Month: April 2018

3 Benefits of Insuring Your Boat

boat insurance in California

No matter if you are a boat enthusiast or a beginning boater, you should get familiar with the importance of boat insurance in California. When you purchase a car, auto insurance is a given but for boats, this isn’t always the case. Accidents can still happen when on the water. Here are three benefits to protecting your investment with insurance.

Property Damage Covered

Property damage to your boat can be expensive. Whether vandals damage your boat or its damaged in an accident, insurance can cover you. Without insurance, not only do you have to pay for the damages, but you may also have to pay transport costs to get your boat fixed.

Injury Covered

In the unfortunate case of an accident, you or another person may be injured. One of the main benefits of having insurance is that you do not have to worry if anything happens. Not only can your coverage pay for injuries in the case of an accident, but any other watercraft-related injuries.

Affordable Coverage

There is a range of different coverages offered when you look into boat insurance in California. Whatever your budget is, you may be able to get a variety of discounts. Some insurance handlers may even offer discounts and credits.

Boating accidents may be less common that car accidents, but insurance is still beneficial for anyone who own a boat.

Choosing CMP Insurance

civil money penalty liability insurance

Leading a bank is an excellent career move. Not only does being a financial officer or director give you insider knowledge about the banking sector, it boosts your leadership capabilities. Of course, working in an official capacity at a financial institution exposes you to some liability. By purchasing civil money penalty liability insurance, you have the resources you need to protect your career and finances.

A Banks Coverage Is Usually Inadequate

Most banks have E&O coverage. This insurance protects the financial institution from claims arising out of common errors and everyday omissions. The coverage does not, however, protect you from claims in your individual capacity. Since federal banking regulations expressly prohibit your banks E&O policy from covering penalties assessed to you personally, you must pay them yourself.

CMP Coverage Bridges the Gap

If you are assessed a penalty following a regulatory investigation or audit, you may not have the financial resources to settle it. With a CMP policy, your insurer pays the penalty for you. Remember, your employer cannot pay CMP premiums. On the contrary, to benefit from this protection, you must purchase it independently.

With good civil money penalty liability insurance, you stay focused on developing your career. Rather than suffering a substantial financial setback, work with a qualified agent to tailor a CMP policy to meet your needs.

What Insurance Do Bars Need?

Insurance programs for bars,

Each type of company will need a different type of insurance plan to ensure that it is adequately covered. Insurance programs for bars, for instance, will need liability to cover the property, the patrons and the employees from damages resulting from the interaction of intoxicated sports fans and food. The more options you have in bar insurance programs, the better you can tailor the coverage to the client.

Some of the things that these plans will cover include slips and falls, liquor liability and even assault and battery liability. These will protect your clients in case of an accident as well as in case a fight breaks out on their property. Some of these forms of liability will be fairly standard across all industries, general liability for instance, while others will be very specific for the risks that bars, sports bars and nightclubs face. With a little bit of research, you can find all the coverage your clients need as well as the best plans for their budgets.

Insurance programs for bars will include some of the general liability things that you will expect from business insurance but will also cover some of the risks typically seen with intoxicated patrons. This means that your clients will also need liquor liability and assault and battery liability. You can find these plans in a market for bar insurance to build the right coverage for your clients.

Company Insurance in the Case of Employee Death

key life policy

There are many potential disruptions in a company that may put its very existence in doubt. Traditionally, these include fires, theft, vandalism, cyber-attacks and tornadoes or other weather events. The unexpected death of a key employee can be just as disruptive to a company’s bottom line. A key life policy can protect a company in the case of the death an irreplaceable employee.

The first step is to identify employees whose deaths would significantly affect the performance of the company. Any employee whose loss would affect the viability of the company would be a prime candidate. The next step would be to take out a company policy on this person. The amount of the policy would be determined in part by how much it would cost to recruit and hire a replacement and to pay any deferred compensation to the employees family. It could also provide funds for lost profits and affected overhead expenses.

A key life policy can be part of a company’s strategy to protect it from major disruptions in its operations. The policy would not extend beyond the period of employment for the insured person, but it would provide relief in the case of death when the employee is working for the company. It can also protect the reputation and brand of a company by providing continuity.

Is Real Estate Liability Insurance Right for You?

Wholesale real estate liability insurance

Real estate professionals often face varying expectations from client to client. These same clients likely have high level of emotional and financial investment in the purchase. All of this means that it is critical for real estate professionals to seek out liability insurance. Wholesale real estate liability insurance is smart way to keep you and your business safe.

Who is Eligible for Real Estate Liability Insurance?

There are a number of real estate professionals that qualify for this type of insurance. While this list is not comprehensive, it is a good idea to seek out coverage if your title is included below:

  • Property Managers
  • Escrow Agents
  • Real Estate Brokers
  • Escrow Agents

All of these professionals are potentially at risk for unwanted litigation. It is best to meet with a professional insurance wholesaler to discuss the insurance packages available to you.

What Type of Coverage is Available?

