Points To Consider With Occupational Accident Insurance Lawsuits

Every industry comes with inherent risks. Whether you run a business in medicine, construction, entertainment, or finance, you can bet that your workers and your company are subject to a variety of exposures. The best way to protect yourself and your assets is by reviewing all of the insurance options available to you. For many, the best way to see success in the long run is by taking time to consider alternatives to traditional plans in order to stay fully covered. Review these points and learn more.

The Basics of Accident Insurance Lawsuits

One angle that you should consider when it comes to the risks of your industry is an occupational accident insurance lawsuit. These situations can lead to major losses and bring you in contact with a slew of major legal problems. Thankfully, appropriate insurance can be a great way for you to shield yourself from harm. Take time to review the options presented to you and you will be able to find coverage that actually helps you along the way. Areas of coverage worth reviewing in advance can include: 

  • Standard and non-traditional workers’ comp options
  • Policies centered around protecting directors
  • Options for commercial vehicles and fleets

The Best Fit

There are plenty of ways to protect your business from what the future has in store. As long as you take time to learn more about these choices, you will have no trouble finding a fit that works for you.

Digital Nomads Emerge as a Niche Insurance Market

People who work remotely and travel the globe are an emerging niche insurance market. Here are a few things these digital nomads prefer from their insurance company.

Paperless Documents

Digital nomads by definition do not have a fixed address. Therefore, they have no need for mailed paper documents. Paper documents pose a liability, in fact, should the wrong person intercept mail that is delivered to an address where the customer doesn’t live. Nomads prefer to receive their documents electronically.

24/7 Assistance

Digital nomads inhabit all the time zones, and therefore need to reach customer service agents at all hours. Offering 24/7 customer service ensures that everybody is assisted.

Chat Functionality

Digital nomads tend to prefer more technologically-savvy methods of communication. Offering a real-time chat function to an insurance company website allows customers to reach agents in a way that works for their electronically-connected lifestyles.

Self-Signup

Independence is a hallmark of digital nomads. This cohort tends to prefer to sign up for policies online themselves rather than call to speak with an agent. The more user-friendly your website it, the happier these customers will be.

These are just a few ways to cater to digital nomads as they grow in market share. Offering insurance in a technologically-accessible way will create loyalty with this group.

Why You Need Fiduciary and D  O Insurance

In today’s business world, lawsuits are not uncommon. Employees file suits for wrongful termination, unfair business practices, and harassment. A company should have insurance to protect its management in the event of this type of litigation. 

Management Liability Insurance

To protect its management in the case of a lawsuit, a company needs management liability insurance. This type of policy includes several types of coverage for different types of legal action. One of the main things you need to know is fiduciary insurance vs D&O insurance

Fiduciary Insurance

Fiduciary insurance protects your company in the case that your provider makes an error in the management of employees’ stock options or 401(k)s. Without coverage, your personal assets could be at risk if an employee sues.

D&O Insurance

A company’s directors and officers can be at risk of a lawsuit brought by investors, competitors, or shareholders due to the committing of a wrongful act in the tasks of managing. Such an action could result in a loss of personal assets for a member of management. A D&O policy provides coverage that will protect the assets of directors and officers.

Every company, no matter how small, should be insured to protect its assets and those of its managers from potential lawsuits. Fiduciary and D&O insurance are two essential types of coverage.

The Critical Errors You Should Avoid When Shopping Around for Your Life Insurance Policy

If you’ve recently started shopping around for a life insurance policy, you may be wondering which common life insurance mistakes you should try to avoid. In order to ensure you find the best policy for your needs, it’s important to avoid some frequent errors. Here are the top ones to watch out for.

Choosing an Inadequate or Excessive Policy for Your Specific Needs

One of the most common mistakes new policyholders make is purchasing a policy that is either too small or too expansive for their current needs. For example, try to avoid getting:

  • A term policy when a whole-life policy would be more appropriate, or vice-versa
  • Too much or too little payout coverage for your dependents’ financial needs
  • Inadequate features such as funeral expense coverage and more

Making Mistakes When Naming Your Beneficiaries

Choosing your beneficiaries is an essential part of the life insurance process, so it’s important to pick wisely. Remember to focus on:

  • Picking both primary beneficiaries and secondary or contingent beneficiaries
  • Keeping your estate and your beneficiaries separate
  • Setting up a trust or custodian if you wish to name a minor as your beneficiary

As you explore your life insurance policy options, be sure to watch out for the most common life insurance mistakes. Now that you’re aware of these errors, you can try to avoid them and find the policy that meets your needs.

A Dream Deferred: Improving Your Life Insurance Qualification Chances

You did not expect your family to start so soon but, now that it has, you know you need to make a plan, right? New parents serve their legacy well by gathering  a last will and testament alongside a life insurance policy.

Life Insurance Qualifications

Life insurance is cash protection for your family in the event of an untimely passing. In order to apply for a death benefits policy, you will want to understand life insurance qualifications: agents review these factors prior to considering you for a certain plan. Because there are a variety of insurance options available, you may qualify for a different plan from your partner.

