insurance agent professional liability
Insurance agent professional liability, also known as E&O (errors and omissions), is treated much like malpractice in other professions. Its strict definition states that E&O liability occurs whenever an agent causes financial loss to a client. Here are three important tips to help agents understand this important liability:
Policies Are Issued on a Claims-Made Basis
E&O protection does not cover the term of the execution or completion of the work product. The policy must be in effect when the claims are made. That generally means that an agent should maintain an active policy throughout the liability period of any work product.
E&O Does Not Cover Client Conflict Resolution
A common occurrence in the insurance world is an accusation by an agent client that the agent caused financial harm by stealing away a client’s customer. These types of situations are not covered under general E&O policies, and should be addressed with another type of coverage.
E&O Liability Is Not Necessarily Related to the Quality of the Work Product
Agents who carefully proofread their work and limit the number of mistakes are not necessarily any better off as far as E&O liability is concerned. Lawsuits are often less about the quality of the work, and more about the expectations of the clients. For this reason, E&O protection is important, even for agents who have never been sued.
Agents should contact their local insurance provider to provide a personal estimate of their insurance agent professional liability.
employment agency insurance
Of the several policies included in a custom employment agency insurance package, employee benefits liability is one that deserves due consideration. Every business should cultivate their insurance to cater to their unique needs as a company, and hiring firms are no different. The policies tailored in this direction are, of course, employee-centered, focusing on issues they may have in the workplace. When your business is centered on hiring, it is important that those you hire are well taken care of.
In many cases, insurance policies are put in place to guard against the inevitable nature of human error. For instance, the employee benefits liability protects the business against claims about negligence in the distribution of various benefits. It also covers things like a failure to tell employees about certain benefits. No business owner truly wants to forget their employee, but everyone makes mistakes, and it may just slip their mind. This policy can account for missed benefits like life insurance, health insurance, worker’s compensation, unemployment, and more.
With a policy like this as a building block of your employment agency insurance package, the company is held accountable and the employee receives what they are owed. Along with the coverage, having such a system in place can also help prevent such incidences, knowing that those responsible will be held accountable. At the same time, they will be somewhat protected from their own mistakes, for the good of the company itself. After all, everyone needs protection from themselves sometimes.
Workers compensation, considered the nation’s oldest social insurance program, is burdened with issues related to the care and rights of the workforce. Initially introduced as a no-fault program to provide medical benefits and wage replacement in the place of the uncertainty of tort recovery, workers’ comp has seen a significant rise in rates over the years and this is a concern for many business owners looking for effective ways to reduce costs
How to reduce the scope and extent of injuries
There has been sustained and coordinated efforts by many employers to find ways to reduce the amount of injuries sustained in their field of operation. Many service industries rely on safety programs, training and weekly meetings to discuss the “how’s and why’s” that lead to workers suffering both minor and severe injuries and what can be done to keep the number of issues down to a manageable number.
For many workers, injuries are often plain and simply, “just part of the job.” Auto workers fully expect to sustain minor cuts and bruises, simply because of the nature of their work. Restaurant workers expect to get cuts and minor burns because they work around or near hot ovens all day. Office workers expect to get occasional carpal tunnel syndrome because of the repetitive nature of their work.
But serious injuries can and should be prevented. Knowing the dangers associated with certain types of work makes it easier to construct rules, suggestions and methods from preventing them from occurring:
- Don’t lift heavy objects alone; enlist the help of another worker
- Never stack items (such as tires at an auto shop) so high that they can tumble over and injure another employee
- Never put heavy items up on high shelves (for example, in a supermarket) where they can fall and strike a worker on the head or foot and cause injury
- Don’t leave things lying on floors, or near stairways where an employee could have a serious trip and fall causing severe injuries
While this may seem like common sense, the fact is that many businesses allow these types of practices, or don’t realize that these types of behaviors can easily lead to injuries, which can result in a workers compensation claim being filed. While there is no doubt that some workers may make fraudulent claims from time to time, but when a real and serious injury does occur is not the time to consider added safety measures. That is merely putting the cart before the horse.
Workers compensation auto dealer
While every employer wants to make their workplace safe, accidents can and do happen. At a car dealership, working with large and occasionally fast-moving vehicles, employees can be subject to a number of risks. When considering workers compensation auto dealer and insurance broker alike should remember that there are several benefits to this type of insurance.
Workers compensation insurance helps to keep employees from getting hurt in the first place, since good safety practices that protect them also help keep premiums low. This provides an incentive to reduce risk. Also, employees are more likely to be satisfied if they receive compensation; it improves morale and reduces lawsuits. Finally, compensation for workers isn’t just a good idea, it’s the law in many US states. It helps keep the company stable and productive.
This kind of compensation is good for employees too, not just employers. If a worker is injured on the job, they don’t want to have to worry about lost wages or medical fees. Compensation helps them keep their lives together in case disaster strikes and makes them more likely to return to the company after they have recovered.
There are lots of places to look for this kind of insurance; insurance brokers and managing general underwriters (MGUs) can help a workers compensation auto dealer. Employee compensation keeps companies stable, workers safe, and everybody happy.
Risk Management for CCRCs
As the life expectancy increases, the senior living industry grows with the aging population. Many of these seniors look for continuing care retirement communities (CCRC) to age at an independent living facility. This non-traditional option for seniors is meant to help them progress from independent to assisted living, and then if needed, extra care facilities. For these communities to thrive, it is important to have risk management. Risk management for CCRCs puts the residents and their wellbeing first in the facility, and provides the needed support and programs for keeping the standard of care high.
