August, 2016

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Learn What Policy You Need From a Workers Compensation Insurance Broker

workers compensation insurance broker

Workers comp insurance is a tricky field to navigate, especially if you are a small business owner. A workers compensation insurance broker will be able to inform you of what you need so that you do not pay too much or lose out on essential coverages.

Figuring Out State Laws

Every state differs on what it requires concerning workers comp insurance. While it is always good to have, some states will financially penalize you if it is discovered you are operating without it. Some states may not require you to have it based on the number of workers you employ, so when you meet with a broker, you will need to know how many full-time employees you have.

Figuring Out Premiums

Your broker will also assist you in determining how much you will end up paying on the premium. The amount you need to pay will depend on your payroll and your industry classification code. The type of industry you are in also plays a role. Businesses that are viewed as high-risk usually need to pay more.

These are the basics you need to familiarize yourself with before meeting with your workers compensation insurance broker. The professional will be able to go over all these with you in greater detail.

Staffing Companies and Employment Practices Liability

employment practices liability

In order to run a successful business, staffing agencies rely on their talented team of staff and temporary employees to showcase their expertise and dependability. But they are also quite aware that circumstances often develop where a job candidate or temp staffer may decide to sue the business over what they might perceive as unfair treatment, even going so far as to allege that the reason they weren’t offered, or were terminated from a position was due to a stance of a discriminatory nature.

For example, let’s say that a former employee makes claim that he or she was wrongfully terminated from their employment, and brings litigation against the staffing firm. Having employment practices liability insurance can help the staffing firm with defense costs as well as pay any court costs and settlements that often accompany this sort of accusation.

Why purchase employment liability insurance?

Obtaining employment practices liability insurance (EPLI) safeguards a business against the high costs associated with lawsuits as a result of charges of discrimination, harassment, wrongful termination, and other similar claims associated with unfair business practices.

A company would find it difficult to defend against any claim stating that they violated a person’s civil rights, or failed to provide a fair, acceptable environment for certain people to work in, without this coverage on hand. Temp staffing agencies often find they have a greater exposure since they, for the most part, do not have control & custody of their employees.

EPLI can cover your business when accused of anything from mismanaging employee benefits or wrongfully terminating employment, as well as claims that they wrongfully disciplined or demoted an employee, sexual harassment, damaging an employee’s reputation due to slander or libel, discrimination, based on age, gender, religion and race, or other such factors.

This also includes breaching an employment contract, invading an employee’s privacy, causing emotional or mental distress, or making negligent decisions related to hiring, promotions, or compensation.

If anyone in a management position violates legal protocols in the workplace, whether intentionally or not, the company could end up facing a lawsuit. Given that the nature of these claims often comes down to one person’s word against another, most companies would prefer to avoid being embroiled in a lawsuit, and purchasing employment practices liability insurance coverage is the right solution to what has become a very common workplace concern.

Kidnap Insurance: Does Your Business Need It?

kidnap insurance pa

Kidnap insurance in PA may not be at the top of your business priorities, but it is necessary for the safety of your employees. If you send employees on business trips overseas, there is a heightened risk of political tensions that create dangerous situations for Americans.

What Is Covered

If an employee is taken hostage while conducting business in a tumultuous region, you need insurance to cover the expenses that typically accumulate. Expenses covered by kidnap insurance in PA include the following:

  • Legal advice
  • Travel expenses in the event someone must go to the area to manage the situation
  • Lost income
  • Expenses related to training temporary employees
  • Public relations expenses related to managing company image
  • Ransom/reward money for those with information
  • Medical and/or psychological bills for the victim
  • Lawsuits by the victim against the company
  • Funeral costs

What Kidnap Insurance Does Not Cover

Kidnap insurance in PA will not provide coverage for a kidnap situation that occurs in a country against which the United States has sanctions. Your business should consult with experts prior to sending an employee overseas to find out if travel is allowed and learn how to be safe while there.

While a hostage and kidnap situation is the worst-case scenario when your business sends an employee overseas, it must be considered and protected against. Research the best options for your company when it comes to kidnap insurance.

The Expertise and Safety That Daniels Insurance Offers to New Mexico Residents

Daniels Insurance

Daniels Insurance proudly builds upon its successful history. They have been serving individuals and a wide variety of businesses in New Mexico since 1937. They cover everything from personal risks such as automobile, homeowners and personal umbrella insurance to business needs that range from complex, huge corporations to new local businesses that spring up.

Expertise You Can Count On

As an experienced firm and global partner of Assurex, Daniels has wide and varied industry expertise, covering the following:

  • Public Entities
  • Oil and Gas
  • Manufacturing
  • Hospitality
  • Construction
  • Electricians

Within each of those fields, they work closely with you and your business to determine where your greatest risks are, how to best prevent catastrophes and how to draw and retain the best talent so that your business is as strong as it can be. Daniels Insurance agents will work out a comprehensive plan that has the right employee benefits, such as good health, dental and more, and the right liability coverage for your business, combining general liability, cyber liability, commercial auto, commercial property, workers compensation, executive liability, commercial umbrella, risk management coverage and more so that your business can push forward and feel safe knowing you have the liability coverage you need.

