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Insurance coverage contracts are generally set according to a timeline of six months to one year worth of coverage. Premiums are sometimes paid monthly through those periods, although others may require quarterly or in-full payments at the time policy is established. However, some providers also offer a tail period of coverage. This is a specified period of time where claims can still be reported against the insurer even if the policy has expired.
Do You Have Extended Coverage?
As the team at Axis Insurance Services advises, you can check with your current policy about existing tail options or you can purchase a separate ERP insurance policy. Many times a business will take out the additional policy, as it helps limit potential liabilities if the company is closing or is canceling an insurance coverage and won’t be replacing coverage. A business that has an occurrence-based policy could also have a potential gap between the occurrence reporting period and incident, thereby needing the extension of coverage.
Type of Tail Coverage
If you are considering the additional coverage, there are two types of tail coverage
- One-Way Tail. This coverage is offered by the insurer, potentially due to policy cancellation, non-renewal situations or the coverage is rewritten.
- Two-Way Tail. This coverage can be provided by either the intent of the insured or the insurer in the cancellation or non-renewal of a policy.
Volunteers are the bread and butter of non-profit organizations. Unfortunately, they can also add risk especially when they become injured or ill while working for the organization. Many organizational leaders want to know about volunteers covered under workers compensation.
Some volunteers may be covered under the states workers compensation policy depending on the state. For example, in Indiana, volunteer firefighters and rostered volunteers can seek coverage under workers compensation should they be injured while working for the organization. Organizations may also decide that the risks of the project or cause are worth the expense of a workers compensation policy even though it is not required.
For those not covered under workers compensation, the organization does have other options to limit their liability. As seen on www.caitlin-morgan.com, organizations can have signed hold-harmless agreements by volunteers limiting the organizations liability. Or the company can help pay for medical bills through an accident & health policy, group accident/disability policy or even a commercial general liability policy. Depending on the risks associated with the volunteer activities, one or more of these options may be right for each project.
Volunteers covered under workers compensation may vary by state. For those not covered, organizations have options to limit their liability against volunteer injury or illness.
An important part of any business is making sure it has proper insurance coverage. This means finding an agent who can deliver what you need for your business to be protected financially. Here are important ways to find the right insurance agent for your company.
Talk to them.
Work with an agent who is responsive to you and who shows real concern for your business well-being. You also want an agent who can answer your questions and is willing to find the answers you need. Testimonies from customers can give you some idea of performance, but nothing beats first-hand impressions you form with personal contact either face-to-face or over the phone.
As referenced on programbusiness.com/, researching potential agents is important. This is made much easier by using a directory of insurance agents that lets you quickly compare services, policies, and other factors to find the agent who best fits your needs.
Find someone who knows your industry.
Choose an agent who understands the specifics of your particular sector. You want to work with someone knowledgeable about the challenges you face. This way, he or she can help you choose coverage for your company.
Finding the right insurance coverage is an integral part of running a business. To find the best coverage, though, you need an agent who understands your particular field and who will work for you. A good agent keeps you safe and ready to prosper.
Unfortunately for many new business owners, obtaining that insurance can be a challenging process due to the number of coverages required and the unfamiliar terminology. If you’re new to owning a trucking business and searching for insurance, here are three coverages that you must include in your policy.
Truck Liability Insurance
Truck liability insurance is the most important and the most expensive part of your policy. It protects you in the event that you cause an accident while driving your truck. Your policy would cover the costs associated with making the third party and their property whole.
Physical Damage Insurance
Physical damage insurance is protection for your truck and trailer. Its a flexible coverage in that you can choose coverage for certain perils or you can go with comprehensive coverage. As seen on www.truckinsure.com/, its recommended that you choose the comprehensive option to limit any confusion later on about what exactly is covered.
Transporting cargo is the most important part of your business and you want to make sure you have the proper coverage. In the event that the freight that your transporting becomes damaged or lost, your policy would cover the cost to repair or replace those items. Its key that you provide an accurate estimate of what you’re going to be carrying, as a lack of coverage can prove to be detrimental to your company in case of an accident.
Plenty of other options are available to protect you on whether or not you’re driving. Work with an experienced agent to build a policy that’s appropriate for your needs.
Consultants play a huge role in today’s marketplace, as they are often seen as the saviors of companies that struggle with standing out. However, there are many challenges facing consultants in their consulting assignments that you should be aware of.
Common Challenges Consultants Manage
As the economy changes, consultants can have more or less work. However, no matter what industry or specialty a consultant is associated with, there are certain trials all consultants face. In fact, Huntersure reported on their blog that some of the top challenges consultants deal with include the following:
- Finding new clients
- Retaining current clients
- Coming up with new and innovative strategies
- Keeping track of time and expenses
- Surviving in a tough economy
Some industries may also have industry-specific challenges, such as keeping up with ever-evolving marketing trends for marketing consultants or changes in healthcare laws for healthcare consultants. That means there is continuous research consultants must do in order to stay on top of the changes and remain updated about the industry to perform their jobs well.
Face the Challenges Head-On
No matter what industry you’re in, there are certain challenges facing consultants in their consulting assignments that can affect their work. Being aware of these challenges means you can be prepared for any difficulties and do your best to solve the problems.
