Posts Tagged ‘coverage’

Understanding Insurance Coverage for Libraries

Insurance Coverage

Libraries are more than just places to check out books–they’re centers for families, students, artists, and others. In order to run a successful library that nourishes your community, you’ll want to ensure that you have library liability coverage that covers all the most important areas.

General Coverage

A good liability coverage package will include general liability coverage. This can help cover costs and discourage lawsuits related to injuries sustained by anyone on the premises. Additional Good Samaritan coverage can help provide protection in the case of a medical emergency.

Technology Coverage

As technology–such as computers, printers, and digital media–become more present in libraries, your library liability coverage should reflect this trend. Good coverage will provide protection for computer equipment and data, and well as any other technology in your library.

Property Coverage

Libraries frequently bring in or lend out books, art, and technology, and as such need protection for their property even when it isn’t in the building. A thorough insurance policy will provide coverage for property that is in transit or off-premise.

Libraries differ from traditional companies in how they function, and consequently in their insurance needs. Having good library liability coverage can help you build a strong community space without worrying about your financial risks.

Why Even Professional Insurance Agents Should Consider Errors and Omissions Coverage

Errors and Omissions Coverage

Working with a variety of clients as an insurance agent can be professionally fulfilling but may also leave you vulnerable to a range of liability problems if you aren’t well insured. For this reason, you may want to consider getting E&O insurance for insurance agents. E&O insurance, also called errors and omissions insurance, can protect you from getting sued or suffering financial fallout in a number of ways.

E&O Can Encompass Several Factors You Might Not Be Covered For Yet

Even if you already have some other types of insurance available to you through your work, E&O coverage specifically can protect you from several risk factors you might still be vulnerable to. For instance, these features may include:

  • Subpoena coverage up to a certain amount
  • Worldwide claims coverage
  • Punitive coverage
  • Personal injury coverage
  • Subcontractor coverage

Most Types of Insurance Agents Can Qualify for E&O Insurance

If you’re concerned that your type of insurance work might not qualify for E&O coverage, you should know that this insurance is usually available to most insurance agents. That means you could get coverage whether you work in accident insurance, administrative insurance, health insurance, property insurance and more.

As an insurance agent, you help others protect themselves against risks and liabilities every day, so it’s important to remember to protect yourself professionally as well. By getting tailored E&O insurance for insurance agents, you can continue the work you do with peace of mind.

Protect Your Staffing Agency Against Unique Risks

Staffing Agency

When running a staffing agency, you have unique risks that may not be acknowledged by all insurance companies. Many people downplay the risks that staffing agencies face. The experts at claim that risk management solutions are the best way to address the modern challenges to staffing agencies.

Common Risks

As a staffing agency, there are three main risks. These risks include:

Your employees are essentially your product. If an employee misrepresents his or her credentials, you are liable. Likewise, if a client poses a risk to your agency, you could be liable for anything that occurs to your employee while working for the client. Since you are the technical employer, you would be responsible for workers’ compensation coverage.

Solutions to Risks

The best way to solve the problem of risk is to have a risk management plan in place. First, you need to make sure you have a thorough employee selection plan in place. Do thorough background checks so that there are no surprises. Do the same with your clients. Additionally, you should have a variety of insurance options. Workers’ compensation, general liability and professional liability are only three of the options you may need.

When running a staffing agency, you need to consider the specific risks involved with the company. A risk management plan and insurance coverage are the best protection.

Why Choose Captive Workers Comp for Your Business

Workers Comp

When you run a business, you have to consider where you’re going to receive your workers compensation coverage from. If you’re having difficulty, you may want to consider the captive workers compensation insurance.

What Is Captive Workers Compensation Insurance?

With a captive insurance solution, you and other businesses can pool your liabilities. When an employee has a workers’ compensation claim, these claims can drag on for a long period of time. Since every case is different, it can sometimes be difficult to predict what the cost of a specific claim will be. One of the reasons that companies may lean towards captive workers compensation coverage is that it can provide the business with significant tax advantages. Before claims, the carrier deducts premiums from the operating income.

What Are the Benefits of Captive Workers’ Compensation Insurance?

When you leverage captives, you can reap several different benefits. The first and most important benefit is that your loss risks are transferred to the insurance company. In addition, you can control the claims processing procedures. If your current process is difficult or complicated, you can eliminate some of the difficulties from it.

All companies need some form of workers’ compensation coverage. You never know when an accident may happen. In addition to being a necessary coverage, captive workers compensation coverage is a flexible and lower priced option.

What Is Public Liability Coverage?

Public Liability Coverage

Business owners need to think about how to best protect their assets. All it takes is one simple accident and you stand to lose everything you have worked so hard toward. Thankfully, the right insurance package can be your best line of defense. Public liability insurance, for example, is specifically designed to keep business owners protected from the most common losses associated with their industries. In fact, this type of insurance is considered the entry point for most businesses, as it covers the most basic risks.

