Operating a trucking company can put you in an interesting position when it comes to insurance. While all industries offer unique insurance challenges, the transportation field comes with a ton of risks and variables. Every single time a driver gets behind the wheel of a company truck, there is the potential for an accident. To cover all potential risks, you want to focus on taking out a plan that will keep your workers safe and help you protect your vehicles and other company assets.
Occupational Accident Insurance Basics
It is always best to consider the specifics when providing insurance for your drivers. When you have a strong idea of what occupational accident insurance for trucking companies is, for example, it can provide you with a much easier experience overall. Occupational coverage typically includes an array of commonplace risks associated with the transportation industry. What’s more, it can also be used as a way of providing workers’ compensation coverage in some states. Be sure to check over local regulations to know what applies to your state. Additional areas to focus on include:
- Coverage for independent contractors
- Weather and road hazards
- Proper coverage for the vehicle itself
Research All Your Options
There are several ways to go about providing your drivers with ample coverage while they’re on the road. Review the basics and get a better feel for all the options available to you.
To be successful as well as financially secure, companies need insurance protection. The policies needed, however, vary based on several factors, including by industry, business track record, and client requirements. While many company owners know about and purchase liability insurance, they may not know about other important types such as surety bonds. For many businesses, surety bond insurance coverage can help in several important ways.
Surety bonds can help businesses win contracts, especially if they are in the construction industry. Government entities at state and federal levels also usually require contractors to have surety bonds. This special type of coverage helps smaller companies competing for lucrative contracts show their value.
Earn Client Confidence
Surety bonds are legally binding contracts that ensure agreed-upon work will be completed. When businesses purchase this coverage, contractors are assured of that company’s trustworthiness.
Build a Work History
Just like young professionals starting out with the perennial question of how to get hired without experience, young businesses face the same dilemma. Surety bonds can help. Even new companies without a long history of jobs can more easily win prestigious contracts because clients are confident the contractual work will be done.
The right bonds help companies get contracts that propel them into the future. Surety bonds are valuable investments into companies’ long-term successes.
There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you’re buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don’t need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you’re on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.
Most people are familiar with standard workers’ compensation insurance policies covering on-the-job injuries and illnesses for employees. However, some industries require a more specialized version of this coverage.
All businesses that work near navigable waters must have U.S. Longshore and Harbor coverage for their employees. The federal government requires this type of insurance under the Longshore and Harbor Workers’ Compensation Act of 1927.
What Are the Protections of USL&H Coverage?
This kind of policy supersedes other workers’ comp laws because the federal government mandates its use. Some covered risks include:
- Disability and death benefits
- Weekly allowance payments for rehabilitation services required after an injury
- Loss of wages benefits due to partial disabilities
- Legal fees for claimants challenging a denial
- Spouse benefits in the event of permanent disability or death.
What Types of Workers Need This Insurance?
Employees who work on the water have different requirements than those that work adjacent to navigable seas. Businesses that must secure this policy type include:
- Harbor workers
- Maritime construction workers
- Dock builders
- Marine contractors
Employers with companies that conduct business near the water must have adequate USL&H coverage to cover illnesses or injuries sustained by employees while performing job tasks. Benefits depend on the worker’s earning capacity and wage loss following an injury.
Nonprofit organizations contribute a lot to the communities around them. While their intention is not to make money, they are still just as vulnerable to lawsuits as any other company. People still make mistakes and people can still file claims against the organization.
Do Nonprofits Need Management Liability?
Often, in nonprofit organizations, the management team does not have the same level of experience as management teams in for-profit organizations. With less experience, there are more liabilities to take into consideration. Whenever there is an allegation against the director or office, it can financially devastate the organization. You need management liability so that you can pay the legal fees to fight an allegation and any damages you may have to pay.
What Are Common Claims Against Nonprofits?
In every organization, where there is a responsibility there is also a liability. This is one of the major similarities between for-profit organizations and non-profit organizations. Nonprofit organizations are not immune to claims or complaints. Some of the more common claims include:
- Contract disputes
- Harassment allegations
- Wrongful termination
- Wage disputes
Nonprofits can be the targets of lawsuits for numerous reasons.
Nonprofit organizations are critical to a lot of charities. Nonprofits help build communities, provide assistance and support. No matter the kind of work that you’re doing, you need to keep your organization protected with nonprofit liability insurance.
You work hard to provide your clients with the best services available and your company has taken the necessary steps to prevent and detect errors and omissions during the brokering process. However, the duties of a mortgage broker are many and varied, and mistakes do occasionally occur. These can easily lead to costly lawsuits, which is why errors and omissions insurance should be a component of your company’s risk management strategy.
What Does It Cover?
Professional indemnity for mortgage broker typically covers a wide range of errors and omissions arising during the performance of your professional duties. Examples of common claims include:
- Inaccurate counseling or advice
- Failure to disclose or wrongful disclosure of terms
- Unlawful foreclosure and eviction
- Perceived discrimination in underwriting
- Incorrect ARM adjustments
Are There Any Exclusions?
While E&O policies provide protection from many different claims, there are some exclusions. These primarily result from deliberately unethical or illegal actions. A policy will not provide coverage if a claimant proves that you or your company has, for example, engaged in intentionally dishonest or fraudulent acts or that there has been a conflict of interest from which your company has profited.
Despite these few exceptions, errors and omissions insurance provides vital protection from potentially expensive litigation. An expert in professional liability insurance can ensure that your brokering company is prepared for any eventuality.
Imagine it is a beautiful afternoon. The sun is shining; the water is calm. It’s the perfect day for a boat ride with friends.
You’re speeding along, enjoying yourselves, when suddenly a person falls overboard. Do you know what to do?
Develop a Man Overboard Plan
Like any emergency, it’s best to have a procedure in place before someone falls overboard. Make sure you have flotation gear on board and explain what to do if a passenger falls in.
Share these steps with everyone on board:
- Shout, “Man overboard,” to alert everyone; keep your eyes on the individual.
- If you can’t find the person in the water, turn off the boat to prevent injuring or killing the victim.
- Turn on the man-overboard button on your GPS if you have it. The MOB function will mark the location where the person fell in.
- Throw flotation devices to keep the person above water.
- Try to get the victim back on the boat, ideally via the swim platform or ladder.
- If the situation seems life-threatening, use your radio to call a mayday. You can cancel the call if you get the person safely back on board.
Be Prepared and Save Lives
Accidents are always a possibility even when the water is calm. Before you set sail, be sure you have flotation devices and an emergency plan. Make sure everyone on board knows the drill. You just might save a life.
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.