Tag: Coverage

Insuring Your Assisted Living Facility

Living Facility

Risk management plays an important role in any business, and assisted living facilities are no exception. Finding the right assisted living liability insurance coverage helps protect you against the many risks associated with this type of senior care.

Protect Your Business Against Lawsuits

Liability insurance for assisted living facilities can protect you in the event a resident slips and falls, sustaining an injury. It can also provide coverage if a staff member incorrectly administers medication. Staff members aren’t the only source of potential lawsuits; insurance can also handle claims if a visitor steals a resident’s property.

Obtain the Right Coverage Types

Automobile insurance can cover vehicle accidents if your business transports residents. Coverage for the building can include boiler and machinery insurance, protecting you in the event of a mechanical failure or boiler explosion.

Check for Exclusions

Make sure the policy you’re purchasing doesn’t exclude important coverage. While no facility wants to face allegations of physical or sexual abuse by their staff, it’s important to carry a policy that includes this type of coverage.

Assisted living facilities carry a unique set of risks due to the population they serve. Finding the right insurance requires assessing any specific needs your facility may have surrounding specialized services you offer as well as ensuring you aren’t liable for the actions of your staff.

Learn to Mitigate the Risks in Your Biotech Company

Biotech Company

To have a biotech company is to have a company with its share of unique risk. The question that you might have is how can you mitigate those risks?

Third-Party Training May Be Helpful

In the biotech industry, you may not want to rely on in-house risk management. If you do not have a chief risk officer or if the upper management is not relaying a message of risk management to the rest of the team, then you may want to consider outsourcing. Third-party experts can train your company on how to mitigate the varying risks of a biotech company.

Insurance Coverage Is a Necessity

No business can survive without an adequate insurance company. Biotech insurance coverage will not only protect your assets in case of a disaster, but it will protect your company against lawsuits. If you are doing clinical trials for medications, there are significant risks. Even with waivers and other contracts, you are still liable for patients. Likewise, you may already have a financial burden because many medications do not meet the market.

All businesses have a certain amount of risk that they have to be accountable for. When you run a biotech company, you have very unique risks that you have to consider with the use of risk management training and insurance coverage.

How to Extend Your Claims Reporting Window

Extend Your Claims

For many professionals, insurance against errors and omissions or malpractice is a must while working in the field. The plans have very specific coverage terms, and incidents that are filed will only be covered if they occurred within the specific term window. However, for many professions, there is a possibility of a claim being filed long after an individual has changed jobs, professions, or even retired.

Purchasing Extended Coverage

Should a former client or patients open an allegation of damage or malpractice against you, it may come as a complete surprise. None the less, the courts may find you liable for any wrongdoing and order you to pay damages. The costs of a legal battle and settlement can be devastating. Fortunately, tail insurance is a coverage that can defray these costs.

Knowing Your Coverage Terms

With a tail policy, when your regular policy has come to an end, there is still time to report claims that would have fallen under your regular policy for a specified period of time. It forms an extended reporting endorsement with a fixed amount of time and active dates that mirrored those of your former policy. Though it can be purchased as a standalone, there is an option to add this coverage as an endorsement.

Errors and omissions or claims of negligence that would have been covered under an expired policy could potentially still be covered as long as the claim is filed within the active period of the tail policy.

Which Workplace Protection Policy Is Right for You?

Workplace Protection Policy

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.

Understanding Maritime Employers Liability Insurance

Maritime Employers Liability Insurance

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.

Help! My Restaurant Made People Sick!

Brynes Agency Insurance

Running a restaurant, you already know the reality of the risks that you take in the industry — and one major risk is a foodborne illness. If your restaurant has had an outbreak, the best thing that you can do is to not panic. Here are the steps you should take in case of an outbreak of foodborne illness.

1. Call the Health Department

Instead of waiting for someone else to do it, make calling the health department your own job. This is one way to get professionals on the job ASAP, but also to take ownership and show that you’re responsible and willing to do right by your company.

