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.

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.

How Financial Institutions Protect Themselves From Risk

For professionals who work in the financial sector in banks, credit unions, savings and loan companies or other financial institutions that safeguard depositor assets, liability is an important concern. Handling money carries inherent risks that need to be mitigated in order to have a financial institution that runs smoothly and with integrity. Bankers professional liability insurance is one of the most important ways that those working in financial institutions manage their risks.

What Liability Insurance Covers

Insurance policies for financial institutions offer specific coverage that isn’t necessarily found in a general liability policy, because the risks inherent in doing business in this sector differ from a more generic business setting. For example, financial institutions are at risk for negligence lawsuits if investors or borrowers claim they weren’t properly informed of risks.

Other Factors To Consider

In addition to the risk of negligence, financial institutions must also consider other risks they may be exposed to, in order to determine the right policy structure for their particular needs. An insurance professional can help determine the appropriate policy limits and any additional coverage that may be advisable.

Bankers professional liability insurance is crucial in risk management for financial institutions. The right coverage ensures that financial professionals are protected in the event of a lawsuit and its ensuing expenses.

Client Selection Integral for Accountants

Dissatisfied clients are a source of concern for CPAs. A costly mistake can easily lead to a lawsuit and ruin what was perhaps a great working relationship at one time. One way to be protected against claims of errors or omissions is with the support of professional liability insurance for accountants. Another way is to be thorough and cautious in selecting the clients you wish to represent.


One bad client can lead to major issues


Remember that it’s better to sever relationships with a questionable client before things turn ugly. No amount of fees generated from a client with a libelous history is worth the headache, especially when it results in a claim being filed against you. As an accountant, you must take a thorough look at the reputation of clients you take on, always check references, and even investigate into why they’re changing accounting firms at the present time.


Start out by sending a concise engagement letter, and if your new client refuses to sign it, that’s likely to be a bad sign. If clients are uncomfortable signing a letter, let them know that the insurance company requires it. If you foresee this attitude as an indication that they will present problems down the road, kindly dismiss yourself from providing your services. In any event, engagement letters should be updated annually or whenever additional services will be performed.


Avoid claims of embezzlement and other violations 


Unethical behavior by a client is one of the foremost reasons for disengagement and you may even want to consider that it may be safer to take a stand against a client than it is to defend them in a suit brought on by a third party.


Although technical errors are often simply honest mistakes, the majority of technical errors can and should be avoided. Have an independent review of the work done by the accountant’s office before it is released to the client. This will often catch errors and will hopefully minimize the possibility of a liability claim.


Claims are an unfortunate result of dissatisfied clients, and these situations are difficult to defend even when fully disclosed. Protect your interests with professional liability insurance for accountants. Speak with an agent to discover just which policy will best work for you.

Risk Aversion Planning and Allied Professional Insurance

Professional liability insurance is designed to cover healthcare professionals (other than physicians) including nurses, dentists, physical therapists, technicians, and a variety of others providing related medical services. An allied medical business is essentially any type of outpatient medical facility.

This includes home healthcare providers, pharmacies, medical spas, physical therapy clinics, dialysis centers, surgical centers, medical labs and many others. It’s quite a broad segment of the healthcare industry and brokers and agents are often hard at work dissecting exactly what types of allied professional insurance needs to provide with those working within this sector.

Broad coverage reduces gaps

Brokers that fully understand the needs of those facing exposures due to the services they provide to patients are striving to provide their clients with a packaged insurance plan as one way to avoid coverage gaps. Both brokers and agents should also take the time necessary to understand these factors as they assess the risks of their clients to ensure they’re providing the broadest coverage plan possible.

Patients who come away from their care providers feeling that they didn’t get the type of specialized treatment they feel they deserved will often place the blame on nurses and therapists. In today’s highly litigious society, it’s critical that allied medical providers have a practical and robust insurance package that offers solutions to these often-complicated scenarios. Risk managers also must also think of ways to prevent these situations from springing up and jeopardizing careers through safety training and risk aversion techniques.

The best way allied healthcare centers can manage the financial costs of risk is by preventing losses from occurring. It’s vital to put a plan into place that identifies and addresses potential liabilities, while developing and implementing preventive strategies, educating administrators and staff members, and improving internal communications, creating operational efficiencies.

Brokers should partner with agencies most familiar with this area of coverage and obtain the necessary support and consultation for their clients. Those insurers should also provide expert legal counsel to help in defense against claims, whether the claims have merit or not, and help their clients using sound claim management and legal strategies resulting in the best possible outcome. Providing sound risk management planning and allied professional insurance will aid those whose duty and desire is to provide aid to others.

Employment Agency Insurance and Employment Practices Liability

Employment Practices Liability (EPL) coverage for staffing firms, as a part of any robust employment agency insurance program, is designed to protect companies against claims brought by an applicant or employee for allegations of discrimination, sexual harassment, wrongful termination and other aspects of employment practices.

