Author: Melvin

Insurance Solutions for VMS and MSP Agencies

As a managed services provider, your business model brings with it a complicated risk picture. Such a specialized collection of liability sources also requires a sophisticated risk management strategy to protect you, your vendors and your clients. From general liability to cyber coverage, your insurance policies should be crafted to safeguard your vendor management services firm from serious fiduciary losses.

Multifaceted Strategies for Protection

It’s easy to think of liability in terms of traditional types of exposures, such as automobile accidents, on-the-job incidents or property damage. Of course, there are also issues of fiduciary responsibility and duty of care, particularly when it comes to managing investments, health programs or employee benefits, and claims that may arise based on negligence or intentionally abusive acts. Multiply all these by the number of clients you serve and vendors you’ve partnered with, and you can see why your potential liability can grow exponentially. Your insurance should take all these into account, providing specific kinds of claims protection such as:

  • Cybersecurity and privacy coverage
  • Abusive acts liability
  • Employment practices liability
  • Fiduciary liability
  • Hired and non-owned auto coverage
  • Property and inland marine

Putting the Pieces Together

A staffing insurance firm providing flexible options can craft a customized coverage package for your business. With the right combination of products, indemnity protection for your vendor management services company becomes greater than the sum of its parts.

Risks to Your Data

For companies to go digital has been convenient for CEOs, employees and consumers. In some ways, however, it has left openings in security for the wrong people to get their hands on important financial or personal information. Without insurance for big data, how do you keep your business safe? The truth is that it can be difficult to do so and here are some of the risks that make it that way.

Lost or Stolen Devices

Sometimes devices can be lost or stolen. Whether it’s your personal or business device or one of your employees’, there is usually a lot of sensitive information at stake. It can be easy for that information to end up in the wrong hands. Once it’s out there, what can you do about it? Without liability coverage, there isn’t much you can do.

Phishing

Phishing schemes are common. Generally, this is when someone is tricked into giving out information through an email. Again, this can give access to financial information to malicious people. In fact, this is one of the most common problems that companies are faced with.

At the end of the day, data isn’t always safe. It’s best that you have everything backed up and protected. Insurance for big data is one way of keeping your data secure.

Nightclub Coverages You Didn’t Know You Needed

If you run a nightclub, then you’ve probably heard about nightclub insurance. Under different insurance programs, you can get different coverages. Here are a few coverages you may not have realized that you need.

Liquor Liability

Alcohol should be number one on your mind. If your club serves it, then you have to be aware of how intoxicated people may behave. Some patrons may become aggressive or destructive. The last thing you need is to have to pay for lost property because of one customer’s actions. This is why liquor liability is necessary.

Assault and Battery Liability

Have you ever had a fight break out in your nightclub? Some nightclub business insurance programs offer coverage specifically catered towards assault and battery. If someone is assaulted in your club, you will be covered for any legal proceedings.

Bouncer Liability

In order to help keep fights to a minimum and ensure your patrons’ safety, you will probably need to hire bouncers. Sometimes bouncers may be injured on the job or they may accidentally injure someone else when ejecting them from the bar. Some nightclub business insurance programs can offer compensation for these cases.

Never let your nightclub go unprotected. There are several coverages that will keep you and your customers safe. All you need is the right insurance.

Close the Gaps With Non-Owned Auto Liability Insurance

As a staffing firm, your company already has enough liability exposure on its hands. If your contractors use their own cars, rent automobiles or operate your clients’ vehicles during the course of business, you absolutely must add a policy to handle the related claims to your staffing agency insurance package. The perfect answer for this type of risk is hired and non-owned auto liability coverage.

What Hired and Non-Owned Auto Liability Does for You

When your employees rent vehicles or drive those belonging to your clients, their actions automatically add another avenue of potential liability. They may be asked to purchase extra coverage from the rental agency, and your contracts with clients may require you to assume responsibility for damages caused by your staff.

While hired and non-owned auto coverages are a common addition to business insurance policies, some versions do not handle property or bodily injury claims related to a contract worker operating a client automobile. It’s vital to make sure that this component of your staffing agency insurance provides coverage in those instances. If not, and if your agency doesn’t make it possible to add on, switching insurance brokers may be the best solution.

Staffing Insurance Brokers With Sophisticated Solutions

Staffing insurance can be a complex and at times puzzling aspect of doing business. However, choosing a respected service provider with access to the global marketplace and top-rated carriers results in fully customized solutions that fit your firm’s needs.

