Month: June 2014
There are a number of different problems that assisted living facilities face, but fortunately insurance policies can be created that protect the facility, workers, and residents. There are a number of different types of insurance for nursing homes, and all of them can be highly useful.
One of the most important kinds of insurance is liability insurance, which protects a nursing home from being sued by upset residents or their relatives. General, professional, and excess liability coverage can help to pay for legal fees and settlements in the event that an employee of the nursing home makes a mistake—or even if a groundless claim is brought.
The property of the nursing home should be protected too. Property coverage can protect personal property, buildings, and other items owned by the facility, and it can also help reimburse the home for business interruption. Automobile insurance can help to insure any vehicles owned by the facility, such as private passenger or transport vans.
There are many other kinds of insurance that should be covered in a comprehensive policy, such as crime insurance or coverage for facility barbers and beauticians. Worker’s compensation is also important, to protect the employees, and directors and officers should be insured too.
The assisted living industry faces a number of challengers, facing from the general threat of accidents or crime to the specific threat of being sued for providing inadequate care. Fortunately, insurance for nursing homes can guard against these problems and assist in recovery.
One of the largest manufacturing sectors in the both nation and the world is the industry to process and prepare food. This area of business is extremely successful because there is a constant demand for delicious and nutritious foods and beverages. Preparing food requires strict health and safety guidelines as well as the type of food insurance CT businesses trust.
Industry Specific Insurance and Risk Management
Just as in other large-scale manufacturing industries, the food business comes with risks both in and out of the workplace. It is a good idea to get the expert opinion of a risk management team to help minimize potential risk factors and maximize the financial output of the industry. Some of the particular factors that affect the food business include:
- Food spoilage
- Vendor dependability
- Product recalls
- Food quality and safety
Hire the Best for Optimum Results
Each food processing business is different and requires different coverage and protections. This is why it is so important to seek the help of a risk management team that is familiar with the particulars of the food business. The food insurance CT industries requires can be provided by several agencies, but choosing the right one can mean that a business not only prevents potential losses, but maximizes earmarked insurance funds. Speak with a local agency that understands how the food business operates and that can to increase safety while maintaining current levels of production.
If you are spending your precious time finding and hiring quality candidates for positions in your company, you want them to stay for as long as possible. To keep your retention rate high, it may be a good idea to look into Pennsylvania employee benefits coverage. Great insurance for your employees can keep them happy and working hard for your company.
Group Benefit Options
There are several different options for employee coverage to choose from. A group benefit option is usually very attractive to employees because it keeps the costs lower than individual coverage. Some of the group benefit options may include:
- Key Employee Life Insurance
Determining Which Package to Choose
If your company cannot afford a comprehensive insurance plan for your employees, you have the ability to choose which benefits you will offer. One of the best ways to determine which benefits package you should choose is to ask each of your employees what they would like to be included in the plan. This way you can find out which benefits are the most popular and can start comparing plans.
Once you have compared plans and have figured out what you would like to include in your Pennsylvania employee benefits coverage, you can talk to a trusted insurance agent. An agent can help you compare costs and get you the perfect plan for your company.
photo credit: Eric Kim. cc
As an engineer, the projects that you work on not only need to match up to client specifications, but they also need to withstand the test of time and follow all local laws and regulations. One small mistake can cost your business thousands of dollars and my even threaten the safety of others. If you end up getting sued over errors that are made, you are in for an expensive legal battle unless your business carries errors and omissions insurance for engineers.
Four Mishaps that may be Covered
Errors and omissions insurance protects your business if and when a client claims that you or one of your employees made a mistake that caused them a financial loss. The following four examples of mishaps may be covered by a quality insurance policy:
- Carelessness. A house is built using your plans and the client blames his water damage on your design.
- Unkept Promises. Your firm miscalculates how long it will take for a project to be completed and a client sues because the setback interferes with his plans.
- Forgetfulness. Your client requests certain finishes, but you forget and install the wrong ones.
- Poor execution. An electric system that you installed is inadequate and so the client sues.
Don’t be a victim of circumstances. Protect yourself from potential mishaps that could ruin your engineering business by investing in errors and omissions insurance for engineers.
photo credit: Seattle Municipal Archives cc
A contractor looking into Connecticut contractors insurance might wonder what types of risks his policy would cover. The truth is that most insurance agencies will tailor-make the policy to fit within the specific needs of your industry. Doing this allows you the best coverage for the best price. The following are just some of the aspects that might be looked at when considering contractors insurance in Connecticut:
- Workers Compensation – Accidents happen and cannot ever be completely prevented. Even with every safety measure in place, your employees could get hurt on the job. Workers compensation financially protects you and your employees to ensure that all medical bills and lost wages are covered, following an accident.
- Equipment Coverage – In most fields where contractors are used, equipment and tools are absolutely essential to the success of the job. If the equipment or tools become broken or damaged, it could put a halt on business as usual. The good news is that with equipment and tool coverage, new tools can be purchased and business can go on.
- Commercial Auto Insurance – Many contractors have a vehicle that either they or their employees use for work. Commercial auto insurance ensures that there is coverage if the car is involved in an auto accident.
Whether you are just starting out as a contractor or are looking for a new way to do Connecticut contractors insurance, there are many options available to you. Speak to your insurance agent today for more information.
A common threat to businesses, law firms, and other industries is break-ins to databases that store valuable and confidential personal information. Cyber exposure is the term used to describe what happens when a business inadvertently allows data to be exposed to people who do not have permission to view it. Professional liability insurance, also known as errors and omissions, protects a firm if such an event were to happen.
