Archive for the ‘Insurance’ Category

A Short Guide To TNC Insurance

Working for a transportation network company, otherwise known as a TNC, like Uber or Lyft, can be a great way to make a living or supplement your already existing income. All you need is a car and you can be out earning money right away. However, driving for a TNC comes with a certain amount of risk. TNC insurance can help you deal with this risk.

What Is TNC Insurance?

TNC Insurance is a type of insurance coverage that is designed to protect TNC drivers from a variety of common risks. It can cover things like repair costs and medical bills that occur as a result of an accident.

Why Do You Need TNC Insurance?

If you are at all familiar with TNCs, chances are that you are aware that most TNCs provide a certain amount of insurance coverage.  This begs the question, why do you need to purchase your own TNC insurance? Unfortunately, the insurance provided by TNCs only applies once a ride has been accepted. If you are logged into the company app but have not yet accepted a ride, you have less than ideal coverage.

Working for a TNC can expose you to a certain amount of financial risk. TNC insurance can help everything run far more smoothly.

Yes, Millennials Need Life Insurance

The millennial generation — individuals born between 1980 and 1995 — tend to face a tougher financial climate than other generations. They came of age during a financial crisis, often leading to a lack of employment opportunities. Add a crushing student loan debt burden, and it should come as no surprise that many forgo adding the cost of life insurance to their spending. However, that can be a huge mistake. Here are a couple of reasons why millennials should have a life insurance policy in place.

Life Insurance Can Be Affordable

Life insurance for millennials is more affordable than you might realize. Plus, the earlier you purchase a policy, the lower your premiums will usually be. That means that you might not have to stretch your budget as far as you think to make a sound financial decision.

The Right Policy Protects Your Assets

If you were to die tomorrow, would your family be able to cover their bills? Could they pay off your shared debts, such as a mortgage or car loan? Having a life insurance policy in place protects them from the potential consequences of default on these obligations.

Millennials should consider purchasing life insurance. It offers financial security for loved ones and can help them avoid taking on your debt after you are gone.

Protecting Volunteers at Your Organization

Countless nonprofits — as well as other businesses and organizations — rely on volunteers to keep their operations flowing smoothly. Volunteers are integral for assisting clients, transporting clients and goods, accounting, managing food safety, and undertaking countless other tasks, depending on industry and type of organization.

Ensuring your nonprofit or organization carries sufficient volunteer liability insurance is essential to protecting your volunteers and the stability of your operation. Volunteers Insurance Service (VIS) can help you find an insurance and risk management policy sufficient to your busines.

What Does Volunteer Insurance Cover?

Specifics of volunteer insurance will vary depending on the unique details of your operation. A policy may offer general liability coverage, vehicle coverage, machinery coverage, or other types of coverage depending on your particular tasks. An experienced volunteer insurer will also be able to help you establish risk management programs — including additional trainings for volunteers, safety protocols, and other measures — to effectively prevent accidents before they occur.

A major benefit of volunteer insurance is that it covers areas that may be missed by your organization’s general liability policies. Rather than worrying about gaps, establishing a separate  volunteer liability insurance program will ensure you are prepared for any incidents. An experienced insurer can help develop a policy that effectively protects you and your volunteers.


EO and DO Insurance: Essential Parts of Your Business Survival Kit

As a business owner, you know firsthand the effort your team pours into providing top-notch service. But sincerity is no protection against a lawsuit, even when an action lacks merit, and that makes liability insurance necessary. Two building blocks of this protection are errors and omissions coverage, and directors and officers insurance. Knowing the roles of E&O vs D&O will help secure your company’s future.

Errors and Omissions: Safeguarding the Company

E&O coverage protects the corporate entity when a lawsuit names an entire company. Common grounds for these suits are:

  • Breach of contract
  • Failure to disclose material information
  • Missed deadlines

Careful tailoring defines an effective E&O policy, and updating this coverage is crucial as your company evolves.

Directors and Officers: Protecting the Leadership Team

D&O coverage serves as a wingmate to E&O insurance and is triggered when lawsuits individually name officers or board members. Intellectual property violations and breaches of fiduciary duty are frequent grounds for this litigation. D&O insurance is also essential for talent recruitment, as potential directors for your company’s board will insist on this coverage.

While E&O and D&O are vital, seamless protection for your company is your goal. To build across-the-board liability coverage, seek an insurance agency with a proven track record of serving local businesses.

How High Value Home Insurance Protects Your Household

Ensuring your home is well-protected in the event of an accident or significant damage is essential for maintaining consistent peace of mind. But sometimes a basic homeowners policy is insufficient to protect your assets, and it may be worth looking into high value home insurance. This added layer of protection will ensure that if your home is faced with a major accident, you are able to thoroughly cover any losses.

What Sets High Value Home Insurance Apart?

High value home insurance essentially gives you deeper protection than you might secure from a typical home insurance policy. While specifics will vary depending on the needs of your family and home, it may include some of the following, and more:

  • Additional water and mold damage coverage
  • Higher personal liability coverage
  • Additional protection for home electronics systems, including cyber protection
  • Coverage in cases of identity theft

In some cases, the limits of a typical homeowners’ insurance policy are simply insufficient to cover the entirety of damages to a high-value home. Worrying about the extent of your coverage and whether it will meet your needs in a trying situation is something no homeowner wants to consider. Speaking to an experienced insurer about high value coverage can preemptively ensure fiscal stability and peace of mind if unexpected damage does occur.

