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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.
The global textile industry has been changing a lot over the past few decades, so much so that even professionals in the field are starting to ask what the industry is and where its boundaries lie. This is due in part to the rapidly shifting global manufacturing landscape, which has redefined garment and textile production several times over the course of the last century. It’s also due to advances in material design that make today’s textile products useful in a wider range of applications than ever before, including not only traditional roles like upholstery and furnishing, but also new industrial uses. That makes it harder than ever to pin down exactly who belongs in this industry and who needs textile-specific coverage.
Natural vs. Artificial Textile Production
One of the biggest points of contention is where to draw the line when it comes to synthetic materials. When textile companies dealt almost exclusively with natural fibers harvested from plant resources or sheared from animals, it was easy to separate them from other manufacturers. As more and more synthetic materials hit the market over the last century, though, chemical companies and plastics firms have begun to play roles in the textile business, and textile firms have started to look a lot more like labs. As a result, there are companies that could benefit from a textiles-specific industry insurance package that might not see themselves as textile companies. Today’s insurance providers apply a broad understanding of the field and its expansion into new roles as the nature of the science around textile production changes to make sure every business gets the coverage it needs.
Your nonprofit organization faces many of the same liability risks as other companies, even if your staff is only comprised of volunteers. Since nonprofits operate differently than traditional companies, however, your insurance needs aren’t quite the same.
Liability Insurance for Nonprofits
The nonprofit liability insurance you choose should encompass three separate areas, including:
- General or professional liability – This insurance protects against claims from vendors, contractors, and other visitors regarding injuries sustained on your premises or property damage caused by one of your employees.
- Directors and officers coverage – If your organization employs either volunteer or paid directors, officers, or board members, these professionals can be sued for mismanagement or mistakes in the decisions they have made. Common claims involve such things as discrimination or wrongful termination. Lawsuits may also be filed against claims of invasion of privacy, copyright infringement, and libel or slander.
- Volunteer liability – Consider a separate policy to cover volunteers who are injured on-site. State laws vary on the requirements of workers’ compensation, so be sure to discuss the rules with your insurance agent to ensure proper coverage for volunteers.
No two nonprofits are exactly the same, so it’s critical to discuss your unique needs with your agent to ensure you find the right coverage to protect your nonprofit organization.
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.
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.
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.
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 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.
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.