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Fundamental Management Tips for Libraries

Libraries often have to operate with minimal resources. Nevertheless, their communities are counting on library managers and administrators to make the most of what they have, keep materials well-stocked, and maintain facilities in good condition. Here are some useful library management tips to maximize resources.

Create a Comprehensive Maintenance Plan

A library’s manager should work in close collaboration with the most senior maintenance staff member to create a thorough playbook for the building’s maintenance. A plan should include day-to-day maintenance and cleaning functions. It should also spell out timelines for more intensive maintenance activities such as HVAC system calibration, window washing, and roofing system inspections.

Network With Social Service Providers

Librarians commonly find themselves in the position of helping patrons with social service needs. A dramatic increase in the population of homeless individuals has created a significant burden on libraries. Collaborating with housing and human service agencies may help equip libraries to address this growing area of need.  

Lastly, it is imperative that a high degree of care and planning must go into libraries’ budgets. Every quarter, it is important to compare estimated expenses with actual expenses. Incorporating contingencies and taking steps to mitigate risk exposure can help libraries sustain their operations despite economic challenges. 

How Monitoring Insurance Trends Keeps Your Prepared


The insurance needs of your business are far from stagnant. While several policy options can protect you in a general way, you also need to stay aware of regulation changes and other industry shifts that might impact your coverage. To achieve this, you need to take matters into your own hand and do your part to stay aware of trends related to insurance in your field. Keeping your ear to the ground in this way can have long-term benefits for your company.

Understand New Regulations

By focusing on the latest breaks in insurance news, you will be immediately aware of discussions related to your industry. Should policymakers pass a law that determines your type of organization requires enhanced coverage, you will be able to take action as early as possible. This can make a huge difference when it comes to budgeting for these future changes and finding a provider who can meet the changing demands. Other reasons to stay aware of the latest news related to insurance include:

  • Changes that offer benefits or discounts
  • Adjustments that impact annual taxes
  • Alternatives to traditional sources of insurance

Be Informed at All Times

Staying abreast of the latest changes in your industry is important for many reasons. Focus your attention on insurance from time to time to enhance your company’s protection and stay informed.

Using Single-Parent Insurance To Boost Your Business

single parent captive

To keep your company protected against the many threats that exist in your industry, you require a comprehensive insurance policy. Of course, this is not always easy to obtain. Traditional insurance can create plenty of gaps in your protection, leaving you open to a number of commonplace threats. To avoid this, alternatives like a pure captive insurance option might be a good fit. Also called a single-parent policy, this is insurance provided and controlled by a third-party private insurer. There are several advantages to this arrangement.

Basic Benefits of Pure Policy

One of the largest benefits reported by experts who utilize a single parent captive policy is the cost. When compared to traditional fees related to insurance like underwriting, this alternative offers a more affordable solution. This, in turn, leads to more control over your company’s cash flow and an ability to use part of your income to invest in the future of your enterprise.  These policies often include more flexibility and can help you minimize your risks through this level of control. Additional benefits can include:

  • Incentives for loss control
  • Data analysis and forecasting for growth
  • Time-tested option with tangible results
  • Increased coverage options

Evaluating Your Company

A pure policy can be advantageous for companies operating in a number of different industries. Review the basics of this type of arrangement and learn more about how it works. Evaluate your business and determine if this is right for you.

Extending Your Coverage When Others are at Fault

contingent liability insurance

Extending Your Coverage When Others are at Fault

As the information on reveals, a business owner can be held liable for personal injury, property damage, bodily injury caused by a party or partner the business has a contractual relationship with. This is considered a contingent liability, or indirect liability, and it falls under the general liability exposures of business operations.

What is Protected?

Just as a general liability policy is able to protect a company from several areas of property damage, or bodily injury occurring to patrons or individuals on the business premises, contingent liability insurance works to protect instances where subcontractors, employees, agents, or contracts are responsible for the damaging incident. For example, if a grocery store hires a contractor to repaint its exterior sign and a paint bucket falls on a customer, the grocery store can be held liable for the incident. However, a standard liability policy might have this incident listed an exclusion, therefore carrying a supplemental contingency policy is wise.

Adequately Covers Risks

Every business has some risk of the contingent liability, although the amount and extent of coverage will vary according to your business’s operations. Your policy advisor will be able to tell you how effective your current plan is when facing these additional risks, and you may be able to include a rider or endorsement for these potentially uncommon areas of exposure.

4 Ways to Increase Property Security and Lower Risks

commercial property

Increased security measures can decrease the commercial property liability your business faces. There are a few key ways to help increase security and decrease risk.

Security Systems

Much like your home, you can guard your business with a security system. These come in a variety of options from online access to cameras tonight sensors. Advertise your system to deter criminals looking for an easy target.

Risk Assessment

The experts at recommend covering your exposures with a comprehensive commercial property policy. However, you don’t know what those exposures are unless you do a risk assessment. The assessment can help you find ways to increase your security measures and lower that risk.

Safeguard Equipment

Technological equipment is valuable and often easy to steal. Leaving out laptops and tablets makes them easy targets for someone looking for an easy lift. Secure all equipment out of sight when not in use.

Entry Points

One way to prevent unwanted theft is by watching who comes and goes through the building. Depending on your business, you may want to consider hiring a guard or installing keycard access in addition to your security system.

Securing your business helps lower commercial property liability. If you still happen to experience vandalism or theft, the insurance is there to protect the financial assets of the company.

