Month: December 2015
In the last few years, New Jersey residents have learned all too well the devastation of flooding and water damage. Homes can be destroyed, families can be uprooted, and finances can take a severe hit. Whether you live on the beach or father inland, it’s important that you include NJ flood insurance in your coverage plan.
When you’re seeking a flood insurance plan, it’s important to look for a provider that offers a variety of available plans and is willing to go over the details of them with you. Federally subsidized programs such as the National Flood Insurance Program have undergone recent changes, and it’s important that you have a provider who understands all of your options. Private flood insurance programs are another great option; find a provider who can help determine what works best for you.
The NFIP can help you gain coverage of up to $250,000. The contents of your home can also be insured for up to $100,000 with the purchase of enhancements. Private insurers can also offer a number of plans that can help you by covering increased limits, living expenses during property restoration, and specialty properties such as secondary homes or condominium units.
In the wake of Superstorm Sandy, more and more residents are realizing how important it is to have protection from the unexpected disasters of life. NJ flood insurance can help cover you when disaster strikes.
If you’ve made the decision to become an investment property owner, you already have a good mind for business. You may be exposing yourself to financial risk, however, by not have the proper type of insurance coverage in place for your rental property. Obtaining overnight rental insurance protects you as the homeowner from any damage or liability caused by your renters.
Overnight rental insurance protects your investment property in a few different ways. Property insurance covers damage to the property or its contents, whether causes by renters, fire, a storm or other event. It also covers the theft of items from the property. Liability insurance covers any injuries that may occur to people while on your property, as well as legal fees, settlements or damages awarded by a court of law. Rental income coverage is also available, which covers the money you generate from your investment property in the event that something prevents it from being rented out.
Types of Rental Properties that Qualify
Overnight rental insurance in Knoxville, Tennessee is available on numerous different types of rental properties, including:
- Single-family homes or cabins
- Multi-unit properties
Keeping your investment protected from damage and liability takes away some of the stress of renting your property and ensures that you maximize your profits at the same time. Overnight rental insurance provides protection beyond a basic homeowner’s policy and is a wise investment for any investment property owner.
Businesses that routinely use vehicles for deliveries, transportation, or other business-related reasons, when it comes to auto policies, use class rating as that reflects the average probability of loss. As the amount of the premium rises, perhaps due to accidents, or merely expansion of the company fleet, it may then be eligible for experience rating, which is a technique that adjusts the client’s premium for the upcoming policy period based on the operation’s experience during the current period.
Schedule rating is used to modify the premium to better reflect other characteristics not ingrained in class rates, and often awards things such as training and selection of employees. Commercial Auto Rating can be very advantageous to companies with large fleets and little or no record of accidents or violations.
Vehicle usage is a large determining factor
Because there is a huge difference in risk between how one company may utilize vehicles from the way another might, vehicle usage then becomes a contributing factor. For example, employees driving to and from job sites as opposed to those using vehicles to haul goods, vehicle use now becomes an important factor in the rating process.
ISO has three types of vehicle use definitions. Vehicles used mainly to transport personnel and material to job sites (service use); vehicles used principally to make deliveries to households (retail use); and vehicles that fall outside of service or retail use classifications (commercial use). As an underwriter, we must understand the nature of the insured’s business in order to properly classify the vehicles being used.
Private passenger autos under a commercial auto policy are charged a flat fee for liability whereas trucks, tractors and trailers are classified and rated using four factors: vehicle weight and size, vehicle use, radius of operation and special industry classifications.
Obviously, depending on the class of the truck, the greater the exposures that may exist. For example, larger heavier trucks have a capacity to create greater damage than the threat that a smaller truck may impose, and therefore those larger trucks may present a higher loss risk. A Commercial Auto Rating System takes everything into account in order to provide the best rates possible.
Summer and fall are the most important times of the year for boating enthusiasts. This is when the seas and oceans are sprawling with sailboats, yachts and other vessels carrying vacationers, fishermen, and others with a love of the high seas. Local waterways are often inundated with a parade of seafaring folks, and as so many boaters prepare for weekend excursions, those businesses that cater to marine repairs are likely to see an increase in business.
