You already know that running a business is hard, but for many it’s a labor of love. That’s why it’s important to protect what you love with the right insurance, and these are the three reasons you should consider a business owners policy.
You Have Inventory or Assets
Whether you manufacture a product or sell a service, the things your business owns need coverage in the event of a loss. Your assets can include things like equipment, raw materials or product inventory, but they also include intangibles like customer data and other digital assets.
You Have a Physical Location
Your office, workshop, warehouse, and any other physical location are vulnerable to natural and other disasters. If you have a place where you conduct your work, a business owners policy can provide coverage for repairs to the structure to get you up and running as soon as possible.
You Are Vulnerable to Lawsuits
Another component of the policy is liability coverage that shields your business from lawsuits. Legal action can arise from many aspects of your business. A slip and fall at a physical location can result in a customer’s injury, but so can a faulty product or a data breach at your company. Liability insurance often provides defense costs as well as indemnification for the injured party.
Building a business is hard work. Protecting your business doesn’t have to be.
Condo associations are responsible for maintaining the property and managing the finances of its membership. A proactive approach to risk management is an essential element of achieving both of these important duties. Condo board members and the property management companies that work with them need to carefully evaluate how to safeguard their condo buildings’ assets.
General Liability Insurance
Condo insurance coverage must include a general liability policy. General liability will protect the association in the event that someone makes a claim against it.
It is imperative that condo buildings maintain adequate property insurance. A condo’s property insurance policy will generally not cover claims relating to an individual resident’s unit but rather only the common area elements of the building.
Directors and Officers Insurance
The individuals who serve on a condo board should have a directors and officers policy that offers coverage if there is a legal claim made against them relating to their service on the board. This vital policy can help to protect board members from personal liability in legal action.
Ultimately, board members should familiarize themselves with their condo’s insurance. Working with a knowledgeable insurance representative who is experienced in serving condos can help to review current coverage levels and identify any gaps in existing policies.
If you are shopping for insurance policies, the types of coverages that you require depend heavily on what you need it for. No matter the type of insurance coverage that you have, you should always consider excess liability insurance. Excess liabilty insurance can be extremely beneficial. Here is what you need to know about excess liability.
What Is Excess Liability Insurance?
Excess liability insurance can be used for businesses, homeowners and more. Essentially, excess liability insurance boosts your underlying policy limits. For instance, if you have general liability insurance but someone is injured and those injuries exhaust your policy limit, your excess liability will cover it too. Excess liability affects coverages that you already have.
Do You Need Excess Liability Insurance?
There are specific risk factors that make excess liability insurance important. Some risk factors include:
- Owning a swimming pool
- Having a dog
- Driving a vehicle regularly
If you consider your exposure to liability risks to be high, then you need to consider excess liability coverage. To find out if you need excess liability, you can always ask your insurance agent for advice.
All insurance policies have a limit. Sometimes, your injuries or damages can extend beyond the typical insurance policy. Excess liability insurance solves the problem.
There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you’re buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don’t need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you’re on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.
Most people are familiar with standard workers’ compensation insurance policies covering on-the-job injuries and illnesses for employees. However, some industries require a more specialized version of this coverage.
All businesses that work near navigable waters must have U.S. Longshore and Harbor coverage for their employees. The federal government requires this type of insurance under the Longshore and Harbor Workers’ Compensation Act of 1927.
What Are the Protections of USL&H Coverage?
This kind of policy supersedes other workers’ comp laws because the federal government mandates its use. Some covered risks include:
- Disability and death benefits
- Weekly allowance payments for rehabilitation services required after an injury
- Loss of wages benefits due to partial disabilities
- Legal fees for claimants challenging a denial
- Spouse benefits in the event of permanent disability or death.
What Types of Workers Need This Insurance?
Employees who work on the water have different requirements than those that work adjacent to navigable seas. Businesses that must secure this policy type include:
- Harbor workers
- Maritime construction workers
- Dock builders
- Marine contractors
Employers with companies that conduct business near the water must have adequate USL&H coverage to cover illnesses or injuries sustained by employees while performing job tasks. Benefits depend on the worker’s earning capacity and wage loss following an injury.
Even in the best of times, needless spending on insurance premiums just doesn’t make sense. If you need to save money or simply want to trim the budget, here are three simple things you can do to lower your auto insurance premium.
If you have an older vehicle, you may consider dropping collision or physical damage coverage entirely. According to the agents at Glendale Insurance Agency, many polices pay out actual cash value which factors in depreciation, meaning you may get very little back in the event of a total loss.
