Tag: Insurance

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.

Liability Considerations for Dry Cleaning Businesses

Dry Cleaning Businesses

Running a successful dry cleaning business takes a unique skill set. You have to budget smartly, provide outstanding customer service, and have outstanding attention to detail. Despite the methodical organization, you still need to be prepared to deal with the unexpected. Dry cleaning businesses have to contend with a considerable measure of liability exposure, and they need to safeguard themselves accordingly.

Build a Comprehensive Commercial Insurance Package

Good insurance coverage is a fundamental part of a dry cleaning businesss risk management plan. Work with an insurance company that offers dry cleaner programs that are customized to your industrys operations. In addition to providing competitive rates on insurance, an insurer that is experienced in serving dry cleaners can offer guidance about your overall risk management.

Be Prepared to Deal With Claims Quickly and Effectively

Just like any business that opens its doors to the general public, dry cleaning businesses could face liability for accidents occurring on the premises that result in physical injury. They could also be subject to claims for lost or damaged property. Putting customers on notice that you wont be responsible for lost or damaged items may be a deterrent to claims, but it doesnt really offer substantive protection against them. Work with an insurance company that will give you the resources to resolve claims as favorably as possible.

 

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.

What Is a Dry Cleaner Route?

Dry Cleaner Route

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?

Trailer Interchange Coverage

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.

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.

The Exclusions of Homeowners Insurance

Homeowners Insurance

Many homeowners feel that their standard homeowner’s insurance policy will cover all the things they store and keep at their homes. This isn’t always the case, and not realizing the items left unprotected can cause a lot of heartache down the road if something ever happens. Here are some of the things that probably aren’t covered by your policy.

Water Damage and Earthquakes

In many states, damage caused by earthquakes or sinkholes is excluded from a standard policy. In every state except California, a homeowner could add this protection as an endorsement. Flood insurance is also a separate purchase. Other concerns with water damage such as a sewer system, drain, or sump pump back up or overflow are not usually covered either.

Recreational Vehicles

According to the information found at https://www.byrnesagency.com, a homeowner’s recreational vehicles arent covered by a general home insurance policy. Things like ATVs, campers, trailers, or golf carts need a separate coverage plan. Fortunately, a coverage plan that offers golf cart insurance could be included in a well-tailored auto policy.

Maintenance Issues

By using preventative maintenance measures, you can avoid needing to pay for expensive repairs over the course of your homeownership. Damages caused by neglect or a failure to properly take care of the property are not included in insurance coverage.

Your home is one of the most valuable investments you will ever make. However, make sure you have your home’s contents and other personal items insured as well to avoid financial stress.

Understanding the Massachusetts Property Insurance Underwriting Association

mpiua

It is not always easy to find fair, reliable coverage when you require insurance. While it can seem like the cards are stacked against you, it is important to reach out and discover agencies that might be able to help you along your way. MPIUA, or the Massachusetts Property Insurance Underwriting Association, is an organization that exists to assist residents in urban areas with their insurance needs. There are many reasons to get in contact with this group.

A FAIR Plan

The organization is also referred to as a FAIR Plan, which stands for Fair Access to Insurance Requirements. Their goal is to help residents make the best possible selection with the assistance of experts.

A Range of Services Offered

One of the biggest benefits for contacting this group is that MPIUA aims to assist applicants who qualify in their search for the right insurance policy and agency.

The organization helps by offering a range of services including:

Underwriting
Inspecting properties
Assessing property risks
Adjusting claims when necessary

Though the MPIUA has existed for as far back as the 1960s, many residents are still unaware of what the organization can do for them. If you think you might be able to benefit from these services, reach out and obtain more information on how you can discover the right insurance.

Dont Take Chances Get Renters Insurance Today

renters insurance in il

What would you do if a fire, flood, tornado or other disaster wreaked havoc on your apartment? Or if you experience a burglary? If you think that your landlord’s insurance policy will replace what you lose, you’re in for a rude awakening. Their kind of coverage only deals with damage to the building in which you live. So if you don’t have renters insurance in IL, you’re really stuck.

If you’re like a lot of people, you’re just trying to make sure you can pay your bills. So, you probably don’t have the means to pay to replace every single thing you lose out of pocket. And among your neighbors, you’re probably not the only one. Statistically, only 58% of people who lease apartments carry any sort of rental coverage.

You need to act now, because having your own policy is crucial to getting your life back on track should the unthinkable happen. In the unfortunate event of a loss, the policy pays out in order to help you replace your possessions. And when you consider your clothing, jewelry, electronics, appliances, books, artwork, furniture, cookware and any other items of value, you’re easily looking at thousands of dollars for that alone. And the great news is, many kinds of renters insurance in IL are easily affordable, costing only a few dollars a day.