This policy is designed to provide coverage to the staffing firm for in-house employees as well as for contract (temporary employees) placed with clients who fall subject to their client’s work environments. While coverage is extended to the clients for any actions of the staffing services workers while at the client’s workplace, coverage is also extended to non-employees subject to the workplace environment as well.

Workplace investigations address important concerns

When an incident occurs an investigation helps to address problems and are an important tool for responding to complaints or incidents regarding suspected workplace misconduct. These investigations can also help improve employee morale, increase productivity, and end inappropriate conduct by employees and staff.

Internal investigations are vital to an employer’s ability to avoid litigation by promptly responding to any concerns about the work environment. In some cases, litigation might possibly be avoided altogether, since employees who feel their employers have addressed their complaints often respond positively when they feel the matter has been properly handled.

When necessary it’s best to initiate the investigation promptly, however do not compromise confidentiality, and assure those involved that all information garnered will be treated with sensitivity. It is best to remain as impartial as possible and never make assumptions. Also, choose an investigator who will avoid rushing to judgment.

Conduct an effective investigation

You can help with the investigation by explaining the process using simple language to communicate the purpose of the investigation to the complainant and any witnesses. Ask the witnesses to identify corroborating evidence or any documents related to the situation.

Document the procedure carefully by taking detailed notes, but remain mindful of attorney-client privilege issues. Remain professional and courteous toward all witnesses, including the complainant and the accused and remind involved parties of their obligations, which include confidentiality, non-retaliation, and the need for truthfulness and candor.

Always attempt to resolve issues fairly and satisfactorily, but in the event things go sour, employment agency insurance coverage will help you in dealing with any legal issues.

The Advantages of Commercial General Liability Insurance in Florida

You are the owner and operator of a small business here in the Sunshine State. During your daily business routines you’ll likely interact with employees, contractors, clients, vendors, and others that serve your interests or purchase your products or services. If anyone one of them has a bad experience they could claim that your company was responsible for any injury or loss they may incur and take up some type of legal action against you. Whether this requires a defense against claims of property damage, bodily injury, libel, slander, or some other legal issue, a florida commercial general liability insurance policy can provide you with the coverage you need.

What is commercial liability insurance?

In the simplest terms, commercial general liability (CGL) insurance protects small business owners from a wide range of claims related to their business activities. The indemnity provided by a liability policy helps business owners cover the costs associated with mounting a legal defense as well as any settlement costs. In addition, many small business owners find that clients will require them to have this policy before they will sign a contract. They want the peace of mind associated with knowing that they’ll be protected if and when something does goes wrong.

Having the right coverage amounts in place can make a significant difference in your ability to negotiate with new clients and bring in additional revenue. A CGL insurance policy also helps protect a business by providing the financial resources necessary to keep it operational when unexpected events (such as an injury leading to a lawsuit) cause a possible financial strain on the business.

A CGL covers property damage as well

The fact remains that many companies become involved in a lawsuit at one time or another and even with everyone practicing safety and being alert as well as careful to take all the necessary precautions, it’s still possible that something bad could happen. It’s even worse when it results in damage to another person’s property. In any case, a florida commercial general liability insurance policy must be in place to compensate for any resulting physical damage to any person’s property.

Defect Concerns and Manufacturing Liability Insurance

Things are much different in today’s business world than they were in the past. There was a time when people bought products for everyday living and they were generally satisfied with the results. Now there is a vast array of products to choose from, all from different companies competing for the same consumers, and many of these products come under some tough scrutiny. Therefore, businesses need to know how to be properly protected in the event of unforeseen circumstances that could result in claims due to injuries, or simply misconception about the intended use of the product.

Product liability is a very serious matter. Most products are examined and tested long before they go to market, but we still see defective products in stores all the time. A simple defect may not be a big deal, but one that causes public health concerns, or could lead to serious injuries occurring are a real issue. For manufacturers such as yourself, manufacturing liability insurance is your safeguard against claims that you may have accidentally put an unsafe product into the hands of consumers.

Consider every aspect of the product

A couple of basic questions you might want to ask yourself when preparing a new product to go to market: When you think of this product, do you think of all the implications that can arise from its use? Is your primary focus solely on getting the product into the hands of the consumer? You really must focus on areas of safety and dependability as much, if not more, than just on advertising to keep your brand name in the minds of the public if you truly want to be successful.

With all of your years of experience in the industry you have probably come to realize that you’re just quite vulnerable to mishaps and things that are out of your control, any of which could result in property damage or injuries arising from the use of your products. That is why you need to focus on protecting your employees, your business, and your assets by obtaining adequate amounts of manufacturing liability insurance. Speak to an agent about any questions or concerns you have related to insurance.





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.

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.