When you run a business, liability insurance is a number one priority. Liability coverage protects you against the costs associated with a variety of liability claims. If you do not have coverage, your company has to pay for all damages and legal fees to fight claims against your business. Generally, you will be able to choose between general liability and public liability. For some companies, public liability insurance or PLI may be the better option.
What Is PLI?
Retail stores or other businesses that welcome third-party guests and customers require PLI as a minimum requirement. The purpose of public liability insurance is to protect your company and your assets if a person is injured on your property or suffers property loss or damage while on your businesss property.
What Are the Benefits of PLI?
Investing in PLI is usually cost-effective for companies. The costs are not as high as general liability insurance. Keep in mind that PLI only covers the public when it comes to injuries and damages. For businesses that are just starting out, this can be a more economical choice and a choice that makes sense as a minimal policy.
When it comes to your business, liability insurance isnt an option. Without liability insurance, you have to fit the bill for all injuries or damages incurred on your property.
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.
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.
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
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.
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.
In any workplace there are unexpected situations that may result in injuries, loss of wages and long-term effects on overall health. When dealing with injured workers, it is important to understand the difference between an occupational accident policy vs workers compensation. Employers must have the right insurance to protect themselves, their business and their employees when misfortune arises.
Workers’ Compensation Coverage Simplified
In most cases, a workers’ compensation plan is state-administered, providing coverage for medical expenses, legal expenses and lost wages resulting from a workplace injury that limits the execution of an employee’s normal job duties.
Employees must be able to prove their injury is work-related during a lawsuit. In most cases, employees cannot pursue punitive damage or pain/suffering in a court of law after accepting workers’ comp.
Occupational Accident Policy Explained
Another option is an occupational accident policy, which has a specified threshold of coverage for both employees and their employers should workplace injury occur. Assessments are made regarding the potential risks of employers and their workplaces to determine elected coverage amounts and plan deductibles. These policies have certain benefits:
- Offers the employer control over the amount of coverage employee receives
- Provides more customization of options, including survivor benefits, disability, or accidental death
- Often costs less
However, if the plan’s coverage limits are exceeded by an employee, then the employer must cover remaining costs.
Deciding on the right plan can be challenging, but learning more about an occupational accident policy vs workers compensation can ensure your business and your employees are both properly protected.
Industrial hemp growers face uncertain times as the federal government waffles on its commitment to supporting legal hemp by continuing its over-surveillance of these operations while neglecting to prevent interference with growers and transporters by state governments and law enforcement agencies. While industrial hemp does not contain any chemicals on the controlled substances list, it is also indistinguishable from immature cannabis, and that makes it a target for ill-informed enforcement in areas that are still under prohibition.
Protect Every Aspect of Your Business
Hemp insurance offers you an opportunity to get the liability and business risk coverage you need, with both boilerplate protections for all businesses and hemp industry-specific provisions that are based on the risks you face when growing, processing, or transporting hemp to marketplaces. That lets you focus on developing more wholesale contacts, building your client base, and producing the best product possible. Coverage for hemp businesses can even provide unique and comprehensive coverage for businesses that make consumer goods from bulk hemp fiber. That’s because the insurers serving this niche understand its complexity. Often, they also tackle the challenge of providing insurance for cannabis businesses in states that have legalized it for recreational or medicinal use, so they’ve seen the industry from every possible angle. That’s a good thing when you have questions about insurance for your business.
If you made your money in business, you’ve probably already heard about how important cyber security can be. Every year, major companies are exposed to liability and financial loss when hackers and other fraudulent actors steal their information or use their systems to commit fraud. What you might not realize is that high net worth individuals often face many of the same risks to their assets and cash online. Cyber security coverages for high net-worth people are designed to protect your wealth from attempts to defraud your accounts and sometimes from the possibility of criminal actions by those entrusted with managing that wealth.
Best Practices for Maximized Protection
Cyber insurance for individuals is its most cost-effective when your risks are mitigated with good security practices on the ground. That means you can work with an insurer to discover the investments that correlate the most with increased security and reduced fraud risks, to make sure your investment in new security protection at the level of software and contracted labor is cost-effective and contributes to the overall cost-effectiveness of your risk management plan. The results can be powerful; especially if this is the first time you’re establishing full cyber security protocols. Don’t wait to get yourself personal protection that is as robust as the coverage you’d demand for your businesses.
