All posts in Insurance

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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The Changing Face of the Medical Spa Industry

The Changing Face of the Medical Spa Industry

If you run a medical spa, also known as a “med spa” or “medi-spa,” you know that the industry is going through many significant changes. With these transformations comes the need for a more comprehensive insurance plan. Here’s what you need to know about the risks that come with medical spa industry growth.

Who Visits Medical Spas?

Medical spas, which have successfully blended medical clinics and day spas together, have been rising in popularity. To accommodate the growing number of people who have taken an interest in med spas, many establishments offer a wider range of services to customers, including the following:

  • Acne treatments
  • Hair removal
  • Laser treatments
  • Chemical peels
  • Injectables

Services such as chemical peels and laser treatments have attracted aging customers in particular. However, as reported by Huntersure LLC, many young adults are also visiting medical spas more often with an interest in acne treatments, laser hair removal and tattoo removal services.

To keep up with these changing demands, owners of medical spas need to be aware of the trends in their industry. The constantly growing and evolving medical spa industry also requires owners to be properly protected with the right coverage. Be sure to find the insurance plan that best fits your needs so that you can be prepared in any situation.

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3 Common Questions About Insuring Your Dump Truck

3 Common Questions About Insuring Your Dump Truck

There are unique safety and liability considerations to be made when operating a dump truck. Therefore, dump truck insurance is available exclusively to the operator of such a vehicle as a specialty line of truck insurance products. Source: www.truckinsure.com.

Due to the specialized nature of insurance products for dump trucks, you may have questions about insuring them. Here are answers to a few of the most common.

1. What Are the Different Types of Dump Trucks?

Most people are probably most familiar with the “end dump” configuration in which the back of the vehicle is the dumping location. There are also side dump and center dump configurations. Insurance products are available to cover each type of dump truck.

2. What Factors Influence Insurance Costs?

There are many factors that can have an effect, such as vehicle age, location, the radius within which you operate, etc. Basically, anything that an insurance company assesses as a higher risk has the potential to increase the price of your dump truck insurance premium.

3. Are There Things You Can Do To Save Money on Insurance?

Maybe so. Your insurance company may offer you discounts on your rates if you take steps to promote safety, such as the following:

  • Vehicle inspection before every trip
  • Proper maintenance
  • Driver screening process

You may also be able to decrease your premium by increasing your deductible. It is always a good idea to ask your insurer about any specific discounts available.

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Importance of Risk Management in Intermediate Care Facilities

Importance of Risk Management in Intermediate Care Facilities

Elderly care facilities are long-term care facilities for those who cannot care for themselves. Generally, elderly persons remain in the care of the facility full-time. These are not necessarily ill patients, but instead, patients who have a variety of health problems or may need assistance with daily tasks. While all hospitals and medical treatment facilities have risks involved, intermediate care facilities or ICFs need to focus specifically on custom risk management options.

Risk Management Concerns

Nursing facilities are prone to financial claims. In an elderly care facility, for instance, the patients are often frail. They are more likely to suffer injuries. It is crucial that all caregivers and staff understand the responsibility of the facility and the risks involved. Risk management involves insurance options for these facilities. One of the biggest risks that a care facility faces is a claim of negligence.

Risk Management Options

As referenced by www.highlandrisk.com, the goal of these facilities is to return a patient to his or her home eventually. While the patient is there, the facility is in charge of medical care, medication and daily tasks. Facilities need to consider general liability, medical malpractice and professional liability to name a few.

When it comes to an elderly care facility, it is crucial that the business has the appropriate insurance coverage. Without it, the costs stack up.

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Ten Commons Workplace Injury Claims

Ten Commons Workplace Injury Claims

Although employee injury coverage is required by most states, the nature of your company’s workers comp solutions will determine how effective your insurance has protected your bottom line and claims experience. Workers’ comp plans are written to address the exposures your employees face, and the more risks in the workplace, the more expensive the plan will be. However, the cost of the premium is a small price to pay when dealing with an employee injury claim is issued against the company. Here are the most common claims filed on workers’ comp policies.

  1. Overextension of muscles or physical ability
  2. Electrocution from wiring or installation tasks
  3. Trips slip and fall on walkways or wet floors
  4. Being struck by or against an object
  5. Machinery accident causing mutilation or being crushed
  6. Transportation accidents
  7. Exposure to harmful toxins or chemicals
  8. Workplace violence between employees
  9. Accidental overdoses of non-medical use substances
  10. Death or dismemberment by fire or explosions

The group of professionals at Insure My Work Comp advise that each company establishes a risk management strategy in addition to the purchase of a comprehensive workers’ comp plan. Being able to identify the areas of risk allows a company to establish processes that can minimize the threat, helping create a more safe work environment and lowering the costs of the insurance premiums.

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What Is Accidental Death and Dismemberment Insurance?

What Is Accidental Death and Dismemberment Insurance?

