Month: March 2017
Visiting Nurse Associations, Healthcare Staffing Firms, and Hospice Care Organizations all understand the unique challenges of providing quality healthcare away from a hospital or other medical facility. Meeting the demand for in-home care means addressing some unique liability challenges. For that reason, specialty insurance helps cover a wide variety of risks. If you are wondering about the specialty insurance definition, consider the following factors.
Where the Care Occurs
Doctors, nurses, and other healthcare professionals who work in hospitals provide care in a controlled environment. There, they have access to medical equipment, medication, and personnel to help them do their jobs. Those who work in a patients home, however, often are by themselves. They also have immediate access only to the limited equipment and medication they brought with them. These unique workplace conditions might expose in-home healthcare providers to legal liability that those in hospitals often can avoid.
Who Provides the Care
Those who treat in-home patients as part of a VNA, healthcare staffing firm, or hospice organization, might be doctors, nurses, therapists, counselors, case managers, or any other type of healthcare professional.
What Protection Is Necessary
The specialty insurance definition is flexible enough to cover the unique risks associated with in-home care. Often, the protection meets the following criteria:
- Claims-Made or Occurrence Coverage
- Customizable Policy Limits
- Inclusive Personnel Coverage
The Benefit of Good Coverage
Defending a medical malpractice lawsuit can be expensive and stressful. With good coverage, those who provide specialty medical care can have the peace of mind they need to do their jobs well.
Hospitality insurance programs are essential for a wide range of businesses. Many social clubs and venues serve alcohol and provide entertainment to their patrons, and the owners of these businesses need adequate insurance protection against the risks inherent in providing these services. Here are three types of businesses that need hospitality insurance.
1. Bars and Lounges
One of the big liability risks at bars and lounges, whether it be a sports bar, pub, tavern, or cocktail lounge, is that alcohol consumption can lead to accidents. Alcohol-related accidents often lead to lawsuits against the establishment that served the alcohol, and the establishment’s owner needs coverage to pay the fees associated with fighting litigation.
2. Comedy Clubs and Jazz Clubs
Owners of venues where people gather to watch stand-up comedy or a jazz performance can be subject to lawsuits due to alcohol consumption if they operate a bar inside their club or venue. They can also face liability claims from performers or neighboring businesses.
3. Nightclubs and Adult Nightclubs
Nightclubs, and particularly adult nightclubs, are vulnerable to risk because of the nature of their business. Nightclub owners can face claims resulting from risks involving valet parking, performers, patrons, DJs, and a host of other areas.
Owning one of these venues can be costly when problems occur, which is why it is important to find the right hospitality insurance programs. An experienced insurance professional can create a package that meets a hospitality business owner’s needs.
All parents of teenagers get anxious about their kids becoming drivers. Driving is a privilege and kids have to understand the dangers associated with not learning the necessary skills to be a good driver. Thankfully, there are some easy ways parents in New Jersey can reduce the high cost of insuring a teen driver.
Since most parents will simply add their teen drivers to their own policies (because it’s generally a less expensive option), many teen drivers don’t have to worry about getting their own auto insurance policy. But because they present more of a risk, new jersey commercial auto insurance rates are generally going to be higher for teenage drivers.
There are plenty of steps that will allow both teens and parents to maintain affordable premiums.
Tips to save money on car insurance for teens
The fact is that due to a lack of driving experience, many teens are facing situations for the first time that could cause accidents. Distracted driving tops the list of reasons why young drivers are involved in collisions and why rates for younger motorists remain quite high. But there are ways to help reduce the expense of auto insurance.
Many auto insurance companies offer good student discounts, which are discounts for teen drivers who make a certain grade point average (usually a B average and up). Having your teen enroll in a driver’s education program can help reduce insurance costs as well.
Certain states require teens to complete a drivers education course and many providers offer discounts for successfully completing the course, which means teens will be rewarded for their efforts. Taking an additional driver training course can’t hurt either.
Depending on which auto insurance companies that you contact, an additional drivers training course could result in additional discounts on your premium. The extra training also brings instant and future benefits as far as safe driving is concerned. Teens should own a safe, reliable starter car. Newer models and racing-style cars are more expensive to insure than older models or the more practical models available. This can be a very important consideration.
Finally, by paying a higher deductible, parents can help to lower new jersey commercial auto insurance rates overall. But practicing safe driving and not getting into accidents is the only way to keep the cost of insurance low. Speak to a reputable agent today.
If you have your own business with employees and are considering workers compensation insurance in Los Angeles, it is important to know that not all policies are the same for every business. Risk profiles, which are the main determinant of your insurance premium costs, can be based on factors such as your industry and your previous worker’s compensation history. Risk profiles can also be affected by active and everyday procedures that your insurance company will assist you in.
How Workers Comp Helps You
Having robust workplace programs in the following areas can greatly reduce injury risk and insurance premiums:
Safeguarding employees from work-related injuries
Making sure your business is up to date with workers compensation policies and regulatory guidance
Injury rehabilitation programs to ensure that employees get back to work as quickly as possible, whether it be a minor or major injury
What to Look for in an Effective Broker
When deciding on workers compensation insurance in Los Angeles that’s right for you, it’s important to find a broker who will take the time to evaluate past claims for their validity and relevancy. If mishaps are found, your broker will recalculate your experience.
