Professional Liability Insurance

What to Expect From Liability Insurance

If you have a business, you probably should have liability insurance in Florida. Liability insurance protects you if your negligence leads to someone getting hurt or property damage. A lawsuit can severely cripple your business, so you must do everything you can to protect it. Liability insurance can offer you that peace of mind.

How It Works

Liability insurance is like any other insurance you carry. You buy a maximum amount of coverage or protection. You will pay a premium for this coverage. If you make a claim, you will have a deductible that you must pay before the insurance company will pay. After paying that, the insurance will pay up to your maximum amount. If the total amount you must pay is more than your maximum coverage limit, you will pay any overage.

Why It Is Needed

Lawsuits are incredibly expensive. Not only are you going to have to pay for any damages awarded but you also will have your own legal costs and perhaps the legal costs of the person suing you. These expenses can add up quickly. Your insurance will cover them all. Even if expenses go over your maximum coverage, you are still going to be relieved of a huge burden due to what the insurance will cover.

When considering your options in liability insurance in Florida, you have to keep in mind what could happen if you were found negligent in an accident. If you cannot confidently cover any expenses that could result, then you need to have insurance.

Reasons Why Cyber Liability Insurance Is Vital to a Business

Any company can become the victim of a data breach. From an individual’s personal details to the corporate documents required to run a business, there’s no shortage of sensitive information that is at risk of being lost or stolen. Following are the reasons why businesses should consider cyber liability insurance in PA.

No Business Is Immune

Since 2013, billions of records have been lost or stolen. Over 1.9 million are compromised every day, and this is not restricted to larger companies. Even the smallest of organizations are at risk. Unfortunately, the costs of a data breach could be exorbitant and detrimental to a business.

Breaches Are Expensive

Of course, not every situation plays out the same; however, the average total cost of a breach is $4 million and that number continues to rise. There are many ways an unauthorized disclosure can empty a company’s pockets, including:

Notification costs
Damages and legal expenses resulting from a lawsuit
Fines imposed by the Payment Card Industry or HIPAA privacy laws
Forensic investigation expenses
A network shutdown
Cybercriminal extortion demands

Breaches Are Out of Your Control

A strong IT department and secure network are helpful; however, even the most prepared business can’t prevent a violation from happening. Cybercriminals evolve with security technology. Also, simple mistakes such as lost laptops and un-shredded documents open a company up to significant financial loss.

A data breach may be unavoidable, but a business armed with robust cyber liability insurance in PA can mitigate a difficult aftermath.

Knowing What to Include in Your New Mexico Insurance Policy

Whether you are new to the world of insurance or are just unsure about what to include, its important you know what will make your policy most effective. How do you know what to include in your New Mexico insurance policy? The following are some guidelines to get you started.

Homeowners

The first thing to ask yourself is, What type of homeowner am I? This will help you and your agent come up with the perfect homeowners policy. You might need just the basic policy that covers possessions and property in case of fire, vandalism or theft. You might need renters insurance if you don’t actually own the home you live in. If you own a condominium, your coverage will also be different.

Business Owners

A business owner will need additional coverage that a homeowner wouldn’t need. Commercial auto should be purchased if you have a work car. Cyber liability is important in this day and age, and will protect you in case of a variety of cyber crimes. Commercial property, general liability, builders risk and various others could also benefit your business.

The circumstances surrounding your need for insurance can help you and your agent determine what to include in your New Mexico insurance policy. Contact your agent today to find out more.

Getting Results With Your Insurance Website

One of the first things that customers use to judge the credibility of your business is your website. Insurance websites have to be designed to be user friendly and to present confidence to the consumer to pull them in for you to sell insurance. But its not only the user experience that’s important to the consumer. Your website needs a multi-pronged approach for increased sales and conversions. Customers are using tiny smartphones, tablets and desktops to reach your business, and your website must reach each consumer effectively in order to convert the sale.

