Have Fun While Staying Protected The Importance of Hospitality Insurance

Hospitality Insurance

Hospitality businesses can be very profitable, but if you own one of these businesses, you know that it has its own unique risks and challenges. Seeking out good hospitality insurance services as soon as possible will ensure that your business is able to continue to grow and focus on opportunities with less worry about risks.

Tailored to You

The hospitality business is not one-size-fits-all, and neither is your insurance. Your hospitality coverage can be tailored to your specific needs. You’ll work with a team of experts to decide what type of coverage is best for your business.

Coverage Under Hospitality Insurance

Hospitality insurance services cover many areas, such as:

Whether you need one or many types of coverage, you can be sure to find a program that works for you.

Insurance Team Expertise

When looking for coverage, be sure to find a team that is experienced in all areas related to your business. This includes things like underwriting and claims experience, but also experience in the management of restaurants and bars.

Great hospitality insurance services can do amazing things for you and your company. Finding the right services and the right coverage is a huge boon to the growth of your hospitality business.

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What Employment Liability Insurance Does for You

Employment Liability Insurance

Employment liability coverage protects your business from financial loss if a staff member files a lawsuit claiming a violation of employee rights.

What Types of Claims Does This Liability Insurance Cover?

These policies cover your company’s managers, directors, officers and employees and mitigate costs arising from the following kinds of claims:

  • Discrimination
  • Sexual harassment
  • Wrongful termination
  • Failure to promote
  • Invasion of privacy
  • Deprivation of job opportunity

Does Your Business Need This Kind of Policy?

Legal claims regarding employment practices occur often. Attorney fees, court costs, and settlements can be rather expensive. You can lose money and tarnish your reputation if you are not adequately insured.

Businesses of all sizes should obtain employment liability coverage. The financial risks are even more significant for smaller companies as they lack the time and resources to resolve disputes promptly.

What Expenses Does Liability Insurance Pay?

Lawsuits involving these sorts of professional conflicts can be quite expensive. A liability policy of this kind prevents you from having to pay the entirety of the legal defense costs, attorney fees and settlement or judgment amounts out of pocket. There is typically a deductible that you pay before the insurer begins to cover expenses.

Employment-related claims happen in organizations of all sizes. They can be costly and damaging to your company’s credibility and staff morale. Protect your business against employee rights lawsuits with employment liability coverage.

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Points To Consider When Insuring Your Home

Insuring Your Home

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.

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Liability Insurance For Physical Therapy Practitioners

Therapy Practitioners

Physical therapists take on a lot of responsibility in providing care for their patients. While therapists often treat the same types of injuries repeatedly, no two patients’ physical therapy journeys are the same. Therapists have to be adaptable and very intuitive to the needs of each patient who they treat. Along with this responsibility comes considerable potential for liability. It’s important for individual therapists and practice managers to understand how their current insurance policies safeguard their operations and what they need to do to mitigate their risk exposure.

Dealing With Inherent Risks in Treatment

Even when a physical therapist exercises a high degree of care, some risk factors in physical therapy simply cannot be avoided. A person who has already suffered an injury or is recovering from surgery is at risk for aggravating his or her condition or experiencing a compounding injury. Also, a problem with rehabilitative equipment or misuse of equipment can create conditions in which an accident is likely to occur.

Protections Offered By Comprehensive Insurance

Even in the absence of any actual wrongdoing, a claim against a physical therapist or a practice can be extremely costly. Physical therapy liability insurance can address some of the most expensive elements of responding to a claim such as legal fees, settlement agreements, or damages awards.

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The Pros and Cons of Self-Insuring Workers’ Compensation

Workers’ Compensation

With a self-insured workers’ compensation plan, employers are responsible for work comp claims. They take on financial responsibility for providing on-the-job benefits to employees after an illness or injury. Instead of using traditional insurance, the organization pays out-of-pocket to cover each claim. There are both advantages and disadvantages to a self-insured work comp plan.

Pros of Self-Insuring Work Comp

There are several main benefits to self-insuring a work comp plan:

  • Lower fixed costs – Employers don’t have to pay high premiums to an insurance carrier or state-sponsored work comp fund, allowing them to “pay-as-they-go.”
  • Flexibility – Employers can create a plan that works for them and be more involved in the claims process.
  • Control over claims administration – Employers can oversee safety and loss control efforts.

Cons of Self-Insuring Work Comp

Though the upsides of self-insured work compare enticing, there are downsides to consider as well:

  • Increased risk – The employer is responsible for all payouts and the proper management of the plan.
  • Purchasing excess insurance coverage – This is needed to cover claims that were catastrophic or unexpected and is required in most states.

Employers That Should Consider Self-Insured Work Comp

Employers should consider a self-insured workers’ comp plan if they have good claims experience. It’s also a worthwhile option to explore if claims are currently being poorly managed. For organizations with lower risk, switching to a self-insured plan can save a lot of money.

By determining where your business falls in these areas, you can decide if self-insured workers’ comp makes sense.

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The Importance of Directors and Officers Insurance for Condo Associations

Condo Associations

Every condo association is comprised of its individual board members and not the management company that handles its day-to-day administrative tasks. Individual board members can face personal liability for claims against the association, so it’s imperative that an association safeguard its board members with directors and officers insurance.