Adding Risk Management to the Equation
Reputable businesses do not want their clients’ data stolen or otherwise illegally obtained. An additional level of protection to insurance is expert risk management procedures. The following are examples of how an insurance company can save hundreds of thousands of dollars by preventing cyber exposure fallout:
- Accurately identify the most important data so it can be protected adequately
- Consider potential threats to the data and any vulnerabilities in the current security system
- Make a worst-case-scenario plan in the event that all other efforts to protect the data fail
Although it may seem like a bad idea to plan for the worst, it is actually extremely important. Some threats cannot be protected against because they might not yet exist. Planning for the worst can save a firm’s reputation and help get back to doing business as usual faster and with fewer losses. Speak with a professional liability insurance agent to consider the right policy and risk management solutions for your valuable digital resources.
photo credit: Robert S. Donovan cc
To manage a business successfully, one must be willing to take risks when warranted. However, certain aspects of management should never be left to chance. This includes securing reliable Directors and Officers insurance to provide coverage in the event of wrongdoing or negligence.
What Does Directors and Officers Coverage Entail?
Directors and Officers insurance affords businesses large and small with coverage designed to protect against a number of circumstances. These can include:
- Mismanagement of Assets
- Securities Fraud
- Financial Misappropriation
- Employment Lawsuits
Without a sound plan in place, these events could spell ruination for even the most successful of businesses, thanks to things like exorbitant court fees and loss of clients.
Who Needs This Type of Coverage?
Most companies can benefit from a Directors and Officers policy. Without this coverage in place, high-level executives could be subjected to legal disputes stemming from managerial decisions. Without appropriate insurance, the personal assets of those at the top of a business could be in jeopardy, which may unduly influence the decision-making process.
Future Success Ensured
By choosing a comprehensive insurance plan for your business, you can rest assured that success will be an ongoing pursuit. In addition to basic liability coverage, Directors and Officers insurance is an important aspect of business coverage because it lessens the impact of lawsuits and other legal issues. When protected, a business can continue to thrive no matter what occurs.
photo credit: Canadian Film Centre cc
As a dog owner, are you aware that dog bite claims account for more than a third of all homeowner’s insurance liability claims paid out? This is according to the Insurance Information Institute (I.I.I.), which provides this information. That proportion has remained roughly constant over the last decade, according to Loretta Worters of the I.I.I. The I.I.I. reports that the number of claims has hovered around 15,000 to 16,000 annually over the last 10 years. But the average cost per claim was more than $29,000 back in 2011, an increase of 25 percent in eight years, mostly due to increases in medical costs.
Homeowner’s liability insurance covers you for injuries or damages to someone for a Florida dog bite, but this may also cause concerns about soaring premiums, which is why obtaining a separate policy for dog bites might be a better solution.
Tips for preventing dog attacks
No one wants to be sued because his or her pet bit someone, and no one wants to be the victim. Choices as to the type of dog to consider buying, as well as proper training, can go a long way in the prevention of this type of incident occurring:
- Discourage children from bothering a dog when it is eating or sleeping
- Have your dog spayed or neutered
- Never approach a strange dog, especially one that’s tethered on a leash
- Seek professional advice if your dog develops aggressive behavior
- Avoid eye contact with a dog that appears threatening
- Don’t run past any strange dogs , and
- Check with a professional breeder to learn about suitable dog breeds
Owners and pedestrians should keep these safety tips in mind as they can reduce the odds of a dog attack, but for dog owners needing a Florida dog bite insurance quote, speak to a reputable agent today and protect your valuable assets.
A professional employer organization (PEO) is intrinsically the same as a temporary staffing company. Like a temporary staffing service, employee leasing recruits employees and assigns them to clients to support or supplement the client’s workforce. Their job is to fill any number of work situations when a regular full-time employee is not available, such as; employee absences (long and short-term), temporary skill shortages, or seasonal workloads.
Traditionally, these workers represent only a small portion of the client’s overall workforce. PEO services contractually assume and manage employee administration for all or a majority of a client’s workforce. Industry ratios identify the employment company arrangement as a long-term relationship with nearly 90% of clients and worksite employees remaining with the organization for a year or longer. PEO insurance allows employees to participate in a full range of employee benefits, including health benefits and a retirement savings plan.
Why many employers prefer using a PEO
These firms provide an invaluable service. By using these employee-leasing service providers an employer can then outsource employee management tasks, such as workers’ compensation, employee benefits, payroll, recruiting, risk and safety management, and training and development. The PEO is able to do this by hiring a client company’s employees, thus becoming their employer of record for tax purposes and insurance purposes.
PEOs are based upon the co-employment of an existing workforce. The major distinction is that an employee leasing or staffing service supplies new workers on a part-time or temporary basis or for a specific project. These leased employees return to the staffing service for re-assignment to other companies after the completion of their contract for the client.
PEO insurance is needed for all off the same risks and exposures that other companies have to consider before they ever open their doors, since their staff seeks financial security, quality health insurance, a safe working environment, and opportunities for retirement savings. They also often provide higher quality employee benefits including:
- Dental and life insurance
- Vision care
- 401(k) savings plans
- Aggressive workplace risk management, and
- Safety manuals
Leased employees may get sick and miss work, much like full-time employees. They depend on health insurance to get them through their period of illness, pay for any medical bills or extended hospital stays, and eventually for their return to work. Having a 401k provides them with a retirement fund, while safety manuals and a sound risk management strategy shows both, the employer and the employees that the PEO is concerned with workplace safety and is instrumental in providing the proper training and awareness about what activities should or should not take place in a work environment.