Author: Melvin

Workers’ Compensation Coverage and Stop Gap Insurance

In some industries, taking out a policy for workers’ compensation is quite straightforward. Unfortunately, this is not the case across all business fields. When you operate a business in a niche industry like staffing, it can create a number of unique complications when it comes to what qualifies as acceptable coverage. To protect your assets and those who fall under your employ, you absolutely need to learn more about the various options in front of you. Take a look at these points to get a better idea.

What Is Stop Gap Insurance?

Most of the details of what qualifies as appropriate insurance will come down to the state in which your business operates. For example, monopolistic states do not typically offer insurance solutions that fully cover the needs of the business. In order to stay protected, stop gap liability coverage is required. This type of insurance comes into play in the event that an employer does not adequately provide a safe and healthy environment for the staff to work. This includes bodily injury and disease not detailed in a standard workers’ compensation plan. Other points to consider include:

  • Claims based on each individual accident
  • Aggregation of disease policy
  • Individual policies for each employee

Understand the Options

By taking time to understand a few key points in advance, you will have a lot more luck with taking out appropriate insurance for your business. Review your options and obtain the knowledge you need to see the success you desire.


Stay Covered in the Social Services Industry

When you’re someone who works in the industry of social services, you know how complicated your job can be. While you are dedicating your life to helping those in the most need of assistance, you are also putting yourself at risk in a number of ways. To stay protected at all times, you absolutely have to take out a plan of insurance that meets the exact risks you face on a regular basis. Professional liability coverage is one way to get started on this task.

Protecting Yourself in a Practical Way

Taking out professional liability in social services is absolutely required for your long-term success. In the event of an error or omission, this coverage makes sure that you are not held responsible on a financial or legal level. Beyond this, your insurance plan will be invaluable should you ever receive a subpoena involving a client from the past or present. Not only will this be a huge asset, it can calm your nerves and give you the focus you need to get through this complex legal scenario. Other points to consider include:

  • Coverage that meets the specific risks of your job
  • D&O coverage for larger firms
  • Protection from claims of negligence

Help Yourself as You Help Others

Though you provide a fantastic service to the world as a member of the social services force, you need to remember to take care of yourself. Find coverage that makes sense for your line of work and stay on the right track for your success.

Have You Considered Group Captive Insurance?

Business insurance can be tougher to shop for than it seems on the surface. Most insurers do their best to predict your risk, but very few employ people who have been in your line of business, at a company with your exact business model. That’s why more and more businesses are turning to alternative risk management options like captive insurance. Captive insurers are owned by the companies they insure, and they provide bespoke insurance solutions whenever you need a form of coverage that just isn’t cost effective in the general marketplace. Some companies even use them as a total insurance solution.

Group Captives Control Cost

While you can start a captive on your own for maximum control over its processes and costs, group captive insurance solutions significantly lower the investment up front while expanding the insurer’s risk pool, a move that usually saves on the cost of policies in the long run as well. The key to managing a group captive situation well is to work with companies who are well-matched to yours in terms of the depth of coverage and kinds of risks covered. By working with businesses whose needs are very similar to your own, your captive company winds up with a more specific insurance mandate and your partners wind up being able to understand your needs, making it easier to build the new captive together.

Protect Your Company Against Sexual Misconduct Allegations

Most general liability policies do not cover sexual abuse or allegations of sexual assault. Business owners need policies that can account for sexual assault and related allegations. Most employers don’t want to entertain the possibility that sexual assault or misconduct might happen in their business. The problem is that it is always a risk and you are better off if you are prepared for it.

How Can You Cover Sexual Misconduct?

Coverages like sexual molestation liability insurance or improper sexual conduct are usually endorsements to a professional liability policy. These are add-on coverages. The coverages that these add-ons offer include:

  • Allegations of negligent hiring practices
  • Investigations of sexual harassment or assault claims
  • Failure to report sexual misconduct
  • Negligent employment practices

Adding an endorsement to your liability coverage is the best way to cover sexual abuse liability.

What Costs Do the Policies Cover?

If there are allegations of sexual misconduct, what will the policy help pay for? Most of the time, these policies will cover legal costs and also reputational damage. If there are allegations of sexual assault or molestation, it can hurt your reputation. The policies can cover losses due to the damage to your reputation.

Most employers hope that they will not have to use their sexual misconduct coverage. However, there is always a risk and all employers must have coverage. Every industry and business carries this type of risk.

Understanding the Differences Between Boat Motor Designs

When you operate a business on the water, your choice of boats becomes very important, and your insurance needs to reflect that choice in detail. The size of the vessel, purposes to which it is being put, crew configuration, and motor design all play a role in the cost of insuring it, so your insurer needs to understand the difference between sterndrive and inboard motors as well as you do.

How Motor Type Affects Insurance Costs

Sterndrive or inboard outboard motors have a few cost-saving advantages over full inboard motors because they are easier to clean and to access for maintenance. Often, they’re also less expensive to repair and replace, too. When considering whether to invest in an inboard vs inboard outboard boat, you need to consider the cost of the investment in full, including the cost of keeping it insured and the cost of keeping it operating. Lower repair and replacement costs save you money in both those arenas.

Using Your Business Insurance Provider as a Resource

When you have the right insurer, one who really understands your needs, you can inquire about these cost comparisons ahead of a purchase to help you better understand the full costs of an upgrade. That’s just one of the many ways you benefit from working with professionals who focus on offering insurance to maritime businesses like yours.

When Do You Need Tail Coverage Insurance?

