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.
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.
As a business owner, it’s your responsibility to make sure your employees receive the insurance coverage they’re qualified and entitled to receive. The better your insurance offerings, the more likely you are to attract good employees that will stay with you for the long term. One of the policies you can potentially save money on is an accidental death coverage policy. Since it can frequently be combined with a group life insurance policy, accidental death and dismemberment (AD&D) plan can be quite affordable.
What Are the Details?
AD&D insurance from iSure Insurance covers the unintentional dismemberment or death of the person insured. Dismemberment can include the loss of use or complete loss of certain functions or body parts. Loss of eyesight, limbs, hearing and/or speech would all fall under accidental death coverage. The policy will pay benefits (on top of any life insurance benefits) if the insured dies accidentally. Policies are designed to be renewed periodically.
Are There Exclusions?
Every insurer has a list of circumstances that are excluded from accidental death coverage. For example, many policies will not cover death by suicide, illness, war injury or natural causes. However, traffic accidents fall, homicide, drowning and heavy equipment accidents are typically covered. Talk to your insurance agent to find out what exclusions are included in your policy.
If your company conducts business through professional services for others, but that can be susceptible to mistakes, you might be in need of an MPL insurance plan. Miscellaneous professional liability is an errors and omissions coverage that goes into effect when your company has been subjected to claims of mistakes. Those mistakes could include forgetting to file paperwork, misstating a fact or information, ignoring a crucial piece of information, and failing to clearly communicate instruction. If you aren’t sure about adding on this additional coverage, the folks at Huntersure LLC recommend asking yourself the following questions:
- Does your company provide services to others for a cost?
- Does your company require clients to sign a service contract?
- Does your company offer services that your clients use in the products or services they offer to other clients?
- Is your company privy to confidential or proprietary business information through client contracts or accounts?
If you can answer yes to any of these areas, then your business can potentially be affected by risks associated with professional liability exposure. An error and omission plan, or MPL, can help protect you financially in the event of a claim. The most common claims facing businesses in the area of professional liability are errors or omissions when employees were providing a service, failing to conduct business or perform the service in a timely fashion, or providing misleading information on the service that was to be performed.
Los Angeles stands as a mecca on the West Coast of the United States, which means there are millions of residents and businesses to protect. Working with the right Los Angeles insurance agency means your personal and professional life can be guarded against disasters and liability claims.
How Insurance Helps Keep You Safe
Los Angeles is the major metropolitan area of the West Coast that centers around finances, culture, and commerce. As such, it is important to protect both the residents and the companies that live in this area. To do that, insurance agencies provide services that cover businesses and individuals. Arroyo points out that business coverage may include any of the following services:
Directors and officers liability
On the other hand, your personal life should also be protected from everything from natural disasters to theft or vandalism. You can choose from the following policies based on the risks you face:
Recreational vehicle insurance
Personal umbrella insurance
Protection You Can Trust
There are many dangers associated with owning a business and many risks in your personal life, which is why you need an insurance policy from a reputable Los Angeles insurance agency. That way, you can be protected no matter what happens.