How to Choose Between Errors and Omissions Coverage or Professional Liability

When insuring your company it’s important to know you have appropriate liability coverage for yourself and your employees. However, knowing which plan to choose can be tricky. Comparing professional liability vs errors and omissions insurance may have left you with a few questions. Here is some of the information you may need to know.

Professional liability policies can vary depending on the individual covered by the policy and the type of work they perform. For example an accountant’s professional liability policy may require different coverage than that of a home healthcare provider. These policies usually offer coverage for areas that general liability does not.

Errors and omissions policies provide coverage to a company in the event a client makes a claim of faulty or negligent service, or otherwise claims that something the company did affected them negatively. These policies can cover all business representatives as well as the company and typically includes coverage for design flaws, negligence, malpractice, and financial damage to the client.

When looking at professional liability vs errors and omissions insurance consider which coverage options you need and who the coverage is for. Liability plans can be written for a specific profession, whereas errors and omissions policies protect the company and the services they offer. If you have further questions, your insurance agent may be able to help.

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Environmental Concerns and Municipalities

While the US debates the severity of climate change concerns, major cities face challenges with communicating just how urgent sustainability issues are to their stakeholders. We have a lot of hurdles to overcome, from modernizing water and transportation infrastructure, to improving urban design and feeding our steadily growing populations.

Municipalities are on the front lines of the climate change fight. While it has been found that they generate up to 70 percent of global greenhouse gas emissions, those living in the metropolitan urban centers surprisingly have smaller carbon footprints than national averages, according to the International Institute for Environment and Development. In most cases, cities, counties, and other political subdivisions are like any other commercial insureds. They have many of the same procurement, claim, and coverage problems encountered by typical businesses, and here in Massachusetts they can greatly benefit from coverage solutions from an Insurance Agent near Boston.

Recent water contamination issues have been reported

We know that environmental issues, such as the Flint water crisis, can create not only a dangerous scenario, but the discovery of high lead levels in the tap water of Flint, Michigan, unleashed a floodgate of lawsuits on behalf of aggrieved residents. Just last year, lead was also connected to Boston’s drinking and tap water through older lead service pipes and lead-containing plumbing. When corrosion control measures put in place by the municipality fail, lead leaches into the drinking water, and can reach dangerous levels.

Currently, 10% of samples analyzed for lead in Boston’s drinking and tap water were found to be over 6.9 parts per billion. Though Boston’s water quality is currently in compliance with federal regulations, EPA and CDC both acknowledge that there is no safe level of lead, and federal regulations do not take into account levels measured at an individual tap.

Environmental compliance is a must. Every municipality must do their part to reduce air pollution from the largest sources, ensure that energy extraction activities comply with existing laws, reduce any risk of accidental releases of hazardous chemicals from industrial and chemical plants, and prevent animal waste from contaminating surface and ground water.

The health of our citizenry depends on it, and primarily the children who are perhaps most susceptible to illness and even death. Municipalities must address these issues and can speak to an Insurance Agent near Boston to get specifics on the type of coverage that best addresses these concerns.


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Insurance Designed for Commercial Vehicles

If you operate in the trucking industry and one of your vehicles is involved in a serious accident, such as your truck overturning, their could be damage to your cargo as well as your truck cab and trailer. You’ll need a policy, available through a Commercial Auto Physical Damage Program, which provides first-party collision and comprehensive coverage. This type of insurance is usually purchased in combination with a business auto or Non-Owned/Hired Auto liability policy. It is intended to cover the insured’s vehicle against damage caused by various sources, for example, vandalism or a fire.

Most public transportation owners rely on their vehicles for their income, so if their car or van is damaged or stolen, they too are counting on their insurance carrier to come to their aid. Having Auto Physical Damage insurance will assist them in getting back on the road and back to business as soon as possible. Auto Physical Damage can be written as a package with a Motor Truck Cargo policy.

