When choosing insurance coverage for your company, you think primarily about the coverage you receive while your policy is active. While this is important, ensuring that you also have tail end insurance coverage helps provide protection even after the typical life of your insurance policy has ended.
What is Tail End Coverage?
Tail end coverage is coverage for claims made after your insurance policy expires. Without these policies, claims made after the insurance termination date are not eligible for coverage.
Why Get Tail End Coverage?
Sometimes, claims are not made immediately following an incident. If claims are reported after the termination of insurance and you don’t have tail end insurance coverage, the claim may not be covered even if the incident happened prior to termination.
How Long is Tail End Coverage?
You choose your duration when purchasing tail end coverage. Once you choose the duration, it cannot be changed, so it’s important to ensure you purchase an adequate amount of time.
While you may see your insurance termination date as a fixed ending for your coverage, it doesn’t have to be. With tail end insurance coverage, you ensure that, even if the claims are not filed until later, your business is covered for any incidents that happen during your coverage period.
As a mortgage lender, you understand there is significant risk when it comes to helping a buyer finance a home purchase. Besides the possibility of a homeowner not being able to pay back the loan, you also have to consider the possibility that a buyers mortgage insurance isn’t large enough to protect your interests. Moreover, that borrowers insurance policy may lapse. Should that occur, what are your options for protecting your interests in a mortgaged property? This is where force placed insurance coverage can help.
What is Force-Placed Insurance?
A force-placed insurance policy adds extra coverage on a property where the borrowers insurance has either lapsed or it was insufficient to cover the lenders interests. This type of protection is not only beneficial to the lender, but to the borrower as well, especially in the following scenarios:
- Failure of the borrower to maintain coverage through premium payments
- Expired, lapsed or cancelled policies
- Insurer backing out of homeowner coverage
- Inability to find an insurer to underwrite a policy due to high occurrence of natural disasters or high crime in an area
- Insurance that doesn’t fully cover a property’s replacement value
Do I Really Need This Coverage?
As a mortgage servicer, you have an obligation to protect the properties that you finance. While homeowners are expected to do their parts, a force-paced insurance policy helps cover potential gaps. You owe it to yourself to consult an insurer that specializes in this type of coverage.
You know all the ins and outs of daily supermarket operations, from keeping groceries stocked to conducting price-checks and more. What you may not have considered is getting a supermarket insurance program to protect your store. From general coverage to specific protections, here are some of the benefits insurance can have for grocers of all sizes.
It Can Help Mitigate Grocery-Specific Business Risks
Risks specific to the grocery industry might not be immediately apparent, but there are several you likely deal with on a regular, even daily, basis. When you get supermarket insurance, you can help add a layer of safety against these risks. Some common ones are:
- Foods that expire or are recalled for contamination
- Petty theft or burglary
- Environmental damage to the store
- Unexpected expenses for repairs, restocking or security
The Right Policy Could Include Multiple Coverage Types in One
Rather than shopping for individual types of coverage, you could potentially get them bundled in a specialized package. Many grocers, for instance, opt to get workers compensation insurance, liquor liability coverage, property and liability coverage and more.
Running a successful supermarket involves a lot of meticulous planning, and getting a quality supermarket insurance program can help you protect all of that hard work. Consider securing your store with specialized insurance.
Bonds are used more and more as an alternative to insurance in many industries, which is increasing the demand for them across the board. While they’ve always been popular in construction and a few other niches like financial services, rising costs for business insurance and innovative approaches to bond construction are making it an option for more and more companies that used to be well-served by traditional insurance. So, if you’ve never used bonds to manage risk before, where can you find the surety bond companies you can trust to write robust risk management bonds as you need them?
Bonds By Industry or Purpose
The short answer? Surety bond companies are often insurance companies that also provide traditional risk management services and business insurance policies beyond bonds. If you’re currently working with a large business insurer who provides a variety of industry-specific options, it’s worth inquiring about bonds. Working with the right provider even allows you to get complementary bonds and insurance policies that are designed to work together from day one. If that’s not an option, you can either look for surety bonds by bond function or by industry to find companies that sell them. Often, niche providers focusing on a few bond types offer cost-effective services with more specific provisions than larger companies who serve a variety of products that fit a range of needs, but not always. Shop smart, request quotes from as many providers as possible.
Regardless of your profession, your employer is responsible for any accidents that occur while you are traveling for company business. Though some of those accidents may be covered by standard insurance policies, these travel-intensive fields often warrant additional coverage to account for the higher likelihood that employees will experience illness, injury, or even death on the job.
Countless healthcare workers travel across international borders every year to serve communities plagued by endless war, natural disaster, or deadly infectious disease. These courageous doctors, nurses, and staff members who voluntarily put themselves in harms way in order to save others are covered by business travel accident insurance policies.
