If your business relies on one or a few key people whose death or departure would greatly affect your ability to continue operations as usual, you probably need key staff coverage, even if you don’t know it. This form of life insurance is typically taken out for company founders, top tier decision-making executives, and other professionals whose day to day guidance steers the entire organization. While it’s easy to see how large companies could require these policies, they’re actually vital for small companies, especially those that are still founder-run.
Protect Your Business Finances From Disruption
The main goal of key staff insurance is to provide a financial buffer during the turbulence that comes in the wake of the loss of a vital member of your strategic team. When these professionals depart under normal circumstances, you have the chance to plan for it and to work with a transition team to bring in new talent that can fill the role. This isn’t so when someone unexpectedly passes away, and the sudden vacuum can devastate the daily processes that keep companies moving. Often, insurance is not only taken out for company leadership, but also for specialized positions where replacement staff could be difficult to find. For an evaluation of your company’s needs and likely key roles, talk to key staff insurance professionals today.
The statistics for work-related injuries are shocking. 2.3 million people die every year due to work-related accidents and injuries. Outside of the deaths, there are 340 million work-related injuries and 160 million work-related illnesses that take place each year. If you are not covered with a workers’ compensation policy and still want to be insured in case something goes wrong, occupational accident insurance may be for you.
How Does Occupational Accident Insurance Protect You?
This type of insurance provides coverage to employees who are injured or killed in a job related incident. It stands as an alternative to workers’ compensation and can be extremely appealing due to its much lower cost. Occupational accident insurance is about 50% cheaper than workers’ compensation. If your company does not need all the benefits that a comprehensive workers’ compensation policy provides, this type of insurance may be your best option.
While occupational accident insurance is much cheaper than workers’ compensation, it does come with drawbacks. The biggest of these drawbacks is the fact that occupational accident insurance does not cover legal expenses. Because of this, business owners need to be aware that they are assuming a certain amount of financial risk by using this type of insurance.
As the owner of a business, you need to insure your employees in case any of them are injured or killed at work. Occupational accident insurance can be a great alternative to workers’ compensation if you don’t need all the benefits that workers’ compensation provides.
Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.
Marina Liability Protection
Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.
Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:
- Real estate
- Personal property
- Docks, piers and wharves
- Owned vessels
- Operational equipment and tools
Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.
Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.
Even in the best of times, needless spending on insurance premiums just doesn’t make sense. If you need to save money or simply want to trim the budget, here are three simple things you can do to lower your auto insurance premium.
If you have an older vehicle, you may consider dropping collision or physical damage coverage entirely. According to the agents at Glendale Insurance Agency, many polices pay out actual cash value which factors in depreciation, meaning you may get very little back in the event of a total loss.
In the event of a covered loss, the deductible is the amount you would pay out of pocket before the insurance company contributes its share. Some customers prefer to raise the deductible and take the risk of paying a little more for a loss that may never happen in exchange for significant premium savings now.
Vehicles are rated by the amount of miles driven on a weekly or yearly basis. If you’ve recently retired or have begun working from home, you may be eligible for a lower rate. The saving are especially significant if the change comes from a youthful driver who no longer commutes to work or school or now has his own insurance.
Auto insurance is vital to being responsible on the road, both for yourself and other drivers. However, it’s always a good idea to examine ways to lower your premium.
Both federal and state-level governments have taken steps to ensure that the United States’ labor force is protected from exploitation and hazardous working conditions. While there are rules governing working conditions, there have also been regulations to address workers’ benefits and wages.
The Importance of Workers’ Compensation
Under workers’ compensation legislature, eligible injured workers receive both medical care and partial repayment of lost income for injuries sustain on the job. This coverage is offered through a benefits plan, with the limitations of an application being influenced by the size and scope of the business. This coverage also protects employers from being sued by employees who were injured while working.
The Eligibility of Workers’ Compensation
There are many variables in determining eligibility for workers’ comp, though the primary factor for companies required to carry it is how many employees are on payroll. There are some smaller businesses and services that elect to carry and offer this coverage to their employees, and an FLDFS proof of coverage search would reveal which employers offer a policy.
State governments determine what coverage is required, and some states dictate where the plan must be purchased. Employers that don’t comply are exposed to heavy penalties from state authorities, as well as the financial burden of settling an accident or injury claim out of pocket. Either of these situations could be devastating for a company.
Spending money on insurance is one of the least pleasant experiences of vehicle ownership, but it is something you can’t afford to go without. For those who like to cruise around town or on long country drives on a Harley or Indian, motorcycle insurance is a must-have. Here are some basics concerning this coverage.
It’s a Preventative
For any insurance coverage, it is better to have it and not need it, than to need it and not have it. Beyond the wisdom of protecting your financial interest, most states require a minimum amount of liability coverage for any motorcycle being registered. You avoid paying a fine, having your motorcycle impounded, and paying thousands to resolve an accident when you carry insurance.
