Policy Options and Bop Policies in Atlanta

Every business owner needs to ponder the question, ‘Exactly what insurance policies do I need and how much coverage is adequate for my company?” The options available are many and these questions may have more than one correct answer. On the positive side, you don’t have to purchase every policy separately. The business owners policies (bop polices) in Atlanta are geared to helping small to mid sized businesses handle some of their most important insurance needs.

How does a BOP policy work?

As most business owners are aware, bop policies in Atlanta can help protect your company in the event of property damage, business interruption, or any legal issues that may arise. The policies are bundled and therefore provide multiple policies at a discounted price.

Property coverage

A standard BOP policy equipped with property coverage helps protect against a specific list of perils, such as fire, wind, hail, water damage, and vandalism. You’re probably better off insuring for “replacement value” rather than “actual value.” This will help you avoid having to come up with additional money in order to get the business back up and running.

The premiums will be a bit higher, but the extra expense may well pay for itself, especially if it means getting back to work in a matter of days rather than weeks or months. You may even be able to offset the extra expense by reducing certain types of risks to help lower your premiums.

Liability coverage

This coverage is vital if, for example, someone were to become injured while on your premises, by your employees, or due to one of your products. It can be used to pay medical costs for the injured parties or to defend against liability claims, even if a claim is unfounded. Liability coverage also helps protect against claims of slander or libel.

Business interruption coverage

If your business operations cease because of a disaster this coverage will help to replace the lost income and expenses related to operating from a temporary location, and keep payroll intact. There are many risks and exposures related to running a business and bop policies in Atlanta are just one way to offset these concerns.

Safety Training and Staffing Agency Insurance

Staffing firms need healthy employees in order to facilitate the needs of their clients. Managers and employees benefit greatly from a workplace that has fewer hazards, which in turn reduces the number of worker injuries, illnesses, and fatalities. They also need staffing agency insurance to aid workers who fall victim to illness or injury. Promoting and ensuring employee safety and their well being is the responsibility of every staffing firm.

In return, they receive the benefits of improved worker satisfaction, higher productivity in the work force, as well as collaboration, recruitment, and retention, areas that will all increase dramatically when employers promote and ensure safer and healthier work environments.

Safety equals productivity

Staffing agencies often hire individuals based on their level of skill in a particular field. When they have quality, and qualified temp workers they can help their clients fulfill their needs. These employers often have hard deadlines to meet, so safety needs to be a priority because, just having one person missing from the equation means certain deadlines may not be met.

Each employer should consider the hazards that currently exist that it is in a position to prevent and/or correct, and is also in a position to comply with OSHA standards. For example, staffing agencies that provide general safety and health training will have a lower percentage of work place incidents, and host employers that provide specific training tailored to their particular workplace equipment/hazards will also reduce risk and injuries.

OSHA chimes in

Occupational Safety & Health Administration (OSHA) has concerns that some employers may use temporary workers as a way to avoid meeting all of their compliance obligations under the OSH Act and other worker protection laws. They also have concerns that temporary workers get placed in a variety of jobs, including some of the more hazardous jobs.

They go on to say that temporary workers are often not given adequate safety and health training or explanations of their duties by either the temporary staffing agency or the host employer. Therefore, it is essential that both employers comply with all relevant OSHA requirements.

This is best accomplished through the establishment, and implementation, of employee safety best practices. By fostering a workplace culture that increases employer and worker awareness of safety procedures, staffing firms further demonstrate their commitment to maintaining a high quality work environment, and staffing agency insurance is a key component in administering care to injured and ill workers.

Damaged Goods and the Cargo Claim Procedure

No one likes to hear the words “lost”, damaged” or “destroyed” when it comes to cargo that has been entrusted to a shipping specialist. As an importer/exporter, your client’s container has a certain value, and the shipper is responsible for the goods reaching its destination safe and sound. As most freight forwarders will tell you, they also want your client’s cargo to be delivered without any damage taking place. However it is inevitable that from time to time, something will go wrong, and proper steps need to be taken afterwards.

