5 Ways to Save on Your Professional Liability Insurance

In today’s marketplace, your financial institution may find bankers professional liability insurance costs to be a big part of your insurance portfolio. It can be hard to manage the expenses over having peace of mind against claims made against employees. Your financial assets aren’t just on the line. It’s your brand and reputation. If you are trying to be financially conscious and fiscally responsible, consider some of these ways you might save money on insurance but maintaining coverage:

  • Discuss your needs with your insurer. Determine limits on your banker’s professional liability coverage that provide protection.
  • Bundle insurance policies when possible. Although professional liability generally isn’t bundled into a package, ask.
  • Don’t start and stop coverage. Maintain coverage for the long-term.
  • Choose a higher deductible. This can be a good incentive to reduce the risks of a lawsuit.

Keep your claims history clear. Be diligent about training employees and finding methods that prevent problems from happening. Errors do happen, but many types of issues can be avoided.

Know what your banker’s professional liability insurance covers and what it doesn’t. Illegal acts, intentional wrongdoing and false advertising are not covered. Maintain high standards with clients and employees to keep these problems out of your financial institution. Work with your insurer to avoid claims to keep premiums lower.

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Importance of Small Business Insurance

Business owners policy coverages help cover your business’s assets, income, and property against certain losses. BOP insurance typically offers three types of coverage: property, liability and business interruption. Some providers allow small businesses to purchase additional options and add them to a BOP bundle.

What it Covers

Small business owners policy coverages are sometimes referred to as commercial insurance. It usually provides protection against theft, fire, wind, lightning and falling objects. Policies may differ slightly depending on the provider. It is important you read over your small business policy carefully to understand all the details.

  • General Liability: This protects against lawsuits brought by individuals who are injured at your business as a result of negligence. It may also help pay medical bills associated with injuries as well as your legal costs.
  • Business Property: This helps protect your business’s building and its contents from certain damages and disasters. Your coverage will most likely have deductibles and limits. Make sure to purchase the appropriate plan for your particular business.
  • Business Interruption: This helps replace lost income or increased costs associated with a covered peril that interrupts your normal business. For instance, if a disaster makes your office uninhabitable, coverage would help pay for rent for a new workspace during repairs.

Conclusion

Many small businesses can benefit from business owners policy coverages. The main policies companies need are bundled in a way that saves you money while providing you with the basic protections you need.

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Tips for Finding the Right Insurance to Protect Your High Net Worth

Whether you come from money or created your own wealth, protecting your high net worth is vital to keeping it. High net worth individuals own businesses, expensive properties, luxury items and more. Insurance programs for high networth individuals offer a variety of coverage options and benefits to their policy holders beyond standard coverage.

Coverage Options

Having a high net worth exposes individuals to more liabilities than the standard person. With more money at risk, your insurance policies should address the potential for excess claims beyond the standard policy. In addition, some assets require different types of insurance policies. Popular insurance policies include:

  • Umbrella
  • Excess Liability
  • High Value Homes
  • Tenant Occupied Dwellings

Save Money

Bundling more than one policy together can save individuals money. Time is money for the high net worth individual. By using insurance programs tailored to the high net worth person, you save valuable time not having to research and compare rates, coverage options and terms.

Save time and money by using insurance programs for high networth individuals. Agents in these programs assess your risks and evaluate your liabilities. Policies are tailored to suit your particular exposures protecting your investments. Additional policies may be necessary to cover certain exposures or particular items. An agent can assist by answering any questions about exposures and coverage options you may have.

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Protect Your Law Firm with E&O Insurance for Attorneys

Due to the nature of the job, attorneys are particularly vulnerable to claims of negligence or failure to perform promised duties. Nationally, nearly 60,000 allegations of liability will be made against lawyers this year–and the numbers are only trending upward. As professionals in the business of giving advice and providing services to clients, lawyers require the protection of an errors and omissions (E&O) policy, also known as attorney professional liability insurance.

