Insurance

Points to Consider When Hiring Temporary Employees

Companies hire temporary workers for a limited time when regular employees are absent for prolonged periods. Your business must comply with federal laws when hiring temporary employees.

When Should You Hire Temporary Workers?

Businesses hire temporary workers for a specific project or purpose while avoiding the cost of hiring regular, permanent employees. There are many reasons an owner might hire someone temporarily, including:

  • When a permanent employee is on maternity leave, family leave, or vacation
  • When there is a short-term need for a specific skill set, such as creative or computer expertise
  • When you desire to keep staffing levels optimal without overworking your regular employees

How Long Can You Employ a Temporary Employee?

A temporary worker’s time with your company cannot exceed 1,040 hours per year. The same employee cannot work at your company for more than two consecutive years.

Employers should specify both the scope of duties and length of time for temporary help. These employees should not perform the same responsibilities as regular, full-time staff indefinitely.

Why is There a Time Limit for Temporary Personnel?

Temporary workers do not qualify for health insurance or retirement benefits, and they typically earn a lower wage than permanent employees in similar jobs. Therefore, it costs companies less to employ temporary staff members. Laws are in place to prevent employment abuse.

Sometimes hiring permanent workers is the better solution, but for the right business at the right time, hiring temporary employees can solve short-term needs.

Protecting Your Family With Life Insurance

Everyone should try to make provisions for their family in the event that something happens to them. While certainly no one anticipates not being able to take care of their family and people sometimes tend to avoid thinking about worst-case scenarios, it’s necessary to seriously consider the possibility of needing life insurance and what it would mean for your family.

How Life Insurance Helps Families

One of the benefits of life insurance is that it can help a family to pay for sudden expenses caused by an individual’s death. A policy can pay for final expenses, outstanding debts, and tax obligations. In addition, life insurance can help a family maintain its most valuable assets and pay for necessities. A policy’s benefits can help your family to stay in their home and ensure that they can pay for important expenses such as medical care, tuition, and transportation.

Providing Help When It’s Needed Most

When a family is coping with a loss, serious financial concerns can make a very sad and difficult situation even harder cope with. The sudden elimination of income sources due to a death in the family can have serious ramifications, so it’s important to take active measures to mitigate the financial impact of loss and help safeguard your family’s well-being.

3 Easy Steps to Reduce Product Loss in Warehouses

Product damage in warehouses causes unnecessary losses for a business. Broken or otherwise damaged items are unsaleable costing the business money. There are many ways companies can reduce damage to stock and lower their risk of loss.

Safety

Many of the steps businesses take to improve safety in the warehouse also help reduce the risk of product damage. A well-lit area makes it easier for employees to properly stack and store products. A clean floor reduces the risk of slips and falls while allowing forklifts to maneuver throughout the aisles with ease.

Pallets

Most product stored in a warehouse is on pallets. This means that employees need to fully understand how they work and how to properly secure them on shelving. Stable, uniform stacking lessens the risks of damage. Avoid overloading the pallets by keeping an eye on the weight for each shelf to prevent collapsing.

Insurance

When all else fails, commercial warehouse contents insurance can help cover those losses without financially strapping the business, according to Newman Crane. Helping with lost income due to damaged items keeps the warehouse operating and delivering goods to clients.

Take these steps to protect products stored in warehouses. Backing up those efforts with commercial warehouse contents insurance further mitigates the business’s financial losses.

Do You Need Occupational Accident Insurance for Your Workplace?

In most of the United States, small business owners are given the impression that the mandated workers’ compensation coverage each of the 50 states requires will take care of workplace accidents and injuries incurred by employees. While it’s true that this coverage helps with medical expenses and lost wages employees suffer due to an injury on the job, it’s not necessarily true that it is complete coverage. There’s also occupational accident coverage, and for many businesses it is essential. Occupational hazard insurance covers employees not covered by traditional workers’ compensation plans, and in some cases may provide some protection when contractors have employees operating at your site.

Differences Between Occupational Accident and Workers Compensation Plans

Hazard insurance for employees and workers tends to be less expensive than workers’ compensation with similar provisions, but there is a major difference between the two. Occupational accident plans do not cover legal costs, just the medical costs and associated losses like lost wages. This makes the coverage less expensive, but it does leave employers with a big financial risk if they are sued in the course of a claim. This coverage also has policy limits agreed upon when it is bought, and expenses beyond those limits may be the responsibility of the employer. When choosing one policy over the other, it’s important to know exactly what your options and risks are so you can decide between one of the two forms of coverage or the use of both.

