The water risks involved in the water treatment industry can be easily underestimated or overlooked. This creates unnecessary exposure for your business. Is this happening to you? In today’s litigious business environment, it is essential to ensure that you have the correct water treatment insurance in order to protect your assets against claims.
Water treatment companies, contractors, consultants, and sub-contractors engage in the prevention and control of legionella (the bacteria that causes Legionnaires’ disease) as well other contaminants. This includes those who supply, install and maintain water treatment equipment in addition to the businesses that treat, purify, and disinfect water systems, potable water and industrial water. In the past, there has been a lack of understanding of the liabilities associated with the water treatment industry. The result was inadequate coverage. It was common to find standard policy restrictions exclude major risk categories.
Legionnaires’ incidents have been increasing in recent years. Legionnaires’ disease is a life threatening bacterial infection with an estimated 10% risk of death. These cases can be incredibly costly. Should you ever find yourself involved in one of these cases, it is imperative to have the correct policies in place to protect your business. Water treatment insurance is designed specifically to cover the liabilities associated with legionella contamination and other risks specific to the water treatment industry.
An important recent change in the way civil money penalty liability insurance is handled by financial institutions involves the holder of the policy. Whereas this protection was once a component of a larger leadership D&O insurance policy, it is now divided off and held by individual officers and directors.
A Shift Towards Individuals
This widespread change is due to many factors, but chief among them is the increased scrutiny of regulatory bodies. This oversight has led to many officers accepting the personal responsibility for risks associated with their own professional ethics. Leadership members now often hold and pay for these policies as individuals.
The Institutional Context
The fact that these civil money penalty liability insurance is most often held by individual members of the financial organization’s leadership does not preclude them from being affected by the institution itself. In fact, the opposite is true. Many important policy factors hinge on the institution:
- Premium amount
- Policy availability
- Coverage level
Different institutions might pay more or less for the same amount of coverage. Determining this cost typically requires a close analysis of the structure and history of the company. Additionally, as this type of insurance is often viewed as a preventative or a peace of mind policy, it might be difficult to obtain civil money penalty liability insurance if such penalties have been issued to an institution in the recent past.
If you are like many people, you want to save money on your insurance. You may have just added coverages for your personal life and your business as you have needed it over the years and not given it much thought. You might even obtain policies from multiple agents and companies. A way to possibly simplify your life, and maybe save a little money in the process, is to bundle all of your coverages with one insurance agent or broker. In New England, IFS Insurance is a company that could work with you as you try to bring all of your needs under one roof.
You may be asking, “What’s the payoff?” It could, in fact, be two-fold. First, by combining coverage, you will immediately have an opportunity to establish a better relationship with your insurance agent. The step of moving all of your policies to one place can demonstrate that you understand the value of insurance and possibly want more service for your money. It can also signal that you no longer view insurance as simply a commodity, but as a vital part of both your personal and business finances.
Secondly, some insurance companies are sometimes willing to discount premiums when you have more than one policy with them. This decision could pay you dividends for years to come. A company like IFS insurance, that handles almost all types of insurance coverage, will probably be happy to discuss your individual needs and concerns about your current situation.
Are you getting tired of working for someone else? Do you you toil away and get less than you deserve? If you are ready to start your own business, you are among millions of Americans that have decided to take control of their livelihood and work for themselves. There are many factors to consider before you get out on your own. You will need to deal with things like cash flow, taxes, office space and commercial insurance in Wilmington, DE. Here are a few easy steps to get you started.
Make a Plan
You may have a mental picture of your business. However, you will likely need more than that to have a good chance of succeeding. Create a formal business plan by reading a book or seeking help from an agency like the Small Business Administration. Business plans come in handy for the next step, and they are great to keep on hand to help you stay on course.
Get a Loan
Many people starting businesses need an initial inflow of cash to get them started. Start with the banks. If that does not work out, you can look around for one of the many alternative funding sources available.
Buy a Commercial Insurance Policy
Just about every type of business could be wiped out by events beyond their control. Having insurance in Wilmington, DE, could help protect you from having to cope with unplanned loses due to things such as disaster, theft or fire.
In any business, liability coverage is a concern that should be addressed before a problem happens. Insurance can be a great way to protect your company if you are found liable for any damages or injuries that occur at your place of business or during the work being performed. Wholesale transportation insurance programs exist for many companies because transportation is an important part of much of commerce around the world. Here is some more information about this kind of insurance.
There are many different types of coverage, such as airline, marine and ground insurance. In these broad types, there are also sub-categories such as theft, property damage and injury. Because there are so many options, it is rarely a one-size-fits-all scenario, and some bigger companies may even choose an umbrella coverage in addition to their normal insurance plan just to make sure all bases are covered.
