Archive for the ‘Insurance’ Category

How Knowing the Law Helps You Properly Insure Your Dirt Bike

Dirt Bike

One of the trickiest aspects of selecting the right insurance plan for your lifestyle is figuring out what exactly needs to be covered. Too much coverage and you could be spending a fortune on options you don’t need. Too little involved in your policy and you leave yourself open to plenty of problematic scenarios. When it comes to riding your dirt bike, for example, you need to know what your policy covers in regard to off-road and street riding. The best way to achieve this is by looking over local laws and ordinances involving street bikes.

Basic Rules and Regulations in Connecticut

Understanding the basic concepts of street bike riding in CT can provide you with some insight on how you should go about your insurance concerns. Throughout Connecticut, outdoor vehicles like motorcycles and off-road bikes are permitted in acceptable locations as long as the rider has the appropriate license and insurance coverage. Snowmobiles are also allowed throughout the state and can be converted into off-road vehicles that are allowed to be ridden throughout the spring and summer. Some popular locations for biking in Connecticut include:

        Cockaponset State Forest

        Pachaug State Forest

        Thomaston Dam

Understand the Basic Laws

The more you learn about where and when bikes and similar vehicles are permitted in your state, the easier it will be to select the most appropriate insurance. Explore your options and discover the most sensible fit for your future.

What Are the Potential Liabilities of Summer Fun

watercraft liability

Summer is a perfect opportunity for people to participate in fun seasonal activities. However, there are hazards that endanger the participants, property and third parties. The business owners involved in summer entertainment need to look for possible summer fun liabilities. 

Equipment Rental 

People rent vehicles and other equipment for recreational purposes, from ATVs to boats. While using them can be exciting, there are also potential risks. The owners of these vehicles can be held responsible for any injuries or destruction resulting from these recreational activities. They can either add land or watercraft liability to their general liability coverage or obtain a specialized plan. 

Alcohol Consumption 

Summer social events and parties for adults may sell and distribute alcohol products. Their consumption can lead to harmful incidents such as fighting, vandalism and car accidents. Venue owners that sell alcohol can be held liable for any injuries, casualties and damages connected to alcohol use. Specialized insurance can mitigate the financial impact, and preventative measures can keep patrons safe.  

Summer Camps

Summer camps for children and teens feature potentially hazardous activities, such as horseback riding, sports and swimming. Since the operators are looking after children, they can be held liable for any incidents. Proper safety education, strict hiring and insurance coverage can prevent these incidents or reduce their harm. 

Recreation facility and equipment owners will have increased business during the summer but also greater risks. Proper awareness of these exposures and the right coverage can protect these businesses throughout the season. 

What Are Blanket Bonds? How Do They Work?

Blanket Bonds

Financial businesses are among the many industries that use bonds as risk management tools, especially banks. Between investment bankers with fiduciary duties to clients and company shareholders alike to honesty bonds against employee bad faith, there is a variety to choose from, and finding the right fit for a bank or another lending institution can be a bit difficult. That’s where blanket bonds come in. If your bank or credit union looks like it might need several bonds to protect against customer loss due to bad faith actions by an employee, you can also opt for a blanket bond that is written with wide-reaching provisions to cover all your risk management bond needs, without the trouble of balancing several specific bonds that each handle a different kind of risk exposure.

Limitations To Blanket Bonds

While these bonds are very broad in their coverage, they are not all-purpose risk aversion tools. That means they don’t replace your regular insurance policies, they simply protect the customers and institution from theft, embezzlement, and other material losses related to employee misconduct. They also don’t provide identity theft protection on their own, which means you might need another kind of coverage to handle that risk if it isn’t already folded into one of your liability policies. What they can do, however, is simplify your bond management so your entire coverage portfolio is easier to handle.