What are the Advantages to Risk Management?
Many CCRC facilities will find that there are huge advantages to risk management. By protecting the residents and their caregivers, these facilities can do the following:
- Control Their Costs
- Reduce Risk
- Decrease Losses
- Build a Stable Environment
- Increase Efficiency
What is Included in Risk Management?
There are several important aspects of a risk management program which help protect the facility from financial losses that are not anticipated. Some of these parts may include:
- Disaster Preparedness
- Health Programs
- Safety Programs
- Asset and Liability Management
It is important to implement risk management for CCRCs into your business so that you can access and prioritize the risks, and work out a way to minimize and control unfortunate events that may come your way. Talk to a qualified agent today to get more information on the best risk management strategies.
Higher Education Insurance
Higher education institutions face many challenges. One of them is overseeing a large group of faculty, staff and students. A comprehensive risk management strategy, including higher education insurance, offers protection from exposure in the event a university becomes involved in a personnel issue.
Accusations of Harassment
Harassment is illegal and can have serious ramifications. Harassment encompasses a broad range of offensive behavior including sexual, psychological and workplace harassment. In a university setting, allegations could potentially involve two co-workers or a teacher and student. Higher education insurancecan provide the resources necessary to address any accusations of harassment.
Issues Connected to Tenure
Tenure involves granting a professor a permanent position at a university usually after they have completed a probationary period of several years. It is believed to provide those who attain it more academic freedom since they don’t have to fear losing their job if they research unpopular ideas and subjects. Tenure and who gets it can be a hotly contested topic and may result in disputes.
Discrimination can involve issues on race, gender, age and sexual orientation. Implementing a thorough risk management strategy can help ensure there is a plan in place to address any claims of discrimination.
Higher education insurancepoliciescan be tailored to cover personnel disputes including accusations of sexual harassment, issues connected to tenure and any discrimination claims.
We’ve broken down common risks that the staffing industry might face and provided a staffing insurance solution to reduce that risk in this staffing insurance infographic.
Insurance Social Media
Remember the days when social media didn’t exist? Your only free means of communicating with potential clients was to either talk to as many people as possible about your business or place an advertisement on your own property. All other advertisement locations cost money, and some cost a fortune. Nowadays, with the advent of social networking, you can communicate to a much wider consumer base for free. Insurance social media is a great way to get more messages to your clients and attract new ones with your posts.
Digital Word of Mouth
You can think of social networking sites as the digital version of word of mouth. People are more likely to trust the businesses that their friends and relatives are working with, and so the networks of each of your existing clients will serve as a fount of potential new clients. Your insurance social media site will also promote loyalty among your clients by providing your followers with valuable information that showcase your expertise. By maintaining a strong social media presence, you will be able to demonstrate at little or no cost that you are a knowledgeable and hardworking insurance agent. By getting thoughtful messages out to your social media community on a regular basis, you will win over far more clients than you would with a billboard sign. Keeping up a social networking site can be time-consuming, however, so you may want to enlist the help of a professional marketing company. The results will pay off handsomely.
To become properly covered by staff insurance, you need to go through an application process like with other types of insurance policies. The process generally involves the following 5 steps.
1. Know which policy you are applying for. There are a lot of different policies to consider for the staffing industry, from employment and cyber liability to auto and workers compensation. You might find that your company needs only certain policies, so know beforehand which specific policies you want to apply for.
2. Find the appropriate application for your state. The laws for certain staffing industry policies may differ from state to state. On the other hand, other policies might need the same application no matter which state you are applying from. Make sure that you fill out the applications that are appropriate for your state.
3. Choose a submission method. There are three ways that you can submit your application: Email, fax, and mail. When you send an email, be sure to send the application to your particular account manager for your insurance. You need to know the fax number and mailing address to submit your applications those ways.
4. Wait for a reply. You should be contacted about the changes to your policies, or when your policy is approved.
5. Call your agent with any questions. Have the number of your insurance provider on hand so that you can have all of your questions answered when you need them.
Having the right staff insurance means selecting the specific policies that your business needs. Follow the steps above when applying for specific policies with your insurance provider.
Professional Liability Insurance in New York
Investing in the type of liability insurance that will protect your business most effectively can be difficult when you aren’t an expert in the area of insurance. You can’t always predict how a threat will come at your company, and in the modern business market, issues can arise almost anywhere. Having professional liability insurance in New York that focuses on providing a comprehensive solution that is fine-tuned to meet your unique professional needs can address the potential risks that a cookie-cutter insurance plan can’t.
Taking Protection Online
If there was one place where new threats are harder to prevent, it’s probably online. Many business owners simply aren’t up-to-speed on the latest technology, and can put themselves and their clients at risk. Computer viruses and cyber extortion often go on for some time before someone along the line discovers a problem. If you didn’t have the right liability insurance, the fallout could weigh solely on your shoulders, but with the right coverage, you might be able to avoid some of those costs.
Identifying Risks Before They Emerge
In many instances, experienced insurance providers can identify potential risks to the interests of your company and the security of your business before a problem lands in your lap. With the help of risk management consultants, companies who provide professional liability insurance in New York can help you make the necessary changes to reduce the number and severity of existing risks.
By finding professional liability insurance in New Yorkthat takes your protection online, and helps to identify potential risks before they become a problem, you can expect to enjoy more professional security. Common risks spread far and wide, and having liability coverage that can meet the individual risks that your business possesses can make a substantial difference in the success of your company.