Getting the right kind of insurance for all of your needs is an important part of running your business. Not only does it keep your company safe, but it also keeps your customers and the general public safe in the event that something happens. The right wholesale transportation insurance programs can ensure that anyone affected by a situation such as an accident can get recovery for it, without your business going bankrupt in the process.
Business owners drive the economy largely by being willing to take certain calculated risks. The word “calculated” in that last sentence could be considered what separates business acumen with down right foolishness. In a perfect world, one’s commercial insurance agent should become a trusted advisor in ventures that lend themselves somewhat to chance. Most companies need more than just a litany of standard policies from which to choose. Insurance Financial Services is one company in New England that as a rule seeks to partner with businesses.
When searching for the right insurance agent, one should do well by keeping the above points in mind as well as exercising a little common sense. Finding someone trustworthy to work with is often not just a matter of evaluating hard facts, but often the one searching needs a good dose of intuition to make the right decision. After reviewing the data about the companies in the running, the next logical step would be to narrow them down to a list of three to five that seem to be the best fit. Next, the insurance shopper could conduct in-depth interviews with the top two on the candidate list. Based on what is gathered in these two interviews, a choice can usually be made as to who will best serve. Coverage providers should like this process since it gives them a chance to tell what makes them unique. Insurance Financial Services, for example, will usually jump at the chance to meet with potential clients and discuss any particular risk management needs.
To understand what EO insurance in New Jersey is, it is a good idea to start by understanding what errors and omissions are and why you would be liable for damages these things can cause. In a lot of businesses, you work closely with clients to determine what they need and how you can best deliver the answer to those needs. Usually this either works or you can work together to refine the product; sometimes, however, there are monetary losses involved in errors or omissions and you can be liable for these losses.
With the right insurance coverage, you will not have to go bankrupt from any losses that your clients occur from these omissions or errors on your part. The best way to find the best coverage, it is a good idea to sit down with an experienced agent and go over all the facts. This can line up your needs with your options and ensure that there are no gaps in coverage. Because errors and omissions can incur in many different industries, it may be difficult to pinpoint your needs without the help of a qualified agent.
EO insurance in New Jersey can help cover you from the costs of many different errors and omissions. Regardless of how safe your practices are, and how professional your employees are, mistakes do happen and you will want the right insurance plans to cover them.
Imagine that your company just landed that first big construction job. You did all your homework on the bid, and as a result, everything turned out right. You have been offered the job, but there is one stipulation that you might not have calculated in your plans. The client is asking that you be bonded. Companies that ask for construction bid proposals often require that the winning contractor be bonded. Construction, while it may not often be thought of this way, can be a risky business. Bonding is a way that the client can protect themselves financially in the event that anything goes wrong with the work you perform. Insurance Financial Services (IFS) is a company in New England that could help guide you through the necessary steps to get bonded.
When your firm is bonded for the first time, there may be some additional paperwork and details to be addressed with the bonding company. Having experienced professionals like the ones at IFS available to assist you can be a source of comfort. After you have been bonded once or twice, the process generally gets easier and less involved. It is still helpful to retain a trusted advisor to help you avoid any unforeseen pitfalls. Having to get bonded for the first time can seem a little daunting, but in reality, it is a process that many companies treat as the normal course of doing business in areas that can contain a component of monetary risk.
Your company has a few vital players that keep it moving forward, visionaries whose knowledge and skill are central to your operation, who can’t simply be replaced if something unfortunate happens. While your key people will eventually need successors, you also need a hedge against the turmoil that losing them could cost. That’s where key person life insurance becomes vital to your business interests.
Key person policies are built to allow companies to take out insurance that benefits the company in the event of an employee’s death. This provides a base of resources for overcoming the transition and its unexpected consequences, from additional marketing for the new position to the costs of interim management solutions.
If you are trying to figure out who you need to consider taking out key person life insurance coverage for, you need to talk with professionals who deal with key person policies every day. They will be able to review your coverage and options and help you decide which members of your organization are vital to its continued success. They will help you review your coverage options, and they may even be able to advise you about ways to save on the expense of multiple policies, depending on your exact volume of need.
Your community association is entrusted with the well-being of its residents in a lot of ways. At the very least, you protect communal investments and help keep people safe. Some community associations go further, though, and it’s important that they have a community association liability program that goes further with them. That’s why people who represent those organizations, from property managers to board directors, need to work with insurance professionals who understand how to protect these communal resources and the people who manage them.
Professionals who build liability insurance for HoAs and other community groups that depend on volunteers to work are your best resource for understanding your insurance needs. If you want to make sure your coverage is complete, you need to look at the insurance companies that make this niche their business, so you can get appropriate advice about liability coverage levels. This protects volunteers in the event of any misfortune on the organization’s behalf, and it protects residents too.
Don’t wait to learn more about choosing the right community association liability program. Get in touch with the insurance professionals who already know this industry to find out whether or not your community association could benefit from more extensive coverage. You’ll never know if you never ask.