7 Challenges in Wholesale Operations

Wholesale Operations

Retail stores face considerable risk when dealing with inventory and purchasing. Wholesalers have similar challenges, and the risks in distribution business can put a company out of business if they aren’t prepared. In addition to carrying a comprehensive insurance policy, the team at HILB Group of Florida recommends being aware of the risks in order to form a sound risk management strategy.

Distribution Risks

  1. Property Damage- inventory damage could interrupt your supply to your customers
  2. Supply Shortage- without an ability to stock your inventory you struggle to sell
  3. Product Liability- liability for the sale of a product determined to be unsafe or defective
  4. Legal Penalties- contract fulfillment concerns when accidents or shortages occur
  5. Theft- responsibility for stolen goods by employees or while during transport to retailer locations
  6. Equipment Failure- product damage due to failed transport trucks, cooling systems, heating or freezing equipment
  7. Incident Tracking- lost data due to misplaced or inefficient data tracking and analysis

Finding Coverage

These claims may have some obvious risks attached, but there are also concerns that will be specific to your distribution business. You can mitigate risk through a management strategy, but you can also have a strong defense with a comprehensive insurance plan in place. Promote best practices throughout your company, but also meet with an insurance agent to discuss your coverage options.

5 Reasons to Keep Your Miscellaneous Professional Liability Plan


If your business has been trying to cut costs, perhaps you’ve considered dropping some of your supplemental insurance coverage. This is never a good idea, although many companies look at their Miscellaneous Professional Liability (MPL) coverage as being an unnecessary expense. It sounded good when talking to the broker, but now it seems likes a frivolous expense. Here is why you need to keep your MPL insurance.

5 Easy to Understand Benefits

  1. A standard general liability policy will only cover claims that arise from actions or events involving professional services.
  2. Lawsuits, no matter how absurd or unsubstantiated, are expensive and can drain your company’s finances during your fight for resolution.
  3. MPL coverage isn’t required by law, but the professionals at Huntersure will tell you that most contractual work will require it.
  4. The value in MPL insurance isn’t in a dollar amount that provides a return on investment. It can be used to help solicit new business or projects and bring financial help during legal situations.
  5. The costs of legal claims, court settlement, and legal representation cost much more than you will be paying through your plan’s premium.

The arguments against MPL always come back to the value of the plan in relation to the costs and stress of dealing with a claim or suit against your company. Regardless of how unaffordable you may feel the contract is, you really can’t afford to not have this coverage when an incident unfolds.

What Is Commercial Insurance And Why Do I Need It?

Commercial Insurance

Thinking about making your idea a reality and opening your own small business? More power to you! An entrepreneur’s spirit lives inside of you and you’re ready to take on the universe. While you excitedly sketch out your logo and find a lender, don’t get so caught up that you forget one of the most basic, yet most essential aspects: Commercial insurance.

What Is It?

As the name implies, commercial insurance is geared towards business owners to help them manage a company and crew.

What Does It Cover?

It all depends on how you choose to use it, but most commercial packages include things like:

  • Auto breakdown/replacement coverage for commercial vehicles
  • Cybersecurity packages
  • Worker’s compensation packages (if you manage a team)

How Can I Learn More?

A great place to start is your homeowner’s insurer. Speak to one of your agents and ask whether or not they offer commercial insurance — and if they don’t, ask who they recommend or if they do business with any affiliates. If you are left completely stumped, check out data found on to give you a running start.

You protect your car, home, and health, why would you not protect your business? Don’t let your hard work and money go to waste when you act on your exciting new endeavor.

What You Need To Know About Insuring Your Maritime Business

Merrimac Marine

While adequate insurance coverage is an important concern for any business, maritime businesses have special additional concerns that should always be taken into consideration when putting together a policy. Maritime Employer’s Liability (MEL) coverage, in particular, ensures that both you and your team are thoroughly protected by the right solutions.

What Is Maritime Employer’s Liability (MEL)?

