Category: Professional Liability Insurance

Liability Insurance for Bankers

FGIB

There are many fields that require professional liability insurance if you are going to operate while managing the day-to-day risks that come with that line of work, but no two professionals have exactly the same liability insurance needs, even within the same profession. Between professions, entire areas of coverage differ, and not just the details. That’s why when you’re looking for bankers professional liability insurance, you need to work with professionals who have experience with exactly that kind of product.

Insurance Built for Bankers

When you handle other people’s money for a living, it’s very common for your professional activities to draw lawsuits, even baseless ones. FGIB discusses this and the way that liability insurance for the banking industry takes care of clients:

  • Coverage for defense and damages up to the policy limit
  • Protection for your institution’s assets
  • Specialized coverage built around your institution’s professional activities

If your current liability insurance doesn’t flex to meet the needs of your operation, how can you count on it to continue meeting your needs as your business grows and changes? The right answer to that question might be uncomfortable, but taking care of the situation and getting yourself into insurance that really fits your operation doesn’t have to be. All it takes is a team of dedicated professionals who understand your line of work.

Do Financial Institutions Need Insurance?

FGIB

Financial institutions such as brokerage houses and banks hold the trust of the individuals that store money with the company’s employees. But what happens when an employee commits an unthinkable act and embezzles money, trades fraudulently with inside knowledge, or uses money that is not his or her own? Dishonest acts can be devastating to a company’s reputation.

First-Party Coverage

The insurance firm FGIB states that while businesses cannot prevent employee dishonesty, the company can act to protect themselves from losses incurred by those acts with the help of a blanket bond. A fidelity bond, also known as bankers blanket bond insurance policy, is a program of coverage that the SEC requires financial institutions to carry. The insurance is first-party coverage that protects company securities, monies, and properties from the dishonesty of employees. Protections can include:

  • Extortion
  • Alteration of money order, checks, etc.
  • Damage to cash machines
  • Cyber fraud
  • Ransom demands

Sense of Security

A major benefit of the BBB is that if the position of the new hire is insured, the policy will automatically cover new employees during the critical first few weeks of the training period. This coverage can provide companies with a sense of security and provide the public with the knowledge the money they invest or store with the company will be protected.

Types of Coverage to Include in Uniform Rental Insurance

Uniform Rental Insurance

Whether you run a full service dry cleaning company, a linen supply chain or strictly a uniform rental shop, you need an insurance policy that covers all aspects of business. Uniform rental insurance is just a portion of that coverage, but is an essential part of protecting your assets. The following are some types of coverage you should speak with your insurance agent about.

General Liability This type of coverage will protect your company if someone files a lawsuit against you. It will typically cover attorney fees, investigations, settlements and sometimes medical expenses. Because there are unique risks that face your business, and unforeseen accidents happen, this is an important aspect to include in your policy.

Business Auto Many uniform rental companies have a business vehicle that they use to make deliveries. Whether you have one small car or a fleet of delivery vans, make sure you have the insurance coverage needed in case of accident, theft or other damage. You need to keep your fleet running, and the best way to do that is to ensure financial stability in a situation you couldn’t have predicted.
Workers Compensation Your employees do a lot to keep your business running and should have the protection they deserve. If they are injured at work, workers compensation steps in to ensure they are not financially set back while they recover.

Uniform rental insurance is vital to the success of your business. Speak with an insurance agent today to find out how to get started with a policy that includes all the essentials.

Does Your Business Really Need Liability Insurance?

florida liability insurance

As a new business owner, you may question whether you need insurance. Perhaps you are wondering if you can skimp on coverage as a cost-cutting measure. The fact is bypassing coverage is not an option in the sunshine state. Florida liability insurance is a requirement for businesses. It is a safety net that protects your company’s assets and guards against other financial risks.

What Is Liability Insurance?

The coverage protects your business against unforeseen risks that can cost you money and eat away at your profits. For example, if a third party suffers bodily injury as a result of your service, products or employees, you can be held financially responsible. Examples of Florida liability insurance coverage include:

  • Personal injury
  • Property damage
  • Legal fees
  • Medical costs
  • Contractual liability
  • Liquor liability
  • Advertising injury

How Much Coverage Does Your Business Need?

Commercial insurance is not a once-size-fits-all policy. Several factors determine the amount of coverage you need, such as the type of business you own. Every company has its own level of risk. Typically, the higher risk enterprises require more coverage.

Florida liability insurance is a state requirement. It is a worthwhile business investment that minimizes risks and protects your bottom line. When shopping for coverage options, consult with a licensed insurance broker.

