All posts by JAMA Insurance

Make Risk Management a Part of Your Insurance Plan

When it comes to risk management solutions, rent a captive can be an attractive option for many companies. This is especially true for those business entities that simply can’t afford more comprehensive insurance coverage. This coverage can be crucial for mitigating the ill-effects of ongoing litigation.

What Is Rent a Captive Insurance?

In general, captive insurance companies are ‘in-house’ firms who deal chiefly with one business or entity when offering insurance products. This allows a company to retain more control over the type of insurance they receive, which can prove highly beneficial from the risk management prospective.

However, many businesses simply can’t afford to create their own captive insurance companies. Fortunately, renting an existing captive insurance company can be extremely useful in this respect because it allows you the same benefits of captive insurance without the costs.

How Does It Work?

With rent a captive insurance, a business in search of insurance is linked to an existing captive company. As a result, the business in question can be privy to the expertise offered by the captive insurance company, without incurring the financial demands typically associated with such service.

Customizable Insurance for Every Business

A variety of options are essential when choosing the appropriate insurance plan. By electing to rent a captive insurance company, a business can take full advantage of the benefits of captive insurance without spending exorbitant amounts of money.


Two Reasons to Consider No-Fault Car Insurance Coverage

Many people fail to add no-fault coverage to their Putnam Connecticut auto insurance policies because they think they are unlikely to cause an accident. However, no-fault coverage offers other benefits, even during an accident when the insured driver is not at fault. The following two advantages make no-fault coverage worth considering even for the most experienced, conscientious drivers.


1. Faster Claims Processing


Drivers who are injured in an accident and have no-fault coverage can quickly collect a settlement instead of paying out-of-pocket medical costs and waiting for a claim decision. If the other driver was at fault, a driver with no-fault coverage will not have to fight for compensation from the at-fault driver’s insurance company. Instead, the driver’s own insurance company will cover medical costs and pursues compensation from the other insurer later.


2. Guaranteed Adequate Coverage


No-fault coverage allows drivers to decide what level of coverage they want for medical expenses. Drivers can pick an amount they are comfortable with and be confident they will receive that amount, instead of being limited to amounts specified by the other driver’s policy or state insurance laws.


Additional Considerations


There are alternative types of coverage that drivers can add to their Putnam Connecticut auto insurance policies to enjoy protection similar to what no-fault coverage offers. For instance, regardless of fault, medical payments coverage pays for medical costs. However, compared to most other options, no-fault coverage offers the broadest protection against injuries sustained in any kind of car accident.


Two Reasons Most Professionals Need E&O Insurance

Errors & Omissions insurance, or E&O, is a type of coverage that many professionals overlook when they evaluate their insurance needs. Many people have faith in their abilities and doubt they will ever face a liability claim. However, just one claim can have lasting consequences. Most professionals need Errors & Omissions insurance for the following two reasons.


1. Protection Against Unwarranted Claims


Even professionals who perform their services well may face wrongful claims, and the cost of mounting a good defense against those claims may be high. An E&O policy will pay defense costs regardless of whether the policyholder is later vindicated or found at fault. People who are truly concerned about frivolous charges should elect for First Dollar Defense. Under this addition, the policyholder only pays his or her deductible if he or she is found at fault; otherwise, the insurer covers the full cost of defense.


2. Offsetting the Cost of Innocent Mistakes


Unfortunately, at some point, most professionals will make an innocent mistake that leads to substantial client losses. Subsequent defense and settlement costs can be devastating for anyone from a small business owner to a high net worth individual who provides valuable services. E&O is truly the only way to protect against these inevitable errors.


Ensuring Full Protection


Professionals who currently lack a professional liability policy should work with an insurance agent to choose or customize one. Mistakes or client misconceptions can happen at any time, and the resulting claims can be devastating for professionals caught without appropriate coverage.


Two Risk Areas Architects Should Address with PLI Coverage

It’s essential for architects and engineers to have adequate professional liability insurance. Professional liability claims against these professionals can be costly due to the expense of their work and the safety risks that mistakes can introduce. Many architects believe a basic PLI policy offers enough coverage, but to be safe, professionals should consider addressing the following two areas of liability.


