How Staffing Agencies Should Focus on Risk Management

Every industry is unique in the world of business. On an obvious level, all areas of business are dedicated to providing different services to consumers. However, there are other ways that these differences impact business. When it comes to taking out insurance that fits the specific demands of your field, you absolutely want to make sure you are taking your industry into consideration. Review these points to get a better idea of how you can get started with this important task.

Assess the Risks

As mentioned by the experts at, the best way to feel confident in your insurance plan is by taking a step back and looking at a few general points. Namely, you want to assess the risks related to your line of work. For staffing firms, this can be a bit more difficult than in other fields. The nature of the kind of business you conduct leaves a lot of room for questions when it comes to coverage. Before you make any final decisions, take time to be through. Focus on areas like:

Review the Basics

By staying familiar with the basics, you can accomplish a lot more with your insurance plan. Review the risks associated with staffing and see how you need to approach taking out a sensible package.

Why You Need Maritime Insurance for Your Business

As an employer in the maritime industry, you know that protecting your employees is essential every single day. Without them, you wouldn’t be able to run your company or meet the demands of your clients. To fully protect them and your company, you need to invest in the right type of maritime insurance.

What You Need in a Policy

The right type of insurance policy for your maritime business should provide enough liability protection to keep you from ruining your operating budget in the event of an accident. It should also protect your employees whether they’re on your vessel or working on someone else’s property.

This means you’ll need to choose a dedicated maritime employer’s liability policy to fully protect your operation. If an employee gets injured on the job or damages property in the course of their duties, the liability coverage will help pay for the cost of any resulting lawsuits and settlements.

What Happens Without Coverage?

Though maritime insurance isn’t something you’re legally required to have, it’s always in your best interest. Without the coverage, you risk paying high out-of-pocket legal fees and settlement amounts. Depending on the severity of the suit, those payments could disrupt your budget or force you to close up for good.

Invest in maritime insurance as soon as you can. Once you have the policy, you’ll be able to avoid those high out-of-pocket costs.

Key Business Risks Needing Coverage

Opening a new business is hard work, and it incurs a lot of risks. Some are more dangerous than others, but they all have the potential to ruin a thriving business if not properly address. A qualified agent can recommend the right business insurance in Richmond, VA, and your policy may address the physical exposures related to your property, consumers, and employees. However, there are other risks your business may face.

1. Loss of Income

The economy can wreak havoc on your ability to turn a profit, and there may be unexpected situations that force your business to close temporarily. Business interruption insurance can stop the financial bleed the company may experience as a result of a covered act that is beyond its control.

2. Compliance

Depending on your area of industry, you may be faced with regulatory standards that are constantly changing. EPA, HIPPA, or OSHA are all common regulatory concerns for businesses of any nature, and getting cited for lack of compliance can be financially draining. There are many insurance options to address compliance issues small or large businesses face.

3. Security and Fraud

The prevalence of tech services and programs increases a company’s risk of cybersecurity threats. A hack or breach of the system is an expensive problem, but a well-crafted insurance policy can help.

There are many risks with business operations that insurance can help mitigate. Speak to an expert in the industry to determine which coverage is appropriate.

Do You Carry Enough Professional Liability Insurance?

Bankers, mortgage brokers, and other professionals who take on fiduciary responsibilities to people or corporate entities have unique liability exposures. In some ways, the risks they encounter professionally are similar to those encountered by doctors and lawyers, whose work also affects the course of entire lives. Like those other careers, though, financial professionals need very specific coverage that speaks to the exact nature of the sensitive information they handle and the decisions they make on behalf of others. That’s why it’s essential to be sure you are carrying enough coverage.

Evaluate Your Professional Insurance Policies

Mortgage errors and omissions insurance is designed to cover the common risks faced by professionals who act as the go-between, finding mortgage providers for buyers who need homes. Those risks include bad faith actions by employees and agents of your company, as well as the usual range of accidental omissions and oversights that could potentially cost your clients money. Similarly, other financial professionals need their own coverage packages that protect them from the specific kinds of omissions and errors commonly found in their roles within the industry. If you’re buying for a financial institution with staff in many roles that need this coverage, it’s a good idea to work with insurance providers who know how to craft specialized coverage to suit each one.

Why Fiduciary Liability Insurance Matters for Your Business

As a fiduciary, you bear the responsibility for your clients’ finances. You promise to act in their best interest at all times even if that means losing out on opportunities to increase your commissions. Unfortunately, accidents happen and, when they do, you may be liable for the damages. Fiduciary liability insurance is a simple way to protect your business and your reputation.

What This Coverage Does

Fiduciary liability coverage protects you from having to pay settlement fees, legal fees and attorney fees out of pocket if a client sues your company. This helps you better preserve your budget and makes it possible to keep your company afloat during and after the lawsuit. Without the policy, many businesses find it difficult if not impossible to recover after even a single lawsuit.

What To Look for in a Policy

Remember, your general liability insurance isn’t going to be enough to fully protect your company if you’re in charge of overseeing any type of investment or monetary contributions. Investing in a fiduciary liability insurance policy is the only way to cover your bases.

When shopping for a policy, keep the following in mind:

  • The coverage limits
  • The reputation of the insurance company
  • The premium amount

By being selective and reviewing each insurance policy in detail, you’ll be able to find the right coverage for your company.

