January, 2016
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RMS Insurance Voices Concerns About Recent Terror Attacks
The recent outbreak of terrorist activities has created a growing concern in the hotelier and hospitality industries as a whole. Restaurants and nightclubs have become enticing targets because shootings and bombings in such establishments helps to create fear and chaos, especially among young people but for tourists and locals of all ages as well.
Trying to anticipate risk in the hotel security field is certainly not an easy task. It is also one that’s grown increasingly difficult with the introduction of new technologies and regulations, along with global threats on the rise. RMS insurance wants to help bring light to the need of this insurance and address some of these concerns about how to respond when an unfortunate incident does occur.
US Government is on alert
While hotel security professionals and government agencies are constantly trying to determine just how real the threat is at any time in any given place, and have worked diligently to quell fears surrounding threats of terrorism, these actions have come a long way in making travelers less sensitive to any potential threats. Regardless, anti-terrorism efforts still face an emerging risk from those Countries that remain lackadaisical in their own efforts to deal with this problem.
The process of dealing with these concerns requires constant communication and the sharing of best practices. Security efforts remain at an all-time high following the recent attacks on Paris, and one of the more serious issues within the realm of hotel-information technology is mobile and cloud technology.
One issue is that practically all of these entities use smart mobile technology, and much of it has little, if any, encryption on it whatsoever. Even more disconcerting is that there aren’t written policies and procedures relative to the securing and protection of mobile devices, technology and the information contained within them.
Proper security measures are still a hot button topic in this industry and hoteliers really need to do a better job of being informed and getting the message out by talking about security openly and regularly at staff and association meetings. Hotel executives should insist their GMs make security a priority, and RMS is here to help spread that message. Please check with your insurance agent to ensure they can provide you with this important coverage.
Understanding Bop Policies
As any business owner knows, everyone pretty much requires a similar type of insurance coverage for his or her company. For example, insurance requirements are much the same for the car you use in your business as it is for a car used for personal travel; liability, collision and comprehensive, along with medical payments (known as personal injury protection in some states) and also coverage for uninsured motorists.
Other areas also require similar coverage options. Property and liability exposures are two key factors when making decisions about what needs to be insured and for how much.
One of the great advantages of purchasing a Business Owners Policy (BOP) is that there is many different types of coverage that you can endorse onto bop policies. This could include equipment breakdown coverage, or several other liability and property insurance options. A BOP is a package policy usually purchased by small to medium sized businesses. These packages are designed for, and mainly targeted to low risk companies.
Not all coverage is available with a BOP
Some, but certainly not all of the policies required are offered under a BOP. Some bop policies will also offer business income and extra expense protection after an insured loss.
Notably they do not cover many of the required or necessary coverage options that should be researched and considered, such as workers’ compensation, professional liability, or business vehicle coverage.
Your business may be running smoothly, and this is always an encouraging sign, but without the proper insurance in place, a company that is making money hand over fist could find itself suddenly bankrupt. Don’t be lulled into a false sense of security just because things are riding high at the moment. It’s a mistake to think that a catastrophe could never happen that would seriously impact your business. Disasters are often just a heartbeat away, and they can strike in many different ways. Even something seemingly minor could end up wiping out a lifetime of hard work.
It’s important to sit down with an agent, someone knowledgeable in your particular field of work, and examine all of your possible options before making any final decisions. One of the bop policies available in your area just might meet all of your current needs.
Risk Management and Insurance for Manufacturers
Insurance is an integral part of any business, and accounts for the success of companies’ worldwide. Without insurance, many businesses would be forced to close their doors due to lawsuits, which would eventually lead to their bankruptcy. But beyond insurance is a need for a solid risk management plan that reduces the risks and exposures associated with claims for faulty products, negligence, and other areas where litigation results.
Here in Southern California, the manufacturing industry is both large and diverse. While the need for insurance for manufacturers is evident because of the enormous amount of issues associated with running these types of enterprises, it is in risk management that problems can be viewed and discussed, and solutions to problems be formulated.
Safety training and risk management go hand in hand
Working in a factory certainly poses some inherent risks, along with dangerous situations that may spring up unexpectedly, which are why having proper precautions and safety procedures in place can ensure a safer workplace. For example, in order to reduce manufacturing workers’ compensation claims, make safety a priority. Having a safety manager, weekly meetings, and allowing workers to chime in with their own concerns and observations can go a long way towards creating a safer, and happier work environment.
Providing safer working conditions
Every manufacturing facility is different, and therefore workplace conditions will likely vary. Depending on the type of facility that you own or operate, specific rules should be in place regarding the safe handling of material and safe practices in general. Instruct workers about the dangers of loose clothing and hair, the wearing of jewelry (that could potentially get stuck in machinery and cause them injury), and open-toed shoes. The proper gear, clothing, and safety wear must be required to be worn at all times in order to reduce worker injury.
Having insurance for manufacturers in place, along with a commitment to sound risk management and a deeper awareness of the changing risk landscape will help ease many of your concerns and put you in a better position to deal with new and growing concerns, both locally and globally, as well as seize opportunities as they emerge.
Commercial Auto Rating and ACORD Classifications
For insurance rating purposes, insurance companies categorize automobiles into different classifications. The first step is to distinguish between “commercial” and “personal” automobiles. From there, vehicles are further classified by weight, type, use, and other factors adopted by different insurance companies and dependent upon state laws.
In order to simplify the Commercial Auto Rating process, certain standardized practices have been widely accepted in the insurance industry in order to simplify policy rating for commercial autos.
