Contrary to popular belief, workers’ compensation doesn’t exist solely for the benefit of employees. A crucial part to most of these plans includes a clause that prevents employees from suing their employer. Without a proper plan you could be liable for your employee’s injury and could be sued for negligence. The right coverage will protect you from this.
Another aspect of workers comp insurance is providing payment in replacement of your employee’s wages. It also typically includes coverage for the employee’s medical benefits. When you work with an experienced insurance provider you will also get the opportunity to provide your employees with a program to help them return to work.
Workers comp insurance simply works. Smart business owners everywhere know that they need to invest in proper insurance in order to protect themselves and their workers. Now that you’ve learned about workers’ compensation, consider investing in a plan as soon as possible.]]>
Cargo insurance is only necessary in times when the carrier refuses to honor a claim. For example, if you were to ship a container of car parts to Germany, and the ship’s captain makes the decision to throw a portion of those parts overboard in order to save the ship, the carrier may decide that they won’t take responsibility for another person’s actions. In this instance, he or she may refuse to pay off the loss, and this is the type of situation where contingent cargo liability insurance pays the claim.
Cargo insurance, underwritten by groups called managed risk clubs, generally covers any possible risk. In those times when the managed risk club declines to make payment on a claim for the loss or damage of a shipper’s cargo, the shipper will turn to the freight forwarder to make good on their loss. This is an example of when freight brokers, while not legally required to, will carry contingent cargo liability insurance.
Another reason that freight brokers carry cargo insurance is because most carriers are reluctant to work with those who don’t obtain this policy. Although not strictly liable, the forwarder’s reputation will suffer if he does make good on claims.
Contingent cargo liability insurance coverage includes loss due to damage and theft in transit, the loss of the cargo on any type of common carrier, including truck, rail or ship, as well as some of the losses familiar to rail or ocean shipping, such as the ship sinking with the cargo aboard, or in the event of a train wreck.
One type of loss in ocean shipping where contingent cargo insurance is essential is called “general average.” In the aforementioned scenario, when the captain or the crew jettisons cargo to save the ship, the insurance company charges the loss of all or part of any one shipper’s cargo back to all the shippers. Contingent cargo insurance then pays this claim.]]>
As many in the business will tell you, running a restaurant is perhaps one of the most stressful professions in a highly competitive field. Owners invest a lot of time and money, as well as put forth a great deal of hard work to get where they are. Purchasing insurance is one way to protect the assets of the business and allow for some added peace of mind.
There are a lot of things to take into account when determining insurance needs. Restaurant insurance packages generally consist of the following types of coverage options:
Restaurant insurance is also available that covers employee dishonesty, forgery and alterations. All of these options fall under things to consider as a good guarantee for damage control.
The restaurant industry is thriving, and in today’s market this industry is also more complex than ever. There are many different types of restaurants, from fast food to fine dining, and each has its own coverage needs. As an owner of a fine dining establishment, you should speak to an insurance agent who understands the ins and outs of this particular business.
Restaurant insurance helps to protect you and your business from a number of problems ranging from damaged equipment to liability lawsuits. This makes Fine Dining Insurance an integral part of any restaurant’s long-term business model.]]>
A commercial package policy works similarly to a business owner’s policy (BOP), except that a BOP has more limitations and covers fewer areas of risk. The eligible classes of business include light manufacturing, processing and service, habitational, retail, office, and wholesale risks.
Whether you own your building or lease the premises, property insurance coverage will protect your real property (buildings or structures), along with business personal property (which includes betterments and improvements to real property), as well as any inventory exposures. Property can be insured for replacement cost value or actual cash value. This coverage can be tailored to fit your individual needs.
General Liability (GL) insurance helps protect your assets by providing a defense against a variety of claims for alleged negligence or wrongdoing. Subject to the insuring agreements and exclusions contained in your policy, your GL coverage is designed to keep your operations running smoothly and without interruption.
Inland Marine Floaters, another coverage available under CPPinsurance, are specifically designed for the property you own that is movable or moving. You may also want to consider commercial automobile coverage as a way of protecting any vehicles you own and operate in the course of doing business.
Other important coverages to consider include business interruption and crime insurance, umbrella liability, equipment breakdown and employment practices liability. In addition, a range of other coverages can also benefit your business, such as electronic data processing, pollution liability, professional liability, supply chain risk, and terrorism, all of which can be bundled into a commercial package policy.
There are some standard policies that cannot be included in your CPPinsurance package, and these include directors and officers, health and disability, life insurance and workers compensation coverage. These coverages, if required or needed, must be purchased separately. Speak to an agent about any and all insurance needs.]]>
These injuries, in turn, not only wreak havoc on the health and earning potential of workers but also on the turnover rate and financial health of the owners and operators of nursing homes. Your job is to help facilitate the needs of your clients by steering them in the direction of qualified workers compensation insurance companies to help deal with these concerns.
As an agent, your insight can be of great value to your clientele. Explain to them some of the ways in which they can protect themselves from major losses caused by workers’ comp claims. Putting certain policies and procedures in place can enhance safety, and also shore up their bottom line.
There are risk management specialists available with experience helping healthcare companies, nursing homes, and senior living environments lower their risk. This starts by building a foundation of understanding, recognizing what they might not know about workers’ compensation, and becoming educated about the workers comp system, along with learning some key terms from the insurance industry.
Experience modification rate relates specifically to their workers’ compensation premium and warrants some attention. Simply put, a facility’s mod is based on the number and severity of workers’ comp claims filed in the past. Insurance companies use this rate to gauge past injuries and potential risk to predict future losses and calculate workers’ comp premiums.