When one of your clients experiences a loss due to improper handling of their freight or cargo they will probably need help with the cargo claim procedure, especially if this is their first time filing a claim. Naturally, each case is going to be different in some way, and each will require a different action; however one of the first things to investigate is the way the container was loaded, and the way the materials were packed.

Improper loading lies with the shipper

Evidence of improper packing or loading that would cause the goods to move around in the container will likely point to negligence on the part of the shipper. Maybe the damage occurred at the loading port, transfer port or upon arrival to the destination. The freight forwarder will likely urge you to notify them as soon as the decision to file a claim is made.

One necessary step may involve the freight forwarder taking action as a mediator between your client and the carrier. They should follow up the preliminary claim, supported with proof (i.e. pictures or video), with a formal claim that states the amount of the claim with a detailed breakdown of the charges incurred. A formal claim must include the commercial invoice and packing list along with any other documents deemed necessary.

It is the responsibility of the interested party to provide sufficient evidence stating carrier’s liability for the damages in order to mitigate the damages or loss incurred. In order to prove mitigation of the loss, the claimant has to show that the goods have been either disposed of, or sold at lower price. Protecting your client’s interest starts with an understanding of the cargo claim procedure when an unfortunate incident occurs.

Commercial Property and a Commercial Lines Rating System

A Commercial Lines rating System provides the insurance industry with a convenient way to formulate the costs for coverage in a variety of different segments where pricing is competitive. It allows for several quotes at once, which allows for a choice between carriers based on cost and coverage options.

In the case of rating commercial property, there are seven factors that control the premium development for commercial property:

  • Coverage form (building, contents, business income, etc)
  • Cause of loss form (Basic Form, Broad Form, Special Form)
  • Construction of the building
  • Occupancy of the building
  • Location of the property
  • Amount of insurance being written, and
  • Applicable coinsurance requirement

Specific rating versus class rating

For property that is not eligible for class rating, the property loss costs that apply specifically to a building and its contents are provided by WSRB in publications by street address. In addition, loss costs are developed as the result of an on-site inspection, and generally larger businesses or those involving more hazardous operations are specifically rated.

However, most businesses can be rated on a class basis, in which case similar businesses have similar exposure to loss and similar probabilities of sustaining damage. Exposures and probabilities are statistically analyzed, and loss costs are produced that reflect the chance of loss for a typical business in each class (CSP codes).

With class rating, loss costs can be modified to reflect how an individual business may differ from others in the same class. This information is essential to a Commercial Lines Rating System when determining the proper rates.

Special Form

“Special Cause of Loss” provides coverage for risks of direct physical loss unless excluded or limited. It’s important to understand that when rating a policy with special form, specifically rated properties as well as class rated properties are eligible. The amount of insurance and the coinsurance percentage must be the same for each cause of loss rated. Property in offices may be written as a separate item under “Special Causes of Loss” and the remaining property may be written under “Basic or Broad Causes of Loss” forms.

Business Coverages and CT Insurance Companies

When you open a business in the state of Connecticut you must be prepared to purchase coverage for all types of exposures related to running your particular type of company. There are CT insurance companies that can help you decide exactly what coverage that you will require. General liability insurance will protect you from lawsuits related to any actions by you and your employees. Property insurance protects the contents of the building, including equipment and furniture, as well as appliances related to the business.

You likely will have employees and you’ll be required to purchase workers compensation insurance as a result. If you use any equipment as part of your operations (and what company doesn’t?), you’ll benefit by carrying equipment breakdown insurance. And, if you are providing delivery service or using vehicles to transport goods or equipment, this will require you to purchase a business auto policy. This is only the tip of the iceberg. Let’s look at other coverages that are crucial to many business entities.

Some important insurance products and services

If your company has a board of directors they need to have protection from claims related to their duties to the corporation. Directors and officers coverage is designed for this purpose. Doctors, lawyers and other professionals, in addition to needing general liability coverage should also have professional liability insurance for the risks they face in administering advice and providing professional services to their clientele.

Because employees may make claims against their employers, or fellow workers, many companies invest in employment practices liability coverage. While having insurance in place is often crucial to the success of most companies, a good risk management plan can help avoid dealing with costly claims in the first place.

