Archive for the ‘Insurance’ Category

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.

Liability for Towing Operators

insurance requirement : Liability for Towing Operators

The risks associated with operating a towing company can be many, considering the dangers of roadside work, taking possession of another’s property, and the potential for an accident when taking a damaged vehicle to a yard or mechanic’s shop. Although it assumed that an operator would exercise caution and take reasonable care to ensure no damage occurs, accidents can and do happen. In these instances, the professionals at recommend a strong tow truck liability insurance plan.

The Reasoning Behind the Coverage

If through the actions of you or an operator, your business creates personal injury or causes property damage, you will be legally obligated to pay for the resolution of the situation. Depending on the extent of the incident, the medical bills, restoration or replacement costs, and legal fees could cripple your company’s finances. If your driver is headed down the road and swerves to avoid a dog that ran in the road, but while doing so hits another car, a liability policy could help cover the costs.

When it comes to what you would owe the other driver, a policy would help with:

  • Medical bills
  • Lost wages
  • Car repairs

A strong policy may also help with the legal costs if the other driver decides to sue. The other area of liability coverage would include property damage, whether it be another car, fencing, or a structure.

Disability Insurance Helps Provide Employee Retention

Most employees don’t consider the possibility of suffering some type of disability requiring them to leave work for a period of time, but when someone working for your company does experience some kind of disability it will reduce their income for a period of time, depending on how long they need to recuperate. Any injury or illness not directly caused by their job duties will not be covered under a workers compensation policy, and employees may find it difficult to qualify for Social Security disability benefits.

As a concerned business owner, you do have the option of providing your employees with group disability insurance in Pennsylvania, which can provide your workers with extra income protection in the event of a disabling illness or injury that occurs while they are not at work or performing work-related business. You can make this coverage available as a voluntary benefit if you can’t afford to contribute to the plans; employees will benefit from group rates, which are cheaper than purchasing individual policies.

Many companies offer both short-term and long-term disability insurance that serves businesses large and small. Rates and benefits will naturally vary based on the age, duties and earnings of the individuals, so speaking to an agent with experience with disability coverage is a good course of action when considering and comparing options.

Long- and short-term disability insurance benefits

A long-term disability income benefit is provided in the event that an injury permanently prevents your employee from performing the duties of their regular job. Short-term disability benefits are for any injury that prevents your employee from performing their duties for an extended period of time, but once able to, can return to work doing their normal job duties.

Long-term disability insurance usually kicks in after short-term disability coverage ends (typically after six months). Long-term disability insurance is usually preferable, since it provides extra protection with replacement income in the event that workers who are injured can no longer work for months, or even years.

With employees constantly on the lookout for companies willing to up the stakes by providing better health plans in order to lure the best candidates to fill openings, offering a good disability insurance plan for Pennsylvania workers will likely help you maintain employee retention.

Coverage Protects Business When Incident Forces Closure

Recently a terrifying robbery had a local mall on lockdown and everyone (business owners in particular) watching and wondering what they would do in the situation: At a high-end department store that anchored the mall, three gunmen entered just before closing. Sales staff and customers were taken hostage; the gunmen ransacked the store, raided cash registers, sprayed bullets all over the store and wreaked other damage, and to make matters worse, physically assaulted one of the female sales staff and shot another one in the leg.

The gunmen initially escaped, yet the store was shut down while police investigated the crime scene. Even after the investigators cleared out, the store was shuttered while management arranged for care for the injured staff members, handled cleanup and repairs, and addressed the delicate task of reassuring employees and the public that it was safe to return to the store. Even so, it was weeks before normal traffic levels resumed at the location. Those weeks of downtime and the slow return to normalcy could have caused a financial disaster for the store, but fortunately the “gross profits” coverage in the store’s business interruption insurance policy started from the day the claim began (the robbery), until the store’s profitability returned to the level it was at just prior to the claim, while the “gross earnings” portion of the policy covered ordinary payroll for employees during the claim period.

Of course, physical safety is of paramount importance for everyone—but secondarily, you’ll want to ensure your company can survive an incident like this as well. Talk to a professional insurance agent about business interruption insurance for your operation. Whether the closure results from a robbery, a fire, or other major incident, having the right protection in place before the claim occurs could save you in the event your sales are stalled for any length of time.