What Does E&O Cover?

E&O insurance is designed to protect an attorney, his staff and his firm from claims of negligence (errors) and failure to perform promised duties (omissions). Such protection is not included in a general liability policy.

An attorney professional liability insurance policy typically pays for legal defense, court costs and awarded damages, up to the limits of the specific plan. Fraudulent, malicious and criminal acts are not covered by E&O insurance.

Common Scenarios

Many clients, such as banks and other lending institutions, require that a firm carry a minimal amount of E&O coverage and will not engage an attorney’s services without proof of insurance. Most often, it is an honest administrative error that leads to claims of liability. Common areas of an attorney’s practice that are particular exposed to such risks include:

  • Title agent or title agency services
  • Notarization services
  • Actions as a trustee or executor of estate

Attorney professional liability insurance is a no-brainer for any size law firm. Don’t risk the financial health of your practice, consult an experienced insurance agent today.

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Classic Car Insurance: What You Need to know

It doesn’t matter if you own a muscle car from the 1960s or a 1950s Cadillac, collectibles come in all shapes, sizes and models. As a car enthusiast, you want your car to turn heads. You want to hang onto that pride you feel for your classic car.

In order to keep your car protected at all costs, you need to look at classic collectors insurance. If you haven’t dealt with it in the past, here is what you need to know.

Personal Car Insurance VS Classic Car Insurance

It’s not uncommon to consider adding your classic car to your personal car insurance. The problem with this is one simple fact: most cars depreciate as time goes on. Classic cars, on the other hand, do not. With personal car insurance, the age influences your coverage. So, in case of a wreck, you may come up short.

Long-Term Insurance VS Uninsured

Many collectors only drive their vehicles when the weather is nice or if there’s a show to attend. You never want your car to lapse in insurance, even if you aren’t driving it. Keep in mind that insurance still covers theft and vandalism in your cars off-season.

Classic collectors insurance is crucial when you own a classic car. You put a lot of work into it, you deserve to have it protected for years to come.

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Protect Your Computer Systems with Product Liability

As a computer systems dealer, your product is worth a lot of money. While you protect your business with a business policy, you also need to protect your product.

What Does Product Liability Cover?

The idea behind product liability is to protect your product. As someone who deals in computer systems, you hope that your product is going to work. Sometimes problems arise in manufacturing that end up missed until the product ends up in the hands of the consumer. Insurance protects you by providing for:

  • Property damage
  • Lawyer fees
  • Settlements in case of a lawsuit
  • Financial damages if ruled in plaintiff’s favor

What Doesn’t Product Liability Cover?

In order to better understand what computer systems dealers insurance may provide for you, it’s important to know what it doesn’t provide. For instance, product liability does not usually cover the following:

  • Product recall expenses
  • Lost inventory
  • Professional liability
  • Employee injuries
  • Product damage

If the liability is on your company, rather than your product, then your business insurance policy should be adequate.

When it comes to computer systems, there are sometimes faults with the system or software. If your software causes damage to a customer’s network, then you may be liable. With coverage, you are never paying out of pocket. Keep yourself safe with computer systems dealers insurance.

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Everything You Need to Know Before Obtaining Oil and Gas Coverage

Today, New Mexico (NM) is one of the leading oil and gas producers in the nation. In order to take advantage of this incredible business opportunity, its is vital to obtain all the right paperwork and permits that come with this industry. One of those important steps is insurance. While you can obtain coverage from large, national agencies, these may not understand the risk and exposures of this business in your area. However, reaching out to a NM oil and gas insurance agency can get you the best insurance for you.

Building Relevant Policies One Step at a Time

Before jumping into the sometimes confusing world of insurance, it is recommended to inform yourself on the different policies and what they cover. Besides the standard general liability coverage, here a few options you may encounter.