2. Contact Your Insurance

Some restaurant insurance policies contain coverage for spoiled food or loss of business thanks to foodborne illness. Contact your rep at Brynes Agency Insurance to see what your options are.

3. Get to the Bottom Of It

Food poisoning doesn’t “just happen;” there is always an underlying cause for it. Methodically go through your kitchen, freezer, and workspace to figure out what happened and how to rectify the issue.

If your patrons suddenly start getting sick, this is not the sort of reputation you were asking for. Take responsibility for an outbreak at your restaurant and take the steps to make the situation better.

Finding What Insurance Customers Want

Program Business

Insurance customers hit the market armed with a list of what they need. They are looking for a company that can offer them a wide range of products that are comprehensive and affordable. Their desire for a good price is not outdone by their need for outstanding customer service and a user-friendly system. So where can an agent go to find the right fit for their client?

Program Business

Program Business is an online platform that provides a comprehensive list of wholesalers, administrators, MGAs/MGUs and carriers to independent agents. As an agent, Program Business’s extensive directory of programs and providers gives you an unparalleled resource to service your clients.

Program Brokerage Corporation

One example of a storefront that agents can access from the Program Business platform is Program Brokerage Corporation (PBC). PBC offers a high-quality resource designed for the middle-market insured. They also offer a well-recognized purchasing group plan that has a successful track record. PBC summarizes their services as a winning combination for carriers, producers and the insured thanks to their experienced and resourcefulness. PBC invests their own financial resources in both the claims and the expense side.PBC offers insurance programs for environmental, residential, pest control, umbrella, nursing home, elevator, small business services and more.

When you need to find the right coverage for your residential or commercial clients, check out the Program Business Platform and Program Brokerage Corporation.

Necessary Insurance for Cyber Risks

cyber insurance

Necessary Insurance for Cyber Risks

Cyber attacks continue to evolve at an alarming rate, with businesses struggling to keep up. Cyber insurance is essential to allow companies to protect the business and assets, including consumer information if network security is breached.

How Coverage Helps Your Business

It seems as though there is a never-ending list of cyber risks for a business, including lost data, leaked customer information, system malfunctions and dangerous viruses. These can lead to expensive costs for businesses that must conduct forensic analysis to find the breach and the extent of the damage, as well as any costs associated with the recovery. Cyber insurance can help a company in the following ways after a breach has occurred:

 

Legal fees, including settlements
Regulatory fees, including investigations and fines
Customer and employee notification costs
Reimbursement for cyber extortion
Credit monitoring for customer accounts
Public relations expenses

Protecting Your Business From Data Breaches

Just because you have network security does not mean your business is safe from cyber attacks. Including cyber insurance as part of your commercial policy can help lessen the damage to your business, client accounts and reputation if a breach occurs. A cyber attack doesn’t have to be the end of your business and the right insurance policy can help you move forward.

Lower The Cost Of Workers Compensation Coverage Through Good Safety Practices

 

Workers Compensation Coverage
Workers Compensation Coverage

Workers compensation is a major expense for just about any auto dealership, in some cases second only to the payroll. While the cost of keeping employees safe can be high, there are ways to reduce the premiums for workers compensation coverage. If a company engages in good safety practices, the insurance carrier is likely to charge less. There are many ways to improve safety at a dealership.

 

From the Start

First of all, a dealership should be sure to hire responsible employees that are well informed of the job’s requirements. As soon as a new person joins the company, they should be educated on basic safety practices. Including a safety briefing in the new employee orientation tells the worker that their employer values safety.

 

On the Job

A dealership should make sure that all safety procedures are understood and enforced in order to prevent corners being cut. The management should take the precautions seriously and ensure that the employees are doing the same. It can help to have the safety rules posted in a prominent place.

 

Just in Case

If disaster does strike, employers should know how to respond. Injury management doesn’t end once an employee has received medical care; employers should monitor their recovery and communicate with both the hospital and insurance company. They should also takes steps to prevent a similar accident from happening again. Good safety practices like these help protect employees, keep business running, and lower the cost of workers compensation coverage.