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.


Entrepreneurs Need Cyber Liability Insurance

Data breaches are increasing every year. IN 2013 only 33-percent of executives reported a breach while 43-percent reported a breach in 2014. As an entrepreneur, your business is just as at risk as bigger corporations, possibly more so. Traditional insurance doesn’t cover damages due to cyberattacks. What is a budding business person to do? Cyber insurance is the answer.

The Why

Doing business online without cyber liability insurance is like driving over the speed limit in traffic without auto insurance. Attacks are too prevalent to take the risk. It has been proven many times that cyber security is not keeping pace with hackers’ ability to steal electronic data. Insurance companies are aware of this. Therefore, premiums are high, but the consequences of going unprotected are far more devastating. Startups and small businesses are easy prey because they usually have softer security than big business. Prioritize cyber liability insurance.

The How

Three things will help to decide what type of cyber insurance is best for your business.

  • Checklist – First, you need to know from which dangers you need protection. Make a checklist.
  • Research – Learn the ways you are vulnerable to hackers.
  • Help – Ask insurance policy providers about risk management.

The start of a business is the perfect time to address cyber security issues. Install protective software and do research on business vulnerability to hackers. Protect your business further with the right insurance.

Risky Business Needs Specialized Insurance

Many people may not realize how risky the staffing industry can be. Staff insurance covers the unique needs and exposure staffing services face that are not covered under standard insurance policies.

The high risk stems from the fact that the staffing agency is liable for the actions of its employees who have been staffed at off-site locations and are being supervised by the agency’s clients. It’s important to acquire staff insurance to manage the three primary types of exposure that staffing companies face.

1. Work Performed

This exposure involves the mistakes of a qualified contract worker that result in a financial loss for the client. Anyone can make a mistake, but a contract worker is the responsibility of the staffing agency, therefore they staffing agency may be liable for the loss.

2. Serviced Provided

Staffing firms may also provide services beyond simply staffing. This can include managing such things as payroll, employee benefits or recruiting. Any mistakes made in the performance of these services puts the staffing agency at risk.

3. Placement

One of the primary goals of a staffing agency is to provide staff to their clients. If the agency can’t provide the staff, provides unqualified staff, or does not perform the proper screening or testing, the staffing agency is at risk. Less common, but still possible, is the risk of a worker bringing a lawsuit against the staffing agency for misrepresenting the work opportunity.

Needless to say, navigating the pitfalls of the staffing industry can be difficult, so it is important that maintain the correct staff insurance to protect yourself against these three common types of exposure.

The Benefits and Risks of Vendor Management

Vendor management services have become a common approach to staffing contingent or temporary workers. These automated or otherwise outsourced systems assist staffing firms with the recruitment, screening, placement, and management of workers. When a firm outsources vendor management, it is vital that all requirements for staffing insurance continue to be met. These services could otherwise expose the staffing firm to risk or cause gaps in insurance coverage for contingent workers.

Could Vendor Management Introduce New Risks?

Many contracts between vendor management and staffing firms require that the latter assume full liability for the recruitment, screening, and placement of workers through the external service. If a vendor management provider alters or varies from the procedures of an insured staffing firm, they may introduce new risks to an operation that would otherwise be protected. Some providers of staffing insurance offer additional services related to due diligence and oversight to assist agencies or firms entering into vendor management partnerships.

Staffing Insurance and Vendor Management

It may be beneficial for an insurance provider to oversee vendor management and ensure that the priorities of reducing risk and preserving protection from liabilities remain foremost. Staffing firms and vendor management services should work together to make sure that firms do not fall short of insurance plan requirements.

Nursing Homes Workers Comp Issues

The health care industry is considered one of the more dangerous industries to run, and because of the growing elderly population, nursing homes have become major care providers to the elderly within the health care industry. About 1.5 million elderly and disabled Americans reside in nursing homes today, and nursing assistants provide the majority of their care. Nursing homes are among the top 10 industries for musculoskeletal problems, which is the major cause of worker absenteeism, workers’ compensation claims, and worker injury and illness.


Higher rates of musculoskeletal injury have been reported among nursing home workers compared with rates among workers in other occupations. Injuries to workers at nursing homes happen quite frequently and a severe injury can lead to an unusually long furlough and may even be cause for a lawsuit. What is workers compensation insurance? The answer is that it is the policy required to ensure workers get proper treatment when they suffer a work-related injury.


Slips, trips and falls among top concerns


When exhausted after a long day of work, a nurse or attendant may become susceptible to tripping or falling due to an obstruction, or something as simple as a wet floor. Because of this very serious issue, workers comp insurance is the best solution for averting a financial crisis for owners and managers of these businesses.


Nursing home employees working in direct-care facilities perform many physically taxing activities, such as lifting heavy loads, working in awkward postures, and transferring residents in and out of beds. Additionally, manipulating the technology that supports patient care is often physically straining as well. Any increase in worker injury rates is likely the result of increased exposure to hazardous conditions coupled with diminished recovery time between these exposures.


The workforce may be exposed to a variety of situations where injuries can occur, not least of all in the handling of patients. They should be instructed to request help anytime they feel they are incapable of performing a certain duty on their own. Owners understand that the type of duties that their staff are asked to perform can lead to injuries if not handled in a safe manner. The likelihood of accidents and injuries should be addressed, since the safer the environment, the less the chance of a claim being required. What is workers compensation insurance? Perhaps the most effective way to aid workers.

The Right Coverage Brings Peace of Mind

FGIB Bankers Professional Liability insurance is a simple and effective way for professionals in the financial sector to give them and their employees added protection from the risks involved in their industry. Nobody likes to think they’re going to be sued, but that doesn’t stop it from happening.

Those who work in the financial sector, whether it’s at a community bank, credit union or a different type of financial institution are at risk of legal action for a variety of reasons, which can include the following:

  • Providing inappropriate financial advice to a client
  • Mishandling the funds within a trust
  • Failure to process a transaction within an allotted time period

Make Sure Your Liability Coverage Is Right for You

No matter the reason for the legal action, FGIB Bankers Professional Liability insurance can help the professional fight it. And, if damages are awarded, the policy covers payment of the award up to the policy limit. In addition, the standard policy of the financial institution might have gaps that leave the banking professional vulnerable but which could be covered by a Bankers Professional Liability policy.

FGIB Bankers Professional Liability insurance can be purchased as either a standalone policy or as an extension of an existing policy. Either way, it is something that all financial professionals should consider for their own protection.