Tag: Insurance

What’s Covered By Engineering EO Insurance?

EO Insurance

Professional liability insurance has become vital in more and more professions, but for engineers it has been a necessity for a long time. Like construction firms and boat builders, architects and engineers work on projects that expose them to third party and public liability in the event of a defect in their workmanship, sometimes for decades after the fact. Engineering E&O insurance is a variant on professional liability coverage written to the specific needs and roles of engineers, architects, and other professionals overseeing similar projects.

Funds for Settlement, Litigation & More

Professional liability insurance offers financial support when there are damages to cover, up to the policy maximum. That includes settlement payouts to third parties with claims stemming from that liability, but it can include more than that. A well-written E&O policy also frequently includes financial support for litigation in the event of a claim without merit. That means you don’t have to commit your company’s reserves to a lengthy legal battle. Policy limits still apply, so that makes choosing the right policy absolutely essential for any engineering firm or practicing solo architect. While there are one size fits all professional liability policies out there, they have to be a little vague in their definitions. By contrast, a tailored policy is specific, so you can put your money into just the coverage you need with no gaps or over-insurance.

How Public Liability Coverage Can Protect Your Business

how-public-liability-coverage-can-protect-your-business

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.

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.

Protect Your Wealth Online With the Right Insurance

Protect Your Wealth Online

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.

Future Trends in Cybersecurity Risk Management

Cybersecurity

During the global COVID-19 pandemic, cybersecurity attacks are on the rise. With more employees working remotely and with the utilization of cloud technologies, companies must take an even more prudent role in preventing and mitigating cybersecurity threats. Looking ahead, we are seeing several cyber insurance trends that will continue well past 2020.

Cloud Security

As more companies move to cloud-based applications, they now share the risk of security with their cloud services provider. Companies need to make sure their cybersecurity insurance covers services and data hosting that is outsourced to third-party vendors.

Ransomware

The rise of ransom attacks continues and often leave companies with no choice but to pay an exorbitant demand. As claims like these remain costly for insurers, policyholders may be required to have a prescribed backup plan to mitigate risks of data loss and prevent having to pay costly ransom demands.

Property Damage

As devices become more connected, the risk of cyberattacks on smart devices increases. Cyber insurance may now include property damage and bodily injury to mitigate the risk involved with the hacking of IoT devices such as self-driving cars and smart medical devices.

In the ever-evolving cybersecurity risk management landscape, both insurers and policyholders will have to work together to reduce exposure and mitigate risks associated with cyberattacks.

Start an Electrical Contractor Company Using These Steps

electrical contractors insurance

Electricians continue to be a necessary aspect of the modern world. Now is a great time to set up a shop and start helping customers. There are a few things you need to get started such as a business plan, insurance, and clients.

Plan

The value of a business plan cannot be overstated. This plan essentially outlines how you plan to run the business, plan for the future, and even help secure funding. Take time to think about your pricing structure, suppliers, and marketing plan. Include these items in your business plan then adjust as needed.

Insurance

The insurance firm Daniels states that electrical contractors insurance is a complex topic. The size of the business helps determine which insurance products are the best to obtain. Insurance protects your new business in case it is sued by an unhappy client.

Clients

Once you get up and running, you need to secure clients. Your marketing plan can help you target those new clients whether through a website, online ads or social media. Start by working with family and friends and ask them for referrals.

Keep in mind that most municipalities do require electricians to have certain licenses and experience before operating on their own. Electrical contractors insurance simply steps in when a mistake is made or someone is hurt. It allows your business to keep moving forward.

Why Banks Need Blanket Bonds

Blanket Bonds

What is a blanket bond? For those unfamiliar with bank insurance, the term might sound confusing; but it makes sense when you know what the individual words mean. A bond is a type of insurance purchased by a bank. The word blanket refers to something that covers, or blankets, all employees. So, simply stated, a blanket bond is an insurance policy covering a financial institution in case an employee commits a criminal act that causes the company to lose money or property.

Who Is Bonded

A bonded employee is one for whom the bank has an insurance policy in case he or she commits a dishonest or immoral act. For example, if an employee steals money, the insurance company would reimburse the bank for the amount stolen. Coverage is automatic upon being hired, so with a blanket bond, the bank is not required to present evidence as to which employee was dishonest.

Which Criminal Acts Are Covered

The insurance firm at www.fgib.com lists the following risks as being covered:

  • Documents forged
  • Counterfeit money accepted in good faith 
  • Money or property lost or stolen during delivery
  • Money stolen by employees
  • Property vandalized
  • Bad checks written or accepted

Blanket bonds are often required by law and are one of the many types of insurance usually required for banks.

Insurance for Commercial Vehicles and Motor Carriers

GAIN Insurance Agency

While insurance for operators of tractor-trailers and other commercial equipment is similar to
personal automobile policies, there are other specific details for this industry that are important to
be aware of. State laws typically dictate a minimum amount of liability coverage required for
truckers to carry, but this does not protect you or your property in all situations.

Industry-Specific Protection

As discussed by GAIN Insurance Agency, big rig insurance has many facets
beyond the standard liability requirements. There are additional aspects that protect you
personally, such as Commercial General Liability, while others cover physical damages to items
such as your truck and the cargo that is being hauled. Bobtail insurance is especially important
for owner-operators, as it provides coverage in situations when not operating under the authority
of a trucking company.

Not Just for Enclosed Semi Trucks

Insurance options arent simply for the standard semi-trailer and truck. There is a wide variety of
commercial hauling equipment that agents can assist with finding the right coverage for:
Tow trucks
Car carriers
Flatbeds
Tankers and hazmat
Dump trucks

Having the correct policy behind you as just as important as having a solid rig underneath you.
Talking to a professional to understand all the available options will help ease your mind before
hitting the open road.

How to Find the Right Services for Your Business

FGIB

When it comes to dealing with financial institutions, there are different types of services that are necessary depending on what your company offers. This could range from needing protection through a guaranty bond. Here are a few things to keep in mind when looking for coverage that is right for your company.

Protecting Against Liability Issues

In a financial or other business setting, it is easy for liability issues to occur. Selecting insurance that covers professional liability, cyber liability, and even crime insurance can protect your company should a mistake, accident, or other problems occur. In the event that your business gets sued, this can offer a layer of protection that can help in different cases, according to FGIB.

Offering Help for Different Business Needs

No matter how you serve customers or operate, it’s important to have the necessary tools in order to assist those you help in case something goes wrong. With crime insurance and other types of insurance products, you can provide the protection necessary to keep customers feeling safe.

No matter if you need a guaranty bond or other types of financial protection for your bank or business, there are many different products on the market that can be tailored to your needs. Having just what you need to serve customers can give both parties peace of mind.