As explained by Merrimac Marine, MEL is a type of maritime insurance coverage that occupies an important middle ground between the worker’s compensation any business owner would be familiar with and the marine-specific policies a maritime business owner in particular needs to be aware of. Types of services that can be covered under a MEL policy include:
Maritime construction
Seismic research and other scientific studies
Contract work performed aboard active vessels

Without MEL, your maritime business may not be completely covered should your company ever be held liable for injuries, deaths, or other mishaps that may occur as a result of doing business.

Where To Seek Coverage

When insuring a maritime business, it’s important to make sure you’re trusting the process to an expert. For best results, choose an insurance company that specializes strictly in marine business coverage. It’s the best way to make sure you’re properly advised and completely protected going forward. Explore the possibilities today, and rest easy knowing your maritime business is in the right hands.

3 Ways To Expand Your Insurance Business

Program Business

Keeping your insurance business going is a big enough responsibility, but getting it growing is something else entirely. To be successful in today’s constantly changing market, you cannot standstill. Here are three ways to expand your insurance agency.

Cultivate Customers

Whether your agency is new or more established, widening your customer base is a priority for long-term viability and profitability. This requires thorough research. You need to know your customers and potential customers. What are their concerns? What are they looking for in a policy? Social media platforms are great ways to connect and interact with customers. Answer questions and address concerns directly, and you can help build loyalty amongst current customers and possibly attract new ones.

Get on a Directory

People today are busy, and when they are looking for insurance, they appreciate compiled databases with information about and links for agencies that let them compare services and policies quickly and easily. As referenced on Program Business, its insurance directory is popular and has been the platform for more than $2 billion worth of written premiums.

Offer More Policy Options

Examine your current offerings and consider expanding your policies. Giving your customers more options increases value. It also delivers better customer service.
Growing your insurance business in today’s mercurial environment is challenging. However, there are specific steps that help you inject new life into your insurance agency. Taking action now sets your business up for a healthy future.

Top Benefits of Renter’s Insurance

Byrnes Agency Insurance

Nowadays, more people are renting than ever before. Unfortunately, when it comes to the number of renters, far less have renter’s insurance. According to the Byrnes Agency Insurance experts, 31% of renters do not have insurance. If you don’t have insurance, here are some reasons why you should.

Damaged Belongings

Renters insurance covers your belongings. This is not only what you own but it also covers things that you rent or borrow. Anything in your possession is considered a property that you can cover under your renter’s insurance policy.

Legal Fees

What happens if someone is injured in your home or apartment? You might think that only homeowners have to worry about liability if someone is injured, but that isn’t the case. You still should have liability insurance, in case someone files a lawsuit against you.

Hotel Costs

What do you do if something happens to your home? Flooding, fire or repair work could have you out of your home for days or weeks. It’s important that you have someplace to stay in the meantime. Often, this means staying in a hotel. With insurance, some of those costs may be covered.
With all the benefits of renter’s insurance, it makes sense that more people should trust a renters insurance company with their belongings. Without renter’s insurance, you may not have the funds to pay for disasters later on.

Why Your Business Needs Riding Insurance

Impact Programs.

Although you already know how important it is to protect your business, there are certain considerations to make when you own a riding club. That is why having riding club insurance is necessary, both for your consumers, those you employ, and yourself. Here are a few reasons why you shouldn’t operate without it.

Riding Coverage Protects Your Customers

At a riding facility, it can be easy for accidents to occur, even if your grounds are maintained properly. It is necessary to having riding club insurance that can protect your customers when they are out riding their horse. Or even if they are not riding, but end up with an injury while on the grounds, having insurance can protect you in the event you get sued, according to Impact Programs.

Coverage Protects Your Workers

Workers who are dealing with horses as part of their job can easily get injured. This could happen because of the horse, or even if an accident occurs, such as a loud noise startling the animal. You can avoid the problems that come with having an employee injured on the job by selecting insurance coverage that can handle such instances.
If your business involves working with horses, riding club insurance can provide you with the necessary protection. Your customers and employees can be covered under a policy that works for you.