Now that nearly all companies rely on computers to help them in their daily operations, and private and confidential information is stored on the servers, a cyber liability policy has become somewhat required to deal with hackers and other potential cyber threats.

There are still other types of coverage to consider, which is why it’s important to sit down with an agent to discuss the types of risk involved in the running of any kind business and determine which coverage to purchase in order to protect against these exposures. A wiser investment cannot be made and CT insurance companies can provide the products and services that you’ll likely need.

Buying Commercial Insurance on a Financial Shoestring

Business owners are always trying to do more with less, especially when they are just starting out and are operating on the proverbial shoestring–they have to, in order to maximize their profits. In the early days, it’s easy to see such owners buying generic bathroom tissue and munching on homemade sandwiches for lunch rather than buying takeout from the Chinese place a few doors away, no matter how good it smells. Thus, it stands to reason that these folks are also going to be on the lookout for cheap commercial insurance as well, realizing the necessity of the coverage yet unwilling to pay a penny more than they have to for it. The lesson to learn here is that using the expertise of a professional insurance agent can really help these budget-conscious owners.

What can an agent do to help

A licensed, professional agent has access to a wide range of coverage from a variety of providers. He or she can ensure that owners are looking at the right mix of options based on the exposures that are most prevalent to that business specifically and the industry it’s a part of in general, based on a careful assessment of the operation. He or she will also review your existing policies to identify gaps in coverage, under- or over-value on policy limits, and evaluate whether your selected deductions make sense for your company.

Don’t wait too long

To give your agent the time necessary to conduct an assessment and obtain competitive quotes, you’ll want to start working on any coverage replacements at least 90 days before it is due to expire. This will give your agent plenty of time to amass your options and share with you the pros and cons of each one, and give you plenty of time to review the information, ask questions, and decide which way you want to go.

Contact your professional insurance agent to day to learn more about purchasing cheap commercial insurance for your business; coverage from a reputable insurer that will be around to pay a claim should one occur, but at a reasonable, affordable price that won’t bust your wallet.

Give Your Crime Policy a Helping Hand

All she wanted to do was make a nice profit with her business, is that too much to ask? That’s what Beverly thought to herself in despair when she received word that somehow, an internet transaction had gone terribly wrong–and instead of gaining access to the supposed customer’s information to extract the money for the purchase of the organic essential oils that Beverly carefully blended, the crooks had managed to hack a way into Beverly’s database and steal all sorts of personal and financial information. What’s worse, it could very well be that the thieves had some assistance from a dishonest person within Beverly’s organization. Fortunately, Beverly had taken the advice of her professional insurance agent who had recommended that as part of her overall risk management program, Beverly purchase a good crime insurance policy. Although the damages to her business amounted to several thousand dollars, Beverly was thrilled that her policy paid for all of the damages up to the policy limit; she was responsible only for a small deductible amount.

This advice was well-timed

Consider that small- and medium-sized businesses (Beverly’s is firmly in the former) are dealing with a Goliath-sized problem. As they seek to do business on increasingly varied electronic-based channels both domestic and internationally in order to keep up with how their larger competition goes to the marketplace, they typically lack the size, funds, and depth of experienced talent to build a sophisticated infrastructure that has the ever-evolving protections that are needed to stay abreast of high-tech thieves.

As Beverly knows, it takes more than just talent to make a buck these days–and keep it. A good risk management program with safeguards to help fight crime from inside and outside one’s business is key, and a good crime insurance policy is the deadbolt on top, if you will. Contact a professional insurance agent, who can help guide you in devising a program that fits the unique needs of your own organization, as well as assemble a comprehensive package of coverage to protect every aspect of your business operations.

Improved Conditions and Nursing Home Insurance Rates

Your client understands the issues and concerns of the elderly, which is why they opened a nursing home in the first place. Their intention was to provide the highest level of care for older adults outside of a hospital environment. Many nursing homes provide what is called custodial care, including aides who provide services such as helping residents to get in and out of bed, and also provide assistance with feeding, bathing, and dressing.

However, nursing homes differ from other senior housing facilities in that they also provide a high level of medical care. A licensed physician supervises each patient’s care and a nurse or other medical professional is almost always on the premises. This obviously creates added risks pertaining to claims of neglect, misdiagnoses, and other medical-related issues. This is further reason to look into obtaining the best nursing home insurance rates for your clientele.

