Financially Protect Employees from Workplace Injuries

Understanding the differences between an occupational accident policy vs workers compensation policy can help you choose the right plan for your business and employees. Both plans help protect against the lost wages incurred when employees are injured on the job. The benefits and differences between the plans can make a difference.

Occupational Accident

The insurance firm U.S. Risk Insurance states that not all companies understand the difference between the two plans. Occupational accident insurance puts the burden of proof on employers should the employee sue the company. Since the plans come with limits, they tend to cost less upfront with the employer responsible for covering anything over those plan limits should an incident occur. These plans are more customizable for the employer.

Workers Compensation

A guarantor protects the money in the workers’ compensation system that covers the lost wages and medical expenses the employee incurred. Employer liability is greatly reduced because the burden of proof falls on the employee in the event of a lawsuit. The cost is much higher than an OAI policy.

There are clear differences between an occupational accident policy vs workers compensation. Employers benefit from litigation protection measures and employees receive some financial protection caused by a workplace accident. However, it is important for companies to understand the differences to select the best one for them.

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Orlando Business Insurance Needs

For those who take pleasure in owning and operating a small business there are many exposures that need to be addressed. A lot can happen during the course of just one day that could result in an injury, a work stoppage due to mechanical breakdown, or you could be slapped with a lawsuit, any of which could greatly affect your bottom line. If a natural disaster happens to hit your business, like a storm or an earthquake, and cause major damage to the building, do you have a plan for rebuilding and getting things back to normal? How about an employee sustaining an injury or illness that require six months or longer to heal before they can return to work?

To a small business owner who is unprepared for any of the types of events listed above, the inability to continue producing products or provide services could be crippling. A lawsuit brought on by a customer or vendor could be devastating to your business as well. Orlando business insurance can and will provide the necessary protection needed in the event that any issue covered by the policy puts your business at risk. There are policies available for property damage, business interruption, workers compensation and any and all liability issues.

 

How much insurance is required?

A review of the company’s assets and liabilities is a good starting point to determine exactly how much and what types of coverages are needed. As a business owner, you shouldn’t spend a great deal of energy on some of the smaller details as they’re better left to a manager or supervisor. Your focus should be on the important work of protecting your company for the long run, creating vision and key strategies that will lead to a healthier work culture – things like building a loyal customer base, creating trust and accountability, and developing competent leaders, supervisors, and staff.

These are problems that may need your immediate attention and some form of action to resolve the situation. But there may be occurrences, for example, a radio ad doesn’t run properly, or an assistant manager suddenly quits, that shouldn’t have the same impact as far more serious and complicated issues (inadequate coverage for certain perils) that could wind up costing far more. Consider these important factors when shopping for Orlando business insurance for all small business needs.

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Crime Coverage and Yacht Builders Insurance Wholesalers

Insurance brokers understand that economic pressures can affect many different industries, and among them are their clients in the boat and yacht building industries. Trusted employees having a difficult time keeping up with bills and other personal expenses may become prone to committing dishonest acts including stealing from their employers. Employees caught in the act will often explain away their actions for what they feel are many sufficient reasons, including not having the resources or income to support their lifestyles.

Crime coverage, available through yacht builders insurance wholesalers, can often cost as little as $300 for up to $100,000 in coverage, this of course depending on the size and type of business activity, along with other underwriting considerations. While employee theft often involves having access to cash, they may also resort to stealing various items they have access to.

In the yachting industry there are many other items of value that may be stolen, including office machines, vault securities, warehouse merchandise, tools and other items in the inventory of the business they work for. Losses involving equipment, supplies, or merchandise can add up to thousands of dollars or more. Most businesses would have a difficult time dealing with such losses over time.

Desperate times, desperate measures

To an employee experiencing heavy financial burdens and responsibilities any product can seem valuable enough to steal, especially when a sufficient quantity can be taken over an extended period and often going unnoticed for months at a time. Surprisingly, an ongoing theft could span three years or more without being detected by owners or supervisors.

