As a Delaware business owner, you have likely prepared for opening day for a long time. You have applied for the right permits, planned out your marketing strategy and started looking for employees. However, what you may have not planned for is potential disasters, theft and emergencies. Any experienced business manager can tell you that planning for your commercial future involves getting the right insurance protection. Thankfully, there are many agencies that provide superior business insurance in DE.
Guide To Commercial Coverage
You may be confused with the different types of policies agencies can offer. Here are just a few that you may benefit from:
Employment Practices: Employment practices insurance handles lawsuits from your employees that involve potential wrongful termination, discrimination, and harassment.
Commercial Auto: Commercial auto coverage can be molded to handle the damages you or your employees undergo while driving on a work-related assignment. This can also take care of damages you cause to other drivers.
Workers’ Compensation: If one of your employees gets hurt or sick while on the job, workers’ compensation can take care of the medical payments and lost wages.
Other common coverages consist of commercial liability, crime, employee dishonesty, commercial property and business interruption.
Business insurance in DE is accessible to all those who wish to invest in the financial future of their business. Start building your business coverage today!
Caring for Your Clients With the Help of Insurance
Marinas offer the protection many watercraft owners are looking for. That is why as an owner or operator you know that your clients are invested in finding the right one. However, have you invested in the right insurance for marinas? If you have not, you are at risk of a dangerous financial crisis.
Why Obtain Insurance?
The sea can seem like paradise. Unfortunately, there are many different situations in which your marina can undergo a crisis. For example, a large weather event or fire can occur. These can leave you with expensive repairs and replacements. Watercraft in your storage facilities can undergo damage during storage time and while they are being taken out onto the water. You can also face lawsuits from a number of different people. Therefore, it is better to be protected as early as possible.
What Kind of Protections Do You Need?
There a few different coverages that your location can benefit from. Some of these include
Depending on your facility’s needs, an agency may also offer coverage to watercraft you rent to clients.
No matter the size and capabilities, your location deserves great protection. Search for a team that is qualified to offer insurance for marinas today!
Even 10 years ago, most business professionals would shrug at the term cyber insurance. Today, hackers target cyber systems in an effort to steal and sell personal and proprietary information stored digitally. They also attack businesses with ransomware and malware, which could cripple your business.
To protect your business, beyond high-end digital security practices, consider cyber insurance for those instances when the firewall isn’t enough. There are a couple things to keep in mind when shopping for information security, or cyber, insurance.
Cyber Insurance is Relatively Inexpensive
If you run a small- or medium-sized business that does not deal in a lot of digital customer information, you could find an adequate information security policy for less than $1,000 annually. That depends, however, on the type of information security systems you have set up. The more you are protecting customer data, the less a risk you are, which translates into a smaller premium.
Know What’s Not Covered
There are usually several exceptions to any information security policy. It is up to you to review what those are understand how you are protected. For example, you may not be covered if malware is downloaded to your network by an employee.
When hackers target cyber systems, they are almost always after sensitive information. As long as you have the right security plan and cyber insurance coverage, you should be okay.
Unfortunately, as technology advances so do the risks. With the cyber attacks increasing on businesses, the risk for data breach is high. Wherever there is a risk to your business or your data, there should be insurance to cover it. If you’re looking for cyber risk insurance in Indiana then you already know this. What you may not know, however, is how it works.
When you have cyber risk insurance, you are transferring your risks. For instance, if your company suffers from a cyber-attack, any losses you suffer must come out of your business’s pocket. Insurance frees up your resources and the risks transfer to the insurer.
An insurer will discuss and decide what types of coverage your business needs. Since technology is always advancing, it’s important that you have a specialized agent who understands the risks to your company. An agent or broker who specializes in cyber risk insurance in Indiana will help you figure out coverage, exclusions, deductibles and limits.
When it comes to your electronic data and information, you don’t want it to end up in the wrong hands. Cyber attacks can and do happen. While you may have defenses set up, cyber risk insurance is important as an extra safety precaution, in case something happens.
Truckers or freight companies often try to remain frugal when it comes to purchasing load insurance to reduce their overall expenditures. However, there are several problems they may run into down the road that may make it more worth the investment than they anticipated. Here are a few reasons cargo insurance is a must have.
1. Required By Contract
Some companies which hire trucks to haul cargo or goods may require load insurance up front before they agree to have you ship for them. If the goods end up lost or damaged the truck owner is required to pay for damages. If the terms of the contract are breached then the truck owner may also face legal issues or post-term financial losses.
2. Protection Against Underinsured Claims
The truck owner or freight company can’t always depend on the buyer’s or seller’s insurance to cover the total value of the load unless their insurance details had been discussed beforehand. If a buyer or seller purchases insurance from a foreign location or obscure broker and there is a claim, the freight hauler could end up paying more in legal fees than damages.
3. Paid Export or Import Risks
If a freight company hasn’t been paid for the goods they are selling in an export, they face a risk of losing the value of the cargo if they are damaged. Likewise, a freight company who has already paid for goods they are importing can not be reimbursed for the value of the haul.