Concerns of Malpractice in Care Giving

Many elderly citizens, due to placement in facilities that are poorly managed, face the possibility of neglect or abuse at the hands of staff and workers in nursing homes. As an owner, you have a responsibility to your residents and the staff you have in place should be well trained and sympathetic by nature. After all, they are being tasked with the safety and well being of the people in their care.

The list of potential causes and/or signs of abuse or neglect includes dehydration and malnutrition, bedsores, injuries caused by restraints, unexplained fractures, and any other signs of physical abuse. Accusations and claims of mistreatment can badly damage both, your financial picture and your firm’s reputation. Claims can also have an adverse effect on your nursing home insurance cost.

Nursing home malpractice

Nursing home malpractice claims are often the result of physical, mental and sexual abuse where the primary caregiver, usually a nurse or attendant left alone with their victim, subjects them to deliberate harm. This can occur in both sexual and non-sexual ways, which may include inappropriate sexual contact, beatings, starvation and abandonment.

Evidence of assault includes bruises, blisters, or other unexplained marks which might appear anywhere on the victim’s body. Other obvious signs of neglect can include unsanitary living conditions, along with poorly kept bathing areas and toilets. Because nursing home residents are generally older and in poorer health than seniors living on their own they may become easy prey.

Regardless of how efficient a nursing home looks, if it is poorly staffed, or staffed with the wrong type of people, problems will eventually surface. It’s imperative for nursing home staff members to be attentive at all times, especially to patients who suffer from physical disabilities and cognitive impairments such as dementia or Alzheimer’s.

To help maintain lower nursing home insurance cost, nursing homes should remain clean and clear of any environmental hazards as well, which can also lead to accidents or injuries, and anytime this issue present, the problem should be cleaned up or removed immediately.

While attendants may be required to sedate seniors, any sedation that exceeds the required dosage falls under the category of nursing home neglect, and specific instances of nursing home malpractice, which includes issuing a careless diagnosis, providing substandard medical attention, or actions leading to physical injury, emotional trauma and even death, could likely result in litigation against the staff and the owners.

Is it Worth it to Shop for Your Bar Insurance? Yes, it Is!

The tavern insurance market is a saturated one, which makes it difficult to navigate. When you open a bar, you open yourself to additional liability other business owners do not face. You have special requirements. In fact, you had to secure additional licensing and permits from your local and state authorities to start your business in the first place. This is because you are serving alcohol, and if you think back to your college days, it doesn’t take much to understand why. That is, if you remember you college days, which is pretty much the point. Your business helps people get drunk and you must insure yourself against your own operations.

A qualified broker can search the tavern insurance market for you to find the best policy to protect you and your facility. Because of the nature of your business, you need to insure yourself, your employees and your business against violence, falls, theft and accidents off your premises. For example, should a patron get behind the wheel even though he or she has had too much to drink and get into an accident on the way home, the injured party could sue you as well. This is why tavern insurance covers much more than just general liability and property damage. Contact a qualified agent today to discuss your insurance coverage needs.

Protect Your Investment With Comprehensive Yacht Club Coverage

Many people want to enjoy the benefits of sailing and yachting without actually investing in a vessel of their own, so they turn to you to satisfy their itch. While many of these part-time boaters are skilled, many are inexperienced behind the helm. Additionally, even the experienced boaters are not fully familiar with your vessels, which could lead to mistakes out on the water. Protect yourself and your boats with yacht club liability coverage.

Liability coverage is there to ensure that whatever happens out on the water, you are not financially responsible for. Unfortunately, boating accidents are an all too common occurrence. From extreme weather to negligent boaters, you take a risk every time you send a new boater out in one of your yachts.

Moreover, comprehensive coverage offers protection from both land-based and maritime hazards. If you offer sailing lessons, run regattas or hold social events, your liability risk increases ten fold. Safeguard your club, employees, volunteers and board members alike with a policy customized to meet your unique insurance needs.

Other types of coverage to consider include workers compensation, directors and officers liability, Jones Act coverage and pollution and oil spill coverage.

As the owner of a yacht club, your risk is great. Protect yourself and your members while still ensuring everyone has a good time, with yacht club liability coverage.

D&O Coverage Essential for Board Members in Healthcare Industry

Directors and officers working in the nursing home industry, whether for a public, private or nonprofit company, are entrusted with the management of corporations and their assets. It is vital that they exercise due care and diligence in managing any and all corporate affairs. Acts of negligence by an officer or director that results in losses to the corporation or its shareholders can result in their being held personally liable.

