Insurance

Understanding Ransom Insurance and How it Can Help You

One type of coverage no one like to think about needing is ransom insurance. However, with kidnappings and related crimes on the rise in certain parts of the world, this is one type of insurance that some many want to consider maintaining. Understanding the ins and outs of these policies can help you feel more secure.

What Insurance Covers

As the name implies, ransom insurance helps cover the payment of ransom money to kidnappers. This type of insurance can also cover death and other medical expenses should the need arise.

How Coverage Works

This type of insurance policy is what is known as an indemnity policy. This means that the provider will reimburse the ransom money after it has been paid.

Support Provided

Often with policies covering kidnapping and ransom, your provider will also offer access to crisis management experts and other forms of aid and counseling. This way your coverage offers both financial protection and emotional support in these shocking and stressful situations.

Depending on your situation, you may find peace of mind in having an insurance policy in place in the event of a kidnapping. In this case, a ransom insurance policy can help provide coverage for ransom costs as well as other supports during a trying time.

How Does Electrician Liability Insurance Differ From General Liability?

If you are an electrician, you may have wondered whether there is a specific type of electrician liability insurance, or whether general liability will do. Here is an explanation of what professional liability covers, and how it differs from general liability insurance.

Professional Liability 

While there is no policy specifically named electrician’s liability, professional liability coverage is tailored to the unique needs of the policyholder. It is also known as errors and omissions insurance because it protects you when someone claims you made a mistake. For an electrician, the incidents covered include things such as the following:

  • Electrical shocks
  • Fire
  • Breach of contract

General Liability

General liability is less customized than a professional liability and is appropriate for anyone who works with the public. It is always a good idea to have it because you never know what kind of claim someone might bring against you, and the resulting bills you might have to pay. Types of incidents covered by general liability include the following:

  • Injuries at your place of business or related to your equipment
  • Copyright infringement
  • Property damage

Discuss with your insurance agent the risks you face each day at your job. That way, he or she can help you select the liability coverages that best protect you.

What Does a Hammer Clause in a DO Policy Protect Against?

Directors and Officers liability insurance programs protect managers from lawsuits that arise due to actions and decisions that fall within their jobs’ regular scope. A hammer clause in a D&O policy helps protect the professional reputation of a business.

What Is D&O Insurance?

This policy type covers the directors and officers of a company against potential lawsuits. It enables managers to carry out their job obligations without the fear of financial loss due to legal claims. These policies help cover the resulting defense and settlement costs.

What Does a D&O Policy Cover?

This insurance reduces the risks associated with claims against executives within your organization. It helps negotiate settlements and cover defense expenses. This coverage saves both time and money and enables your company’s decision-making members to conduct business as they deem appropriate. It also protects the personal assets of directors if legal issues arise.

What Protection Does a Hammer Clause Provide?

A hammer clause in a D&O policy caps the insurance company’s liability if the insured rejects a settlement during a claim. Defendants in claims involving D&O insurance typically do not admit guilt, yet the compensation often consists of an allocation based on an admission. A settlement rejection triggers the hammer clause, limiting the liability for the settlement and defense of claims amounts.

With this clause, the insurer has the power to force a settlement, making it an executive protection plan your business may want to consider.

What Is Insurance Management?

Insurance needs for individuals, families or businesses are diverse so it’s important to give people a wide range of coverage options. Mountainside Insurance Management will customize programs that are flexible and ensure that clients get the specific types of coverage they require.

How Does Insurance Management Work?

Insurance management is a network of brokers, consultants and providers who work together to offer a broad spectrum of insurance products to buyers through personalized programs. These insurance solutions are designed to meet the specific needs of consumers and are competitively priced. These are three reasons people use managers:

  1. Risk management: Risk management involves a strategy to mitigate possible losses by finding the proper protections as needed. The right insurance tools can lessen financial impacts that come as a result of adverse life events.
  2. Business losses and claims: Companies have numerous factors to consider when it comes to losses and claims that include property, employees and customers. The risks consistently change, and an insurance management team alleviates the burden by staying on top of necessary and timely policy modifications.
  3. Individual and family protections: Clients need insurance policies for property, life, health and auto.They may also need additional products, such as umbrella coverage to protect personal assets.

Insurance managers work with clients to ascertain risks and make certain their insurance products keep them personally and professionally covered throughout their lifetimes.

Have You Considered Group Captive Insurance?

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.

Understanding the Differences Between Boat Motor Designs

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.

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.