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Risk Retention

2 Reasons Why Risk Retention May Benefit Your Business

If you own or run a business, you know the daily risks associated with daily transactions or operations. Most companies transfer that risk to an insurance company to alleviate potential fallout, yet sometimes business owners choose to retain them. Here are two risk retention examples of how they may benefit you.

1. High Premiums

Sometimes insurance coverage can get expensive, especially when you have multiple policies and plans. For this reason, sometimes, business owners will retain risk if the loss is less than paying for insurance coverage. For example, while vandalism and theft are never pleasant, these losses may be more affordable to correct out of pocket instead of paying high monthly or annual insurance premiums.

2. Inability to Find Appropriate Coverage

Forced risk retention involves making the decision to forgo coverage and retain risks due to them being uninsurable or uncovered by policy deductibles. The inability to find adequate coverage is another example of why risk retention is beneficial to business operations.

Choosing to retain potential risks isn’t one to take lightly, but one that may ultimately benefit your company’s overall success. Suppose you can pay for losses out of pocket or budget for more predictable ones. In that case, you may benefit from waiving insurance protection and researching risk retention group options.

New Market

2 Tips for Entering a New Market

It can be tough to expand your operations in a competitive industry, and insurance is one of those sectors where the competition is steep. Instead of falling behind your competitors or watching new accounts slowly taper off, you need to make a jump into a new market and source new clients. There are a few ways you can do this.

1. Find the Right Marketing Partner

Rather than struggle to do everything in-house, consider partnering with a marketing firm that specializes in the insurance industry. Through their digital marketing services and an insurance broker directory, you will gain access to data that may have remained out of reach from you. Marketing partners know and understand trends and forecasts, making your strategy relevant.

2. Research the Competition

To make waves in a new market, you need to stand out from the competition as soon as you get started. Do your homework when it comes to competitors. Find out why they are liked, the strengths and weaknesses, and the limitations they may have. Plan your entrance and your operations to capitalize on the weaknesses. Don’t be dishonest, but don’t publicize your intentions either.

A new market can be an overwhelming thought, and you should always be prepared before transitioning into something so significant. With the right help and the right research, you increase the chances of success you have exploring new territory.

Risk Management

Risk Management in Social Work

Social workers face decisions that can have major and far-reaching implications on a daily basis. There is a risk of potential harm to clients— and possibly themselves — if a poor decision is made. That is why it is critical for social workers and companies that utilize them to develop and implement social work risk management strategies.

Risks Faced by Social Workers

The unique nature of the social worker-client relationship opens the door for potential conflicts and risks. The most prevalent ones include the potential to do harm o themselves or their clients. That may be physical, psychological, ethical or financial.

Strategies That Minimize Risk in Social Work

Although some will naturally be riskier than others, you should always assess the risks of each client intervention. Them, take steps to reduce any risks that are identified. It is virtually impossible to remove them all, however, so additional precautions may be necessary. The right insurance programs, designed specifically for social service providers, can help reduce liability and protect against claims.

Risk management plans are designed to assess and reduce potential areas of concern, not eliminate them. Expecting too much from a program can lead to serious problems. Instead, it is better to use your plan as a strategy for prioritizing actions to provide the highest level of care while also protecting yourself and clients from harm.

Staffing Firm

The 2 Key Facts You Might Not Have Known About Getting Your Staffing Firm Properly Insured

While browsing through https://www.wwspi.com/ to search for the perfect policy for your staffing firm, you may have realized that you’re not sure what direction to head in for your coverage. Sifting through insurance information can seem disorienting, but there are a couple key facts that you should absolutely be aware of to secure the best-fit policy for your agency.

1. Make Sure You Purchase Adequate Coverage for Any Highly Valuable Company Assets

Part of having insurance in place is for legal protections, but another important reason to get a good policy is to be covered financially. Make sure whatever policy you buy adequately covers your company’s most valuable assets.

2. Choose Coverage From At Least Three Main Insurance Categories

While you may think you only need a single insurance type for your staffing agency, you likely will actually need at least three different types. These cover:

  • Errors and omissions, or E & O, insurance, also called professional liability coverage
  • General liability coverage, which is helpful for a wide range of occurrences, from third-party damages to intellectual property lawsuits
  • Worker’s compensation, which covers employees’ salaries and expenses if they’re hurt while at work

As you look for your agency’s ideal insurance policy, it can be easy to feel overwhelmed navigating all the options. If you follow these two guidelines, however, you can work through the noise and identify the coverage that’s best suited to your firm.

Contractors Insurance

The Advantages of Contractors Insurance

If you own a business, there is always the possibility of incurring devastating financial debts from work-related accidents. Because of this, it is vital that you adequately protect your business. This is where contractors insurance comes in.

What is Covered by Contractors Insurance?

This type of insurance generally covers business liability exposures. Examples of these are injuries or damage to someone’s property caused by your business. Additionally, contractors insurance can provide coverage for your business’s vehicles and your employees.

Who Needs Contractors Insurance?

If you are a contractor, a subcontractor, or an independent tradesman, you need contractors insurance. Not only does contractors insurance provide protection for your business, but it also is often required by employers before you can start working for them. Some of the trades that need contractors insurance are:

  • Construction
  • Plumber
  • Carpenter
  • Electrician
  • Landscaper
  • Painter
  • Handyman
  • Pressure Washer

What is The Cost of Contractors Insurance?

Contractors insurance generally doesn’t have a set price that applies across the board. Rates can differ depending on a variety of different things. The biggest deciding factor in the cost is the amount of risk you are exposed to. For example, someone that works on high-up roofs will have to pay more than someone who is an HVAC technician.

