For Many Businesses, Umbrella Insurance Makes Sense

Running a business can often be a risky enterprise. Most business ventures come with so many risks that must be considered, and insurance is the only viable solution for the exposures you will encounter throughout the life of your company. Exposures for liability and other types of damage can be extremely harmful, and in some cases, can have a devastating effect from which a lot of companies may find it difficult to recover from.

Imagine having to deal with a single damaging lawsuit; this could easily result in a major settlement that could cause the financial demise of your business. Plus owners could end up suffering personal financial losses as well. This is the main reason why commercial umbrella coverage from Get Preferred Insurance makes so much sense. It can protect your organization when a negative event occurs that threatens your livelihood.

Main reasons why businesses fail

Without proper insurance in place, a company has little chance of surviving. If your actions, or that of an employee results in major damage to, or destruction of, a client’s property and you become embroiled in a significant lawsuit, just the cost to defend yourself can be quite costly. This situation can bring about great stress and anxiety to managers and directors, and might possibly be the beginning of the end of the business.

Umbrella policies were created to provide additional coverage when a lawsuit is brought against a company or individual over injuries and/or property damage, and the settlement amount exceeds the liability limits on any current insurance policy. For example, if a plaintiff sues over an incident involving a product they purchased that causes injury or damages, a lawsuit of this type could easily exhaust any standard policy limits currently in place.

Injuries can result in multi-million dollar judgments

Because of their line of work and the expertise involved, a doctor or a professional ball player sustaining a severe injury would obviously have a devastating effect. Your company could find that lost wages, medical bills, and pain and suffering could cost millions in recovery fees. If the injured party cannot work for several years, a commercial umbrella insurance policy from Get Preferred Insurance with limits that match any extremely high settlement amount would be your saving grace.

 

Banking Institutions and Addressing Cyber Concerns

Let’s just face the fact that cybercriminals are not going away anytime soon. They hide in the shadows, attack individuals and corporations, even governments, and make ransom demands in exchange for returning stolen information. Banks and financial institutions make very good targets as well. The scope of cyber liability insurance coverage carried by lenders should be commensurate with the level of risk involved with their operations and the type of activities they’re involved in.

Financial Guaranty Insurance Brokers want you to understand that not all cyber insurance products are the same. Coverage options often vary among the products offered by the many different insurance carriers on the market. That’s why it’s important to partner with a broker that really understands the banking industry, that has been partnered with banks and other lending institutions long enough to sift through the intricacies that make up this business sector.

Limiting the damage associated with a breach

Financial Guaranty Insurance Brokers is experienced in placing tailored cyber insurance coverage. Cyber liability insurance is being made available to help lessen the blow of any financial impact data breaches and other types of attacks can have on a financial institution.

Perhaps the biggest financial consequence to these organizations experiencing a data breach is the loss of business, primarily due to reputational damage that results in a lack of faith. Following a breach, these enterprises need to gain a foothold and take the necessary steps to regain customers’ trust. Financial Guaranty Insurance Brokers want to help you to reduce any long-term financial impact that may result from a situation such as this.

Cyber insurance policies are often quite complex. You need an agent willing to take the time necessary to go over specific details, including any exclusion that exists, which is vital to your understanding of the coverage that you’re purchasing. The professionals at FGIB are more than willing to review any areas you may be unsure about, as well as the required procedures and controls to help better protect your data. The primary goal is to prevent or limit the fallout from a cyber attack using the insurance policy that you purchased.

 

The Purpose of Professional Liability Insurance

No doubt, you are good at your trade. You have all the education, experience, and ethics necessary for being successful in your field. You may even rarely have complaints from clients. However, no matter how perfect you are at your job, mishaps are bound to happen. It may be an honest mistake or a false accusation. Either way, you need the protection of Carmel professional liability insurance for these situations.

Also known as errors & omissions, this type of insurance is for more than just the medical field. It covers all industries, such as construction, accounting, law, real estate, IT, business, and even insurance. Anyone who provides a professional service must meet expectations in performance, and when you fail to meet those standards in some way, you can find yourself battling lawsuits that cut significantly into your profits, even if you win.

Prepare for the unexpected and unintentional through Carmel professional liability insurance tailored to the specific challenges you face in your occupation. Get the coverage you need for the risks that are highest to your job for the most protective and relevant policy. The right insurance provider can also help you to minimize exposure to these risks, not only to prevent them from occurring, but also to reduce your insurance costs.

What is BPL Insurance?

Banks are inherently at-risk due to the nature of the jobs they perform. Financial institutions handle large sums of money daily subject them to professional liability risks. Bankers insurance can help protect from some of these risks.

