The importance of the maritime shipping industry to the international economy cannot be overstated, but the hazards of international shipping remain considerable. Despite massive improvements in seafaring technology, ships at sea still face countless dangers as they transport cargo to their given destination. With upheavals like the Covid-19 pandemic, supply chain disruptions, and the ongoing possibility of lockdowns, these potential disturbances remain omnipresent.
Ocean marine insurance is essential in protecting cargo at sea, and a necessity for any business with ships on the water. Read on to learn a little bit more about this type of insurance.
What Is Ocean Marine Insurance?
Ocean marine insurance is designed to protect ships while they are out on the open water. Policies will vary depending on your needs, but they may include:
- Damage protection in the event of a collision or another incident
- Liability coverage for accidents that can occur on the water, including environmental liability coverage, as well as general liability coverage
A given company may need more or less coverage, depending on the specifics of its operation. Speaking to an insurer with experience with ocean marine insurance can offer peace of mind and the stability in knowing that your ships on the water are well-protected.
Whatever line of work you are in, it is important to make sure that the insurance you carry is comprehensive. This is more nuanced than it sounds: some business owners think that they are fully covered (for injuries, for mechanical breakdown, or for some other plausible concern) only to find out — when it’s too late — that their coverage is lacking.
As a business owner, it is important to be proactive in anticipating, and avoiding, such gaps in coverage. Whether you operate a retail shop, restaurant, medical office, industrial operation, or something else entirely, you must thoroughly review your coverage with an insurer to find anything you may be missing.
Where To Look For Gaps in Coverage?
Depending on your line of work, you may find holes in your insurance coverage in widely varying places. For instance, if you own a business that relies on employees using their own cars for work-related purposes, you may want to be certain that you have a commercial auto policy that covers employees in their private vehicles. Or if you own a restaurant that offers valet parking, double-check to make sure your valets are well-covered.
An experienced insurer can work with you to identify gaps in coverage and alter policies to better protect you.
Franchise businesses are structured uniquely in any industry, but when you own a franchised dealership, that’s an even more unique business model. Whether it’s automobiles, trucks, or RVs, dealerships that sell new machines are usually franchises of some sort. The automotive industry set the standard for that almost a hundred years ago as major automakers worked out their distribution chains.
Since vehicles are high-value assets that are not frequently purchased by individual customers, your professional liability and inventory risks are a bit different from merchants with more common retail operations. Your coverage needs to reflect that.
Franchise Risks and Obligations
In addition to the high risk involved in dealing with valuable merchandise and the standard coverage types you need for your property and employees your dealership also has the same risks as other franchises. That means you have to meet the brand’s requirements to stay in good standing and avoid penalties, and your business is uniquely at risk if you do not.
Learn More About Your Coverage Options
Dealership-specific coverage options like open lot insurance and garagekeepers’ policies are par for the course when you work with an established franchise dealer insurance program. You might need to go outside the program for specific coverage needs like workers’ compensation, but all your dealership-specific coverage should fall under one umbrella if you have found the right program.
Self-insurance has long been an option for cost savings, but not every business benefits from using it for every insurance need. When it comes to self insured workers comp, there are a lot of ways to save, but companies that have a high risk of excessively large payouts or large quantities of claims should tread carefully. If neither of those descriptions fit your business, then you can probably expect to save. The question is how much, and the answer is based on your company’s claim behavior each year.
- Pay as you go costs rather than expensive premiums with mandatory due dates
- Lower administrative costs than an outsourced policy
- You do not pay for an insurance provider’s profit margin
The key to understanding whether these three points will save you money and make the switch worthwhile is an assessment by an industry professional with the skills and experience to help you build your self-insurance program.
Finding Self-Insurance Setup Assistance
Just as there are professionals who specialize in selling insurance, there are experienced industry pros who focus on helping companies set up self-insured workers comp programs. Look for people with experience in this specific kind of self-insurance to get the best assessment of your potential risks and savings. You might also learn about other cost control options like group captive insurers that could work if direct self-insurance does not, so keep your mind open to new options.
A home is one of the most significant purchases most people make and an investment worth protecting. Knowing what your homeowners insurance policy does and doesn’t cover is crucial. Here are a few common misconceptions about homeowners insurance that could be costly.
If your home is burglarized, most policies only cover up to a certain amount, and then additional coverage is required. Also, if you do not have a well-documented home inventory, you will likely receive the minimum payout for stolen items. This is why it is essential to understand what is covered by your homeowners insurance policy and any coverage requirements.
Flood coverage typically requires an additional policy endorsement or a stand-alone flood policy. If you do not know whether you have flood coverage and live in an area vulnerable to flooding, check with your insurance agent.
Homeowners insurance does not cover termites or any other pest damage. Since termite damage happens gradually, it is not covered as a sudden and accidental loss that homeowners insurance was created to protect.
Do not assume your homeowners insurance policy will cover anything that happens to your home. Go through your policy or speak with an agent to better understand your coverage.
