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.

Offset the Expenses of Boat Ownership With P2P Rentals

Owning a boat is expensive. Fuel, maintenance, docking, storage and insurance are only some of the associated costs. One way to offset these expenses is to rent the boat out on an hourly, daily or weekly basis.  As this option has increased in popularity over recent years, websites handling peer-to-peer boat rentals have become more common. However, what many boat owners may not realize is that their personal recreational marine insurance policy will not provide coverage during rentals leaving them exposed to a number of potentially costly liabilities.

Risks of P2P Boat Rentals

Many of the websites handling P2P vessel rentals have various safeguards in place. For example, they require renters to sign an affidavit and provide proof of previous boating experience. Nonetheless, boat rental risks abound. These include:

  • Damage to the rented boat
  • Bodily injuries
  • Damage to other vessels, equipment and marina infrastructure

Without insurance, the boat owner may be responsible for covering the costs associated with these risks.

Diminish Risks With Rental Insurance

Personal watercraft rental insurance is designed to provide boat owners with the vital protection they need when renting out their vessel. Owners should look for insurance that includes hull, watercraft, and general liability coverage. It is also recommended that they have the rental agreement reviewed by an attorney to make sure that all eventualities are covered by the policy.

Boat rentals can be an excellent way to pay for the many expenses that come with ownership. Moreover, a specialized insurance policy is essential to ensuring that the benefits outweigh the costs of P2P rentals.

The Basic Facts About Aviation Liability

If you love flying high in the sky, you aren’t alone. Whether you enjoy flying drones, taking to the clouds on your own, or renting planes out to others, there are an estimated 750,000 people that enjoy the same activities each month. However, when it comes to owning flying crafts, it is essential to make sure your company is protected with an aviation liability policy.

Federal Rules

Any aircraft that is rented, loaned, or flown with the known intent to unload is considered part of the aviation exclusion in Commercial Liability Insurance coverage. In fact, the FAA has now added UAS and drones to the aircraft exclusion. With the number of crafts that those exclusionary definitions include, it is not surprising the market for aviation liability insurance has risen.

Insurance Coverage

Aircraft owners need to protect their property from damage, suits, and theft. When you acquire aviation insurance, you can opt for coverage that includes:

  • Machines
  • Operators
  • Hangers
  • Passengers

In fact, aircraft policies can cover whatever you want them to.

Advisor Specifics

The best thing about aviation liability insurance policies is that your agent can create a document that covers your specific needs. That makes them cost-efficient for anyone that owns a drone, private jet, or a fleet of rental liners. If you own a flying machine, talk to your insurance advisor about what type of policy will cover your liability needs today.

What You Should Know About Force Placed Insurance

Homeowners with existing mortgages can benefit from understanding forced placed insurance and how it affects them. This insurance coverage is often called lender placed coverage or collateral protection. Since it protects lenders from borrowers whose property insurance lapses, here are some essential things, you need to know about this insurance option.

Insufficient Coverage?

If a property’s coverage expires or is deemed insufficient, force placed insurance allows the lender to protect their financial interests within the property. Additionally, lenders may also require forced place insurance on dwellings at a high risk of flooding if the insurance coverage doesn’t meet the legal minimum.

Rising Foreclosures

Lender placed coverage is becoming more relevant because of rising foreclosures and increasing lapsed property coverage. This insurance option also allows lenders to replace coverage and protect mortgage interest immediately.

Letter Cycle

During the “letter cycle,” lenders can formally notify homeowners of insufficient coverage and request evidence of current insurance coverage. After borrowers supply the requested documentation or fail to produce it, force placed coverage can be backdated to fit the last insured date.

When both borrowers and lenders understand collateral protection, they can ensure property value and protect financial assets. Additionally, when coverage is insufficient, borrowers can benefit from understanding why lender placed insurance is required.

A Quick Review of Commercial Vehicle Insurance

Commercial auto insurance comes in a variety of forms, but companies who own a fleet of vehicles may want to consider a policy that insured all the vehicles at once rather than individually. Regardless of how many employees may be driving the vehicles, fleet insurance is more comprehensive coverage that addresses the potential liability of any employee operating a vehicle.

Vehicle Ownership and Ultimate Liability

An employee driving a company car who gets into an accident may create legal chaos in the event that physical or bodily damage occurs to third parties or properties. The company, as the owner of the vehicle, bears the responsibility for the accident and subsequent claims filed against the company. A commercial plan that provides owned auto coverage can bear the brunt of the financial strain.

Coverage Areas for Company Vehicles

When a fleet of vehicles is insured, typical coverage protections include:

  • Liability coverage
  • Medical payments coverage
  • Comprehensive and collision (physical damage) coverage
  • At-fault party damage coverage

The number of employees that may be listed as drivers for the vehicles, as well as the individual driving records, will factor into the cost of this coverage. The primary geographic locations of vehicle operations and the types of vehicles being insured also impact premium rates.

Vehicle insurance is a must-have for any commercial business. Specific coverage requirements depend on the number of vehicles owned and the use that the vehicles typically see.

How To Start Your Own Grow Op House

Whether you are a farmer looking to expand your skillset or a home-grower looking to produce your own plants, deciding to create a grow op house is a major decision that requires a lot of planning. Though the checklist is lengthy, here are a few of the most important things you should consider before committing to your grow op house.

