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Most experts agree that the right coverage for you actually depends on your circumstances, both now and into the future. Most professionals, including doctors, lawyers, and architects, need professional liability coverage because of the type of work they perform, which often includes giving their professional opinions. Because claims might be made during a period of time after a policy has expired or been discontinued, professional liability tail coverage will also come in handy.
A tail policy is also known as extended reporting period coverage. The tail gets its name because it becomes active after your policy has terminated and youve purchased the tail endorsement once you terminate a claims-made policy. The “tail” endorsement allows you to report claims for covered incidents that occurred while you were insured.
Claims made versus occurrence
The claims-made policy offers you greater flexibility because your last year’s policy is the one covering your past or prior acts. This allows you to increase your limits or buy new coverage that wasnt available when you originally started your policy. Since the policy in force at the time of the claim will respond to the claim youll get the benefit of enhanced coverage. Claims-made coverage is portable, so you can take the coverage from one insurance company to the next.
On the other hand, the advantage of having an occurrence policy is in its permanence. The period of time youre insured under an occurrence policy is totally protected by the policy you had during that year, and you may not need to renew or buy the tail when you leave the company.
The term nose is another way of referring to your retroactive date or prior acts coverage. Since prior acts coverage provides cover for actions that occurred prior to your current policy, it is called a nose (as opposed to a “tail”). The bottom line is that you may need to be covered after the expiration date of your policy and can purchase a policy designed to provide you with this valuable protection. Speak to an agent about professional liability tail coverage so you can rest assured that you have the proper policy for your professional needs.
As a convenience, many orange insurance companies offer business insurance policies that have combined protection from many of the major property and liability risks that business owners face. The business owners policy (BOP) is a package purchased by many small and mid-sized businesses and was created for companies that potentially face the same types of exposures and have a similar degree of risk.
Larger companies often consider a commercial package policy in order to customize their policies to meet the specialized risks that they often face. The insurance market has been designed so that they can calculate and provide your company with a selection of insurers that can offer the best available rates.
Which policies can you purchase under a BOP?
A BOP generally includes property insurance for buildings and contents owned by the company. There are two different forms to choose from; standard and special, which will provide more comprehensive coverage. A business interruption policy is generally included as it covers any loss of income that could result from a fire or other catastrophic event that disrupts the business for any length of time. It can include any extra expense associated with having to operate out of a temporary location.
Liability protection is another important feature to have and covers your company’s legal costs when a claim is made for any harm that was caused to others. This includes an injury or loss as a result of actions that a business owner, representative, or employee takes, or fails to take, in the course of your business operations that may cause bodily injury or property damage due to defective products, faulty installations, or errors in services provided.
There are several areas requiring insurance that are not covered by a BOP, including professional liability, auto insurance, workers compensation, or health and disability insurance. You’ll be required to purchase separate insurance policies to cover these particular exposures. Regardless of the type of company being operated, the business owners policy is an integral part of any successful business. Running an enterprise without adequate amounts of orange insurance is a risk not worth taking.
Selecting an insurance company to work with in protecting your small business can seem like a daunting task. There is usually a lot of paperwork and numbers involved, and it can become confusing easily. When searching for an insurance provider, it may be helpful to make a list of qualities you’re looking for, like experience and a more personal focus. Finding an insurance company that’s dedicated to their clients can feel like finding another branch of your own business team. When you’re looking to expand or pursue other business goals, an insurance agent that’s familiar with your business and ambitions can better help you make those changes. If you’re looking for Erie insurance agents, Columbus Ohio has plenty of agencies for you to consider.
Agencies that truly care for their clients tend to know their backstories and all of the hard work that went into acquiring their company assets. They should be aware of how accidents and other unforeseen events can impact daily business operations as well as have a plan for getting everything back on track. A dedicated agent can put together a policy with the right amount of coverage for a price you’re comfortable paying. With the right industry contacts and knowledge of various providers, they can offer you an array of insurance products and suggest the best ones to you. In your search for Erie insurance agents, Columbus Ohio firms have plenty to offer.
Do you provide in-home care to patients wishing to stay at home? Providing this service means taking on some risk, but you can mitigate some of the financial penalties by acquiring an insurance program for home health care providers. Here is a look at some of the benefits.
Unlike other kinds of business insurance, coverages for home health care can be tailored to the kind of care you provide. For example, if you provide physical therapy which requires a lot of physical strength from yourself, you may need coverage for possible work injuries. Another coverage option to look at is automobile coverage if you manage a team of providers using company cars to do their jobs.
An insurance program for home health care providers can also help if there are false allegations put forth about the provider. You need all your resources available to provide quality nursing case, meaning if there is a problem, quick response by your insurance carrier is important. Some benefits to look for include easy payment options, tailored coverage options and fully integrated programs.
Insuring your home health care practice is an important part of making sure you stay in business. Plan carefully for possible issues you may run into and find coverage appropriate to those scenarios.
A homeowners association (HOA) is often tasked with many responsibilities for the upkeep of a community or building. This usually includes many different areas of operation, like budgeting and maintaining the property. Since many of these special communities have unique aspects that draw in buyers, the risk factors for the HOA can vary drastically from one community to the next. An HOA insurance company can help determine the different risks and find a policy with the right amount of coverage to protect the association.
D&O (Directors and Officers) liability coverage can be useful in protecting the members of this association against various claims. Due to the varying nature of common claims, an insurance service can help decide the best terms for this part of the policy. Since HOAs usually are involved with maintenance and other types of property work, workers compensation coverage can be a huge help in case of injury. Not only should this protect the association, but the help given to injured workers or volunteers can get them back to their positions faster, thus keeping up with maintenance schedules. Other areas of coverage include crime and cyber liability, which can protect an HOA from various types of risks. Data, money and property can all be stolen, and the right coverage can offer protection against losses. Regardless of your risks, an experienced HOA insurance company should help you get the right coverage for your unique needs.
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.
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.
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.
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.
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.
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.
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.