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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The Benefits of Personal Liability Coverage

No matter how safe your building is or how careful you are as a business owner, accidents sometimes occur. If people get hurt, you may be liable for their injuries. That’s where your liability coverage comes in. If you have a Paramus commercial liability insurance policy, what can you expect it to cover?

Injuries on Property: If a visitor to your building is injured on your property, he or she may sue you for damages.

Your commercial liability policy can cover the expenses associated with the legal resolutions process:

  • Legal defense fees
  • Damages awarded by the court
  • Plaintiff’s legal fees that are part of the settlement

Injuries From Product Use: When your product is put on shelves, there is an understanding that, when they use it as directed, the buyers will come to no harm. If your product causes injury or damages their property, they may need to be compensated for these damages. You need the appropriate Paramus commercial liability insurance to protect you from having to pay these expenses out of pocket.

There are many situations where solid liability coverage can come in handy. When you are responsible for a business, you can’t afford to leave yourself vulnerable. Discuss your commercial liability needs with your insurance agent to make sure you have all the coverage you need.

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Professional Coverage for Bankers and Financial Institutions

The financial industry is one that carries a great deal of risks, especially concerning the handling of money. That is why these institutions need adequate coverage that provides protection for the business and employees in the form of bankers professional liability coverage.

What Is This Coverage?

Providing professional financial services means institutions, executives and employees are all at risk of liability claims.

Financial institutions choose to select a coverage that helps protect against the following claims:

  • Wrongful acts
  • Misleading financial advice
  • Negligence in performing financial duties
  • Mishandling of funds

While your business may not do the above acts on purpose, the fallout of these mistakes can be devastating for your business and your clients. Having the right protection in place can help mitigate the risks and protect both parties involved in the claims.

Who Does This Protect?

Bankers professional liability coverage is ideal for any size of a financial institution, whether it is a small bank or an international financial office. Your employees, the executive suite and your business overall are protected by this insurance policy, so you can keep providing the financial services you are known for.

If your business is in the financial sector and directly handles client money or accounts, you need bankers professional liability coverage. The risks are too great and the aftermath too damaging to be without this insurance policy in the financial industry.

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Protections for Your Staffing Business

When running a staffing agency there are many considerations that need to be made to make sure you are operating efficiently and following all the necessary protocol. When done right, you can secure relationships with businesses who will rely on your agency for providing the talent that you pass along to them. While your business is valuable to organizations that are looking for the right workers to fill their vacancies, things can go become unnecessarily complicated among the parties involved if there are any accidents, mishaps, disagreements and disputes. By contacting an agent that specializes in staffing insurance solutions, you can provide the best service possible with minimal worry.

Support From Staffing Insurance

Depending on the types of contracts you work with, you may need different types of coverage. These issues can arise within the agency itself or at the client’s place of business. Some safeguards that may be in your plan include the following:

Injuries and accidents
Protections for temp workers not qualifying for the same benefits as regular employees
Cyber liability
Property damage
Staffing errors and omissions

Regardless of the types of industries your staffing agency serves, these basic coverages can be very useful for minimizing the potential damages that come along with legal repercussions that often result from these issues. Therefore, staffing insurance solutions are not just added protection but a necessity in many cases.

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Using Stop Loss Insurance to Cover Gaps in Health Insurance Offerings

Many employers have found that they’re unable to offer employees the insurance they would like without seeing gaps in coverage. There are ways to take advantage of stop-loss health insurance while offering employers tax breaks, too. Here are a few things to know about this option and how it can help.

The Benefits of Using Stop Loss Insurance

Stop loss insurance offers coverage for cases where an employee needs to use a lot of their insurance coverage for a medical procedure. When one employee uses more coverage than others, it can cost employers extra. Many of these programs also offer benefits such as a higher deductible for those who need it. Having options like these means employees can get the coverage they need without significant cost the employer.

How It Can Save Employers Money

Employee insurance can cost a lot of employers don’t know what to look for. By choosing stop-loss insurance, they can take advantage of savings and join other companies who operate in a similar manner. It offers them the chance to get benefits and programs that only large companies would have access to, making it a useful option for middle-range businesses.

Choosing stop loss health insurance can provide many benefits. It not only saves money for employers, but it provides useful programs they wouldn’t normally get, making it a catch for employer and employee alike.

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What You Need To Know About Marine Insurance

The more global our economy becomes, the more cargo ships transfer goods across seas. Unfortunately, accidents happen. Having marine insurance with New York Marine & General Insurance Company covers the legal liabilities of the company transporting goods. But how do you know if you need to have a marine insurance policy and what does it cover?

Coverage Basics

When goods are shipped by sea, the insurance offers coverage from the beginning of the shipping process until the destination arrival. Items stored in port warehouses are often covered. Personal and commercial cargo can be separate coverage options depending on the policy.

Claim Types

Accidents and losses happen. When they do, a claim usually arises, since someone needs to pay the bill. Typical claims covered by marine insurance include grounded ships, total loss, loss of cargo, hull damage, revenue loss and pirate attacks. The insurance steps in for negligence, weather and accidents.

Who Benefits

Businesses who transport goods for their company or others should look into a marine insurance policy. Fishing, marine contracting, goods export/import companies and marine service supply companies also benefit. Private owners of seagoing vessels such as yachts may also need marine insurance.

If you’re unsure if you need marine insurance with New York Marine& General Insurance Company, ask your agent if you are at risk. Marine insurance is for both commercial and personal purposes.