Cease and desist letters are usually the first step in establishing a paper trail for a lawsuit, but they do a lot more than that. They allow parties to resolve a situation quickly and without the costs involved in arbitration or mediation, and they also avoid the cost of paying out damages. What many small business owners do not realize is that with the right kind of risk management plan, efficient legal services like this can be partially or completely covered. Cease and desist slander letters fall under the kind of legal help insurance often covers up to a point because settling things without moving to a full lawsuit is cost-efficient, so it saves you and your insurer money in the long run.
Shopping for the Right Insurance
While it might seem odd to seek out insurance against slander specifically, it’s actually more commonly covered than you think. Most of the time, it’s one of several things folded into a broad coverage provision like malicious interference in your business, but it can also be excluded by some policies to streamline costs. That is why your best choice for business insurance will always be a company that has the experience to break down exactly what is and is not covered in plain language, so you can tell if you need to seek out additional gap coverage or alternative risk transfer solutions to round out your protection.
SEO, or search engine optimization, is a modern tool to get more traffic to your website content. By placing keywords throughout your content, you generate more natural results through major search engines like Google, which gets your website to more people. The many benefits of insurance SEO have made it a top marketing strategy for many businesses.
SEO is designed to broaden your audience. Not only can this get you more customers, but it expands the recognize ability and appeal of your brand. Someone searching for generic insurance information may come across your website at the top of their search because your site has used specific keywords that match what they are looking for.
As your brand gains momentum, it also gains more credibility. If your links occur across a wide range of website pages, they are more likely to be seen and visited. Once customers recognize and understand the quality of your brand, they will return to it because they know it is reliable.
Since it is such a large part of marketing today, SEO sets your website up for success well into the future. As more people discover it, the sites success builds upon itself by generating a higher ranking in search results. You should continue to build your SEO strategy so that it pays off down the road.
As companies look to lower costs and retain top talent, benefits are often the first place to look. Companies should ask if their organization is offering a variety of benefits that meet the needs of their employees, but also provide a benefit to the employer in return. A healthy workforce is a happier and more productive workforce which helps the company’s bottom line, both by reducing healthcare costs and by increasing productivity with less time away from work due to preventable illness.
Offering employee benefits programs that promote healthy behaviors and create healthy habits to prevent illness and disease, or keep a chronic disease from getting worse is a huge benefit for employees. Changing behavior takes time, making wellness benefits a true investment in the company’s most important asset – their employees.
Wellness benefits include many different types of offerings.
- Smoking cessation programs
- Gym memberships
- Nutrition planning
- Health and wellness classes
- Stress management
Benefit offerings like these works to change an employee’s behavior to improve their overall health and well-being. In addition to creating a healthier workforce and lowering health care costs, offering a robust and diverse wellness benefits program helps to attract and retain talent and improves employee morale. Helping employees become better versions of themselves is a win-win for any organization.
Website traffic is often a strong predictor of your companys growth. It shows you how well your marketing strategy is working, generating leads, and converting browsers into consumers. To gain these benefits, you need to increase how much traffic your website is receiving.
Quality Traffic vs Free Traffic
If you are a small business, you may be looking at free ways to increase your traffic. Though it may save the budget, sometimes you need to spend a little money to get more clicks to your insurance website. Not all traffic is good traffic, since you want to ensure that the increase brings an increase in engagement. Conversion is the key to healthy traffic. For this to happen, you need to be attracting the right visitors to your site at the outset.
Channels That Produce Results
There isnt a magic formula for increasing website traffic. In simple terms, it is a little bit of this and a little bit of that. Several channels work together to bring qualified visitors to your website, and for some, you may need to spend time, effort, and money to get the best results. The most well-known channels or strategies include on-page and off-page SEO, online directory listings, emails, online ads, social media, and blogging.
You can encourage your companys growth through a top-notch website that has a high conversion rate. Using all the resources available helps drive more traffic to the website, where your content can make the sale.