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Insurance companies are in the business of protecting others from liability and other damages. Unfortunately, insurance agents are vulnerable to many of the same risks that their clients face. Going without proper coverage is a risk not worth taking.
Liability Packages for Insurance Companies
A comprehensive liability package includes two important types of coverage. Without this coverage, an insurance agent is potentially liable to pay expensive legal fees and settlement costs.
- Errors and Omissions Insurance – Also known as Professional Liability Insurance, E&O insurance for insurance agents is a must. Any business that offers professional services to clients needs protection against claims of negligence or errors that may cause financial harm to the client. In addition, a customer may be dissatisfied with the insurance policy that was recommended to them. If that policy excluded certain types of coverage and a subsequent claim was denied because of that recommendation, the client may try to sue for damages.
- General Liability Insurance – This coverage protects against injuries to clients at your facility, including slips and falls. The policy also covers damages caused by the insurance agent at a clients office. It also protects against claims of slander.
The savvy insurance agent understands that they need the same liability coverage they recommend to their clients.
Staffing insurance solutions exist to help staffing agencies mitigate the many financial risks they face. Here is a description of some of their unique problems and a few of the insurance policies that help solve them.
The problems staffing agencies encounter are substantial, and can be daunting to anyone thinking of getting started in the industry. Besides the typical hurdles inherent to any business venture, such as coming up with start-up money and investing in advertising, a staffing agency faces unique challenges in managing potential litigation. Consider the following facts:
- Employees work at diverse locations.
- Each client company has different requirements of its workers.
- The staffing agency is accountable to both the businesses and employees for potential recruitment errors.
Luckily, there are many types of policies to protect staffing agencies from the cost of dealing with legal claims. Here are just a few of them:
- General liability. Covers personal injuries that occur at the agency’s place of business.
- Professional liability. Pays for the cost of representation should a client claim that the agency failed in its duties.
- Employment practice liability. Protects against diverse lawsuits such as those claiming discrimination, harassment, or wrongful termination.
Don’t be intimidated by the logistics of running a staffing agency. By carrying the right insurance, you can solve potential problems before they occur.
Operating a business that produces or sells CBD products can be very profitable. Here are some ways that CBD is gaining new traction among a large base of consumers by helping them to manage both acute and chronic medical conditions.
CBD has enormous popularity because it can treat a number of health problems ranging from anxiety to inflammation. Treating conditions homeopathically helps to reduce dependence on prescription medications which can carry unwanted side effects and lose their efficacy over time.
People often think of CBD as something that needs to be ingested. However, users of topical treatments have reported significant improvement in inflammation and mobility. CBD business ventures market topicals to a wide range of users. Older individuals who suffer from arthritis and even high-performance athletes may experience considerable benefits from CBD topicals.
Natural Treatments for Pets
Owners of pets with health conditions or age-related mobility limitations have demonstrated a growing demand for CBD products for pets. Typically, CBD pet products are administered orally. They may help dogs and cats to exhibit improved pain levels, enhanced mobility, and decreased anxiety.
Ultimately, CBD business operators are achieving remarkable development. In order to succeed in a competitive field, they need high-quality products, strategic marketing initiatives, and effective risk management strategies.
Apublic official liabilitypolicy provides coverage for government workers and other public employees. These policies are similar to a Directors and Officers policy for corporations.
Which Public Officials Need Liability Coverage?
People who work for public entities have unique risks inherent to their positions. It is essential for those working with the community to maintain professionalism while performing job tasks and protect themselves from potential legal claims with adequate insurance.
Various public entities can obtain this type of insurance, including:
- Special Districts
- Hospital districts
- Fire districts
- Parks and recreation departments
- Water and sewer utilities
- Electric and gas utilities
- Commissions and special boards
- Local Governments
- Other Departments
- Transit authorities
- Housing authorities
- Airport authorities
- Industrial developments
What is Public Official Liability Insurance?
This coverage protects officials against legal claims due to wrongful acts that occur while performing professional duties. Securing this kind of policy is vital in today’s society, as lawsuits have become increasingly common. Due to their jobs’ nature, public officials have a higher risk of facing these types of claims than non-public workers.
What Does a Public Liability Policy Cover?
This type of insurance protects entities and employees from legal claims stemming from the following types of on-the-job incidents:
- Misleading statements
- Breach of duty
- Personal injury
- Civil rights violations
Legal costs can be prohibitive. Public official liability coverage helps government employees and public entities mitigate legal expenses when an accident or lawsuit occurs.