Weigh Out Your Options

As reported by insurance experts, public liability coverages are essential to protect a business. However, there are some gaps in the policy that should be noted. This coverage does not include any claims that might come from internal sources like the members of your staff. Additionally, this policy does not include the expenses related to claims from vendors or investors. For these concerns, a policy or general liability is more advantageous. Weighing out all of your options is the only way to find coverage that protects you from all fronts. Points to focus on include:

  • How much you can afford to spend on a policy
  • The unique risks of your specific industry
  • Your history with claims

Conduct Preliminary Research

Planning ahead with your insurance is the best way to find coverage that covers all of your bases. Take time to review the most critical risks of your industry and select the policy that makes the most sense for your unique needs.

Choosing Between Umbrella and Excess Liability Coverage for Your Business

Umbrella and Excess Liability Coverage

Businesses today face many risks associated with their operation. Coupled with rising costs related to handling claims, it is clear why many companies seek additional insurance protection. However, merely adding more coverage may not be the right choice for you. When researching the differences between umbrella vs excess liability coverages, you should take care to see which one best meets your business’s needs.

What Is Umbrella Coverage?

It is essential that businesses maintain an appropriate amount of coverage to protect their assets and secure their financial stability. An umbrella policy, which is generally added as a rider or additional policy, is one option businesses can use to achieve that. It extends beyond the standard protections of any existing liability coverage. That makes it a flexible option for many companies that are looking to expand coverage.

How Does It Differ From Excess Liability?

Unlike an umbrella policy, excess liability coverage expands on the limits of your existing policy. This can be a good approach if you are concerned about increased costs associated with claims but do not need coverage for additional situations.

While every company should have adequate insurance coverage, there is no one-size-fits-all approach to business insurance. An experienced insurance company can help you choose the right coverage for your unique needs.

3 Reasons Why You Need Boat Insurance

Boat Insurance

Unlike on-road vehicles, in most states, boat insurance is not required. However, your bank or marina may expect boat insurance beyond a typical homeowners’ policy. To avoid unexpected losses often associated with having a watercraft, here are three reasons why you need boat insurance.

1. Offset Litigation Costs

Properly insuring your boat may protect you from liability claims that could arise due to unexpected injury or damage. Many boat insurance policies pay for legal damages incurred during a suit and provide a defense attorney to represent you.

2. Investment Protection

Generally, purchasing a boat costs thousands, and protecting your investment from unforeseen losses is crucial. Often all-risk policies with consequential coverage protect your watercraft by allowing a boat insurance claim covering damage associated with storms, fires or vandalism.

3. On-water Storage

While not all marinas require boat insurance, most need proof of coverage before they’ll accept a contract to house your boat. Additionally,  some marinas will want to be listed on your policy before they lease a slip or mooring.

Even if your watercraft may be aging and not worth as much, it’s still a good idea to purchase insurance coverage. You can buy a flexible policy that fits your needs and avoid even higher costs that could arise due to collision, damage or injury.

What Is Cargo Insurance?

Cargo Insurance

Companies that transport cargo are responsible for ensuring that it reaches its destination undamaged. Any type of accident or mechanical malfunction could end up in a transport vehicle damaging or losing the entirety of its cargo. In this type of event, cargo insurance offers indispensable financial protection.

Do All Carriers Need Cargo Insurance?

Failing to have adequate cargo insurance coverage can result in costly liability to a shipper. Even if a company is transporting its own goods, it should still insure them. Not only will it be faced with a considerable internal loss, but it may also be in breach of contract to whomever the goods were being delivered. For these reasons, it’s important that all motor carriers obtain cargo insurance.

How Affordable Is Cargo Insurance?

The cost of a policy will depend heavily on the value of the cargo, the number of vehicles transporting it, and the distance that it is being transported. Working with an insurance provider that is experienced in serving clients in the trucking industry will give you access to the most competitively priced carriers.

What Coverage Options Are Available?

Cargo insurance companies offer policies that are based on a scheduled vehicle basis or according to your total revenue. They can also provide coverage for goods while they are being stored in a warehouse.


3 Things Your Small Business Needs Today

Small Business

Owning and operating a small business comes with a lot of responsibility. You are responsible for deadlines, working with vendors, reinvesting capital and of course, liabilities. If you’re just starting out, you have a lot to learn along the road to success. Here are three areas that can help get you ahead.

  1. BOP Insurance

Business owners insurance is essential for small businesses that can’t afford the risk of liabilities. Everything from your building to your employees presents a liability risk. A BOP policy can be tailored to fit the needs of your business, including property and general liability coverage.

  1. Marketing Strategy

You don’t need a marketing department to have a marketing strategy. You can start out simple with a webpage and social media accounts. The key is to update often, and also purchase advertising. Social media platforms offer an affordable way to complete with companies much larger than your own.

  1. Business Plan

If you didn’t create a business plan when you started your business, start making one now. This will help you set clear goals and milestones for growth. You should review your plan often and revise it as often as needed. Studies have shown that writing down your goals makes it more likely you will reach them.

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.