Business owners understand the importance of providing an attractive benefits package to their employees. What they may not realize, however, is that without proper liability coverage, employers open themselves up to potential lawsuits when an employee feels that a portion of the benefits package was improperly managed or presented.
Employee Benefits Liability Coverage
EBL coverage protects employers against benefits claims made by employees. Lawsuits can result from such things as:
- Mistakes made while implementing or explaining medical, dental and life insurance policies
- Improper management of disability benefits, workers compensation packages or unemployment benefits
- Unfulfilled promises regarding pensions or profit sharing
- Misunderstandings pertaining to vacation time and tuition reimbursement
If a claim is filed, EBL insurance covers the legal fees and any settlement costs. Most policies only cover claims that are filed during the period described in the policy. Once the policy expires, coverage ends as well. To help business owners through a gap in insurance, an ERP extension can be purchased. Extensions can last up to five years, depending on the policy.
Since no two businesses have the same needs, it is critical to discuss your potential risks and concerns with your insurance agent to ensure you get the best insurance package to protect your company.
Reduce your employee benefit liability risks with a comprehensive EBL package.
The right insurance policy can protect your assets and ensure financial stability. As a tow truck operator, you must understand and follow any tow truck insurance requirements that apply to your business.
Types of Insurance for Tow Truck Operators
Insurance requirements can vary depending on where you operate and your business size and structure. However, there are some types of insurance that every tow truck operator should have, These include:
General Liability: Provides protection against any claims made against the company for accidents or injuries that occur on business property or as a result of business practices.
Garage keepers Coverage: This coverage minimizes risks associated with storing vehicles on your property.
Auto Liability: Tow trucks are subject to the same liability insurance requirements as all other vehicles on the road. You want to choose liability limits that will protect all of your business assets in the event of an accident.
Physical Damage: This coverage pays for repairs to your tow truck in the event of an accident.
On-Hook: You could be involved in a moving accident or a vehicle may not be properly secured on your truck. On-hook insurance covers damage to a vehicle that occurs while it is being towed.
Workers Compensation: Most states require employers to carry workers’ comp coverage. It pays for medical expenses and lost wages if employees are injured while performing their jobs.
Insurance requirements can change over time. be sure to check with your agent to ensure that your coverage meets applicable rules and properly protects your business assets.
Owning a home can be a big milestone for many people. If you have been waiting your whole life to purchase your first residence, then you absolutely want to do your part to protect your investment. There are all kinds of issues that can come along and damage your property or cause it to lose value at a rate that is faster than anticipated. Thankfully, you can easily do your part to make sure your real estate remains safe no matter what the future has in store.
Standard Policy Points
Understanding the basic components of insurance like guaranteed replacement cost coverage is a great way to get started. You don’t want an unexpected disaster like a fire or flood to sweep through your home and leave you with nothing. Sadly, plenty of homeowners forget to cover all possible scenarios. If you don’t have ample coverage, you could end up in a situation where only a small portion of the total value of what has been lost is covered by your provider. Give yourself time to review your current policy and look for areas of importance such as:
- Whether replacement of lost items is guaranteed
- How much the property is insured for
- What events are covered under the current policy
Review Your Current Plan
When you know what to expect with your insurance, it can make the unknown seem less frightening. Review your current policy and see what changes you need to make to feel secure.
Protecting your boat with liability insurance is similar to insuring your car. Often unexpected incidences occur, and without boat liability insurance, you may be responsible for financial reimbursements associated with injury or property damage. However, you can avoid potential financial burdens when you have adequate coverage, and here’s what you can expect.
When considering various plans, you may want to think about what you can afford out of pocket in the case of a claim. You may also want to identify if you can afford repairs. If additional costs add financial strain and stress to your plate, you may consider a policy with greater limits. Yet, higher limits often mean higher monthly premiums.
Boating liability coverage may prevent or reduce the amount you pay out of pocket for medical bills associated with bodily injury or accidents. Yet, it’s essential to understand that bills after an accident are not covered.
Often, liability insurance will cover the repairs or replacement of another individual’s boat if damaged by accident. However, it’s important to note that typically, coverage isn’t available until after collision insurance is billed. This coverage may also insure oil spills, wreckage and towing.
Having the right coverage in place can protect your assets and provide peace of mind. Also, if something unexpected happens, you can ensure proper reimbursement.
What would happen to your family if you were to suddenly die tomorrow? If you can’t answer definitively that they would be able to maintain their lifestyle, then you may need to increase your life insurance coverage. Term life insurance specialists provide coverage to protect your family and ensure they are financially provided for.
Understanding How Term Life Insurance Works
Term life insurance is generally the most affordable policy type. You select a predetermined number of years — the term — that you want coverage for. Common terms are between 10 and 30 years. As long as you pay the premiums, it will pay the benefit amount to your beneficiary upon your death. Unlike other types of life insurance, a term policy does not accumulate value.
Determining How Much Coverage You Need
The coverage amount you choose will be based on the goals you have for the benefit. Many people have specific items they want the money to be used for, such as paying off a home or other debts, paying for educational expenses for children or to offset the loss of your income. If it is to replace lost income, you will need to determine the amount of income and multiply that by a set number of years.