Understanding the Basics of Gas Station Liability in Connecticut

Owning and running a gas station in Connecticut is a complex endeavor. There are so many different factors that you have to deal with everyday. Knowing the potential damages and liabilities to any or all of those variables are covered by your insurance is key to safely conducting your work. Here is some quick information for anyone looking for a comprehensive CT gas station insurance policy for his or her business.


There are plenty of items and services involved in the gas station industry that need to be covered by insurance because of the potential liability they could cause to you and your business. This includes your building and other infrastructure, your employees, potential crime and more. Gas is of course flammable, which makes it all the more important for you to cover all of the possible liabilities that you can in the unfortunate event of a fire.


While all gas stations share at least one service in common, they differ vastly in their amenities. Some stations are known for their large bathrooms and showers while others are renowned for their corn dogs and mini pizzas. No matter what your store offers to its customers, you want to make sure that your coverage matches those unique, potential liabilities in the event of any problems.

Insuring your gas station is important. Knowing that you have the best coverage possible relieves stress so you can focus on running your business.

Cargo Insurance for Semi Truck Owners

Big rig owners carry heavy loads over dangerous roads in all types of weather throughout the year. Along with hours on the road hauling the freight can come risks to yourself and your loads. As a driver or truck owner, you can easily protect yourself from problems with the cargo by purchasing insurance for semi-trucks. Here are a few of the many reasons to obtain the coverage.

Liability Insurance

When you store freight in a storage unit or warehouse, you need to protect the goods and yourself with liability insurance. Your policy can be tailored to meet your needs with specific

  • Provisions
  • Consolidations
  • Blankets

All you need to do is specify the amount of liability you agree to assume.

Cost Protection

The cost of insurance is much less expensive than losing a load of electronics or heavy equipment. With the number of accidents that occur each year involving big rigs, it is essential to protect yourself with truck cargo and freight insurance.

Risk Coverage

How you operate, the loads you carry, and the time you spend on the road are all part of the risk exposure you operate under each day. Communicate any concerns about exclusions or coverage to your insurance broker to create a policy that fits your needs.

Complete Security

To provide adequate insurance for semi-trucks you drive or own, protect yourself with a cargo policy and liability insurance policy. Make the phone call today to better understand what coverage is available.

Why Your Operation Needs USLH Coverage

Chances are that if you operate any type of business then you are familiar with workers’ compensation policies and the need to protect your company if claims arise. However, if your business – or even just a single project – operates near a waterway then you may be required to have coverage under the USL&H act. The United States Longshore & Harbor Act provides coverage to employees that are working in certain maritime conditions.

Understanding Differences

Scenarios covered by USL&H are typically excluded in a standard workers’ compensation policy. USL&H also does not cover seamen on a flagged vessel, as this falls under regulations of the Jones Act. It applies to other employees that are working on or over navigable waters. Below are just a few examples of areas where this will apply:

  • Shipbuilding
  • Ship repairing
  • Marine manufacturing
  • Marine construction
  • Marinas
  • Boat dealers
  • Dockworkers

It is important to note that certain facilities are excluded even though they may be on navigable waters. This includes recreational operations such as country clubs or resorts.

If your company is doing work on or near a waterway, it is essential to understand the laws that protect your workers. It can be costly to ignore these regulations and not have insurance to properly protect your business.

How the United States Long shore and Harbor Workers Compensation Act Protects Employees

Maritime work can be difficult, and many tasks require skill and training. Injuries that occur may not be covered by standard insurance programs because of their nature or where the work is performed. To understand how you can protect both your business and workers, you should conduct research into the United States Long shore and Harbor Workers Compensation Act (USL&H).

What Is the USL&H?

The USL&H is a federal law that is designed to cover gaps in protections for employees performing work on open water. Basically, it serves to protect maritime workers who perform tasks on the navigable waters of the United States. It also covers work performed in adjoining areas like docks or terminals. Companies with marine employees must carry coverage to comply with the United States Long shore and Harbor Workers Compensation Act. Failure to do so can result in a penalty of up to $10,000 or possibly imprisonment.

What Benefits Does It Provide?

When an injury to a worker happens on navigable waters, they are covered by the USL&H. Costs associated with medical care, rehabilitation services and lost wages can be compensated. It also has provisions for survivor benefits to be paid if an injury results in the death of a worker.

Having appropriate insurance coverage can help you avoid costs associated with medical care and fines. At the same time, it can ensure that your workers receive the care and wage replacement they are entitled to in the event of an injury.

Why Insurance Agents Need EO Coverage

If you work as an insurance agent, you need to have errors and omission insurance in case an incident occurs. Here is why e&o is necessary to have in case you make a mistake or are otherwise sued by a client.

Coverage in Case You Make Mistakes

Mistakes happen in just about any job. By having e&o insurance for insurance agents, you can protect yourself in case you leave out important information when working with your client. Your client might sue you or otherwise have issues if there is a mistake. By having the right type of insurance coverage, you can avoid these types of problems.

Protection for Different Types of Insurance Agents

Regardless of what type of insurance agents you are, there is coverage that can help you. This includes health insurance agents, life insurance agents, and property and casualty agents, to name a few. If you are worried about e&o not covering your specific line of work, know that there are varying areas that e&o can cover.

If you are an insurance agent, know that there is protection for all different types of insurance agents. Having coverage in case you make mistakes can help protect you in the event you are sued or there are other problems with your client.