Medical Health Inconsistencies

If you suddenly feel motivated to start working out, you’re not alone. Insurers may suggest changes in lifestyle routines for the policyholder that will intentionally influence life insurance qualifications. These changes can make the difference between paying a higher or lower monthly premium:

  • smoking cessation
  • weight loss
  • alcohol modification
  • speeding ticket moratorium
  • switching occupations

High Risk Occupations

The premiums for dangerous jobs are among the highest available. For those police officers and fire fighters who were already considering a career change, the move will make all the difference in your life insurance qualifications.

Purchasing a plan for term or whole life insurance has a delayed gratification. Your family’s peace of mind to cover burial expenses makes it worth the wait.

Insurance Protection for Non-Profit Organizations

Managers of non-profit companies know how challenging it can be to maintain funding and encourage interest in their goals. On top of that, managers must ensure their organization and volunteers are protected from injury and liability.

What Is the Best Insurance Coverage for Non-Profits?

There are a number of items to consider when selecting insurance for non-profit organizations. Needs vary so make sure you discuss your unique situation with your insurance agent. Listed below are common types of coverage.

  • General Liability – This policy covers claims made by third parties for injuries or property damage.
  • Professional Liability – If you employ paid or volunteer personnel on your board of directors, this insurance protects them from claims of negligence or mistakes.
  • Property Insurance – In the event of a theft or fire, your building and equipment will be covered.
  • Employment Practices Liability – This plan protects your organization against claims of harassment or discrimination filed by volunteers and paid employees.
  • Workers’ Compensation – When an employee gets injured on the job, this insurance helps to cover medical expenses and partial lost wages. Each state has different requirements and volunteers may not be covered by the typical workers’ compensation plan, so make sure you discuss your concerns with your insurance agent.

Protect your non-profit and your workers with a comprehensive insurance plan.

A Basic Approach To Insurance Concerns

There are times when running a business means making tough choices. However, protecting your employees and your assets is always an easy decision. In order for you to keep your company safe, you need to look at your insurance plan. If you haven’t considered all of the risks, you may come to discover the shortcomings far too late to do any good. Though you may not think of such scenarios first, someone who brings a dangerous firearm to the grounds of your business is a situation you should consider with your insurance.

Prepare for the Worst

Recent years have shown how uncertain life can be. If you don’t look into active shooter liability coverage, you are leaving yourself and your workers open to a number of problematic outcomes. Beyond this, there are many areas where you might not be thinking about the full picture. In order to make sure your insurance is protecting you from all fronts, you absolutely need to take a look at the biggest risks of your industry. Areas to focus on can include:

  • Workers’ compensation benefits
  • General liability and what it covers
  • Funds for potential litigation

Consider All Options

By exploring worst-case scenarios like the possibility of an active shooter at your place of business, you are doing your part to go above and beyond with your insurance. Review the basics and determine what steps you should take to feel secure.

Difference Between Non-Owned Auto Insurance and Commercial Auto Insurance

WWSPI

Does your business use vehicles for deliveries, transporting inventory, or any other purpose? If so, you need to ensure you protect your property and your employees when they’re on the road. WWSPI helps you determine the difference between commercial auto insurance and hired and non-owned auto coverage.

Non-Owned Auto Insurance

Does your business use vehicles for work but not own them? If so, you’ll need hired and non-owned auto insurance. These policies cover your employees’ personal vehicles when used for work, as well as any rentals you use. Keep in mind that this liability coverage is not available for the vehicles if the accident occurred while they were being used for personal errands or outside of business hours.

Commercial Auto Insurance

If your company owns its vehicles, you’ll need a commercial auto insurance policy. Commercial coverage provides liability in case you damage somebody else’s vehicle. Additionally, you may be able to use your policy to cover medical expenses related to injuries, damage caused by theft, vandalism, or weather conditions, or uninsured motorists.

Regardless of whether you own your vehicles or need a hired and non-owned auto insurance policy, research potential agencies before signing on the dotted line. Look for a company that has experience providing business insurance, is licensed, and has a strong reputation within your community. 

Do You Need a Medical Malpractice Insurance Broker?

Insurance Broker

Malpractice insurance for medical professionals is the industry’s liability insurance, but finding the right policy can prove challenging, especially in states where premiums are high. Using the services of a broker places the job in the hands of an expert.

Protecting Your Practice

In the course of your career, there is a distinct probability that you will be faced with charges of negligence, substandard care or errors that result in a patient’s injury or death. The results can be ruinous unless you carry an adequate policy. With the right insurance, you can expect coverage for:

  • Court costs
  • Attorney’s fees
  • Awarded settlements or damages

Finding the Right Insurance

Premiums for malpractice insurance can vary widely, as can the quality of coverage. Med mal insurance brokers do the research for you. It is their job to know the legal structure regulating malpractice suits in their state of operation, a factor that contributes to policy standards and premium structures. Your advisor will work directly with the insurance agents to obtain the highest quality policy for the lowest possible costs to you. The brokerage fee is already built into the price of the insurance, whether you do the work yourself or utilize the services of a professional; thus, there are no out-of-pocket expenses.

If you work in the medical field, procuring a high-quality policy is a necessity to prevent financial devastation should a lawsuit be awarded in the plaintiff’s favor. Medical malpractice insurance brokers provide you with an invaluable service and peace of mind.

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.