Identifying the right times to use specialized risk management resources can be a huge help to your business, and not just because they keep you covered, but because they keep you covered the right way. Take tail coverage insurance for example. Standard policies only allow you to make claims during the policy’s coverage window. Losses identified after the policy ends that took place before it ended are simply unrecoverable under most circumstances, unless you use tail coverage or maintain a policy continuously. Since tail insurance is cheaper than maintaining an active policy, it is the cost effective choice for many projects as they end.

Examples of Tail Coverage Scenarios

Whenever you wind down a project or leave a job, there’s a potential need for tail coverage. Professionals who maintain liability insurance often need tail coverage to protect them during the transition, especially when changing states and insurers. Physicians commonly rely on it for this purpose, and sometimes lawyers as well. Financial professionals with exposure due to fiduciary obligations should also look into the ways tail coverage can protect them when moving between occupations. Less commonly, businesses that provide contracted services on the B2B market also need tail insurance. Talk to an agent who specializes in this kind of coverage to learn more about whether you should invest in a tail insurance policy.

3 Litigation Concerns for Human Resource Professionals

Working as a human resource professional exposes you to a significant number of risks, making professional liability a must-have. Though the financial impact of a lawsuit or claim brought by a former or current employee can be devastating, carrying an HR insurance policy can defray the costs away from you as an individual.

Common Liabilities

While you try to do your best to help employees, hire the right people, and administer benefit plans, you may make a few mistakes. These errors can lead to lawsuits. The following are some of the most common liabilities facing HR professionals.

  1. Errors on employment paperwork: While it is the responsibility of new hires to fill out their paperwork, HR staff are to keep individuals accountable for completing the paperwork in its entirety and turning it in on time. Forms must be kept on file for a minimum of three years.
  2. Hour and wage disputes: Remote employment has made it difficult for employers to ensure compliance with wage and hour laws. Establish clear parameters for schedules and wages, including overtime compensation.
  3. Worker classification errors: There are different benefits and protections afforded to different classifications of workers. Failing to classify the employees can lead to lawsuits over unemployment insurance, disability insurance, workers’ comp, or health insurance.

These are just three of the common litigation problems you may run into as an HR professional. Protect yourself with professional liability insurance.

MCS-90: What You Need to Know

All truckers and trucking companies should know about MCS-90. If a member of the public suffers injuries because of a trucker, he or she may demand compensation. The best way for said person to get compensation is if there is an MCS-90.

The MCS-90 Explained

The MCS-90 is an add-on or endorsement to an insurance policy. This specific add-on only relates to motor carriers or companies that transport cargo. This add-on is for the public. It guarantees that if someone is injured by a truck driver that they will be compensated for the damages. Now, for the MCS-90 to go into effect, the accident has to occur when the trucker is doing business that crosses state lines only.

The Purpose of the MCS-90

If a member of the public suffers an injury due to a trucking accident, the MCS-90 endorsement guarantees that the insurance company will pay for the claim, regardless of why the accident occurred. The purpose of the add-on is to supplement existing liability insurance. As an example, there are some accident causes that insurance companies will not generally handle.

To ensure that victims of truck accidents receive compensation and MCS 90 form can be filled out in addition to an insurance policy. If a trucking company practices interstate commerce, it has to have MCS-90.

Is It Safe To Boat While Pregnant?

Pregnancy is a big change for many women. In order to ensure the health of mother and child, expecting parents must make a number of lifestyle and dietary changes. While there are plenty of restrictions placed on pregnant women, it can become unclear which activities are still safe. For example, plenty of couples wonder if it is safe for a woman to be on a boat while she is pregnant. Airlines restrict women in their third trimester from flying, leading many to believe other modes of transportation offer similar restrictions.

Safety Depends on Several Factors

In truth, boating while pregnant is only as unsafe as any other means of getting around. Accidents can happen, especially during inclement weather or when on the water with those without proper knowledge on how to operate a boat. Additionally, a pregnant woman should consider her own health. If she is the type of person who gets sick easily while on the water, it is definitely not a good idea to get on a boat until after the baby has arrived. Additional points to consider include:

Know What To Expect

It is always better to play it safe when you are expecting. Take time to think over the related factors and it will be a lot easier for you to determine what you can and cannot do safely while pregnant.

Identifying Risks in the Restaurant Industry and How To Manage Them

Restaurants face increased risks in certain areas depending on the specific business model they operate under. It is crucial that anyone managing a food service establishment understand those risks and how to manage them. Research into what liabilities are covered with restaurant insurance shows that the right insurance package can offer protection and help manage risks such as these.

Food-Borne Illnesses

SAfe food handling and storage can prevent many types of food-borne illnesses. However, someone may still get sick after eating at your restaurant. Any liability insurance should offer protection in the case of a claim.

Worker Injuries

All sorts of equipment and machinery can lead to severe injuries in a commercial kitchen. In addition to a liability policy, restaurants should carry workers’ comp coverage to help offset costs associated with work-related injuries.

Fire and Smoke Damage

Ovens, fryers, grills, and cooktops are all potential sources of fire and smoke. While some can be contained, others are capable of destroying entire buildings. Without the right restaurant insurance, a fire could easily lead to catastrophic losses.

Improper Licensing and Permits

All food service establishments need to have proper permits and licenses in place to operate. The sale of alcohol adds another layer to the equation. Restaurant insurers are aware of the necessary steps to take and can help you develop a risk management plan to ensure proper operational procedures are followed.

Restaurants face many risks, but many of those liabilities are covered with the right restaurant insurance.