1. Pollution and Contamination Claims

In the current political climate, the risk of exposure to pollution and contamination professional liability claims may be high. A good PLI policy should address mistakes made during planning or preliminary stages, such as inadequate testing of air, water, soil, or construction materials. The policy should also address the mismanagement of pollutants or contaminants during construction.


2. Liability for Independent Contractors

With so much work outsourced to contractors, it can be difficult for architects or engineers to maintain full oversight. Unfortunately, though contractors should have their own liability insurance, it is often architects or engineers who are targeted in claims. A standard PLI policy will not cover errors made by non-policyholders. A policy with explicit coverage for contractors is the best way to guard against this risk.


Reviewing and Renewing Coverage

The ideal PLI policy will vary by firm, which is why architects or engineers should compare their needs and policies annually and discuss necessary changes with an insurance agent. Regular policy reviews and updates can be the key to protecting an architecture or engineering firm’s reputation, finances, and long-term success.


Why Buy Errors and Omissions Insurance (E&O), Logistics Professionals?

You need errors and omissions insurance (E&O), logistics professionals! Mistakes happen, that is just natural when you work with other human beings. Smart companies plan for those mistakes by making sure they carry enough insurance to prevent a lawsuit. Time and money spent in court is time and money that should be going towards growing your business. Eliminate the risk; get E&O, logistics professionals.


The transportation industry today faces constantly changing rules and regulations, and the threat of litigation is apparent at every turn. More and more lawsuits are resulting in settlements and awards, which makes them much more attractive to future dissatisfied customers. When their shipment gets lost in transit, why shouldn’t they take you to court? Their neighbor’s friend’s brother just did the same thing and got a huge settlement. Maybe they should try it.


Errors and Omissions insurance will protect you. It will give you a legal defense and a settlement, if awarded, in the unhappy event that a customer decides to file a claim against your company. If they can prove they suffered damages as a result of your services, they have a claim. They could come after you for improper charge quotes, misdirected goods, unauthorized release of goods, failure to insure cargo, to name a few. Protect yourself. Buy E&O logistics professionals; buy it today!


Tips to Avoid a Costly Business Malpractice Lawsuit

Every business should have established tactics to ensure it is delivering the best products or services to its customers. Straying from those codes can mean more than just an unhappy customer. For some companies, an error or omission can result in a costly lawsuit that may be budget-breaking. There are several things business owners can do to avoid such a claim, such as purchasing e & o insurance. Follow these tips to mitigate the risk of an expensive lawsuit.


1.       Improve Customer Service


One of the best ways to settle a dispute outside a courtroom is to employ best practices in customer services. Talking to a disgruntled patron and offering solutions not only reduces the chances he or she will sue, but it can actually improve the way he or she thinks about the company.


2.       Only Make Promises That Can Be Kept


Many lawsuits involving business malpractice stem from situations in which a company provides misleading information. Absolute promises and guarantees can leave the door open for a mistake. Therefore, a business should only enter into those situations if it has complete control over deciding factors.


3.       Get Covered


Even when a business owner takes every necessary precaution, mistakes can happen. A sound e & o insurance policy can reduce the financial burden of a lawsuit. Business owners should work with reputable agents in order to determine a plan that will meet their budgetary needs.


What Type of Insurance Does Your Staffing Agency Need?

For a temporary staffing insurance plan to be truly effective, it must contain comprehensive coverage. Such coverage should be applicable to a number of different circumstances. This is especially important for staffing agencies, many of which face unique challenges not found in other industries.


Plans Custom-Tailored to Your Company


To fully customize a temporary staffing insurance plan, one must choose a number of different policies to ensure all insurance needs are met. These policies should include protections for a variety of circumstances, from theft to worker’s compensation procedures.


In addition to more general policies, staffing agencies should also consider implementing specialized plans. These can include:


  • Employment Practices Liability – These plans offer coverage for things like on-the-job harassment and discrimination. Because discrimination suits can entail exorbitant amounts of money for legal proceedings, a trustworthy plan is essential.


