November, 2019

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Workers Compensation May Be a Good Fit for Non-Profit Organizations

caitlin-morgan

Volunteers are the bread and butter of non-profit organizations. Unfortunately, they can also add risk especially when they become injured or ill while working for the organization. Many organizational leaders want to know about volunteers covered under workers compensation.

Volunteer Protection

Some volunteers may be covered under the states workers compensation policy depending on the state. For example, in Indiana, volunteer firefighters and rostered volunteers can seek coverage under workers compensation should they be injured while working for the organization. Organizations may also decide that the risks of the project or cause are worth the expense of a workers compensation policy even though it is not required.

Coverage Option

For those not covered under workers compensation, the organization does have other options to limit their liability. As seen on www.caitlin-morgan.com, organizations can have signed hold-harmless agreements by volunteers limiting the organizations liability. Or the company can help pay for medical bills through an accident & health policy, group accident/disability policy or even a commercial general liability policy. Depending on the risks associated with the volunteer activities, one or more of these options may be right for each project.

Volunteers covered under workers compensation may vary by state. For those not covered, organizations have options to limit their liability against volunteer injury or illness.

How To Choose an Insurance Agent for Your Business

program business

An important part of any business is making sure it has proper insurance coverage. This means finding an agent who can deliver what you need for your business to be protected financially. Here are important ways to find the right insurance agent for your company.

Talk to them.

Work with an agent who is responsive to you and who shows real concern for your business well-being. You also want an agent who can answer your questions and is willing to find the answers you need. Testimonies from customers can give you some idea of performance, but nothing beats first-hand impressions you form with personal contact either face-to-face or over the phone.

Research details.

As referenced on programbusiness.com/, researching potential agents is important. This is made much easier by using a directory of insurance agents that lets you quickly compare services, policies, and other factors to find the agent who best fits your needs.

Find someone who knows your industry.

Choose an agent who understands the specifics of your particular sector. You want to work with someone knowledgeable about the challenges you face. This way, he or she can help you choose coverage for your company.

Finding the right insurance coverage is an integral part of running a business. To find the best coverage, though, you need an agent who understands your particular field and who will work for you. A good agent keeps you safe and ready to prosper.

3 Must-Have Insurance Coverages For Trucking Companies

truckinsure

Unfortunately for many new business owners, obtaining that insurance can be a challenging process due to the number of coverages required and the unfamiliar terminology. If you’re new to owning a trucking business and searching for insurance, here are three coverages that you must include in your policy.

Truck Liability Insurance

Truck liability insurance is the most important and the most expensive part of your policy. It protects you in the event that you cause an accident while driving your truck. Your policy would cover the costs associated with making the third party and their property whole.

Physical Damage Insurance

Physical damage insurance is protection for your truck and trailer. Its a flexible coverage in that you can choose coverage for certain perils or you can go with comprehensive coverage. As seen on www.truckinsure.com/, its recommended that you choose the comprehensive option to limit any confusion later on about what exactly is covered.

Cargo Insurance

Transporting cargo is the most important part of your business and you want to make sure you have the proper coverage. In the event that the freight that your transporting becomes damaged or lost, your policy would cover the cost to repair or replace those items. Its key that you provide an accurate estimate of what you’re going to be carrying, as a lack of coverage can prove to be detrimental to your company in case of an accident.

Plenty of other options are available to protect you on whether or not you’re driving. Work with an experienced agent to build a policy that’s appropriate for your needs.

What Challenges Do Consultants Face?

Huntersure

Consultants play a huge role in today’s marketplace, as they are often seen as the saviors of companies that struggle with standing out. However, there are many challenges facing consultants in their consulting assignments that you should be aware of.

Common Challenges Consultants Manage

As the economy changes, consultants can have more or less work. However, no matter what industry or specialty a consultant is associated with, there are certain trials all consultants face. In fact, Huntersure reported on their blog that some of the top challenges consultants deal with include the following:

  • Finding new clients
  • Retaining current clients
  • Coming up with new and innovative strategies
  • Keeping track of time and expenses
  • Surviving in a tough economy

Some industries may also have industry-specific challenges, such as keeping up with ever-evolving marketing trends for marketing consultants or changes in healthcare laws for healthcare consultants. That means there is continuous research consultants must do in order to stay on top of the changes and remain updated about the industry to perform their jobs well.

Face the Challenges Head-On

No matter what industry you’re in, there are certain challenges facing consultants in their consulting assignments that can affect their work. Being aware of these challenges means you can be prepared for any difficulties and do your best to solve the problems.

Fighting Vendor Fraud

FGIB

Running a business often requires you to put your trust in others. From your business partners to your employees, your customers to the other businesses you work with, you rely on people to provide what they promise and not to take advantage of your company. Unfortunately, not everybody can be trusted.

What Is Vendor Fraud?

Vendor fraud occurs when a scammer manipulates your company’s payment systems for his or her own personal gain. There are several methods of doing this, but most fall into three categories: billing schemes, bribery or extortion schemes, or check tampering schemes.

Billing schemes occur when an employee generates false payments. He or she may set up a false vendor account and take the money the company pays to it. Another method is duplicating invoice payments and diverting one to an alternate bank account. Check tampering involves the physical manipulation of business checks, and bribery allows an employee to receive personal payments from vendors.

Fighting Vendor Fraud

Fighting vendor fraud means verifying the ones you’re paying are legitimate companies. FGIB offers a variety of methods to help you through the vendor verification process. Some of the most common include verifying the company’s bank crime insurance or professional liability policy and requesting to talk to the company’s bank to ensure they are a solvent organization.

In addition to verifying your vendors and doing employee background checks, it is important to have your own insurance policies as added protection. Your insurance agent can help you determine the best approach to protecting your business from vendor fraud.