Key Considerations About Insurance Packages for Businesses

Businesses of all sizes need to be vigilant about controlling the costs of each line item in an operating budget. When they are planning their budgets, insurance coverage merits special attention. A business package policy must be affordable yet also comprehensive enough to adequately address risk exposure.

Property Insurance

If businesses own real property, it likely represents one of their greatest assets. Property insurance protects the value of that asset and equips businesses to remedy damage. The cost of these policies vary based on market value, locale, and capital needs.

Liability

General liability policies can cover a large variety of claims that an individual or another business entity could bring against a company. However, they may not necessarily include coverage for some of a company’s biggest risk scenarios. They may need to consider structuring a package with supplemental coverage for professional liability or cyber liability coverage. Also, including an umbrella policy can offer vital protections.

Directors and Officers Coverage

Business principals need to be proactive about protecting themselves from personal liability. Corporate officers and board members should be sure to include directors and officers coverage in their policies.

Ideally, businesses should work with insurance companies that have experience serving similar commercial clients. They can offer guidance about unique coverage needs as well as access to competitive quotes from reputable carriers.

Driving a Tow Truck in Winter Weather

Driving a tow truck in treacherous conditions can be fraught with hazards. Drivers need to exercise excellent situational awareness.

Moderate Speeds

During a severe storm, all drivers need to operate their vehicles at a reduced speed. Slick roads can interfere with trucks’ braking ability.

Use Lights and Alarms to Be Conspicuous

A winter storm can be very loud, and tow truck drivers often need to take to the roads when it is dark. In addition to flashing lights that alert other drivers on the road to the presence of the tow truck when there is poor visibility, an audible alert may help to prevent collisions.

Be Aware of Pedestrians

Keeping an eye out for pedestrians is a fundamental part of tow truck winter safety. When sidewalks and walkways are covered by snow, pedestrians may be likely to walk in a roadway.

Pull Over Safely

Foul weather can lead to an increase in the number of tows to accident scenes. It is imperative that drivers pull over to disabled vehicles safely and exercise caution when walking near traffic.

Tow truck drivers often have to work long hours and have a lot of roadway to cover. Despite the stressful conditions, they must be continually vigilant about safety as they retrieve and transport vehicles.

How To Use FMLA Concurrent With Workers Compensation

Whenever you or a family member becomes ill or sustains an injury, it can make life challenging in terms of work and balancing the need to recover. For this reason, the Family Medical Leave Act exists to provide some legal protection for individuals’ rights to a healthy recovery.  Unsurprisingly, figuring out how to use FMLA concurrent with workers compensation is a top concern for people in this sort of situation. 

Using FMLA Leave for a Work Absence 

According to the law, individual workers may use FMLA to cover up to 12 weeks of unpaid leave from work during a 12-month period. During this time, the employee’s job falls under the protection of federal law.

Using Workers’ Compensation for a Work Absence

Workers’ compensation is another resource that workers have a right to. Under the law, individuals have a right to claim compensation for work-related illnesses and injuries that fall under workers’ comp regulations. While this process is separate from FMLA, the two are not always unrelated.

Using FMLA and Workers’ Comp Together

If a worker has an absence from work that falls under both FMLA and workers’ comp, it may make sense for him or her to use the benefits concurrently. In many cases, it makes sense to do so, and it is legal as long as the individual qualifies. 

Missing work is never easy, but understanding your rights and how you can benefit from legal protections of the law can make be very helpful.

How To Start Your Limo Business Off on Strong Footing

Although the prospect of eventually owning a limo business and operating it yourself may be exciting, it’s important to start off on strong footing in order to build a strong foundation for the company. Building a successful limousine company takes time and strategy, so it’s crucial to make the right choices early on. If you’re new to the business and want to get off on the right foot, here’s what to do.

Write Up Your Sales Strategy and Business Plan Early On

Your approach to sales and other business matters can help give your limo company a strong start. Begin drafting a business plan that includes:

  • A sales plan
  • An advertising strategy
  • A business structure
  • A sketch for the size and scope of the business
  • A draft budget and a plan for finding financing
  • The company’s location and leadership

Start Sharpening Up Your Branding

The limousine industry can be a competitive field, so if you want to attract clients and increase your market share, you’ll have to have clever and memorable branding. Work on sharpening your brand as early as possible and try to create:

  • A motto or tagline
  • A logo
  • Signature colors
  • A signature jingle
  • A signature tone or approach
  • Distinctive services

Whether you’re currently simply dreaming of owning a limo business or whether you’ve already secured your financing and begun drafting concrete business plans, knowing how to start off on strong footing is essential. Writing up a thorough plan and sharpening your branding early on can help.

The Common Construction Liabilities All Architects Should Be Aware Of

If you’re an architect by profession, it’s important to be aware of some of the most common liabilities you may face throughout the construction process. Although architects liability can vary widely by project and by client, there are a few frequent liabilities that may crop up, from contractual issues to structural defects and more. Here are the most pressing problems you should watch out for in your work.

Construction Defects and Failure To Fulfill Guaranteed Services

Construction-related issues or failure to meet key promises are two issues that can lead to liability problems for many architects. Whatever type of construction you’re working on, be sure to avoid:

  • Unfulfilled services
  • Failure to meet spoken or written guarantees, including guaranteed timelines to construction completion
  • Failure to vet lower-level subcontractors
  • Bodily injury or property damage on the worksite resulting from the architect’s professional negligence

Definitional Issues and Contractual Specificities

In some instances, contractual problems and unclear definitions can lead to legal problems. Always watch out for:

  • Vague wording in the construction contract
  • Disagreements relating to the definitions of key terms
  • Legal problems involving the contract signatories
  • Other contractual disputes

As a professional architect, understanding the extent of architects liability can help you prevent lawsuits and keep your clients satisfied. Throughout each project, make sure to fulfill all guaranteed services, avoid construction defects, clearly define terms, and establish a detailed contract.

