Business insurance can be tougher to shop for than it seems on the surface. Most insurers do their best to predict your risk, but very few employ people who have been in your line of business, at a company with your exact business model. That’s why more and more businesses are turning to alternative risk management options like captive insurance. Captive insurers are owned by the companies they insure, and they provide bespoke insurance solutions whenever you need a form of coverage that just isn’t cost effective in the general marketplace. Some companies even use them as a total insurance solution.
Group Captives Control Cost
While you can start a captive on your own for maximum control over its processes and costs, group captive insurance solutions significantly lower the investment up front while expanding the insurer’s risk pool, a move that usually saves on the cost of policies in the long run as well. The key to managing a group captive situation well is to work with companies who are well-matched to yours in terms of the depth of coverage and kinds of risks covered. By working with businesses whose needs are very similar to your own, your captive company winds up with a more specific insurance mandate and your partners wind up being able to understand your needs, making it easier to build the new captive together.
When you operate a business on the water, your choice of boats becomes very important, and your insurance needs to reflect that choice in detail. The size of the vessel, purposes to which it is being put, crew configuration, and motor design all play a role in the cost of insuring it, so your insurer needs to understand the difference between sterndrive and inboard motors as well as you do.
How Motor Type Affects Insurance Costs
Sterndrive or inboard outboard motors have a few cost-saving advantages over full inboard motors because they are easier to clean and to access for maintenance. Often, they’re also less expensive to repair and replace, too. When considering whether to invest in an inboard vs inboard outboard boat, you need to consider the cost of the investment in full, including the cost of keeping it insured and the cost of keeping it operating. Lower repair and replacement costs save you money in both those arenas.
Using Your Business Insurance Provider as a Resource
When you have the right insurer, one who really understands your needs, you can inquire about these cost comparisons ahead of a purchase to help you better understand the full costs of an upgrade. That’s just one of the many ways you benefit from working with professionals who focus on offering insurance to maritime businesses like yours.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.