What You Should Know When Selecting a Workers’ Comp Policy

Work-related injures not only increase insurance premiums but also harm employee morale and productivity. However, you can mitigate these costly scenarios by building a company culture that emphasizes workplace safety. Yet, even when proper you enforce proper measures, there are still risks to both your business and its employees, so it’s vital to have a functioning workers’ compensation policy in place. Here are a few things to know when shopping around for standard market workers comp.

Understand Potential Coverage

Worker’s comp requirements are different for every state, so it’s essential to understand what applies to you and your business. Generally, workers’ compensation policies include two parts, bodily injury by accident and bodily injury by disease. Coverage helps with medical treatment and payment for disability for a person’s inability to work due to workplace injury or illness.

Enlist the Help of a Knowledgeable Broker

Workers’ comp may not be offered to some professions in the market that tend to have high distressed risks such as healthcare, construction, and agriculture. Although some brokers like https://www.monarchpartnersgroup.com will go beyond market standards to find providers willing to insure those considered distressed risk. You can find an agent ready to counsel you on ways to implement workplace safety controls that could potentially lower your insurance premiums.

Enforce a Safety Plan

If you don’t already have a safety plan in place, you must establish one. Simple safety measures can mitigate work-related injuries. You may even qualify for credits or discounts by following workplace safety best practices.

Liabilities With Fiduciary Duties

Offering employee benefits is a way to secure the best talent in the field, but these aren’t required for some employers. When federal law requires, companies are bound to meet minimum standards found in ERISA, and failure to do so can result in fines. However, employees can still cause problems for employers that do offer benefits and carrying a comprehensive employee benefits liability insurance policy can help reduce the liability concerns of a suit brought against a company.

Employee Requirements

The federal regulations were established to help protect employees and their contribution to pension plans from company mismanagement, but updates to legislation now require extended healthcare to former employees through COBRA, HIPPA security measures to protect healthcare coverage, and accountability for ensuring more eligibility of coverage through the ACA.

Administration Liability

Through the information presented at https://www.wwspi.com, employee benefits liability plans are often endorsements on a general liability policy. It is designed to address the financial concerns that arise from suits claiming errors and omissions concerns with benefits administration. The concerns may include:

  • Failure to enroll an individual in a healthcare plan
  • Failure to designate a plan beneficiary for an employee
  • Misclassifying an employee and denying eligibility
  • Failure to process a payout claims and denying applicability

When an employee sues for damages and the incurred loss, it can devastate a company’s finances. A liability policy provides the resources needed to fight the legal battles and address settlements.

Making Sure Your Construction Project is Well Insured

The complexities of liabilities associated with construction projects add confusion to the processes of securing insurance for a job. The advisors at https://www.sboneinsurance.com recommend that you know the difference between builder’s risk vs property insurance in order to give your project the best protection. Having a builder’s risk policy can be the difference between a successful risk management approach or a devastating loss.

Property Insurance

The nature of property insurance is somewhat limited in light of the construction activities that might be occurring. The scope of property damage is limited to incidents of theft, fire, and weather damage to existing structures and items belonging to the property owners. A construction site presents new elements that would need coverage.

Builders Risk

When construction is occurring, there is an assortment of equipment, materials, and vehicles that belong to contractors and subcontractors on the property. A builder’s risk policy covers the loss associated with damage to these items in the event of vandalism, theft, fire, or weather damage. It also covers the unfinished project or structure with the plan being in effect from the date the work begins to the day when work has been completed and the property is available for use.

The details of coverage for each policy are unique to what the property owner, contractor, or bank requires. Additional endorsements and inclusions can be tailored to meet specific risks such as weather vulnerabilities in areas that may be prone to flooding or wind damage.

Food Borne Illness and the Hospitality Insurance Company

Those operating in the hospitality industry realize the positive effects that a well-prepared meal at a restaurant can have on guests, allowing them to enjoy the company of family and friends while experimenting with exciting new cuisines. Therefore they have an added responsibility to ensure the food is prepared properly and safely.

A food borne disease is entirely preventable by adhering to general safety practices in the preparation of meals. Annually, as many as 48 million people get sick every year from tainted foods, with up to 3,000 deaths occurring. It’s important to know that the symptoms are often flu-like and can happen minutes or even weeks after the food has been ingested, which is why obtaining restaurant coverage from a hospitality insurance company is so vital to the business and the care of anyone affected.

Food borne diseases are a major concern

It’s important to know common food borne illnesses because being informed is often the best way to reduce the chances of someone becoming sick due to ingesting a meal at your locale. This type of illness must be taken quite seriously to ensure the best treatment possible is given in a timely manner. Proper preparation is vital, regardless of whether these mistakes were made in the kitchen or they originated at the source of the food.

