Month: November 2020

Advantages of High-Value Homeowners Insurance

Homeowners Insurance

Purchasing home insurance can be a complex task, but if you own a high-end home, the stakes can be even higher. When looking for homeowners insurance in New Mexico, there are several benefits to choosing a high-value policy over traditional options.

Higher Coverage for Replacements

Standard homeowners insurance covers the appraised value of your home, not the replacement cost. If you live in a home with custom finishes that are hard to replace, rebuilding your home may cost much more than the appraised value. Likewise, collections that are expensive to replace may not be sufficiently covered by a standard policy, which usually sets a maximum coverage limit of half to three-quarters of the home value for possessions.

Additional Coverage and Services

Most homeowners insurance policies cover your home, possessions, and some liability. High-value coverage can offer higher liability limits for household employees, personal protection, flood insurance, and even identity theft coverage. The greater risks associated with high net worth makes these valuable additions.

Potential Savings

Traditionally, homeowners who need expanded coverage in certain areas purchase riders. These can cover specific valuables, floods, or liability risks. Someone who needs several of these would see the cost quickly add up, potentially costing more than a high-value policy.

The underlying hope of homeowners insurance is that you should never need to use it. However, if you have a luxury home, opting for a high-value policy may provide the additional coverage you need to fully recover if you have to.

Educators’ Liability Insurance: Why It’s a Must for All Educators

Educators' Liability Insurance

As an educator, your students are your priority. You do what you can to teach them everything they need to know. But did you know that you can be liable for certain issues that arise inside and outside the classroom? Educators’ professional liability insurance can help protect your finances and your professional reputation.

Why You Need the Coverage

No matter what capacity you work in at the school, whether youre a teacher or an administrator, you interact with students throughout the day. You assume responsibility for those students when theyre at the school. Unfortunately, people are filing more lawsuits against educators for various reasons. These include the following:

  • Hiring unqualified staff members
  • Allegations of sexual assault
  • Allegations of physical assault
  • Violation of civil rights
  • Failure to respond to dangerous situations
  • Failure to provide quality education

The risks you face as an educator can result in serious legal fees and high settlement amounts. By investing in personal liability coverage for educators, youll be able to protect your personal finances if you ever face a lawsuit.

What the Coverage Does

If youre sued by a student, parent or another staff member, your personal liability insurance will help cover your legal fees and settlement amounts. This allows you to retain your personal savings for the things that matter most.

Liability suits happen all the time. Make sure youre protected with the right coverage for your needs.

Understanding the Basic Types of Liability Insurance for Nonprofit Organizations

Nonprofit Organizations

For the most part, nonprofit organizations operate like any other business. However, there are some key differences. Among those is the need for certain types of insurance. Research into nonprofit liability insurance shows these basic components that you should be aware of.

General Liability

As with any type of business, nonprofits must protect their assets with appropriate liability insurance. This should offer sufficient limits to limit any losses if a claim is made.

Contractors

Ensure that any contractors you work with to provide services are fully insured. Consider asking to be named as an additional insured on their policy for an added layer of protection.

Directors and Officers

Nonprofit directors and officers can be held liable for damages caused by the organization. Common claims that your D&O policy should cover include:

  • Organizational mismanagement
  • Improper employment practices
  • Copyright or trademark infringement
  • Slander and defamation
  • Invasion of privacy

Volunteers

Many nonprofits utilize volunteers to further their mission. Just like a paid employee, those volunteers can be injured or cause injury to others. That makes them a potential liability. There is also a risk of fraud, embezzlement or other forms of dishonest behavior. Any volunteer liability coverage should address these concerns.

Each nonprofit organization has a unique set of needs and requirements. Understanding what each type of insurance covers can help you determine exactly what coverage you need.

Addressing the Risks of Your Industry Through Sensible Insurance

Sensible Insurance

If you operate a business within the energy industry, you have your work cut out for you in terms of addressing daily hazards. There are a ton of risks involved when you work with volatile resources like gas and oil. Thankfully, you can protect yourself, your workers, and your assets with a little forethought. Taking out a practical insurance policy that covers all your bases, for example, is an essential move to make.

Begin With the General Risks

One of the best ways to go about finding appropriate insurance coverage is by addressing the most common hazards in oil and gas industry environments. This will give you a general idea of what areas you need to focus on with your policy. Next, consider the specifics of your particular business. While you can cover a lot with a general policy structured for your industry, your company still likely faces some risks that are unique to your specific business. Focus on these points to round out your plan in a way that fully protects you. Additional points to consider include:

  • Damage to rigs and other equipment
  • Contamination to local sources of water
  • Subsurface collapses

Create a Robust Plan

By beginning with the general risks of your industry and then pinpointing more specific hazards, you can create a truly comprehensive insurance plan. Put in the work and see how it pays off.