While individual insurance packages will likely be tailored to the specific needs of you and your company, it is important to have an understanding of the types of coverage offered. Liability insurance for real estate professionals often include coverage for:

  • Environmental Hazards
  • Fair Housing Claims Defense
  • Property Management
  • Prior Acts
  • Privacy Breach
  • Business Brokerage
  • Lock Box Claims

If you are a real estate professional and you do not currently have liability insurance or are looking to upgrade, it may be the time to consider wholesale real estate liability insurance. Contact a nearby wholesale provider to find a package that is right for you.

Employee Leasing and HR Outsourcing

peo insurance

While many small business owners still take on the tasks of payroll and tax compliance, more and more people starting a business realize that these are issues that they really just don’t have the time necessary take proper care of. Using professional employer organizations (PEOs) can provide a unique co-employment opportunity that allows small businesses to access better benefit packages, standardize HR policies and practices, along with risk management support and workers’ compensation coverage.

A PEO differs from HR outsourcing companies or administrative services organizations due to the fact that a PEO participates as a co-employer. They are then able to employ a large number of employees to be used in thousands of businesses across the US. This helps lower health insurance costs and makes HR standardization a much easier task. A PEO may be the right choice for your business, but in the event that issues relating to lawsuits or other claims surface you need to be protected with a peo insurance policy.

The benefits of using a PEO

As a small business owner you’ll have access to many of the different services that are available through a PEO. You can choose from a selection of services based on your business needs. PEO service structure will vary from one company to the next, and there will be different cost structures and plan options you can consider. The PEO you choose will charge you either a flat rate per employee, or take a percentage of your total payroll in order to fund their services.

If you partner with a PEO many of those mundane corporate tasks related to most businesses will no longer be your concern. This arrangement provides you with more time to focus on the day-to-day operations of your business.In addition, PEOs have trained professionals that will ensure that your business complies with state and federal regulations. This includes tax structures, HR law changes, worker safety compliance and other risk compliance factors.

You’ll also benefit by being provided civil defense and employment liability insurance in the event that a former employee decides to sue the company for discrimination or wrongful termination. When you sign up with a PEO, you partner with a large company that can help provide resources in all legal matters. As long as you have peo insurance for employment practices concerns your business will be well protected and in good shape.


Why Your Banks E&O Policy Is Not Enough

coverage for civil monetary penalties

Financial institutions are subject to more regulation, oversight and scrutiny than virtually any other business organization. Since bank employees are not perfect, your company carries an errors and omissions policy. This coverage provides general protection for your entity. It does not, however, indemnify directors and officers from civil monetary penalties they receive individually following a regulatory investigation or audit. Fortunately, you can add coverage for civil monetary penalties in a standalone policy.

Analyzing the Limits of an E&O Policy

E&O policies are great for general coverage. By law, though, they cannot indemnify bank leaders from personal civil monetary damages. A stand-alone CMP policy can. With a good policy, directors and officers are covered for the policy amount for any penalty they receive individually. The bank leader must purchase this policy personally.

Working With the Right Provider

To fully protect your bank, you need sufficient information from a skilled professional. By working with an insurer who understands the financial sector and its potential pitfalls, you can likely protect everyone who works inside your organization.

Meeting customer demands requires having bank employees willing to go the extra mile. To give your directors and officers the confidence they need to do their jobs, purchasing coverage for civil monetary penalties is often an effective strategy.

Benefits of Having Healthcare Facilities Insurance Plans

healthcare facilities insurance market

As a broker, the better variety of quality programs you can offer, the more clients you can get and keep. This means looking in a healthcare facilities insurance market to find coverage for the assisted living centers, medical imaging facilities and home healthcare providers in your area.

Cover Your Existing Clients Better

Having the right plans can help you give your clients the best coverage for their needs. This means having a coverage without gaps or overages which allows for occurrence or claims-made basis for liability and much more. You can even find programs which help with risk management to keep your clients safer and their expenses lower.

Bring New Clients To Your Brokerage

With the right mix of plans, you can also bring new clients to your brokerage. For instance, if you do not currently offer coverage or healthcare facilities, a bit of research can open that local market to you. This allows you to help all kinds of healthcare centers find the right coverage to keep them, their clients and their bottom-line safer.

A healthcare facilities insurance market can offer you and your clients the benefits of having the right coverage for facilities such as assisted living and medical imaging. These plans can have flexible limits to best fit new and existing clients to help you be the best broker possible.

Qualities of the Best Insurance Brokers

insurance brokers in New England like NorthStar

What makes one insurance broker better than another broker? What qualities should an insurance broker have? If you are in the insurance industry and looking for a broker to help you find the best coverage packages for your customers, you may be asking these exact questions. On the East Coast, many agents ask whether there are insurance brokers in New England like NorthStar other than NorthStar, and the answer to that question is a resounding no. Sure, other brokers may boast about experience and topnotch customer service, but can you be sure they’re as good as NorthStar is? Probably not, and here’s why.

NorthStar opened its doors in 1995 and it immediately raised the bar for insurance brokers. The company embraced three crucial philosophies from the get-go: client service, industry expertise and stewardship. Other insurance brokers in New England like NorthStar may claim these principles, too, but why go to a copycat when you can work with the company that was founded upon them? Part of what puts NorthStar above the rest is it understands that it is only as good as its partner agents and carriers. If you don’t succeed, it wont succeed, and it treats those who work to help it achieve its goals with utmost respect. This is why there’s nobody like NorthStar.