These are all important elements for a business to consider. When practicing safety and employee wellness while also striving for efficiency and profitability, you win.
Medical professionals are often the targets of malpractice law suits. Those who work at a hospital or other medical facility might have an employer that carries some form of professional liability insurance. However, that coverage often protects the employers interest and may be insufficient to protect the individual caregiver from legal liability. Because lawsuits can be extraordinarily costly to defend, essentially every healthcare professional should have independent HPSO insurance.
Affected Practice Areas
Regardless of practice area, virtually everyone who treats patients should have adequate professional liability coverage. While this list is not exhaustive, the following professionals should carry liability insurance:
- Mental Health Counselors
- Physical Therapists
All healthcare professionals who play a role in treating patients are susceptible to a malpractice lawsuit. As such, regardless of practice area, most medical professionals need independent HPSO insurance.
Effective Liability Coverage
Healthcare professionals often purchase liability coverage to protect them against errors or omissions they make when treating a patient. This coverage also traditionally covers any other medical activity the professional does, regardless of whether it is in an official capacity. Finally, liability insurance generally pays legal fees associated with fighting frivolous claims.
Professional healthcare providers often have significant stressors in their everyday lives. Worrying about legal responsibility should not add to that stress. Anyone who practices in a medical field, then, should probably have independent HPSO insurance coverage.
The extensive use of technology to handle financial, medical and personal information has expanded opportunities for cyber crime, and hacking and information theft threaten nearly every industry. To protect yourself from potential loss, understanding cyber liability and how to mitigate your risk may be critical.
Just as someone who causes a car accident may be liable for damages, a business may be responsible for unauthorized access to sensitive information caused by its action or failure to act. Stored social security numbers, credit card numbers, and medical records are just a few common examples of liability.
Third Party Liability
In the event of a data breach, you may be liable for the information exposed. Possible expenses include the following:
- Legal defense
- Regulatory fines
- Settlements and civil awards
Companies are responsible for protecting stored data, and even one successful hacker can cause chaos for you and those who trust you with personal information.
First Party Expense
In addition to external issues caused by a digital security breakdown, business-related costs may be incurred, too. Hiring forensics teams, notifying victims, recouping lost data, and utilizing public relations experts to recover your reputation are just a few expenses that may result from compromised company information.
How to Protect Yourself
Because cyber liability is so high and the occurrence of cyber crime so common, liability insurance is offered to help transfer your risk. Whether large, small, new, or established, your company may be a potential target, and investing in a cyber liability insurance plan can provide a safeguard against tremendous loss.
Navigating individual and business insurance options can be overwhelming. Many consumers need assistance in selecting policies that meet minimum requirements while remaining within budget. Working with a local insurance agent in New Mexico enables customers to choose the insurance policies that address their needs.
Satisfying Minimum Requirements
State laws require varying levels of coverage for individuals and businesses. New Mexico requires all business to carry liability insurance and requires drivers to carry a minimum of $85,000 in liability coverage. Consumers who choose coverage without the guidance of an insurance agent run the risk of carrying inadequate insurance and encountering legal challenges in the event of an accident. Local insurance agents have the expertise to help you meet coverage requirements and avoid future problems.
Meeting Individual Needs
Imagine suffering material losses due to a house fire or an on-site accident at your business, and discovering that your insurance policy only covers a fraction of those losses. This is a devastating reality for many people. Meeting minimum coverage requirements does not guarantee compensation for all losses. Businesses and individuals must consider their risks and asset values when choosing insurance plans.
Consulting with an insurance agent in New Mexico reduces the risk of unexpected coverage shortfalls by guiding you to select the right plan. It is worth reaching out to an insurance agent to secure peace of mind.
Insurance is a necessity for anyone in business and is instrumental to the success of any company. Most business owners understand how important it is to ensure against the most common risks and exposures they face, yet want to be certain to get the best coverage at a reasonable price. BOP insurance in Carmel, or a business owners package, combines property insurance, liability insurance, crime coverage or other policies into one convenient package.
Coverage typically packaged into a BOP
There are some great advantages to purchasing a BOP. It gives you the ability to buy multiple policies that would likely cost you more to buy separately, and you can determine which policies will best suit your company’s current needs. Generally, BOP coverage includes property insurance for the building, equipment and any inventory, business income insurance for those times that you lose income due to the suspension of your operations, and equipment breakdown insurance if any equipment is damaged due to a power surge, or if you experience a mechanical breakdown, burnout or simply operator error.
You may wish to opt for coverage that protects you from claims of copyright infringement, libel, slander, or bodily injury. Property damage liability is popular among companies concerned with employees, products or services causing harm to others or their property. Other policies often grouped into BOP insurance in Carmel include medical payments coverage for medical expenses resulting from injury to others, or rented vehicle coverage, which provides liability coverage for cars and trucks being leased, hired or borrowed.
BOPs are often purchased by small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenues resulting from an insured property loss. All insurance policies contained within a BOP should be chosen because they are vital to the company’s needs, especially if you have a significant number of employees and expensive equipment used to run your operations.
Be sure to check with an agent who specializes in this line of coverage to help you to decide whether a BOP meets your business needs.