For most employers in the U.S., worker’s compensation insurance is not an optional form of coverage. Instead, it’s a state-mandated program. In some areas, there is even a monopolistic organization that handles policies for all employers in the state. There are areas where worker’s compensation is not mandatory, though, like jobs that send you to locations outside of jurisdictions with those policies. Some offshore mining and refining operations fit this definition, as do many employers who send workers abroad for contracted labor in various industries. For those employers, there may be an option for worker’s compensation, but often the policy they use to protect employees is an occupational insurance policy, which has a few distinct differences.
Contrasting Workers Compensation and OAI
Workers’ compensation tends to be more expensive because of the provisions that cover workers for lost wages and medical expenses with no upper limit. By contrast, occupational insurance covers medical costs and lost wages associated with an accident up to the policy maximum, and it is up to your company to calibrate its coverage to its needs. There is a chance that under-insurance could place financial liability for a portion of the costs associated with accidents on your company, so if this policy looks like a good fit for your business, you’ll want to work with insurance experts who make occupational accident coverage the focus of their work.
A maritime employer’s liability endorsement is essential if you provide employees to work on vessels you do not own. It covers illness, injury, and loss of life to employees when aboard other vessels even though the insured is not the owner.
Types of Policies
If a company owns or charters a vessel, it will obtain a protection and indemnity policy. This type of insurance is similar to vehicle liability coverage. It will generally cover liability for personal injuries to the captain, crew, and employees.
The Jones Act allows seamen to bring a lawsuit against their employers. Maritime employer’s liability endorsement covers an owner’s potential liability under the Jones Act above a deduction or retention amount. This type of policy is usually attached to cover anything over the worker’s compensation limit. It protects your employees working aboard a non-owned vessel and employees temporarily working on a ship you own.
Is Maritime Employers Liability Coverage Required?
Although no law requires it, lack of maritime employers liability coverage can result in costly uninsured exposures for the owner, including:
- Costs involved in defense of a claim, which can be expensive
- Maintenance and cure, wages, and transportation through the end of the ship’s journey
- The possibility of large judgments
Understandingmaritime employers’ liability endorsement is crucial. If you do not know whether your account has liability exposures, consult with an expert on options to prevent uncovered claims.
It is critical for a business to implement a plan to cover its employees when they travel. Many problems can arise during business travel, especially overseas. Health-related issues and safety concerns are among the top worries. With COVID-19, international travel has become even more concerning for employers and employees.
Safety Protocol for Traveling During COVID-19
On most planes, the air conditioning system replaces the air in the cabin every few minutes and filters out 99.99% of air particles, which significantly reduces the spread of COVID-19. The greater precautions for passengers and airline workers involve interaction with people before and during the boarding process. Most airlines have implemented safety protocols as a result. Masks are required on most flights and some airlines have instituted social distancing by prohibiting passengers from sitting in middle seats. Passengers should always wash their hands thoroughly or use hand sanitizer after touching any foreign objects.
Insurance Coverage for International Business Travel
Your business must take the necessary precautions to protect company travelers with Directors and Officers (D&O) liability insurance. When an employee gets sick or is injured while traveling for the company, D&O international business travel risk is greatly reduced with the proper coverage.
Employees encounter many risks when they travel. Make sure they are covered in the event of work-related accidents and illnesses.
The world economy depends on cargo shipping to transport goods across the globe. The industry is necessary and valuable, but its impacts on marine ecosystems and the global environment are contributing to the degradation of both.
Cargo vessels are responsible for numerous hazards that lead to the destruction of natural ecosystems. According to insurance experts, cargo shipping pollution also results in costly penalties that can be in the range of millions of dollars. There are, however, steps that companies can take to minimize pollution at sea.
What Can Cargo Shipping Companies Do to Minimize Pollution?
Preventing pollution is desirable for the health of the world’s oceans. It also reduces the likelihood of financial consequences that are not easy for any company to swallow. There are a few measures the cargo shipping industry can take to ease the pressure on marine environments:
- Reduce waste on board by eliminating as many single-use products as possible.
- Manage waste effectively with recycling and proper refuse storage until both can be safely collected.
- Conduct regular inspections and maintenance on the vessel to prevent leaks of toxic and hazardous liquids and gases.
- Repair leaks immediately.
- Stay up to date on changes in environmental regulations to ensure the vessel is in compliance.
The health of the world’s ocean is imperative for the health of the planet, including people. With a few simple steps, companies can do their part to keep pollution out of the ocean, while still keeping the economy sailing.
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.
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.
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.
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.
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.
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.
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:
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
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.
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.
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.