The never-ending risks involved in the marine and boat manufacturing industry may comprise your business or private vendors if you experience losses. Many pleasure boat insurance brokers understand the types of risks involved and want to help you protect your boatyard to its fullest. Some insurance companies claim to cover some of the most incidental of risks, but do they live up to the expectations?
What Exactly Is Covered?
Choosing a reputable company can make all the difference if your pleasure boat crafting or manufacturing business experiences damage. There’s no telling what could go wrong, especially when you have several tests to conduct or employees to manage before your product leaves the door. Here are a few damages that most pleasure boat insurance brokers offer protection for.
- Business buildings/property (docks and piers included)
- Miscellaneous business/personal property (vehicles, equipment and tools)
- Boats under construction (launches and tests included)
- Stock or inventory-Criminal theft or damages
- Weather-related damages (wind, hail and floods)
- Income losses
- Workers Compensation (for hired workers)
Which Risks Are Considered Liabilities?
In many ways, liabilities can change or impact the total quote for your insurance. Here are some liabilities that are legally considered by insurance companies to pose risks for pleasure boat crafting businesses.
- General liabilities (business related or past claims made on insurance)
- Commercial vehicles used for business
- Hull coverage-Pollution (environmental or noise)
- Protection and Indemnity Coverage
- Umbrella and Bumbershoot
- Marina Operators Legal Liability
- Ship Repairers Legal Liability
While you may be protecting your business with increased cyber security and insurance, the people working for you may not be so aware of cyber practices and techniques to protect not only themselves but the entire business. Cyber security training for employees is important because if a hacker finds just one cracked door in your business, they can break in.
Depending on your insurance policy, cyber security training for employees may be required. Once that is proven, however, your insurance can cover even if an employee is at fault. Some important points to cover in training are as follows:
It’s important for employees to know the dangers of installing software onto their company computers that have not been approved. They also should know to be wary of online links and to report immediately if a virus or malware has been detected on their computer.
It is just as important to keep personal computers, phones, tablets, etc. secure if employees are accessing business data. They should avoid unsecured Wi-Fi, use strong passwords and keep their devices safe.
While tricky, its important in cyber security training for employees that they are taught how to recognize phishing scams so that they do not give up important company information. These are possible through emails, social media, phone messages, websites and more.
As the contract staffing industry grows, its vital that your agency keeps up-to-date with the changes to staff insurance regulations and laws. Just like any business, there are some basic insurance policies that your staffing company must carry, but there are also other coverages specific to the unique demands of your industry. Examples of these include,
- Owned Auto Liability
- Hired & Non-Owned Auto Liability
- Direct Hire/Executive Search & Recruitment/Retained Search Liability
- Employment Practices Liability
- Fiduciary Liability
Get the Right Insurance for Your Staffing Agency
Due to the nature of the staffing industry, your staffing company faces insurance pressures that non-staffing firms don’t experience. Contract staffing firms need to cover employees who work for other firms, while also being under the employ of your employment agency. This results in a complex relationship between your firm and your employees which requires you to review your staff insurance coverage regularly. A skilled insurance representative can assist you in navigating the ever-changing insurance landscape to ensure your firm has the coverage it needs before you need it.
Regular Policy Reviews Can Save Your Company
Smart staffing agencies keep on top of their staff insurance policies. All it takes for your company to face bankruptcy and closure is a serious accident that’s not covered by your current insurance policies. Before this happens to your business, reach out to a trusted insurance representative for a comprehensive review of your coverage.
A solid business plan for company owners should always include comprehensive insurance coverage. Yacht and boat builders know that in spite of safety and quality control measures put into place, sometimes accidents or other problems still can occur. If you don’t already have comprehensive boat builders insurance in place, researching insurance options should be the next step in your business development plan. This type of insurance can protect your business and your livelihood.
What Does Business Insurance Cover?
When a business owner thinks of insurance, an accident is often the first thing that comes to mind. However, boat builders insurance also protects your business against litigation or in the case of a disaster. Typically, a comprehensive insurance plan will cover the following areas:
- Protection against litigation and legal liability
- Damage to boats currently under construction
- Damage to business property and materials
- Interruption to business due to illness or injury
- Damage caused by natural disasters
- Theft or other crimes
Even if your business is small and growing, making sure you are fully covered by boat builders insurance is essential. You take extra time and care to build quality crafts for your clients, so taking an extra step to ensure the longevity and security of your business can help you enjoy long-term success.
We know how important it is to have insurance on our personal autos. Now imagine if your company vehicle was uninsured and responsible for an accident. It would open up your company to liability and lawsuits while putting your assets at risk. This is why finding commercial auto insurance in Orlando FL is so important to protect your business.
What is Covered?
Commercial auto insurance in Orlando FL covers not only against lawsuits. It also covers the vehicle in the event it is damaged by collisions, weather events, or even theft. There are typically four major types of coverage that take place with a commercial auto insurance plan.
- Collision coverage and physical damage-This is the specific part of commercial auto insurance that covers events unrelated to a car accident including weather damage, theft, or vandalism.
- Medical payment coverage- If you or your passengers are injured during a car accident, this will cover medical expenses, regardless of who is at fault
- Uninsured motorist coverage- This ensures that if an uninsured motorist causes an accident, damages to the vehicle and bodily harm expenses are covered
- Auto liability coverage- Covers property, vehicle, and bodily injury expenses that are caused by you including legal expenses or settlement costs.
