Monthly ArchiveJuly 2020

Homeowners Insurance Policy

Should You Purchase Both a Homeowners Insurance Policy and a Home Warranty?

Owning a home involves a significant financial investment. Indeed, it’s the largest expenditure most people make in a lifetime. Homeowner’s insurance policies and home warranties can help you to protect this investment. While both of these products provide coverage for your home and your possessions if an emergency occurs, they do so in different ways. Knowing the differences between a home warranty vs home insurance can help you to decide what type of plan is right for you.

What Is a Homeowners Insurance Policy?

Homeowners insurance is a type of property insurance. It will pay the cost of repairing or replacing the structure of your home and your personal belongings in the event of:

  • Storms
  • Theft
  • Fire
  • Some forms of water damage
  • Other natural disasters

A plan will also protect against third-party claims of bodily injury occurring in your home.

What Is a Home Warranty?

Unlike homeowners insurance, a home warranty will not cover the structure of your home or your personal possessions. Instead, it pays for the repair or replacement of your home’s major components, such as plumbing, electrical wiring, cooling and heating systems and certain appliances, should they stop working. However, it is important to note that a warranty will not provide coverage should these be improperly maintained.

You’ve invested time and money in your home. Unfortunately, unforeseen damages and breakdowns can easily occur. Homeowner’s insurance policies and home warranties can help you to cover the expense of restoring your home, its components and your personal possessions.

Insurance Agents Protection

Protect Your Insurance Agents the Way You Do Your Clients

Running an insurance agency or similar organization can bring about a number of unique concerns. While your business is centered around providing sensible insurance solutions to people across a variety of industries, you also need to make sure that your own team is covered in the event of an accident. One way to achieve this is by taking the time to review all of your options on insurance agent E&O. Understanding this type of package is crucial when it comes to providing peace of mind for your team.

Getting a Feel for Agent Errors & Omissions Packages

As insurance experts in your industry, you probably already know how Errors & Omissions coverage works. This type of plan for your agents performs much in the same way as a traditional plan. The coverage addresses any exposures that might occur when an agent is delivering information, paperwork, and other critical data to clients. In the event that something is missed, E&O coverage works to protect your agents and your company from being held liable. This can save you money and keep your workers safe. Additional benefits of this plan include:

  • Coverage for wrongful acts
  • Personal injury
  • Subpoena coverage

Protect Your Team 

Taking care of the men and women who act as agents on your insurance team is a big task. Take time to review your options with comprehensive E&O coverage for your agency and discover how you can do what’s best for your team.

Professional Liability Insurance

Protecting Your Firm with Professional Liability Insurance

Business owners like yourself understand the need for typical insurance plans to protect your operations:

  • General liability, including protections against customer injury and property damage
  • Property coverage for office building and property owned and used by your company
  • Commercial auto for vehicles used for business
  • Workers’ compensation, offering protection for employees injured on the job

Leading an engineering firm, you also need professional liability insurance. Your clients expect you to deliver buildable plans and specifications. If a mistake or oversight in your design causes physical and/or financial loss to a client, you need a plan that protects you from losses due to litigation.

Why Do I Need Professional Liability Insurance?

This professional liability insurance, also known as engineering errors & omissions coverage, gives you the layer of protection that helps you pursue clients and contracts to grow your business. Despite in-house quality control and quality assurance processes, errors and omissions can occur that can result in significant damages. Whether it’s a small mathematical error in a set of design calculations or a note that incorrectly indicates inches instead of feet, a mistake puts your company at risk when operating without E&O coverage.

Do I Really Need E&O Coverage?

The reality is that some clients and business partners require consultants to have a specified amount of professional liability insurance before executing a contract or issuing a notice to proceed. You’re in this business to make money. Don’t disqualify yourself from lucrative contracts by not having E&O protection.

valuations for cargo ships

Safety Evaluations for Cargo Ships

Cargo ships all have to take important safety steps to mitigate safety hazards. Apart from the dangers posed by inclement weather, other hazards such as mechanical failures or improper maintenance could present a serious danger. Safety inspections are a critical part of ensuring that a ship is seaworthy and that crew and cargo will be safe.

Cargo Needs to Be Stored Safely

Cargo safety evaluations must confirm that cargo containers are being placed securely and weight is distributed evenly throughout a ship’s cargo hold. Any unexpected movement while a ship is in motion could result in serious personal injury or property damage.

Life Rafts and Life Boats Must Be in Working Order

In the event of a critical emergency, a ship’s emergency life rafts and lifeboats need to be ready to put to use. There must be an adequate number of emergency vessels to accommodate all crew on board, and they must be equipped with all necessary emergency equipment.

Communication Equipment Must Be Well-Maintained

A ship’s vital emergency communication equipment must be fully operational at all times. It needs to be periodically inspected, and any type of equipment malfunctions must be immediately addressed. If there is a temporary outage in operations, the cause has to be identified and addressed.

Maintaining emergency equipment and verifying that safety protocols are followed will greatly help to minimize the risks associated with heavy cargo shipping.