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.
Nonprofit organizations contribute a lot to the communities around them. While their intention is not to make money, they are still just as vulnerable to lawsuits as any other company. People still make mistakes and people can still file claims against the organization.
Do Nonprofits Need Management Liability?
Often, in nonprofit organizations, the management team does not have the same level of experience as management teams in for-profit organizations. With less experience, there are more liabilities to take into consideration. Whenever there is an allegation against the director or office, it can financially devastate the organization. You need management liability so that you can pay the legal fees to fight an allegation and any damages you may have to pay.
What Are Common Claims Against Nonprofits?
In every organization, where there is a responsibility there is also a liability. This is one of the major similarities between for-profit organizations and non-profit organizations. Nonprofit organizations are not immune to claims or complaints. Some of the more common claims include:
- Contract disputes
- Harassment allegations
- Wrongful termination
- Wage disputes
Nonprofits can be the targets of lawsuits for numerous reasons.
Nonprofit organizations are critical to a lot of charities. Nonprofits help build communities, provide assistance and support. No matter the kind of work that you’re doing, you need to keep your organization protected with nonprofit liability insurance.
Operating a marina or yacht club carries with it a significant number of risks. As such, your insurance coverage needs to be able to accommodate your business in the areas of marina liability, property protection and employee protection.
Marina Liability Protection
Liability insurance is imperative when you operate a yacht club or marina. There are specific types of coverage that are geared towards your type of business, such as marina operator’s legal liability protection. General liability covers your business from third party claims of bodily injury, property damage and reputational harm.
Property insurance is imperative for a marina or yacht club. You need to make sure that you have coverage for the various types of property found at your place of business. This may include:
- Real estate
- Personal property
- Docks, piers and wharves
- Owned vessels
- Operational equipment and tools
Federal law requires those who operate businesses on or adjacent to water to carry a specific type of worker’s compensation insurance called United States Longshore & Harbor insurance. USL&H coverage is similar to state-level worker’s compensation, but the requirement to carry this type of insurance supersedes state laws.
Make sure your marina or yacht club is fully protected. An insurance company that specializes in marine policies can ensure you have the marina liability, property and employee protection you need.
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.
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.
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.
D&O Coverage 101
When individuals leading your organization do not act responsibly, you are liable. D&O EPL or directors & officers and employment practices liability protect you and others who are in positions of leadership from the acts of your employees.
Basics of D&O
In D&O litigation, your company and its board face litigation. Directors and officers cover the members of your boards and other leaders. In a D&O plan, any officer, director and employee can have insurance under the plan. The insurance company defends claims and pays on behalf of most judgments.
Basics of Employment Practices Liability
Employment practices liability further protects your staff. This insurance covers directors, officers, volunteers and employees. EPL covers employment-related discrimination, wrongful discharge and sexual harassment.
The Cost of D&O
D&O claims are expensive. While this may lead to some people deciding against this type of coverage, you don’t want to be without protection. For instance, a plan might cost you between 35,000 dollars and 100,000 dollars. However, when it comes to a judgment you have to pay, it might cost you around 450,000 dollars.
D&O EPL coverage is crucial to your company. It protects you and your staff, particularly those in leadership positions. When you have a leadership position, you are more at risk for being held liable for certain costs and damages.
insurance agent professional liability
Insurance agent professional liability, also known as E&O (errors and omissions), is treated much like malpractice in other professions. Its strict definition states that E&O liability occurs whenever an agent causes financial loss to a client. Here are three important tips to help agents understand this important liability:
Policies Are Issued on a Claims-Made Basis
E&O protection does not cover the term of the execution or completion of the work product. The policy must be in effect when the claims are made. That generally means that an agent should maintain an active policy throughout the liability period of any work product.
E&O Does Not Cover Client Conflict Resolution
A common occurrence in the insurance world is an accusation by an agent client that the agent caused financial harm by stealing away a client’s customer. These types of situations are not covered under general E&O policies, and should be addressed with another type of coverage.
E&O Liability Is Not Necessarily Related to the Quality of the Work Product
Agents who carefully proofread their work and limit the number of mistakes are not necessarily any better off as far as E&O liability is concerned. Lawsuits are often less about the quality of the work, and more about the expectations of the clients. For this reason, E&O protection is important, even for agents who have never been sued.
Agents should contact their local insurance provider to provide a personal estimate of their insurance agent professional liability.