Insurance Needs for Employment Agencies

Staffing agencies are prone to liability risks due to the nature of the business. That’s why it’s critical to talk with your insurance agent to make sure you have the best coverage to fit your needs.

Necessary Insurance for Employment Agencies

Essential insurance for employment services includes three policy types.

  1. General Liability – This policy protects your business against many types of claims, including property damage, injuries to third-parties and issues with advertising and copyrighting. Coverage compensates those who suffer injuries and losses. It also provides coverage for your agency to help pay legal fees and settlement costs.
  2. Professional Liability – Also referred to as errors and omissions insurance, this policy protects you and your employees if a claim is filed as a result of mistakes made for professional services. Examples include placing a worker in a job for which they aren’t qualified or failing to meet contract deadlines and conditions.
  3. Workers Compensation – Most states have laws requiring employment agencies to carry some type of workers compensation insurance for those who are injured on the job. State laws can be confusing on exactly what and who they cover, however, so be sure to talk with your agent about the coverage that is best for your company.

Protect your employment agency and your employees with a comprehensive liability package.

Party Safely With the Right Insurance Coverage

Accidents and injuries can happen at any party, and a party held during the COVID-19 pandemic is certainly no exception. You as a host are partially liable for anything that happens to your guests, and having holiday party insurance is essential for a myriad of reasons.

You’re Booking a Venue

If you’re booking a venue for your party, they will likely require some form of liability coverage. It’s also important to be aware of any COVID rules and restrictions your insurance or the venue has implemented.

You’re Serving Alcohol

Regardless of how it’s served, if alcohol is involved you need liquor liability protection in addition to standard holiday party insurance. This coverage can help avoid fallout from claims of negligence regarding the sale or service of alcohol.

You Have to Cancel

Party insurance covers events that happen during the party, but can also cover financial losses incurred if the event is canceled. With the ever-changing nature of local and national lockdowns and restrictions, this coverage is essential.

A party is meant to be a time to relax and have fun, but that doesn’t mean there aren’t risks involved. Having holiday party insurance can help you have a good time with the peace of mind that comes from being protected.

3 Common Insurance Needs for Nonprofits

Nonprofit organizations tend to have small operating budgets, requiring administrative teams to maximize every dollar spent. Large, unexpected expenses can quickly drain any financial reserves and cause the organization to fail. The right insurance policy can help guard against the more common risks and exposures, but with so many options to choose from, it can hard to determine where to spend the funds. Here are some crucial needs for non-profit insurance.

1. General Liability

There is the potential for many accidents on your organization’s property, and general liability addresses slip-and-fall situations. Any damages incurred or ordered to be pay to victims of an incident (such as a vendor, associate, supplier, visitor, etc.) are covered through the policy. This isn’t going to address employees, as this is what workers’ comp insurance is for. It would step in for volunteers.

2. Property Insurance

Whether you rent a space or own a property, incidents like earthquakes, fires, vandalism, storms, or else could cause serious damage to your structure and property contained within. Basic property coverage will repair or replace owned property, from the building to fixtured, equipment, or inventory.

3. Auto Insurance

Any owned, hired, or employee/volunteer vehicles should be covered under an auto insurance plan. Your state of operations will generally have a minimum required coverage amount, as these policies pay for injuries, death, and property damage for involved parties.

Speak with an agent about other forms of insurance that will protect your nonprofit. The right policy is crucial to your success.

Risk Management for Condo Associations

Condo associations are responsible for the physical maintenance of their buildings as well as the financial management of their funds. Condo boards owe their memberships a fiduciary duty of care, so it’s imperative that they do everything reasonably possible to protect themselves and their memberships against risk.

Compliance

Many states have laws that regulate the governance and activities of condo associations. Ensuring compliance with all applicable law is an important part of managing condo risk.

Management

Even if a problem at a condo building is the fault of the management company that the association has hired, the association will ultimately be liable for damage to the property or claims made by its members. It’s essential that condos work with excellent property management companies.

Insurance

Condo associations need property insurance policies that address the full scope of their risk. In addition, they need general liability policies in addition to a directors and officers policy. D&O insurance will help to pay legal costs incurred by board members if an individual or business entity brings a claim against them personally.

Condo associations should work with an insurance company that is experienced in serving condo boards and understands their unique and complex risk exposure. A knowledgeable representative can help boards find the coverage they need from the best carriers in the marketplace.

