Do you own a recreational marine business? If so, you probably have employees or contractors you hire in order to conduct repairs on your boats, marines, and docks. These kinds of jobs can be risky and it’s important for the people you hire to be covered by insurance. Working with a marine insurance company is easier than you think, especially when those in the leading marine industry trust them. Learn all you need to know about boat repair liability insurance.
Depending on your needs and budget there are a few different options you have when investing in liability insurance for those who repair your boats.
- Professional liability
- General liability
- Specific property
- Certain injuries
The type of coverage you choose to provide depends on many factors, but these are all available options to you.
Why Is This Important?
Getting boat repair liability insurance is a smart business choice. Repairing marine property can be potentially dangerous and injuries can occur. There also may be property damages. It’s imperative that you and the people you hire are properly covered in order for your protection. Without insurance there could be frivolous lawsuits or irreplaceable property damage.
If you’re not sure where to begin, just start by looking into the benefits of boat repair liability insurance. Be smart and make the right choice to partner with an insurance provider.
Every business is legally required to have a BOP and workers’ compensation. Some companies obtain the minimum coverage to save money. As a business product supplier, you may be thinking of taking that route. However, your industry still contains risk for employee injuries, so you should include a protective workers’ compensation policy with your business supply insurance.
First, you need to ensure you have the right base plan for your company type. Those who qualify for business product insurance include providers of the following services:
- Office products suppliers
- Paper distributors and stationery retailers
- Furniture and machinery retailers and wholesalers
- Computer systems dealers and installers
- Telecommunication systems installers
Why Is Workers’ Compensation Necessary?
Although your industry may be lower risk than others, chances of employee harm still exist and accidents happen no matter how safe your business seems to be. Some of the risks found in your line of work include:
- Repetitive motion injuries, such as for cashiers
- Back problems from lifting and moving inventory
- Slips, trips, and falls
- Accidents while operating machinery
If any of these or other injuries occur, the workers’ compensation policy of your business supply insurance will protect you from legal and financial problems. You will have the coverage needed for medical expenses and income loss of your hurt employees and legal aid if the matter is brought to court. No business is exempt from the threat of injury and its consequences, so don’t discredit the importance of a solid workers’ compensation policy.
Publishing blog posts on your insurance company’s website and other sites is one strategy for creating content that will drive traffic your way. In order to be the most effective, your insurance blogging must contain certain characteristics.
A Distinct Voice
Blog posts allow you to refine your company’s voice. Your tone and approach reveal to potential customers who you are and how you do business. They can make you seem friendly, sophisticated, knowledgeable, serious, or relaxed. When your company’s unique personality is accurately portrayed, it sets you apart from the competition.
Establishing your voice will carry you only so far if your content lacks SEO relevancy. Your posts need to contain appropriate keywords for them to be found in searches. It’s important to research relevant keywords for the insurance industry.
Web copy quickly becomes outdated and buried. Insurance blogging must be current and posted frequently to ensure your search-engine ranking remains high. The subject matter should be interesting and give a new perspective to readers. They will be more likely to form a positive, trustworthy image of you and want to learn more about your services.
Don’t Underestimate the Importance of Blogging
Although blog posts are only one form of content marketing, it can be highly effective if done correctly. Articles with a distinct voice, SEO relevancy, and fresh content will increase traffic to your site. If you need help, consider hiring a professional company to do your insurance blogging for you.
As a hospital administrator, you know that there are many things that have to go on behind the scenes in order to make your facility run smoothly. The most important thing that a hospital does is provide medical care for the general public, but it can also provide employment for many different people. With workers compensation regional hospitals can protect the safety and health of their most important employees.
The Risks of Working in a Hospital
Healthcare facilities employ a wide range of careers, beyond just doctors and nurses, including the following:
- Janitorial staff
The majority of the people who work in hospitals are on their feet for a good portion of their day, which can increase the risk of injury while on the job. Without workers compensation regional hospitals run the risk of losing employees or facing litigation.
Protecting Employees and the Facility
A hospital needs money to run effectively, but if it is constantly embroiled in lawsuits with injured employees, everyone suffers. A quality workers compensation policy can protect both the facility and the employees by providing coverage for medical care should an incident occur.
Obtaining the right policy is essential for administrators. Remaining unprotected could result in significant losses or other problems. Speaking with an insurance agent experienced in the healthcare arena is one of the best options.
Builder’s Risk Insurance is a type of New York property insurance which covers a property while it’s under construction or renovation. This includes materials, fixtures, machinery, supplies, and construction equipment. Although it’s called builder’s insurance, the parties covered may include building owners, contractors, sub-contractors and others. Because all participants in the project are covered, it tends to be the preferred type of insurance policy on a construction project.
