Three Liability Coverages You Should Know

Liability coverage is the most basic and popular form of business insurance. While the concept is easy to understand, the different coverages can be confusing to some as they can appear to be similar. If you’re searching for business insurance coverage in Orlando, here are three liability coverages that you should be aware of.

General Liability

General liability covers all liability cases from a customer injuring themselves in your store to your hardwood cleaner ruining a customer’s floor. While the name implies that it’s an all-encompassing insurance there are specific cases that fall outside of its coverage area.

Professional Liability

Also known as errors and omissions insurance, professional liability is specific to instances where a lawsuit claims an error on your part caused the negative outcome. For example, a patient can claim a dentist’s negligence led to their teeth falling out.

Pollution Liability

If you’re in a construction contractor or a manufacturer, then you’ll want to carry pollution liability. It covers your business in case pollution from your business activities lead to injury to a non-employee or their property.

As a new owner searching for business insurance coverage in Orlando, you’re probably going to try to cut corners in your insurance coverage. However, business insurance shouldn’t be one of the areas. Your best option is to work with a provider who’s experienced in your industry and can tailor your policy to meet your business and financial needs.

A Nursing Home Insurance Company That Makes Sense

With a rapidly growing aging population, the rising number of nursing homes and assisted living facilities have increased substantially to accommodate the upsurge. It is projected to continue to increase throughout the next decade, partly due to the Baby Boomer generation reaching their retirement years. It’s wise for care centers to find an insurance company that is broad in its coverages and competitive with its nursing home insurance rates.

Wide Range of Coverage

Not all insurance companies offer the same features and not all services cater to aged communities. The needs of one elderly facility can vary greatly from another, and coverage for each risk will also vary. Risks that insurance companies can insure concerning senior communities include the following:

  • Nursing Homes
  • Continuing Care Retirement Communities
  • Adult Housing
  • Assisted Living Facilities
  • Independent Living Facilities
  • Healthcare Facilities

Competitive Pricing

When comparing nursing home insurance rates, find a company that is willing to work with your budget and offer the right coverages that fit your needs. Seek for a service with affordable prices, including a large range of programs that offer comprehensive plans with minimum premiums.

A quality insurance company that caters to aged facilities with affordable pricing can help to bring peace of mind for seniors. It’s nice to know that there can be a secure place for the elderly to live out the rest of their lives in comfort and security.

Choosing a Life Insurance Beneficiary

When you purchase a life insurance plan, you’re required to name a beneficiary. The beneficiary is the person or people who receive the money from your policy should you die. You can name one person, multiple people and update your beneficiary information should your circumstances change. Working with a local agency for life insurance in Collingswood allows you quick and easy access to an agent who can walk you through the process.

Choosing a life insurance beneficiary is a highly personal decision that requires careful thought. Many people choose to name their spouse and/or children as their beneficiaries. Consider carefully who your life insurance is intended to take care of should you pass away, and who is most likely to ensure the money is used in the manner it was intended.

When shopping for life insurance it can be helpful to have someone impartial to discuss your options with. Working with an agency specializing in life insurance in Collingswood, New Jersey makes it easier to update your beneficiary should, for example, your marriage dissolve and you want to change your beneficiary from your former spouse to your siblings.

You can also choose to name an organization, multiple beneficiaries or even a beloved pet as your beneficiaries. Working with a reputable, knowledgeable agent can help you navigate the process and change things should the need arise.

Insurance for High Net Worth Homes

For any person in a high-income bracket, you’re likely to face some unique insurance challenges and will likely gravitate towards Private Client Services for your insurance needs. Families with extreme wealth usually have more complicated risk management needs in terms of the items they buy and own, plus their needs aren’t likely to be properly met with most standard insurance coverages.

You should be concerned on both ends of the spectrum. It’s a delicate balance between over-insuring against minor issues and under-insuring against some of those major concerns. There are certain benefits of an atm insurance policy for high-net-worth individuals and families. Policies that are available are geared towards maintaining the balance between your needs and providing coverage that will benefit you most.

Being under-insured can be a concern

As a high net worth individual you’re likely to have expensive possessions, such as your home, paintings and art pieces, yachts, and expensive automobiles. You may have expensive hobbies as well, like racehorses and collector cars. These are items that need to be properly insured determined by their value. It’s very important to find out the actual market value of your possessions in case the insurance you purchase doesn’t properly cover the value of those items. Protecting your expensive home should be a priority.

