Do You Need Employers Liability for Volunteers?

If volunteers make up a part of your workforce, you need to take steps to address any potential risks they may face while performing their duties.

You must have a proper training protocol to ensure safety and reduce risks. Carefully select supervisors that will maintain procedures and ensure smooth operations. Also, secure adequate insurance coverage for your organization. Employers liability for volunteer workers covers costs that may arise from accidents or lawsuits.

Are Volunteers Covered Under Workers’ Compensation?

Most states do not require that workers’ compensation policies cover voluntary workers. Obtaining insurance that explicitly protects volunteers allows you to operate your nonprofit with the peace of mind knowing you have coverage to help pay expenses stemming from misfortunes or legal claims.

What Does Volunteer Insurance Cover?

This type of policy helps pay the attorney fees, court costs, judgments or settlement amounts in the event of a lawsuit against your company. Mishaps and liability concerns are not unique to paid employees.

Employers’ liability for volunteer workers mitigates expenses that are not covered by a general liability policy or workers’ compensation. Adding volunteer insurance also protects your nonprofit against costs stemming from job-related illnesses, injuries or deaths.

Unpaid workers likely face the same risks as employees. Therefore, it is essential to protect them and your business from possible accident or liability concerns. Contact an agent with knowledge regarding volunteer organizations to ensure you have adequate protections in place that mitigate potential risks associated with volunteer activities.

Choosing the Right EO Policy for Your Business

Errors and omissions insurance, know simply as E&O coverage, helps protect your business against certain claims made by clients or customers. Let’s look at the benefits and types of coverage available.

What Does E&O Insurance Cover?

E&O insurance will protect you when a client files a claim against your company due to negligence or providing errant information. Legal fees in these situations are very costly without proper coverage. Also known as professional liability insurance, this insurance is especially critical to a business that provides professional services or offers advice to clients. Lawyers, accountants, engineers and consultants are some of the key professional groups that are especially prone to errors and omissions liability.

E&O policies vary, so choose one that best meets your particular needs and circumstances. Coverage may include such items as:

  • Negligence – This is the most common type of coverage. It protects against alleged mistakes, failure to fulfill a promise or incorrect advice.
  • Copyright infringement – Expenses or damages resulting from copyright issues are covered under this plan.
  • Legal costs – Coverage will include legal defense if a claim is filed.

Make sure you are covered against unwanted claims from clients and customers. Talk with your insurance agent to see which type of coverage is best for your business.

Protect Your Financial Institution Against Dishonest and Fraudulent Employees

Financial institutions carry a lot of risk. While a lot of institutions focus heavily on external risk, it is critical to monitor and protect against internal threats. No one wants to think that employees may compromise the institution, steal or commit fraud in the company’s name. Unfortunately, employees can also become a risk that the institution needs to prepare for. Financial institutions can invest in financial institution bond coverage.

The Importance of Financial Institution Bonds

A financial institution bond is a type of business insurance that protects a company by covering losses associated with:

  • Embezzlement
  • Fraudulent trading
  • Forgery
  • Theft

When an employee acts dishonestly for personal gain, he or she can harm the financial institution. The bank, finance company or any other financial business could face devastating losses or damage to their reputation.

Most Common Financial Bond Claims

Given that all financial institutions have a digital presence, one of the most common claims is due to fraud via fund transfers. Institutions need to be diligent in protection outside of financial bond insurance too. For instance, if a company does not follow protocol, a claim may be denied.

Internal threats should always be a consideration for financial institutions. Without insurance coverage, the effects of theft, fraud or embezzlement can devastate a company.

Tips for Starting a Laundry Business

Laundromats are an important consumer service that will always be in demand. Here are some tips on what you’ll need to do to start a successful laundromat.

Choose a Good Location

Laundromats tend to do well in urban areas where there are a lot of apartment buildings. In cities with a high premium on square footage, people often don’t have washers or dryers in their unit. Many people who’s building’s have a washer or dryer for tenants’ use prefer going to a laundromat because it’s less expensive and they can do more laundry at once.

Insure Your Operations

You need a comprehensive commercial insurance package to protect your operations. You’ll have to insure your business against liability claims and also protect the value of your assets.

Invest in Equipment Wisely

The cost of equipment is a big factor in laundromat’s profitability. If your machines are in disrepair and constantly require service, it will cut into your revenue. Look for relatively new machines that are in good condition. Ideally, you should look for energy efficient models so you won’t have to spend a lot on your utilities.

Starting a laundry business takes a lot of hard work, but it can be extremely rewarding. Plan your budget carefully, and be prepared to deal with the unexpected.

 

Professional Liability Insurance for Almost Any Business

Errors and omissions policies are a backbone form of coverage for many professionals, especially those in high trust positions like doctors, lawyers, and financial professionals. They’re hardly the only ones who could benefit from professional liability insurance, though. Most of the time, if a professional is acting as a freelancer or one-person business, some form of E&O coverage for their professional liabilities will wind up being a good idea. From IT contractors to auto repair professionals, each skilled career has its own unique risks associated with professional misjudgment or accidental oversight, and miscellaneous errors and omissions insurance programs exist to provide individualized coverage for those businesses.

Assessing Professional Risks for Yourself

Most of the time, if you aren’t in practice on your own or working freelance, your employer assumes the risk for your professional decisions on behalf of a company. There are some cases where this isn’t true, but largely it is, and as a result many people have very little experience with professional liability coverage. As the workforce becomes more and more dependent with fewer and fewer industries relying on wage labor, that landscape is changing, and diverse E&O programs have become very high-demand. If your current coverage doesn’t include professional liability, now is the time for an insurance review with an eye toward adding the policy. Luckily, there are providers with over a quarter of a century of experience with miscellaneous E&O coverage, so it won’t be hard to find a provider.