Managing Your Laundromat

Irving weber associates

If you are managing a laundromat, you know that in order for your business to be successful, you’ll need consistent customers. One of the best ways to get these customers is through marketing. Perhaps you are wondering what kind of laundromat promotions you can run to help your business grow. Here are some ideas to encourage new growth.

Market Your Company Online

Having an online presence goes a long way in gaining new customers. You can achieve this by having a website, using social media, or both. You might even try to simply establish your business using review sites, like Yelp or Google. Many potential customers check here first before they decide if they will visit an establishment or not.

Don’t Underestimate Older Methods

Don’t forget about older methods, such as using flyers, advertising on the radio, according to Irving weber associates, inc. These are usually cost-effective ways of getting the word out about your company, which can encourage newer customers to come to you. Eventually, word-of-mouth can be used along with advertising methods when looking for other effective ways of managing laundromat promotions.

There are many different ways that you can encourage laundromat promotions without spending a lot of money. Looking toward tried-and-true methods that are low-cost, like flyers, combined with social media can provide you the best return on your investment.

Audit Challenges for Banks

Insurance Brokers Inc.

Banking institutions are required by federal law to protect the investments of their customers, and there is a reasonable expectation that monies placed into the trust of the facility are safe. In order to make sure the bank is in compliance, a bank audit is usually conducted. The audit will reveal how well the institution is complying with industry standards and all applicable laws. While there are many things that are examined, the primary function of the audit is to ensure compliance. It checks the bank’s activities, information systems, and control processes. The auditor will conduct tests on all the systems, and generate a report on the findings. An institution’s fear is receiving notice of internal control failure.

Risk-Based Assessments

According to the professionals at Financial Guaranty Insurance Brokers, Inc., risk-based audits are looking for the following risk items:

  • Liquidity
  • Price
  • Operational risk
  • Compliance risk
  • Strategic risk
  • Reputation risk
  • Credit risk
  • IT and cyber risk

Going through an audit isn’t easy, and failures can be damaging to an organization. However, the purpose of the audit isn’t to hurt the institution, but to expose the areas where it can improve. The way a bank responds to these areas of improvement can dictate the overall safety and security of the consumer investments and its overall operations. The bank leaders can either acknowledge areas where changes can be made or they can ignore the audit altogether.

Safeguards for New Businesses

business liability insurance

Safeguards for New Businesses

Being an entrepreneur is a labor of love filled with challenges. When overcome, it can be worth it for the returns. Ventures of all sizes require a sizeable amount of financial investment, commitment and perseverance to push through the challenges that present themselves. This is because for many businesses starting out, things may be volatile before a reliable client base is established and profits finally offset the costs and hopefully even exceed them. However, for even the most successful business, liability insurance, and other precautions must be put in place to help minimize any potential risks later down the road.

Inherent Risks

Regardless of the type of business you are running, you will likely share similar risks to others out there. Some of those common risks include the following:

Accidents, injury or harm caused to employees on business property or allegedly at the fault of the business

Cyber risks

Damages traced back to directors and officers

Issues with employment practices


Employee dishonesty

Natural disasters

Thankfully business liability insurance recognizes these exposures and can help you be proactive. An agent can fit you with just the right policy that backs you financially and legally in many of these instances. After all, having proper coverage is one of the best foundational practices for any start-up.

Keeping Your Production Financially Safe With Insurance

entertainment insurance

Whether you are a local theatre production or a large concert venue, your event deserves the right insurance protection. You simply never know when an emergency or accident can happen that disrupts your special production. Thankfully, there is a growing number of agencies that provide entertainment insurance for a whole spectrum of events in the industry. These agencies and brokers can look at your special case and advise you on what kinds of risks your event runs.

Who Can This Insurance Benefit?

Anyone project that is in the creative field can benefit from the types of protection this insurance entails. For example, commercial shoots, tv shows, movies, theatrical productions, producers, musical tours, festivals and venues should consider entertainment insurance.

What Policies Can it Include?

An entertainment insurance package can cover much of the aspects involved in a particular event. These policies include equipment breakdown or theft, weather delays, cancellation insurance, liquor liability, crisis containment, motor and trailer insurance, legal liability and studio insurance. It is important to consult with a specialized broker or agent to see what kinds of coverage you should invest in and to understand what is available under their services.

While an entertainment event or production can feel like a thrill ride, you should not be underprepared in case of a real-life incident. Contact professionals who can handle your specific needs today!

ACORD Forms Simplified

acord 125 fillable

ACORD Forms Simplified

When it comes to insurance forms, you probably already feel buried under them. There is a lot to keep track of, but some forms you may have heard of are the ACORD forms. Several insurance carriers use these documents to provide a method to exchange information and record it. If you’ve ever been asked to complete an ACORD 125 fillable form, then you may want to know the basics of ACORD forms.

What Is ACORD?

ACORD is the Association for Operations Research and Development. They are a nonprofit standards developer. Essentially, they are the ones that set forth a universal language for insurance agencies to use. They have a massive library of forms that the insurance industry uses regularly.

Regular Updates

One thing to know about the ACORD forms is that they regularly update so that they follow the latest trends and needs set forth by the industry. In addition, they make it easy to trade data between carriers and partners. The idea behind ACORD forms is to make everything simpler, rather than more difficult.

If you’re being asked to fill out an ACORD form, such as the ACORD 125 fillable form, then don’t worry. These are simply insurance forms. The ACORD 125, for instance, is a commercial insurance form. ACORD forms help simplify the industry.