Get Risk Management From Your Insurance Agency

Delaware small business workers compensation insurance

You know your business better than anyone else. You tell your customers to come to an expert when they need your services. Why would it be any different for you when you need Delaware small business workers compensation insurance? Go to an agency that understands the risks of your industry and the insurance market to get the best deal and maximize your insurance budget. You get so much more when you work with your insurance agent.

Your insurance agent has risk management information that you can take and implement into your business strategy to prevent injuries to your employees and reduce the number of claims filed each year. Good insurance companies work hard to get employees back into the workplace after an injury to keep your business going forward. You’ll find methods of being proactive in keeping workers safe no matter what risks they face.

Delaware small business workers compensation insurance is a good policy to have for your business, even if no one has ever been injured on the job. It protects your business and your staff and gives you peace of mind that your finances are protected from health care claims. Keep your staff safe and your business strong when you have an insurance policy that meets your needs.

Maintaining a Successful Insurance Agent Website

Insurance Agent Website

The right marketing approach can have a tremendous impact on the success or failure of any business. This includes being represented by the best agents, and providing the type of support that creates opportunities to succeed. Some examples of tools and strategies that often get results consist of providing free reports and newsletters, engaging in joint ventures and hosting workshops or being involved in community gatherings. These are the types of things that are designed to build relationships with prospects that will hopefully become clients down the line.

Only by developing an Insurance Agent Website that truly reflects all of the positive aspects of the company and its capabilities will visitors be enticed to solicit information about the products and services being offered. A well-designed site will make all the difference when it comes to landing prospective clients that have a need for the services that you provide.

The primary goal will be to close the deal

You need dedicated agents who will respond to the many queries with a sincerity that makes prospects feel comfortable talking about their insurance needs. They represent the organization and if they do their job well this makes generating sales a bit easier and will lead to profits. As with any business, the highest priority is to make a profit and that is accomplished by prospecting, closing deals and servicing accounts.

Having a list of frequently asked questions and the answers to those questions helps gain confidence and trust from the person making the inquiry. Agents should practice, drill and rehearse what they plan to say prior to making the calls so that their conversation flows naturally, which will also ensure that they say exactly what they intended to convey, using the most effective words possible.

But in order to even get to this point, those in charge of the Insurance Agent Website design must figure out exactly what will achieve this goal. It might be helpful to follow the best practices of many of the more successful agencies currently operating on the web since smartly produced insurance websites always draw the most visitors and this creates opportunities to garner the desired results.

Cyber Concerns and Austin Business Insurance

austin business insurance

The risk of hackers infiltrating all types of businesses has become so prevalent that it regularly makes the news. Cyber security is important for companies of all sizes. Many small businesses are now being targeted and are equally at risk for cyber attacks as large companies and should therefore be prepared for a possible breach at any time.
Thankfully companies in the area can greatly benefit from austin business insurance that deals specifically with cyber theft and cyber breaches. Not only are hackers a concern when it comes to breaches but even those within the company can be responsible for getting into your system and stealing data, either unintentionally or on purpose.

Laptops can provide access to sensitive data

Sensitive information exists in most companies computer records and if an unauthorized individual is able to access a company computer then you could be at risk. For example, an employee who takes a laptop home from work could have it stolen and this could result in a loss of personal and confidential information. Any business that collects and stores sensitive information from customers, as many now do (and this includes everything from credit and credit card information, contact information, social security numbers, and confidential medical information) is at risk of a data theft.

Ways to prevent your company from experiencing a breach

You should instruct all employees to change the passwords used to log into technology systems on a regular basis and to avoid emailing sensitive information, or use a secured email service. Have employees lock their computer screens whenever their desks are unattended and never open strange email attachments or click unusual links in emails, especially from unknown senders. Make it a company policy to restrict access to unescorted and/or unsupervised visitors walking through your office, and have a written technology policy in place so that all employees understand the expectations and rules regarding how your business handles sensitive data.
To protect your small business from these exposures, consider a cyber liability austin business insurance policy. Speak to an agent that can help you identify the risks your business faces from data theft and also help you identify the right policy to cover those exposures.

Valuable Insight on Insurance for Nightclubs

insurance for nightclubs

As a nightclub owner, you can greatly benefit by partnering with an insurance broker familiar with the specific types of coverage you’ll likely need to be fully covered in the event of an accident or loss. There are many programs available on the market when it comes to insurance for nightclubs, and you should take the time necessary to find a comprehensive and detail-oriented agency that will provide you with the best products and services available for your industry.

The hazards involved in operating nightclubs are numerous. You’re likely going to need a number of insurance policies to cover everything from property damage, liabilities to patrons and the public, health insurance and workers compensation, and even disaster coverage. This will be necessary regardless of the size or the scope of your business. The right agent will provide you with services that will address the same risks and exposures that could cost you a fortune without the right coverage in place.

