Business Insurance

High Investments Require Specialized Coverage

Piloting virtually type of craft includes inherent risks. Cars get tangled in fender benders. Boats can bang up a dock. Accidents happen  — and mishaps involving aircraft require their own insurance coverage.

Protecting Your Investment in the Aviation Business 

Owning an aircraft is often an expensive venture. The average cost of a light aircraft can range from $8,000 to $15,000. Scaling up to a single or multi-engine aircraft means averages from $15,000 to $300,000. It’s likely the cost of aircraft parts, operating costs, and maintenance (including inspections, gas, and storage) is high. Adding customized features or parts to your aircraft to make it uniquely yours can add more value to your aircraft as well. Therefore, in most cases, only having a standard liability insurance policy will not be sufficient coverage for your high-value aircraft in the event of major damages or loss.

Security Through Aviation Liability Insurance

Whether private or commercial, being an aircraft owner is a huge investment. According to Arroyo Insurance Services, general or commercial liability insurance is limited, however, and does not cover aircraft, bodily injury and property damage to the operator or owner. As a result, there are several liability products in the aviation business to consider:

  • Liability for aircraft cargo
  • Coverage for aircraft spares
  • Aviation workers’ compensation and employer’s liability
  • Hangarkeepers’ liability

Solid, specific coverage for your aircraft is often a smart move. Not only will aviation liability insurance significantly reduce your potential burden, but you will also be protected against risks unique to the industry.

Employment Practices Liability Insurance: What You Need to Know

Employment practices liability insurance covers a wide variety of issues that employers can be faced with including things like sexual harassment, wrongful termination, discrimination, breach of employment contract, infliction of emotional stress, failure to employ, mismanagement and more. You can visit for some examples of epl claims scenarios.

Legal action against companies has become commonplace in today’s world so it makes sense to pay attention to the potential legal issues that you may face. EPL insurance is there is help to cover legal fees that your company could be charged with while defending themselves against a claim. It will pay whether or not you win or lose the case.

A great way to avoid winding up in court is to make sure your company has clear cut checks and balances in place when dealing with employees. Take the time to structure policies and procedures that are in line with state and federal employment guidelines to keep you and your administration safe. Always put things in writing and cover your bases.

If you have employees then you should be in the know when it comes to employment practices liability (EPL) claims. Whether your business is large or small, you may experience epl claims at one time or another, so you need to talk to your insurance provider about your coverage options. Employment practices liability insurance premiums vary based on your company, number of employees and additional risk factors. It can be purchased as stand-alone coverage or added as an endorsement.

Important Business Practices for Professional Cleaning Services

Important Business Practices for Professional Cleaning Services

Having clean facilities is crucial for both businesses and private residences. Not keeping things tidy can lead to certain health and safety risks, and negatively impact the overall well-being of residents or visitors of an establishment. Because of this, cleaning services are valued for their professional contributions. While most people may have experience doing basic cleanup for themselves and their families, providing this service professionally requires much more. For anyone planning to run a cleaning business, insurance and other considerations can be crucial for helping it stand out as a professional service.


Running a successful cleaning service takes much more than just showing up and performing basic housekeeping. Depending on the type of client being served, these businesses must be responsible for tasks such as the following:

Providing professional services such as deep cleaning and sanitation

Having the ability to safely operate specialized cleaning tools, chemicals, products and machinery

Drawing up contracts and scheduling appointments

Keeping employees and clients safe and healthy

Adhering to health and safety codes of each facility served

Ensuring cleaning service insurance, licensing, and certifications are up to date

By making these considerations, these businesses can stand out from the competition as reliable, reputable professionals. Having this type of status can equate to more client contracts and many successful years in the industry.

Debunking 3 Myths About Medicare and Home Health Care

Debunking 3 Myths About Medicare and Home Health Care

As you and your loved ones age, it is likely you will at some point question whether home health care is covered by Medicare. However, it can be complicated to ascertain what is and is not covered. Here are a few common misconceptions surrounding Medicare and home health care.

1. Home Health Care is a No-Strings-Attached Part of Medicare

A patient will need to meet certain conditions to qualify for home health care coverage under Medicare. First, the patient’s doctor must certify that he or she is homebound, in need of skilled care (including skilled nursing and therapy sessions) and qualifies for Medicare home health care. Additionally, the patient’s care must be managed by an agency with Medicare certification.

2. Home Health Care Includes Housekeeping Services

There are a number of things that Medicare will not cover for patients. These services can be, but are not limited to, 24-hour care, certain prescription drugs, housekeeping and meal delivery.

3. Home Health Care Does Not Include Social Services

Actually, Medicare will cover medical social services such as counseling. It will also cover physical, speech and occupational therapy for patients. Home health care resources are available for up to 8 hours per day and 28 hours per week. If you have further questions about whether home health care is covered by Medicare, consult your doctor and the resources provided by the Centers for Medicare & Medicaid Services (CMS) to obtain the best information for your family.

The Difference Between Captive Insurance and Mutual Insurance

The Difference Between Captive Insurance and Mutual Insurance

It can be a complicated experience to search for and find the right insurance company to meet your needs. In your research, you may come across captive insurance companies, often shortened to captives. On the surface, these companies may sound like mutual insurance companies, but there are a few differences.

