October, 2018

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Types of Coverage for Hospice Facilities

hospice business insurance program

When looking into a hospice business insurance program that works best for your facility, there is a multitude of policies that can and should be considered in order to prepare for any sort of incident possible. Your business holds an important role, caring for patients near the end of their life and making sure they’re compassionately supported and comfortable. Loved ones are also under a great deal of emotional stress, which could lead to further difficulties. Furthermore, your business is operating nonstop, all day and year round, which just opens up more opportunities for liabilities and problems to arise.

Policies in an Insurance Program

While every hospice care facility is different, there are several important types of insurance that most should consider getting for their business. It’s important for facilities to work with providers to put together hospice business insurance programs that are the best possible fit for their needs. However, here is a list of some of the most important policies to possibly include in your coverage.

  • General Liability
  • Directors & Officers
  • Worker’s Compensation
  • Employment Practice Liability
  • Professional Liability
  • Sexual Abuse Liability
  • Crime Insurance
  • Property Insurance
  • Automobile Insurance
  • Malpractice Insurance
  • Cyber Liability

Consider what could possibly go awry and cause your hospice care facility financial and/or legal problems when searching for hospice business insurance programs. Even small inconveniences can cause major issues in the long run.

Qualities of a Professional Insurance Agency

Delaware workers' compensation

Brokers and agents sometimes need help from a larger agency. When you want to offer workers’ compensation to an employer, you have to not only be aware of the laws, but also understand all of the complexities behind it. Here are a few factors you should consider when choosing an agency.

Competitive Rates

Employers want competitive rates. In order to be able to offer Delaware workers’ compensation, you have to have a wholesaler that is willing to work with you to offer those rates. Everyone wants an insurance policy that he or she will be able to afford.

Different Industry Types

When it comes to new business opportunities, you have to be willing to provide workers’ comp for a variety of industries. It’s common for an agent to handle several different specialties. In many industries, the workers’ comp regulations are the same. A wholesaler that allows you to keep a diverse business is important.

Plenty of Experience

A wholesaler has to have experience. Experience leads to carrier relationships and strong reputations. When a company has been in the business long enough, then it experiences the fluctuating market and knows how to handle it through difficulties.

When it comes to offering Delaware workers’ compensation, there are programs for agents to offer employers. In order to find a specialist that knows workers’ compensation, there are certain factors to consider.

Top Things to Know About General Liability Insurance

business liability insurance in NM

All businesses need protection against third-party claims. A client can file a claim for past and present perceived or actual damages. No company is immune to a potential lawsuit. While business liability insurance in NM doesn’t cover all potential exposures, a liability policy is a great starting point to protect the company’s assets.

Evaluating Benefits

Regardless of business size, the majority of businesses can benefit from a liability policy. Small businesses often see the greatest value in a general liability policy. With smaller budgets and often lower assets, the benefits often greatly outweigh the cost of the policy. Injuries and damages happen despite safeguards in place. Covered items often include:

  • Non-monetary damages
  • Legal fees
  • Compensatory damages
  • Punitive damages
  • Awarded settlements

Determining Costs

The cost for a policy often depends on the exposures of the company, size of the business and budget constraints. In addition, sometimes it is beneficial to carry additional policies to cover all risks and liabilities. Speak with your accountant to determine your available budget for insurance prior to researching policy options.

A quality broker or agent can help you determine a policy that meets your needs and budget. Business liability insurance in NM is a valuable and often necessary part of operating a company. Your business doesn’t benefit without one.

Insuring Yacht Construction

insurance for yacht builders

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
  • Crime/Vandalism/Theft
  • Wind/Hail/Flood
  • 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.

Two Must-Have Basic Insurance Coverages For Your Business

commercial property and liability insurance

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.

What You Need to Know to Save Money on Your Tail Coverage

tail coverage cost

Error and omission insurance pays for settlement and legal defense costs in the event that a client claims your professional errors caused them a financial loss. Here we will discuss how to find an appropriate tail coverage cost for your business.

Reducing Coverage After a Client Relationship Has Ended

One of the most costly choices you can make after you have settled the score for your client to firm relationships is to completely remove your error and omissions coverage. The time frame that allows a client to make a claim may not expire for years after your dealings as determined by its statute of limitations.
Purchasing a new policy after the claim has been made won’t cover the losses, even if there was coverage at the time of the client to firm dealings. That’s why it’s important to tailor the entire policy to fit within your budget at startup instead of removing it later on. Here are the risks you get protection from under an error and omissions insurance.

-Failing to provide accurate information -Inaccurate diagnostics or inspections-False promises or misleading information-Documentation mistakes or missed filing dates

Buy As Much As You Can Afford

The way tail coverage cost is determined is based off your current premium, so there are several personal background details that make up the underlying rates. Since average settlements average around $18,000, you may want to purchase as much coverage as you can afford.