On-site advanced care aids residents with health issues

For many of these facilities, skilled nursing care is available on site, usually 24 hours a day. Other medical professionals, such as occupational or physical therapists, are usually also available at scheduled intervals. This helps allow for the delivery of medical procedures and therapies on site that would not be made possible in other housing situations.

A major concern for families of residents is the often-misconstrued image of nursing homes as residencies that are poorly run, and as a place that doesn’t provide adequate care. While it is key to research homes thoroughly and visit as frequently as possible, it’s certainly not true that all nursing homes provide poor care.

In fact, just the opposite is generally true. There are currently more safeguards in place, due perhaps to televised reports of residents receiving poor treatment, or being mistreated, and facility’s have made an effort to do extensive screening of potential staff members, along with providing staffing information to the public in order to help gain public trust.

While many nursing homes have focused on making patient care their primary goal, some homes have gone even further by reducing the number of residents, creating smaller communities of 10 to 30 people within each home, with private kitchens, and communal areas for recreational activities, and improving continuity of staff. These types of improved conditions have had a positive impact on nursing home insurance rates as well.

Providing Clients with Texas Manufactured Home Insurance

While the coverage for mobile and manufactured homes is basically very similar to a standard homeowners insurance policy there are some differences of note. Manufactured homes, unlike homes built on a foundation, are capable of moving from place to place, and suffer greater damage from the elements, not to mention that they often become a total loss after a fire, or when caught up in a major storm.

Providing Texas manufactured home insurance can better help brokers protect their customers’ mobile or manufactured homes, their belongings and their families because we’re quite familiar with the types of exposures that this sector faces.

This means covering the most direct, sudden and accidental physical losses, including fire, lightning, explosion, vandalism, landslide, falling objects, and explosions. Your clients are also susceptible to burglaries, robberies, water damage from bursting pipes, damage caused by wild or stray animals, even the collapse of their homes from the weight of ice and snow, or wind and hail damage.

Mobile home fires can happen quite easily when no one is home, allowing the damage to spread unimpeded and potentially destroy the entire structure. To make matters worse, according to the National Fire Protection Association (NFPA), smoke alarms are missing in half of all manufactured homes.

Another concern you should have as an insurer is regarding manufactured homes sustaining damage from heavy windstorms. Most site-built homes are much lighter than a standard home and are at risk of blowing over.

Suggest they purchase optional replacement cost coverage

Having your clients select optional replacement cost coverage will entitle them to a settlement that reflects the cost to replace their damaged items with new property of comparable material and quality, without any deduction for depreciation.

Agreed loss settlement

If their home is destroyed by an insured loss, they can receive the full amount of insurance for their home (minus any applicable deductible).

Liability coverage

This provides coverage if they’re found legally responsible for an accident that causes an injury or property damage to someone who doesn’t live in their home. It covers costs like the victim’s medical bills, any lost wages from time off of work, pain and suffering, and property damage.

When it comes to Texas manufactured home insurance your clients need the right policy for a variety of conditions and exposures.

Finding Cheap Car Insurance in Virginia

Auto insurance is required in almost every state, but that doesn’t mean you can’t look for the best prices. Work with your insurance agent to find the best rates that protects you against theft and accidents to find cheap car insurance in Virginia. Before you renew your policy, make time to review it to know that you have the right coverage.

Know What You’re Paying For

Your policy may include different riders and fees. Go over these lines with your agent to make sure that they are still valid for your situation. For example, if you have paid off your car, you may be comfortable raising your deductible or dropping the comp & collision insurance, both of which will save money for you. There is a risk with this decision, but you may be paying more than your car is actually worth. Don’t just pay your premium without looking at what you’re paying for.

Ask About Discounts

Your policy may offer discounts for taking a defensive driving class or installing equipment for safety. It pays to discuss this with your agent, especially if you have teenage drivers who often get a good student discount. A small discount may not sound like much initially, but every little bit of money you save on your insurance lets you keep more in your wallet. Find cheap car insurance in Virginia by discussing your needs with your agent.