Who Owns What?

The main difference between captives and mutual insurance companies lies in ownership. Captive insurance companies are fully owned and operated by their policyholders, whereas mutual insurance companies are owned by their insured parties but not controlled by them.

What Does That Mean?

When a mutual insurance policy expires, so does the insured party’s ownership in the company. On the other hand, captive insurance policyholders invest their own capital in the company. In doing so, they gain a voice to personally direct the running of the insurance company.

Why Choose Captive Insurance?

With greater investment opportunities in captives, insured parties can benefit from price stability, wider plan availability and lower costs than offered by other types of insurance companies. They also cite significant control of the company as a benefit. Captive insurance companies can provide the same traditional personal and property coverage offered by mainstream insurance companies, but with the added attractions of increased flexibility and participation in company decisions.

Insurance for Banks to Address the Many Issues You Face

There are a variety of financial institutions operating within the US, from captive financial companies to community banks. People, small businesses, and large corporations require the right combination of processes, employees, and the right vision to navigate through the fast-moving landscape that is the banking industry.

Banks must constantly be adapting to regulatory changes, focus on minimizing any exposures to systemic risk, while correctly anticipating the effects of economic shifts that may occur, underlying the need for an insurance carrier that understands these unique risks and challenges and can provide the necessary Insurance for Banks as well as answer any questions regarding what policies will best serve these giants of the industry.

Some important policies to consider

As a whole, lending institutions need directors and officers insurance along with a commercial general liability policy. Some may determine that a fidelity bond is a better insurance solution for their needs. There is an intrinsic need to adhere to all regulatory compliance regulations or face possible penalties and fines. This is an area where an Enterprise Risk Management (ERM) strategy really comes in handy.

Whether your concerns lie in internal employee misconduct, executive liability issues or technology system attacks, you need a comprehensive program that addresses each individual concern. An insurer familiar with dealing in banking and financial institution practices and that serves commercial banks, credit unions, investment banks, business development corporations, private equity funds, mortgage companies and consumer finance organizations is best prepared to serve these needs.

Protecting assets is a priority for any bank, regardless of their size. One of your goals should be to extend your protection beyond traditional coverages with programs designed to surpass many of the industry guidelines. In today’s competitive market, banks and other financial institutions increasingly offer services that go beyond traditional banking. The more services offered, the greater the chances of being sued. Don’t sell your customers or clients short: get the coverage that is designed specifically to help protect you from claims arising out of the professional services you render to your customers.

The right time to buy Insurance for Banks is before any exposures you may be facing come to light. Partner with an insurer that is focused on delivering a positive financial impact while navigating a complex, evolving industry.

Cyber Concerns and Insurance For Banks

State and federal banking regulators have put their primary focus on cyber security, which include cyber insurance both as a risk management strategy and for purposes of demonstrating regulatory compliance. Financial institutions should review their cyber insurance security policies carefully to ensure that the scope, limits, and sub limits of the coverage are appropriate to their needs.

The amounts of insurance in place for cyber liability concerns should be commensurate with the level of risk involved with the bank’s daily operations as well as the type of activities that are to be provided. Bank owners and operators should also understand that not all cyber insurance products provided, as part of Insurance for Banks, are the same since the scope of coverage can vary dramatically among products offered by the different insurance carriers available.

Banks require protection against hackers

Computer systems are susceptible to intrusions. Cyber insurance is more of a concept rather than a product, so it’s unclear what criteria regulators will use to evaluate a bank’s cyber insurance, particularly in light of the rapidly changing insurance market where cyber issues are prevalent. At the very least, banks should be aware that their traditional insurance, such as commercial general liability and D&O, will most certainly exclude coverage for privacy breaches.

Some coverage may be found in a bank’s financial institution bond or E&O policies, but at best it will be insufficient for the costs associated with any loss of personal and confidential information. In addition, most banks have by now purchased some form of stand-alone specialty cyber product, and regulators likely will deem that, moving forward, this is now a necessity.

However, there currently is no such thing as a “standard” specialty cyber policy, so it is unclear whether regulators will deem the mere purchase of a cyber policy as sufficient to meet their standards. Banks are heavily dependent on the trust of their customers, shareholders, creditors, and government agencies. Therefore, banks should consider evaluating at least three variables that impact the amount of Insurance for Banks (that deals with cyber insurance issues) that they are carrying. These are the risks insured, the losses insured, and limits and sub limits.

Cyber Liability and The Santa Fe Insurance Agency

Insurance specialists are busy understanding the unique challenges of designing, implementing and managing an effective risk management strategy for public officials who are tasked with protecting public assets against ever growing liability and property exposures.

We live in an age where we now have an increasingly complex regulatory environment and shrinking budgets that further hamper the ability of these entities to properly perform their duties. There are literally hundreds of municipalities that face these types of challenges every day. They must deal with safeguarding against risks and exposures that could result in hefty fines or large legal settlements. There is a local SaInta Fe insurance agency ready to help these community leaders deal with the issues at hand and find viable solutions to their concerns.

