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Group Disability Made Simple

Group Disability Made Simple

If you have worker’s compensation coverage in your insurance policy for your business, you may wonder why you would need coverage to apply to the injury or illness of employees. However, caring for your employees well often includes short-term disability group coverage.

The Basics

The fact of the matter is that your employees could face huge losses if they must be away from work for more than a few days at a time. Group disability allows you to offer help if an employee must miss work for medical reasons. The amount given is a predetermined percentage of the employee’s salary. This can even apply to an absence like maternity leave. Short-term group disability coverage is based on the assumption that the worker will be returning to their job at the end of medical leave.

The Purpose

If your company can offer a robust benefits package to care for a plethora of medical possibilities, then perhaps group disability isn’t necessary for you. However, this type of coverage is helpful to businesses who can’t afford top quality medical benefits for every one of their workers. It ensures that they will still be taken care of in case of an accident or severe illness.

This small addition can be very beneficial to your benefits packages for your employees. Insurance experts can help you determine exactly what you need to best serve your employees and grow your business.

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How Employment Liability Coverage Can Help Your Business

How Employment Liability Coverage Can Help Your Business

Regardless of your business, it is important to have the right type of liability coverage in case employment issues come up. This could be anything from FMLA to working in a hostile work setting. Learn more about how having this coverage is important for the well-being of your company.

Insurance Coverage Can Help You in Different Situations

Having employment practices liability insurance is important since there are various problems that can occur within the workplace. This can include sexual harassment, workplace harassment, wrongful termination, and even wage issues. Having this type of coverage set up in for when these issues happen can save time and money in the long run.

It Can Save Your Company Money

If you get sued for any reason, you might owe money to your former employee. This can cost you a lot out of pocket, even if your business is doing well. By having insurance coverage, you can avoid some of the issues associated with cost, since the insurance can help protect you, depending on your situation.

Having employment liability insurance is helpful for any variety of employment situations your business could encounter along the way. It can also protect your company and help you save money in the event you are sued and owe money to the other party.

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Temporary Suspension of Truck Driving Limits

Temporary Suspension of Truck Driving Limits

The country has experienced a shortage of supplies to combat the COVID-19 pandemic. In response, truck driving limits lifted to help stores and healthcare providers meet the needs of people. However, there are some stipulations around the regulation suspension.

Applicable Carriers

As seen on https://www.programbusiness.com/, the current pandemic has sparked the necessity of suspending truck driving hour limitations. Not all carriers have the ability to increase the driving time. Those who supply food, medical supplies and necessary sanitation goods fall within the temporary suspension.

Unprecedented Announcement

This is the first-time limits have been lifted nationwide since adopted. The unprecedented move hopes to improve efficiency and timeliness to impacted areas. Many of these locations have a variety of shortages from hand sanitizer to toilet paper to N95 masks. These goods are essential for people to meet daily needs and combat the spread of the virus.

Normal Regulations

For those carriers who do not deliver necessary goods, they must abide by the driving limits in place. Truckers not sure if they qualify should ask the Federal Motor Carriers Safety Administration or local law enforcement for clarity.

Even though the truck-driving limits lifted for certain carriers, it is uncertain when the limits will go back into place for all carriers. The hope is the temporary suspension can help with immediate supply issues.

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Avoiding Benefits Admin Mistakes

Avoiding Benefits Admin Mistakes

Employee benefits administration is an integral part of your human resources department’s personnel management responsibilities. It’s imperative that your benefits programs are managed accurately and efficiently. Employees need to be properly advised, and important legal guidelines must be followed. Periodically reviewing your company’s existing policies and benefits enrollment will ensure that your operations are in compliance and help prevent your company from making costly errors.

Ensure Legal Compliance

Employer obligations with some benefits such as health insurance are affected by periodic legislative changes, such as the affordable care act. It’s important for companies to continually review their health insurance plan enrollment and administration procedures to ensure that they’re in compliance with federal and state-mandated requirements.

Spend Smartly

In electing group coverage benefits, some employers end up paying for features or services that their employees don’t actually need or use. Source: https://www.isurepro.com. Identifying and eliminating benefits admin mistakes in addition to finding out about what your employees most value will help your company to budget for benefits cost-effectively.

Get Expert Help and Analysis

Your company will benefit from working with a broker that specializes in group policy advisement for employers and is knowledgeable about employment benefits liability. Their expertise can assist your organization in practicing more effective benefits management and reduce unnecessary exposure to benefits administration liability.

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Two Claims Concerns for Fiduciaries

Two Claims Concerns for Fiduciaries

Those who are in positions of management over employee benefits packages are called fiduciaries, and with great power comes great responsibility. The nature of their job duty opens them up to lawsuits and legal claims, which can be detrimental to both the employee and the entire company. Regardless of how big your company may be, the team at Axis Insurance highly recommends adding on fiduciary insurance to your current policy package.

Common Areas of Claims

For those who work as fiduciaries, there are some common areas of fiduciary insurance claims. The insurance plan is to protect from the financial loss that accompanies both founded or unfounded claims, and the coverage would be applicable in the following settings.

  1. An employer relied on a third-party company to manage investment funds, but the third-party was caught skimming funds from the top of employee contributions. The employer can be held liable for the funds that were taken and the funds associated with lost investment opportunities.
  2. An employee wanted to transfer certain investment funds out of a risky venture. The fiduciary delayed the transfer, and in the meantime, the venture imploded and the investment was worthless. The fiduciary can be held liable for the financial damages.

There are many scenarios that could be explored since there are several areas of control with fiduciary duties. These challenges can be mitigated with a strong insurance plan in place.

