Posts Tagged ‘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 You Should Consider Purchasing Hemp Insurance

Hemp Insurance

The hemp business is evolving and expanding quicker than ever. There are new products being created every day that are being sold in far more venues than ever before. Unfortunately, this business is not without risks and you need to make sure you are protected in case something goes wrong. This is where hemp insurance coverage comes in.

Why Do You Need Hemp Insurance?

Like most small businesses, hemp business owners need to be prepared in the case of a lawsuit. Legal fees and defense costs can be extremely expensive and can easily sink a business. Luckily, having the right hemp insurance coverage can ensure that you will not have to cover any claims on your own.

If you are a hemp farmer, it is even more vital that you invest in the proper insurance coverage. There are a variety of circumstances that can lead to a serious loss of income if you don’t have insurance. Like most crops, your hemp plants are vulnerable to natural disasters, bad weather, and wildfires. If you experience losses due to these factors and you have insurance coverage, you won’t have to cover the costs yourself.

The Bottom Line

Owning a hemp business can be extremely lucrative. However, it is not without risks. Having the correct insurance coverage can make all the difference.

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.

Unique Industries Require Specific Insurance Plans

Insurance Plans

Some fields offer more risks than others when it comes to insurance. Usually, a company’s particular plan will be decided based upon certain key factors related to the industry that the business operates within. When it comes to organizations that deal with sanitation concerns, such as sewer lines or portable restrooms, matters can become a bit more complicated. Knowing what to expect from your industry can help you determine which policy makes the most sense for your future.

Avoid Frustrating Fees

Understanding portable sanitation coverages and policies is not difficult. Working with an insurance provider that understands the demands of your industry can be a huge help. The inherent set of risks present in your field will be addressed from the beginning when you work with the right insurer. Some agencies attempt to place co-insurance costs on portable devices like toilets, but this is not always the case. It is important to find a provider who does not charge you ridiculous fees for a basic service. Additional points to consider include:

Find Experienced Professionals

You know your industry better than anyone. In order for you to find the right insurance, you need to look for professionals who have had plenty of experience in protecting businesses like yours. Do research to find the most appropriate fit for your organization.