As a business owner, it’s your responsibility to make sure your employees receive the insurance coverage they’re qualified and entitled to receive. The better your insurance offerings, the more likely you are to attract good employees that will stay with you for the long term. One of the policies you can potentially save money on is an accidental death coverage policy. Since it can frequently be combined with a group life insurance policy, accidental death and dismemberment (AD&D) plan can be quite affordable.

What Are the Details?

AD&D insurance from iSure Insurance covers the unintentional dismemberment or death of the person insured. Dismemberment can include the loss of use or complete loss of certain functions or body parts. Loss of eyesight, limbs, hearing and/or speech would all fall under accidental death coverage. The policy will pay benefits (on top of any life insurance benefits) if the insured dies accidentally. Policies are designed to be renewed periodically.

Are There Exclusions?

Every insurer has a list of circumstances that are excluded from accidental death coverage. For example, many policies will not cover death by suicide, illness, war injury or natural causes. However, traffic accidents fall, homicide, drowning and heavy equipment accidents are typically covered. Talk to your insurance agent to find out what exclusions are included in your policy.

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Maintaining Your Home for a Hassle-Free Life

Maintaining Your Home for a Hassle-Free Life

As Dorothy famously kept repeating during her journey to Oz, “There’s no place like home.” Your dwelling is a sanctuary that lets you recharge and relax. Your job, in turn, is to keep your home and its grounds well-maintained and protected as much as possible. There are several facets to caring for your residence.

Inside Jobs

Break down cleaning and maintenance jobs into easy increments. For example, once weekly, clean your floors with a broom and either a vacuum or a dust mop. Bathroom maintenance can also be broken down into weekly increments such as cleaning hair out of a bathtub drain or tending to damaged or discolored grout.

Outside Work

Each week, set aside at least half an hour to do specific outdoor tasks. These include trimming shrubs, pruning trees, and cleaning leaves and debris off walkways and paths. Regular outside work gives your home a high curb appeal.

Insurance Protection

You need the right insurance policy for your home in the event disaster strikes. You need a policy that offers you the guaranteed replacement cost. Studies show almost 80 percent of American homes are under-insured. Source: Owens Group insurance

Regular maintenance is vital for keeping your home in great shape, inside and out. Breaking such a big job into small, regular increments makes it manageable. However, the right type of policy and amount of insurance coverage is also vital for your peace of mind as a homeowner. Should your home be damaged, you want to know you can rebuild and move forward.

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Types of Insurance a Cleaning Company Needs

Types of Insurance a Cleaning Company Needs

Everybody likes a clean home and business, which is why professional cleaning companies tend to be so lucrative. Of course, if you’re thinking of starting your own cleaning business, it is important to know how to protect yourself and your employees, as well as your property and your company as a whole. According to Moody, these are the types of cleaning business insurance and bonding you’ll need to get started.

Business Liability Insurance

This is the first policy you should purchase for your cleaning business. It protects against financial loss should one of your clients claim you or your employees damaged his or her property. It provides protection for their property, your workmanship, and any potential medical expenses or defense costs, as well as several other situations.

Company Car Insurance

Chances are, running a cleaning business means you have company cars for you and your employees to travel between jobs. For this reason, it is important to have business automobile insurance. Remember, your personal car’s policy will not cover company vehicles. The policy should cover several situations, including lease gaps, driving other vehicles, and personal injury protection.

Workers’ Compensation

Depending on the state you work in and how many employees you have, you may need to provide workers’ compensation coverage. This protection is the law in many cases and is responsible for providing your employees with lost wages and help with medical expenses should they be injured on the job.

Dream big dreams about owning a thriving cleaning company but be sure to do so responsibly. Holding the proper insurance policies shows your professionalism and keeps you safe in the long run.

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Why You Need a Certificate of Financial Responsibility

Why You Need a Certificate of Financial Responsibility

Why You Need a Certificate of Financial Responsibility

There are a number of moving parts involved with running a business that involves seafaring vessels. In order for you to stay successful, you need to take time to consider the various rules and regulations governing your specific type of work. Obtaining a COFR, for example, might be a vital step for your business to make in the near future. Also known as a Certificate of Financial Responsibility, this certificate is a must for any business that fits the criteria.

Who Needs This Certification?

According to the experts at https://www.wqis.com, only certain ships need to consider obtaining a Certificate of Financial Responsibility. Essentially, any boat weighing over 300 tons and traveling US waters absolutely needs this type of certification. If your vessels are under 300 tons, they will still need the certificate if they are used to ship oil in the Exclusive Economic Zone of the United States. Exceptions to this rule include:

  • Self-propelled barges
  • Small ships that don’t carry oil for fuel or cargo
  • Ships that carry no hazardous substances for fuel or cargo

Meeting the Standards

Should your business meet the standards set forth by the United States government, you absolutely need to get started on filling out an application for a Certificate of Financial Responsibility. The sooner you get started, the easier it will be for you to protect your business against any unforeseen events.

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