Key Considerations for Physicians Choosing Long Term Disability Insurance

Picking a long term disability insurance policy can feel like a daunting prospect for any physician. However, selecting the right long term disability insurance for physicians does not have to be a stressful or time-consuming task. Physicians should be able to narrow down their options quickly by focusing on the following simple factors.

Policy Limits

For most physicians, ensuring that a disability insurance policy offers adequate income replacement should be a top priority. Physicians should consider their current income and look for a policy that covers at least 50 percent of it. Physicians with substantial savings can opt for lower coverage, but they should remember that a disabling condition may easily outlast an emergency medical fund.

Fine Print

Next, physicians should check whether a given policy offers adequate protection. Physicians may want to consider the following questions:

  • Is the policy cancelable? Physicians are left vulnerable if an insurer can cancel a policy or change its terms.
  • Does the policy address the physician’s specific occupation? A policy should recognize conditions that are disabling given a physician’s specific job duties.
  • Does the policy only require own-occupation work? Ideally, a policy should award benefits if a physician cannot work in his or her regular occupation, even if the physician can work in a related field.

A policy that meets these terms should provide more comprehensive protection than a policy that is less stable or less occupation-oriented.

Finding the Right Fit

When purchasing long term disability insurance for physicians, physicians may benefit from partnering directly with an insurer that specializes in insurance policies for medical professionals. This ensures that the final policy will be optimally structured to address the physician’s unique needs and areas of risk.

 

 

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Directors Liability Insurance for Much-Needed Protection

There is very little that directors of an organization can do to diminish the complexity of the business model that makes up their duties, as well as the legal and regulatory environment in which they constantly operate. The fact is, directors often find themselves working in an extremely difficult environment. Many of the fundamental principles governing their conduct constantly come under increasing judicial and regulatory scrutiny.

One serious concern is the legal ramifications when a lawsuit develops questioning their use of power within their position. Fortunately, a great deal can be done to protect the personal assets of directors. Directors liability insurance, or directors and officers (D&O) insurance protects against legal claims for wrongful acts performed by corporate directors or officers as part of their corporate duties.

Types of claims associated with this position

Wrongful acts include omissions, errors, misleading statements, misstatements, neglect or breach of duty. Beneficiaries are generally the directors, officers or, in some cases, the corporation. Shareholder groups have only added to the problem by pressuring corporate management to make dramatic changes along with what they feel are improvements in order to remain economically competitive in the complex world markets of today.

While there may be no single solution for protecting directors from liability issues, directors liability insurance can be an effective tool in mitigating a firm’s overall exposure. Many agencies are available to provide D&O insurance designed to protect a director or officer of a firm for liability due to breaches of duty resulting from any of the aforementioned accusations.

Directors coverage is typically underwritten on a one-year basis for a single aggregate limit of liability. Most corporations will purchase entity coverage in one form or another, or have a predetermined allocation for securities law claims as a means of avoiding much of the traditional allocation of loss that normally occurred under previous D&O policies.

It’s a sad fact that allocation can often result in disputes between D&O underwriters and policyholders as to how certain elements of a loss, for example, uncovered policies or wrongful acts, should affect the ultimate amount of insurance recovery.

While there is little directors can do to diminish the complexity of the business, legal and regulatory environment in which they operate, a great deal can, and should be done to protect the personal assets of directors through a combination of strong corporate governance, broad corporate indemnification, and implementation of a risk transfer program that includes a high quality directors liability insurance program.

 

 

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Making Sound Decisions on Orlando Auto Insurance

Here in Orlando a motorist might enter into a state of shock when their attorney tells them that they are going to have to pay tens of thousands out of their own money in out-of-pocket expenses even though they were not the cause the accident (and the at fault party complied with the Florida insurance laws).

The minimum requirements for car insurance in Florida

Drivers must have $10,000 worth of property damage coverage to pay for the other person’s car repairs when found at fault. In addition, motorists must have $10,000 worth of personal injury protection (PIP) to pay for medical bills and lost wages (Florida is a no-fault state and your own insurance company must pay 80% of your medical bills and 60% of your lost wages up to $10,000).

These are the only requirements in Florida in order to get behind the wheel of a car and drive. It’s estimated that over 50% of people on the road carry only this minimally required insurance and many have none at all (and are therefore driving illegally). So, given these statistics, chances are you will not be prepared unless you have planned ahead and taken care of yourself and your family by buying adequate insurance.

How much Orlando auto insurance is needed for adequate protection?