This is why choosing the right agent is so vital. Your ideal agent will diligently take note of all of your hard-to-replace possessions, make certain to get them appraised accurately, and then offer insurance solutions that will cover you against all risks. Having the right high-net-worth insurance policies can safeguard you against everything from accidents resulting in damages, to theft. In fact, you may even want to cover your assets against possible lawsuits from an employee or other service agency.

As a high net worth individual, you will likely encounter concerns related to estate taxes, philanthropic foundations, executive compensation, retirement planning, and your high-valued home. Estate taxes for the wealthy can be quite high, and those with multiple homes in multiple markets will probably be better suited finding individual coverage for each property. With so much at stake doesn’t it make sense to get the right ATM insurance products for all of your needs? Speak to an agent about your concerns today.

What You Want to Know About Insurance for Legionella

There’s a lot to keep track of with water management and legionella insurance may not be the first thing to cross your mind. However, this may be something you want to ensure is in your water treatment plan. Here are a few reasons why.

What Is Legionella

Legionella is a naturally occurring bacteria that grows best in warm bodies of water. Is has been known to make people ill and on average between 8,000 and 18,000 cases are reported each year.

Why Insurance is Important

In the event there was a Legionella contamination and your company was responsible for the water management of the source, there is a chance you could be held liable. There are many regulations regarding the bacteria and what has to be done when it’s found, and your coverage can help with these costs.

What are the Coverage Options

Coverage options may vary depending on what is offered by your insurance company. Many plans include coverage under the liability section of your plan. Other companies offer insurance policies specifically for Legionella. It’s best to consult with your insurance professional to see what is covered by your plan and to determine if you want to add extra coverage.

Having Legionella insurance is an important aspect of water management. These bacteria can make many people ill so knowing you’re covered if something did happen can bring peace of mind. If you’re looking at Legionella coverage it’s best to talk to your insurance professional.

A Policy for Management Errors

Management consulting firms face the possibility of claims due to improper documentation, missed deadlines, loss of data or negligent handling of data, and that’s just for starters. Lots of things can go wrong over the course of an engagement. Whether your office actually makes an error in judgment, or things unfortunately go awry due to events you have no control over, you’re at risk of a lawsuit if your client is dissatisfied with your work.

A general liability policy won’t cover these types of concerns. You need what is known as Omissions insurance for managers. The policy will cover you for any errors or omissions within the scope of your work, and is essential for anyone that can be charged with claims of negligence or misrepresentation.

Most companies now opting for professional liability coverage

Having general liability insurance can be important for your business development, and many companies now require both professional liability and general liability coverage in their management consulting contracts. This helps to reduce their own risk by ensuring that any service provider working on their premises will be covered.

Omissions, or professional liability coverage, will pay for your legal defense and any financial compensation for your client in the event of a claim, but it won’t pay you for the time or money you may have to spend to fix the problem and make things right.

Also, errors and omissions insurance won’t protect you if you’re sued for issues not covered by your policy, for example, a client accusing you of stealing his or her customers. For situations such as this, you may be better off creating a contract that outlines procedures for resolving conflicts outside the scope of your policy and that clearly states your rights and those of your client’s.

The likelihood of getting sued often has less to do with the quality of your work and more with the expectations of the client. If your client relationship goes off the rails for any reason you could very well be accused of negligence even if you didn’t make a mistake. There are always factors beyond your control that can affect the outcome of your management or consulting engagement, and Omissions insurance for managers is how to ensure that you won’t wind up personally responsible.


One-Stop Shopping for Insurance Coverage

It can be daunting to shop for insurance coverage because of the many companies and policy offerings in the market. NorthStar Insurance Services can help you understand the options available to you in selecting insurance for personal or business coverage.

Personal Insurance

An appropriate level of insurance coverage for property, health and life can be part of an overall strategy for long-term financial security. An independent insurance agency can help you assess your needs and then suggest products from a number of providers that fit your goals and budget. Specialized coverages can be designed for high-value items or individuals with high net worth.

Business Insurance

Securing insurance coverages for your business can involve addressing a number of different aspects. These are some of the areas in which an agency can offer guidance in purchasing suitable coverage:

  • Product, property and general liability
  • Environmental and pollution liability
  • Auto/fleet and marine cargo protection

NorthStar Insurance Services has expertise in crafting coverages for a diverse list of industries and government entities that include retail and hospitality businesses, condominium and community associations, and municipalities and public organizations.