What Is Covered by Labor Union Insurance?

Labor unions in the United States are nonprofit entities, but they are not like other nonprofits. Unions have their own designation under the law, and as 501(c)5 organizations, their rights, obligations, and fiduciary responsibilities to members are very different from the activities of groups that are formed for philanthropy, charity, or political organizing. That means labor union insurance needs to be very different from other nonprofit insurance coverage as well.

Professional vs. General Liability Coverage

For the most part, your general liability policy can be a standard issue device that covers the basics of liability coverage for your membership hall or office facilities, some professional liability, and any third party or public liability coverage you need. Union-focused professional liability coverage, including D&O insurance, is a necessary add-on because the professional liability portion of a general policy is less coverage than a labor union typically needs. This is because general policies limit each coverage area to ensure none of them can individually max out the policy coverage. So, what is covered by labor union professional liability policies?

  • Union-related liability exposures relating to duties to the membership, including collective bargaining and fair representation of all members
  • Financial management exposures related to running a union to protect your directors, officers, and trusted staff members as needed
  • Personal injury protection that includes libel and slander
  • Possible individual labor leader coverage as needed

To learn more about limitations, policy maximums, and other details, you need to get a quote from a company that specializes in providing labor union insurance. The sooner you get a quote, the sooner you can start comparing it to your current policy.

Do You Need Workers’ Comp for 1099 Employees?

Workers’ compensation is an essential type of insurance for business owners. It covers medical expenses and lost wages for employees who are hurt on the job. For workers with a W-2 form, it’s cut and dried. They are employees and should be covered by workers’ comp. Then there are independent contractors, also called 1099 employees, after their tax status. Are they actually employees and do they require workers’ comp coverage? That depends on the answers to several questions.

Independent Contractor or Employee?

Workers compensation insurance for 1099 employees is necessary if they meet the criteria to be considered employees. Workers are generally considered employees if they are under the direct control of the employer. This can be determined by the answers to these questions:

  • Can the worker be fired for reasons other than breach of contract? 
  • Is the individual trained or instructed by the employer?
  • Does the employee provide tools, supplies, or other equipment?
  • Does the employer set the hours and determine how the worker performs tasks or does the worker decide how and when they are done?
  • Is the worker free to work for others?

When deciding whether or not a 1099 employee should be covered by workers’ compensation, go through these questions and determine whether or not you have control over the individual, thus making them an employee. If so, they should be covered.

Does Your Business Require Unique Risk Management Options?

Not every business finds its best risk management strategy is led by a strong traditional insurance policy. Sometimes traditional insurance is part of the picture for a few risk areas, other times you need something to take on risk transfer without traditional insurance in the picture at all. Those unique risk management solutions need to be crafted to your business and balanced carefully, but they are out there.

  • Captive insurance companies
  • Bond alternatives where insurance expenses are inefficient
  • Specialty alternative risk transfer options built around your needs

What you want is a company built to provide these options, not a traditional insurance company. They are out there, but you have to start looking at insurance alternatives to find them, they do not usually pop up in a search for traditional coverage.

Finding the Right Risk Management Options

If you know traditional insurance has not offered you the coverage and cost efficiency your business needs for complete risk management, it’s worth talking to an alternative risk management specialist. Even if you do not opt to go further than a quote today, it will put options on your radar. That gives you something to think about as you review where your coverage is too costly and where it has gaps. With the right unique risk management package, you can eliminate both of those issues, so start planning today.

Why Newlyweds Need Life Insurance

After tying the knot, there are many exciting steps that newlyweds will take together. From buying a home to starting a family, all of these milestones are as thrilling as they are frightening. In order to be ready for all possible obstacles ahead, you need to consider your insurance. Life insurance for newlyweds can be quite beneficial, though couples don’t always realize this. Consider these benefits and learn more about why this decision can be helpful for your future. 

The Benefits of Life Insurance 

When it comes to newlywed life insurance, the advantages are significant. Life insurance guarantees that a spouse is provided for in the event of the injury or death of a partner. This provides a level of financial stability that can be otherwise hard for a bereaved person to achieve. Additionally, insurance can provide peace of mind. While you hopefully will never need to use the insurance funds, knowing that the money is there for a worst-case scenario can be a huge help. Other advantages can include: 

  • Security in current lifestyle
  • Ability to handle funeral expenses
  • A sense of stability

The Peace of Mind You Require

Though newlyweds should enjoy the bonds of marital bliss for as long as possible, taking out a policy for life insurance can be a wise move to make. The peace of mind provided by this can be significant, so be sure to review all of your options in advance.

How To Establish a Staffing Industry Hybrid Work Model

One of the biggest changes to come out of the COVID-19 pandemic is a shift in the labor market. Once, the norm was to have an office staffed with as many employees as you required. Now, health concerns and new standards have led to a rise in people working remotely. If you operate a business in a niche industry like staffing, however, you might not be sure how to adopt this type of model in your own field. Take a look at these tips and learn more about developing a strategy.

Create a Basic Plan

Devising a staffing industry hybrid work model is not as complicated as it might seem at first glance. First, you need to take the size of your company into consideration. The beauty of a hybrid model is that there is no size limit. Whether you run a huge corporation or a startup, there are advantages to using a hybrid work structure. Next, think about factors like location and employee demands. If workers want to work from home, they should be given the option to increase productivity. Other points to consider include: 

  • Type of work clients need
  • Location of contractors
  • Current health restrictions

The Best Option

By taking many factors into consideration, you will be able to put together a model that makes the most sense for your business. Review the details of how to establish a hybrid system and reap the benefits right away.