Business Insurance News

Why Is Trailer Interchange Coverage Needed?

July 3, 2020

Operating in the trucking industry brings numerous inherent risks based on the nature of the business. Insurance coverage is either required or wise to obtain in order to protect your business. Policies such as general liability, property damage and cargo insurance are typical. Another common scenario is when you are using a trailer that is not owned by you. In that case it does not fall under your insurance policies, so you need separate protection such as trailer interchange insurance coverage.

Trailer Interchange Overview

It is a regular practice for trailers to be hauled by different trucks or carriers during a route. In most cases a trailer interchange agreement is in place between the parties. With this written policy is in place you can then be covered by a trailer interchange policy. It provides protection in the event the trailer is damaged while in your possession, whether it is attached to the truck or not.

Non-Owned Trailer Coverage Differences

There is similar insurance available for physical damage to non-owned trailers not operating under an interchange agreement. It is important to note that the trailer must be attached to a truck for coverage to apply.

The transportation industry contains a number of natural risks. Understanding all of the areas that you need insurance coverage is essential to protecting your business in the event of an accident.

Key Components for Volunteer Driver Training

June 29, 2020

Volunteer driver programs are increasing in popularity and demand, especially among older populations who still want to or need to go out in public but can no longer drive themselves. However, there are many risks involved in having volunteer drivers. Extensive training is a wonderful way, in addition to a comprehensive insurance policy, to reduce risks and improve the chances of your program’s success.

Communication

In addition to basic driver’s training, your volunteers need to have the skills for effective and productive communication. Whether it is primarily used between team members or in volunteer and client interactions, communication skills are crucial for a positive experience.

Emergency and Accident Response

When volunteers transport the elderly, the risk or negative outcomes after an accident increase, along with the risk of sudden medical emergencies. To minimize these unfortunate possibilities, volunteers should be trained in how to respond if they are in a crash or a passenger has an urgent medical problem. Proper training on how to remain calm, contact the proper authorities or medical professionals and care for an injured passenger until a response team arrives are all ways to help keep your clients safe.

Don’t leave your volunteers without the proper tools to complete their tasks each day. Protecting your clients also protects your drivers and ensures the future success of your program.

Understanding an Occupational Accident Claim

June 23, 2020

When it comes to insurance regarding employees getting hurt on the job, worker’s compensation is the first term that comes to mind. This is for good reason. It is the most common coverage that employers opt for and is required in many states. There is an alternative to this that is allowed in some places and can be applied to contractors or employees not covered by workers comp. It is known as occupational accident insurance and you should know the main differences in these policies.

OAI Highlights

There are many similarities between workers comp and OAI. They both provide a certain level of financial protection for both parties in the case of a work-related injury. OAI provides more flexibility and options for an employer with the result being lower premium costs. However, occupational accident claims come with their own set of risks and these are some of the major distinctions with OAI:

It only covers lost wages and medical bills up to the coverage limit.
Employers have the burden of proof in any lawsuit.
Employees can sue for pain and suffering.
Coverage for legal fees is often minimal.

Understanding how workers comp and occupational accident insurance differ can help you make the right decision for your company and workforce. This could help save overall costs. A knowledgeable insurance professional can help explain the pros and cons for your situation.

The No Loss Letter Explained

June 17, 2020

Youve had rough several weeks when you realize you forgot to make your car insurance payment and now your coverage has lapsed. Will your insurance carrier cancel your coverage, after all, it was just an honest mistake? Rewriting the insurance policy takes a lot of time and effort, not to mention, its more costly than just reinstating the policy. However, insurance wholesaler American Team Managers Insurance Services explains that to protect themselves, insurers will require you to sign a no loss letter before reinstating your policy.

What Is a No Loss Letter?

Also called a statement of no loss, the document states that you did not incur any damages during your lapse in coverage. You also affirm that you werent involved in an incident that would result in any claims being filed against you.