Loss prevention is the key to keeping premiums low

The odds of being involved in a major accident on streets and highways have certainly increased in recent years. Perhaps the primary reason for this is the rise in distracted drivers. An alarmingly high percentage of drivers admit to using a handheld smartphone while driving, either to text, for phone calls, or engaging in social media. An increase in accidents can also be attributed to weather patterns, such as high winds in various regions.

Regardless of the cause, it’s important to train drivers on the types of safety precautions that should be practiced to avoid serious or deadly accidents. Meeting only the minimum legal requirements may not provide your business with enough financial protection. Keep in mind that motor truck cargo insurance only covers the cargo, and not your vehicle. This where a Commercial Auto Physical Damage Program addresses your own concerns.

Physical Damage is a general term for a group of insurance coverages that protects an insured’s vehicle. There are two options for physical damage coverage, comprehensive covers loss to a covered auto or truck from any cause other than a vehicle’s collision with another object, such as fire and theft, while collision coverage covers loss to a covered auto or truck caused by the vehicle’s collision with another object or the vehicle’s overturn.

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Comprehensive Insurance Coverage for Your Business

To protect your business from damage and accidents, you could invest in a Carmel business owner policy. A business owner policy, or BOP, provides insurance coverage for a number of different aspects of your business.

A BOP will generally include liability coverage. You can arrange for coverage that will meet your specific business needs to avoid being either underinsured or overinsured. You can also design the policy to include coverage that may be unique to your business due to the specific industry it’s in and niche that it serves. For example, you can include coverage for mobile property if that is part of your business.

A BOP also provides property insurance, including business interruption insurance. Physical property insurance provides coverage to the physical structures and their contents that are owned by the business. This includes any personal property of people who are inside the building at the time of the accident or damage. Business interruption insurance allows you to continue to make the type of ongoing payments that are necessary for a business to operate, such as rent or payroll.

While not generally included in a BOP, extra coverages such as worker’s compensation, professional liability and employment practices insurance may be added. A Carmel business owner policy can be a great way to insure your business.

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What is the Big Deal About Wind and Hail Insurance?

The many different types of insurance and coverage options can often overwhelm homeowners. You may find it challenging to determine what kind of insurance you need in addition to homeowners insurance. Wind and hail coverage can protect your home from the damages that may occur after a severe storm. This type of insurance can prove beneficial in the event that your home suffers wind damage.

Ultimately, wind and hail insurance exist to provide an extra layer of coverage for your home. Most of the time you have little warning before a storm arrives. However, even if you do have advanced notice, there is often not much you can do to ensure your house is safe from potential wind damage.

The main advantage of wind and hail insurance is the financial coverage it provides. For instance, depending on the type of policy you choose to purchase and the extent of the damage, you will receive financial support to help with the repairs.

In the end, wind and hail coverage is simply another way to protect your home financially. If you live in a region or coastal area that is prone to more severe storms or hurricanes, then you may want to consider purchasing a wind insurance policy. Preparation now may save you some money later on.

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Insure Your Business

Running a business takes dedication, skill, and a lot of preparation. Part of that preparation involves selecting the right insurance for your business. There are many U.S. agencies for insurance that can help you get the coverage you need to keep your business protected.

One of the types of insurance you might need is property insurance. This type of coverage protects your physical business property, such as the building in which you conduct business and its contents, as well as the personal property of people inside the building during the time of the incident for which you need to make a claim.

Another type of insurance you might need for your business is liability insurance. Should something happen to a person or their property while they are at your place of business, you will be able to make whatever payments are necessary to settle the matter.

Even if your business is in a specialty niche market, you can build a policy that will suit your particular business needs. From adding coverage for special equipment to adding coverage for workman’s compensation, any one of the U.S. agencies for insurance can help you make sure you can have a policy that will prevent you from being both under-insured and over-insured.

