There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you’re buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don’t need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you’re on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.
Most people are familiar with standard workers’ compensation insurance policies covering on-the-job injuries and illnesses for employees. However, some industries require a more specialized version of this coverage.
All businesses that work near navigable waters must have U.S. Longshore and Harbor coverage for their employees. The federal government requires this type of insurance under the Longshore and Harbor Workers’ Compensation Act of 1927.
What Are the Protections of USL&H Coverage?
This kind of policy supersedes other workers’ comp laws because the federal government mandates its use. Some covered risks include:
- Disability and death benefits
- Weekly allowance payments for rehabilitation services required after an injury
- Loss of wages benefits due to partial disabilities
- Legal fees for claimants challenging a denial
- Spouse benefits in the event of permanent disability or death.
What Types of Workers Need This Insurance?
Employees who work on the water have different requirements than those that work adjacent to navigable seas. Businesses that must secure this policy type include:
- Harbor workers
- Maritime construction workers
- Dock builders
- Marine contractors
Employers with companies that conduct business near the water must have adequate USL&H coverage to cover illnesses or injuries sustained by employees while performing job tasks. Benefits depend on the worker’s earning capacity and wage loss following an injury.
Even in the best of times, needless spending on insurance premiums just doesn’t make sense. If you need to save money or simply want to trim the budget, here are three simple things you can do to lower your auto insurance premium.
If you have an older vehicle, you may consider dropping collision or physical damage coverage entirely. According to the agents at Glendale Insurance Agency, many polices pay out actual cash value which factors in depreciation, meaning you may get very little back in the event of a total loss.
In the event of a covered loss, the deductible is the amount you would pay out of pocket before the insurance company contributes its share. Some customers prefer to raise the deductible and take the risk of paying a little more for a loss that may never happen in exchange for significant premium savings now.
Vehicles are rated by the amount of miles driven on a weekly or yearly basis. If you’ve recently retired or have begun working from home, you may be eligible for a lower rate. The saving are especially significant if the change comes from a youthful driver who no longer commutes to work or school or now has his own insurance.
Auto insurance is vital to being responsible on the road, both for yourself and other drivers. However, it’s always a good idea to examine ways to lower your premium.
Both federal and state-level governments have taken steps to ensure that the United States’ labor force is protected from exploitation and hazardous working conditions. While there are rules governing working conditions, there have also been regulations to address workers’ benefits and wages.
The Importance of Workers’ Compensation
Under workers’ compensation legislature, eligible injured workers receive both medical care and partial repayment of lost income for injuries sustain on the job. This coverage is offered through a benefits plan, with the limitations of an application being influenced by the size and scope of the business. This coverage also protects employers from being sued by employees who were injured while working.
The Eligibility of Workers’ Compensation
There are many variables in determining eligibility for workers’ comp, though the primary factor for companies required to carry it is how many employees are on payroll. There are some smaller businesses and services that elect to carry and offer this coverage to their employees, and an FLDFS proof of coverage search would reveal which employers offer a policy.
State governments determine what coverage is required, and some states dictate where the plan must be purchased. Employers that don’t comply are exposed to heavy penalties from state authorities, as well as the financial burden of settling an accident or injury claim out of pocket. Either of these situations could be devastating for a company.
Spending money on insurance is one of the least pleasant experiences of vehicle ownership, but it is something you can’t afford to go without. For those who like to cruise around town or on long country drives on a Harley or Indian, motorcycle insurance is a must-have. Here are some basics concerning this coverage.
It’s a Preventative
For any insurance coverage, it is better to have it and not need it, than to need it and not have it. Beyond the wisdom of protecting your financial interest, most states require a minimum amount of liability coverage for any motorcycle being registered. You avoid paying a fine, having your motorcycle impounded, and paying thousands to resolve an accident when you carry insurance.
It’s a Support
For those who carry minimum liability, it is only enough insurance to handle the aftermath of what happens to the other driver when you cause an accident. Though creates a cheaper premium, it doesn’t mean your own injuries or bike damage will be covered. With the right plan, you have the financial support needed to address bodily injury and property damage. When you compare paying for these costs against your premium, the insurance plan is the better deal.
It’s a Comfort
As you take your motorcycle to work and navigate crowded streets, it is comforting to know that you have the protection you need in the event of an accident. Though it would be a devastating situation, financial peace of mind means a lot.
Taking out the right insurance plan can make all the difference when it comes to the long-term success of your business. Every industry has unique risks, which means you want to make sure your insurance package is tailored to the specifics of your field. If your business involves vessels that operate on navigable waters, you definitely need to understand United States Longshore & Harbor coverage and how it compares to a traditional package for Workers’ Compensation.
The Basics of USL&H
Understanding how USL&H insurance works are quite simple. Essentially, workers who are on boats and other large sea-faring vessels on navigable waters are in a unique position when it comes to insurance. Being both at sea and possibly away from the shores of the country where the business is based creates obstacles. United States Longshore & Harbor coverage tackles this problem by providing ample coverage for all workers who are at sea. Opting for this type of coverage is not only helpful for your business, it also is required for certain businesses. Additional points to consider include:
Properly Protect Your Employees
To properly protect your business from the risks of your industry, you need insurance that can rise to the challenge. Look into how United States Longshore & Harbor coverage works and determine if it is needed for your business.
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.