What Does a No Loss Letter Do?

A no loss letter protects the insurer from having to pay any damages for any losses, accidents, or circumstances that might lead to a claim during the time you didnt have coverage. Along with requiring you to provide a signed no-loss letter, the insurer will require you to pay the overdue premium and any penalties that have accrued before reinstating your policy. Ultimately you may end up paying higher premiums when it is time to re-rate your policy, but not having insurance could end up being far costlier.

Keys to Successful Risk Management

May 28, 2020

For business owners, investing resources, and time into a successful venture is a risk that doesn`t have a guarantee of reward. As a way to protect the investment, companies will purchase insurance plans that take care of the financial loss that could occur when an incident occurs. Some of the key risk insurance areas include vandalism, crime, personal injury lawsuits, fire, computer viruses, and equipment malfunctions. The way to keep your company financially safe in these is through a strong risk management strategy.

The Action Plan

Your risk management strategy needs an action plan that moves methodically from analysis to corrective measures. The goal is to minimize any risks or reduce the potential for things to go wrong and create a problem. Accidents aren`t predictable, but the environment and potential can be assessed for threats. Identifying areas of risk is the most important part of your plan.

Proactive Measures

After identifying the risks, a good strategy will help mitigate them. It could mean increased employee training, environmental changes, and organization, and new protocols for safety. In addition to these adjustments, your company should also be sure to carry enough insurance coverage in case something happens.

A thorough risk assessment and management strategy can be done in house, or you could bring in a third-party that specializes in this service. While there are general checklists and resources online for help, you are best covered by focused attention on the needs of your company.

The Impacts of the International Maritime Organizations 2020 Ruling

May 20, 2020

The environmental health of the world’s seas has become an increasing concern on the international stage. The issues that confront ocean environments have a direct impact on the maritime industry. International regulations have evolved over recent decades as the threats to ecosystem health have risen, along with a scientific understanding of the greater implications for global environmental and human systems. The most recent of these regulations, IMO2020, will have significant impacts on commercial marine industries.

Critical Impacts of IMO2020

The new regulations, which took effect on January 01, 2020, govern the emissions of sulfur from ocean-faring vessels. Sulfur oxides are naturally emitted from the combustion of fuel used to power ships and tankers. These compounds are especially dangerous to marine and human life and have led to the acidification of ocean waters. The new law seeks to significantly reduce the allowable level of sulfur oxides, presenting financial and operational challenges for the industry. Alternative fuels, such as LGN and low-sulfur fuel oil, are available but can be hard to come by and expensive. The increased demand for the product leaves vessel owners and the shipping industry struggling to remain operational while complying with the new regulations, at least until new refineries come online.

Understanding IMO2020 is critically important to a well-functioning maritime industry. Planning operations around cost and alternative fuel availability can help reduce the risks associated with adapting to a new landscape while ensuring the ongoing protection of the marine environment.

Protection for Those in Mobile Entertainment

May 14, 2020

Insurance is the least glamorous aspect of mobile entertainment, but it is one of the most necessary. Because it is a less common type of business, mobile entertainers need liability insurance specifically for their trade to protect them from third-party claims. Otherwise, with a more general professional liability policy, they will likely be left with gaps in their coverage.

Who Should Get Insurance Specific to Mobile Entertainers?

Mobile entertainers insurance provides protection primarily for bands and DJs, but it can also cover entertainers like party clowns and magicians, face painters, entertainers who dress up as storybook or holiday characters, and others. Equally as important as those who entertain at parties, weddings, and other events are those who capture the memories made during those special times. That is why photographers and videographers are also included in this specialized coverage. Another critical aspect of putting on memorable events is planning. Wedding planners and those who specialize in carefully preparing and executing important events can also benefit from mobile entertainers’ insurance.

What Kind of Coverage Do Mobile Entertainers Get?