 

Liquor liability insurance is among the most vital coverage issues

Liquor liability is a major concern in this industry, something that is a necessity to your nightclub insurance package. Alcohol can create many issues and many of the claims and lawsuits against establishments of this type circle around the sale of alcoholic beverages. A liquor liability policy is a must because its the kind of insurance that protects you from any problems that may arise from the consumption of alcohol, including unintentionally selling to minors, or what may occur to (or because of) customers long after they leave your establishment.

Event liability insurance is something you may or may not need depending on whether you allow others to rent your space. It is a one-time policy that covers a specific group event and for a specific date and time. Then, if there is damage to your club, or any items are destroyed during their event your insurance policy will help cover the amount of the damage.

Remember, that before you buy any insurance for nightclubs, speak to a reputable agency that can guide you through the different available coverage options so you can make an informed choice. This is important for any establishment that wants to survive in this competitive industry. Being under-insured or uninsured means being one drastic event away from disaster!

Protecting High Value Items with an Insurance Agency in New Mexico

Insurance Agency New Mexico

When moving to a new residence it’s important that you take the necessary precautions to ensure that those valued items are not damaged, stolen, or otherwise unaccounted for. Documenting these items by inventory is the most logical way to keep track of any items of higher than average value. Enlist a reputable shipping company that generally handles items of this nature.

If you choose to work with an independent moving company, smaller items of value, or personal documents are best hand carried by the owner, and make sure appraisal documents are kept secured, and all items are properly documented and signed for. Working with an Insurance Agency in New Mexico will help provide the peace of mind that all of your valuables are properly insured and any losses will be compensated for.

 

Keep an inventory of all high value items

Cash, coin collections, rare or personal documents, jewelry, collectibles (such as memorabilia), and all stocks, bonds, and other certificates of value should never be entrusted to a moving company. Keep in your possession at all times. Other objects of high value that are bulkier, and may require crating, such as paintings and statues (which will to be transported by a moving company), must also be properly documented and identified prior to being entrusted to movers.

A recent appraisal of the items should be considered a necessity. If lost or damaged during shipping their value will have to be substantiated by your insurance company in order to justify any claims before reparations are made. It’s usually wise to invest in a moving coordinator to help identify any items of value and help to document them during the initial moving estimate. Act responsibly by creating an inventory list, and detailing a description of each item, along with its current value. Its also a good idea, once finished, to go over the list to ensure that all items are listed and accounted for. Photos of all items being transported should be taken in the event it becomes necessary to file a claim.

Remember to include antiques, rare books, china sets and crystal, fine art, furs, and expensive figurines and silverware in your list of high valued items. When entrusting valuables to a moving company it’s vital that documentation is thoroughly done to ensure accountability on every level, and that your Insurance Agency in New Mexico is notified that these items will be in transit, making sure that they are properly insured as well.

US Entry and the Custom Clearance Bond

custom clearance bond

As those dealing in freight forwarding and cargo contingency fully know, US customs reviews entries in a multi-step process. Generally, the freight is released to the importer before the process is complete. Customs therefore requires that a bond, which acts like an insurance policy, cover commercial entries. It acts as a guarantee that an importer will, once the freight is released, agree to pay duties in a timely manner (often within ten days if processed through a broker).

They must also agree to make or complete a proper entry, to produce documents and evidence when requested, redeliver the merchandise to customs custody, if necessary, and to rectify any noncompliance with the provisions of admission. Also, in order to receive a custom clearance bond they will need to agree to the examination of the merchandise and to use the freight in the manner dictated by a special-use provision entry, as well as comply with customs regulations, electronic entry requirements and advance cargo information filing requirements. They must also take responsibility for the consequences of any damages charged against the bond in the case of default.

Important information to know

The primary purpose of a customs bond is to guarantee the payment of import duties and taxes, as well as to assure compliance with all laws and regulations governing the entry of merchandise from foreign shipping points into the US. For restricted merchandise, including anything requiring a declaration to the FCC, FDA or other government agency, the bond is required to cover three times the commercial invoice value.

For items considered to be non-restricted merchandise, the bond must cover the commercial invoice value plus the duties and taxes applicable to the shipment. A Single-Entry bond needs to be filed in hard copy format to customs at the port in order to obtain a release. The documents are sent by courier to customs, reviewed by an inspector, subsequently released, and then returned to the broker’s office by courier. Remember, for time-sensitive cargo, that all of this traveling of the paperwork will often take some time.

Speak to an insurance agent knowledgeable about the custom clearance bond process, and also in surety and risk management solutions for supply chain and transportation intermediaries.