If you have a domestic worker in your home, it is essential that your homeowner’s insurance company is aware. Domestic workers, such as nannies, babysitters, and housekeepers, are your employees. Their presence in your home increases the risk of liability for your insurance company. By notifying your insurance company of your domestic worker, you can ensure that you have the proper coverage in the event of an accident or injury.
Your Liability as an Employer of a Domestic Worker
Having a domestic worker in your home makes you their employer. Due to this, your home is a business. This means you have a legal obligation to insure your home as any business would.
Domestic workers and homeowners insurance do not go hand in hand. If an employee is injured in or around your home, you are responsible financially in addition to other consequences. Without the proper coverage, this could be devastating.
Do your research to ensure your policy covers you if an event occurs. Your homeowner’s policy by itself has limits to what it covers. You must cover any gaps with your current policy by adding what you need. Protect your finances and have peace of mind if an injury or accident occurs.
The wholesale industry offers plenty of possibilities for profit from any rung on the ladder, but that’s not to say that it won’t be a difficult proposition. As is the case in any other industry, there are many risks that wholesale businesses must face on a continuing basis. Here are some of the wholesaler risks that are typical across the entire industry.
Specialized equipment is needed to transport and store products in the care of wholesalers. Computers, trucks, HVAC units, and refrigerator or freezer equipment are vital to business operations, and all require maintenance. Damaged equipment can result in catastrophic losses and delays in delivering supplies to customers.
Customers want to purchase products that arrive in good condition over those showing considerable damage. Of course, taking the product from manufacturing plants to the retail shelves involves many phases in transportation and storage. If an unfortunate event occurs, these goods may suffer damage that renders them unavailable for sale. Wholesale suppliers must find a way to replace the lost products to keep the end customers happy.
There are many risks in the wholesale industry. However, businesses must be willing to face those situations and deal with them with haste.
Mitigating risks for your business is critical to your company’s financial stability, reputation and integrity. One of the things that every business needs is a comprehensive workers comp risk management program. As you establish this program, you need to consider the importance of including a pre-employment background check as part of the process.
Pre-Employment Background Checks Help Mitigate Fraud
One of the biggest challenges for business owners is the hiring process. Any time you hire new staff, you are taking a risk for your business. Many business owners decide that pre-employment background checks are the best solution. When you mandate a background check for every potential new hire, it can uncover any history of fraudulent claims, questionable behaviors and other concerns that might put your business at risk.
Pre-Employment Background Checks Must Be Universally Applied
If you’re implementing background checks as part of a workers comp risk management program, those background checks must be applied universally. Every potential employee who receives an offer must have that offer contingent on the results of the background check to avoid any perceived bias.
Protecting your business should be a top priority, and that includes reducing your risk of workers comp fraud. With the right risk management program and pre-employment background checks, you can protect your company’s financial interests.
Running a political campaign can be a complicated and involved experience. In the past, candidates had to rely solely on in-person events and traditional advertising channels in order to get their platforms to voters. Thanks to the advent of digital mediums, however, prospective politicians have new ways to engage with their audiences. Consider these points related to social media for political campaigns and learn how to best use social channels to your advantage.
Explore the Benefits of Social Media and Politics
Social media offers candidates a chance to appeal to voters in a direct way. The best method of achieving engagement is by curating and creating content that will appeal to your key demographics. While you want to share information related to your campaign and what you will do in office, you can also see success by shaking things up and posting content that is entertaining or informative. Naturally, you must be mindful that any information you share is verified by experts to be accurate.
Take Precautions With Social Media for Political Campaigns
Though social sites offer many benefits, candidates must also be mindful of what they post. Opposition can use anything shared in a smear campaign, even if it is taken out of context. Many candidates take out specialized insurance coverage for this exact purpose. With the right policy, you can reduce the odds of a simple post on Facebook leading to the destruction of your reputation.
Using social sites to further your political goals can be a great decision. To ensure you protect yourself along the way, look into your insurance options and exercise caution at every turn.
Having a home healthcare business can be a rewarding experience. Unfortunately, it also comes with a fair amount of risk and liability. This is why you need home healthcare business insurance. Here is a look at the coverage you will need.
General Liability Insurance
General liability is a must-have for any business. Due to the serious nature of a home healthcare business, it is even more important. This covers you if a patient slips or has an accident while in your care.
Professional Liability Insurance
Professional liability insurance covers you if a family member or guardian accuses you of malpractice or negligence. It can also cover you in the event of a mistake or oversight.
Other Types of Helpful Insurance
In addition to general and professional liability, you should also have these policies:
- commercial automobile Insurance – if you or your workers drive to any location
- Home-based business insurance – this covers you if you work out of your home
- Business owner’s insurance – this is often a combination of commercial property and liability coverage
- Workers’ Compensation insurance – this insurance helps cover an on-the-job injury.
It is important to have the proper home healthcare business insurance. Without it, you put your workers and patients at risk.
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.