September, 2018

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Boat Builders Insurance: Is it Necessary?

production insurance

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.

Customized Coverage

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.

Workers’ Comp: Think Big and Save More with Large Deductibles

Large-deductible workers comp plans

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.

Make Sure You Can Finish Your Production

production insurance

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
  • Automobile
  • Workers compensation
  • Travel
  • Stunt work
  • Animal liability for sickness, injury and death
  • Errors and omissions
  • Cast coverage
  • Pyrotechnics

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.

Two Popular Business Insurance Coverages Explained

NM insurance

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.

Protecting Your Business Against the Unknown

professional risk insurance

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:

  • misrepresentation
  • negligence
  • 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.

Professional Protection for Registered Nurses

RN liability insurance

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.

Theft of Medical Imaging

cyber medical imaging

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).

Cyber Insurance

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.