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The Value of Tail End Insurance Coverage

Tail End Insurance Coverage

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.

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.

Minimizing Risk Exposure as a Business Owner

Minimizing Risk

Running a business often requires the foresight and strategy of a seasoned chess player. Managing potential risk can play a fundamental role in a companys ability to maintain performance and assure longevity. Business owners should be aware of the potential liabilities they are exposed to in situations where they may not be directly involved. This risk exposure is known as a contingent liability.

What Is Contingent Liability?

Contingent liability holds a business owner legally responsible for any injury or losses incurred vicariously through a third party that is hired by that company.

For instance, if a company hires an independent contractor to renovate its property, any injuries sustained due to unsafe conditions, such as simply slipping on a wet floor, could leave the company liable to any lawsuits brought against the independent contractor. Source: https://www.usrisk.com/2018/07/the-importance-of-contingent-liability-insurance/

How Does a Company Minimize Risk Exposure?

Occupational insurance policies cover liabilities involving third-party employees, including contractors and agents hired by a company. In many instances, this coverage can be an alternative to workers compensation. In comparison to workers compensation policies, occupational insurance is often more affordable while still covering any injury or loss incurred by an employee.

Obtaining a contingent liability insurance policy will help you rest easy knowing you are protected in those instances that you may not have seen coming.

What is USLH?

USLH

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
  • Wharf
  • Pier
  • 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.

Learn How to Determine the Value of Classic Cars

classic car valuation?

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.

4 Ways Small Businesses Can Limit Liability

Small Business

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.

Determining the Costs Associated With Boat Insurance

boat-insurance

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.

Insurance options For New Small Business Owners

Moody Insurance Worldwide

To newcomers, obtaining business insurance can seem like a complicated matter. The numerous options, coverage limits and insider language can all make it appear to be more difficult than it is. To help you simplify the process, here are three key coverages that you should plan to include in your new policy.

Professional Liability Insurance

Also known as errors & omissions insurance, professional liability protects you in case a third party claims to have experienced a loss because of an error or omission on your part. As stated by the experts at Moody Insurance Worldwide, if a lawsuit is brought against you, your policy would cover any legal fees as well as any judgment or settlement amounts that you owe.

General Liability Insurance

General liability provides broader coverage against everyday lawsuits. If a third party were to claim that they sustained an injury or property damage because of your business activities, your policy would cover any legal fees or other amounts that you owe.

Commercial Property Insurance

Commercial Property covers you in case your property becomes damaged or lost. You can choose to include your office building, equipment or furniture under your policy and it would cover the cost of repairing or replacing them. Events that can be covered by your policy usually include certain storms, fires, theft and vandalism.

With these three coverages, you’ll have a solid foundation for your insurance policy. Work with an experienced agent to craft a full policy that meets your

Tail Coverage for Your Business

ERP insurance

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

  1. One-Way Tail. This coverage is offered by the insurer, potentially due to policy cancellation, non-renewal situations or the coverage is rewritten.
  2. 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.

What Insurance Coverage Do You Need for a Cemetery?

cemetery insurance

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.

  1. Property Damage

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.

  1. Employee Injuries

The labor involved in maintaining a cemetery or crematorium can put employees at risk for repetitive stress injuries, burns, strains or sprains, etc.

  1. Third-Party Injuries

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.