Partnering With an Independent Insurance Agency

An independent insurance agency can work with you to identify both personal and business risks and determine how to mitigate or prevent loss. With a strong leadership team and industry expertise, NorthStar Insurance Services can tailor coverages to your specific needs.

Does My Small Business Need Cyber Insurance?

There are stories about data breaches in the news almost every day. Cyber criminals steal sensitive data, costing businesses millions of dollars in fines, legal settlements, and internal costs. Many people think only large companies are targeted, but this simply isn’t true. No business is too small to be affected. Thankfully, cyber security insurance is available to protect your company in the event of a cyber attack.

How Does Cyber Insurance Help?

Cyber security insurance covers a broad range of claims. These include:

  • Professional services that deal with extortion threats
  • State-mandated notification to customers whose data may have been compromised
  • Retainment of a public relations firm to mitigate damage to your reputation
  • Business losses due to a downed network or interruption in service

How Can I Determine if Cyber Insurance Is Right for Me?

Ask yourself the following questions:

  • Does my business keep a database that stores personal information about clients?
  • Does my business conduct online sales?
  • Does my business digitally store employee data such as social security numbers or other bank account information?
  • Does my business rely on technology for every day operation?

If you’ve answered “yes” to any of these questions, consider a cyber security insurance plan. Just one breach can do serious harm to your business’ bottom line.

Facts About Cargo Insurance

Although transportation carriers often have cargo insurance, don’t expect it to cover the full financial value of your shipment. Depending on the event causing the damage, the coverage may not apply at all. An Act of God, strike, riot or signed delivery receipt attesting that the delivery was intact may negate the coverage. Cargo insurance programs that cover shipments while in transit can ensure your company doesn’t lose money when physical loss or damage occurs.

How Much Insurance Is Needed?

Many insurance professionals recommend insuring the shipment for the full CIF value to cover replacing the cargo plus the shipping costs. The formula to calculate the CIF value includes:

  • Cost of Goods
  • Insurance
  • Freight
  • Combine the prior three costs and multiply by 10%

What Is Covered by Cargo Insurance?

Cargo insurance programs differ depending on the insurer and needs of the freight owner. Policies may cover the following types events and assets or have the following features:

  • Coverage extends from the originating warehouse to the receiving warehouse
  • Storage coverage extensions
  • Towing, storage fee and debris removal coverage
  • Long haul or local radius operations
  • Various deductible and loss limits
  • Non-owned trailer or container coverage
  • Refrigeration breakdown coverage
  • Pollutant and debris cleanup

Whether you are shipping valuable merchandise across town, state or country, cargo insurance programs protect your company’s assets when they’re on the move. With many coverage options available, be sure to explore the possibilities to ensure your policy meets your needs.

Coverage Essential to Data Breaches

Owners of companies have a lot to digest. They not only need to grow and perform well financially in order to please investors and shareholders, they also have to constantly be innovative, producing new products and building new services to satisfy the customers’ needs. Add to this the need to acquire and retain good employees (and keep them happy) while nurturing them to help them to perform better.

In order for this to occur these owners understand their urgent need to have cyber insurance that will help to avoid business interruption when coming under the threat of cyber attacks and other possible security concerns. There are many key challenges to staying in business and being profitable.

Addressing a growing concern

When tuning into the news we can see that companies everywhere, irrespective of their sector, size or resources, have become vulnerable to attacks. Hackers, even those threats that come from within, are becoming more common and thieves are getting better at infiltrating systems while making outrageous demands, usually in the form of ransom in exchange for restoring systems that have been compromised.

The vulnerabilities that exist in most company infrastructures have become glaringly evident and this can compromise their current financial situation and endanger any future plans and investments. Information security should be at the forefront of any risk management planning since having a strong plan to protect these organizations at risk of cyber attacks is fundamental.

This should include a recovery plan to help deal with the aftermath of any potential security breach. A company’s investors thoroughly support managers who they believe are best prepared to deal with any imaginable scenario that the company might experience due to cyber security issues. By acknowledging the common vulnerabilities used by attackers in gaining access to confidential information we can see that many of the fundamental cyber security measures need to be constantly updated.

Unfortunately most companies feel that they won’t be targeted, or that their critical assets lack any real value, not giving proper attention to the sophistication of potential attackers looking for easy prey. Having your clients acquire adequate cyber insurance protection is a big step in reducing their odds of being compromised.