While helping their customers in maintaining their vessels is important to the vessel’s lifespan, as well as boating safety, your clients in the boating industry need to take certain precautions in the event that their work comes under scrutiny, claims of damages are filed, or injuries are the result of the work they have performed. To properly defend against being sued by a boater for negligence or faulty work you need to assist your clients in acquiring a marine repairers liability policy.
Help reduce clients’ risks
It’s important for your clients to practice using a few maintenance tips that could help them to reduce their risks. After all, a lot of hard work goes into maintaining their customer’s vessels and proper maintenance can help reduce some of the concerns that often occur when out at sea.
For example, check the engine and maintain appropriate oil levels along with tuning the watercraft’s engine per its specifications. In addition, they should always check the coolant levels and remember that fresh water and coolant should be at a 50:50 ratio to ensure smooth running.
The mooring lines, which act as the stationing component of the watercraft, should be maintained in order to ensure that they are in good working order and that they will properly secure the vessel to reduce the likelihood of damage. Lubricating the steering and shift linkage can help to promote a stable working condition and reduce the potential for rust to occur, or jamming the steering component of the vessel.
If the hull is not properly maintained this will often cause the boat to have gear issues, lead to smoking, decrease engine capabilities, and cause the boat to burn excess fuel. It is recommended that the hull be cleaned around once a month, depending on its current condition. Installing a carbon monoxide detector is also a really good idea to prevent accidental poisoning of guests and crew.
This exemplifies the many reasons why proper maintenance is so essential, and also why marine repairers liability insurance is an important component for anyone in the boating repair business.
There are those people working as consultants who fail to realize the potential fallout that may occur by not investing in Professional liability insurance for Consultants. These individuals run the risk of ending up in court if one of their clients feels they didn’t do an adequate job or one of their projects goes awry. Having this important coverage will likely protect them and their livelihood.
This coverage, also called errors and omissions insurance, will oftentimes be necessary, in addition to any general liability policy currently in place, to protect you and your company in the event that a client sues, claiming that you were the cause of their financial loss or any interruption of services.
You should properly assess your exposures
As a businessperson, it’s important to assess any risks along with considering different types of coverage you may need, because as an independent, you don’t necessarily have the financial resources of a large company to back you up in the event of a lawsuit instigated by a client.
In addition, more companies have recently begun requiring independent contractors to carry professional liability insurance when working on projects for them. You can assess your own risk based on the type of work you do, the clients you take on, and just how well your contracts shield you from these types of lawsuits.
If, for example, you implemented a solution to an issue that resulted in a virus being introduced into their computer system, or made them vulnerable to a hacker who was able to access company data, you would likely end up defending your actions in a court of law. It could be something as simple as missing a deadline on a mission-critical project and this resulted in a serious financial loss to your benefactor. If the company experiences financial loss in any of these scenarios, you could be the recipient of legal documents.
You can assess risk by looking at the type of work you do and the financial stake your clients have in it. The reason you may not currently have Professional liability insurance for Consultants isn’t because you’ve decided you can’t afford it, but rather because you feel that the work you do isn’t particularly risky. Don’t make an uninformed assessment of your risk. Talk to an agent that can evaluate your risk potential objectively and help you to determine your need for coverage.
There are many areas in your New Jersey business that create exposures. As a prudent owner, you need to take the time to properly manage all of these areas in order to greatly reduce your losses, which can have a major impact on your bottom line and save the company an exorbitant amount of money.
In order to mitigate risk it’s important to determine just what those risks are. Here are just a few examples of how a business can assess their risk and determine the right way to prevent unfortunate circumstances from happening. Losses will come, and having the proper New Jersey business insurance can help mitigate some of the expense.
Steps to take to reduce loss of business income
Start by having a comprehensive security policy that outlines procedures for threats to personal safety, such as assault, sexual abuse and robbery, as well as situations involving drug or alcohol use, civil unrest, or bomb threats, so that employees will have a better understanding of what their role is and whom they should contact in the event that such a situation arises.
Installing adequate devices to control unauthorized entry onto the premises is a good place to start. For example, have a burglar alarm that reports to a central station or a constantly attended monitoring facility. Having adequate fencing and gates around the building and parking areas will create a safer environment as well.