Bankers professional liability insurance is a type of errors and omissions coverage written specifically for banks, credit unions, savings and loans companies and other similar financial institutions. It protects banks and their employees from the expenses associated with providing a defense in a lawsuit or paying a judgment should the plaintiff win. It protects companies and their employees against claims that a professional service provided caused the client to suffer financial harm due to mistakes made by the institution or its employees or because the institution or its employees failed to perform some service.

Banks could be sued for a variety of reasons. While professional liability insurance covers a lot of things, it does not cover deliberate violations of law, fraudulent or dishonest behavior or other criminal acts. It also does not cover an invasion of privacy, slander, defamation or libel.

Bankers can purchase insurance tailored to their unique position. It can cover directors, officers, full-time, part-time and seasonal workers. “Banker” is a broad term that covers a lot of professionals working in the banking profession.

Bankers insurance can be purchased as a stand-alone policy or it can be added to an existing insurance plan.

Workers Comp Coverage for Temp Employees

For the most part, workers’ compensation guidelines for staffing agencies, or employers, are the same as if they were permanent employees, except when it comes to paying insurance premiums. The temporary staffing industry is responsible for ensuring that each employee it sends on a job is covered for accidents, injuries or illnesses with the proper amount of staffing insurance as outlined by state laws.

Jobs classification

Jobs are classified by a risk classification under workers’ compensation, and as an owner of a staffing agency should know, this is coupled with the type of work the temp employee is being asked to perform. For example, providing office workers is much less of an insurance risk than providing workers for warehouse duties. Each job must be classified according to the risks associated with the job in order to ensure the correct amount of insurance coverage has been obtained.

Accurate recordkeeping is important

Temporary staffing agencies must also keep accurate records of all temp workers. This includes where the employee worked and for whom, the type of work being performed, the number of hours completed, and the rate of pay. This information is vital for setting the premium rates for your workers’ compensation insurance. Records should contain the employee’s name and social security number, along with a date of hire, job title, termination date, compensation type (such as hourly or commissioned salary), payroll deductions, gross pay and job classification.

Workers’ compensation premiums for temporary staffing agencies continually change based upon the number of workers in a given period and the number of hours that they’ve worked. For commissioned employees, staffing employers might need to choose between the actual number of hours worked or assume an eight-hour, five-day work week for calculation purposes.

Most staffing agencies use a work order system to provide services to companies that need temp workers. The work order, or job order, is the request made by the prospective employer to the temp agency. Work orders must be made for each employee on assignment to ensure accurate workers’ comp coverage.

Injuries and accidents are an unfortunate part of running a business, and your staffing insurance provides for employees unable to work due to on-the-job incidents that result in the temporary or permanent disability. Not having a policy is not only negligent but in most states, it is also illegal. Speak to an agent about your requirements regarding coverage.

 

Liability Concerns for Transportation Specialists

Because the trucking industry is well represented in the Lone Star State, Texas is well positioned to take advantage of business opportunities related to the Panama Canal expansion. The added risks and exposures bring the need for insurance for truckers that really address the issues they face. No company wants to be underinsured in instances where a claim could result in a serious financial loss.

Coverage is vital in order to protect against damage or injuries to others that may occur as a result of accidents while on the road. Plus, certain policies are needed as mandated by the State and Federal agencies and a form of proof is required to be sent to them. Motor truck cargo insurance provides legal liability coverage for truckers, whether common or by contract, while they are transporting the property of others. The policy protects the insured trucker and any covered property in his or her possession.

Get the protection necessary to avoid fines

Coverage is generally rated and can be supplied to you on a scheduled vehicle basis. This means that if the vehicle is not on the schedule then there is no policy is required. A problem can arise when there is a large fleet being insured during the policy period. Exercise care and diligence when communicating with your broker to avoid gaps in coverage. With only a few vehicles to insure this is generally not a problem.

Various policy endorsements may be available to extend alternative coverages to your auto liability. Pollution liability, which is common in this industry as it relates to the use of vehicles, is a form that should be given much consideration. Various deductibles are available to allow you to absorb some of your losses and reduce your overall cost for your policies. Interstate truckers will likely need special endorsements that will extend coverage to the regulatory agencies.

Certain policy limits for insurance for truckers exists for operations with trucks over 10,000 gross vehicle weight as required under state laws. This limit is set by the Federal Highway Administration (FHWA) on interstate travel and is generally matched by various states. Speak to an agent whose specialty is cargo and transportation insurance about any questions you may have.

