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.
Business insurance is not always a cut-and-dry process. In fact, there are plenty of factors that can influence whether or not a policy makes sense for the needs of your company. If you are not aware of all the options available to you, then it stands to reason you are missing out on a more helpful form of coverage. For example, a Risk Retention Group might be the self-insurance option you have been looking for to keep your business booming.
The Risk Retention Act
Understanding RRG insurance is all about looking at where the idea originated. After the Risk Retention Act of 1986 was passed, it was possible for group captive insurers to assume the risks of commercial liability exposures related to the members of the captive. Though this can seem laden with industry jargon, it essentially means that you have lots of interesting options to mull over when it comes to how and where you obtain your insurance plan. Areas that an RRG plan could prove advantageous include:
Understand Your Options
Staying familiar with all of the insurance options available to you is a surefire way to ensure your business gets the attention it deserves. Learn about Risk Retention Groups and determine if this type of coverage applies to your company.
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.
Operating a trucking company can put you in an interesting position when it comes to insurance. While all industries offer unique insurance challenges, the transportation field comes with a ton of risks and variables. Every single time a driver gets behind the wheel of a company truck, there is the potential for an accident. To cover all potential risks, you want to focus on taking out a plan that will keep your workers safe and help you protect your vehicles and other company assets.
Occupational Accident Insurance Basics
It is always best to consider the specifics when providing insurance for your drivers. When you have a strong idea of what occupational accident insurance for trucking companies is, for example, it can provide you with a much easier experience overall. Occupational coverage typically includes an array of commonplace risks associated with the transportation industry. What’s more, it can also be used as a way of providing workers’ compensation coverage in some states. Be sure to check over local regulations to know what applies to your state. Additional areas to focus on include:
- Coverage for independent contractors
- Weather and road hazards
- Proper coverage for the vehicle itself
Research All Your Options
There are several ways to go about providing your drivers with ample coverage while they’re on the road. Review the basics and get a better feel for all the options available to you.
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.
You work hard to provide your clients with the best services available and your company has taken the necessary steps to prevent and detect errors and omissions during the brokering process. However, the duties of a mortgage broker are many and varied, and mistakes do occasionally occur. These can easily lead to costly lawsuits, which is why errors and omissions insurance should be a component of your company’s risk management strategy.
What Does It Cover?
Professional indemnity for mortgage broker typically covers a wide range of errors and omissions arising during the performance of your professional duties. Examples of common claims include:
- Inaccurate counseling or advice
- Failure to disclose or wrongful disclosure of terms
- Unlawful foreclosure and eviction
- Perceived discrimination in underwriting
- Incorrect ARM adjustments
Are There Any Exclusions?
While E&O policies provide protection from many different claims, there are some exclusions. These primarily result from deliberately unethical or illegal actions. A policy will not provide coverage if a claimant proves that you or your company has, for example, engaged in intentionally dishonest or fraudulent acts or that there has been a conflict of interest from which your company has profited.
Despite these few exceptions, errors and omissions insurance provides vital protection from potentially expensive litigation. An expert in professional liability insurance can ensure that your brokering company is prepared for any eventuality.
If your business relies on one or a few key people whose death or departure would greatly affect your ability to continue operations as usual, you probably need key staff coverage, even if you don’t know it. This form of life insurance is typically taken out for company founders, top tier decision-making executives, and other professionals whose day to day guidance steers the entire organization. While it’s easy to see how large companies could require these policies, they’re actually vital for small companies, especially those that are still founder-run.
Protect Your Business Finances From Disruption
The main goal of key staff insurance is to provide a financial buffer during the turbulence that comes in the wake of the loss of a vital member of your strategic team. When these professionals depart under normal circumstances, you have the chance to plan for it and to work with a transition team to bring in new talent that can fill the role. This isn’t so when someone unexpectedly passes away, and the sudden vacuum can devastate the daily processes that keep companies moving. Often, insurance is not only taken out for company leadership, but also for specialized positions where replacement staff could be difficult to find. For an evaluation of your company’s needs and likely key roles, talk to key staff insurance professionals today.
The statistics for work-related injuries are shocking. 2.3 million people die every year due to work-related accidents and injuries. Outside of the deaths, there are 340 million work-related injuries and 160 million work-related illnesses that take place each year. If you are not covered with a workers’ compensation policy and still want to be insured in case something goes wrong, occupational accident insurance may be for you.
How Does Occupational Accident Insurance Protect You?
This type of insurance provides coverage to employees who are injured or killed in a job related incident. It stands as an alternative to workers’ compensation and can be extremely appealing due to its much lower cost. Occupational accident insurance is about 50% cheaper than workers’ compensation. If your company does not need all the benefits that a comprehensive workers’ compensation policy provides, this type of insurance may be your best option.
While occupational accident insurance is much cheaper than workers’ compensation, it does come with drawbacks. The biggest of these drawbacks is the fact that occupational accident insurance does not cover legal expenses. Because of this, business owners need to be aware that they are assuming a certain amount of financial risk by using this type of insurance.
As the owner of a business, you need to insure your employees in case any of them are injured or killed at work. Occupational accident insurance can be a great alternative to workers’ compensation if you don’t need all the benefits that workers’ compensation provides.
Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.
Marina Liability Protection
Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.
Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:
- Real estate
- Personal property
- Docks, piers and wharves
- Owned vessels
- Operational equipment and tools
Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.
Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.