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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.
Staffing insurance solutions exist to help staffing agencies mitigate the many financial risks they face. Here is a description of some of their unique problems and a few of the insurance policies that help solve them.
The problems staffing agencies encounter are substantial, and can be daunting to anyone thinking of getting started in the industry. Besides the typical hurdles inherent to any business venture, such as coming up with start-up money and investing in advertising, a staffing agency faces unique challenges in managing potential litigation. Consider the following facts:
- Employees work at diverse locations.
- Each client company has different requirements of its workers.
- The staffing agency is accountable to both the businesses and employees for potential recruitment errors.
Luckily, there are many types of policies to protect staffing agencies from the cost of dealing with legal claims. Here are just a few of them:
- General liability. Covers personal injuries that occur at the agency’s place of business.
- Professional liability. Pays for the cost of representation should a client claim that the agency failed in its duties.
- Employment practice liability. Protects against diverse lawsuits such as those claiming discrimination, harassment, or wrongful termination.
Don’t be intimidated by the logistics of running a staffing agency. By carrying the right insurance, you can solve potential problems before they occur.
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.
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.
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.
As advancements in technology increase, companies are faced with more devastating cyber risks. Digital business data is exposed to hackers who can compromise and destroy information. Personal employee data and customer information are at risk as well. Installing a firewall with antivirus software is a good start, but sophisticated cyber thieves can still break through the best antivirus programs.
What Does Cyber Insurance Cover?
In the event of a data breach, cyber liability insurance covers the costs involved in recouping data, as well as the related legal fees. Insurance coverage can be packaged in different configurations, depending on the needs of the company. Some of the considerations include:
- Network security failure – These claims are typically made by a customer or client when a network breach occurs. Coverage protects the business in the event of liability.
- Loss of network assets – Coverage allows the company to recoup or replace the data that has been lost, compromised, or corrupted.
- Interruption of business operations – If a computer system goes down, the resulting downtime costs can skyrocket. Business income and expenses are covered with business interruption insurance.
- Media issues – Coverage will protect a business if it suffers from copyright infringement, false advertising, or plagiarism.
Antivirus software is a must for computers, but the smart business owner should also invest in comprehensive cyber liability coverage.
Operating a marina requires a lot of know-how, but it can be an extremely profitable opportunity. Here are some important considerations about running a marina that managers need to prioritize.
One of the single most important marina management tips is keeping the physical premises in excellent condition. When a marina is well-maintained, you can take good care of it with more regular maintenance efforts instead of having to invest in costly capital improvements. When you address problems as soon as possible, you’ll improve safety and lessen the risk of someone experiencing an accident or a vessel being damaged.
Lease or Membership Agreements
Many marinas let out slips on a monthly or yearly basis. Managers need to evaluate what type of rental or membership agreements will work best for them. No matter what type of payment and terms you decide on, agreements must outline key responsibilities for your lessors or members.
- Use restrictions
- Insurance requirements
- Emergency preparedness responsibilities
In addition to thorough maintenance plans and thoughtfully drafted rental or membership agreements, marina managers need to obtain insurance coverage that will address both damage and liability concerns. It’s advisable to work with an insurance company that is experienced in serving marinas and can help managers build a comprehensive package policy.