 

You should inform your clients in such a position, that to properly protect themselves in the event of a lawsuit, they, along with the organization itself, should purchase nursing home insurance coverage specifically under a directors & officers (D&O) policy. D&O insurance covers the corporation’s loss from indemnified directors and officers and the personal liability of directors and officers who are not indemnified by the corporation.

 

Types of claims that are covered by a D&O policy

 

There are a number of allegations that directors and officers working at assisted living facilities, nursing homes, medical facilities, or companies performing home healthcare, could potentially face. Claims and lawsuits are brought about by many different parties, including shareholders, physicians, creditors, employees, and patients.

 

Allegations can range from conflict of interests to fraudulent conduct. In addition, claims stemming from financial statements, a breach of contract, violation of articles or by-laws, improper self-dealing, and other wrongful acts can be filed. These institutions also come under fire for allegations of financial mismanagement, mistakes or errors in judgment, and negligence, which are all risk areas for directors and officers at healthcare organizations. Any covered loss will include payment for defense costs and indemnification if a settlement, up to the policy limits, is reached.

 

The important thing to remember for anyone assigned to a position as a director or officer is that, in the absence of D&O coverage, individuals, as well as the company itself, can be held personally liable for a number of allegations. These are exposures that can and should be covered by a comprehensive nursing home insurance coverage program that protects both, the entity, and the assets of the individuals on the board.

Cyber Crimes Plague the Healthcare Industry

The healthcare industry is facing a host of cyber security issues, which has the financial and reputational impact for hospitals and other healthcare institutions. In recent years, the healthcare industry has been under attack by cyber criminals looking to profit from stolen private and confidential information culled from medical records.

 

Your clients’ in the health care industry are extremely vulnerable to attacks and need data breach insurance as a way of protecting themselves with first party coverage, as well as third party coverage in the event of a lawsuit.

 

It’s no secret that data breaches have cost the healthcare sector billions of dollars already, a number that will most certainly continue to rise. The fact is that nearly 8 out of 10 healthcare institutions have been hit with two or more data breaches dating back to 2014. Moreover, nearly half of all healthcare institutions have been affected by more than five breaches since that time.

 

Most healthcare institutions unprepared for an attack

 

According to Symantec, a leading enterprise security vendor, healthcare companies are notorious for their limited investments in cyber security. This makes them a welcome target for hackers and cyber thieves. Healthcare institutions have been notorious for under spending on cyber security programs in recent years, but the tide may be changing.

 

According to the Federal Bureau of Investigation, electronic health records (EHR) are far more valuable than financial data. EHRs can sell for as much as $50 in the black market, compared to less than five dollars for a stolen social security number or credit card number.

 

The reason being is that EHRs are deemed more valuable because they’re more difficult to detect. Plus, EHR theft takes almost twice as long as normal identity theft to be determined. Unlike stolen credit cards, which can be canceled, and fraudulent charges that can be disputed, medical identity theft is a more complex issue and thus very difficult to resolve.

 

Cyber criminals have also resorted to using certain malware to infect a healthcare organization’s IT system, preventing the company from accessing certain files or sectors until a ransom demand is met. With so many concerns and so much at stake, your clients would be wise to secure data breach insurance as a way of combating these problems when they occur.

Texas Transportation Insurance Requirements

The state of Texas has requirements for what basic insurance a transportation company needs to carry in order to be compliant with the law. These types of insurance protect the business, its clients, and the public in the event of an accident or other property loss event.

Full commercial transportation insurance in Texas includes:

  • Automobile liability insurance
  • Cargo insurance
  • Workers Compensation / accident insurance

Automobile Liability Insurance

A commercial automobile liability insurance policy covers damages resulting from the operation of your commercial vehicle. Both the injuries of others and property damage are covered. Each vehicle in a commercial fleet that carries less than 26,000 pounds needs to have at least $300,000 dollars of liability coverage, and a vehicle that carries more than 26,000 pounds needs a minimum of $500,000 dollars of liability coverage.

Cargo Insurance

Cargo transportation insurance in Texas covers the damage or loss of the contents of commercial vehicles in the process of being transported. With cargo insurance, you will not have to go into debt to pay compensation costs to a client.

Workers Compensation

Accident insurance for your employees covers the medical care for an injury that occurs in the course of performing job duties. It also compensates for wages that are lost because the employee is not able to work. This protects employees from having a work injury destroy their personal finances.