Identifying the right times to use specialized risk management resources can be a huge help to your business, and not just because they keep you covered, but because they keep you covered the right way. Take tail coverage insurance for example. Standard policies only allow you to make claims during the policy’s coverage window. Losses identified after the policy ends that took place before it ended are simply unrecoverable under most circumstances, unless you use tail coverage or maintain a policy continuously. Since tail insurance is cheaper than maintaining an active policy, it is the cost effective choice for many projects as they end.
Examples of Tail Coverage Scenarios
Whenever you wind down a project or leave a job, there’s a potential need for tail coverage. Professionals who maintain liability insurance often need tail coverage to protect them during the transition, especially when changing states and insurers. Physicians commonly rely on it for this purpose, and sometimes lawyers as well. Financial professionals with exposure due to fiduciary obligations should also look into the ways tail coverage can protect them when moving between occupations. Less commonly, businesses that provide contracted services on the B2B market also need tail insurance. Talk to an agent who specializes in this kind of coverage to learn more about whether you should invest in a tail insurance policy.
As a real estate agent, you are the most effective when you know your clients, the property market, and your professional risks. It is easy to understand why you need to know the market and your clients, but you may wonder about your professional risks. Every business deal or transaction leaves you vulnerable to claims of negligence, errors, and omissions, or breach of contract.
Professional Liability Coverage
As a safeguard from the most common claims against your services, real estate agent insurance is a wise investment. Breach of duty and negligence suits are the most commonly filed complaints against agents, either for allegations that pertinent information wasn’t disclosed regarding a transaction or for failing to act in the best interest of the client. Professional liability coverage provides the resources to defend or clear your name.
Lack of Coverage
Professional liability protects you from risks, but not those that arise from any illegal activity. Intentional wrongdoing is another area where coverage will be denied. If you have employees or contract out parts of your job, this policy will not address physical injuries or property damage done. The coverage only extends to damages a third party may incur as a result of following your advice.
The cost of purchasing adequate coverage depends on things like your location, claims history, business size, and transaction types. Regardless of cost, it is most cost-effective to carry this insurance than handling a client lawsuit out of your own funds.
Purchasing an RV is an exciting endeavor, full of endless adventure opportunities for you and your passengers. It is a home away from home that travels with you to your chosen destinations. You want to make sure you know what to expect when you purchase insurance for your new house on wheels, whether it is parked in place or traveling down the road.
RV Insurance Protections
Whether you purchase a motorhome, trailer, or 5th wheel, your new RV needs the protections required of other vehicles on the road, but it also has many of the same risks associated with a house. As such, an insurance policy for your recreational vehicle can have coverages similar to both auto and home insurance.
What Is Covered?
Protecting your RV and its contents from non-collision damages, such as fires, floods, theft or vandalism is an important component of your policy coverage. This is the protection that safeguards your camper and your belongings, even when it is parked.
According to recreational vehicle insurance experts, you can also expect the following accident damages to be covered in an RV policy:
- Auto liability coverage
- Uninsured and underinsured motorists
- Medical costs (or personal injury protection, where required)
When you carry your home with you on the road, you want to ensure it is adequately protected. Getting insurance coverage tailored specifically for RVs gives you peace of mind to enjoy your new adventures, wherever the road may take you.
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.