If your company has started discussions on the option of outsourcing human resources and related tasks, then there are two choices available. One utilizes a model called a Professional Employer Organization (PEO), and the other falls under an Administrative Services Organization (ASO). Both of these can free up company resources and provide dedicated HR responsibilities such as benefits, payroll and hiring. However, there are some key differences that may factor into the decision process.
With a PEO, the company enters into an agreement that essentially binds the two entities together under what is known as co-employment. This arrangement allows the PEO to take on more risk and responsibility. Under an ASO, the company is still considered the employer of record.
Workers Compensation Under ASO
Because of the differences regarding the co-employment structure, ASO workers comp insurance functions differently as well. When using an ASO the coverage is still provided by the company. As explained by https://www.monarchpartnersgroup.com/, this presents a distinctive opportunity when it comes to worker’s compensation. Premiums can be paid out during smaller timeframes such as a payroll period or a single month. There are no annual estimates or audits needed to make adjustments. This can provide greater flexibility and require fewer upfront costs than the traditional market method.
The data breach is a problem that all businesses can face. If you do not have insurance coverage for the data breach, your company may be liable for any damages to clients caused by cybercrime or breach. Third-party cyber liability is a crucial coverage and here is what you need to know about it and who should have third party liability.
Who Needs Cyber Liability?
The experts at FGIB describe third-party cyber liability as being designed for software firms and tech startups. Businesses who are in information technology benefit the most. These are businesses that are responsible for their own data security. When you are in charge of security, you need coverage in case of a lawsuit. Sometimes, these policies can be included in an error and omissions policy.
What Is Cyber Liability?
Cyber liability is insurance coverage for businesses that need to keep a client’s information secure online. It is covered in the case of cyberattacks and breaches. Cybercriminals may steal a client’s bank information, his or her identity or medical records.
No matter your industry, third party cyber liability is a crucial coverage. Without cyber liability, you may suffer a lawsuit that you cannot afford. Every business is prone to the data breach. Third-party liability is best for tech companies.
Anyone who purchases a new vehicle, house, or boat often seeks a comprehensive insurance policy to protect their new investment. However, unless you ask your insurance broker a lot of questions, you may find yourself surprised when your claim is denied under an exclusions clause.
Common Boating Exclusions
The team at Merrimac deals with many insurance policies and claims, and they know how important it is to understand the exclusions of your policy. Here are some of the more common boat insurance exclusions.
- Repairs or replacements as a result of general wear and tear associated with gradual deterioration and saltwater corrosion.
- Damage from marine life such as sharks, whales, or octopi.
- Damage caused by infestations of mold, animals, or insects whether in storage or during use.
- Repair or replacement parts for machinery or equipment that has deteriorated, been used improperly, has a production defect or has never received proper maintenance.
- Damage or loss stemming from improper storage, securing, or towing.
- Loss or damage associated with boating accessories such as life jackets, GPS equipment, modifications, or the anchor.
- Damages incurred through sporting or boating competitions or improper use.
- Loss or damage that arises during an accident when an un-named insurer is behind the wheel.
Don’t be caught off guard. Know the exclusions before you sign the insurance contract.
As the winter months get colder, now is the perfect time to enjoy a nice relaxing ski vacation. You might have a haunt that you pick every year, but if you want to mix it up this year learn how to pick out a new place to hit the slopes.
Family-Friendly Or Not?
Do you want to bring your mate and the kids, or is this time for you to hone your craft and kick butt doing it? Some places are geared towards families, others are better suited for athletes.
Is There Proper Insurance?
Most likely if you head to a professional resort there will be ski resort liability insurance, but if a certain place sketches you out then you might ask staff what kind of coverage they have in case there’s an emergency. If you’re curious, check out David Sayles Insurance and ask all the questions you like.
Do You Feel Safe There?
Nobody wants their weekend in the mountains to end up as a Netflix horror movie. Gauge for yourself whether you feel comfortable at the new place. Are the facilities and slopes up to your standards? Does it feel clean and welcoming?
As you navigate through the wintertime and decide to enjoy snowy activities, exercise caution when trying a new resort. You could find a new yearly tradition if you are watching the signs closely.
As a builder or contractor, you are probably in business for yourself. As a result, protecting your investment is very important. SB One Insurance recommends carrying two types of insurance to provide the most financial coverage in the event of a situation involving loss. These policies are general construction liability and builders risk insurance.
One Size Can’t Fit All
Unlike the work gloves or tool belts where one size might fit all, the risks and exposures of each contractor, the location, the materials, the cost, and the weather will all vary by the job site. With a general liability policy, only a part of these risks will be covered. These usually include injury on the property, damaged rental space, employee-caused injury or damage, and legal action for false advertising or libel.
In addition to general liability, builders risk insurance can fill in some of the gaps in exposure and risk associated with your operations. Coverage extends to the damage done to the property or your equipment for the following reasons:
Fire or explosion
Any vehicles that crash into the structure
To be sure your contracting company is well-equipped to handle the risks and exposures consider the benefit of a packaged policy concerning risk and general liability. It is always better to have too much coverage than too little.