Pollution: Spills and accidents can prove costly to the New Mexico environment. Pollution liability coverage can safeguard your investments in case your business involved in damages.
Rig and Equipment: Your specialized equipment is an essential part of your business’s success. This coverage can handles repair and replacement of different equipment.
Commercial Auto: This type of auto insurance can cover a whole fleet of large vehicles for one affordable policy.

Many NM oil and gas insurance companies can also offer inland marine, D&O, well control and several other protections. Contact a qualified agent today to protect your business with the best insurance possible.

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User Experience on Insurance Websites

When it comes to clients searching for the right policies they need, being able to easily and efficiently navigate an insurance agency website is crucial. A potential client is going to quickly turn away and look for another solution if a website is too haphazardly thrown together and has a poor user experience. Simply having a website is not enough to make things easier for people and entice them to contact you. Here are a few qualities of user experience that will make your insurance agency website more appealing.

Organized Navigation

There are likely going to be a lot of webpages on your website. When someone is visiting, they will want to be able to get straight to the information they need without hassle. Including a navigation bar at the top with sensible categories and drop-down menus makes it much easier to find what you need.

Easy-to-Read Text

Keep your fonts and colors basic and clear. Include concise bits of important material separate from huge blocks of text. Also, make sure that all copy writing is well-written and engaging.

Make it Accessible to Contact You

When building your insurance agency website, have a distinctive contact section or page with multiple means of communication. Consider including an in-page contact form, as well as phone numbers, emails and social media accounts.

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Key Components in Insurance for Nurses

Nurses are an integral part of the medical sector, providing bedside care, offering advice as well as tending to administrative tasks. Being a nurse can be very rewarding, but also comes with many exposures that need to be covered under an insurance plan such as those supported by Nurses Service Organization.

Exposures That Put Nurses at Risk

Without the proper safeguards in place, nurses can be vulnerable to an overwhelming amount of legal, employment and financial hardship. Similar to other health professionals, nurses must consider having protections in place in case whether they are simply accused or found guilty of cases such as the following:

  • Professional malpractice
  • Allegations of abuse
  • Being involved in or causing an injury or accident
  • Property damage

An Insurance Checklist

Experienced insurance agents specializing in insurance for nurses can anticipate potential risks so that these professionals are prepared well in advance. When shopping for plans, it is important that these plans include the following:

  • General and professional liability
  • Coverage for physical and sexual abuse allegations
  • Aggregate and occurrence coverage
  • Comprehensive and affordable plans

Speaking to a representative from Nurses Service Organization or other establishments specializing in insurance for nurses is one of the best ways to ensure that a policy is adequate for a particular work environment. While it is important to care for patients, it is also crucial that nurses are covered and taken care of as well.

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Common Myths About Liability Insurance for Nurses

When it comes to healthcare providers, most physicians may carry personal malpractice insurance in addition to any liability insurance that may cover them under an employer’s group policy. Many nurses, however, may rely solely on their employer’s professional liability policy for malpractice coverage instead of obtaining personal coverage. Here are some common myths about professional liability insurance for nurses.

Coverage Under the Employer’s Group Policy Is Sufficient

Employer’s liability policies can have many limitations and exclusions. These limitations and exclusions can result in reduced or denial of coverage for lawsuits that can involve you.

If the duties that you performed that led to the incident were not part of your job description, your employer may not use their policy to defend you.
Your employer’s policy may not cover you for any claims filed after you leave employment, even if the incidents occurred while you were employed.

Only Doctors Get Sued for Malpractice

Doctors may not be the only ones who can be sued for malpractice. Anyone who is involved in patient care can be sued for malpractice if a patient is harmed. Many times, the entire care team can be named in a malpractice lawsuit.

Having Personal Coverage Can Make Nurses More Likely To Be Sued

Since plaintiffs and attorneys can only obtain information regarding who has malpractice insurance after a lawsuit is filed, having professional liability insurance for nurses may not have an effect on the frequency or number of lawsuits filed. Nurses with liability coverage can be just as likely to be sued as those without coverage.

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