Crime coverage can help your client to better secure their business by providing protection for and against:

  • Employee Theft
  • Depositors forgery or altercation
  • Theft of securities and other property
  • Computer fraud
  • Funds transfer fraud
  • Money orders
  • Counterfeit currency
  • ERISA plans
  • Credit, debit, or charge card forgery, and
  • Robbery and safe burglary coverage

Don’t allow your clients to leave themselves open to losses of this kind that could seriously reduce their profit potential. Having crime coverage through yacht builders insurance wholesalers is worth the cost of the policy when you consider all that is at stake.

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Healthcare Professionals and HPSO Insurance

Physicians are not the only healthcare professionals who find themselves facing claims or being sued. That’s why more than 65,000 individuals in the healthcare industry rely on hpso insurance for their professional liability coverage needs. Don’t let your client take the risk of losing everything they’ve worked so hard to achieve. Help them get the protection they need from expensive settlements for allegations they believe to be false or an inaccurate portrayal of the circumstances.

Professional liability insurance coverage offers the insured peace of mind while they’re on the job, or in many instances between jobs. This program provides healthcare malpractice coverage to many healthcare professionals across the US. Regardless of whether they’re an employee or self-employed, hpso insurance helps safeguard careers, along with the financial future of your clients, all at an affordable cost, for healthcare workers at a time when they need coverage the most.

Pharmacists are vulnerable to claims as well

As the pharmacist’s role continues to expand (including providing consultations and vaccinations), they too become exposed more and more to malpractice claims. With the duties they perform there comes increased exposure for professional liability claims. Two of the most common allegations against pharmacists are prescribing the wrong drugs and providing the wrong dosage. Together, these two allegations comprised about 75% of all lawsuits filed against pharmacists.

While stringent protocols and processes are commonly in place, mistakes are bound to happen. Your job is to ensure that your client has the needed services and products in place, and that they provided a safeguard against claims of all types. Because they’ve invested so much time and money in order to become a pharmacist they need to protect that investment. This can only be accomplished by making sure that they purchase adequate amounts of professional liability insurance coverage.

Nurses and other healthcare providers rely on professional liability coverage to cover a wide variety of healthcare issues, including personal liability coverage, personal injury coverage, medical payments, charges of sexual misconduct, and much more. Go over the many options available for hpso insurance coverage so that your clients can have the peace of mind they deserve.

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Florida Business Concerns and Commercial Property Insurance

Designing, manufacturing or distributing a product can be an exciting venture. However in our complex world, simply selling a product has become cause for concern, and moreover a product liability exposure. When a product sold by your firm injures someone, they will likely file a lawsuit against the responsible parties. A product liability policy, one type of manufacurers insurance, covers manufacturers, distributors, suppliers, retailers, and others who make their products available to the public.

Claims that are most commonly associated with product liability are negligence, design defect, manufacturing defect, a failure to warn about inherent dangers, strict liability, breach of warranty, and various consumer protection claims. Each type of product liability claim requires different elements to be proven to present a successful claim. Many wholesale and retail operations and venues, however, require that you as the manufacturer, distributor or wholesaler have products liability insurance on the items you develop.

What does manufacturers insurance for product liability cover?

Liability insurance is designed to protect the business against losses even if they are found to be negligent or liable for damage, injury or loss to another’s property. Typically, the insuring company pays damages, legal defense fees and settlement charges when a claim is filed against the business as a result of a liability suit. Products liability insurance will cover the insured for suits that arise out of damage or injury of use of a product that the holder of the insurance policy manufactures or sells.

If your company designs, manufactures, sales or distributes a component or end user product, you would be taking a huge risk by not having product liability coverage in place. This applies to any business or individual in the business of manufacturing his or her own product, even when the product in question is manufactured by a subcontractor or other entity. This includes an operation that resides overseas.

When purchasing manufacturers insurance for liability concerns the insurer will want to know, among other things, the type of product that you’re covering, its use and the target market, what materials were made to create the item, any claims made about the product and if it comes with detailed instructions. Ask your agent any questions you have about liability insurance and what amount may best fit your needs.

