Finding the right insurance is not always as straightforward a journey as you’d like. There are countless factors that can influence your decision and failing to take certain points to heart could leave your business vulnerable in some serious ways. Though it can be a challenge, there is no need to worry. Finding appropriate insurance for your staffing agency is a whole lot easier when you give yourself time to review the choices before you.
Review Your Risks
As reported by the professionals at WWSPI, all businesses require a plan of action in order to see success when taking out insurance. If you assume a standard policy is enough to cover all your bases, you could be in for a rude awakening when you discover some major gaps in your coverage. Before you make a decision, you want to look at the largest threats facing your company. With staffing firms, finding sensible coverage for contractors is one of the biggest challenges. Areas to pay attention to when selecting insurance include:
- Workers’ comp and benefits
- Protection for directors and officers
- Individual policy options
Get Ahead in No Time
By giving yourself time to formulate a plan for your insurance needs, you are increasing the odds of satisfaction with your final decision. Take time to think through all the options presented to you and find coverage that hits all of the right marks.
A house is the single largest investment most people ever make, which makes it a key component of their financial portfolio. For that reason, it is crucial that any homeowners policy in effect will do what it is intended to do: cover the cost of replacing a home if it is destroyed or damaged beyond repair. Adding guaranteed replacement coverage to your policy helps ensure this.
Purchase Price vs. House Value
When you bought your house, you probably had an appraisal done. For many homeowners, that is the last time — at least for a while — they think about the home’s value. However, markets can fluctuate and, over time, house values have historically increased. In some areas, prices have doubled or tripled in a very short timeframe. If your insurance policy is based on the purchase price, you may not have enough coverage to cover the current market value.
Variable Construction Costs
Construction costs are not stagnant. They rise and fall with the rest of the market. Consequently, a rebuilding estimate from five years ago may be completely off the mark today. If your policy is based on an old estimate, you may not have enough coverage to rebuild. Increased demand and reduced supply after a major disaster and rising employment costs in construction trades are just a few of the things that tend to affect construction costs.
Guaranteed replacement coverage fills the gap between your standard policy’s limits and the actual cost to rebuild. With it, you won’t have to worry about rising construction costs or increasing home values.
You may think that one way to minimize expenses in your small business would be to eliminate your general liability insurance. However, this type of policy is usually quite affordable, and it protects you from losing substantially more money in the future. Here is an explanation of why you should keep this coverage.
What It Covers
General liability provides protection from personal injury lawsuits brought by members of the public who get hurt while on your property. It also would pay your legal bills if someone were to accuse you of copyright infringement; therefore, it’s a good idea to have this policy in place, even if you work from home and do not see clients regularly.
How Much It Costs
General liability is less expensive than most people imagine it to be. Depending on the details of the policy, many small businesses pay between $30 and $50 per month. This premium is actually quite low when you consider that an average attorney charges between $100 and $400 per hour to represent you in court, on top of court fees.
When your main source of income is a small business, you learn to cut unnecessary expenses. However, your general liability insurance policy is not something you can do without.
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.
Running a business always comes with a certain amount of risk and grocery stores are no exception. While this may be surprising, many things can potentially go wrong. These risks can range from issues with spoiled food to slips and falls. Luckily, you can add an extra layer of protection with insurance. Having Grocers’ Advantage grocery store insurance can make all the difference.
What Things are Covered by Grocery Store Insurance?
Having a good insurance policy can protect you against a variety of different things. First, your grocery store is vulnerable to physical risks and property damage. A good grocery store insurance policy can protect you from many different types of property damage. Some of the things covered include:
- Your inventory/products
A good insurance policy can also provide coverage if you are the victim of a crime. Grocery stores handle a good amount of cash and make sizable deposits nearly every day. When sizable amounts of money are present, there is always the chance of a robbery. You also run the risk of having shoplifters take your products. Grocery store insurance can provide protection against these crimes and others committed on your property.
Owning a grocery store can be difficult. Having a good grocery store insurance policy can make a huge difference.
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.
Purchasing an insurance policy may bring you peace of mind, but your liability policy may leave expensive gaps or exclusions. There are coverage limits as well, and resolving an incident could exceed what your insurance policy provides. When this happens, an excess liability or umbrella policy could help make up the difference.
Knowing the Difference
Though the terms are sometimes used interchangeably, there are noted differences between excess insurance vs umbrella coverage. With umbrella policies, the insured is given higher liability limits as well as a broad scope of coverage for the policy itself. Umbrella coverage can usually fill in gaps like coverage territory, such as moving from a national scope to a worldwide application. With an excess liability policy, the insured is provided additional coverage beyond the financial limits established by the underlying policy. However, because the financial limits are extended, the policy may be more restrictive when written.
Either policy you choose, you need to carefully read through to find out inclusions and exclusions. The policies themselves don’t follow a standard format, making it easier for you to overlook a crucial detail or simply assume a situation is covered.
The distinction between the two policies can become blurred, especially when agents are talking to you about the benefits of carrying additional coverage. With this information, you should have a better understanding of what policy will best cover your liabilities.