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Most employers are familiar with the term workers compensation and the related insurance policies. Laws to protect workers have been on the books for over 100 years. However, when the workers comp laws were written they did not include activities in the maritime industry. This is where the Jones Act was adopted and applied similar protections to seamen on U.S. vessels.
This left a gap in coverage for some employees that worked on or near the water but were not considered seamen. The USL&H Act was then passed several years later to provide those workers with protections. USL&H stands for the United States Longshore and Harbor Workers’ Compensation Act.
Why Do You Need Insurance?
Your company is likely a candidate for USL&H insurance if it is involved in shipbuilding, ship repair or dock work. You will also need USL&H insurance if you are a contractor bidding on a project that involves work covered under the act. This is typically any work being performed on navigable waters or adjacent to the water. Some examples include the following:
- Marine railway
- Dredging barge
- Dry dock
- Loading terminal
USL&H insurance is necessary when your employees are doing work that meets a certain criteria. If youre not familiar with these laws then a marine insurance professional can help you understand when it is needed.
If you are a classic car enthusiast, owning your car can be a dream come true. Once you’ve scoured the market for a car and found the one that you’re ready to bring home, its time to think about value and insurance. What do you know about classic car valuation? If you’re new to classic cars, there are a few things that you need to know.
The authenticity of the Vehicle
Authenticity is important when it comes to classic cars. If you can find a classic car that still has an authentic paint job and the authentic parts to go with it, then you are going to have a higher value vehicle. A lot of classics have new replacement parts. While this can help the vehicle run better, it can lower the value.
Problems With the Vehicle
Classic cars require a lot of maintenance to keep running. You should not put the same wear and tear on the classic car that you do on your everyday vehicle. Most classic car insurance policies require you to only drive your car for a certain number of days or month throughout the year.
When it comes to classic cars, you need to be aware of the factors that can increase or decrease the value. To protect any investment you have, insurance is always the best option too.
As companies find it difficult to attract and retain top talent, many are making sure their benefit programs are competitive. Often overlooked, disability insurance is an income protection benefit that will bring value both to the company and to its employees.
Who Can Offer Group Disability Insurance?
Businesses with 10 or more employees can offer a group disability policy. These types of policies are flexible and allow the company to design a plan that meets their budget. Employers can also define whether the plan is paid by the employee, employer, or some combination of the two.
With a group policy, buying power is leveraged so the plan can offer lower premiums than if an individual sought a disability policy on their own. It makes these plans very affordable and attractive to both employees and employers alike.
What Does Group Disability Insurance Cover?
There are two types short term disability (STD) and long term disability (LTD). If an employee is disabled due to illness or injury, depending on the plan, STD provides between 40-60% of the employees base wages for up to a year. LTD provides a disabled worker up to 70% of their income for a specified duration of 5-10 years or through retirement age, depending on the plan.
The ability to generate income is a persons greatest asset. Disability insurance is a great way for the employer and employee to protect that investment.
Running a small business brings many challenges. One of them is limiting your small business liability and exposure to risks. Use proven strategies to limit that exposure as you successfully manage your business.
1. Always Follow Laws and Regulations
Educate yourself about any rules that apply to y our business and industry and then work to stay within their scope. From HR decisions to tax responsibilities, if you follow the rules you will stay in the clear.
2. Stay Within Your Scope of Expertise
Do not offer services or advice that are beyond what you are qualified to do. This presents a major risk, especially if someone is harmed by following your advice. Legal and medical professionals are particularly at risk in this area, but they are not alone.
3. Keep Accurate Records
Documentation is important if you want to prove your side of an argument. It can also help you get a better understanding of what is going on inside business operations. Keep records for the required length of time. Digitize them to make storage and retrieval easier.
4. Transfer Risk to Insurance Providers
Research into small business liability shows that the right insurance coverage can transfer risk to the policy provider. Talk to an experienced agent to find out what types of coverage will mitigate your business risk.
Dont let the challenges of running a business put you at risk. Take proven steps to manage it effectively and control losses.
Many states have special regulations concerning automobile operations by licensed drivers. In Michigan, every individual that purchases a car must comply with Michigan no-fault law and buy certain basic coverage before the DMV will issue license plates. It is against the law to drive without this coverage, but it also protects you financially.
There are some accident scenes where it is difficult to pinpoint who was at fault for the wreck. With no-fault insurance, the policy covers the situation regardless of who caused the accident. The policy will assist with medical expenses, lost wages, replacement services, and damage that may be done to another property. The coverage won’t pay for repairs to your car.
Three Parts to the Policy
The law requires that you have three separate parts to your policy.
- Personal Injury Protection. This pays all reasonable and necessary medical expenses without a coverage limit. It also covers up to 85% of any lost income.
