General liability is not legally required for non-commercial owners in the aviation business. However, the majority of accidents and crashes involve small aircraft and private owners. This often leaves passengers injured in a crash to pay for their own medical expenses afterward, a path that could lead to lawsuits. Why risk all of that when you can invest in general aviation insurance?
General Liability Insurance
General liability in the aviation industry can fall on the owners and pilots of aircrafts that get in a crash. General aviation liability insurance is designed to protect everyone involved, including the owners, pilots and passengers. It can cover property damage as well.
Most insurance companies provide plenty of options for aviation coverage depending on your needs and uses. Whether you have charter or corporate planes, helicopters or experimental aircraft, you can find a policy that covers yourself and your property. You can also get coverage for financial institutions. Specialized insurance is available that covers specific parts of the aircraft, family travel and medical expenses.
Most other insurances don’t cover anything aviation-related, so you will need to look into policies specifically for aircraft. Take out insurance before you fly to give you the peace of mind that you are covered in case an accident occurs.
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.
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.
Running a retail shop can be a great way all to provide goods to the community while earning profits. As an owner or manager of a retail store, the possibilities of how you design your store and what you sell can be virtually endless. Regardless of the type of retail store you run, it is important that the proper foundation is put in place to minimize anything that can threaten your profits and the way your store is perceived by existing and potential customers. Taking the time to first focus on important matters such as retail business liability coverage and other pressing issues can be a great starting point for those interested in setting up shop.
Trusting an expert in the industry such as Moody can make the startup process easier, quicker and more thorough. Because of the risks involved in running this type of business, it is wise to ensure that a plan is put in place to prevent these types of mishaps from happening. Some things to consider include the following:
- Workers compensation
- Liability for employee actions
- Accountability for products being sold
- Recovery from crime, natural disasters, cyber-attacks or equipment failure
- Miscellaneous business interruption
Providing exceptional customer service, selling the most sought-after products and growing profits can become attainable goals when you know that these types of incidents won’t easily undo your efforts thanks to the proper safeguards for your retail shop.