All drivers should purchase collision insurance on their auto policy. If you do not have collision insurance you’ll have to pay out of pocket to repair or replace your vehicle if the damage to your car is more than $10,000, the at fault driver is driving illegally with no insurance, or you caused the accident.

Purchase extended personal injury protection (PIP). $50,000 to $100,000 is the recommended minimum to protect you in the event that your medical bills and lost wages are more than $10,000. (Remember that $10,000 in PIP coverage goes rather quickly when medical attention is required).

You may also want to consider purchasing medical payment coverage ($5,000 is the recommended minimum), bodily injury liability ($100,000 per person/$300,000 per accident recommended, or more if you have substantial assets), and uninsured and/or underinsured motorist coverage ($100,000/$300,000 recommended minimum). This is because, if the at-fault party has little or no liability insurance, you won’t have any other recourse.

 

 

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What Goes Into Cheap Car Insurance?

If you’re looking for cheap car insurance in Orlando, FL, you may feel a little overwhelmed at all the options available. One of the best things you can do is brush up on your insurance terms before you speak with a representative. Knowing what the standard insurance jargon means will help you make a more informed decision about the coverage that’s right for you.

Available Coverage Options

There are generally four coverage options that fall under car insurance, and you can mix and match them to ensure you get cheap car insurance in Orlando, FL.

  • Collision coverage – Protects you from loss in the event that another vehicle hits yours
  • Liability coverage – Safeguards you from loss in case you cause personal injury or property damage while driving your vehicle
  • Comprehensive coverage – Covers the costs associated with vehicle damage caused by non-collision related incidents, like theft or fire
  • Medical coverage – Takes care of any medical expenses incurred by the driver and occupants of the insured vehicle

Make It Personal

Consider your situation when you purchase car insurance. Many insurance agencies will help you pick and choose the coverage options that are right for you. However, you need to be sure that you have the legal minimum required by the State of Florida. With the right car insurance, you can drive with peace of mind, knowing that you’ve taken the proper steps to protect your financial future.

 

 

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Five Reasons to Buy Miscellaneous Professional Liability

In this Age of Litigation, it is wise to consider what protections are available in the business community. Miscellaneous professional liability protects against financial loss if you are sued for underperformance, low sales or even artistic appropriation. Here are five reasons to consider coverage:

1. Litigation is on the rise.

Disgruntled people these days take their claims to court. Regardless of whether or not a claim is deemed legitimate, the publics urge to exercise its right to use the legal system is strong.

2. Legal defense is expensive.

The cost of going to court is more than monetary, although the dollar amount may be high. There is also work time lost and possible loss of professional standing.

3. Contracts have their limitations.

Employment contracts may cover much ground, but they are typically limited in the amount of protection they deliver in court. Contracts are often easily challenged in areas of professional liability.

4. More clients are requiring Errors and Omissions.

Many companies want the professionals they hire to carry miscellaneous professional liability. In a competitive job market, it may provide the edge in securing a project.

5. MPL insurance is cost-effective.

Carrying a liability policy inspires confidence in potential clients, and lets them know you are a responsible professional in your field. The cost of carrying a plan makes economic sense when you consider the potential costs of a single lawsuit.

 

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Employee Benefits Programs Offered Through Insurance Companies

Being able to offer your employees a competitive benefits package is important for many reasons. It helps attract and retain talented employees, helps make sure all you employees are happy, and makes everyone feel appreciated. Some Santa Clara Insurance companies are now offering employee benefits programs to help companies do all of these things. What kind of benefits can they offer?

Health Plans

The most important thing you can offer your employees in a benefits package is a health plan. Many insurance companies offer a wide selection of plans for you to choose from on behalf of your employees. These plans can include consumer-driven health plans, group health, long-term care, and disability.

Retirement Plans

After health plans, the benefit most requested from businesses is a retirement plan. The most common retirement option is the 401k. This is an excellent benefit to offer your employees. A 401k is largely regarded as one of the most important criteria for job acceptance with a potential employer.

Life Insurance

Going the extra mile for your employees makes them feel appreciated. Offering life insurance will make them feel secure, both at home and at work. Many insurance companies offer plans that you can tailor to your company’s specific needs.

Offering your employees a competitive benefits program has never been easier. Contact your local Santa Clara insurance broker to find out what they have to offer you and your employees.