Therefore, by implementing safety standards (such as wearing a back brace), care providers can reduce back injuries and help in lowering premiums. Many workers compensation insurance companies offer discounts for taking such preventative measures.
Lower back pain is an enormously expensive problem and accounts for a quarter of all payments for workers’ compensation claims. Back pain is a very common reason for having to visit a doctor. Therefore, in order to deal with the problem, many employers and employees have chosen back belts to provide support to the lumbar region of the spine.]]>
Policy options often include repair shop of choice, roadside assistance with guaranteed flatbed towing, and coverage for spare parts and tools. These are added extras that can really make a difference for owners of vintage vehicles.
The main difference between a specialty classic car carrier and a standard auto carrier is the type of policy offered and how the policy accounts for a vehicle’s value. Remember that most classic cars appreciate in value over time, while most modern cars depreciate.
A traditional auto policy writes an actual cash value (ACV) or stated value policy, while guaranteed (or agreed) value coverage is typical for most companies specializing in classic car insurance.
Guaranteed value coverage means that if the car is ever damaged or completely totaled, as the owner you’ll receive compensation for your vehicle as agreed upon by the insurer at the time the policy was issued. Otherwise, the ACV policy will potentially depreciate the car’s value, reducing the amount of the claim.
As a classic car owner you are probably quite passionate about your vehicle and rightfully so. For you, the vehicle represents more than just transportation, usually because it’s often a family heirloom or may be the very first car you bought in your youth. There’s a sentimental value that is far greater than the actual dollar value of the car. You therefore deserve the opportunity to get the best protection for your vintage car, which you truly cherish, and the peace of mind knowing that you are always properly insured.
It is important to maintain NJ classic car insurance coverage even if the vehicle is at a shop or in storage and not only while being driven. In the event of fire or theft, you will have to absorb the entire loss if the vehicle isn’t properly covered.]]>
Construction insurance is designed to help protect the site on which you are currently working. This type of insurance can protect the building itself, your equipment and other items in the event of an accident, incident or theft. Being able to financially compensate for any lost items or work is very important in the construction industry. Property damage from vandalism or acts of God can stall a construction project and, without proper insurance compensation, could possibly stop it completely. This insurance makes sure that your project stays on track.
Employees can also be covered under construction insurance. This type of coverage involves everything from workers compensation to employee practices policies. Basically, every potential problem you may run into when hiring or firing employees can be covered by this type of insurance. Both your company and your employees will be covered in the event of an issue.
Insuring your construction business is of paramount importance. Knowing that your property and employees will be covered in the event of an accident is crucial. Clifton construction insurance allows you to have the peace of mind necessary to get the job done.]]>
Foreign liability insurance will protect your company if assets are seized. It may also allow you to continue doing business in that country, and also to have foreign judgments settled in the U.S.
If you are conducting business in foreign companies such as running meetings, doing trade shows, and renting offices and other venues, this insurance can protect you from damages or injuries that may occur from these operations.
If you have employees working in foreign countries, even temporarily, you’re covered against their injury, death, medical treatment, and emergency evacuation.
With all the political strife in the world today, there is always a risk of kidnap and extortion. An insurance policy can help protect you from this threat.
If you want more information about getting foreign liability insurance in Pennsylvania, contact an agent today.]]>
One way many real estate agents try to improve their financial outlook is by expanding operations geographically. They start accepting listings and representing clients in different neighborhoods or towns, but because real estate markets typically have significant local differences, agents can face major changes when venturing into new territory.
This opens up new Real Estate professional liability concerns. From property values, to neighborhood rules and regulations, you need to be informed about the areas where you’re expanding your practice. If not, you risk encountering lawsuits, unhappy clients and potentially losing your practice.
As an real estate agent who may be adding to your repertoire, and perhaps you’ve had experience offering additional services in the past, you’re still likely to be unfamiliar with current procedures, methods, issues or even new regulations. For example, you may not have the time to take some necessary training classes, which could lead to your taking professional and personal risks along with any of the repercussions you could face in the event you’re targeted for litigation related to the new services you’re offering.
Insurance agents play a key role in helping to protect your businesses. Risk solutions can come in many forms, from product solutions to risk management resources as well as professional advisors. Take the time to consider all the available risk management techniques and solutions currently in the market, and make some informed decisions about how best to protect your practice and your livelihood.
By maintaining the right Real Estate professional liability insurance products, real estate professionals are taking important steps to minimize potential exposures. In addition to ensuring that you purchase traditional E&O coverages, you should be made aware of newer enhancements or more sophisticated offerings that help protect against today’s emerging exposures.]]>
Digital marketing techniques like content and social media marketing can provide some really great results for insurance agents. Many business owners are very unsure about exactly what types of insurance they may actually need. They need someone with the knowledge about products and services available to help guide them through the maze.
There’s actually a very simple formula you can use to start your digital marketing strategy.
A great way to entice visitors on your website is to engage with them and invite people to ask you questions about insurance. There’s no better way to build trust than by answering insurance questions without asking for anything in return. People will respond positively to this exchange and, if they find that you give helpful answers and advice, that’s also a great endorsement of your abilities.
For a lot of insurance agents Insurance Digital Marketing is something they do when all of the rest of their work has been completed. Marketing is sometimes just an afterthought for agents that spend a lot of their time dealing with clients and providers, and feel they just don’t have the extra time. Consistency is vital in digital marketing and you really need to create new blog content and/or engage with social media more than once a week, in order for it to work.
People research insurance online all the time, but what they most often want and need is advice. If you have informative blogs, whitepapers and other resources on your website, you can capture some of that research traffic and turn it into business.]]>