- Property Protection. This portion pays for up to $1 million in damages that your car may cause to another property.
- Residual Liability Insurance. This is an additional coverage against lawsuits claiming bodily injury, death, disfigurement, or property damage.
An insurance broker familiar with Michigan law will be able to evaluate your coverage needs and underwrite a policy that keeps you compliant with the no-fault law.
Proper insurance is a requirement for businesses of all shapes and sizes. If your company involves boats or other vessels, then you need to go above and beyond to select a comprehensive plan that meets all of the demands of your industry. To achieve this, youll want to conduct a bit of research. There are several key points to consider when making your decision, and giving yourself the right focus can help yield you the best possible results from your efforts.
Understanding the Factors
There are plenty of burning questions you probably have when first starting off on this journey. Many people wonder what is the average cost of boat insurance, for example. Unfortunately, this isnt a simple question to answer. The costs will depend largely on the industry in which you work, the specific class and size of the boat, and a few other key points. For example, any problems connected with your license might cause the overall costs to skyrocket. Additional points that influence the average costs of insurance for boats can include:
- Purpose boat is used for
- Existing claims on previous or current insurance policies
- Years of experience operating boats and similar vessels
- Driving or boating history of individuals who will use boat
Taking Time To Research
Selecting the right insurance is a process. Take time and conduct heavy research to find a plan that meets your needs and your budget.
Personal Protective Equipment (PPE) is designed to minimize the risk of injury and accidents. The types of PPE you provide to workers will depend on the risks they are exposed to in their line of work. It can include gear such as masks, gloves, helmets, and eyewear.
Why Should You Require PPE?
Many regulations require employers to provide adequate levels of PPE to workers. The Occupations Safety and Health Administration (OSHA) produces standards that help you recognize appropriate PPE for your situation. They also outline what standards you are required to meet.
You may wonder, beyond regulations, why is PPE important? It provides a safer work environment and increases employee morale. Fewer accidents can also lead to lower expenses. Your insurance rates are affected by workplace accidents and injuries and any claims that result from them.
How Does PPE Protect Workers?
Gloves and other protective clothing may protect workers against chemical exposure, contact with infectious agents or dangerous temperatures.Helmets and hard hats offer a solid barrier that can reduce the force of an impact from above. This is especially important in construction areas and heavy manufacturing facilities.Safety glasses keep debris and chemicals from entering eyes and possibly damaging eyesight. Hearing protection reduces hearing loss due to loud noises associated with machinery.Masks and respirators provide contaminated air from entering the respiratory system. They may be designed to filter dust and particulates, chemical fumes, or infectious agents.
Take steps to reduce your risk and increase workplace safety by requiring employees to use appropriate PPE for their duties.
Getting Liability Insurance Coverage for Your Small Business
Small businesses that are still getting off the ground need to be mindful of how they use their limited resources when planning and budgeting for expenses. When you’re growing your operations, its important to take active measures to protect what you’ve built while also being cost-effective in how you build and insure your business infrastructure. Here are some important facets of liability insurance that all small business owners need to consider.
Why Your Small Business Needs to Be Insured
Liability insurance for small business will protect your company against claims related to bodily injury, personal and advertising injury, and property damage. Without insurance, these types of actions can be extremely costly to defend. In effect, damages awarded could be greater than the value of your entire business.
You May Be Required to Carry Liability Insurance in Order to Operate Your Business
Depending on the nature of your business, you may be statutorily required to maintain minimum liability insurance coverage levels to do work in the state or county where your business operates. In addition, many condominiums, homeowners associations, and even businesses require that companies who perform any type of work on their premises provide proof of general liability insurance, professional liability insurance, or workers’ compensation coverage in order to be admitted.
Data breaches can be extremely costly and disruptive to your organization’s operations. Your financial information, as well as the information of the clients who you serve, maybe put in serious jeopardy if your data security systems aren’t constantly monitored and updated.
How Do Organizations Discover Breaches?
According to https://www.wwspi.com, organizations are often unable to detect data breaches until after they occur. However, regular scanning for malware and viruses can identify and isolate breaches before they inflict serious harm.
What Different Types of Threats Exist?
In analyzing what causes data breaches most frequently, it has been found that Criminal hacking activity is responsible for even more data breaches than malware programs. As one example, an employee could receive an email from a coworker requesting that he or she send funds to an account. The email has the tone and style of the coworker’s regular emails, and it contains the coworker’s usual signature at the bottom. In fact, the email is from an unknown source and the transfer request was fraudulent.
How Can Data Breaches Be Prevented?
The best way to be proactive about data breaches is to have a comprehensive plan to prevent them. Adopting guidelines for data security and incorporating them into every employee’s onboarding and ongoing training will significantly help to reduce the risk of a breach affecting your organization.