There are different types of diseases associated with contaminated foods. Salmonella can be present in food without affecting the appearance, smell or taste of the food. Symptoms of salmonella range from diarrhea, fever, and cramps, though most people tend to recover within 8 to 72 hours, even without a doctor’s intervention.

  1. Coli, another common concern, affects people who have consumed food or water that has been contaminated by microscopic traces of cow feces. One of the most common and severe instances of food poisoning, complications of which can cause severe bleeding and kidney failure, it can be prevented by the proper cooking and handling of food.

Campylobacter can be spread by having the raw juices of uncooked chicken drip from the poultry onto other food and can be left behind on preparation surfaces after the raw chicken has been removed. For this reason, proper cooking and handling of raw chicken is vitally important to maintaining physical health.

As the owner it should be your primary concern to ensure the safety of the people eating there, as well as the safety of your employees. Working with a hospitality insurance company can help to make certain that you have the right policy to address any food contamination issues that arise.

Managing Risk By Maintaining Crime Insurance

There are many areas in a business that create risk and unnecessary exposures to crime, either internally or from outside forces. By managing these problem areas a business owner can help to greatly reduce some costly concerns and therefore save his or her company an exorbitant amount of money. Crime is one of those things that every company must be aware of. Whether employees are stealing from you, or thieves, shoplifters and burglars are the culprits behind these losses, crime insurance is the most valuable solution to stem the tide of losses.

Taking adequate security measures can pay dividends

In order to avoid risk, a company must determine just what those risks are. Here are some ways in which a business can assess their risk and also determine ways to prevent unfortunate losses from occurring:

  • Installing adequate devices to control unauthorized entry onto the premises
  • Have a burglar alarm that reports to a central station or a constantly attended monitoring facility
  • Have adequate fencing and gates around the building and parking areas
  • Provide adequate exterior and interior lighting, and
  • Have adequate door and window locks and control access to premises by physical barriers and/or surveillance

Beyond this, you may also wish to require the use of company ID badges, have appropriate visitor sign-in sheets and escort procedures, have check-in and check-out procedures, and an inventory control system in place.

Your accounting department should also be closely monitored. It might be preferable if a single person oversees cash, bank deposits and inventory. Instruct the person in charge to make cash deposits frequently in order to limit the amount of cash on hand. You might also be better off if billing is independently reconciled to ensure proper charges, credits and refunds are administered.

Protection from Theft

Employees should be properly trained to handle situations involving theft and fraud.

Train staff to recognize shoplifting risks and also on the proper way to respond when a situation unfolds. They should be trained to recognize counterfeit currency, determine credit card validity, and report acts of vandalism or theft committed by employees, visitors, vendors, or contractors.

By better managing the premises through security measures, overseeing accounting practices and ensuring that deposits are regularly scheduled, a company can make great strides in reducing risk and avoiding losses that will increase crime insurance premiums.

Many Insurance Marketers Favor a Drip Marketing Program

The intention of a drip marketing campaign is to close sales, grow revenues and build your business. By implementing a drip marketing program you’ll be able to feed leads into a sales funnel eventually turning those leads into prospects and then subsequently move those prospects through the channel until they become new clients.

Most insurance marketers will tell you that the most successful drip marketing programs help to build lasting relationships, improve customer or client retention, enable you to solicit feedback from customers that can help develop product or service enhancements and establish credibility by helping you to become perceived as a knowledgeable expert.

Engaging new leads provides opportunities to make sales

Drip marketing campaigns are an opportunity to learn more about clients and prospects, get their feedback on a particular topic, and invite them to share their own experiences. It’s important that you develop content that adds value for the recipient. You may also wish to promote an upcoming event geared to provide useful information, or an educational event, such as a seminar.  A drip marketing campaign is an excellent opportunity to provide contacts with more information thereby getting them excited about attending these events.

Remember to keep messages on topic and short as this will help to keep the recipients attention and increase the likelihood they’ll willingly read future messages. Don’t send out random messages and remember that drip marketing is all about nurturing relationships with contacts.

It’s crucial that you don’t send emails that turn off potential prospects. If the message recipients believe the emails are just there to sell them they may quickly learn to ignore them altogether. What is needed is a strong communication plan that maps out a message delivery timeline that doesn’t inundate people with tons of emails. Try sending no more than one email a week.

Attempt to craft your messages so that they resonate with the individual receiving them. Be thoughtful and develop messages that are specific to each individual contact. Certainly try to mix things up and try using new messages, formats and subject lines as things progress.

Refrain from sending the same email out more than once as this is counter-productive and may have a negative impact on your credibility.

Drip marketing has a lot of appeal when done properly and can enhance the efforts of insurance marketers in every line of business.