If you are shopping for insurance policies, the types of coverages that you require depend heavily on what you need it for. No matter the type of insurance coverage that you have, you should always consider excess liability insurance. Excess liabilty insurance can be extremely beneficial. Here is what you need to know about excess liability.
What Is Excess Liability Insurance?
Excess liability insurance can be used for businesses, homeowners and more. Essentially, excess liability insurance boosts your underlying policy limits. For instance, if you have general liability insurance but someone is injured and those injuries exhaust your policy limit, your excess liability will cover it too. Excess liability affects coverages that you already have.
Do You Need Excess Liability Insurance?
There are specific risk factors that make excess liability insurance important. Some risk factors include:
- Owning a swimming pool
- Having a dog
- Driving a vehicle regularly
If you consider your exposure to liability risks to be high, then you need to consider excess liability coverage. To find out if you need excess liability, you can always ask your insurance agent for advice.
All insurance policies have a limit. Sometimes, your injuries or damages can extend beyond the typical insurance policy. Excess liability insurance solves the problem.
Operating an intermediate care facility requires a great deal of attention. When a person has reached a stage of his or her life where assistance is required for daily activities or habits, there are many factors at play. While offering this service is a help to many families, you need to think about how you could be held responsible in the event of an unforeseen problem down the line. Knowing how to protect yourself and your business with the right insurance policy is a good way to stay safe.
Common ICF Concerns
Since this type of location is often considered a low-level care establishment, ICF regulation will look different than that which governs other similar institutions. Interestingly, most of the patients who will move into this type of facility will actually require more care. This can complicate matters, especially when it comes to understanding how and when you are liable. The institution might also be exempt from programs that other facilities benefit from, like reimbursement from Medicare over specific costs. Additional points to consider include:
- Physical therapy and occupational therapy services
- Transportation to off-site locations such as doctors
- Specialists and external professionals who visit facilities
Compare and Discover Appropriate Coverage
By looking through the basic points surrounding this type of facility, you will start to understand more about how you should approach your insurance coverage. The more you see how an ICF differs from a traditional nursing home, the more apparent the future risks become.
Homeowners associations are a wonderful thing for a community when they come together well and their activities represent the consensus of a whole neighborhood, but like many other volunteer and community-led organizations, they are prone to issues when territorial members try to seize control. That’s why it’s important to know your homeowner’s rights when you live in a property that is part of an HOA. One of the most important is the right to be free from housing discrimination, codified by the Fair Housing Act. While HOAs are free to create many customized rules for communities, they can not create rules that codify and endorse discrimination in housing.
Your Right To Transparency and Consistency
HOAs are also bound by their own rules. Issuing nuisance fines over items that are not clearly in violation of the letter of the HOA’s terms is forbidden, for example. So is lopsided enforcement if it can be proven because issuing fines for a non-violation and creating a violation just to enforce it against certain community members both end up with similar results from the point of view of the people targeted. Similarly, an HOA can not arbitrarily add new rules or remove them. They have to notify members and go through a democratic process as outlined in their bylaws to change those bylaws. Make sure you know your rights, and that your insurance is designed to help you robustly defend them.
When a company’s directors and officers are primarily responsible for its managerial functions and fiduciary duties, both the company and the directors and officers can face liability in the event of losses or damages resulting from wrongdoing. Companies need to protect both themselves and their directors and officers against all possible claims.
Examples of D&O Claims
Typically, D&O claims arise from situations in which directors or corporate officers are alleged to have failed to perform their management duties lawfully:
- A company was sued for a business tort when it tried to recruit a competitor’s employee who was bound by a non-compete agreement
- Corporate officers were alleged to have failed to disclose material information to investors
- A company made charges immediately before filing for bankruptcy, fraudulently misrepresenting its ability to pay what was charged
The Financial Impact of D&O Claims
When a company and its directors or officers are sued jointly or severally, litigation costs alone can amount to tens or hundreds of thousands of dollars. Likewise, if a company loses a suit, they and their directors and officers may be ordered to pay hundreds of thousands of dollars.
Companies need to ensure that their insurance coverage will apply to claims made directly against directors and officers. It’s advisable that they work with an insurance carrier who can advise them about their risk exposure and necessary coverage levels.
Small business owners have a lot on their plates, but there are some areas of operations that can’t afford to be neglected or left to chance. One of these areas is overseeing employee benefits. The right benefits package can attract highly qualified and talented employees, and by avoiding employee benefit mistakes, you can keep your employees motivated and your company out of financial trouble. Here are some of the most common mistakes small business owners make with their employee benefits management.
7 Key Mistakes
- They let their employees shop on the individual market rather than providing group insurance plans.
- They choose their contribution based on the cost of the insurance premium, rather than setting a dollar amount per employee.
- They manually administer benefits rather than using an automated tool to make sure all entries and payouts are accurate.
- They don’t offer voluntary benefits like dental or vision plans.
- They don’t offer consumer-driven accounts like a Health Savings Account or Flexible Spending Account to control costs and save employees money.
- They don’t (ignorantly or purposely) comply with government compliance regulations.
- They don’t work with a qualified broker than can ensure compliance, navigate the paperwork, and mediate between the carrier.
Making a mistake with your employees’ benefits administration can cost a small business thousands of dollars. Avoiding these mistakes can reduce these liabilities, just as carrying the right insurance plan can help mitigate the financial loss.
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 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.
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.
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.
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.
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.
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.
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.
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.
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.
- 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.
- 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.
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 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.
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.