Hospitality Insurance and Risk Management

Safety of guests and visitors has always been a primary concern for those in the hospitality industry. Whether you own and operate a hotel, casino, or even a golf course you always want to ensure that those depending on you for a safe and rewarding experience receives exactly what they’ve come there to expect.

Owners should always carry hospitality insurance that responds to claims that commonly occur at properties of this type, but they also need to consider all existing areas of risk and any exposures that might threaten the safety of their guests and have in place the correct measures to ensure that neither harm nor losses are the result of negligence on their part.

Risk management tips designed to improve hotel security

Hotels are often targeted because tourists carry large amounts of cash and generally have several credit cards and even valuable jewelry with them when they travel. In order to help prevent robberies, burglaries and other forms of invasion owners should first make sure that they do background checks of all potential employees, have ongoing training of all staff members, including emergency and evacuation training, control all access points in and out of all buildings (all outside doors should contain security locks, all windows be fitted with safety locks, and there should adequate lighting everywhere).

As an added measure, all security cameras should be monitored and working at all times.

It is best to install cameras on all floors, near entrances, on elevators, and any seldom used areas, including loading docks. Criminals have been known to target conference rooms and lobby areas hoping to steal laptops and other valuables left unattended, often pretending to be guests.

Thefts and robberies often take place in parking lots

Having properly lit parking lots and grounds will further prevent criminal acts from occurring. This should include security patrols, with guests leaving the hotel late at night accompanied by a security officer.

All guests are potential victims of crime while on vacation. Instruct them to always listen at the door before entering their rooms, that they should keep their door locked at all times, and know where all emergency exits are. If someone comes to their door identifying themselves as hotel staff, always look through the peephole and check with front desk before opening the door. Finally, never throw the key card in the trash because it contains personal information from registration that could be accessed.

Following these suggestions should help advance safety in hotel management, and resorts and other pleasure stops should carry hospitality insurance and practice good hotel risk management.

3 Subtle Benefits You Must Get From Your Insurance Agency

Are you simply looking for personal insurance or need to find excellent coverage for your large corporation or young small business? There are some things that are worth looking for in your insurance agency in New Mexico so that you’re better covered in the future.

Cooperation and Prevention

First, make sure that any insurance agency you are considering wants to work with you to identify where you are most at risk so you both can determine how to best customize your liability coverage and prevent incidents from happening. Of course, you want an agency to be ready and willing to file liability claims, but its still best to avoid accidents or financial mishaps for your company’s morale and image.

Partnerships and Resources

Second, ask or figure out what connections an insurer has. For example, if you’re a large corporation with very high liability coverage needs, you’ll need to find an insurance agency in New Mexico that is both cooperative, experienced and has great ties with some of the best insurers in the world so that you can get the best possible liability coverage.

Industry Expertise

Finally, look for an agency that has a lot of experience in your particular industry. An agency that generalizes wont be able to properly assess and understand your business, which comes with the great risk that you wont have the precise coverage that you need to safely push forward.

What to Look for in a Workmans Comp Insurance Wholesaler

There is much turmoil in the workmans comp insurance industry. Between a fear of insurance fraud and the states enacting tough legislation, many small business owners are left without crucial coverage. They turn to you, their insurance agent, and you’re going to have to turn to a wholesaler that can meet your clients special needs. Here’s how to find a perfect match.

Your Wholesaler Should

Of course any wholesaler with which you work should be licensed and have an expertise within the insurance industry, but there are other items you to place on your checklist as well. They include:

  • A strong foothold in the workmans comp insurance marketplace
  • The ability to provide quick quotes from multiple states
  • Carriers that are A-rated and offer flexibility in their payment terms.
  • Carriers that offer large deductibles for those who need them
  • Carriers that provide needs for those seeking to be self-insured
  • Underwriting that is done in-house
  • A risk management program that is above average

Getting the Full Package

As the agent seeking workmans comp insurance coverage for your clients, you must perform your due diligence and research any wholesaler with which you plan to work. Alongside the above, the wholesaler should also offer safety programs and OSHA education. This presents your clients with the full package to protect their business and employees.

Understanding What It Means to Be a Small Group of Employees

The Affordable Care Act has made purchasing CT insurance for small businesses a little more challenging. Many companies are turning to professionals to help them better understand the different restrictions and laws that govern this act so they can properly insure and provide health insurance for their employees. One important thing to understand when you are purchasing insurance is what it means to be a small group of employees.

50 Full Time Employees

Under the ACA, larger businesses are required to provide affordable healthcare if they have 50 or more employees. Full time employees work 30 or more hours per week. A company who has a small group of employees has less than 50 full time employees. They can provide coverage for these employees and receive tax credits, but law does not mandate it.