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Insurance for Propane and Fuel Oil Dealers

Insurance for Propane and Fuel Oil Dealers

Propane and fuel oil dealers face innate risks daily. Their ordinary operations involve multiple phases that carry dangers. The right insurance is paramount to protecting workers, companies, and the public. As seen on https://www.tangramins.com, some specialized insurance businesses focus on reducing risk for fuel oil dealers.

Who Needs Propane and Fuel Oil Dealers Insurance?

Many types of companies benefit from this type of specialized coverage.

  • Diesel sellers
  • Propane sellers and distributors
  • Fuel oil sellers and distributors
  • Fuel and service stations, including convenience stores

As the needs of this industry are unique, the best insurance policies should include novel, proactive risk management, and litigation strategies.

What Does Insurance Cover?

Look for policies from reputable insurance specialists that provide a variety of coverage options.

  • Workers’ Compensation
  • Excess Liability
  • Inland Marine
  • General Liability
  • Property
  • Vehicles

Customizable policies let you choose the coverage that applies to your particular needs in all business phases, from storage to transportation.

The Benefits of Good Coverage

When you choose insurance designed specifically for propane and fuel oil dealers, you can breathe easier. Affordable options let you choose the protection you need. By taking the financial liability out of this intrinsically risky industry, you can focus on doing your job well and reducing risks overall for workers and those living nearby.

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What is Tail Coverage Insurance?

What is Tail Coverage Insurance?

With so many types of insurance on the market, it can be difficult to know what type of insurance you need. Whether you are looking for insurance for yourself, your home, your business, or anything else, it’s important to know what’s right for your needs. This article explains tail coverage insurance for the layman.

What is Tail Coverage Insurance?

Tail coverage insurance is a type of coverage that allows claims to be filed after the original insurance expires or is canceled, so long as you still had insurance when the incident/accident occurred. For example, if a person has a car accident on Monday, their insurance expires on Wednesday, and they file a claim on Friday, then having tail coverage insurance would allow the claim to go through.

According to Axis Insurance Services, tail coverage insurance may also be referred to as an extended reporting period endorsement, or an ERP. In most cases, ERPs are already available to customers who have a claims-made insurance policy. However, a Standalone ERP (Tail Policy) may need to be purchased separately. If customers are unsure of what policy they have, it’s best to ask their insurance broker.

Overall, tail coverage insurance is a great thing to look into if you need to file a claim but have recently lost insurance. Purchasing this type of insurance is also a great idea for business owners who know their business will be closing soon. Ask your insurance broker about tail coverage insurance for more information.

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The Risks Associated With Boat Rentals

The Risks Associated With Boat Rentals

To rent out a boat to another person puts your vessel at risk. While the best-case scenario involves the renter returning the boat in as good of condition as they took it, that is not always the case. Due to this fact, you may need boat rental risk insurance. Here are the risks that you face when you own a boat rental service.

Accidents

Accidents are always possible. When you rent out the boat, there is a chance that the operator could strike another vessel or an object while on the water. If this happens, then you may be the one liable for any damages. You could have to pay for the other person’s boat repair, replacement or any other damages caused by the renter.

Injuries

Likewise, injuries can happen aboard your vessel. In some cases, you may be held liable if your renter is injured on your boat. This is especially true if it has something to do with the vessel’s operation.

Experts at Merrimac Marine Insurance explain that boat owner’s insurance policies may not cover you if you rent your boat to clients. This is why you have to have specific insurance coverages to handle the rental. Renter insurance is designed to give you adequate coverage when you rent your vessels.

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The Importance of Insurance for Nursing Homes

The Importance of Insurance for Nursing Homes

Running a nursing home means providing quality care for residents of varying needs. It is important to protect not only the residents but also the staff by having the right type of nursing home liability insurance. Discover more on why this coverage is so important.

Protection Customized to Your Home’s Needs

Different nursing homes might call for varying needs, according to Caitlin Morgan Insurance Services. For example, perhaps you need excessive liability insurance with high limits because your home focuses on much older adults. Professional and general liability are types of coverage you can benefit from having since they protect both you and the people you serve. You can even add on with benefits such as coverage for a salon and special protection for directors and officers.

Helping You in Case of a Lawsuit

If your nursing home is ever part of a lawsuit, having nursing home liability insurance can help. That is because the coverage can protect your facility and allow you to keep operating, without worrying about paying additional expenses from your own pocket. This can make it easier to focus on providing care to those who depend on you.

Having liability insurance is crucial for a nursing home. It can be customized to meet the individual needs of residents and even help you in the case of a lawsuit.

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3 Important Elements Every Marina Contract Needs

3 Important Elements Every Marina Contract Needs

Marinas are designed to be safe harbors for vessels. However, the marinas themselves need specific protections from potential liability issues. The industry experts at Merrimac Marine say these all marina slip contracts need these three elements.

1. Waiver of Subrogation

This clause prevents boat owners from suing the marina if their vessels are damaged while docked at the property. Such damage might occur if vessels had to be moved during a storm, for example.

2. Required Liability Insurance for Boat Owners and Contractors

Before vessel owners even dock their boats, marinas need to ensure they have at least basic liability coverage for their vessels. If craft owners have someone out to work on their boats, marinas should make sure those people are also adequately insured.

3. Contractual Considerations

Marina contracts need to include several items dealing with situations that might arise during slip rentals.

  • The ability to cancel rental contracts if the marina is damaged
  • Contract termination if boat owners do not pay fees and follow marina rules
  • Contract termination if guests of boat owners do not follow marina rules
  • The ability to terminate rental contracts for unpaid fees

Marinas must look ahead and plan for possible problems when writing rental contracts.

Those operating marinas need to give themselves protection through careful wording. Including specific elements safeguards marinas from possible legal liabilities. Comprehensive marine insurance also offers a valuable level of defense against possible hazards of many kinds.

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