A Company That Supports You

Lastly, one of Daniels Insurances biggest assets is that their connections with the best insurers allow them to support businesses that often get turned down because of their high liability. Work closely with their agents and feel safe knowing that your future is covered.

The Burden of Workers Comp Insurance for the Little Guys

workers comp insurance

Many small business owners have a difficult time purchasing workers comp insurance coverage per their states regulations. For some, it’s just too expensive; for others, the job to be insured is too dangerous. As an insurance agent, it’s your responsibility to match the policy to the client, so work with a wholesaler that has the ability to handle small accounts just as effectively as large ones.

Small Account Issues

Some reasons why small business owners find getting workers compensation coverage tough is because many insurance companies are only interested in larger clients. Corporations mean money, and the small enterprise might find itself being rejected due to its lesser needs.

Another issue is your client’s niche. If you’re looking to secure workers comp insurance for a business office, you probably wont have too much trouble. If your client specializes in demolition, well, you’re going to be more hard-pressed to find a suitable carrier willing to take on the risk.

Variety Is the Spice of Insurance

In order to cater to the specialized needs of small business owners, you should work with a wholesaler that has a strong presence in the insurance industry. Even if your client does work in demolition, a wholesaler that knows several workers comp insurance markets can secure the policy you need, alongside educating your clients in OSHA regulations and safety.

The Fear of Workers Compensation Fraud

Workers Compensation Fraud

As an insurance agent, you hear stories of workers compensation fraud all the time. You know the fear employers feel and how fiercely they protect their insurance policies, or do you? The Coalition Against Insurance Fraud provides some interesting facts.

Just the Facts, Maam

According to the ACIF:

  • 1 out of 10 small business owners think an employee will fake an injury/illness to get benefits
  • 1 in 4 owners install CCTV systems to monitor their employees
  • 1 in 5 business owners don’t know how to identify workers compensation fraud
  • 58 percent of business owners fear employees who have a history workers comp claims

Those numbers are huge. Your clients don’t trust their workers, and what length will they go to protect themselves?

Employer Fraud

The ACIF provided another distressing discussion. In order to avoid having to secure workers compensation insurance or paying a claim, business owners have been known to:

  • Lie about the number of employees on their payroll
  • Pay employees under the table
  • Classify an employee in a high-risk job as working a low-risk job
  • Misclassify employees as independent contractors

Your clients don’t have to do this if you find an insurance wholesaler that specializes in workers compensation coverage for small businesses. Don’t let your clients become a statistic in workers compensation fraud. Match them with the perfect policy provider today.

Is Your Photography Business Insured?

insurance companies in Connecticut

There are many different types of businesses, and nearly all of them can benefit from insurance. When you purchase coverage from insurance companies in Connecticut, you can cater it to your specific needs. For example, if you are a photographer, then the coverage can be designed to address your specific risks.

Professional Coverage

Many photographers sign contracts with their clients. They agree to meet with them on a specific date and at a specific time. If something happens, and they are unable to meet their obligation, professional liability coverage can be beneficial. Even if you tried to be perfect, mistakes can happen. Insurance will give you peace of mind that you can protect yourself professionally.

Equipment Coverage

Photographers own a lot of expensive equipment. This equipment is costly to replace if it breaks, gets lost, or is stolen. In any of these scenarios, insurance can help the individual replace the piece of equipment so that they are not worse off financially. This type of coverage is especially beneficial. After all, if your camera breaks the day before a big wedding, you need to know you will be able to get a new one.

To learn more about catering your insurance to the needs of your photography business, contact insurance companies in Connecticut. You will be glad you did.

An Agency Has You Covered

agency insurance marketing

Hiring a specialized agency for insurance marketing frees up your time to spend providing top service to your clients. Here are some reasons why a marketing agency with an expertise in the insurance industry is a smart move.

Custom Branding

What is your image online? In addition to setting up an online presence in the form of a website and social media profiles, the agency will work with you and craft a brand identity for your business. Using an agency to administer your marketing means that your branding will be applied consistently.

High Quality Content

Once you have an online presence, you need to have content on your website and social media feeds that will matter to your prospective customers and keep your current customers engaged. A quality agency insurance marketing company will have professional writers craft content specifically for your business.

Targeted Advertising

An agency will also know how to best target advertising so that your ad budget goes farther. They will also utilize search engine optimization (SEO) strategies to make sure that prospective clients find out about you.

When you have a business to run, it is helpful to know that you can depend on a marketing agency that knows all the right moves for your industry. Agency insurance marketing has your publicity, image, and advertising needs covered.