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Three Tow Truck Insurance Coverages You Might Not Have But Need

Your tow truck business is based on being able to help people and offering reliable, honest service at all times. If you aren’t enrolled in a tow truck insurance program, however, you could end up letting down your customers as well as your own business. Having the right protection for each of your vehicles is essential to providing service and protecting both your customers and your business.

Typically, a towing company or garage has the most common coverages, but there are additional types of insurance you should consider to fully protect your business. Garage keepers’ liability protects customer vehicles when they are on your business property so that you aren’t liable for damages if something happens before the car or truck is returned to its owner. This includes any damage done by a third party such as a passing vehicle that hits your customer’s vehicle. On-hook towing coverage will protect you against claims from customers saying their vehicle was damaged while you towed it. Finally, insurance coverage for completed operations will protect you against third party claims that your tow truck did any damage once your business is completed.

While general liability coverage is a great start, a complete tow truck insurance program is crucial for protecting your business now and in the future.

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Why Your Real Estate Business Needs Liability Coverage

You wouldn’t dream of not purchasing insurance for your home or for your family’s medical needs? It shouldn’t be any different for your work in real estate. You assist clients with the largest purchases they’ll ever make. If something goes wrong, there’s a chance you could face legal action. To protect you, liability insurance for insurance real estate agents is an essential tool.

Saves You Financially

There are certain professions where lawsuits are more common. Real estate is one of them. Even if a client raises a false accusation, court costs and attorney fees could be considerable. These expenses could jeopardize your ability to flourish in your business. Liability insurance for real estate agents can help you recoup financial loss from litigation and can keep you on your feet.

Get Coverage to fit Your Needs

The right insurance agency knows how to customize a plan that’s perfect for your situation. Your agent will review how much coverage you need and ensure that you have an affordable plan that will come to your aid when you need it most.

You can’t afford legal issues in your line of work. Thankfully, liability coverage provides you with the help and peace of mind you need during some of the most challenging times in your business.

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Insurance Coverage of Digital Assets & Data

Cyber security insurance is a type of insurance that offers protection if you are hacked or otherwise targeted by a malicious person online. Most insurance comes in third and first-party. Often you can also find an option that combines the two. Be aware that some providers will have exclusions and provisions. It’s important to read the paperwork to be sure you are getting what you need from a policy.

First-party coverage is the type typically used by businesses. It offers you compensation if data or software are lost of damaged in an attack. This type of policy will also protect you in the case of higher operation costs or lost business opportunities due to having no access to your system. It also often covers cyber extortion and money that is stolen through an online crime.

Third-party cyber security insurance is geared toward companies that are managing the network or system of a third-party company. The plans for this type of business will offer coverage if a breach of security leads to loss of employee confidentiality or loss of customer information and data. It also handles customer notification following a breath and combating any defamation or intellectual-property violations as a result of the breach.

Regardless of which option works best for you, it’s important to be covered for when disaster hits. Be prepared so your business doesn’t need to deal with negative consequences.

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Benefits of Working With a Financial Services and Insurance Company

Whether you are a business owner or a private citizen, having the right insurance and financial services can make the difference between meeting your goals and having an accident send you to bankruptcy court. Some of the major benefits of working with one company for both financial services and insurance include having a streamlined plan and building a better working relationship.

Streamlined Plans

Being able to have the same company and agent help design your financial plans as well as your insurance coverage, you can streamline your insurance to better fit your needs as well as your financial goals. Some companies will even let you bundle premiums for your different plans to help keep your bills lower and easier to handle.

Better Working Relationships

The more of your financial services and insurance plans you can get from one agency, the better working relationship you are likely to develop. This can really come in handy when your agent sees something he or she thinks might benefit you down the line. Having a good working relationship can also mean that you know exactly who to contact for almost any insurance or financial questions.

When you are looking for insurance and financial services, you may not realize that you can get more benefits by finding one company to do it all. Some of these include streamlined plans and better working relationships.

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