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A Short Guide To High Net Worth Insurance

If you are an individual with a high net worth, you may have struggled to find a home insurance policy that can adequately meet your unique needs. Typical home insurance policies generally have coverage that is targeted at medium-sized or smaller households and don’t have adequate coverage for those with larger, more valuable estates. Luckily, there are options that can fulfill your needs.

Is High Net Worth Insurance Your Best Option?

If typical home insurance policies don’t seem to offer what you need, high net worth insurance may be your best bet. High net worth insurance provides coverage for properties that are valued at $750,000 or higher. This type of insurance has special coverage for your expensive assets and has higher coverage limits.

What Types Of Coverage Are Available Under A High Net Worth Policy?

High net worth insurance typically offers expanded coverage limits as well as additional benefits and services that standard home insurance does not offer. One important feature of many high net worth policies is the option to obtain coverage for your valuable items. Things covered can include artwork, jewelry, collectibles, and fine wine.

High net worth insurance also offers many options for protection that typical home insurance policies don’t cover. These protection options include identity theft coverage and kidnap/ransom coverage.

Having a high net worth comes with a lot more risk and responsibility.  High net worth insurance can provide you with more peace of mind.

3 Types of Disasters That Require a Crisis Communication Plan

Smart business owners try to predict the future as best they can, but even the most meticulous planners can’t foresee it all. It’s important to have a system in place for the unexpected, and that includes a crisis communication plan to quickly and effectively communicate to employees, vendors, and clients in the event of a sudden catastrophe.

Natural Disaster

Natural disasters can strike any business at any time. During a natural disaster, it’s vital to execute your plan to provide necessary information to continue business operations if possible or to advise when things will be up and running again. Communicating that information effectively is vital.

Manmade Disaster

Acts of terrorism or civil unrest can also cause an interruption to your business and require a crisis communication plan. Constructing an overarching message and cohesive flow of the chain of command before any disruption will help get your company through whatever may occur.

Local Situation

Plan for what to do if something happens to your business like a fire or flood. Creating a template to handle any company-specific situations will help you can focus on the task at hand rather than how to disseminate information when the time comes.

Crisis communications is a necessary risk management component since most businesses will face a disaster at one time or another. Being prepared in advance will take the guesswork out of at least one component of your disaster response.

A Short Guide To Condo Board Insurance

If you are a director or officer of a condominium board, your top priority is likely to ensure that everything runs smoothly in your neighborhood. As a member of the community, you choose to volunteer your time to help your neighbors and friends live in a well-run community.

Unfortunately, working on a condo board comes with a certain amount of risk. Directors and officers of condo boards can be sued at any time for alleged wrongdoing on the part of the organization. These lawsuits can easily end up being tens of thousands of dollars and are not things to be taken lightly. Luckily, you can purchase condo board insurance to help cover your back.

Directors’ and Officers’ Insurance

Directors’ and Officers’ insurance can go a long way towards protecting the assets of members of condo boards. It can pay for things like defense fees, damages, and settlements if you are found to be at fault.

What Could You Be Sued For as a Condo Board Member?

There are many things that could lead to a lawsuit for directors and officers of a condominium board. Some of the most common reasons are:

  • Discrimination
  • Harassment
  • Negligence
  • Misuse of funds

Being on a condo board is not always easy and can come with a certain amount of risk.  Condo board insurance can make all the difference.

 

Understanding Kidnap and Ransom Insurance

The crime of kidnapping is on the rise and poses a risk to both individuals and businesses alike. It is estimated that kidnappers make over $500 million each year in worldwide ransoms. Depending on your personal or business situation, it’s worth considering purchasing kidnap & ransom insurance coverage to help protect your financial interests. While you never hope to need such protections, the reality is that they not only help cover your losses but also give you a greater sense of control.

Getting the Details

Kidnap and ransom insurance policies are usually indemnity policies, meaning that you or your business are reimbursed once a ransom has been paid. A ransom payout may be fatal when it comes to your bottom line. Kidnap and ransom coverages offer some peace of mind as you’re not having to bear the cost alone. Other possible benefits of this policy include the following:

  • Death and dismemberment
  • Medical expenses
  • Crisis management professionals and other related services

As with many types of coverage, there are other factors that the proper insurance products can address.

Protecting Yourselves

Think carefully about yourself or your organization. You’ll see that kidnap and ransom insurance is a crucial element when it comes to remaining protected. Look for an insurer that can help you explore this risk and come up with real solutions that you can use.

A Short Guide To Restaurant Insurance

If you own and run a restaurant, it is important to make sure you have all the necessary protection measures in place. A big part of this is having the right insurance coverage.  Restaurant package insurance, otherwise known as a restaurant business owners’ policy, can give you many types of insurance to ensure all your bases are covered.

Liability Insurance

All restaurants need liability insurance to cover any possible legal claims. These claims are often made regarding bodily injury (slips and falls) or property damage claims.

However, there are also other liability risks you should consider. You may need product liability to protect yourself from foodborne illness related claims. If your restaurant serves alcohol, liquor liability insurance can protect you from alcohol-related claims. Finally, employment practices liability insurance can cover you against any claims made against you by your employees.

Commercial Property Insurance

Protecting your restaurant’s property is the other big piece of the insurance equation.  There are many types of property insurance for restaurants. Some of the more common types of property coverage are:

  • Sewer coverage
  • Business income coverage
  • Utility interruption coverage
  • Spoilage coverage
  • Equipment breakdown coverage
  • Employee theft coverage

Running a restaurant comes with a certain amount of risk. Having the right insurance coverage can make all the difference.