In recent years, planned communities and condos have seen a huge boost in popularity. If you are someone who has become a part of a board for a condo group, then you want to make sure you stay mindful of the various ways you can make improvements and keep your community successful. There are plenty of ways to get started on this task, though you will find that focusing on a few key factors can make a huge difference. Review these tips and learn more about your options.
Look at Liability Coverage
One of the biggest and most effective ways to protect your condo community is by taking out insurance that accurately reflects the exposures it is bound to face. The first step to finding the best fit for condo association excess liability insurance is by taking a look at the risks associated with your industry and making a strategy based around these threats. Many of the factors that will influence your decision will be based around where your condo community is located and the type of climate it experiences. Other insurance points to consider include:
- Directors and officers liability
- Excess claims coverage
- Niche options for features like pools
Find a Sensible Policy
There are many ways to go about being a part of a condo association. As long as you give yourself time to understand the basics of insurance, you will be able to do your part and serve your community in a direct way.
Investigators provide essential services to a range of businesses, from law firms to debt collectors. Even bail bondsmen frequently work with them when someone needs to be located. On top of that, they provide public-facing services in support of everything from divorce proceedings to locating lost family members.
As a result, insurance for private investigators can be a complex subject. There are a few types of coverage that are absolutely essential, however.
1. General Liability Coverage
At the very least, your business needs a general liability policy built around its activities. Many PIs also opt for professional liability to supplement the general policy because it provides additional options like assault and battery or trespass insurance.
2. Auto Liability
It is quite difficult to operate without your own vehicle when you work as an investigator because your hours tend to be odd and your need for professional mobility high. As a result, auto liability is often required even when you use a personal vehicle and not one owned by the company.
3. Workers’ Compensation
Most investigators rely on at least one employee, even if the position is only part-time. It can be tough to manage incoming calls and client queries on your own when you need to spend a significant part of your working time out of the office. Workers’ compensation is essential for those businesses and one-person operations that pay the owner as an employee. Luckily trade insurance programs can bundle all this essential coverage for you, simplifying your risk management practices so you can focus on your business.
Marketing for any business is a complicated business. To market to customers effectively, marketers need to know what clients want. One of the best ways to learn how effective a marketing strategy is is through using analytics. In the insurance business, analytics play an even more crucial role.
1. They Save The Marketing Team Time
First, using analytics in insurance marketing saves the marketing team time. When someone monitors an ad campaign’s analytics, a picture begins to form of what direction the market is going. The financial world is always changing, and analytics help a company avoid blunders that cost time.
2. They Save The Company Money
Second, using analytics in marketing helps save the company money. By knowing what ad campaigns are working, a business can shut down the ineffective ones, thus saving revenue. Rather than spending money on ads that aren’t working, a company can employ an analytic service and put their funds into marketing tactics that work.
3. They Give a Clear Picture of What Works
Finally, analytics help show a company what works for them. The marketing strategies that work for one business may not work for another, and marketing analytics will help narrow those metrics down. For any companies that are unsure about what strategies work for them, analytics are a great first step.
Overall, using analytics in insurance marketing gives companies an edge in their advertising strategies.
You may believe that your construction company has all of the insurance that it needs. General Liability and Builders Risk Insurance are must-haves, but do you know about other policies that can protect your business? These are three policies all construction companies should consider carrying to be sure they are fully protected against loss.
1. Installation Floater Insurance
Installation floaters protect you against loss when your building materials are in transit. Once building materials are off your site but not yet at their destination you may not have insurance coverage. This policy protects you against loss while you’re on the road.
2. Commerical Truck Insurance
Different from commercial auto insurance, commercial truck insurance specifically covers large vehicles like dump trucks, cement mixers, semis and the like. You can also purchase policies that offer cargo coverage, general liability coverage and downtime coverage, among other options to fully protect your company.
3. Errors & Omissions Insurance
Errors & Omissions insurance, or E&O, covers you against claims that arise from financial loss due to errors or omissions in your work. Carrying this policy can help you sleep better at night, knowing that if an honest mistake is made your company is protected in the case of financial loss.
All construction companies should consult with their trusted insurance provider to see if these policies could help protect their business.
Driving a truck for a living can have major associated costs. Gasoline, insurance, truck maintenance and food costs can all add up quickly. Here are a few ways to increase the longevity of your commercial truck tires so you can save a little more cash for other things.
Tires tend to wear out unevenly across the outer or inner edges. Rotate your tires regularly to spread the wear and tear out over the entire surface of the tire. This is a major way to increase the longevity of your rubber.
Go Below the Speed Limit
Driving fast means you are placing a higher degree of friction on your tires, especially when stopping or turning. Driving slowly means your tires will be exposed to less friction and therefore less wear and tear. Whenever possible, drive below the speed limit and your tires will last that much longer.
Overinflating or underinflating your tires will result in uneven wear across the tread. Make sure to inflate your tires to the proper amount so the tread wears down in an even manner. Remember, if the tires wear out unevenly, you can always rotate them to even out the wear pattern.
There are other ways to increase the lifespan of your tires. These are just a few obvious pointers for making commercial truck tires last longer.