Tag Archive coverage

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.

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.

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.

Staffing Insurance for Nursing

Key Facts About Staffing Insurance for Nursing

If you run a medical staffing firm and specialize in providing healthcare facilities with qualified personnel, you may be wondering whether you need staffing insurance for nursing. While it might seem like an extra expense, staffing insurance is essential to protect your company in case of injuries and accidents, damage, liability claims, and more. Here are a few key facts to keep in mind as you search for the right coverage for your firm.

Coverage Can Be Tailored

No matter what your medical staffing firm needs, you can find an insurance program tailored to your situation. Coverage may include:

  • Workers’ compensation
  • General and professional liability
  • Cyber liability
  • Third-party crime
  • Regulatory audit insurance coverage

While you can purchase a broad package, you may want to look for a carrier that can customize your coverage.

Protect All Your Assets

When purchasing insurance, it can be easy to overlook potential liabilities. Be sure that the package you decide on covers all of your assets, including finances, personnel, and company property.

Running a medical staffing firm can involve a lot of moving parts, so getting staffing insurance for nursing is key to protecting yourself in case of claims. Whether you provide medical personnel on a permanent or temporary basis, these key facts can help you find the right insurance coverage for your needs.

Grocery Stores

How Grocery Stores Can Manage Risk

Managing a grocery store requires outstanding service, great staffing, and comprehensive risk management. In order to protect your grocery store against liability and loss, you need to develop conservative practices and strategic safeguards. Comprehensive commercial insurance should be an integral part of your store’s risk management plan.

Choose the Right Level of Coverage

Grocery liability insurance should be a core part of your store’s operating budget and risk management strategy. It’s important that you structure your insurance to contain adequate coverage levels as well as affordable deductibles. Supplementing your insurance with umbrella coverage can give you an added layer of protection in the event that you have to contend with a sizable claim.

Incorporate Essential Elements of Coverage

While general liability and property insurance are certainly among the most important components of commercial policy for a grocery store, you may also need to consider additional forms of coverage. Workers’ compensation, auto insurance, and liquor liability policies can offer targeted risk management.

Get Expert Assistance

It’s advisable to work with an insurance company that has a longstanding tradition of serving clients in the grocery industry. In addition to providing you with competitive rates, it can impart valuable insight towards building effective risk management plans. An outstanding provider will offer guidance about accident prevention, loss prevention, and workplace safety.

Coverage For Cemeteries

Insurance Coverage For Cemeteries

Operating a cemetery requires careful attention to the condition of the premises. In addition to holding services, cemeteries are a place that many people will visit regularly to remember a loved one. Being responsible for any type of area that is accessed by the general public can give rise to liability concerns, and a cemetery is no exception. Cemetery managers need to safeguard their operations with comprehensive insurance.

Why Is Insurance Necessary for a Cemetery?

Owners or operators of a cemetery could face legal claims in the event that there is an incident on the premises that leads to an injury or damage to a person’s property. Cemeteries often encompass considerable square footage. Even when the grounds are meticulously maintained, any number of accidents could happen. For example, an unsafe condition that causes someone to trip and fall. Cemetery insurance can help address these types of liability claims.

What Benefits Are Available?

Coverage benefits for liability claims may include legal costs, a damages award, or a settlement agreement. In addition, supplementary insurance benefits are available to compensate a cemetery for several types of damage to a cemetery’s premises or its assets:

  •       Damaged equipment
  •       Broken fences
  •       Fallen tree removal

For help with cemetery insurance coverage, it’s advisable to reach out to an insurance company that has experience serving cemetery operators.

 

ATV

Ensure That Your ATV Is Covered Before You Hit the Trail

There are a wide variety of off-road trails to explore in Connecticut. From dense forests to muddy tracks, the state has lots of opportunities to enjoy the outdoors. However, before you head out on your next adventure, you should look into getting ATV coverage. Without proper insurance, you risk liability if something happens to you or other riders.

Types of Coverage

Insuring your ATV or UTV makes sure that you’re prepared for whatever may happen on the trail. Depending on your needs, there are a variety of different insurance types to check out:

  • Comprehensive (covers damage to ATV due to fire, theft, etc.)
  • Collision
  • Bodily injury and property damage liability
  • Uninsured/underinsured motorists

Insurance for your ATV means that you are protected in the event that you’re involved in an accident. Even if you’re not out on the trail, comprehensive insurance offers protection for theft and vandalism. Should there be an accident that results in injury or property damage due to your ATV, you can protect yourself from liability.

Peace of Mind Off the Road

ATVs offer a way to escape and explore the great outdoors. Though they’re recreational vehicles, they’re still an investment. Instead of risking liability, protect your assets by covering your quad or UTV with a variety of different insurance options.

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.

Daniels Insurance

What Is Personal Umbrella Insurance?

If you’re in your 20s or 30s and trying to determine which insurance is necessary for this point in your life, you may be feeling a little discombobulated. One way to make sure that you have all the coverage you need is to purchase a personal umbrella policy.

What It Is

Umbrella insurance is a type of policy that covers you from claims or lawsuits across a variety of situations. It may cover anything from homeowners’ insurance to boat insurance and can protect you from situations not generally covered by liability, such as false arrest or libel and slander. Source: Daniels Insurance

How It Protects You

Umbrella insurance protects you when your other policies can’t. Imagine, for example, that your home catches on fire. Chances are your homeowners’ policy only covers a certain amount of damages. If your home has $750,000 of damage, but your policy only covers $500,000, you’re on the hook for the remainder. However, an umbrella policy can cover that additional $250,000 so that you aren’t scrambling to pull it out of pocket some other way.
If you do decide that umbrella insurance in Santa Fe is right for you, be sure to purchase it from a reputable, licensed agency. This way, you know that your needs are being met and aren’t met with any unpleasant surprises in an emergency.