A numeric system has been adopted to dictate how a commercial auto policy might extend coverage to vehicles in a business’s fleet. This system has become part of the widely accepted ACORD application forms developed by the Association for Cooperative Operations Research, an insurance standards association.
The nine standard ACORD covered auto symbol classifications
- Symbol 1 — Any auto:This means the insurance application will apply to any vehicle used by the business, regardless of ownership.
- Symbol 2 — All owned autos:The insurance on the application will apply to all vehicles owned by the business, and is helpful for businesses possessing large fleets that are likely to gain and lose vehicles on a regular basis.
- Symbol 3 – Owned private passenger autos:This is a limited subset of coverage provided by Symbol 2 and is useful for businesses with fleets that include many different types of vehicles. Use Symbol 3 to limit policy coverage to smaller passenger vehicles, as opposed to larger work trucks or other vehicles.
- Symbol 4 – Owned (other than private passenger):Provides coverage to all vehicles owned by a business except private passenger vehicles. Primarily for larger working vehicles like dump trucks, tow trucks or heavier vans used to transport equipment.
- Symbol 5 — Vehicles requiring No Fault Coverage:Applies only in no-fault insurance states.
- Symbol 6 — Autos subject to compulsory uninsured motorist laws:Some states require vehicles to carry a minimum amount of Uninsured Motorist coverage.
- Symbol 7 — Autos specified “On Schedule”:If the application is accepted, the commercial auto policy will extend coverage to vehicles specifically listed on the policy.
- Symbol 8 — Hired autos:Extends coverage to any un-owned vehicles a business hires for work purposes, includes taxis, delivery vehicles or catering trucks.
- Symbol 9 — Non owned autos:Extends coverage to non-owned autos and is commonly used to insure against liability issues that might arise when employees cause an accident driving their own vehicles on company business.
A Commercial Auto Rating system will determine rates primarily based on these classifications.
Insurance Programs Through Boat Builders Insurance Wholesalers
Craftsmanship is one of the most important traits with regards to the boat building industry. Displaying a dedication to the quality and performance of the products they create and distribute, not only helps to establish your client as a leader in this complex and competitive industry, but it also helps to make our harbors and waterways safer and a more enjoyable experience for all who utilize the oceans and seas.
Your job, as a broker, is to help your clients with their insurance program. After all, you are the most capable person to assist them in partnering with a marine insurance leader that specializes in providing insurance for the recreational and commercial marine industries, which includes boat and yacht builders.
With the many challenges this industry sector faces with all of its regulations, bridled with the danger, risks and exposures that exist, only qualified boat builders insurance wholesalers can secure those quality insurance products that perform when it comes to responding to concerns as vessels are being built, to the time when they first hit the water.
Liability coverages
The list of liabilities in the marine industry runs long. Your clients need protection for property damage to watercraft in their care for purposes of repair, alterations, maintenance, storage and mooring, as well as hauling, launching and fueling. There are also liability concerns arising from third-party bodily injury, property damage, personal and advertising industry and contractual liability arising out of their operations.
You may want to turn the conversation to bumbershoot coverage, explaining to them how a marine umbrella policy works, providing coverage in excess of any marine policies in place, with a self-insured retention feature for uninsured marine perils. And Pollution insurance is another policy offered by boat builders insurance wholesalers that any conscientious marine craft builder knows they simply cannot afford to be without.
If they have employees, and most certainly do, they’re going to need workers compensation insurance, along with State Act, Jones Act, Maritime Employers Liability and US Longshoreman and Harbor Worker’s Compensation coverage. Other coverage may also be required in certain instances.
Dont Forget Florida Commercial General Liability Insurance!
As a business owner in the Sunshine State you realize that you can’t afford to spend time in court, or the few precious resources that you have, fighting lawsuits and other oftentimes-frivolous claims. Naturally, because you understand the value of having satisfied customers, you do your best to provide both good service and a positive work environment.
Unfortunately, that isn’t always going to be enough. Although having Florida commercial general liability insurance can’t keep unsatisfied customers and other possible claimants from bringing a claim against your company, it can help to further minimize the damage that may occur due to those claims.
General liability insurance is critical
Whether you operate a small business out of your home or employ hundreds of workers at your place of business, you will absolutely need to have general liability coverage. This is a basic liability policy that covers common risks related to day-to-day operations.
Most small businesses are able to combine this coverage with business property insurance in a business owners policy (BOP), which is a convenient way to protect your property and any liability concerns all under one simple plan. Depending on your industry, you may even have the option of purchasing specialized general liability packages that can be customized for your business.
Depending on the size and scope of your business or organization, you’ll want to make the right choices regarding the type, and amount, of liability insurance that you’re going to carry. Most Florida employers need to have, at the very least, the required minimum workers compensation insurance in order to protect employees as well as your company in the event of on-the-job injuries. Other available liability coverage includes:
- Employment practices liability insurance (EPLI) to protect employers against employment-related claims not associated with on-the-job injury
- Errors and omissions insurance (also called professional liability insurance), to protect licensed or certified professionals in the event that a mistake causes damage to a client or third party
- Directors and officers insurance (D&O) to protect the board, officers, and others in governing or executive positions at an organization in the event of negligent acts, omissions, misleading statements, or unethical actions.
Don’t let a lack a proper coverage threaten your company and put your personal finances at risk. Speak to an agent about Florida general liability insurance for your business today.
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