Provide clients and staff with adequate exterior and interior lighting. Installing door and window locks to better control access to premises can be very useful as well. Many companies require company ID badges; have visitors’ sign-in before entering, and utilize badge and escort procedures.
- Are employees properly trained to handle situations involving theft and fraud?
- Are employees trained to recognize shoplifting risks and do they know how to respond?
- Can employees determine credit card validity?
- Are employees trained to recognize counterfeit currency?
- Is a process in place for employees to report vandalism or theft committed by other employees, visitors, vendors, or contractors?
- Are valuables secured adequately in lockers and/or appropriate safes?
By better managing the premises through security measures, overseeing accounting practices and ensuring that deposits are made periodically, a company can make great strides in reducing risk and avoiding losses that will likely decrease New Jersey business insurance premiums.
Everyday, millions of people flock to their local pub after a hard day at the office to unwind and relax. Whether it’s a business meeting where executives are brokering a deal over drinks, or a group of friends taking the opportunity to meet at one of the local lounges, bars or pubs in every city, all filled with people just looking for a break. This relaxed atmosphere can also result in some patrons over-indulging, and this is wherein the problem lies.
While alcohol can loosen a person up, there are times when misunderstandings may occur and alcohol often adds fuel to the fire. Your clients can quickly and unexpectedly become the focal point of a lawsuit due to injuries caused or sustained by others inhabiting your premises. This is when you need the solid protection of pub insurance that provides you relevant coverage for the type of exposures you’re prone to.
A fun time can quickly turn sour
While owning a bar, tavern, or pub can be rewarding, the type of place where people come to gather to watch their favorite team on television, participate in karaoke or trivia contests, or just to unwind after a long workday, it’s can also be the scene of the type of behavior that results in injuries to innocent parties. From a business standpoint, you can’t afford to have your pub sustain damage, or your reputation, because of the fact that one of your bar patrons decided to get out of hand.
But this can be one of the drawbacks of running a successful bar. There’s likely to be those occasions where situations occur that are more conducive to accidents, lawsuits, and property damage due to people all drinking together in a small space. And if someone leaves your pub intoxicated, and soon after causes an accident while driving, your establishment could very well be held liable for damages. Such lawsuits can be enough to close your business down for good.
Don’t let a lack of proper pub insurance allow that to happen to your bar or tavern. You shouldn’t be forced to bear the cost of these types of exorbitant claims. Partner with an agency with agents you can trust to understand the risks that your establishment is most likely to encounter.
Your client probably opened their nightclub for all the right reasons. They wanted a fun place for people to come to, to dance and unwind from the tensions of the workweek, drink responsibly, and just have a really good time. But these venues are fraught with risks, not the least of which is charges of assault and battery, by other patrons, or bouncers and other staff members.
It would be a shame to have them lose their bar and everything they’ve worked so hard for due to an unfortunate incident occurring. So, as their broker, you should be sure that they have the proper insurance for nightclubs coverage in place, suggesting the specific policies that they will need.
At some point they will more than likely come across an issue where a nightclub employee (and the nightclub itself) may be found liable for personal injuries sustained by patrons on the premises. For example, in a situation where a member of the security team, or another nightclub employee, becomes involved in an altercation, the customer may wind up having a valid claim for assault. If this happens, the injured party may decide to sue the employee, as well as the nightclub.
Your client needs to be aware of what type of coverage he or she has, and the protections that it offers. There are steps that should be taken to make sure that they’re protecting their business to the fullest, as well as their staff and patrons. In this type of business it’s important to have a number of security officers or “bouncers” on the premises, with respect to the estimated number of patrons expected, based on occupancy limits.
If an incident occurs, and a claim is made, the owner should be told to immediately contact their insurance carrier. They should never attempt to handle a claim on their own, since, as you know, this could ultimately jeopardize the insurance coverage they’ve procured, since this will likely violate their contractual obligation to the carrier.
Explain to them that they should leave it to the experts who provide them with insurance for nightclubs to handle all of their claims; even those they feel are without merit.