Like any other type of business, a nonprofit must maintain certain types of insurance. However, these companies also often have components that others do not. That can cause confusion when it comes to what insurance is a necessity and what is a nice-to-have addition to coverage. Delving into nonprofit insurance requirements can help create clarity out of the confusion.
You are required by law to maintain certain types of insurance coverage for your nonprofit organization. These primarily target liability and can vary depending on where your company is located and conducts its business.
For example, in many places, you are required to maintain general liability insurance on any business. If your company owns and operates vehicles, then an appropriate auto insurance policy must be in effect. Each state has its own requirements for worker’s compensation coverage, but most mandate it for businesses with a minimum number of employees. Officers and volunteers may count toward those numbers.
Extras That Increase Protection
There are some other coverages that you may want to include in a comprehensive insurance package. A few of them include coverage against:
- Improper employment practices
- Cyber liability
- Property damage
- Volunteer dishonesty
Since there can be some ambiguity about coverage requirements, it is best to work with a trusted financial advisor and insurance agent to determine the exact needs of your organization.
Your employees are the backbone of your grocery store. Though they do what they can to protect themselves and the business, its your responsibility as a business owner to protect them in return. This means providing workers compensation insurance to help cover the cost of any work-related injuries they suffer. That said, its always best to reduce work comp claims at grocery stores in the first place. Heres what you need to do.
Understand the Most Common Types of Injuries Workers Face
The best way to reduce the number of workers compensation claims made at your grocery store is to understand what types of injuries are the most common. These are a few of the injuries that happen frequently:
- Slip and fall accidents
- Overexertion and muscle strain
- Driving accidents
Think about the types of risks present in your store. If youre not sure where to start, ask your employees about the issues they see while theyre working. Once you know what hazards are the most common, youll be able to prevent them in the first place.
Prioritize Worker Safety
The best way to reduce the risk of injury at work is to make sure your team has everything they need to do their jobs safely. Invest in safety equipment, keep the store clean at all times, and make sure your workers compensation insurance is valid at all times.
Preventing all injuries isnt possible. However, as long as you do what you can to keep your team safe, youll see a decrease in claims over time.
As the owner of a cemetery, you are responsible for helping people lay their loved ones to rest with as little stress as possible. Despite their somber nature, cemeteries have to deal with the same risks as any other business. There are many things that can go wrong and you need to make sure you have cemetery insurance in case something happens.
Coverage for Negligence
Unfortunately, mistakes that cause damage to others and their property can and do occur all the time at cemeteries. For example, let’s imagine a scenario where snow is not cleared off the walkway at your cemetery and someone slips and falls. If this person is injured, you are liable for their medical bills which could potentially be extensive. Cemetery insurance would cover these costs and help keep your business afloat.
You also need to have insurance in case someone’s property gets damaged while on your cemetery. For example, say someone’s casket gets damaged while it is on your property. You would be liable for the damage to the casket and you don’t want to have to pay for it out of pocket. Cemetery insurance would cover this and save you a lot of money.
Owning a cemetery comes with a lot of risks just like any other business. Having the right insurance coverage can make all the difference.
If you are shopping for truck insurance, then you may be aware that a CAB report affects your premiums. If you are like most people, however, you are probably not sure what CAB is or how it works. Here is a little background on this agency to help you understand its effect on your business.
What Is CAB?
CAB is short for the Central Analysis Bureau. This small, New Jersey-based agency, which only employs approximately 30 people, has been in the business of collecting and selling information about vehicles for the past 75 years. For example, from just a vehicle identification number, CAB can tell you a vehicle’s life story, including the following:
- Place of manufacture
- Previous owners
- Crash history
- Violation history
How Does a CAB Report Affect Insurance?
Insurance carriers use CAB reports to estimate risk and calculate premiums. Many agencies use these reports more than they do the client’s actual driving record or vehicle history, and some will deny coverage based on a CAB report alone.
Let the knowledge that CAB is out there, monitoring your fleet, help you be more vigilant in self-inspection. Doing things like checking your taillights, performing routine inspections, and monitoring your drivers’ hours can keep CAB reports working for you and not against you.
A career as a truck driver is a great way to earn money while seeing the country. It can also be a lucrative career option, especially if in one of these four top-paying hauling jobs.
Oversized Load Hauler
Everything from construction equipment to prefabricated structures must get from the manufacturer to the job site. Companies hire specially certified truck drivers who can handle the job and pay higher wages with some drivers making $90,000 or more annually.
Hauling hazardous waste safely makes hazmat drivers an indispensable part of trade. Because of the risk involved, drivers must be specially trained and certified while companies use hazmat insurance carriers to cover the cost of spillage claims. They can expect to earn over $100,000 annually.
Ice Road Trucker
Maneuvering heavy loads in icy conditions is not for the faint of heart. Frozen, remote areas in places like Alaska and Canada rely on these deliveries as their only means of getting essentials. The level of competency and grit required translates to a big payday up to $250,000 for anyone willing to take on the dangerous task.
Tanker trucks carry cargo in liquid or gas form with fuel tank drivers earning $70,000 or more per year. These drivers also carry hazardous materials as well and are compensated accordingly.