Bar Insurance Programs: Insuring A Good Time

Going to the bar can be the perfect salve for a broken heart or a stressful business deal. Bars offer the space to go it alone, mulling over your worries with a quick drink on the way home from the office, or alternatively, to hit the town with a few of your closest friends. No matter why or with whom you choose to drink, there’s no denying the pull of a bar when life gets stressful. This does, however, emphasize the importance of comprehensive bar insurance programs.

Why Do Bars Need Insurance?

Any time you combine alcohol and the public, it’s a good idea to make sure everything and everyone involved is as insured as possible. This is especially true for bars, as they often serve patrons who, unbeknownst to them, drive home and pose a threat to more than just the bar’s patrons.

What Policies Are Best?

The type of insurance policies that work best for any given bar will vary on a case-by-case basis, but some policies are essential for any establishment that serves alcohol. General liability, workers’ compensation, and liquor liability are some of the most important, as they reimburse or cover the costs of resulting legal fees, medical bills, and lost wages.

Adequate insurance coverage is a necessity for any business that serves alcohol, even if they only do so on certain occasions. Fortunately, bar insurance programs are flexible and customizable, ensuring that all bars can focus less on insurance and more on customer service.

Do I Have to Use FMLA for Workers Comp?

When employees are injured on the job and know their recovery will take time, they often approach human resources to find out whether they are covered by Workers Compensation insurance or must instead take a leave of absence under the Family Medical Leave Act, or FMLA. It’s not a surprise that some organizations ask themselves the same thing.

The short answer is no, injured employees do not need to take FMLA for Workers Comp if they are eligible for Workers Compensation. They may want to, however.

Differences Between FMLA and Workers Compensation

There are a few big differences between FMLA, a federal law, and Workers Compensation, an insurance program typically run by each state. To begin, FMLA is available to any employee who develops a serious health condition, while Workers Compensation is only available to employees injured while working.

Benefits differ between the two, as well. Workers Comp pays for medical bills related to the injury and provides two-thirds of an employee’s salary. FMLA is unpaid leave, but it does protect an employee’s job by federal law. Workers Comp does not guarantee employment.

For that reason, employees eligible for Workers Comp may want to consider also taking FMLA at the same time. If they can take both, FMLA will protect their job while Workers Compensation will provide income.

How Valet Parking Insurance Protects Your Business

Many hotels, restaurants, and similar institutions operate or contract for a valet service. This service is essential for smooth entrance to and exit from your business, and can be vital in reducing the pressure of traffic congestion on your front doors.

Naturally, valet parking contains risks, which can be amplified under tight driving conditions, or other pressures relevant to the job. Carrying comprehensive valet insurance will ensure you are protected for any valet parking liability that may arise in the course of business.

What Risks Exist When Using Valet Parking?

Driving always contains inherent risks, but certain hazards can be amplified by valet parkers. The necessity to work on a tight schedule, and often in cramped conditions, can create specific hazards — as can the need to operate widely varying vehicles.

Ensuring your valet staff is well-trained and competent with vehicles of varying type and size will reduce the risk of an accident. Additionally, hiring only employees with clear driving records, and sufficient experience, can both be immeasurably helpful.

A reputable insurer can help you take these steps to streamline the safety of your operation. Moreover, they can help design a suite of valet parking liability insurance that ensures that you are well-protected, in the event an accident or any damage does occur.

Develop a Tighter Strategy for Managing Risks and Insurance Costs

For business owners, balancing the demands of the marketplace with the rising costs of keeping a company afloat can be a headache. This is usually the case when it comes to decisions like selecting appropriate insurance. Part of the process of finding sensible insurance coverage is taking a look at the risks of your industry and finding a policy that covers all potential threats. While the traditional arrangement involves the insurance provider assuming the costs of the risks that impact your brand, you may find that retaining the risks is more beneficial to your budget.

Understanding Risk Retention

Part of sensible retention risk management is understanding when to use alternative decisions to the benefit of your business. While it might seem like retaining the losses of your risks and paying out of pocket is a bad financial choice, this is not always the case. When your insurance plan costs more than the losses you will suffer, then it actually makes more sense to retain the risks. It is important not to make this decision in haste. Sit down and weigh out the pros and cons, factoring in points like:

  • Estimated cost of paying for possible losses
  • Risks unable to be insured by standard policies
  • How severe the potential risks might be

Gain More Insight

Understanding risk retention can provide you with greater insight on how to pick insurance that helps you keep your budget balanced. Review the ins and outs of retention to see if it is the most practical fit for your company.

A Short Guide to Sexual Misconduct Liability Insurance

If you own a business, especially a business that provides aid to the elderly or handles childcare of any sort, it is vital that you have some sort of protection against claims of sexual misconduct. No one wants to think about the possibility of this sort of claim, but the reality is that countless claims of sexual misconduct occur in the United States every year. You may have taken all the possible precautions and done your absolute best to prevent sexual misconduct from occurring in your business. Still, sometimes things just slip through the cracks.

If your business ends up facing a sexual misconduct claim, the financial consequences could be massive. From things like court costs to settlements or judgments, sexual misconduct claims can easily end up costing thousands of dollars that you may not have. This makes sexual misconduct liability insurance a must-have.

What Is Sexual Misconduct Liability Insurance?

Sexual misconduct liability insurance is a specialized type of insurance that is designed to protect businesses from the financial consequences of a sexual misconduct claim. It can cover things like court fees, settlements, and judgments relating to sexual misconduct claims.

How Much Does Sexual Misconduct Liability Insurance Cost?

The cost of this insurance can vary widely. Some factors that affect the price are:

  • Your location
  • Your claim history
  • The size of your business
  • The number of employees you have

Sexual misconduct claims can devastate your business. Sexual misconduct liability insurance can make all the difference.