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.