Truckers play an essential part in everyday life by delivering important goods throughout the nation. Choosing it for a career can also mean a handsome payday for drivers.
Property investments can become a great source of income when you lease apartments or dwelling spaces to tenants, but they can also come with a lot of headaches. Even with your best intentions, you may not always be able to protect your units from natural disasters, tenant or visitor injuries, or damage to your units from theft or vandalism.
Your Exposures as a Landlord
If you rent out your property, whether you are operating a commercial venture like a hotel, student dormitory, or condominium or you lease out your second home or timeshare on occasion, you should consider the liabilities you face as a landlord. Your tenants have an expectation of safety and security from bodily harm or loss of physical property, but they are also counting on all the amenities to be in good working order.
Your Coverage as a Landlord
Habitational insurance addresses these key areas of habitational risk. In addition to paying for medical claims of injuries that occur on the property and assisting with structural repair or replacement for property damage, these policies can also be underwritten to include loss of rental income, environmental costs of claims associated with exposure to pollution, and the funds needed to address equipment breakdowns.
There are unique risks associated with the different variations of rental properties. Talk to a broker specializing in this coverage to make sure your plan will address the areas where you face the most exposure.
Risk management plays an important role in any business, and assisted living facilities are no exception. Finding the right assisted living liability insurance coverage helps protect you against the many risks associated with this type of senior care.
Protect Your Business Against Lawsuits
Liability insurance for assisted living facilities can protect you in the event a resident slips and falls, sustaining an injury. It can also provide coverage if a staff member incorrectly administers medication. Staff members aren’t the only source of potential lawsuits; insurance can also handle claims if a visitor steals a resident’s property.
Obtain the Right Coverage Types
Automobile insurance can cover vehicle accidents if your business transports residents. Coverage for the building can include boiler and machinery insurance, protecting you in the event of a mechanical failure or boiler explosion.
Check for Exclusions
Make sure the policy you’re purchasing doesn’t exclude important coverage. While no facility wants to face allegations of physical or sexual abuse by their staff, it’s important to carry a policy that includes this type of coverage.
Assisted living facilities carry a unique set of risks due to the population they serve. Finding the right insurance requires assessing any specific needs your facility may have surrounding specialized services you offer as well as ensuring you aren’t liable for the actions of your staff.
Finding the right staff for a position is critical to any business, but especially a staffing firm. After all, your clients depend on you to provide good candidates to meet their organizational needs. While an interview provides the opportunity for you to delve into a candidates experience, it only tells a part of the story. References provide additional insight into how a potential employee performs, and a thorough check is essential to the hiring process.
Conducting a Thorough Reference Check
Gone are the days of checking references merely to confirm work history. Its up to you to investigate to get details on a potential hire:
- Verification of identity
- Solicit feedback from past colleagues
- Learn information that the candidate withheld or omitted
Listen for reference check strengths and weaknesses. Not all weaknesses are created equal, as some can be turned into strengths with training and experience, while others are indicative of a larger issue that may spell trouble for your company or client.
Reading Between the Lines
Its important to remember that an applicant will accentuate their positives, especially on a resume or cover letter and interview. The reference check gives you an opportunity to hear and see what others are and arent saying about a candidate. Staffing agencies are held to some of the highest standards when it comes to hiring.
To have a biotech company is to have a company with its share of unique risk. The question that you might have is how can you mitigate those risks?
Third-Party Training May Be Helpful
In the biotech industry, you may not want to rely on in-house risk management. If you do not have a chief risk officer or if the upper management is not relaying a message of risk management to the rest of the team, then you may want to consider outsourcing. Third-party experts can train your company on how to mitigate the varying risks of a biotech company.
Insurance Coverage Is a Necessity
No business can survive without an adequate insurance company. Biotech insurance coverage will not only protect your assets in case of a disaster, but it will protect your company against lawsuits. If you are doing clinical trials for medications, there are significant risks. Even with waivers and other contracts, you are still liable for patients. Likewise, you may already have a financial burden because many medications do not meet the market.
All businesses have a certain amount of risk that they have to be accountable for. When you run a biotech company, you have very unique risks that you have to consider with the use of risk management training and insurance coverage.
Running a successful dry cleaning business takes a unique skill set. You have to budget smartly, provide outstanding customer service, and have outstanding attention to detail. Despite the methodical organization, you still need to be prepared to deal with the unexpected. Dry cleaning businesses have to contend with a considerable measure of liability exposure, and they need to safeguard themselves accordingly.
Build a Comprehensive Commercial Insurance Package
Good insurance coverage is a fundamental part of a dry cleaning businesss risk management plan. Work with an insurance company that offers dry cleaner programs that are customized to your industrys operations. In addition to providing competitive rates on insurance, an insurer that is experienced in serving dry cleaners can offer guidance about your overall risk management.
Be Prepared to Deal With Claims Quickly and Effectively
Just like any business that opens its doors to the general public, dry cleaning businesses could face liability for accidents occurring on the premises that result in physical injury. They could also be subject to claims for lost or damaged property. Putting customers on notice that you wont be responsible for lost or damaged items may be a deterrent to claims, but it doesnt really offer substantive protection against them. Work with an insurance company that will give you the resources to resolve claims as favorably as possible.