How Guaranteed Replacement Cost Works in Homeowners Insurance

When you bought a home, you undoubtedly purchased insurance to protect that investment. Most homeowner’s policies are similar in how they calculate coverage amounts, what types of events and damages are covered or excluded, and how they shield owners against liability. However, there are some things you need to watch out for, especially if it has been a while since your purchase. One of those is the use of guaranteed replacement cost in insurance and how it can help you recover after a catastrophic loss.

What Is Guaranteed Replacement Cost?

A homeowner’s policy limits can be based on several factors: The purchase price, market value, mortgage value and replacement cost are common valuation methods. However, if a structure is completely destroyed, the actual cost to rebuild may go beyond those stated limits. Increased demand for supplies and labor after a major disaster are perfect examples of what can drive construction costs up. This may leave you with a gap between what your policy will pay and what it will cost to rebuild. Guaranteed replacement cost enhances a policy to fill that gap.

What Benefits Does It Provide?

In addition to paying above policy limits, there are a few other advantages to guaranteed replacement costs endorsements. For example, it covers updates to bring your home into compliance with building codes that have been enacted since your home was built. It is also generally more affordable than directly increasing coverage limits.

Guaranteed replacement cost is one tool that homeowners can use to protect their investment. Talk to your agent about whether it is a good choice for your policy.

Why You Should Consider Purchasing Yacht Insurance

When you are planning a day on the water with your yacht, the last thing you want to think about is something potentially going wrong.  Unfortunately, incidents do happen and it is really important to be prepared for the worst.  If you own a yacht and you live in California, you should consider CA yacht insurance.

What is Protected Under a Typical Yacht Insurance Policy?

Yacht insurance provides protection that falls under two categories.  The first is physical damage.  This part of the policy covers your boat, its machinery, its sails, and any other equipment on board. If any of these things are damaged by an incident like an accident or a rough storm, this part of the insurance will prevent you from having to cover the damages out of pocket.

The other part of the policy covers liability.  This refers to legal obligations that can occur with third parties.  It applies when you cause damage to someone else’s property with your boat or injure/kill someone with your boat.  For example, let’s say you get into an accident with another boat and you seriously injure someone on that boat.  This person could sue you but the liability part of your yacht insurance will cover the legal costs.

Owning a yacht has many upsides but is not without risk.  Make sure you are protected and purchase yacht insurance today.

What Does Builders Liability Insurance Cover?

Builder’s liability insurance is a unique form of insurance for the construction industry, but it’s not a replacement for your traditional general liability policy. That policy is still needed to protect your workers and equipment while you’re on the job. Instead of replacing that policy, builders liability insurance policy coverages are typically written to provide additional protection only needed by construction businesses.

Protect Temporary Structures and Fixtures

Often, you need to erect temporary sheds and other facilities for your operation on-site to complete a project. That includes additional scaffolding structures to provide worker access to the entire superstructure as it goes up. Your builders liability policy protects you from losses when those structures are damaged and from expenses related to liabilities those structures create. It also covers fixtures and pieces of the building that are prefabricated and later installed in place, like the light fixtures you buy from suppliers.

Long-Term Building Protection

As you work, you also need protection from damage to the building you’re working on, especially when it’s a renovation project and your operations have the potential to cause damage or disruption to the surroundings while you work. It’s also important for new construction, but the risk profile is a little different. To get a policy that fits your project well, you need to work with a carrier that really understands the construction industry.

What Does Warehouse Insurance Cover?

People not familiar with its day-to-day operations often mistakenly think the only function of a warehouse is to store goods. In the same way, some warehouse operators also have a narrow view of what warehouse insurance has to offer them. The truth is that coverage can be just as diverse as the many jobs that happen inside.

Warehouse Contents

Protected under any warehouse insurance policy is the contents of the building, whether owned by you or a client. . Examples of possessions covered include the following:

  • Machinery such as forklifts and golf carts
  • Computers and other electronics
  • Hand trucks
  • Fixtures and equipment
  • Valuable papers and software

Liability

Liability insurance protects you from claims of personal injury or loss of property. This coverage is especially important when housing items that do not belong to you, or when employing multiple workers. It usually covers costs associated with the following claims:

  • Employee dishonesty, including theft and forgery
  • Personal injury by the general public while on the premises
  • Goods transported by third parties
  • Property inside trucks owned by you

Be sure that your warehouse insurance is adequate to protect the many aspects of your business. Your insurance agent can evaluate your existing policy and help you expand it into areas that may need additional coverage.

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.