Do You Need Builders Risk Coverage?

When it comes to new construction, you have to be prepared for anything. What happens to your investment if something happens before you finish the project. To prepare for losses, companies should have builders risk requirements.

Should You Invest in Builders Risk Coverage?

If you have any financial interest in a project, then you should have builders risk insurance. When it comes to insurable entities, the following may want to consider this form of coverage:

  • Property owners
  • Lenders
  • Architects
  • General contractors
  • Subcontractors

These policies cover structures that are still under construction, including all supplies, materials and equipment on-site.

What Should You Expect From Coverage?

Builders risk coverage protects against the following damage causes:

  • Theft
  • Fire
  • Lightning
  • Vandalism
  • Explosions

The details of your policy will depend on your insurer and basic needs.

Should You Expect Exclusions?

All insurance policies have some exclusions. When you invest in builders risk, there are some situations that your insurance will not cover. These situations may include:

  • Earthquakes
  • Floods
  • Wind

There may be additional coverages, however, that can help protect your project against these risks.

When it comes to protecting your construction site, you need adequate insurance coverage. There are still a variety of risks that buildings face long before they are finished. To ensure that you have adequate protection, a builders risk policy may be necessary.

How Do Insurance Platforms Improve Your Business?

As an insurance agent, it is your job to provide insurance to your clients. Many come to you for the rate, the quote and if you provide a solid quote, you may bind the deal. Of course, without the right platform or technology, you may not be able to offer a binder quickly.

When you have access to a reliable rate quote bind platform, you are more likely to reap various benefits.

Money Savings

When you utilize insurance tech, you can offer competitive value to your insureds. This opens up the door for more clients. In addition, you spend less time going to market. You also save money because you don’t have to develop your own system. You can go from rating and quoting your services to binding in a short amount of time.

Fewer Challenges

When you leverage technology, you face fewer challenges. You no longer have to deal with outdated systems. Instead, you have a program that supports your product and distribution. Clients learn that they can rely on you to provide the best possible service.

Clients demand a lot from insurers. To make sure that you are on top of everything and serve your clients well, consider using state-of-the-art insurance technology to generate more leads and hold onto your clients.

Group Life Insurance Options for Your Business

Offering life insurance to your employees can be a great investment. It helps round out a benefits package so you can compete with other employers for top talent. It can also be very affordable, especially if you implement a cost-sharing program with employees. If you are thinking of adding it to your offerings, here are a few different group life insurance options to consider.

Term Life Insurance

This is the most popular and economical insurance option. It is commonly purchased as a single policy, and each employee who you wish to cover is added as they become eligible. This type of coverage would stop once an individual leaves your company.

Permanent Life Insurance

Whole life insurance has the added bonus of being an investment vehicle in addition to paying a death benefit.  It can be expensive to purchase, however, so it might be best to offer this on a cost-sharing basis.

Add-On Coverages

In some cases, you may be able to offer add-on policies for employees’ spouses, partners, or dependents. This can help ensure their entire family has appropriate coverage. You may also choose to offer other add-ons, such as accidental death and dismemberment policies

Life insurance can be a key component of a good employee benefits package. You have a range of options from affordable term insurance to more comprehensive whole life policies, plus an assortment of add-ons that can help round out your offerings.

Finding Proper Insurance in the Manufacturing Industry

Managing a manufacturing business can easily be a headache. Daily operations in the manufacturing industry tend to involve heavy equipment, high-risk situations, and all kinds of possible health risks. This means that a business owner needs to go above and beyond when it comes to protecting both the assets and workers connected to the company. One easy way to achieve this goal is by looking into the most appropriate insurance policy.

Consider Your Risks

Finding the right insurance for manufacturers starts with reviewing a few key components of your company. For one, you want to think about the type of facility you operate. Manufacturing is an umbrella term that includes every kind of production environment. Naturally, the risks for one business are going to differ from that of another. Find the best fit for your coverage by taking your actual risks into consideration. Other points to review when selecting a policy include:

  • Workers’ compensation coverage for factory workers
  • Coverage for valuable assets and equipment
  • E&O policy options

Research Your Options

While there is no way to fully prevent a problem from causing trouble for your manufacturing business, you can definitely take precautions to limit the damage done. Take a look at your insurance options and learn more about how to best protect your company with your policy.

Insuring a Business in the Nonprofit Sector

Taking out an appropriate insurance policy to meet the needs of your business is far from a straightforward task. In fact, there are some industries where finding acceptable insurance can prove to be a real challenge. This is the case when you run a business in the nonprofit sector. Though structured in a similar manner as traditional businesses, nonprofits tend to have a number of unique features that can create issues with insurance. Review these points and learn more about how to find the best fit.

Unique Classifications

The difficulty with running a business in the nonprofit sector predominantly exists in the fact that a number of your workers do not fall under traditional classifications. From volunteers to temporary workers, you’ll find a standard insurance policy does not cover these employees in the event of an accident or other problem. This is where nonprofit liability insurance comes into play. By using a specialized type of insurance that is meant to meet the needs of the nonprofit industry, you can rest knowing that your team is safe. Other points to consider include:

  • Directors and officers coverage
  • Errors and omissions policy options
  • Commercial vehicle coverage

Review the Specifics

When you take the specifics of your industry into account while selecting an insurance policy, you are much more likely to feel satisfied by the results. Review your options and discover insurance that helps your business stay safe.

Is Self-Insured Workers’ Compensation a Smart Business Move?

