What to Know About Public Liability Insurance

Public liability is a vital form of insurance for many businesses. Companies that interact with the public are exposed to potential hazards that a general liability policy will not cover. Here are the important facts about public liability insurance to help you determine if it is a necessary policy for your business.

Customer-Facing Coverage

Public liability is important for any business that deals with customers in person. It is also crucial for a company that has foot traffic moving through business-owned or contracted property. A PLI policy should be purchased if your business includes one of the following professions:

  • Hairdressers
  • Retailers
  • Builders
  • Manufacturers

If you conduct business similar to one of these professions, or you specialize in an industry that interacts with a third party, contact an insurance provider to find the right PLI policy for you.

Customer and Third-Party Protection

A PLI policy is vital since it covers liability with parties that are not employed by the business. Some of the main protection provided by a PLI policy can include:

  • Cost of repairs
  • Legal expenses
  • Medical fees

PLI is essential for any business that exposes non-employees to damage or injury. Investing in a public liability insurance policy is the best way to protect your business along with the general public.

How to Determine Your Boat Dealer Insurance Coverage Needs

When you own and operate your own business, there is always a level of risk involved. Owning a boat dealership is no different. Some risks often associated with selling a variety of marine products include theft, damage, equipment malfunctions, and injury. However, when you meet the proper boat dealer insurance requirements, you can help mitigate potential risks. Before you commit to a policy or provider, it’s essential to know and understand what’s available to you as a dealer first.

Common Coverage Options

Since there is a wide range of coverage options within the industry, it’s always good to educate yourself on potential possibilities before entering into a contract or writing any checks. Some of the most common coverage options include:

  • Property Liability Coverage – This insurance plan provides financial protection from risks that involve property damage or loss.
  • General Liability Coverage – This coverage is broad by nature because it’s intended to ensure businesses with a wide range of exposures.
  • Truth in Lending Coverage – Provides boat dealers potential protection if they fail to adhere to the Credit Protection Act or Truth in Lending Act.
  • Errors & Omissions Coverages – If records or paperwork are managed poorly and result in legal claims, this coverage offers potential payments to resolve the issue.

Peace of Mind

There are risks associated with running any business. This is why obtaining the proper insurance coverage for your boat dealership is vital. When you have the necessary coverage, you will be less likely to get caught in a sticky financial situation.

What Are the Perks of an Employee Benefits Concierge Service?

Adding a concierge service to your employee benefits package can create several appreciable advantages for both you and your employees. Here are some of the key benefits of adding a concierge service to your benefits package.

Attract Outstanding Job Applicants

When you’re trying to win over the most talented job applicants in your industry, an employee benefits concierge service can help set your company apart from your competitors. The convenience and time-saving value of the service will really appeal to prospective employees because it helps to facilitate a good work-life balance.

Improve Your Company Culture

A concierge service fosters an atmosphere in which people feel that their time is valued. They’ll appreciate working for a company that supports them in their position and their home life.

Enhance Employee Efficiency

When your employees can get immediate help with some of their most time-consuming errands, they’ll be able to manage their schedules better. They can spend more time focusing on their work agenda rather than their personal to-do lists. Salaried employees will be better able to put in extra time or take on big projects.

If you’re considering including a concierge service in your benefits offerings, work with a company that is experienced in helping companies introduce this new service to their employees.  

Accident Prevention on Construction Jobsites

Workers’ safety is at the forefront of a job site manager’s responsibilities throughout the course of any type of construction project. They need to implement policies aimed at ensuring a safe working environment that can dramatically reduce the occurrence of job site injuries.

Get Credit for Safety Initiatives

When you adopt a safety program, you may be entitled to a credit on your premiums for worker’s compensation, an essential part of construction insurance coverage in Florida. Measures to ensure compliance with OSHA guidelines and safety training protocols are integral parts of a qualifying program.

Require Workers to Wear PPE

Personal protective equipment can significantly lessen the risk of injury. PPE such as goggles, gloves, and masks can safeguard workers against common on-the-job injuries. Train your workers on when PPE is required to be worn. To ensure consistency, you may also consider supplying the equipment rather than making workers responsible for supplying their own equipment.

Make Safety a Supervisory Priority

Assign key staff members to oversee safety. They can monitor things such as the proper use of tools or equipment or whether workers are wearing appropriate PPE.

Jobsite managers must take an active role in ensuring that projects are carried out safely. The time and resources that go towards creating a safe working environment are well worth the investment.

The Fiduciary Responsibility of Staffing Firms

According to the experts at World Wide, any individual or individuals that design, manage, or administer benefit plans to employees are subject to fiduciary liabilities. Individuals and/or employers that are authorized to administer any aspect of a plan, whether health and welfare, pension programs, profit-sharing, savings, or otherwise, can be held liable when a breach of duty is suspected or alleged.

The Challenge for Staffing Firms

Those working for a staffing agency find themselves in a unique employment situation. While an employee may be filling a specific role with one company, the individual is solely employed by the staffing agency. As a result, the administrative team at the staffing agency is responsible for overseeing the benefits to which an employee is entitled. Due to the Affordable Care Act, staffing firms have a potential requirement to extend certain healthcare benefits to their employees.

The Potential for Litigation

Staffing agencies must follow a mandate to both offer minimum coverage and make it affordable, either using fully or partially self-funded plans. These employers must keep up with coverage offerings, premium differentials, auto-enrollment, wellness incentives, W2 reporting, and more. All employees must receive timely communications concerning plan options and alternatives as well as the ongoing administration of their benefits. Any error or oversight, no matter how small, presents a fiduciary liability.

Risk management in this area includes using automated processing to help reduce human error, as well as carrying an insurance plan that addresses fiduciary duties.