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Protecting Your Assets with Fine Dining Insurance

There are several common types of business or commercial insurance that every restaurant and fine dining venue owner may need to consider before officially opening for business. The types of coverage’s often depend on the nature of your establishment. For example, you’re going to have to buy property insurance to protect your building and equipment assets in the event of a fire or other incidents that cause severe damage.

General liability insurance protects restaurants in the event that a patron or employee gets hurt on the premises. This kind of coverage is particularly important in establishments that serve alcohol. The potential liabilities are numerous, and there is significant potential for property damage to be costly.

Liquor law liability covers proprietors from being sued when an intoxicated patron hurts him or herself, or others. The percentage of your overall sales that are liquor, as well as the number of patrons you typically serve, will likely affect the cost of your policy. You may also want purchase Fine Dining Insurance for theft or crime coverage to protect you from criminal acts by patrons or employees.

Workers Comp (WC) and other important coverage’s to consider 

WC safeguards proprietors in the event that an employee is injured on the job. State laws vary greatly, so your local Fine Dining Insurance representative is best equipped to help ensure that you have the appropriate coverage in place.

Employment practices liability insurance (EPLI) is another policy that most businesses should consider as a priority. Issues of this nature have become increasingly common and the policy protects business owners against many employee claims, such as sexual harassment, discrimination, and wrongful termination. This type of insurance is recommended for businesses where employees have access to alcohol.

Auto liability insures any business vehicles used by the establishment. This insurance is required if your company owns and uses vehicles during the course of daily activities associated with the job. You may also need umbrella insurance if your potential losses are far and above what your initial policy will cover.

Contact a local agent so you can rest assured that you’re properly protecting your business with all of the necessary Fine Dining Insurance related to your operations. With all of the factors affecting your policies, you’d be wise to engage an expert to help you determine what types and amounts of coverage are right for your business.

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Employment Practices Liability and Temp Staffers

Temporary staffing agencies provide temporary hires to companies, which allow organizations to save on recruiting, training, and payroll costs, particularly when it comes to staffing high-turnover or seasonal jobs. But there may be considerable risks of employment practices liability attendant upon the use of temporary workers along with the cost-effectiveness of temp staffing.

Temporary workers, due to the nature of their title, are often dismissed quickly, without the same level of care and caution that managers usually exercise when dealing with traditional employees. Then there is also the risk that temporary staff will be subjected to sexual or racial harassment because of their limited time at a company, or the mistaken belief that workplace laws forbidding such behavior do not cover them.

Temporary workers deserve equal treatment

The concern is that companies may make important personnel decisions hastily or use criteria that wouldn’t normally be applied to their regular staff. This is rather alarming since, regardless of the length of the commitment, everyone deserves to be treated equally and fairly. And the reality is that temporary employees are covered under most of the same laws that apply to regular staff, including laws relating to wages and hours, discrimination, sexual or racial harassment, retaliation, or whistle-blowing.

It’s the Human Resource (HR) department’s job to increase awareness among supervisors and managers that temporary workers are entitled to the same treatment as so-called “regular” staff. In addition, HR should encourage supervisors and managers to act just as prudently and carefully when dealing with temporary staff as they would with regular employees.

This effort should include a review of the organization’s employee manual to ensure that, wherever appropriate, policies are worded as necessary to make it clear that these laws apply to temporary employees as well. Employment practices liability is something that everyone should be aware of, and do their part in the prevention of any type of violations.

Hiring procedures and background checking

A growing number of employers conduct pre- and post-hire checks of applicant criminal history and other background information, which helps weed out anyone deemed undesirable. When it comes to temporary employees, HR needs to ensure that temporary-staffing contractors are conducting criminal or other background checks, as applicable, before sending over a temporary employee.

These requirements should be part of any service or vendor contract with your temp-staffing provider. Additionally, employers must continue to ensure compliance by outside staffing firms with various other employment-related laws, such as laws and regulations relating to payroll taxes, income taxes, and immigration laws.

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