Moody Protect Your Investment Property With Proper Coverage

Protect Your Investment Property

Investing in real estate is an amazing way to set the stage for a more financially fulfilling future. Naturally, you cannot jump into this task without first considering a number of angles. Investing in property costs money, which means you want to take the steps needed to protect yourself and your real estate. Investment insurance can be a smart option to consider. Look over these details to figure out how to insure your project without missing any major risks.

Insurance Depends on the Project Status

Taking out comprehensive investment property coverage is not a complicated task when you set your mind to it. If youre in an early stage where youre rehabilitating the property, then be sure your insurance covers common scenarios that can occur during this process. Once youve moved into the phase where youre renting units out to tenants, you want to take out additional policies to protect you in the event that a renter causes damage to the property itself. Extra points to think over when it comes to insurance include:

Consider Your Options in Advance

While it can be advantageous to invest in real estate, you cant jump in without some forethought. Consider what insurance policies are best for your goals and keep your assets safe at all times.

The Benefits of ERP Coverage

ERP Coverage

If your business is going through an insurance transition, you may not be protected from claims made under your expired plan. When you add Extended Reporting Period protection to certain policies, the coverage can continue for a time after your policy expires.

What Is ERP Protection?

When you decide to cancel a claims-made policy, such as professional liability or errors and omissions insurance, and you don’t have ERP coverage, you won’t be protected if you are sued for actions taken under the old policy. There are two types of ERP insurance that are designed to protect your business.

  1. Basic Extended Reporting – With this type of ERP, your coverage is extended from 30 to 60 days, depending on your policy.
  2. Supplemental Extended Reporting – Your insurance provider may offer this option which can range from one to five years.

It’s important to note that ERP insurance can’t be applied to occurrence-based policies.

What Scenarios Will Benefit From ERP Coverage?

 

There are various scenarios in which ERP coverage is helpful. A couple examples are listed below:

  • If you retire, ERP will protect prior work activities covered under your previous policy.
  • ERP will protect your company during an insurance transition time.

ERP coverage will give you peace of mind and financial security during uncertain times. Your insurance agent will help you find the right coverage for your business.

 

Don’t Suffer the Consequences of Minimal Trucker Protection

Trucker Protection

As a trucker, you need to get from one location to your destination with the utmost care. Unfortunately, accidents can happen. Without truck insurance, you could be in deep water in the case of an accident or other mishap.

Cargo Insurance

Cargo insurance covers property that you do not own, but that you haul. If you are an independent trucker, then cargo insurance is a necessity. You are liable for all damages to the cargo on the way to your destination. Fire, vandalism and theft are three major risks to your cargo while on the road.

Primary Liability Insurance

On the road, accidents can happen. Primary liability insurance can help pay for any damages or physical injuries. It is required for truckers to carry this type of policy. Additionally, if you are in an accident with another vehicle and the insurer determines that it is your fault, the insurance will cover most damages.

Physical Damage Coverage

While cargo insurance can cover cargo that belongs to another party, physical damage covers damages done to your truck. This can be due to theft or vandalism. Other damages to your truck may also be dents and scratches.

To protect yourself and your cargo, you need comprehensive insurance policies that can cover you in the event of an accident or other mishap.

What You Need To Know About Staffing Insurance

Staffing Insurance

If you own your own agency, you may be wondering what staffing insurance is and whether your business could benefit from it. Agencies deal with a number of industry-specific risks and liabilities, so finding the right policy for your needs is essential. Here are a few key facts about this insurance type that can help you make an informed decision.

Healthcare Liabilities Vary

One common question staffing agencies have is whether theyre liable for providing healthcare. The rule of thumb, according to the Affordable Care Act, is that an agency is responsible for providing healthcare if it has 50 or more full-time employees. In order to count as full-time, these employees must:

  • Work 130-plus hours per month, or
  • Work an average of at least 30 hours a week

Additionally, temporary employees may also be eligible for benefits, unlike independent contractors. If this applies to your company, youll want to ensure healthcare is part of your coverage.

Consider Adding Safety Training

Part of what can drive up insurance expenses is workers’ comp claims. If you’re looking for ways to keep your employees safe while cutting back on insurance costs, consider adding safety training. This benefits both you and employees, both at the agency and wherever they get placed.

For agency owners, choosing the right staffing insurance policy can help protect against the risks and liabilities specific to the staffing industry. Consider these key facts as you search for the coverage you need.

Habitational Insurance for Your Business

Habitational Insurance

When your business is providing housing for people in your community, you need an insurer whose diligent, custom-tailored insurance solutions fit your company like a glove. No two businesses in any niche are alike, after all, and your insurance should adequately reflect the role of each building it covers, whether that’s group-owned condominium properties, apartment complexes, or even senior living facilities. Customized insurance from a provider who has a lot of experience helping businesses that look like yours can even be a learning experience because sometimes you learn about coverage needs you didn’t know you had.

Protect Your Assets and Employees

General liability and other common forms of insurance need to be tailored to each company they serve, and when you seek out coverage from the same companies that provide you with detailed habitational insurance coverage for your industry-specific needs. You can even find providers capable of folding in an errors & omissions policy if needed, it’s just a matter of finding the right insurer for your business. There are both local and national solutions, and the best way to learn more is to check out the educational resources provided to prospective customers. The more an insurer works to help you understand your options, the more you can count on them to keep helping you. After all, the start of any relationship tends to set its tone, so look for insurers whose tone matches your needs.

Cyber Security Gives You Peace of Mind

Cyber Security

As advancements in technology increase, companies are faced with more devastating cyber risks. Digital business data is exposed to hackers who can compromise and destroy information. Personal employee data and customer information are at risk as well. Installing a firewall with antivirus software is a good start, but sophisticated cyber thieves can still break through the best antivirus programs.