In the event of a covered loss, the deductible is the amount you would pay out of pocket before the insurance company contributes its share. Some customers prefer to raise the deductible and take the risk of paying a little more for a loss that may never happen in exchange for significant premium savings now.
Vehicles are rated by the amount of miles driven on a weekly or yearly basis. If you’ve recently retired or have begun working from home, you may be eligible for a lower rate. The saving are especially significant if the change comes from a youthful driver who no longer commutes to work or school or now has his own insurance.
Auto insurance is vital to being responsible on the road, both for yourself and other drivers. However, it’s always a good idea to examine ways to lower your premium.
Both federal and state-level governments have taken steps to ensure that the United States’ labor force is protected from exploitation and hazardous working conditions. While there are rules governing working conditions, there have also been regulations to address workers’ benefits and wages.
The Importance of Workers’ Compensation
Under workers’ compensation legislature, eligible injured workers receive both medical care and partial repayment of lost income for injuries sustain on the job. This coverage is offered through a benefits plan, with the limitations of an application being influenced by the size and scope of the business. This coverage also protects employers from being sued by employees who were injured while working.
The Eligibility of Workers’ Compensation
There are many variables in determining eligibility for workers’ comp, though the primary factor for companies required to carry it is how many employees are on payroll. There are some smaller businesses and services that elect to carry and offer this coverage to their employees, and an FLDFS proof of coverage search would reveal which employers offer a policy.
State governments determine what coverage is required, and some states dictate where the plan must be purchased. Employers that don’t comply are exposed to heavy penalties from state authorities, as well as the financial burden of settling an accident or injury claim out of pocket. Either of these situations could be devastating for a company.
Spending money on insurance is one of the least pleasant experiences of vehicle ownership, but it is something you can’t afford to go without. For those who like to cruise around town or on long country drives on a Harley or Indian, motorcycle insurance is a must-have. Here are some basics concerning this coverage.
It’s a Preventative
For any insurance coverage, it is better to have it and not need it, than to need it and not have it. Beyond the wisdom of protecting your financial interest, most states require a minimum amount of liability coverage for any motorcycle being registered. You avoid paying a fine, having your motorcycle impounded, and paying thousands to resolve an accident when you carry insurance.
It’s a Support
For those who carry minimum liability, it is only enough insurance to handle the aftermath of what happens to the other driver when you cause an accident. Though creates a cheaper premium, it doesn’t mean your own injuries or bike damage will be covered. With the right plan, you have the financial support needed to address bodily injury and property damage. When you compare paying for these costs against your premium, the insurance plan is the better deal.
It’s a Comfort
As you take your motorcycle to work and navigate crowded streets, it is comforting to know that you have the protection you need in the event of an accident. Though it would be a devastating situation, financial peace of mind means a lot.
Taking out the right insurance plan can make all the difference when it comes to the long-term success of your business. Every industry has unique risks, which means you want to make sure your insurance package is tailored to the specifics of your field. If your business involves vessels that operate on navigable waters, you definitely need to understand United States Longshore & Harbor coverage and how it compares to a traditional package for Workers’ Compensation.
The Basics of USL&H
Understanding how USL&H insurance works are quite simple. Essentially, workers who are on boats and other large sea-faring vessels on navigable waters are in a unique position when it comes to insurance. Being both at sea and possibly away from the shores of the country where the business is based creates obstacles. United States Longshore & Harbor coverage tackles this problem by providing ample coverage for all workers who are at sea. Opting for this type of coverage is not only helpful for your business, it also is required for certain businesses. Additional points to consider include:
Properly Protect Your Employees
To properly protect your business from the risks of your industry, you need insurance that can rise to the challenge. Look into how United States Longshore & Harbor coverage works and determine if it is needed for your business.
General liability is not legally required for non-commercial owners in the aviation business. However, the majority of accidents and crashes involve small aircraft and private owners. This often leaves passengers injured in a crash to pay for their own medical expenses afterward, a path that could lead to lawsuits. Why risk all of that when you can invest in general aviation insurance?
General Liability Insurance
General liability in the aviation industry can fall on the owners and pilots of aircrafts that get in a crash. General aviation liability insurance is designed to protect everyone involved, including the owners, pilots and passengers. It can cover property damage as well.
Most insurance companies provide plenty of options for aviation coverage depending on your needs and uses. Whether you have charter or corporate planes, helicopters or experimental aircraft, you can find a policy that covers yourself and your property. You can also get coverage for financial institutions. Specialized insurance is available that covers specific parts of the aircraft, family travel and medical expenses.
Most other insurances don’t cover anything aviation-related, so you will need to look into policies specifically for aircraft. Take out insurance before you fly to give you the peace of mind that you are covered in case an accident occurs.