Adding cyber threats to the list of problems

Like many other businesses, hackers have targeted public entities. This is due to the fact that they hold a lot of private information of clients and employees. They are targets, not only for those that want that information to sell, but there could be political motivations involved in the desire to hack a public entity.

Regardless of the reason, cyber exposures pose a serious threat to public entities, and a Santa Fe insurance agency can provide a cyber liability policy to meet any concerns about an intrusion of this type. With so much equipment in use these days, such as waste treatment systems and other types of utilities, an attack can literally shut down your operations for days or even weeks. Practically every device or system can be accessed through your network or the Internet, so insurance is a great way to help mitigate any risk.

Further complicating matters is the fact that public entities are subject to the Freedom of Information Act, which means they must comply with legal requests for information.

While many agents and their clients are concerned about a hacker illegally accessing public entity systems and stealing information, perhaps their biggest concern is actually the failure to redact. Public entities must respond to a legal request for a release and often wind up voluntarily putting out information that could be compromised. Ask a Santa Fe insurance agent about the best way to insure against issues of a breach.

Fracking and Oil Field Insurance in NM

New Mexico has been a major producer of oil and natural gas since hydrocarbons were first discovered in the state during the early 1920s. New Mexico is the 7th largest natural gas producer and 8th in natural gas reserves in the US. But there are certain risks involved in these processes. A team of scientists with the US Geological Survey has found evidence linking the uptick in New Mexico earthquakes since 2001 to wastewater injection, a process widely used in the controversial technique of hydraulic fracturing, or fracking, and conventional drilling. However, these findings are not conclusive.

Geological risk refers to both the difficulty of extraction and the possibility that the accessible reserves in any deposit will be smaller than estimated. Oil and gas geologists work hard to minimize geological risk by testing frequently. Fracking produces millions of gallons of wastewater. The amount can inundate under-equipped treatment plants.

Scientists are worried that the chemicals used in fracturing may pose a threat either underground or when waste fluids are handled and sometimes spilled on the surface. This exposes the area and these companies to environmental risks requiring oil field insurance in nm to aid with any claims related to this vital industry.

Fracking concerns are widespread

A typical fracking case may allege bodily injury or property damage arising out of contaminated groundwater (methane or other pollutants such as fracking fluid). However, there have also been cases involving air pollution, nuisance and trespass, well blowouts, disposal of fracking fluids, and corporate malfeasances by directors and officers.

There are elements of coverage you should seek to tailor to the operations of your project. This will require partnering with a good environmental underwriter with risk management as a prerequisite for risk transfer. They should be able to offer loss control, risk mitigation, and claims management service as well as a remediation and liability policy. You will have to put in the necessary work to understand how risk transfer happens.

Many assume the industry is poorly monitored and regulated. Instead, the opposite is true. Many leading states involved in oil and gas drilling have all instituted stringent regulations to ensure that drilling is safe for the general public. Along with any state regulations, associations such as the American Petroleum Institute have created standards and guidelines that promote best practice implementation. But the concerns are real and the environmental impact could have serious consequences. Speak to your agent about your concerns and make sure you have the necessary coverage under oil field insurance in nm.


Equipment Breakdown and Precision Manufacturers Insurance

Manufacturing plant owners know the sting of having an important piece of equipment cease to function at a critical time. Years ago, only large manufacturers invested in equipment breakdown insurance (often referred to as “boiler and machinery insurance”), but is has become an increasingly important part of any sound coverage package, including the purchase of Precision Manufacturers Insurance.

This is because many manufacturing enterprises now depend heavily on a lot of new technology, such as fragile electronics and computerized equipment, much of which we don’t fully understand. With all of the mechanisms involved, making a quick fix” is highly unlikely. This means that these entities are subject to experiencing breakdowns that can cause expensive delays.

In addition, maintenance and repairs tend to be more frequent and costly than with traditional equipment. With all the new business practices in place, such as Internet based systems and tools, many businesses have become more dependent than ever on computer-based systems, and many of these cannot be accessed during periods of equipment breakdown.

Breakdowns create serious internal issues

You can miss a lot of important deadlines should your business experience a work stoppage of any length. One way to think of equipment breakdown coverage is as a type of accident and disability insurance for the equipment that you own. If business interruption is a potential hazard bent on threatening the livelihood of your company, then you should make the wise decision to research this vital coverage, which you may already have, but you might need to determine if you have adequate coverage in place.

Talk to a leading producer of equipment breakdown insurance to help with providing for your needs to prevent losses that may occur at any time and in any given situation. Business owners should understand that equipment breakdown coverage is “hardware” insurance, not “software” insurance. The policy provides protection when there is some sort of physical damage, such as a power surge that destroys a computer’s hard drive. Computer failures due to software problems, such as “bugs” or viruses, will not be covered under this policy.

Note that equipment breakdown coverage covers the cost of repairing and replacing any damaged equipment, and frequently includes “business interruption” and “service interruption” coverage, which will allow for coverage against loss of business income. These coverage options should be made available to you in a Precision Manufacturers Insurance policy, so speak to an agent about this valuable resource.