Business Insurance – Business Insurance News

Category: Business Insurance

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.

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.

Tips for Choosing Restaurant Insurance

March 11, 2020

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 https://www.iwains.com/, 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.

How to Stay Relevant As a Laundromat

January 10, 2020

In the laundromat industry, you have a lot of competitors. In order to stay relevant, you have to come up with unique laundromat ideas to hang onto customers. When it comes to adding new services, you also have to consider the types of insurance that you may need for any new services. For the most part, these services should not add much to your current coverage.

Incorporate Entertainment

Consider adding televisions to your laundromat. This provides people with something to do while they wait for their clothes to finish. Additionally, you may add books, magazines or games for clients.

Offer Snacks or Drinks

Some laundromats offer snacks and drinks. Of course, when you offer food, you do need to consider the regulations around the sale of food and drinks. You may choose a simple vending machine but you could also choose to set up a coffee shop in the building. This may also draw in new customers or those who are simply looking for a good cup of coffee.

Those at Irving weber associates, inc. suggest that you promote your services wherever you can. Consider your demographics and ensure that your laundromat ideas can reach these people. For instance, you may want to reach those in apartment rentals, in colleges and even those in coffee shops.

Managing Crowds at Concerts

December 24, 2019

There are very few people who dont enjoy a good concert. From small local shows at your neighborhood pub to sold-out performances at a 5,000 seat stadium, live music inspires, excites and invigorates. Though in order to have the best event possible, there are some things you need to keep in mind.

Crowd Control

Concert crowd control is an important component of any live performance. Youll need to think about where people will line up to get in and how quickly they’ll be able to get out once the show is over. You can read more about why crowd control is important at www.usrisk.com.

Security

Security is an important component of effectively managing concert crowds. At a bare minimum, you should have someone ensuring only ticketed guests enter the facility. However, these days it is recommended that you invest in having security officers stationed throughout your event in case anything should happen. It will increase your event expenditures but will provide incredible ease of mind so everyone can feel safe and enjoy the show.

Safety Training

Having staff who are properly trained in the following areas is a really good idea.

First Aid
CPR
Emergency evacuation procedures
How to use an AED

Ideally, all of the vendors at your event will possess basic safety training as well.

Why Is It So Important to Have Toy Insurance?

November 11, 2019

You are the kind of person who loves to have fun and take risks, and what better way to show off your adventurous side than to invest in all kinds of fun toys? Between a garage full of quads and dirtbikes to the snowmobiles that you have in storage, no terrain can stop you. As exciting and fun as your life is, have you got toy insurance to ensure that you, your passengers and all of your babies are protected?

Smart and Safe

If you’re generous about sharing with friends and family, then you want all parties involved to have a safe experience. Equipping them with helmets and other personal protective equipment is helpful and smart, but remember that insurance policies can do the best job of all to protect riders.

The experts at https://www.dsayles.com point out the multitude of things that could happen: A collision with another vehicle, for example, which could put you or someone you love in need of medical attention. To avoid costly medical expenses (and yes, even a lawsuit), protect yourself by purchasing insurance specific to your toys. Nobody wants to get injured, but you know that accidents are sometimes unavoidable.

If you’re going to live the adventurous lifestyle, it’s imperative that you’re safe while living it. Protect your vehicles and riders by making toy insurance a top priority.

Protection You Need for Your Commercial Property

September 13, 2019

Owning real estate can be a lucrative business, but it also comes with many risks.Whether you rent out your properties or operate a business in one of your buildings, it’s important to protect your assets and manage your risks with the help of commercial real estate insurance.

What’s Covered With This Policy

Protecting your business from possible dangers means you can focus on your work rather than the potential threats lurking around corners. No matter if you run your business out of your home office or a separate office building, you need this insurance to protect your company from risks including theft, natural disasters, breakdown of equipment, professional errors and even loss of income. The following are some of the property types that can be covered by this policy:

Apartments and other housing
Homeowner or condo associations
Office buildings
Marinas and shipyards
Commercial storage and warehouses
Parking structures or lots
Hotels
Medical buildings

This is not an exhaustive list, so don’t worry if you don’t see your property listed. The information provided by iSure Insurance Brokers offers more insight into the types of properties covered by this insurance and the coverage options available.

Being Prepared Gives You Peace of Mind

Having the right insurance means you can protect your business from disasters and have peace of mind. Commercial real estate insurance offers the protection you need for all your commercial buildings and is a must-have.

Unique Protection for Your Unique Vision

August 21, 2019

All businesses have unique needs when it comes to insurance coverage. To find the best policy, it is important to take a look at your options and determine the standards for your industry. You might also want to understand whether or not your business poses any unique risks that agencies might need to know about. For these scenarios, specialty markets insurance may be able to provide the right solution.

A Relevant Fit

While specialty options can help give you access to more relevant policies, there are also decisions to make within this coverage. According to organizations like www.moodyinsurance.com, consumers should do research and find a policy from an agency that has experience with the unique market your a part of.

Specific Industries

Specialty markets insurance covers a range of businesses. Often, it aims to provide insurance for establishments that might not fall under the umbrella of other policies. Common examples of businesses that fall into this category include:

Niche markets with a single customer base
High-risk companies with high severity of loss
Emerging or undefined industries

Each of these policies is structured to meet the specific needs of a business. In order for you to find the right fit for your company, take time to learn more about your options. Reach out to professionals and gain insight on what coverage will suit your business best.