It’s a given that your business should carry general liability insurance. This will protect you and your business against claims of bodily injury or property damage that result from your business operations. In addition to general liability, here are some situations where other insurance may be needed.
You Engage in Operations With Another Business
When you hire a contractor to do work at your place of business, such as construction or repairs, when an accident occurs from the work they perform, your business could also be at risk. Carrying contingent liability insurance will protect you against any claims that result from injury or damage occurring as a result of another business associated with yours.
You Have Employees
If you have even one employee, your business should carry workers’ compensation insurance. No matter how safe or simple the work your employees perform, accidents can happen. The worker’s compensation will cover any medical treatment or payouts for disability.
You Manufacture Products for Consumer Purchase
You may think your product is safe, but you have no control over what consumers do with that product once it’s in their hands. Product liability insurance will protect you if your business finds itself named in a lawsuit due to damages incurred by a consumer.
Always talk to your insurance provider to make sure your business is covered in every conceivable way against liability.
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.
Bank operators aim to provide excellent customer service, which can lead them to staff their establishments well. However, there are times when business slows down and overstaffing occurs. FGIB notes that overstaffing brings numerous disadvantages, mainly excessive fund losses. However, they can prevent it from enacting overstaffing solutions.
Preparing in Advance
Many potential problems can be avoided with preparation, and this includes overstaffing. Managers can avoid scheduling conflicts by asking employees about their preferences and working with them to craft an agreeable schedule. Additionally, they can form a roster of on-call employees who can help in case of understaffing emergencies.
Redistributing Each Department
Most overstaffing cases involve improper employee distribution. Some areas will have more employees than necessary, particularly during slower days. Customer service is the most commonly overstaffed department. Employers should consider peak hours and skillsets when redistributing personnel to different areas. This is an ongoing process that will need constant changes depending on the situation.
Minding the Holidays
Holidays can disrupt the bank’s schedule and customer flow. Even if the location closes, people will want to rush and finish their business before to enjoy the celebrations soon. Operators will need to collaborate with employees and ask about holiday breaks and considerations. It is important to prepare the bank staff for the holiday rush without overstaffing.
Properly staffing a bank can be overwhelming, but it is not impossible. Proper planning and communication can be effective overstaffing solutions.