Being in the medical industry comes with a number of inherent risks, as accidents or missteps can mean the difference between life and death. Medical staffing agencies, therefore, must account for the increased risk when insuring both themselves and their clients. Fortunately, medical staffing insurance ensures that these agencies are equipped to manage any problems they face.
What Is It?
Medical staffing agencies operate like any other staffing firm, but they specialize in placing clients in search of employment in the medical industry. Whereas placing office employees is typically a low-risk assignment, finding medical professionals who are skilled, trained, and competent is critical to the lives of patients, as well as the reputation of both the staffing agency and the medical facilities involved. Medical staffing insurance covers the legal fees, income losses, and other ensuing damages as a result of accidents or poor placements.
Who Does It Cover?
Nurses, doctors, technicians, assistants, and other medical employees are all covered under most medical staffing insurance policies, as are the staffing firms themselves. Most comprehensive insurance packages can be catered to the industry’s specific needs.
Identifying solid workers and finding an employer that suits their skills and needs can be challenging under normal circumstances, but the stakes are higher when those workers are responsible for people’s lives. Medical staffing insurance provides the necessary peace of mind for medical professionals to focus on their jobs to the best of their abilities.
All business owners understand the importance of business insurance. To adequately protect your company, it’s critical to invest in comprehensive and customized coverages to your specific risks and exposures. Even if you have basic coverage, here are some specialty coverages you may want to consider.
Cyber Liability Coverage
A lot of business owners overlook cyber liability coverage. Small businesses may believe that the only ones at risk of a cyber attack are larger businesses. While you may hear about cyber attacks on major corporations, those most vulnerable are small businesses. If you have a client’s personal information stored, you could face lawsuits, reputation loss and other damages if a cybercriminal were to get a hold of that information.
Business Auto Coverage
If you have at least one vehicle that your company uses, you need to have business auto coverage. Many business owners wrongfully believe that their personal auto coverage will also apply to their vehicles. Generally, this isn’t the case. Whether you use the vehicle for work or your employees sometimes use their vehicles for work, you need a business auto policy.
All businesses have their own risks and exposures to consider. To ensure that your company is protected against an array of risks, you need to consider custom coverages and specialty insurance options.
Imagine a bridge built from construction plans that were lacking certain details or had incorrect information. The firm that designed the structure and signed/sealed the plans could be exposed to a lawsuit resulting from damages by an owner or client. Financial institutions provide a range of services to clients of all types. Negligence, mistakes and other unintended outcomes can leave your financial services firm exposed to claims and lawsuits. Here’s why you need finance business E&O insurance to help cover your risks.
Understanding Professional Liability Protection
Professional liability insurance is also called E&O insurance and helps cover your risks based on services you provide or fail to provide. Such coverage can help financial institutions with the following:
- Investment selections
- Breach of contracts or agreements
- Mismanagement allegations
- Bad faith
- Allegations of dishonesty
- Poor trade execution
Providing financial services is not without risks, so a tailored professional liability coverage plan helps protect your finances.
Covering Your Six
A tailored insurance plan helps you manage risks that are obvious and not as obvious. Find an insurer who can help come up with an E&O insurance plan that covers the work and products you deliver. You owe it to your workers, business partners and clients. Despite your best efforts, things can go wrong. Protect your business today.
Running your own limo business can be a great way to make a living or add on to your existing income. However, as it is with most businesses, running a limo business comes with a certain amount of risk. If something unexpectedly goes wrong and you get into a car crash or face a liability issue, you could lose a lot of money. Luckily, you can purchase limo business insurance to help mitigate this risk.
What Is Limo Business Insurance?
Limo business insurance is a type of insurance coverage that is designed to protect limo business owners from a variety of common risks they are likely to face at some point. It can pay for things like repair or replacement costs, medical bills, and court-related costs.
What Types Of Coverage Can Limo Business Insurance Provide?
Limo business insurance has a variety of different types of coverage available so you can adequately address all of your insurance needs. Some of the types of coverage that are available are:
- General liability insurance
- Professional liability insurance
- Collision coverage
- Uninsured or underinsured driver protection
Running a limo business is not always particularly easy and there is a lot of potential risk to worry about. Limo business insurance can help everything run far more smoothly.
Employment insurance is vital not only because it protects your business financially, but also because it protects your employees, whose skills and experience you rely on. PEOs are especially aware of the value of labor, since providing it to other organizations is their business model. As such, PEO insurance for employment liability and worker’s compensation is incredibly important to the success of the business. So is making sure it stays affordable.
Meeting Additional Needs of PEOs
When you provide staff to another organization, your liability and exposure are both different from an employer who hires in-house staff exclusively. Not only are your personnel going into a wider variety of environments with different levels of risk, PEO companies carry a much higher percentage of revenue in labor than most organizations. It’s literally your stock in trade, after all. That means you need employment insurance that scales to suit the business model without costing you an arm and a leg.
There’s no easy way to figure out how much coverage you need, because too many factors play into things when you have a mobile workforce spread across dozens or even hundreds of locations. Luckily, PEO insurance also scales the risks to account for the larger pool of employees. All you need to do to get the right coverage is find an experienced professional who knows your business because they focus on working with companies like yours.
