Understanding Your Options With Insurance

All businesses are different. This means that your company is going to have very specific requirements when it comes to insurance. In order for you to select a policy that meets your needs and helps protect you from the most common risks in your line of work, then you need to give yourself time to look at some of the choices that you’ll run into. Understanding e&o vs. e&o and other policies can do wonders when it comes to selecting the right option.

Directors & Officers Insurance

The experts at Axis Insurance have stated that there are a number of reasons to think about Directors & Officers insurance. Sometimes referred to as management liability insurance, this is a type of policy aimed at protecting decision-makers in business from being held responsible for their decisions. This can be useful when you are looking to protect your upper management from possible issues down the line.

Errors & Omissions Insurance

Similarly, E&O insurance, also called errors and omissions, is designed to protect the business owner from being held liable. As the owner of the business, you want to make sure you do not take the heat if your business runs into trouble. E&O insurance often covers:
Negligence
Malpractice
Flaws with product design
Selecting the best coverage starts with a bit of research. Do your homework and find a plan that suits your needs best.

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Coverage Response to the ACA

With the passing of the Affordable Care Act, the regulations for employer-sponsored healthcare benefits altered the eligibility and exclusions restrictions. These changes made it easier for individuals of all health needs to find quality health insurance. For many small businesses, the most cost-effective way to comply with federal and state provision requirements is through group medical coverage plans. This is a health plan that extends coverage a special group of members, most of the company employees or members of a single organization.

How They Work

Group insurance coverage can be restricted to certain areas, such as health, life, or dental, and they can only be purchased by a company or organization. As the professionals at Arroyo Insurance Services advise, your company must have at least 70% participation in the coverage in order to be valid. The plans aren’t generally the same when compared to other groups, because the plan types, the insurers, the costs, and applicable terms and conditions will vary between plans.

Benefits of Group Coverage

Plans may have tiered options.
Employees may accept or decline coverage.
Premiums are split between the company and members.
Coverage can be extended to spouse or dependents.
The cost is lower than individual plans.

If you need a financially-savvy solution to the ACA requirements, consider offering a group healthcare plan. A broker can explain the benefits and applications for your company.

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Protect Your Executives with the Right Coverage

Eliminating and minimizing risks is necessary for any business whether for-profit or non-profit, small or large, privately held or publicly traded. Executive protection insurance is one way to minimize the risks associated with having an executive team.

Employment Practices Liability

Applicants, current and former employees may sue the company over employment practices. In fact, these types of cases are more common than those for commercial property. Hostile work environments, discrimination, wrongful termination, retaliation, and harassment are common reasons for an employment practices claim against an executive or the business at large.

Business Crime

Dishonest acts, embezzlement, forgery, check tampering and cyber crimes are on the rise in small and medium-sized businesses. Commercial property insurance policies don’t often cover these risks. Moody Insurance suggests that you can protect the money and time spent growing your business with appropriate insurance coverage.

Directors & Officers Liability

Competitors, customers, regulators, creditors and suppliers/vendors may sue the executive team for a variety of things including unfair trade practices. General liability, commercial property and umbrella policies may not cover these types of liabilities.
Protect the investment in your company with executive protection insurance. The managerial team may add different exposures as they lead your company into the future. A little protection now helps stave off financial loss later on.

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Three Simple Business Insurance Coverages For Entrepreneurs

Are you an entrepreneur searching for commercial insurance to protect your new company? While the number of coverage options can make the process appear to be complicated for those who are unfamiliar, there are some basic concepts that make up all policies. Below are three coverages that you should plan to include in your new policy.

General Liability Insurance

General liability is there to protect you against lawsuits from the everyday execution of your business. If a third party sustains an injury or property damage on your premises or because of your business activities, your policy would pay for any legal fees and damages for which you’re found liable.

Professional Liability Insurance

As seen on https://www.reganagency.com, professional liability insurance protects your business in case you’re accused of making an error or delivering sub-standard service. Like general liability, if a lawsuit is filed, your professional liability policy would cover the costs of your legal responsibilities damages owed.

Property Insurance

Property insurance protects your business by covering your property against damage or loss. Items that can be covered include your landscaping, building, furniture, equipment and electronic property. If your property is hit by a fire, storm, vandalism or theft, your policy would cover the costs to repair and replace them.
There are many other coverage options available to you depending on your industry and local government requirements. Work with an experienced agent to craft a policy that meets your needs.

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How an Insurance Broker Can Help

Finding a specialty insurance broker can be important, depending on what type of insurance you are looking for. Discover what types of insurance this could include and why you would find these services helpful.

Types of Speciality Insurance Services

A specialty insurance broker can provide specific services that you might need help getting coverage for. These can include:

Education Insurance
Professional Liability
Medical Malpractice
Worker’s Compensation

Depending on what you need help with and what types of things you need to be covered, finding the right policy can make a difference in keeping your business protected from further problems, as seen on www.caitlin-morgan.com/.

How a Broker Can Help

A broker can make the process easier by helping you find the right insurance policies you are looking for, and narrowing them down. You can sort by price, or by what is covered until you find the right coverage you are looking for. A specialty insurance broker can take the guesswork out of the policy you are trying to find, and bring the policy to you. This can save you time from searching for what you need.