Vital Financial Protection

The purpose of condo directors and officers’ insurance is to provide protection to board members in the event that they are subjected to a legal claim. If an association doesn’t have insurance or funds to address a claim, individual board members may be appealing defendants and could be personally liable for a damages award and legal costs.

Coverage That Matches The Duty of Board Members

Serving on a condo board requires assuming a fiduciary duty on behalf of an association’s unit owners. They have to manage the building’s finances and activities with a high degree of care. Any alleged breach of that duty can serve as the basis for a claim against the association or its individual board members. In order to recruit and retain a qualified board, a condominium needs to be prepared to ensure its members in a manner that corresponds to the duty being asked of them.

Ultimately, anyone serving on a condo board should ascertain that the association has adequate directors and officers policy.

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Is Workers’ Comp Insurance or OAI Better?

Workers Compensation

Maintaining a safe work environment for employees is essential for businesses in any industry. There are several reasons for this, including fostering good relationships with workers and reducing the loss of productivity. Another reason is that injuries can result in large financial claims. Most companies have one of two types of insurance to protect against these losses. Below are some main highlights of OAI vs work compensation.

Workers’ Compensation Insurance

Workers’ comp is likely the more familiar of the insurance options available. It is a program backed by the state with broader coverages. Therefore the premium cost is higher.

  • Covers all medical expenses and lost wages
  • Legal expenses are often included in the coverage
  • Employees are limited to what they can sue a company for
  • The burden of proof lies with the employee

Occupational Accident Insurance

OAI offers some similar protections without some coverage that workers comp has. It consists of more flexible options for an employer which can keep initial costs down.

  • Deductibles and limits offer more flexibility
  • An employer is responsible if medical and lost wage claims exceed the cap
  • The company assumes the burden of proof in any case
  • The employer assumes more risk as it relates to lawsuits and legal fees

Both workers’ compensation insurance and OAI offer some level of protection when employees are injured on the job. Understanding the differences is key, as it depends on your company’s organization and the level of risk it is willing to take.

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How Do Insurance Captives Work?

Captive Insurance

Every business needs insurance, and insurance needs will vary by industry and business size. An attractive option that works for businesses of all sizes is captive insurance.

Defining Insurance Captives

Perhaps you’ve heard of insurance captives, but you know little else. So, what is an insurance captive? An insurance captive is an insurance company owned and controlled by the business it insures. This means the business will pay its own losses through the captive. A business may also choose to form a captive with several other businesses.

How a Captive Works

The company buys a policy from the captive and pays a determined purchase price to the captive each year, up to $1.2 million dollars. If the business experiences a loss, the captive pays back the loss to the company. Just as with any insurance, the premium paid to the captive is a deductible business expense. The money you pay is held in the captive tax-free, but it must remain in the captive because the captive is a legitimate insurance company in the eyes of the government.

A benefit of the captive is that it makes underwriting profits that can be distributed to shareholders at a lower tax rate than income tax. Unused premiums can also be used later as a profit.

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Covering Liabilities on a Boat You Don’t Own

Mariners General Insurance Group

Boating is a popular spring through summer pastime. With the sun shining and warmer temperatures, more boats will hit the wave with each passing day. However, not everyone owns a boat. Many borrow one and wonder, “Can I insure a boat I don’t own?”

Standard Coverage

The insurance firm Mariners General Insurance Group states that a standard policy may not cover other boat drivers. This means that if you borrow your brother’s boat, his insurance may not cover damages while you are behind the wheel. If you hit some rocks and damage the hull, you may responsible for those repair costs.

Common Liabilities

Borrowing a boat causes the driver to assume the liabilities normally taken on by the boat owner. For example, bodily injury and property damage are common liabilities covered by a standard boat insurance policy. If someone slips and falls, they could sue you for damages.

Liability Protection

Make sure you ask the person you borrow the boat from whether or not their insurance covers you as a driver. If not, you will want to obtain a policy in case something happens. Everything may be completely fine while out on the water. However, if something happens, insurance protects your financial assets while covering your liabilities.

The answer to can I insure a boat I don’t own is yes, but you may not have to. If the boat owner’s insurance covers you whether as an additional driver or through umbrella coverage, you may not need any coverage.

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Understanding Stop Gap Coverage

stop gap insurance

As an employer, many responsibilities need to be taken care of daily. Once an operation is in full swing, the majority of the moving parts that make up an organization are aware of what needs to be completed. Weekly and monthly meetings take place to update the company about the current and future direction of the company. A successful business develops into a well-oiled machine with very few hiccups over time. However, in life, there is always the possibility of something going differently than planned. For workplaces, this often involves an employee getting injured on the job. To protect the enterprise from any form of liability, stop-gap insurance is acquired to lessen the burden on the company.

Investing in Stop Gap Coverage

Stopgap coverage is generally acquired by organizations before any injuries occur at the workplace. With this said, stop gap coverage protects employers from accusations that involve an unsafe work environment for current personnel. While no one wishes for employees to receive an injury at work, if this should occur, the employer certainly does not want to be liable for payouts. Insurance providers that offer stop gap insurance will cover these costs, and employers will only be responsible for covering the monthly insurance premiums. After the circumstance passes, hopefully, everything can resume as it was before the injury took place.

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