Term life insurance specialists can show you more about how this type of policy can help you meet your financial goals.
Life insurance is about more than covering final expenses. It is also a valuable investment tool that can provide financial security for loved ones after you are gone. Research into term life insurance coverage shows that it could be a good option for many people.
How Term Life Insurance Works
A term life insurance policy covers the insured individual for a specified length of time (the term). It is a relatively straightforward type of policy that can be customized in several ways. Terms can be for any number of years, but the most common terms are between 10 and 30 years. Coverage amounts can also be adjusted based on your specific goals for the policy. In addition, term life insurance coverage tends to offer very affordable premiums that are based on age and overall health.
When a Term Policy Makes Sense
Term life insurance makes sense for many individuals who are looking for an affordable policy. Generally, if you are looking to replace lost income, cover anticipated future expenses such as a wedding or college costs, or pay off substantial debts, then it might be a good choice.
Term policies offer many advantages over other policies, such as affordability and large benefit amounts. That doesn’t mean that one is right for your situation. It is always a good idea to talk with a financial advisor before making any investment decision, and that includes purchasing a life insurance policy.
It’s a common impulse to want to combine your insurance options to save money, but that’s a different animal from forgoing coverage of one type for another. Typically, that choice is only made when there are overlapping coverage areas that make one entire policy redundant. In that sense, you need both general liability and builder’s risk policies, because they cover different aspects of your risk management plan. Liability insurance protects your workers, visitors to your site, and eventually the people who are affected by your craftsmanship after a building is done. Your builder’s risk policy, on the other hand, provides protection for you and your business against risks like damage to equipment or supplies, theft, or damage to the portion of the work that has already been completed.
Comprehensive Coverage for Your Construction Business
While you can’t skip one policy in favor of the other, you can look for providers who focus on comprehensive insurance solutions for businesses like yours. That can help you avoid overlapping coverage while purchasing all the policies you need to protect your operation, but it requires an insurer who really understands your business model to make it work. Usually, between the tailored fit of these packages and the insurer’s focus on the industry, this also leads to savings beyond what you realize from simply avoiding over-buying insurance.
Like many water sports, riding jet skis can occasionally result in serious injuries. Because of this, some business owners are hesitant to rent personal watercraft to the public. However, a good insurance policy can make it possible to satisfy customer demand for this sport while protecting you from liability.
The average cost of jet ski rental coverage is between $150 and $500 per year. When compared to the price charged for hourly rental, it is easy to see how the watercraft pay for themselves, even at the high end of this average. The actual cost of insurance varies based on the following factors:
- Maximum speed
- Year, make, and model
- Type and horsepower of the engine
Your insurance agent can explain the different types of policies available in your area. Usually, the following coverage are advised:
- General liability: Covers personal injuries sustained by customers on the premises, such as slips and falls on wet floors.
- Hull coverage: Helps pay to repair or replace a personal watercraft that is damaged during customer use.
- Watercraft coverage: Protects against medical and legal bills from injuries or property damage that occur while customers use rented jet skis or other vessels.
Personal watercraft insurance is usually quite affordable, and can protect your business from a potentially devastating financial burden should an accident occur.
Some companies, particularly independent contractors, need pollution insurance to protect themselves against accidents with harmful waste. Pollution coverage can cover vessel owners, shipbuilders, banks, marinas, and anyone who could be held liable for creating pollution. Most regular insurance companies do not cover pollution liability, so taking out a separate insurance policy is likely required for anyone working in the industry.
Pollution coverage can include a broad range of potential liability issues you could face on the job. Most policies provide coverage for any toxic waste spills. This means that the cost of cleaning up any accidents is paid for by insurance. You can also get a policy that invests in protecting employees from injury costs and any property damage that may occur under your watch.
Businesses That Benefit
Contractors that work in the following categories can benefit from pollution insurance:
- Asbestos removal
- Waste depositories
You can look into an insurance policy that covers needs specific to your business. Your coverage may also take care of anyone outside your employees who is injured by the accidental waste, which is essential in ensuring all costs are covered. Taking out insurance before you begin any job is crucial. You don’t want to get stuck with an enormous bill if an accident happens.
If you’ve never needed tail coverage before, it can be hard to know exactly when you should invest in a policy that gives you an extended reporting window. Most of the time, your business insurance requires you to report the claims during the life of the policy. After the policy is closed, even damage that occurred while it was active is no longer covered. Tail policies are for when you need to be able to make those late claims, which happens more often than most people think.
Winding down Operations
One of the most common reasons for buying a tail policy in addition to regular coverage is because an operation is winding down. Whether you are closing a location, shutting down a whole business, or just ending a short-term operation, closing out a covered service or product doesn’t end your liability for the work done while the project was active. That’s when you purchase an extended reporting window as an addition. It’s also possible, with the right insurer, to build them into policies from the beginning. That requires you to know when you’ll need an extended reporting window, though and predicting the need can be difficult. If you’re not sure whether this is a product your company needs or not, it’s a good idea to talk to someone who understands this insurance and get a recommendation.