Turning your website into a lead-generator involves:

Branding to match the tone of your physical business
Responsive technology that works on any platform your customers use to access the internet
Security to protect your business and your customers
A strategy to match your business goals to reach the right customers

You know insurance, but you can’t learn insurance marketing overnight. Trust a marketing agency that understands insurance websites to help you get more out of your marketing dollars. Focus on what you do best and outsource your marketing to a team that will help you build a website that meets your business objectives. Let customers find the information they need to trust your insurance agency with their insurance needs.

Freight Requirements Include Obtaining the Customs Bond

As any freight forwarder fully knows, all cargo entering the US must go through a specific process. The freight requires that a customs bond, much like an insurance policy, be used to cover all commercial entries. The importer agrees to pay duties in a timely manner and the cargo is then released. For international carriers that transport cargo via air, vessel or vehicle from a foreign destination to the US (or a domestic carrier that merely wants to transport imported cargo “IN BOND” from one state to another), they will have to obtain a customs bond.

They must also produce documents and any other evidence when requested. In order to receive a custom clearance bond they understand that a customs agent may wish to examine the merchandise with the understanding that the freight is to be used in the manner dictated by a special-use provision entry.

They may also be required to rectify any noncompliance with the provisions of admission as well as to comply with customs regulations, which may include electronic entry requirements and advance cargo information filing requirements. In the case of default of the bond, they must also take responsibility for the consequences of any damages charged against the bond.

Agencies must pay certain import duties and taxes

The payment of import duties and taxes are the primary purpose of a customs bond, along with the assurance of compliance with all laws and regulations governing the entry of merchandise from foreign shipping points into the US. For merchandise that may fall under restrictions, which may include items requiring a declaration to the FCC, FDA or other government agency, the bond is required to cover an amount above and beyond the commercial invoice value (generally 3x the value of the freight).

For any items deemed to be non-restricted merchandise, the bond is used to cover the commercial invoice value plus the duties and taxes applicable to the shipment. Once the documents are sent by courier to customs and reviewed by an inspector, they are then subsequently released and returned to the broker’s office by courier.

If you are a warehouse or facility operator and want to become a Customs bonded facility with the ability to store or secure imported or exported goods, you must obtain a customs bond. While the customs bond process isn’t very complicated, it’s recommended that you speak to an insurance agent knowledgeable about how this system works.

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.

Advantages of a Business Owners Policy in Carmel

For anyone that owns or operates a business, having to buy insurance coverage is a no-brainer. But while every business should be fully insured, as a first-time owner you may find it somewhat difficult to navigate through the maze of different plan options and providers. While it certainly may help to speak with fellow entrepreneurs as a way of familiarizing yourself with the types of insurance you’re going to need, commercial insurance agents are best equipped to help since they are quite familiar with a wide range of business needs and can provide valuable insight into what’s best for your company.

Look into a business owner’s policy in Carmel

If you’re looking for affordable coverage that will provide you with a broad range of needs for your particular enterprise, then it’s probably best to start with a business owner’s policy (BOP). This type of policy combines both property and general liability insurance and typically covers events that cause an interruption or suspended operations, and most issues resulting in property damage or any claims or lawsuits you may become embroiled in.

Depending on the type of business you own and the number of employees you have, you may need additional specific types of insurance, but a BOP will at least provide you with basic protection from common business losses. You may consider the price you’ll have to pay for coverage to be a contributing factor when you’re trying to get a business off the ground. Keeping allow budget’s often a priority, but in the case of business insurance, cost really shouldn’t be the only consideration.

Shopping around for a provider that’s in your price range is a great place to start, but seek one that also offers comprehensive coverage and vital business support services as well. By all means you should select the best carrier for your business insurance needs. But remember that you should be open-minded since there may be more than one available in your area. Shop around and make sure the agency you partner with for your business owner’s policy in Carmel is providing you with a good quote proposal and has experience in your industry.