 

What Makes International Workers Comp Different

If your business operates in the United States, you are no doubt familiar with workers compensation coverage under its domestic requirements in each state where you have facilities. When your business begins operating abroad or courting candidates from other countries for contract positions, it’s a good idea to check out the additional protection offered by voluntary international workers compensation insurance.

Protect Overseas Workers

When your workers travel overseas for extended stays because of projects abroad, standard workers compensation might not cover them. Its temporary provisions have strict time limits before you need extended protection, and while you may not be required to carry the coverage, you do still face employment liability claims if an injury happens on the job.

It’s not just about protecting your business, either. Your personnel are an investment in your long-term operations, so having the coverage that provides them access to medical transportation and high quality care after an injury abroad is essential to recruiting and retention in ways that just can’t be ignored.

Start Gathering Quotes Today

If you have any plans to send workers abroad in the next year or two, it’s worth soliciting quotes for insurance coverage early. The longer your lead window, the easier it will be to make sure you have the financial provisions in place to fold the cost of international workers compensation insurance into your regular cash flow.

The Basics of Disability Coverage

There are several things that could force a company out of business. These include losing key customers, new competitions, supply chain interruptions or lack of financial reserves. Workplace injuries can cause you to lose key employees, and without the right insurance coverage in place, your business may be faced with a serious lawsuit over lost income. Providing disability insurance is a way to protect a skilled talent pool and encourage employee loyalty even in the face of potential injuries.

Required Coverage

While workers’ compensation coverage is mandated for most businesses operating within the United States, disability coverage is only required in five states. These mandated programs are for short-term coverage and limitations are set by the state. If you don’t operate in one of the areas, you may need to consider the benefits of offering short term vs long term disability insurance or both.

Lost Wages Financing

In both cases of coverage, disability insurance will pay for a portion of an employee’s lost wages when they aren’t able to go to work. The injury or illness does not have to be work-related. Short-term coverage is in place for up to six months, while in some cases, long-term benefits can be extended until the individual can qualify for Social Security benefits.

Providing this benefit helps attract qualified help, and when combined with workers’ comp coverage, demonstrates the company’s priority toward employee wellbeing. Disability insurance can help employees avoid financial ruin when they are unable to work.

Understanding the Modern Demands of Home Healthcare

These days, there are all kinds of new jobs to meet the demands of modern society. It should come as no surprise that healthcare is one of the areas where new careers are always appearing. As the ability to extend life in a healthy way continues to improve, it is important to understand how this growth will impact careers like home healthcare workers. One vital point to focus on when it comes to the changes on the horizon is insurance. If you’re not paying attention to your coverage, you could be in trouble.

Covering All Potential Problems

One main area that many people overlook with their insurance plans is commercial auto coverage for home health care workers. When a worker is using a commercial vehicle to travel to and from a client’s house, it is very important to cover this automobile with proper insurance. Failing to do this can create a wealth of financial and legal troubles for your business down the line. Additionally, it can be useful to consider insuring any equipment brought to a specific job. Other points to focus on for your medical business can include:

Know Your Industry

By understanding what risks you face in your industry, it can help you find a plan that makes sense for your needs. Review the changes made in your field and see what you can accomplish with a few small changes.

3 Different Ways To Purchase Insurance

Today’s personal and business insurance markets are full of dynamic ways to obtain coverage. While policy offerings are similar, it’s important to know what each type of provider can offer to you as a consumer. There are three ways insurance coverage is offered to customers.

Independent Agents

Independent insurance agents Albuquerque, NM are not bound to write policies for just one insurer. This means they can offer you a host of different policies and financial products to suit your unique business or personal needs. They can also offer the best prices by comparing the same policy written by different insurance companies.

Exclusive Agents

By contrast, exclusive or captive agents are only permitted to sell for the company and its affiliates they have contracted with. The advantage is that writing all of your policies within the same company may carry a bundling discount. However, exclusive agents are not permitted to compare your quote with other companies’ offerings to get the best price.

Direct Writers

Direct insurance writers don’t use outside agents at all. Typically, policies are written through a call center or over the internet. Because they’re not paying agents’ commissions, insurance companies that use this model are able to offer cheaper coverage. However, the expertise and personal relationship many customers value with their agents is not possible with a direct writer.

Purchasing insurance through any of these avenues will help meet your business or personal needs. However, it’s important to know the difference when shopping for the best purchasing experience.

Protect Your Business From These Common EPLI Claims

Every business needs to protect itself with employment practices liability insurance or EPLI. Even with appropriate risk mitigation and anti-discrimination policies, you could still face claims. Here are two of the most common EPLI claims.

Retaliation Allegations

Employees have a right to file EPLI claims. However, some employees fear that if they file a claim that the employer may retaliate against them. If an employee claims that your company will retaliate if he or she files a claim, this could spell trouble for your business. Retaliation could include firing an employee for claiming discrimination or adverse treatment.

Failure to Hire Allegations

One of the most common EPLI claims is the failure to hire or promote based on a protected class. The ADA has a list of protected classes that you cannot discriminate against. For example, you cannot use a person’s race, gender, sexuality or religion as grounds to refuse a promotion or to fail to hire. If a person feels as though their involvement in a protected class influenced your decision, he or she may file a claim against your company.

Even if you take measures to prevent discrimination, you cannot always prevent the allegations. No matter if the allegations are true or false, your company still has to pay the legal costs and may have to pay the settlement. EPLI insurance protects your business against these allegations.