Most businesses are required to carry some form of workers’ compensation. Workers’ compensation coverage is critical to protect your company and your employees if someone is injured on the job. While a lot of companies choose insurance through a third party, it isn’t your only option. Some companies choose self insurance for workers compensation.

Understanding Self-Insured Workers’ Compensation

With self-insurance, you pay the workers’ compensation out of pocket rather than a traditional insurance provider or a state-sponsored provider. If you choose to be self-insured, you can either operate through an individual program or pool your finances with another company to form a group self-insurance program.

Reaping the Benefits of Self-Insured Workers’ Compensation

If you’re like many employers, you probably want to manage your own overhead expenses when it comes to employee benefits. Workers’ compensation is a high expense and there are many complex rules and regulations regarding claims processing. When you’re self-insured, you do not pay high premiums in advance; you have control over your costs and handle all of your claims in-house.

To be self-insured could save your company money. You have more control over the cash flow and how your claims are handled. Rather than working through a third-party insurance company or the government, you have more of a say in how the claims are handled.

Rental Properties: 3 Tips to Attract the Best Tenants

If you have rental properties, you want to make sure that you are renting to the best possible tenants. Even with good rental property insurance, you want renters who will take care of your property. Here are some tips to help you attract the best potential tenants.

Set the Right Price

Research the prices of other rentals in your area. You might think about setting your price lower than other properties to attract more potential tenants. A lower price might increase your number of applicants, but those applicants might not all be the best potential tenants. You could simply end up with more applicants to sift through. You should set a competitive price without going too low.

Improve Visual Appeal

Desirable tenants will be turned off by rental properties that look dirty or dingy. Before you show your property, you should make sure it looks its best. There are some basic tasks that will help increase the visual appeal of your rental:

  • Add a fresh coat of paint
  • Fix any visible damage
  • Make sure appliances are in working order
  • Have a thorough cleaning done

Offer Upgraded Amenities

You can make your rental stand out over similar properties in your area by offering some desirable amenities. There are a variety of upgrades that might entice tenants to your property:

  • Included utilities
  • Security system
  • Upgraded appliances
  • Keyless entry
  • Smart thermostats

Following these tips can help make your rental properties more desirable for the best possible tenants.

Employment Practices Liability Concerns

Employment practices liability insurance covers wrongful acts that arise during the employment process. Claims vary a great deal, but each one can be devastating for a company that doesn’t have adequate coverage.

Common Claims

The most common EPLI claims center around disgruntled employees. Let’s look at a few examples.

  • Discrimination – An employee cannot be terminated or discriminated against because of age, sex, race or ethnicity. Someone who feels they have been wronged can file a legal claim.
  • Sexual Harassment – A manager may be sued if they make unwanted sexual advances or create an uncomfortable working environment for someone.
  • Retaliation – An employee who comes forward with a complaint may be the victim of retaliation in the future.
  • Failure to Promote – If an employee feels they have been overlooked for a promotion because of discriminatory or retaliation reasons, they may seek legal counsel.

Business owners must realize that they could be held liable for paying the legal fees even if they’ve done nothing wrong.

Proactive Measures to Reduce Risks

It’s wise to develop an employee handbook that explains the company’s behavioral policies. Each employee must read and sign a document stating they understand and will comply with the provisions.

Protect your business and your employees from dangerous employment practices litigation.

Top Reasons Why Students May Want To Opt for Taxis Over Other Transportation Methods

If you’re a student, you may be wondering what your best options for transportation are. Even if you live in an area with several viable choices, taxi driving for students could potentially help you save money and even stay safer than some other common transportation methods. Here’s why.

It Allows Students To Experience Additional Safety and Convenience

One of the top benefits of using a taxi over other types of transportation is that you get both safety and convenience at your fingertips. When you choose a taxi, you get:

  • The experience of professional drivers
  • The flexibility of choosing when they need a ride
  • The safety of riding in an up-to-date vehicle with a knowledgeable driver

It May Be a Quick and Affordable Alternative

Students are often on tight budgets, making taxis a viable option when compared to certain other types of transportation. For instance, owning and driving your own car could involve gas costs, insurance costs, maintenance costs and more. Compare taxi prices in your area to these other transportation methods to see how much you could potentially save by switching.

  • City buses
  • Metros
  • Trains
  • Personal vehicles

Getting around safely and affordably when you’re a student is important. For a convenient and secure transportation option, consider trying out taxi driving for students.

Things To Know About Contingent Liability Insurance

Contingent liability insurance is an option for businesses looking to protect themselves while they make transactions. Specifically, it protects against any exposures, claims, and disputes that arise during business transactions. Read on to learn more about its benefits and how it differs from other types of coverage.

Benefits

Oftentimes, the liabilities of various risks are heavily debated when two companies make a transaction. These negotiations can often result in changes to the agreement that makes the result undesirable for one side and a drawn-out process. However, having a contingent liability policy can mitigate the risks, making negotiations less intense and a shorter process.

Coverage

These policies protect businesses from risks associated with mergers, acquisitions, and other types of transactions. For instance, most policies protect against litigation exposures, infringement claims, environmental exposures, accounting exposures, and employment disputes. As with any insurance policy, you choose a specified coverage when purchasing your policy, and it will have the specifics on what is covered.

This type of policy is perfect for protecting a business against issues during mergers and other transactions. It comes with many benefits that can make the cost worth it. It is perfect for businesses that plan on doing plenty of transactions. Learning more about it can help you decide if this is a good fit for your business.