Group Plans

Many small businesses choose to purchase CT insurance or group plans. There are certain requirements for these plans. Certain essential health benefits must be covered on all plans regardless of where you purchase it. Additionally, the premium amount cannot change due to a person’s medical history.

If you are interested in purchasing a group plan and have a small group of employees, then contact an insurance agent for help. This way you can choose the right coverage.

Freight Loss and Cargo Claim Procedure

Logistics professionals take on a very important responsibility when it comes to the safe arrival of goods and merchandise for your clients. Whether products travel by truck, rail, air or sea, contingent cargo insurance protects valuable cargo from a variety of potential losses. Whenever a loss does occur, its important to follow the proper cargo claim procedure in order to properly credit the customer for the loss. It always pays to have coverage in the event there are damaged, stolen or lost goods.

You should understand that failing to properly provide protection could ruin what was once a great relationship with a vital customer. This will often lead to stress and losses related to any resulting legal fees. You may have a tough time bouncing back from these types of losses, unless you’ve secured the necessary contingent cargo coverage.

Claims procedures are not difficult to follow

You must garner the necessary coverage from asset-based carriers who take responsibility for such claims. They will generally then take the reins whenever you’re responsible for any claim. This tends to be the case when the motor carrier denies or refuses the claim. Someone must be held responsible once the claim has been processed with the motor carrier due to any number of reasons (i.e., deductions, exclusions, or limits), stating that the claim is not fully indemnified to the satisfaction of the shipper.

Its vital that, as the logistics coordinator, freight forwarder, or the person charge in charge of the safe passage of the freight, that you document the condition of the cargo upon delivery. Make clear exceptions on the delivery receipt noting any loss or damage to the cargo and/or the packing or containers and advise your customer to do this as well. Preserve all packing, damaged goods and seals until advised otherwise by a claims representative.

Whether arranging for the transportation of goods across the nation or around the globe, there’s always a chance the product wont make it to its destination or may become damaged in transit. Thefts, accidents, even sinking vessels can wreak havoc to the bottom line of any company. To protect against these losses, a customized contingent cargo insurance program is essential.

Contingent cargo insurance protects both the assets and the reputation of the your company, and it enhances and protects relationships with customers. Following the cargo claim procedure makes the process run much more smoothly.


Training Employees to Reduce Liability

Most staffing agencies are responsible for recruiting, hiring and scheduling staff for external clients. Though this can streamline processes greatly for clients, it can present a unique set of risks for the agency. You become responsible for all liabilities associated with the employees, but there are several steps you can take to reduce these. Being proactive can greatly improve your relations with clients as well as your defense against employee liability.

Collaborate With Clients

Perhaps the greatest risk a staffing agency takes on is that of their employees behavior and performance. Because you have been entrusted with the task of hiring qualified and professional employees for your client, their abilities are a direct reflection on you. Collaborating with clients can make it much easier to train them properly and prevent incidents. Because you, rather than the client, will likely train the associate, involve them as much as possible in preparing the employee for the work environment.

Invest in Continual Training Practices

Many professions require participation in continuing education programs, and as a staffing agency, you can benefit from implementing a similar standard. Continual training can reduce employee liability by eliminating errors caused by knowledge loss and ignorance. Courses, seminars and online quizzes are some common ways to keep your employees minds sharp.

NJ Errors and Omissions Insurance is Essential Coverage

Businesses that service clients have a particular set of exposures related to errors and omissions (E&O) in the administering of advice, and some may even find it difficult to believe that this is actually the case. If you fall into this category you’ll be relieved that, if you find yourself involved in a lawsuit, you took the time to purchase New York E&O insurance.

It covers your company, or yourself as an individual, in the event that a client holds you responsible for services you either provided, or failed to provide. For many professionals, such as doctors, dentists, and chiropractors, the term used for this type of coverage is malpractice insurance. But for lawyers and accountants, or architects and engineers, its generally referred to as professional liability coverage.


What Exactly Does Your New York E&O Cover?

E&O policies are designed to cover judgments, along with any settlements and related defense costs. Even when those allegations are found to be false accusations, there’s still a significant dollar amount being spent to defend against the lawsuit. This can have a devastating effect on a mid-sized company, and could possibly bankrupt a smaller company or individual altogether. Even a large corporation could experience a lasting negative effect on their bottom line.

Having e&o coverage only helps if it has been acquired prior to any claims being brought against you, so the best time to buy a policy is before the risk is exposed. Anyone operating in the services industry should anticipate the likelihood of having these types of exposures, and make E&O insurance a part of their insurance portfolio.

In many cases, clients will require insurance to be in place prior to engaging in any contracted work, plus it also works as a selling point with clients because it gives them some reassurance knowing they’ll be compensated in the event that an error or omission occurs.

Look, everyone makes mistakes at one time or another. Even with the best employees, along with having the best risk management practices in place, mistakes can happen.