Choosing to Work With a Broker

Choosing to work with a broker can save you time. Your broker can help you locate specialty insurance policies that you are looking for, and then help you narrow down the right policy for you.

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Make Sure All Your Construction Liability Is Covered

Operating a business always comes with risk, but for many entrepreneurs, the risk they consider first isn’t always the one they need to be thinking about. That’s because most business owners realize the need for liability insurance for their companies, but they don’t necessarily know if liability insurance is enough. Most of the time it’s not. For those working in construction, builders public liability insurance provides a key link in the chain of coverage, ensuring you are taken care of if an unexpected incident leads to your liability for damage or injury to a member of the public as a result of the work.

Coverage for Contractors

SB One Insurance Agency offers contractor coverage that includes the risks unique to builders, those not covered by more general liability policies. What’s on that list?

Weather damage to your site or equipment
Government action
Extreme weather events and natural disasters
Theft
Vandalism

If you are building, you need the coverage that keeps you and your workers safe. That means you need to work with an agency whose experience allows them to anticipate your needs. It also means you need to keep the avenues of communication open because as your business grows, your needs will evolve. Talk to an agent about those changes to make sure they don’t result in an uninsured exposure.

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How To Protect Your Executives

When you offer goods or services to consumers, there is always the possibility of liability. The people in your company who make major decisions are often under the greatest scrutiny. You need an executive protection plan that protects them. Moody Insurance recommends liability coverage specifically designed to handle the legal fees of those who are in charge. Your company may have a choice between a policy with a duty-to-defend option or reimbursement.

Duty To Defend

The D&O coverage of many small companies falls under a duty to defend. The contract obligates the carrier to cover certain expenses:

Attorney fees
Court costs
Settlements

Once the total cost is known, the carrier can bill the clients for the portion for which they are responsible.

Reimbursement

Coverage that is offered on a reimbursement basis can give larger companies or those that are publicly traded a little more freedom. The carrier has the right to address every claim but is not obligated to do so. Therefore, the client may be able to handle smaller or more frivolous matters in house rather than involve the insurance company.

Regardless of which option works best for your company, it is in your best interest to purchase a plan that protects your top executives. Such a plan empowers them to make strong decisions, knowing that the company has their back.

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Business Protection During a Security Breach

If a business plans to accept payment through card transactions, they need to be aware of PCI DSS, Payment Card Industry Data Security Standards. These standards were created by the credit card industry and help establish security practices for businesses who plan to handle card information. When data breaches occur and businesses are found to be in non-compliance with the standards, they will have to face PCI DSS fines and penalties.

What are the PCI DSS Regulations?

In the case of a security breach, these regulations provide a guideline for businesses to stay in compliance.

In general, the guidelines suggest the following:

Encryption to protect cardholder data
Firewalls to protect stored information
Policies on and control of employee access to cardholder data
Routine checks of security systems

What are the Fines and Penalties for Non-compliance?

Any PCI DSS fines and penalties are handed down by the card companies and banks used by the non-compliant business. If a business has a data breach, the card company will investigate. If at the time of the breach, the bank is found compliant yet the business was non-compliant, fines and penalties will be levied onto the bank, and they can pass those fines onto the business.

While not a law, business owners should be well-versed in PCI DSS regulations to prevent fines and penalties in case of security breaches.

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Me Too and Sexual Misconduct

The MeToo movement is poised to restructure the dynamic between men and women altogether. Sexual misconduct is not an acceptable action in any context, and this movement has brought these wrongdoings to light. If someone is faced with sexual misconduct in society nowadays, they would like to prefer the guillotine once the mainstream media becomes aware of these actions. Celebrities such as Bill Cosby, Harvey Weinstein, and Robert Kelly have completely derailed acquired stardom due to the mistreatment of countless women. Unfortunately, sexual misconduct is still a problem in society, and this behavior frequently occurs in the workplace. At this time, your organization should invest in sexual misconduct insurance to prevent any future liability. The last thing you want is for the workplace to be considered unsafe by employees.

Sexual Misconduct in the Workplace

When you work with a core group of individuals for an extended period, a bond between these people forms. The majority of your time is spent with your coworkers, and feelings can begin to develop over time. However, sexual advances are often declined to ensure the workplace remains a professional environment. With this said, some individuals ignore these advanced and sexually assault other members of the workforce. With a sexual misconduct insurance policy, the organization would be covered from any potential payouts to the victim of this incident.

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Coming to Terms With Experience Modification Rates

Workers compensation payouts are a possibility for any business, and this is something all business owners should keep in mind. Accidents frequently occur outside of the workplace, so it is only a matter of time until someone receives an injury at your place of work. Hopefully, this does not occur, but it is wise to have a workers compensation policy as a preventative measure. With this said, EMR rating is an aspect of workers compensation that is seldom discussed. EMR pertains to past injuries that have occurred and any potential for risks to occur in the future. Depending on the number of damages that have occurred at your workplace, this rate will either be below or above one.

Lowering Your EMR

If any injuries have occurred at your workplace, the likelihood of your EMR rating being above one is relatively high. When this number is higher than one, the amount of your worker compensation insurance premium will increase substantially. While this is alarming information, it is possible to lower your EMR rating when you perform particular actions. The first preventative measure involves creating a safety program that all employees follow. With a robust safety management plan for your organization, you will be able to lower this rating over an extended period.

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