When you earn an impressive income, a lot of opportunities can open up in front of you. Unfortunately, the same is true of problems. The more money you make, the more likely it is that you will become a target of criminal activity. While you never can be sure what will happen in the future, taking the right precautions can make a world of difference in a worst-case scenario. Review these points and learn about how to protect yourself, your family, and your assets.
Points To Consider
One of the more important points of insurance to focus on is kidnap and ransom insurance. Criminals will often target loved ones of the wealthy in order to extort money and other valuables. Though rare, you can never be too cautious when it comes to keeping the people you care about safe. Additionally, digital attacks are more commonplace than ever before. You absolutely want to make sure your insurance coverage includes cybercrime protections. Other areas to pay attention to when selecting a policy include:
- Coverage in the event of a cyberattack
- Coverage for expensive assets like art
- Coverage for luxury vehicles
Protect Your Assets
Though earning a lot of money can make your life very comfortable, it also puts you in the crosshairs. Review your insurance options and learn how to best keep yourself and your valuables safe from harm.
Responsible drivers know that they need auto insurance to cover the risks of owning and driving a car. Collisions, physical damage, theft, vandalism, rental reimbursement and medical bills are just some of the various features that come with auto liability insurance. Similarly, as a fleet manager, you have to consider the risks of being responsible for the vehicles used for a business or office. While your inventory might include passenger cars and trucks, it may also include construction vehicles, specialty equipment or big rigs as well.
What Are Some of the Risks Associated With Fleets?
Experts in fleet risk management would consider the following to be some of the typical concerns:
- Procurement and decommissioning of vehicles
- Managing vehicle assignment and operators
- Fuel purchasing
- Fleet Maintenance and repair
- Process management and oversight
- Safety and quality control
It is your responsibility to make sure you have insurance coverages that speak to the specific risks associated with these concerns and other areas.
What Else Should Be Considered?
As a supervisor, it’s not just your job to deal with current issues. You also need to anticipate future problems as well. An insurance policy that is specific to fleet management is good not just for your company, but everyone connected, including clients, employees and business partners.
The number of potential restaurant accidents can be overwhelming for a business owner. Between a fast-paced front and back-of-house, hot foods moving around rapidly, and a kitchen full of complex and dangerous equipment, you need to be protected if something unexpected does occur. Restaurant liability insurance is simply essential for a proactive business owner.
What Is Liability Insurance?
Restaurant liability insurance covers the wide variety of claims that can arise from a restaurant accident — ranging from claims filed after falling on a slippery floor, to those following a physical altercation between customers, to alcohol-induced accidents, to claims arising from suspected food poising. Various types of liability insurance — including general liability, liquor liability, and others — will protect your establishment from costly claims.
Why Is It Necessary?
Margins are often tight in the restaurant business, and revenue can be highly seasonal, so facing a claim for which you are unprepared can be fiscally devastating. Moreover, the bustling atmosphere of a restaurant makes accidents an unfortunate, if not entirely uncommon, possibility.
Reputable companies offering restaurant liability insurance know the hospitality industry, common types of accidents, and how to negotiate in the event of a claim or lawsuit threat — offering you valuable peace of mind.
With the potential for a restaurant accident hanging over your head, you simply cannot afford to be without a comprehensive policy of liability insurance.
Companies that manufacture goods and materials often carry a great deal of risk exposure in their day-to-day operations. It is important that they take a proactive approach to addressing risk by doing everything within their power to cultivate working environments that emphasize safety.
Make Training Practical
Thorough training initiatives are arguably the foundation of good risk management in manufacturing. The most advanced machinery and the very best personal protective equipment will not be effective in preventing injuries if employees do not perform their work safely. Training initiatives should have practical utility. People should find the process of going through training to be informative and engaging. Most importantly, they need to understand why what they’re learning matters.
Enforce Safety Protocols Consistently
Being just a little lax about following some safety directives may be a slippery slope. It is imperative that companies enforce all of their internal protocols without any type of deviation from set policies. Being consistent reinforces that skipping any safety step is simply unacceptable. Key personnel should have supervisory authority to stop and address unsafe practices in the workplace.
Employees appreciate companies’ efforts to put safety first. When companies in the manufacturing industry exercise their best efforts to mitigate their employees’ risk, they create a positive company culture while also protecting themselves against liability and loss.
When it comes to commercial insurance, your company has a lot of options. If you don’t want to go through the typical problems associated with traditional insurance markets, you may want to consider a protected cell captive. PCCs are identifiable cells owned by the same or different cell users where the assets in each cell are segregated from each other.
What Types of Companies Use PCCs?
Companies that may benefit from protected cell captives are small companies that may not form a single captive. In addition, if your business wants to access specialist reinsurance markets or wants to establish a strategic alliance or joint venture, you may be interested in a protected cell captive.
What Are the Benefits of PCCs?
When it comes to PPCs, there are no restrictions regarding the type of business undertaken by a cell. In addition, companies benefit from:
- Quick set up
- Insurance control
- Fast exit
- Low set-up costs and administrative costs
- Program design flexibility
When protected under a PCC, you are more likely to have low monthly premiums and low yearly maximums. In addition, you are more likely to find niche insurance products.
If you want more control over your company’s insurance policies, you may want to think about protected cell captives. A PCC may provide you with lower costs and more flexibility.