When working with experienced insurance providers, mobile entertainers can receive liability insurance to cover claims related to personal injury and property damage. Oftentimes, their policies have coverage amounts that apply separately to each event they participate in. In some cases, they may add inland marine insurance to their liability policy. Speaking to a qualified professional is all it takes to make sure they have the coverage they need to create and keep memories for their clients.

Finding Coverage for Truckers

May 8, 2020

The trucking industry keeps the economy running, yet working as a trucker can be one of the hardest occupations to get insurance for. Truckers who are new to the business dont always have the experience and finances needed to purchase their own policy. However, before a trucker is able to get his federal license, there must be proof of insurance. There are some companies, such as United Specialty Insurance, which make it easier for these individuals to obtain insurance.

Pricing and Quotes

Truckers have to consider several factors when getting a quote on their coverage. The types of risks that an agency considers are the materials or products being transported, the routes of travel, and the rig that is being covered. Truckers that have favorable safety scores and who have been in the business for more than five years (with few losses and claims reported) will receive better pricing. However, assuming a large deductible, working with a captive, or self-insured retention can be ways to lower the financial cost of coverage.

No Alternative

Unfortunately, truckers cant get away from carrying insurance coverage. Regardless of the cost to your operations, the federal government mandates certain coverage limits and inclusions. Working with a good agent will let you know what is required, but they can also have a policy underwritten that is the most affordable to your situation.

Hired and Non Owned Coverage Protects Your Business While on the Road

April 21, 2020

From picking up supplies to making deliveries and visiting clients, you and your employees probably spend at least a few working hours on the road. Using personal or rental vehicles creates increased risk in the event of an accident. Hired and non owned auto additional insured riders to your policy can help mitigate that risk.

When Does Hired and Non-Owned Insurance Apply?

If an employee or volunteer has an accident while driving a personal or rented vehicle on your companys behalf, any claims made against them would be covered by your hired and non owned auto additional insured policy. The experts at World Wide Specialty Programs note that this can be a major factor for staffing firms whose employees often drive client vehicles.

What Does It Cover?

At its most basic, hired and non owned coverage will pay for legal fees and claims resulting from a work-related vehicle accident. Additional coverage options can lessen your risk. These include:

Blanket additional insured coverage
Property damage riders
Personal injury claims

Why Not Just Use Commercial Insurance?

When you use company vehicles, they are covered under your business vehicle insurance. However, when employees or volunteers use personal vehicles or you rent temporary ones, those vehicles are not covered by your policy. Damages will be repaired under their own collision coverage, but you are vulnerable to claims made against your business.

The right insurance coverage can help reduce your risk when employees are operating multiple vehicles Riders such as blanket additional insured and physical property damage coverage maximize that protection.

Condominium Capital Improvement Projects and Florida Workers Compensation Coverage

April 16, 2020

When getting bids for a project in a Florida high rise condominium building, everyone requests a copy of contractors’ general liability information. However, not all project managers verify worker’s compensation coverage. This vital coverage is an indispensable feature of any bid package, so dont forget to include it in your request for proposals. You need to have your contractors’ current insurance and Florida workers compensation proof of coverage throughout the entirety of your project

Proof of Coverage

According to https://hilbrgroupfl.com/, you can verify a company coverage status by going online. It’s important to have this information readily available for building inspections, and you should keep track of certificates expiration dates so you don’t unexpectedly find yourself without up-to-date coverage information. Although your project contract should specify that its the contractor’s obligation to provide you with their insurance and workers’ compensation information, don’t rely on them to keep them updated for you. Once obtained, keep all of your documentation in a comprehensive project binder will ensure that you have everything you need for building inspections, and it will enable you to stay on top of your project’s progress and timeline.

Subcontractors

Ideally, your project contract should make clear that your general contractor must ensure that all subcontractors have Florida workers’ compensation proof of coverage. You should also request copies of subcontractors’ certificates to include as a part of your project binder.