Running a business often requires you to put your trust in others. From your business partners to your employees, your customers to the other businesses you work with, you rely on people to provide what they promise and not to take advantage of your company. Unfortunately, not everybody can be trusted.
What Is Vendor Fraud?
Vendor fraud occurs when a scammer manipulates your company’s payment systems for his or her own personal gain. There are several methods of doing this, but most fall into three categories: billing schemes, bribery or extortion schemes, or check tampering schemes.
Billing schemes occur when an employee generates false payments. He or she may set up a false vendor account and take the money the company pays to it. Another method is duplicating invoice payments and diverting one to an alternate bank account. Check tampering involves the physical manipulation of business checks, and bribery allows an employee to receive personal payments from vendors.
Fighting Vendor Fraud
Fighting vendor fraud means verifying the ones you’re paying are legitimate companies. FGIB offers a variety of methods to help you through the vendor verification process. Some of the most common include verifying the company’s bank crime insurance or professional liability policy and requesting to talk to the company’s bank to ensure they are a solvent organization.
In addition to verifying your vendors and doing employee background checks, it is important to have your own insurance policies as added protection. Your insurance agent can help you determine the best approach to protecting your business from vendor fraud.
Classic cars are a link to the nations past, but they are also something special to look at. Collectors and restorers are often able to capture a different era in the look of the engine, the upholstery, and the paint job. Your classic automobile might already be your pride and joy, so taking these tips to heart shouldnt be difficult. Here are four things to do to keep your car in pristine operating condition.
Change the oil.
Nothing ruins a car faster than sludge and grime coursing through the engine.
Flush the cooling system.
At least once a year, you should flush out the engine and replace the coolant with a mixture of distilled water and coolant.
Wash and wax regularly.
Washing the car helps remove the debris or impurities that can eat away the paint, while waxing puts a protective coat on the paint.
Protect the interior.
Park your car in the garage or store it under a cover to keep the sun from fading the interior upholstery. You can also use vinyl treatments and leather cremes.
It is expected that these cars will show some wear and tear, but keeping the dream alive comes from a good restoration and a thorough classic car maintenance schedule. The professionals at https://www.byrnesagency.com recommend that carrying good insurance helps supplement your cars protection from damage and loss.
While no one wants to admit that sexual misconduct in the workplace happens, the truth is that it does. Employers are responsible for providing a safe and friendly environment for their employees, so it is a good idea to understand what constitutes sexual harassment and what an insurance policy can help with.
Insurance Can Help
Sexual harassment can come in many forms and can affect anyone, not just women. Many times, this comes across as inappropriate and unwanted physical contact and abusive language. It is not uncommon for these events to occur at company parties where alcohol may be served. However, it can happen at any time and employers should be prepared. According to World Wide Speciality Programs, sexual liability insurance usually covers the following:
- Claim investigations
- Training about what is accepted behavior
- Negligence during the hiring process
- Failure for not reporting abusive employees
There are certain things your business should do to minimize the risk of sexual harassment, such as making sure you clearly outline what behavior is acceptable and what will not be tolerated. This shows employees that you are serious about their wellbeing and creates a positive environment.
Don’t Forget Your Insurance Policy
It is entirely possible that your business may never have to face a sexual misconduct claim. However, you should still be prepared for the worst outcome by having the necessary insurance in place to help out just in case.
A cemetery or a crematorium is a business. If you own one, you know that there are risks involved similar to those faced by other businesses. However, because the services you provide are unique, there are specific problems that can arise. That may mean that you need specialized cemetery insurance, as detailed on www.reganagency.com.
The following is an explanation of the specific difficulties that can arise when running a cemetery and/or crematorium.
A cemetery is outside where the graves and their markers are exposed to the elements. Therefore, weather conditions such as lightning, rain, or hail can cause damage. However, the damage that can occur is not only natural. Unfortunately, some people do not show the proper respect to the final resting places of others and may commit property crimes, such as vandalism or theft.
The labor involved in maintaining a cemetery or crematorium can put employees at risk for repetitive stress injuries, burns, strains or sprains, etc.
A cemetery often has visitors coming to pay their last respects. Despite your efforts to keep your property safe, carelessness on the part of either a visitor or an employee may lead to an accident.
When you run a cemetery or crematorium, you occupy a position of trust for people who are hurting and vulnerable. Having sufficient insurance coverage can aid you in fulfilling your obligation.
Some companies choose to self-insure their business. To cover the alternative risk, companies should work with an insurance agency that understands how self-insurance works. Here are some things to look for when searching for a policy.
The plan looks beyond the commercial marketplace to captive programs and risk retention groups to provide insurance. Arroyo Insurance offers new avenues for self-insurance businesses including pools, catastrophic bonds, large deductibles and event-triggered risk transfer.
Lower premium costs and fewer claims paid out can mean more cash flow for the business. Self-insurance allows the company to take control of their cash flow rather than allowing an insurance company to handle it. Choose an insurance company to work with that provides the products that help you insure your company while allowing you to benefit from the cost savings of self-insuring.
One of the main reasons companies choose to self-insure is because of the cost savings due to lower premium costs and fewer claims. The company takes on the task of an insurance company. Work with an insurance company that can help you create an effective risk management plan.
Working with an alternative risk transfer company helps take some of that risk of self-insuring your company and transfers it to a third party.