Find the most comprehensive commercial auto insurance Orlando FL has to offer to keep yourself and your business away from liability risk.
Concerts are a popular pastime for millions of people from all ages every year. That is why safety and security are vital in pulling off a successful event. One important factor in an event’s planning is acquiring concert insurance. While a majority of shows go off without a problem, accidents may happen which require your financial responsibilities. Protect your investments by choosing one of the following policies to add towards your insurance package.
General Liability Insurance
Concerts require complex work from event planners. There are also a number of equipment failures or concert-goer incidents that may arise. Guard yourself from lawsuits and claims by adding this category of coverage.
There a number of different alcoholic drinks available at many concerts. Unfortunately, show-goers may be having a little too much fun when things go out of hand. Those under the influence may cause fights, property damage or personal injuries. You may be held responsible for any financial issues. This coverage helps protect your investment.
Workers deal with large electronic equipment during set-up. Luckily, employee coverage includes any medical bills that may result from injury during a show.
Many concert insurance companies also offer policies that deal with event cancellation, property damage and vehicle coverage. Customize your insurance protection and experience each show with confidence that a reliable company has your back.
Volunteers often form the backbone of an HOA with residents expected not only to shape and to administer policy but to pitch in on various community projects. Volunteerism is a positive for organizations that are typically limited by a structured budget, but it also carries with it inherent liability risks. As such, it is important to understand the value of HOA insurance coverage.
Liability Laws Place the Bulls-eye on an HOA
Because the Volunteer Protection Act of 1997 shields unpaid workers from personal liability, non-profit organizations like HOA’s are often the target of lawsuits for negligence or improper behavior on the part of volunteers. Below are three types of HOA insurance coverage that can protect organizations from potentially disastrous results:
- D&O (Directors and Officers) Liability: Most HOA governing boards are comprised of volunteers. D&O liability insurance protects against lawsuits lodged against board members for issues such as discrimination, breach of fiduciary duties or contract, unfair foreclosure or misuse of community funds.
- Worker’s Comp: Accidents can and do happen, and it is not uncommon for a volunteer to be injured. Worker’s comp for HOA’s provides coverage for unpaid employees—something a normal insurance policy does not include.
- Crime & Fidelity Bonds: A dishonest volunteer can wreak havoc on an HOA’s financial stability. Crime & fidelity bonds for HOAs are designed to provide coverage in the event of embezzlement, fraud, forgery or theft.
Effective HOA insurance coverage makes sense for an organization that depends on volunteers. Consider the options available and be certain your HOA is protected.
For new owners, searching for business insurance in Orlando, FL can be a painful activity. All the coverage options and terminology can be confusing when searching alone. As a result, many often choose their provider based on the lowest rates rather than their business needs.
One of the points of confusion in terminology has to do with the difference between general liability and professional liability. While they sound like they cover the same things, there are key differences to note.
General Liability covers any lawsuits by a non-employee who claims your business or product hurt them or caused damaged to their property. Some examples where general liability coverage would come into play include:
- A guest trips on a mat in your office
- A competitor claims copyright infringement
- A client’s laptop is stolen from your car
Professional liability, also known as errors and omissions insurance, is more specific and is intended to cover lawsuits from individuals who claim that they were harmed by your business due to your negligence on your part.
- Breach of contract
- Misdiagnosis of an illness
- Lack of network security
There are many options for business insurance in Orlando, FL. When choosing a carrier, make sure that they have a good understanding of your industry and the type of liability coverage you need to carry.
Fiduciary responsibility extends from specific employee benefits like health and welfare, to extensive retirement investment portfolios to take the employees into their future. Whenever a person is considered a fiduciary, there becomes a deep obligation to guide and direct effectively and accurately. Often, when dealing with people’s futures and current benefits, there is a risk involved. Having the right fiduciary liability policy in place can help through some of the difficult issues.
Important Attributes To Look For
When looking for an insurance company to provide you with the right policy, there are some things to consider:
- The history of the company and if they are considered outstanding in their field
- The company’s ability to design a policy around your specific needs
- The company’s willingness to work with you, regardless of your company size
Because there are so many facets and responsibilities when you are a fiduciary, having the right insurance company on your side through the difficult times is very helpful. It’s hard enough to worry that one wrong misstep could lead to a claim being filed against you.
When you are dealing with important life events like retirement, pension and general employee benefits, there’s no room for mistakes. But if an error occurs, having the right fiduciary liability policy on hand from the best insurance company can make all the difference.
Choosing a dog can be exciting. This is a creature who will live with you and be dependent upon you their entire life. It’s crucial to select a breed that fits with your lifestyle, living situation and personality. Purchasing breed-specific liability insurance for dogs can help protect you from claims once your new family member comes home. Below are some things to consider when deciding on your pet.
- Have you owned a dog before?
- How bark tolerant are you?
- How much time can you commit to training a dog?
- Do you have small children?
- Do you have a yard?
Medical and Legal Coverage
Even the friendliest of dogs can cause injuries. If Fido feels threatened or believes that you need protection, he may take action. Playful pups may scratch and cause serious damage. Some homeowner’s and renter’s insurance offers limited coverage, but it may not be enough. Depending on the dog breed, they may be exempt from the standard policies.
Medical and legal expenses can pile up quickly if you don’t have the right protection. Ask your insurance professional about stand-alone liability insurance for dogs. It pays for damages and injuries caused to another person when your dog is responsible. A pet specific policy can give you peace of mind and protect you both from claims in the event of an injury.