Running a business can be hard and risky. Having the right kind of contractors insurance can make all the difference.

Brokers and Agents

Professional Insurance for Brokers and Agents

When you work in the insurance industry, you occupy a position of trust, just like in other financial services. Like those other financial professions, the decision-makers who ultimately take responsibility for the coverage paperwork by writing policies and closing deals wind up taking risks because of the liabilities they take on with regard to their clients. Insurance agent E&O is a bit different from what you’d see in the real estate or stock investment communities, but it does cover a wide range of similar mistakes and omissions, and it does provide similar protection against financial losses associated with liability for a client’s losses due to mistakes or intentional omissions.

What Exactly Does an Insurance E&O Policy Cover?

Confidentiality and information handling regulations are more stringent than ever, so modern E&O policies include provisions that cover you in the event of HIPAA violations, as well as longer-standing issues like insolvency, coverage for actions undertaken by independent contractors working on your behalf, and other common industry risks. That includes innocent insured coverage, too. For more specifics, you really need to talk to an agent who specializes in quoting E&O policies to other insurance professionals, because the exact coverage and cost is determined by your business risk profile, and as you know, that’s something it takes time to work up because it’s different for every business every year.

Operating a Cemetery

The Unique Risks of Operating a Cemetery

Operating a cemetery is a very practical decision. Death is a part of life and the funeral industry is one that sees consistent business. Naturally, there are also many unique risks that come along with running this type of establishment. In order to provide exceptional service to individuals who are already going through a difficult experience, you need to make sure all of your bases are covered with your insurance plan. Explore these tips to get a better feel for what to expect.

Insurance That Meets Your Needs

There are a few factors to consider when looking into cemetery coverage. For one, you need to think about the specific risks that you encounter on a routine basis. Some graveyards are the targets of individuals with nothing better to do, meaning gravestones and other memorial markers might be vandalized or damaged. Should this happen, handling the costs of the damage may fall on you. Additionally, the region in which your cemetery is located should be taken into account. The weather and climate can create risks that need to be addressed. Other points to remember include:

  • Wildlife and invasive species
  • Coverage for crematories
  • Industry-specific options like MemorialPro

Provide Yourself Peace of Mind

By taking out comprehensive insurance for your business, you can do what’s best for your future and your clients. Take time to research the basics and understand what will help your cemetery stay protected.

BOP Insurance Policies

Why Small Business Owners Are Choosing BOP Insurance Policies

One thing that every small business owner learns right away is that all businesses need insurance. One costly setback or major expense can mean serious problems if not covered by the appropriate policy. One way that business owners choose to protect themselves from a variety of costly scenarios is by selecting a business owners’ package.

What’s in the Box?

When you opt for BOP insurance coverage, you can rest assured that your business is protected under a wide variety of circumstances, because you know that you’re getting all of the insurance you need in one place and at one time. Rather than having to shop around and cobble together the policies needed to protect their investment, busy entrepreneurs can choose a single bundle under one premium and move on to turn their attention to the things that they’re passionate about.

Got Coverage?

Did a customer slip in your store, and decide to sue? Your general liability insurance can cover that as part of your BOP insurance policy. Did a freak hailstorm damage your storefront? Property insurance is included too, along with business interruption insurance if you have to close for a time.

The benefit of BOP insurance is allowing hardworking business owners to breathe easier at the end of the day, knowing that these packages of policies are protecting them if something goes wrong.

Supermarkets VS Convenience Stores

Supermarkets VS Convenience Stores: What Insurance Policies Do You Need?

Your store is an important part of your community. It only makes sense that you would prioritize protecting your assets from unforeseen circumstances. Whether you have a grocery store or a convenience store, you still need insurance.

What separates a convenience store from a supermarket, and does it change the type of policy that you need?

Supermarkets Versus Convenience Stores

Supermarkets and convenience stores are similar. The big difference is that convenience stores tend to have a more limited supply of products. They tend to be smaller stores, some of which have a 24-hour schedule. A supermarket does have similar risks when compared to a convenience store.

Both have to worry about theft, vandalism and injuries. Supermarkets simply tend to have more employees, more assets and may have different levels of risk.

Supermarket and Convenience Store Coverages

No matter what type of store you own, you will need similar insurance coverage. When working with an insurance agent, you can customize your options for your particular business.  If you need a supermarketing insurance policy, it might look very similar to the convenience store policy. Some coverages you need include:

All stores have their own needs for business insurance, so you must choose coverages based on your store.

Boatyard Insurance

The Most Important Types of Boatyard Insurance Your Facility Needs

Every boat owner knows that insurance is the best way to protect their boat on the water, but what happens when the boat is in storage? As a boatyard manager, the best thing you can do is invest in comprehensive insurance to protect your facility and your clients’ vessels every day. So, what types of coverage do you need?

The Must-Have Boatyard Insurance Types

The exact types of boatyard insurance that you’ll need will depend on the type of facility you run. However, most boatyards can benefit from these common coverage options:

  • Protection and indemnity insurance
  • Pollution coverage
  • Marine general liability insurance
  • Cargo insurance
  • Hull and machinery coverage
  • Docked vessel liability coverage

These are just a few of the coverage types you’ll need when running a successful boatyard. Keep in mind that every situation is unique. You’ll want to choose coverage that protects your business and your clients.

What To Look For

When searching for coverage, pay attention to the limits each policy and coverage types have. You’ll need to choose a comprehensive boatyard insurance plan that provides enough protection for your needs. Choosing coverage with small limits means you’ll have to pay more out of pocket every time you file a claim.

Every boatyard is different, but they all need high-quality insurance. Look for these types of coverage and your facility will be safe at all times.