What Does Cyber Insurance Cover?

In the event of a data breach, cyber liability insurance covers the costs involved in recouping data, as well as the related legal fees. Insurance coverage can be packaged in different configurations, depending on the needs of the company. Some of the considerations include:

  • Network security failure – These claims are typically made by a customer or client when a network breach occurs. Coverage protects the business in the event of liability.
  • Loss of network assets – Coverage allows the company to recoup or replace the data that has been lost, compromised, or corrupted.
  • Interruption of business operations – If a computer system goes down, the resulting downtime costs can skyrocket. Business income and expenses are covered with business interruption insurance.
  • Media issues – Coverage will protect a business if it suffers from copyright infringement, false advertising, or plagiarism.

Antivirus software is a must for computers, but the smart business owner should also invest in comprehensive cyber liability coverage.

3 Reasons To Invest in Volunteer Insurance

Volunteer Insurance

Many organizations, particularly those in the non-profit sector, rely heavily on the love and support of their volunteers. Despite good intentions, however, volunteer assistance comes with a number of potential liabilities. Organizations, therefore, depend upon insurance for volunteer workers as a means of protecting themselves against the unknown. Here are just a few reasons why organizations choose to invest in volunteer insurance.

1. Accidents

Despite best efforts, workplace accidents are sometimes inevitable. Whether the accidents affect flesh or property, organizations want to ensure that they are not held personally responsible. Workplace injuries and damages are commonly covered by volunteer insurance.

2. Fraud

Though most volunteers are out to help the organization, the occasional volunteer does not have the organization’s best interests at heart. Some have been known to lie, steal, and cheating so far as to make money or resources from the organizations themselves. Insurance coverage can help organizations detect fraud and take the necessary steps toward not only ending it but also preventing it.

3. Libel/Slander

Words can be the most harmful weapon of all. When volunteers use their voices to defame or otherwise tear down an organization, that word of mouth can lead to a decrease in physical and monetary support. Insurance can help organizations cushion the impact of slanderous claims.

Volunteers are usually resourceful figures who help organizations run as smoothly as possible, but insurance for volunteer workers can protect organizations against possible threats posed by the nature of volunteer work.

3 Risks of Home Healthcare

Home Healthcare

Home health care continues to gain popularity due to the personal and monetary costs for patients. However, convenience does not come without calculated risks. Laws and regulations for home health care are constantly evolving, and staying on top of them can be overwhelming. Keep the following risks in mind when determining if home care is right for you.

  1. Safety

For caregivers, the risks of at-home care include exposure to:

  • Pathogens
  • Physical injuries (from equipment or heavy lifting)
  • Animals
  • Home violence

Caregivers and patients alike shy away from home care due to these risks. Minimizing their existence is the easiest way to avoid legal or regulatory trouble.

  1. Payment

Home health care can be cheaper than a hospital or care facility, but payment is often less direct. For example, laws and regulations govern how a caregiver is paid during the meal, sleep, and travel time. Payments become more complex with a live-in caregiver as well as with non-caregiver employees, so it is necessary to stay abreast of monetary responsibilities.

  1. Licensure/Certification

Most states require that caregivers have specific licensure in order to provide home care, and the amount of training necessary to receive licensure varies from state to state. To ensure that a caregiver is appropriately qualified, many turn to national home healthcare agencies which require caregivers to adhere to a setlist of ethics and guidelines.

At-home care comes with a number of risks, but the advantages outweigh the risks for many. Staying up-to-date on laws and regulations for home health care is the best way to mitigate these risks and get the most out of home healthcare.

Important Considerations for Managing a Marina

Managing a Marina

Operating a marina requires a lot of know-how, but it can be an extremely profitable opportunity. Here are some important considerations about running a marina that managers need to prioritize.

Marina Maintenance

One of the single most important marina management tips is keeping the physical premises in excellent condition. When a marina is well-maintained, you can take good care of it with more regular maintenance efforts instead of having to invest in costly capital improvements. When you address problems as soon as possible, you’ll improve safety and lessen the risk of someone experiencing an accident or a vessel being damaged.

Lease or Membership Agreements

Many marinas let out slips on a monthly or yearly basis. Managers need to evaluate what type of rental or membership agreements will work best for them. No matter what type of payment and terms you decide on, agreements must outline key responsibilities for your lessors or members.

  • Use restrictions
  • Insurance requirements
  • Emergency preparedness responsibilities

Marina Insurance

In addition to thorough maintenance plans and thoughtfully drafted rental or membership agreements, marina managers need to obtain insurance coverage that will address both damage and liability concerns. It’s advisable to work with an insurance company that is experienced in serving marinas and can help managers build a comprehensive package policy.

Why You Should Consider Life Insurance

Life Insurance

Life insurance can be a daunting topic to think about, but it is an essential part of sound financial planning. Here are some of the main benefits of life insurance and how it can protect the ones you love.

Being Prepared

A life insurance policy stands as a safeguard against uncertainty. Most families face hardship when they lose the primary earner. Some of the costs that life insurance can help cover are:

  • Unpaid debts
  • Funeral expenses
  • General living costs
  • College funding

A policy is a good idea for anyone who has a family. It can help to provide care for a spouse, children, or aging parents.

Choosing Wisely

There are several different types of life insurance policies that vary based on individual needs. You’ll want to find one that meets your lifestyle and requirements. Some of the more common policies are:

  • Term Life
  • Whole Life
  • Universal Life

These policies differ in their requirements for withdrawing funds. Some policies can also provide a source of helping with college tuition and down payments on a home.

The benefits of life insurance are having peace of mind and caring for the future of your family. Having coverage is a way of helping those you love most through what is otherwise a time of difficult loss.