 

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Restaurant Insurance in Texas: An Overview

When you own and operate a restaurant, you automatically have a high potential for losses or accidents. A large staff, late hours, heavy equipment and high temperatures together create an ideal environment for injuries and accidents, whether slips and falls, severe burns, food poisoning or any number of other occurrences. One of the easiest ways to ensure your business stays protected in the event of an unfortunate incident is to explore your options as far as restaurant insurance in Texas.

Just What Does Restaurant Insurance Typically Cover?

Restaurant insurance policies vary substantially from one to the next, but they can be designed to guard against an extremely broad range of events and occurrences. Common coverage options include, but are not limited to:

  • Property damage resulting from weather or a fire
  • Loss of income due to supplier or utility issues
  • Slips and falls
  • Food poisoning

Essentially, restaurant insurance in Texas covers a wide array of restaurant accidents and incidents for which you could otherwise presumably be held accountable.

Running a Restaurant Means Understanding the Risks

As a restaurant owner you know to expect the unexpected, whether that means running out of roast beef or having your kitchen flood during Friday nights dinner service. Restaurant insurance is designed to protect you when the unexpected occurs, so you dont lose your lifeblood over one isolated incident.

 

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What Is Covered by Errors and Omissions Insurance?

Errors and omissions insurance is an important form of business coverage. Policies of this sort are designed to protect your financial well-being in the case of real or alleged negligence. An E&O wholesaler can help you find the professional liability insurance policy that best fits your needs.

Major Areas Covered by E&O Insurance

When you purchase E&O insurance, you are protected against many common hazards of operating a business. Some of the most common areas covered include copyright infringement, omissions and errors made by independent contractors, legal defense costs, incorrect advice, failure of duty, slander, libel and negligence. This kind of insurance coverage only applies to goods and services. It does not apply to property damage or bodily injury.

How E&O Insurance Can Help You

Many IT professionals benefit from E&O insurance after a website or a database is infiltrated by hackers. This insurance covers both intentional and unintentional virus damage across a wide variety of platforms. It protects against financial losses and lawsuits, even when security breaches are caused by negligence. It is also useful for marketing professionals and consultants who may find themselves in accidental infringement of copyright. Errors and omissions insurance offers vital protection to businesses. You can find out more about this important form of insurance by speaking with an E&O wholesaler today.

 

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Directors and Officers Policy Covers Leaders in All Types of Industry

When a legal claim is brought against a director of a company, it is said to be for any actual or alleged act, omission or error judged to be a breach of duty in the discharge of his or her duties. This may be translated as financial mismanagement, or it may mean charges of wrongful termination. Claims often run very high. Directors and Officers for private companies helps cover a company’s legal fees when a lawsuit is brought against a director or officer.

Who Can Benefit

Claims of discrimination or sexual harassment may be brought against an officer of any kind of business. Regardless of the validity of the claim, processing it takes time and money. Affordable D&O policies are now available for companies of all sizes. Typically, an operation must have revenue of at least $500K to be eligible. Businesses that may benefit include:

  • Agriculture
  • Auto Sales and Maintenance
  • Business Services
  • Entertainment/Media
  • Hospitality
  • Retail

D&O Provides Peace of Mind

Many directors in private companies have their own capital ties up into the business. Directors and Officers for private companies helps protect assets that otherwise might be lost to the courts. Another advantage to carrying a policy is that it may make the company more attractive to prospective hires. Having D&O in place lets a candidate know the company is interested in protecting its leaders and allowing them the space to do their job.

 

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What Goes Into Cheap Car Insurance?

If you’re looking for cheap car insurance in Orlando, FL, you may feel a little overwhelmed at all the options available. One of the best things you can do is brush up on your insurance terms before you speak with a representative. Knowing what the standard insurance jargon means will help you make a more informed decision about the coverage that’s right for you.

Available Coverage Options

There are generally four coverage options that fall under car insurance, and you can mix and match them to ensure you get cheap car insurance in Orlando, FL.

  • Collision coverage – Protects you from loss in the event that another vehicle hits yours
  • Liability coverage – Safeguards you from loss in case you cause personal injury or property damage while driving your vehicle
  • Comprehensive coverage – Covers the costs associated with vehicle damage caused by non-collision related incidents, like theft or fire
  • Medical coverage – Takes care of any medical expenses incurred by the driver and occupants of the insured vehicle

Make It Personal

Consider your situation when you purchase car insurance. Many insurance agencies will help you pick and choose the coverage options that are right for you. However, you need to be sure that you have the legal minimum required by the State of Florida. With the right car insurance, you can drive with peace of mind, knowing that you’ve taken the proper steps to protect your financial future.

 

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