What Insurance Is Needed for Your Tow Truck? Do You Know?

It seems like shopping for a commercial vehicle policy should be simple, since so many businesses own at least one company car or truck. Since the coverage you need is closely related to the uses you have for your company vehicles, that is not the case. Tow truck insurance requirements cover the same basic state mandates every commercial vehicle must meet, but they also include additional coverage types unique to tow trucks.

  • On hook towing insurance
  • Garagekeepers’ insurance
  • Uninsured/underinsured motorist coverage
  • Physical damage
  • Medical payments
  • Auto liability

The first two items are unique to tow trucks, but not to towing companies. Dealerships, repair shops, and other businesses that operate towing services also need the coverage to safely manage the risks involved with the transportation of customer vehicles.

Shopping for the Right Policy

If you are looking for perfect fit coverage for your towing operation, look for a program that understands the range of companies that operate these vehicles and the full spectrum of services offered. That way, you can combine it with any other key coverage types you need without worrying about over-insurance or gaps in coverage, even if you have a couple policies with different insurers. Longstanding programs with knowledgeable staff tend to have offerings that reflect this kind of nuanced understanding of the business, so seek them out.

Finding the Best Commercial Insurance Solution for Your Small Business

As a small business owner, you understand the importance of obtaining a comprehensive insurance policy to protect your assets and your employees. Large corporations need coverage for many issues that don’t apply to smaller businesses. Fortunately, there are commercial package options designed to help the small business owner purchase only the type of coverage they require.

Property Coverage

One of the key components to any commercial package policy is coverage of the business property. If your property sustains damage due to fire or many weather events it is essential to have adequate coverage. Many policies also include protection for machinery, office equipment and lost data. 

Liability Protection

General liability insurance protects your business against many types of claims, including injuries to clients and damage to a customer’s belongings on your property. Liability coverage also protects your company against issues such as copyright infringement by a competitor.

Employment practices liability insurance is also available to protect against lawsuits by employees.

Additional Considerations

Business interruption insurance can keep your company running after a weather event or fire. Professional liability insurance can protect against errors and omissions and malpractice.

Most states also require workers’ compensation insurance to protect your employees when injured on the job.

Purchasing a comprehensive commercial insurance package can help protect your business after devastating events.

Types of Engineering Liability Policies

Some types of engineering firms are more prone to lawsuits than others; however, the possibility of negligence claims exists whenever any type of engineer does work for the public. Here are some engineering liability insurance policies to protect your business.

General Liability

General liability provides the minimum coverage that all businesses should purchase. It protects from claims when members of the public suffer injuries on your property and covers small legal matters such as copyright infringement.

Professional Liability

Engineers who do not carry professional liability leave themselves vulnerable to claims of errors and breaches of contract. It covers human errors and pays settlements if a court finds you guilty of negligence.

Cyber Liability

If you are the victim of a ransomware attack or if your clients’ information is otherwise compromised, cyber liability insurance covers damages and legal fees. Once considered optional coverage, many feel that protection from cybercriminals is now necessary.

Commercial Umbrella

Investing in umbrella insurance is a way to make sure you always have enough coverage. It supplies funds in excess of what your other liability policies normally pay.

The more comprehensive your policy, the fewer claims will affect your business. Talk to your insurance agent about the costs and benefits of including each liability coverage in your package.

Understanding Sign Requirements on Construction Sites

Between safety regulations, equipment maintenance and operation and monitoring employees, there is a lot to keep up with when you are managing a construction site. One thing that can often get overlooked is having the required signage displayed. If you are unsure what is necessary, this quick guide can provide some insight.

Types of Signs You Need

Safety signs generally fall into three broad categories: danger, warning or caution. These are based on the potential risk posed, such as the likelihood of an accident occurring or the seriousness of an injury that could occur. Fire safety, hazardous materials and restricted area signs can all be safety-related.

Some signs are not related to safety but are more informational in nature. These generally provide directions or supply information about policies or procedures. A restroom sign is an excellent example of an informational sign.

Where Signs Must Be Posted

There are also requirements that dictate where signage must be displayed. A good rule of thumb is that it must be clearly visible. Danger signs should be posted close to the source of danger, while it may be fine to leave a greater distance between a hazard and a caution sign.

Having the required signage properly displayed is an important part of properly managing a construction site. You should always review your site layout in relation to relevant rules and regulations before commencing work.


Why Nursing Homes Need Liability Insurance

Nursing homes have the extremely important job of caring for elderly individuals who have reached a point where they can no longer take care of themselves.  This responsibility is very serious and has to be handled with great care.

Why is Nursing Home Liability Insurance Necessary?

Unfortunately, nursing homes do occasionally fail to provide the necessary care for their residents and then become liable for the injuries or death that occur as a result.  This is why it is so important to have nursing home liability insurance if you want to properly protect yourself and your business.

What Kinds of Nursing Home Liability Insurance Are There?

Nursing home liability insurance coverage needs to be able to cover any financial damages that can occur in the event of a lawsuit.  This insurance is available in two ways.  The first is coverage that operates on a claims-made basis.  This coverage applies when legal claims are made against the nursing home, as long as the policy holder maintains continuous coverage.

The other option is coverage that applies on an occurrence basis.  This type of coverage picks up the costs of any injuries or damages that occur at any time, regardless of when claims are reported.

Running a nursing home is not always easy.  Purchase nursing home liability insurance today to save yourself a lot of trouble.

Workers Compensation When Outsourcing HR Functions

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.

Defining Co-Employment

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.

Cyber Liability for Tech Companies

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.

8 Liabilities Excluded from Your Boating Policy

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.

  1. Repairs or replacements as a result of general wear and tear associated with gradual deterioration and saltwater corrosion.
  2. Damage from marine life such as sharks, whales, or octopi.
  3. Damage caused by infestations of mold, animals, or insects whether in storage or during use.
  4. Repair or replacement parts for machinery or equipment that has deteriorated, been used improperly, has a production defect or has never received proper maintenance.
  5. Damage or loss stemming from improper storage, securing, or towing.
  6. Loss or damage associated with boating accessories such as life jackets, GPS equipment, modifications, or the anchor.
  7. Damages incurred through sporting or boating competitions or improper use.
  8. 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.

Three Tips For Finding a New Ski Resort

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.

A Double Dose of Liability Protection

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:

Lightning strikes
Fire or explosion
External theft
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.