Keys to Successful Risk Management

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


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

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


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

World Wide Specialty Programs

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


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, 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.


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.

Stopping Libel and Slander with a Cease and Desist Letter


Libel and slander are civilly actionable offenses in which one person or entity causes damages to another by making untrue and defamatory statements. Libel refers to written statements while slander typically refers to oral statements. These types of claims are examples of torts, specific wrongs in which one person causes another person to suffer damages. Other examples of torts include negligence, fraud, or reckless endangerment. In the case of libel or slander, many victims don’t need compensation for the damages so much as they need for the libelous or slanderous activity to stop. A cease and desist letter can be an effective way for a claimant to stop defamation without resorting to litigation.

The Contents of a C&D Letter

A professionally prepared libel cease and desist letter is a formal demand to compel someone to stop defamation. It details when and how defamation occurred and addresses the claimants damages. According to Huntersure, the letter should indicate that the claimant has specific and sufficient evidence to litigate a claim if necessary.

The Effect of a C&D Letter

A C&D letter puts a potential defendant on notice that he or she may be sued for libel. It forces them to consider the risks of defamation from a legal perspective, and it may persuade them to stop any alleged wrongdoing to avoid time-consuming or costly litigation.

Keeping Cargo on the Move with Motor Truck Cargo Coverage

Motor Truck Cargo Coverage

There’s more to trucking insurance than making sure vehicles are covered from accidental damage. There are scenarios where additional expenses aren’t covered by traditional policies. That’s why sensible haulers turn to motor truck cargo coverage to fill in the gaps.

Peace of Mind

Cargo carriers are responsible for their freight until it is unloaded at the final destination. Anything that happens on the road is the transporter’s liability. While standard coverage will take care of the vehicle, driver and even some of the cargo, most policies don’t include other major aspects of accidental loss. The policy specialists at lay out some of the most common problems that regular plans just aren’t concerned with, but every transport business should.

  • Full coverage of cargo
  • Chemical and poisonous spill cleanup
  • Fire department surcharge
  • Earned freight coverage that takes care of lost income thanks to missing/undeliverable cargo
  • Reward coverage for information leading to stolen property
  • Data loss coverage

Without the proper policy guidelines, a cargo transport business could face dire repercussions from an event that was completely accidental in nature. Make sure your vehicle, driver and cargo are all secure in case the unforeseen happens. Having motor truck cargo liability coverage keeps companies safe, letting drivers make their deliveries knowing that Corporate has their back!

Tips for Choosing Restaurant Insurance

restaurant insurance

Insurance is a vital tool for modern businesses, especially those that deal with food. It relieves business owners from the stress of dealing with costly legal fees when an accident happens. It also helps in employee retention, since workers know they are protected. Here are some helpful tips to observe when choosing a restaurant insurance policy.

Understand the Various Restaurant Insurance Programs

As referenced on, the standard insurance programs for restaurants includes workers’ compensation, commercial property insurance, general liability insurance, and crime insurance. Understanding them will help you choose the most suitable for your restaurant.

Consider Pricing Factors

The main pricing factors for restaurant insurance programs include the business location, business operation hours, size of the business and much more. Your insurance company will consider these factors when deciding on the cost of your policy.Be honest while giving the details of your business.

Choose the Insurer Wisely

There are many insurance companies that offer restaurant insurance coverage. Their rates and terms are not the same, which means you should only work with the firms whose terms match your needs. Also, the best insurer should have been in the industry for a considerable period.

Understand the various type of restaurant insurance in the market, consider the best pricing, and work with a trusted insurer to get the best insurance coverage for your restaurant.

Why Your Business Needs Executive Liability Protection

Daniels Insurance Agency

Executive management helps keep the business on course to achieve long-term goals starting today. Unfortunately, they also have unique liabilities other employees do not face. Executive liability insurance helps covers these liabilities, so management can continue moving the business forward.

Additional Protection

The experts at Daniels Insurance Agency states that additional insurance protection helps protect beyond what the general liability insurance covers. Common additional policies necessary to protect these higher-level execs include Directors & Officers, Employment Practices Liability and Fiduciary Liability Insurance.

Uncommon Exposures

The reason for the additional insurance protection comes down to the uncommon exposures faced by private executive employees. Certain business activities fall on their plate rather than the general employees. Relationships with customers, regulators, creditors, and competitors put the executive at increased risk. Other uncommon exposures include perpetuation planning, raising capital, trade secrets, and mergers and acquisitions.

Coverage Details

While a general liability policy covers items such as bodily injury to third parties on the business premises, insurance for executive liability covers breaches in fiduciary duty, mismanagement, and individual director protection. Depending on how large the business is, the company may need one, two or all three policies for adequate coverage.

Protect your executive management team with executive liability insurance. This information should clear up any misunderstandings between executive liability and general liability insurance policies.