  • Hired and Non-Owned Auto Liability – When a company utilizes vehicles that are not actually owned by the company itself, these policies protect against financial loss incurred by auto accidents and other sources of property damage.


  • Fiduciary Liability – For companies offering employee benefits plans, a fiduciary liability policy affords coverage in the event of improper investing procedures or other fiduciary issues.


The Right Insurance Plan for Your Business


When it comes to successfully running a staffing agency, insurance is a key part of the equation. By utilizing a combination of protections, staffing firms can rest assured that they will remain protected no matter what.


What Staffing Insurance Can Do for You

Running a staffing agency is never easy. There are so many different things that need to be considered. One of those things you need to think about is staffing insurance. This type of insurance is important for your agency for a few key reasons.


Protects You


The first thing that any type of insurance does is it protects the business against claims of damage to persons or property. These claims can be from employees placed by your agency or by employers who have had enlisted your staffing services. Either way, these claims can be detrimental to your pocketbook if you are not properly insured. Insurance keeps your money where it belongs – with you.


Protects the Employees You Place


Insurance can also protect the employees you place into other companies in the event of an accident. Many policies protect the company in the event of damage or accident caused by an employee placed by your agency. This makes it so that the employee isn’t, themselves, liable for the damage caused. The damage will be compensated for by the insurance policy. In this way, it protects the employee from having to pay for damages themselves.


There are many different reasons to get staffing insurance for your agency. With so many things that can go wrong, making sure that you are covered in the event of an incident could be crucial to your company’s survival.


The Many Types of Real Estate Professional Liability Coverage

As a realtor, you work tirelessly to help meet your client’s needs. Yet your clients may not always recognize the value of that work. They typically have a lot of money and personal and/or professional interests tied up in their deals. If and when those deals go south, you’re often viewed as the reason behind the failure. Thus, having real estate professional liability insurance becomes less of a luxury for you as a real estate professional and more of a business necessity.

Real estate professionals face liability issues from all sides. Those operating in any of the following fields may find themselves to be particularly at risk:

  • Commercial and residential properties
  • Property management
  • Foreclosures
  • REO
  • Property preservation

The Protection Professional Liability Coverage Provides

A general liability policy often won’t provide you or your firm with coverage against all of types of scenarios. In fact, many are remarkably limited in the amount of protection they provide. Fortunately, a real estate professional liability extension will offer special coverage for almost any and all unforeseen scenarios, including:

  • Network and information security
  • Property damage
  • Bodily injury
  • Crisis event expenses

Plus, with this extension, you get the added assistance of an insurance professional to provide any claim and pre-claim assistance.

While you certainly never plan to encounter difficulties with any of your clients or their real estate deals, real estate professional liability insurance has to be viewed among the cost of doing business in today’s litigious society. Ultimately, you can’t afford to not surround yourself and your firm with this added layer of protection.


Facing Challenges on the Road

As most drivers know, the road is full of unpredictable potential dangers. In the case of transportation companies, this knowledge is often even more present. These businesses face unique challenges that deserve unique solutions. Though certain incidences cannot be prevented, they can still be prepared for with insurance. A limousine company is an especially unique member of the transportation industry. To get the best limousines insurance in New Jersey, go to a provider that understands this.


With their insight, the right provider can help build a policy that is tailored specifically to what a business needs. Purchasing insurance is vital to protecting a company and helping to ensure its success. This helps keep assets safe, like the vehicles themselves, as well as the drivers. This is done with policies like general liability and physical damage. It also safeguards the company against legal liabilities, making sure someone is on their side in case of a suit.


With a provider that is experienced in the field can offer some of the best limousines insurance in New Jersey. Find someone that knows the unique concerns faced by such a company, and can face those concerns with solutions. Protecting a business with insurance is one of the smartest moves its operators can make, helping carry it on its way to success. Though certain incidents may be impossible to prevent, we can still do all that we can to prepare ourselves. That’s what finding great limousines insurance in New Jersey is all about.