2. Media Correspondence
Reporters and journalists often find themselves chasing stories across states, countries, or even continents. Many dedicated correspondents will stop at nothing to get the truth, following work into inherently dangerous situations or regions. This, in addition to increased time on the road and in the air, make those in the media industry viable candidates for business travel accident insurance coverage.
Those who pursue peace and justice conduct business with community leaders all over the world. Business travel accident insurance covers the legal and government officials who risk their lives in order to improve national and international affairs.
Other industries that benefit from business travel accident insurance include education, missionary outreach, and international business. This additional coverage assures your employees and your company that location will never be a barrier to business.
As an employer, you likely already are aware of how much many employees enjoy their benefits packages. Strong benefits can act as not only a way to attract talent, but as a way to retain your best employees. Today, more and more employees are interested in employee benefits wellness programs as part of their compensation packages. Since this is a fairly new phenomenon, here are some fascinating facts to help get you acquainted with this benefit.
You Can Include Various Valuable Perks
If youve never put together a wellness program for your employees before, you may be wondering what to include. Theres no set standard, but popular options to weave in may cover:
- Nutrition tips
- Disease and health management
- Fitness training
Healthier Employees Are Often More Productive
Implementing a wellness program might seem like it carries more benefit for your employees than for you or your company at large, but this isnt necessarily the case. Employees in good health, in fact, tend to be more efficient and productive, making the most of business hours and ultimately benefitting the whole company.
Todays employees have more of an interest in health than ever before, and employee benefits wellness programs can act as a way to entice new prospects and maintain good relationships with current employees. If youre considering adding a wellness program to your benefits package, you can use these facts as a starting point.
After a full season of carefully monitoring and nurturing your cannabis plants, its finally time to harvest them. Cannabis harvesting is one of the most crucial steps in the cannabis cultivation process, but you can ensure a successful harvest by keeping in mind a few tips for success.
1. Be Prepared
Before you begin the process of harvesting your cannabis plants, make sure you have all of the necessary equipment to do so. At the very least, you will need garden shears to remove and trim the cannabis branches. Other useful equipment includes gloves, which will protect yours hands from resin and make it easier to gather the substance, and string for hanging your drying bud.
2. Time It Correctly
Perhaps the most common question regarding cannabis cultivation is, How do you know when the plants are ready to be harvested? Unfortunately, there is no simple answer. It depends on the strain of cannabis and when the plant flowered. A close examination of the plant, however, shows when white hairs have darkened and the trichome color becomes cloudy, both of which are indications that the plant is ready to be harvested.
3. Dry and Cure It
Drying and curing your cannabis plants ensures that they achieve the correct level of moisture. Since the moisture level affects everything from the plants potency to its taste, this step is essential to producing a quality product.
Cannabis harvesting is an exciting activity for those who have poured their time and money into growing cannabis. The process takes some practice, but preparation and patience will reward you with a successful harvest.
The trucking industry is often considered the backbone of North America. We rely heavily on truckers to move essential products across the country to keep things running. If you own a trucking business, one of the best things you can do is to invest in trucking insurance.
How To Choose the Right Trucking Insurance
There are many different options to consider when it comes to trucking insurance. Some of the different types of insurance available are:
- Truck cargo insurance
- Truck general liability insurance
- Downtime coverage
- Physical damage coverage
- On-hook coverage
General Liability Insurance
The most commonly bought type of truck insurance is general liability insurance. This type of insurance covers you in a variety of different situations. For example, if you injure someone with your truck, general liability insurance will cover their medical bills and any potential lawsuits. General liability insurance also covers you if you damage someone else’s property with your truck or cause damage at one of your delivery locations. It even has you covered if you conduct advertising with your truck and end up facing claims of libel, slander, or false advertising.
If you are the owner of a trucking business, there are many things that can potentially go wrong. If you want to avoid having to cover any damages yourself, trucking insurance could be your solution.
Mortgage banking is a great way not only to earn money, but to build equity. However, it can be difficult to know what to do when borrowers undergo financial hardship and fail to pay their home or flood insurance. Forced place coverage is one way to protect your investment by insuring that property insurance stays current.
When You Need It
When you learn that your borrower has let insurance lapse on a property, it already may be too late to satisfy legal requirements that require continuous coverage. It is also too late to mitigate for damages that may have occurred during the time it was not covered. You need to have a forced place policy already set up so that you can simply report any properties that need coverage and they will immediately be included and backdated to the time the borrower’s policy expired.
What It Covers
Forced place coverage protects against financial loss from having to pay for any of the following:
- Personal injury
- Personal property damage
- Structural damage due to flood, hail, wind, or earthquake
In a perfect world, borrowers would always keep up their end of the deal, keeping their insurance current and paying their mortgage on time. Because things do not always go as planned, however, forced place insurance exists as a backup plan.
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:
- Coverage in the event of fire
- Protection from vandals and theft
- Insurance for vacant properties or in-process demolitions
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.