Protect your interest by contacting an agent who specializes in errors and omissions insurance, because its an important coverage to have if you even run the slightest risk of being sued.

4 Common Business Liability Insurance for Professionals

It doesn’t matter how good you are at your job. Liability insurance for Austin professionals is a must. In general, these policies help reduce the financial risk you may have due to your business. Common business liability insurance policies you may need include:

  1. Cyber Liability: If customer or employee information is compromised due to a cyber breach, this policy would help recover said information and pay related costs. General liability is rarely enough to protect you from cyber-related risks.
  2. Excess Liability: This gap coverage helps provide the money for legal fees that your general liability may not cover. This is an important liability insurance for Austin professionals because it can help save thousands of dollars.
  3. Errors & Omissions: If your business or an employee is sued due to a failure to perform, this policy would cover fees incurred for civil defense and judgements. Typically, it wont help cover lawsuits due to criminal actions.
  4. Employment Practices Liability: Under certain circumstances, past, present or prospective employees may feel you discriminated against them. If they sue you, this liability policy will help pay the legal fees and may help deal with public relations issues.

If you’re in the market for liability insurance for Austin professionals, you should talk with an insurance expert. He or she will be able to help you get the policies you need.

Liquor Liability Issues and RMS Hospitality

The law states that any person or business entity that sells or provides alcoholic beverages to guests has a civil and legal duty to do so in a responsible manner. Lawsuits are often the result of serving someone too much alcohol. Its hard to dispute allegations of serving liquor to someone who is clearly inebriated, especially if it in turn leads to a scuffle and subsequent injuries. Laws were specifically put into place as a way to protect the public from bar and tavern owners who may be guilty of being irresponsible in the administering of alcohol, particularly to under aged or already intoxicated individuals.

RMS Hospitality provides affordable insurance protection

RMS partners with brokers who are well versed in the intricacies of the hospitality industry and can offer you the extensive coverage needed to help you defend against claims related to injuries or accidents should you have an occurrence at your place of business. One of their specialties is handling claims stemming from the sale of alcohol.

Hospitality venues such as nightclubs, restaurants and bars exist as a way for people to socialize after a long day, or week, at work. People who work hard for a living look forward to having a fun evening out on the town. Whether its the local bar, a comedy club, or any venue that owns a liquor license and has the right to sell and serve alcoholic beverages, there will always be risks and exposures associated with this business model.

Long after patrons have had their last drink and are heading home, there still exists liability concerns for you as the owner of the bar or club. For example, if one of your customers has an accident on the way home, is deemed too intoxicated to be operating a motor vehicle, and can establish that they have just recently left your establishment, you may be deemed at fault since they were over the legal limit at the time of the accident.

The consequences would be severe, and a situation of this nature could wind up costing you your entire business. This is why RMS Hospitality insurance coverage is the right solution for any liquor related issues that you may face. Speak to an agent about your specific coverage needs.

Temporary Staffers and Employee Liability

Managing temporary workers can create problems due to the fact that issues may exist while the temp staffer is at the host client facility that you, as owner of the staffing company, may be completely unaware of. Issues surrounding job assignments, job responsibilities, co-employees, or the environment and culture can trigger some serious employee liability problems often leading to claims involving harassment, discrimination, and other employment practices concerns. This is the type of scenario that can get in the way of moving forward with the business at hand. These issues can be disruptive, leaving you feeling paralyzed as to what you can possibly do or say where contract employees are at the crux of the situation.

Problems stem from everything from wage and hour issues, to discrimination problems, harassment claims, safe work environment agendas, or other employment related laws. Its important for every manager to have an understanding of legal principles that can impact the relationship between the company and their temporary employees. By having up-to-date legal information, managers and human resource professionals can feel confident in their decisions about their teams that will help them achieve their ultimate business objective.

Advantages to hiring temp workers

There are several pluses to hiring temp staff workers, including filling gaps when an employee takes a long leave of absence but is expected to return to their position at a future date. Also, when a company takes on a short-term project that requires a few extra hands on board, the temporary staffer is ideal since when the project is over they can be released back to the temp agency knowing that their tour of duty has reached its conclusion.

Conventional wisdom dictates that using temporary staffers allows companies to save money. A temp staffer doesn’t require recruiting, additional training, and payroll costs, particularly when that company is staffing high-turnover and seasonal job categories. But some might say that these assumptions about the cost-effectiveness of temporary staffing may or may not be justified in light of the considerable risks of legal liability attendant upon the use of temporary workers.

If handled properly, the use of temporary workers can streamline the recruiting and hiring process and yield substantial cost-savings, but the HR department must take care to avoid any employee liability issues that could result from this arrangement and the staffing company needs to have insurance to deal with any issues that might arise.