Business Insurance News

The Importance of a Strong Hotel Risk Management Plan

August 10, 2020

When guests come to your hotel, they are looking for peace and break from the day-to-day stresses of their lives. As a hotel owner, it is your responsibility to maintain the safety of all employees and guests. There are several hotel risk management strategies you can deploy to ensure that you are providing a safe and accommodating environment for everyone who walks through your doors.

Protecting Guests and Employees

There are numerous risks associated with the hospitality industry. Some ways to manage these risks include:

Monitoring access to all hotel buildings
Implementing security and surveillance systems
Training staff in safety and security measures
Educating guests about safety protocols and their responsibilities
Instituting a cybersecurity system to prevent data breaches and theft
Reporting all injuries to prevent future incidents

Tracking Prior Incidents

When an incident occurs, such as a guest injury or a data breach, it is important to conduct a thorough investigation into the issue to find potential areas of vulnerability in your business. The only way to prevent future incidents from occurring is to understand what went wrong in the first place. A robust hotel risk management plan must include a detailed history of prior accidents, injuries, and security breaches, as this will help you learn how to better guarantee the safety of all guests and employees.

What to Know About Builder’s Risk Coverage

July 28, 2020

Whenever starting a construction project, builders risk insurance in one of the most essential protections you can establish. However, it is also one of the most misunderstood forms of coverage, given the unique design of coverage terms to meet a specific projects needs. However, if it is properly constructed, it can be more of the most powerful tools in a risk management strategy.

Key Considerations

Also known as course of construction insurance, the coverage plan will have an effective date that is arranged by the insured but an expiration date for when construction is completed. The property must be ready for use in order for the policy to be terminated. During the course of the project, this coverage would protect from losses that could be incurred from hail, lightning, fire, explosions, vandalism, theft, or hurricanes. Depending on the location of the project, earthquakes, wind, and flood may or may not be included as well. Standard exclusions typically list normal wear and tear and acts that involve employee theft or faulty planning, executing, and design.

Your Risks

Anyone with a financial interest in the construction project, whether owner, lender, contractor or subcontractors, may wish to have this additional coverage added to the contract or to a standard BOP policy. Lenders may require it, should the project be financed. Having the wrong kind of coverage is just as damaging as not having coverage at all. Guard your exposures through a builder’s risk plan.

Understanding Your Limits with Temporary Employees

July 17, 2020

Temporary employees offer businesses flexibility when it comes to staffing. If an employee is out due to maternity leave or some other leave of absence, a temporary employee can fill this role on a full-time or a part-time basis, sparing a team from being short-staffed. Some companies regularly hire temporary workers through staffing agencies like yours. As the owner of a staffing firm, you need to understand employment rules and regulations regarding this type of employee.

Temporary Employee Restrictions

When contracting with a business to provide interim staff, its incumbent upon you to keep the following restrictions in mind:

By law, temps can only work with a particular firm up to 1,040 hours in a calendar year.
A company cannot hire the same employee for more than two consecutive years.
Temporary staff can accept multiple positions through multiple staffing agencies.

According to WWSP, failure to comply with these regulations can result in serious fines for you and your clients.

Protecting Your Business

The ability to connect businesses that are short-handed with people looking for employment on a temporary basis makes the work of a staffing business doubly satisfying. Because these types of personnel arent eligible for certain benefits, contracting with temp agencies is often advantageous for some companies. Understanding the law regarding interim workers helps you, your personnel and your clients.

Insurance Coverage for Propane Dealers

July 13, 2020

Working in the propane industry carries considerable risk. Safe operations require compliance with all applicable regulations as well as well-devised internal procedures. Companies need to have comprehensive risk mitigation plans that include a complete commercial insurance package.

Liability Considerations

In building a commercial insurance package, its important to consider every possible liability scenario. Propane dealer coverage may need to include several different types of policies:

Property
Auto
Workers compensation
Excess liability
Workplace violence
Inland marine
Pollution

Operational Endorsements

In addition to insurance protection for liability related concerns, propane dealers need to insure their operations from internal loss that can affect their revenue or assets. A significant loss could have a big impact on a companys ability to continue operating. It may be prudent to obtain coverage that can compensate a company for issues related to delays, business interruption, or theft.

Missed delivery deadlines
Errors in deliveries
Crime

A commercial package that meets the size and scope of a companys activities and addresses all of its liability exposure is essential to safeguard its operations. Its advisable to work with an insurance company that has a longstanding history of serving clients who sell and distribute propane. An experienced provider understands the liability and operational concerns that are unique to the propane industry and can help build an adequate package of policies.

What Is a Dry Cleaner Route?

July 8, 2020

As the internet and social media make competition between businesses steeper, companies have to look for new and creative ways to market to new customers. One way that dry cleaners can do so is by marketing their business on the road and establishing reliable neighborhood routes that supply much of their business demand.

Benefits of Dry Cleaner Routes

Dry cleaner routes are great ways to reach potential customers who would not normally find your business simply by walking by it. You can expand to homes or other businesses depending on your target audience. While it may take more time initially, the number of customers you gain because of your efforts is well worth it. Routes also make it easy for businesses to expand that normally would not be able to because of the limitations of their business location.

Finding New Customers

There are several ways you can establish your new dry cleaner route. One is simply by going door to door and advertising your services. Going after work hours can help get customers who work all throughout the day and have a need for services.

Once youve established new routes and locations, look into insurance that properly covers your business. This can help you maintain successfully financial stability long into the future.

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.