 

Important Points About BOP insurance

No matter how hard you work for your business, there are always risks. Large corporations and small businesses alike have to deal with profits disappearing when some kind of disaster strikes. Whether it’s a natural disaster or accident, you can lose everything without a moment’s notice. This is why it’s so important to stay covered by insurance. Specifically, you want to have Indiana BOP insurance. Here are a couple of reasons why.

Emergency Coverage

Most business owners don’t have the money to replace everything in case of storm damage or a fire. When these kinds of emergencies strike, they can take the entire business down with them. With insurance, however, there is a possibility that you can have your money returned to you for the losses on your commercial property.

Liability Coverage

In addition, Indiana BOP insurance can also help cover your company’s legal responsibilities. Say that someone is harmed on your property as a result of negligence. If you don’t have any insurance, then you won’t be able to make payments on the other person.

BOP insurance is important for every business owner to look into. When it comes down to it, there are more benefits than anything else. No one knows when a disaster is going to strike, but it helps to always be prepared.

Protect Your Company With Business Liability Insurance

When you have a business, it is important that you have the right types of insurance policies. General liability is one of the policies that businesses of all sizes need. When you explore the different policies, keep your business in mind to determine how comprehensive you need your policy to be before purchasing one from a reputable guaranty insurance company.

When you have business liability insurance, it works to protect you against an array of different claims that someone might make, such as personal injury. In most cases, this type of policy will be combined with a policy for property insurance.

In addition to personal injury, this type of policy may also cover issues, such as loss of confidential customer data or wrongful termination. For example, if you have to let an employee go and they feel that they were terminated for something, such as discrimination, should they be granted a financial award, this type of insurance may kick in and take care of most of the cost so that you do not have to come out of pocket for this expense.

You can see that business liability insurance is important for all companies. Once you are ready to get started with a policy, make sure to get one from an experienced guaranty insurance company.

Protecting Your Valuable Marine Equipment

The entire marina industry enjoys continual growth opportunities with every coming year. It also faces new challenges with this growth, often leading to unpredictable costs, and the possibility that anyone involved in the business could one day experience a catastrophic loss. This means investing in the protections that can keep a business profitable and able to withstand any storm that comes its way. By utilizing risk management solutions specifically for the maritime industry you’ll reduce many of the exposures that could one day be an issue.

This requires enlisting the aid of an insurer with specialized marine expertise. By working with a knowledgeable broker you can be assured that he or she will help you in determining and prioritizing exposures that you may face and also help to decide how much risk your balance sheet can retain. Your purchase of insurance for marinas can keep you afloat and keep you riding high on smooth waters.

Covered losses

Most marine insurance policies provide coverage in the event of a sinking. But the extent of the coverage depends on the reason why the vessel sank. An accident will generally be covered, while a yacht that is left in bad repair, or is deemed “unseaworthy” and winds up lost at sea will probably not be covered under most policy agreements.

Many smaller boats and personal watercraft can, if not properly stored, be easily stolen. This is why most policies for insurance for marinas will include additional security requirements for these types of vessels. For example, there will often be a requirement that the vessel is anchored to an immovable object and fitted with a proper locking device.

The last thing you would want to have happened is a situation where your insurer rejects a claim because it says the security requirements were not being met by you, the insured. While the security requirements should have been brought to your attention, this may not always be the case. Since you value your expensive property it would behoove you to take the necessary precautions to ensure that all valuable equipment is kept under lock and key.

What You Should Know About Auto Insurance

Buying car insurance, just like any other type of insurance, can be confusing. If you’re in the market for LA insurance, here are the most important things you need to know about auto insurance.

The risk involved with owning and operating a vehicle depends on your personal situation. Safety features of your car, how often you use your vehicle and the number of miles you drive each year are only some of the factors that determine your risk and an insurance agency takes aspects like these into account when calculating your rate. The most important feature of car insurance policies is liability insurance. It protects you against losses from legal liability due to property damage or bodily injury that results from an accident with another person. Furthermore, it is recommended to add medical payments coverage as this covers the cost of medical care you receive as a result of an accident. Medical expenses can add up quickly if not properly insured. Physical damage coverage, such as collision and comprehensive coverage, is recommended for everyone but especially important if you own a new vehicle or still pay on your loan. Even though every vehicle owner is required to be insured, some decide to drop their insurance. If the other person involved in the accident is not insured, you would have to pay for the damage that you and your vehicle sustained. That’s where uninsured or underinsured motorist coverage comes in.

Keep in mind these facts about auto insurance. That way, when you’re ready to purchase LA insurance, you’re able to make an educated decision.