You take care to craft a high-quality, high-performance marine vessel. When searching through the available yacht builders insurance brokers, look for one that takes the same care with their clients. Your reputation and business benefit from a broker who holds your values close to heart.
Why Use a Broker
An insurance broker can navigate the different coverage options to cover your risks and liabilities. What types of yachts the company builds as well as the size of the company influence the coverage options needed. Yacht builders insurance brokers tailor their policies to the company often including many of the following in the policy:
- General Liability
- Workers Compensation
- Builder’s Risk/Boats Under Construction
- Ship Repairers Legal Liability
- Business Income Coverage
- Docks and Piers Coverage
- Directors and Officers Coverage
- Jones Act/MEL/USL&H
- Protection and Indemnity and Hull Coverage
- Wind, Hail and Flood Coverage
- United States Longshore and Harbor Workers Act
How to Choose a Good One
Yacht builders insurance brokers who take the time to get to know your business and your company are best equipped to help you ascertain the coverage options you need. You might need some, all or more coverage than listed above. A broker with experience in your line of work can be an invaluable asset. Don’t wait until disaster strikes to analyze your current policy or obtain one.
Yacht clubs are regal destinations where discerning members come to relax. Members have high expectations, and it is important that you meet those expectations. Part of that is having the right insurance coverage for yacht clubs, which keeps you and your members protected from the unexpected.
A good insurance agent can help you put the right insurance package together. Look for these coverage must-haves and options when putting your policy together.
General liability coverage. Not only with general liability coverage protect your members and staff, it will also cover incidents related to sailboat races and regattas.
Marina operator’s legal liability coverage. Make sure your boats, and your members’, are protected while docked at the club.
Limited pollution liability. More than anything, this coverage protects you if someone is hurt or damage occurs due to pollution. Think about what might float along the docks, for example.
Protection and indemnity. This policy covers boats owned by the yacht club, especially when borrowed, rented or loaned. The crew is also covered.
Take time to do your research and speak with experts who understand everything there is to know about insurance coverage for yacht clubs. If you do your homework and follow the advice of experts, you can ensure your club is protected from most eventualities.
When choosing insurance, many new businesses may have been recommended general liability ascendant insurance. If you’re unfamiliar with this type of insurance, then you may not understand how to find your business’s coverage needs or even how it works.
What Does General Liability Insurance Cover?
At some point, businesses require basic asset, employee or customer protections to avoid legal settlement or punitive damages. Here are a few of the following areas which general liability ascendant insurance may protect your business.
-Medical costs (for injuries caused on the property)-Legal defense (covers costs of settlements or awards)-Renter damages (covers the cost of damage or accidents caused by the person renting a home)-Misinformation claims (copyright infringement, slander or false advertisements)
Most businesses may benefit from the type of base coverages offered in the general liability insurance policy. If you need additional coverage that is not listed, you may need to speak with your insurance agent to find the right type of insurance for your business.
How Much Coverage Does Your Business Need?
When you set up a policy with an insurance agent, they can help you determine how much coverage you may need and which types of insurance would benefit you best. The amount of coverage in monetary value and risks covered will largely depend on the type of business you have or how big overall the company is.
Many industries rely on temporary staff to maintain their workforce, and staffing specialists fill this need. In addition to the challenges of attracting and retaining excellent help, temporary staffing insurance can provide a unique set of challenges for these agencies.
What Kind of Insurance Is Necessary?
While the employees of a staffing agency may be doing their work for a variety of businesses, their insurance needs fall on the agency that supplies them. Depending on the type of services offered, appropriate coverage’s may include:
- employee benefits liability
- crime coverage
- workers’ compensation
- abusive acts liability
Obviously, the specifics of any agency’s needs will depend on the types of temporary staffing offered, and the list above is far from complete. It is critical to work with an experienced insurance provider to find the right solutions for reducing your risk.
Protecting Agencies and Their Employees
Ultimately, the purpose of temporary staffing insurance is coverage for the kinds of situations unique to the industry. For obvious reasons, a staffing agency has far less control over their workers’ environments and behaviors than a traditional, permanent employer. The right coverage reduces the risk of exposure for factors outside the agency’s control, and allows you to focus on serving the clients whose staffing needs you address.
If you are a business owner and want to protect your company from possible legal action, you know you have to back the business with the right insurance policy. But what type of policy? Professional liability or errors and omissions insurance? Which is better? And are they the same? For an insurance company, professional liability and E&O insurance questions are easy to answer.
What are the differences? There aren’t many, but they do exist, and they can be significant. Here are a few ways the two products are different.
Differences and Similarities
Today, professional liability and E&O insurance are nearly synonymous, but that was not always the case. Years ago, professionals, like lawyers and doctors, would purchase professional liability insurance, which would protect them from malpractice. A similar product was available to smaller businesses, sometimes called semi-professional occupations, termed errors and omissions insurance.
There are technical differences between the two. Professional liability insurance provides a larger umbrella of protection than an errors and omission policy, which is intended to be slightly more specific in nature. You will discover various insurance products under that professional liability umbrella. E&O insurance is more focused on protecting professionals from what they did and didn’t do.
Ask your insurance company the right questions. Professional liability or errors and omissions insurance? They will help determine which is right for you.