Operating in a state with monopolistic workers compensation markets can introduce gaps in your insurance coverage because typically those policies are dictated by the state’s requirements, without the flexibility that comes when you can bundle it into your other insurance policies or shop around for options for specialized coverage. There is nothing to do about it except finding the coverage you need, and stop gap insurance provides it. This coverage fills in the employer liability protections often included in plans in states with more open markets, so you can manage your risks without any holes in your coverage.
How Stop Gap Coverage Works
This insurance typically requires general liability because this coverage isn’t a single package that robustly covers all your liability, instead it supplements that coverage and provides for the situations not outlined in either your general liability policy or your worker’s compensation coverage. The result is a more robust, nuanced form of protection than you’d have with just those two policies. According to www.wwspi.com, there are several components that have to come together to make this coverage work, and not every employer needs to worry about it. If you are moving into a new state from one that doesn’t have a monopoly market on worker’s compensation coverage, you need to understand how your operations in that state will have different insurance needs from the facilities you run in other states.
The aging population of America means more and more nursing homes will be required across the country. These homes will play a critical role in the lives of thousands of families and therefore require the right kinds of insurance. Without protection, homes may find themselves hit with costly fees and may even leave residents without a home if their center suffers financially. Here a few policies that should be included in a nursing home insurance coverage package.
If you operate a nursing home, chances are your residents will want to head out to church, special events or shop. This requires transportation that can be covered under a nursing home plan. Now you can take your patients wherever they need to go knowing your finances and their medical expenses can be covered after an accident.
Even a nursing home is not safe from accidents. General liability can help whenever a resident or even a visitor falls or slips on the property.
Your staff is responsible for the safety and health of your residents around the clock. What happens if an employee has a mistake or neglects a patient? Professional liability deals with the possible claims that may result.
Obtaining nursing home insurance coverage doesn’t have to be a complicated process. Get working with an agent or broker that specializes in this care and protect your home.
If you run a non-profit organization (NPO), then you understand what a thankless, yet rewarding position it can be. On one hand, you’re doing something to make a change in the world and that is a noble goal. On the other, your funding is not government-issued and comes only from donors, and that is difficult. No matter what your cause is, protect it with specialty NPO insurance plans from companies like Moody Insurance.
What Kinds of Insurance?
Being an NPO doesn’t mean that you don’t need the same coverage as any other small business. Opt for insurance plans that protect you and other employees, the physical residence and any vehicles that your NPO might use.
General liability coverage is one of the most basic, yet most important insurance plans for any business. It protects the organization in case someone is injured on the premises or their personal property is damaged.
You insure your personal vehicle, extend the same courtesy to any company vehicles. This includes vans, trucks or any other vehicle that employees or volunteers will use.
If your building is damaged by the weather, vandals or any other sort, cover it with property insurance. Your out-of-pocket expenses will be much less with this kind of policy.
NPOs are important fixtures in the world because they make changes happen. Protect your baby by being sure it is properly insured.