It’s a Support
For those who carry minimum liability, it is only enough insurance to handle the aftermath of what happens to the other driver when you cause an accident. Though creates a cheaper premium, it doesn’t mean your own injuries or bike damage will be covered. With the right plan, you have the financial support needed to address bodily injury and property damage. When you compare paying for these costs against your premium, the insurance plan is the better deal.
It’s a Comfort
As you take your motorcycle to work and navigate crowded streets, it is comforting to know that you have the protection you need in the event of an accident. Though it would be a devastating situation, financial peace of mind means a lot.
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Sometimes companies create what are called captive agencies to cover themselves. They do this to get comprehensive insurance for uncommon risks that may be expensive to insure or for which coverage may not even exist. However, if you are interested in customized coverage but cannot afford to start your own captive agency, industry experts suggest exploring the advantages that rent-a-captive offers.
Basics of Renting Insurance
Starting a captive agency is time-consuming and requires careful logistical and financial planning. Hiring knowledgeable staff to manage it is also expensive. If you do not have the resources to undertake to start your own captive agency, you can benefit from services provided by one that is already operating smoothly.
With rent-a-captive arrangements, a captive offers its services to outside organizations and businesses for a fee. Captives can provide underwriting, financial consulting, reinsurance, and accounting expertise.
This type of insurer checks the financial security of potential new clients and performs risk assessment before providing coverage. In addition to avoiding potential loss from high risks and earning a minimal annual fee, rent-a-captives also hope to get profits from underwriting work. This specialized type of insurance provider is one of the most popular areas within the captive niche.
A good first step to forming a captive agency is renting services from an established captive. With this arrangement, you benefit from professional expertise while organizing your resources to eventually set up your own.
Can subcontractors drive company vehicles? The short answer is yes. As with all questions related to business relationships, however, the complete answer is that it depends on the circumstances and risks involved.
Subcontractors usually supply their own tools, rather than relying on a client to provide them. Allowing a subcontractor to drive a company vehicle blurs the line between employee and contractor, and can lead to the breakdown of a good working relationship. Situations do sometimes arise in which it is simply more convenient or cost-effective for both parties if the contractor uses a company vehicle. In these cases, the decision whether to allow it is up to you
Unless specifically named on your policy, a subcontractor is not covered by your auto insurance. Therefore, it is a good idea to ask for proof of insurance before allowing one to drive. You also should consider purchasing professional indemnity insurance, sometimes called comprehensive independent contractor liability insurance. This type of policy will protect you in case a contractor is involved in an accident that results in a lawsuit.
It is perfectly legal for a subcontractor to drive a company vehicle, and sometimes it just makes sense to do so. If you decide to allow this practice, always ask for proof of insurance, and be sure your own policies are up to date.
If you’ve been considering diversifying your heat and oil business to include propane delivery services, this can be a profitable move. However, there are also many things to keep in mind before jumping into this new endeavor.
Going into the propane industry will require a large financial investment. It could put a significant financial strain on the rest of your business. Many of the upfront costs that you will need to consider include bobtails, storage families and tanks for your consumers.
If your business is in a strong position financially, then this move can make a lot of sense. For businesses that are already struggling, it can make their situation worse.
Because propane is a hazardous chemical, your employees will have to go through additional training in safe housing and delivering propane. Some of the hazards include:
- Propane inhalation
- Direct skin contact
- Correct use of protective equipment
- Environmental disasters
These risks will necessitate the addition of propane dealers insurance to your commercial policy. If there is a mishap, you want to ensure your business is protected.
Propane can appear to be a lucrative business, and it can be if you have the resources to get a new business off the ground. Understand the risks and be cautious as you enter into the industry.
Taking out the right insurance plan can make all the difference when it comes to the long-term success of your business. Every industry has unique risks, which means you want to make sure your insurance package is tailored to the specifics of your field. If your business involves vessels that operate on navigable waters, you definitely need to understand United States Longshore & Harbor coverage and how it compares to a traditional package for Workers’ Compensation.
The Basics of USL&H
Understanding how USL&H insurance works are quite simple. Essentially, workers who are on boats and other large sea-faring vessels on navigable waters are in a unique position when it comes to insurance. Being both at sea and possibly away from the shores of the country where the business is based creates obstacles. United States Longshore & Harbor coverage tackles this problem by providing ample coverage for all workers who are at sea. Opting for this type of coverage is not only helpful for your business, it also is required for certain businesses. Additional points to consider include:
Properly Protect Your Employees
To properly protect your business from the risks of your industry, you need insurance that can rise to the challenge. Look into how United States Longshore & Harbor coverage works and determine if it is needed for your business.