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The Top 3 Reasons You Should Consider Insurance for Pollution Liability

The Top 3 Reasons You Should Consider Insurance for Pollution Liability

As a contractor or environmental consultant today, you likely encounter situations regarding the need for liability insurance on a regular basis. Thankfully, Contractor’s Pollution Liability insurance, or CPL for short, exists to cover you and your business.

1. It Is Flexible

CPL plans are designed to protect you and your work product, regardless of the type of work you perform. In the wide range of options, you could choose from liability insurance that covers claims for personal injury, clean-up costs (including pollution removal and transportation), property damage and emergency responses.

2. It Is Personalized

Insurance companies recognize that your work can happen on a large or small scale, so pollution liability insurance plans can be designed to fit your needs. This means that if you would prefer CPL for just individual projects or for larger yearly coverage, you can find the best plan for your work.

3. It Is Cheaper Than You Think

With so much versatility among plans, high-quality liability coverage can be found at a reasonable price. Additionally, consider the long-term financial and mental value offered by comprehensive plans. An experienced broker can help you find the best deal on insurance. Taking the time to understand your unique needs concerning pollution liability insurance sets a solid foundation for the future of your business.

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3 Insurance Policies For Accountants

Accounting involves a lot of numbers and money already, so adding in the costs of lawsuits, repairs, medical bills and more can not only be a hassle, but a huge risk to everyone affected. Not having the right accountant insurance coverage can lead to financial disaster and possibly an end of the business. There are a few vital policies that any accountant would likely need, but other types should be considered and discussed with an accountant insurance company, as well, to ensure the best possible protection.

1. Professional Liability

Possibly the most important insurance police for accountants, Professional Liability covers the legal costs involved in claims of negligence and financial loss due to your actions. While this may be warranted or not, insurance can still handle the fees as long as no criminal or dishonest acts have been done by your accounting business.

2. Business Insurance

This type of coverage is beneficial to nearly any business. This insurance tends to include three different policies in one:

Property

General Liability

Business Interruption

3. Cyber Liability

A great deal of information is now stored digitally. In the case of accountants, a lot of the information collected from clients is incredibly sensitive, including personal information and financial records. If there were to be a data breach or some sort of digital issue, cyber liability would be needed in order to cover the costs involved in handling the situation.

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Commercial Marine Insurance Programs are Vital to Our Economy

Much of the trade and product distribution in the US is dependent upon companies involved with global supply chains and the logistics service providers that work fervently to ensure the delivery of goods in the US and around the world. Commercial Marine Insurance Programs consist of services and products specifically designed to respond to the intricate risk profiles of the many entities that make up this dynamic and complex industry.

Brokers like you need to be able to provide your clients in the marine cargo industry, many involved in the transportation of goods on state highways, including oversized cargo, along with warehouse operators, with flexible and broad coverage for travel by rail, road and waterways. Many of your clients understand the value of a stock throughput policy that provides coverage from the “cradle to the grave.” Providing the necessary insurance solutions to ensure that they are covered in the event that any one of a number of issues develop during their daily operations gives them much needed peace of mind.

Worldwide stock throughput coverage is vital

A Stock Throughput policy is helpful in eliminating possible coverage gaps thereby creating a policy that protects many products and other merchandise on a global basis from loss or damages that may occur. This policy provides a safeguard for the entire time the insured is responsible for the goods in their care. As the broker you’ll be providing not only continuous coverage, but also a simple and easy claims process, and reduced premium expenses as well.

Freight forwarders, property brokers, and warehouse operators are unfortunately all in a position to be held liable for any damage to precious cargo while it is in their care, custody and control. This includes those times when they are arranging for transport of the shipments. Explain the benefits of this coverage (available in various forms) to provide defense to intermediaries against any allegations of neglect or mishandling and provide for indemnification in instances where they are found negligent.

Warehouse operators also have a legal responsibility for cargo lost or damaged while in their custody. Providing them with bailee legal liability coverage, also available under Commercial Marine Insurance Programs, will satisfy their needs when a claim is brought against them as well.

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Manufacturers Insurance for Valued Protection

Manufacturing companies provide products for a lot of industries across the US and many corporations rely on getting their precious merchandise on time for an awaiting market. If you begin experiencing delays you may face the possibility of losing crucial business from major firms you do dealings with. You need to consider the impact that having a work stoppage due to an equipment breakdown issue could cause for you and your business.

When your operations become interrupted due to a mechanical issue how will you be able to deliver your orders? Without backup equipment in place and at the ready you may need to find alternate ways to fill orders, either optional facilities or the rental of equipment. This naturally will increase your costs adding even more concern, and that’s where having manufacturers insurance comes into play.

Customers likely will not wait because they have deadlines to meet as well, so there’s a real likelihood that orders may be cancelled and you’ll also suffer a loss of revenue, along with possible damage to your reputation. Having coverage for equipment breakdown is the solution to this issue.

Many types of mechanical issues can occur

Aside from equipment used in manufacturing there is probably additional equipment that keeps your business up and running. Air conditioning for hot summer months, and boiler and pressure vessels are commonly used for heat and hot water. Cookers, sterilizers and some cleaning equipment are other common types of pressure vessels.

Boiler and pressure vessel accidents can be the result of defective welding, scale or sediment build-up, or simply the failure of control or safety devices. Persons in close proximity could experience a serious injury in the event of a major malfunction adding additional concerns.

Another common exposure for many manufacturers is electrical systems, which can further add to delays. Transformers, panels and cables, many of which are interconnected cause additional risk since excessive voltage issues in any one of these components can lead to significant damage to the entire system.

If your company has the distinct possibility of an equipment failure issue you should get the protection you need by having manufacturers insurance that includes equipment breakdown coverage to keep you up and running.

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