage
- Wind damage
What Businesses Need Coverage?
Any company whose primary services take custodial care of another belonging would benefit from a bailees insurance policy. Service providers could include:
- Storage units
- Computer repair shops
- Auto mechanics
- Watch/ and lock repair shops
- Restoration and refurbishing companies
Bailees insurance policies are generally one of three types: unlimited bailee, damage in process and mysterious disappearance. After you complete your bailee insurance application, the insurance provider will assess your services and the type of coverage which will best protect your business and client possessions.
The rise of digital marketing, which can be done on various platforms and used to interact and present your products and services to your prospects, will help you to take your business to the next level. For insurance agencies, its vital that you interact with potential customers in order to give them a fair understanding of the policies and services being offered.
In all likelihood you’ve heard of, or used most of the strategies outlined here, but are you getting the most out of your efforts? Go over this list and see which ones are, or aren’t working for you, and perhaps you’ll look at some strategies for Marketing for an Insurance Agent from a different angle.
Search engine optimization
Perhaps the fastest growing digital marketing strategy is search engine optimization, one that has shown tremendous results in a rather short span of time. What it entails is simply using some specific words in the blogs or articles you write, those same words that are frequently used by people on search engines. A blog or a website that utilizes many of the same common words will often show up in top results. This will help to steer customers towards your website.
Social media marketing
If you havent been posting regularly on social media then youre not giving potential customers a chance to understand the benefits of the insurance policies being offered. Its important to interact with people to get a better idea of their mindsets allowing you to then present them with the type of policies and services they might see as beneficial.
People shopping for insurance often look to others for their opinion, on a policy or on a particular agency or agent. Social media allows people to share their experiences, which is yet another way to heighten awareness of your company. Your website should include a page that allows people to refer their friends to your agency, as that has proven to work for many agents. Make a point to post this on social media, and send an email blast to your clients as well.
Advertisements and email marketing are two other tried and true methods that help Marketing for an Insurance Agent a lot less difficult to achieve. Just a few ideas for how to market yourself and your services that’s so easy to implement and often gets the desired results.