Insurance for Short-Term Rental Businesses

The tourism industry is always strong near the coast, because the beach is and has been a draw for American families on vacation practically as long as the concept of vacation has existed. Among the businesses that tend to thrive near lively beaches are short-term equipment rentals that allow visitors to have fun on the water without hauling a ton of gear on a long trip. From kayaks and canoes to motor boats, jet skis, and even more exotic recreational vehicles, there are a lot of choices to allow them to get the most out of the location they’ve chosen to visit. Providing that access comes with risks, though, and that’s why businesses like yours need specialized jet ski rental business risk management insurance policies.

Covering Your Customers and the Public Alike

Risk management insurance for rental companies needs to take into account the possible risks to clients in the event of a mechanical failure or any other accident that could injure them or cause damage to property. That’s not all, though, it also needs to protect members of the public who could be affected by a potential accident. This double-edged risk level is unique because most companies with public liability have that risk due to public use of their facilities or the possibility of accidents involving employees operating equipment. Rental companies have the unique risks present when a third party uses your equipment remotely, and your insurance should reflect that.

Why You Should Consider Purchasing Insurance For Your Semi Fleet

If you are the owner of a fleet of semi trucks, it is vital that you have protection for your vehicles in case something goes wrong. Running a trucking business is not without risks and semi fleet insurance can provide the coverage you need to make sure you don’t have to cover financial damages out of pocket.

Unique Benefits of Fleet Insurance

While individual semi truck insurance is a great option if you don’t have to provide coverage for many trucks, those with a large fleet may be better off purchasing fleet insurance. Fleet insurance is unique in that it can provide coverage for a whole range of vehicles. It is sort of a package deal that can provide protection for a large number of trucks, rather than purchasing insurance for each individual truck.

This can be very beneficial for your trucking business. Not only is a fleet insurance policy more cost effective, it also saves you the hassle of juggling many different insurance policies for all your individual trucks. Fleet insurance can provide all the same protection that an individual policy can provide including:

  • Coverage for your trucks, trailers, and accessories
  • Coverage for towing costs
  • Roadside assistance
  • Liability insurance coverage
  • Cargo coverage

Running a trucking business is not easy. Having the right semi fleet insurance can make all the difference!

2 Big Reasons To Insure Your Cannabis Dispensary

The legalization of cannabis in the state of California has not translated to legitimizing businesses in the eyes of insurers. Obtaining adequate cannabis insurance for CA dispensary may be challenging, but the effort is necessary to safeguard your business.

1. Licensing Requirement

When you decide to open a dispensary in California, you are required to adhere to a number of regulatory requirements to operate legally. One of those is that you must be licensed by the state. Before the state will issue a license, you have to be able to present a certificate of insurance.

2. Business Protection

As a business owner, you are at risk of lawsuits for personal injury, death or property damage that occurs on your property or due to the consumption of your product. If someone files a claim against you in court, the financial damages can be devastating. Liability coverage offers you the protection you need.

When the time comes to look for coverage, you need to make sure that the agency you choose offers insurance specifically for the cannabis industry. Furthermore, you need to be sure that distributors, including dispensaries, are covered. Operating a successful cannabis business in California is possible, but you do need to make sure your dispensary is protected with the right type of insurance.

Reasons To Consider Purchasing Semi Truck Insurance

If you are the owner of a trucking business, you know that there are a multitude of things that can go wrong and you can never predict what will happen in the future. If you want to guarantee you can stay afloat if something goes wrong,  you should consider purchasing semi truck insurance.

What is Covered by Semi Truck Insurance?

Semi truck insurance covers your truck in a variety of different scenarios. The most obvious scenario you are covered in is an accident. Aside from that, you are also covered in the case of theft or fire damage. It is easy to think that these scenarios will never happen to your business but they are more common than you would think. This is especially true if your trucks are delivering to an unfamiliar location.

Protect Yourself Against Financial Losses

Money plays a massive role in all your business operations. Paying employees and purchasing supplies are just two examples where this holds true. Unfortunately, if you are involved in an accident, covering all the expenses yourself can literally cause your company to go bankrupt. Accidents can be immensely expensive, however, insurance can cover the majority of the cost.

Running a trucking business is not easy, especially if something like an accident occurs. Avoid having to cover damages yourself and invest in semi truck insurance today!

Understand the Insurance Needs of Your PEO

Every industry has specific needs when it comes to insurance. When you operate a professional employer organization, or PEO, then you need to take several factors into consideration when selecting an appropriate policy. You cannot simply take out a standard liability policy and assume that it will cover all of your bases. Thankfully, there are a few easy ways to select the best plan for your PEO. Consider these points to get a better idea of your options.

Made To Fit Your Needs

As reported by experts of the industry, PEO insurance should be tailored to the particular needs of the organization. Essentially, there is no “one-size-fits-all” policy that can be adopted. Though more involved in some ways, this requirement does put a heavy emphasis on a business owner’s comprehension of a policy. Assess the risks associated with your company and you will start to see which policy options make the most sense for daily operations. HR duties can get involved and require some unique approaches to insurance. Common considerations include:

Research the Basics

By taking time to look at the unique risks your company faces, it can help you devise a more practical strategy for selecting insurance. Give yourself a chance to consider the basics and it will go a long way to informing your decision.