What Is Tail Insurance and Why You Need It

Most professionals understand the importance of liability coverage or malpractice insurance. If you are in an industry where you are at risk for lawsuits or litigation, then you may want to consider tail coverage.

What Is Tail Coverage?

A tail policy or an extended reporting period endorsement provides you with a way to report claims after your policies expire. This is not an extension of your policy period but instead a safety net in case you face any claims against you after your policy expires.

Do You Need Tail Coverage?

Say that you leave your current job and your insurance expires. This might not seem like a big deal at first, but then imagine what could happen if someone files a lawsuit against you for work that you performed at your last job. For instance, if you were a lawyer and you advised a client and he or she filed a lawsuit after you left the firm or your insurance was canceled. You would have to pay for legal fees on your own. Tail coverage protects professionals when this happens. Your insurance may expire, but you still have coverage for work that you already completed.

Tail coverage policies are a safety net. They provide you with the reassurance that you can handle any lawsuit or liability claim that comes your way.

Paying the Price for Someone Else’s Mistake

As a business owner, you are responsible for everything that goes on in your business, even if it means an employee or a contractor you hired created a disaster. Contingent liabilities are the incidents that occur outside your scope of direct control but yet you and the business are financially responsible for. No matter what kind of safety policies you put in place or how thoroughly you stress care and quality in daily operation, you can still find yourself being sued for someone’s mistake.

Same Coverage, Different Name

Contingent liability insurance is a way to protect your company from the financial fallout of dealing with employee, contractor, or agent error. It might also be referred to as vicarious liability or indirect liability. Regardless of what name it goes by, the premise of liability means you are legally responsible for another person’s poor work or wrongdoing according to the workings of legal relationships. Employees are generally the biggest risk with vicarious liability, and whether or not they were abiding by company policies, their actions are pinned on the company.

Should a customer decide to sue your company, you could be looking at thousands and upwards of million dollars in legal fees, lost productivity, settlement costs, and reputation management efforts. An insurance plan addressing vicarious liability helps offset these costs, keeping your business from going under.

Three Types of Insurance Plans You Need to Cover Your Volunteers

Do you operate a nonprofit or charity that makes use of volunteers? If so, you should know that volunteers are not typically covered under the insurance policies which protect your salaried employees. Without an insurance plan for your volunteers, your organization may be responsible for the costs associated with any illnesses or injuries that occur while they are volunteering. You will also be responsible for covering any public liability claims they incur. Below are the three types of policies you need.

  1. Volunteer Injury or Illness

Coverages for volunteers should pay for the medical expenses associated with illnesses or injuries sustained during an authorized volunteer activity. Moreover, if your organization’s workers’ compensation insurance does not extend to volunteers, it would be wise to make sure that your volunteer policy offers this protection.

  1. Public Liability

In addition to protecting your volunteers, your organization needs a public liability policy to cover any injury or property damage claims caused by your volunteers.

  1. Directors and Officers

Finally, if the board of directors of your non-profit or charity consists of volunteers, they need the specific coverage offered by a D&O policy. This will protect them from any claims of wrongful acts or mismanagement.

Your volunteers work hard for you. They can save your organization money, lighten the workload of your paid staff, and act as a valuable conduit to the community which your charity or non-profit serves. You owe it to them to make sure that they and your organization are protected by policies designed specifically for the risks they face.

What Is a Segregated Cell Captive?

Segregated cell captives can be used by businesses that wish to separate and protect their assets individually to prevent unnecessary risks. Unlike traditional insurance options, this allows businesses to own their insurance, thus providing added security and control over their assets.

Advantages of Segregated Cell Captives

The main advantage of a segregated cell captive program is that it separates the risks of one cell from another. If one cell, assets owned by a single individual, comes under fire, another cell owned by a different individual cannot be used to pay off the first cell’s liabilities. Therefore, each individual’s assets are protected within their own bubble.

Reasons to Set up a Cell Captive

Segregated cell captives are not costly to create or to maintain once they are up and running. They offer flexibility and are easier to leave than traditional insurance options. The owner can take charge of cells to monitor risk more closely as well.

Many businesses can benefit from setting up a segregated cell captive. Whether a company is small or simply doesn’t want to join with larger cell captives, these individually-owned cells can provide that necessary flexibility while still maintaining a strong security factor. Consider looking into a segregated cell captive program to protect your business’s assets.

3 Types of Crimes Covered by Commercial Insurance

Businesses everywhere are vulnerable to a variety of crimes and schemes, whether they are committed by outsiders or the employees themselves. Commercial crime insurance can cover a variety of crimes depending on the organization’s specific needs and risks.

1. Ghost Payroll 

Ghost payroll is a type of fraud where the employer pays the salary of non-existent workers. This money is placed into one or multiple fraudulent shell accounts where the criminal can claim the money. This scheme can go undetected for months depending on the business’s funds and size, and its impact increments during that time. Source: World Wide Specialty Programs

2. Embezzlement 

Embezzlement occurs when an employee misappropriates or outright steals company funds or property. The employer, a fellow employee, or a business partner can entrust these stolen resources. This crime varies in scale, from a cashier taking a few dollars from the register to executives placing millions in a personal bank account.

3. Theft of Trade Secrets

Most businesses within the same industry have information that gives them a competitive edge against others. These trade secrets are generally specific business strategies, procedures and methods. Theft of these trade secrets takes place when an unauthorized party obtains and publishes the information, removing the company’s advantage and potentially reducing profits.

Theft, fraud, and other crimes have a strong financial impact on businesses and their employees. Owners can use personalized commercial crime insurance to mitigate these losses and protect their organizations.