1. Research Laws and Regulations

First and foremost, ensure that grow op houses are legal in your area. There is no blanket rule on legality, so you will need to do some research. For example, some legal states still do not allow grow op houses for any purpose, while others allow it, yet have their own individual regulations. Be sure all information is up to date; these laws and regulations change frequently.

2. Prepare Your Space

The next step is to plan out exactly where you wish to grow. There are a number of decisions to make here, from whether you plan to grow indoors or outdoors, to what specific plants you wish to cultivate. Some of this may be determined by the climate and accessibility in your area.

3. Gather Necessary Materials

Although some necessities are more obvious than others — such as lighting, irrigation, and temperature control — they are all equally important. An often forgotten step of the planning process is the cost of cannabis or hemp insurance coverage. This is essential if you wish to be protected from poor growth seasons and other deterrents to cannabis growth.

Despite the hurdles, starting your own grow op house can be the ideal way to break into the booming business of hemp and cannabis.

Top Reasons to Offer Employee Benefits

In the last few years, there have been significant changes in the job market. Now to retain quality employees, you need to offer a great salary and employee benefits package. It may not be readily apparent, but employee benefits help save you time and money.

Helps to Retain Employees

When you hire and train an employee, you invest in them. When that employee leaves, you lose on that investment. A good benefits package can help keep your employees happy and therefore keep them working for your company.

Attracts High-Quality Employees

Great benefits attract great employees. It gives you the chance to be choosey when reviewing candidates because you will have more applicants. It also attracts well-trained workers to your company. They will pass up a company that does not have the perks or benefits in favor of a comprehensive benefits package with the same or less compensation.

Healthier, Happier Employees

With benefits like health insurance and paid time off, you will have healthier employees. Healthier employees are happier and more productive. A healthy, happy employee works harder, does more, and is more likely, to go above and beyond for their employer. They are usually over 20% more productive than unhappy employees.

You don’t have to break the bank to offer top benefits to your employees. These benefits pay for themselves in employee retention and increased employee productivity.

Welding Risk Management for Businesses

Welding is the technique of joining pieces of metal together with heat. Because so many pieces of equipment and machinery are made of metal, welders are essential to industries such as construction, manufacturing, oil and gas, shipping, and more. While many companies could not do business without hiring welders, owners and managers must think realistically about the inherent risks of this dangerous profession.

Welding Injuries

Welders certified by the American Welding Society or the American Society of Mechanical Engineers are highly skilled and have received training in safe techniques and the use of appropriate personal protective equipment. Unfortunately, however, serious welding injuries are still common, even among those with years of experience. Potential dangers include the following:

  • Blindness
  • Electric shock
  • Burns
  • Manganese poisoning

Risk Management

Business owners and managers must prioritize injury prevention by providing adequate PPE and maintaining a safe working environment. They also must maintain liability insurance to cover potential injuries. This type of coverage does not just protect the workers but also safeguards businesses from financial loss through subsequent medical bills and legal fees.

You can’t avoid hiring welders, because they likely form an integral part of your team. Purchasing general liability supplemental insurance is one of the best ways to manage the risk that comes with employing them.

Important Considerations about Life Insurance

A life insurance policy offers invaluable peace of mind to you and your loved ones. Navigating this field can be somewhat complicated, s it’s important to give your coverage election careful consideration.

Craft a Plan to Meet Your Needs

Simply having a life insurance plan doesn’t signify that your family is adequately provided for. You shouldn’t be wholly reliant on an employer-sponsored policy if you know that it doesn’t offer the coverage that your family would need. Try to be pragmatic about calculating what your family would need to continue living comfortably for an extended period of time that is greater than just a few months. Consider that they may be faced with additional unexpected costs such as medical care, final expenses, or unpaid obligations.

Work With an Experienced Insurer

If you need to get help from life insurance professionals in Richmond VA, reach out to a company that can provide you with a range of options rather than electing a one-size-fits-all plan. They can advise you about the differences and benefits of various plans.

  •       Term life insurance
  •       Whole life policy
  •       Universal life policy
  •       Survivorship policy

Safeguarding the people who you care about most is an important responsibility. Get expert help to attain affordable life insurance coverage with terms that are easy to understand.

The True Cost of Owning a Boat

Owning a boat is the dream of many water-loving adventurers. Purchasing a boat should be an informed decision. While you many doubt your Loe for the water, there are many more things to consider and weigh before your purchase, such as the real cost of boat ownership.

Slip Fees or Storage

You don’t get to leave your boat in the water for free. Keeping your boat at a marina will cost you a monthly slip fee and these can vary greatly by the marina. It could be as much as a car payment. 

Unless you have a large boat pad, storing the boat on your property probably isn’t an option either. The marina offers dry storage, which might be more affordable than a slip fee, but is still going to be a monthly payment. 

Insurance

Just as you need insurance on an automobile, you need coverage for your boat as well. You’ll want to protect it on and off the water, but you’ll also want to protect yourself from liability, as accidents can happen on the water, too. 

Other Expenses

Other expenses that you’ll incur when you own a boat include

  • maintenance and repair costs
  • gasoline
  • a trailer to tow the boat

Talk to other boat owners and see what other things you might need to consider. Deciding whether or not boat ownership is right for you should be based on gathering the facts.