Understand the Insurance Needs of Your PEO
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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
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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.