What it Protects Against
Builder’s risk insurance almost always provides one of two types of coverage: all-risk and named peril. All-risk, the more common of the two, insure against all risks of loss or damage, except for those which are specifically not covered, while named peril policies insures against loss or damage from specifically named risks. Most policies protect against the following:
- Vehicles and aircraft
Risks which usually aren’t covered include:
- Employee theft
- Water damage
- Government Action
- Damage from faulty design, planning, workmanship, or materials
Depending on the policy, coverage may be extended to scaffolding, temporary buildings, and debris of covered property caused by one of the covered causes of damage to the property. One of the more common extensions is transit insurance, which is a kind of New York property insurance which covers property while it’s being shipped to the construction site.
PEO is the acronym for Professional Employer Organizations. This is a new and growing field that is becoming more prominent as many businesses look to cut costs by outsourcing human resources and staffing responsibilities. This co-employment with the staffing industry is set up to help them protect their assets and manage their risk exposures, thus setting up a situation where PEO insurance can be an important asset for the staffing company.
Especially for small to midsize organizations, this relationship can provide administrative help to free up your organization to focus their daily activities toward building the business. PEO’s normally do not supply labor; however, they provide benefits and services to both the employees and the employer. They can offer services such as management of:
- human resources
- employee benefits
- workers compensation
Once you set up a standard PEO, you still retain day-to-day control in the management of your employees. Your provider handles the benefits administration and HR management, freeing up your time and energy so they can be directed toward the building up of your business.
As this trend grows, clients may feel it is important to protect themselves and their company from growing risk exposures. Unique insurance solutions, such as PEO insurance, can provide this peace of mind for staffing employers and their temporary and permanent employees. This new and innovative insurance can help provide the extra protection needed for a company in a demanding field.
The fee that transporters charge their customers to ship goods is typically far out of proportion to the value of the goods themselves. The prospect of having to pay to replace lost or damaged goods would prevent most people from entering the transport business if the responsibility could not be spread around. Bailee insurance is the means a transporter uses to manage the risk.
How Does Bailee Liability Insurance Work?
Say, for instance, that a cargo company contracts with Nike to transport a container filled with the latest LeBron James signature sneaker to market overseas. With an average retail value upwards of $200 per pair, the cost of replacing a container filled with sneakers, should the contents of the container be damaged or lost in transit, dwarfs the fee the transporter receives for moving the shoes. The replacement cost might even put the transporter out of business. Bailee insurance protects transporters from such a catastrophe by transferring the risk of lost or damaged cargo to the insurer.
What Is Covered?
Short of willful destruction of goods on the part of the bailee, contracts can be written to cover nearly any scenario that might result in a claim filed by the bailor. Coverage for acts of God, including natural disasters, as well as many acts of man, such as theft or vandalism, are standard features of most bailee insurance policies. Nonstandard items include legal defense coverage and protection against clean-up costs.
Bailee insurance is not only a smart idea, but is often a requirement when entering into a cargo contract. A careful analysis of likely risks will help companies determine the level of coverage they need to prevent a catastrophic claim against the business.
While any company might be able to provide you with home insurance for manufactured homes, you want to work with the best. This means that you should work with insurance professionals who have provided insurance coverage for clients with manufactured homes.
Your insurance policy should at a minimum cover the following:
- Home Structure – Just as it sounds, this type of coverage protects the actual structure of your home. Dwelling insurance coverage will protect your home from damage and vandalism.
- Other Structures – You might have other structures on your home such as outbuildings and sheds. Other structures coverage will include coverage for damage to these structures.
- Personal Property – In addition to the buildings on your property, your home included, you probably have a lot of valuable property contained on it that you want to protect as well. Personal property coverage can cover furniture, sporting equipment, stereos, and any other valuable items you need covered.
When you are looking for home insurance for manufactured homes, it is important that you work with an agency that has experience with clients just like you. They also need to have experience providing insurance products that include these essential coverage options.
What do you know about specialty insurance? If your answer is “not much,” you’re in good company. Many people are unfamiliar with this aspect of the insurance world. It’s easy to think that a traditional auto or homeowners policy will cover all your needs should the unthinkable occur. What about those properties that don’t fall into traditional categories, or those that have already sustained a previous loss?
Specialty insurance exists to protect niche property types that are not covered under standard insurance products. Marilyn Monroe famously insured her legs for $10,000, which is a key example of specialty insurance. While this might be an odd request for the average customer, don’t count yourself out of the running just yet. Specialty insurance helps in the more mundane areas of life, too, such as insuring your motorcycle or travel trailer.
My Home Has Special Circumstances: Can It Be Insured?
Your home is one of your most important investments. Protecting it against unforeseen damage is a key focus of specialty insurance products. Costs can be surprisingly affordable as well. Specialty coverage might be just the thing for you if your home falls into one of the following categories:
- Manufactured home
- Prior claims
- Rental or seasonally occupied
- Unoccupied dwelling
- Special coverage needs particular to your geographic location
- Uninsurable under traditional homeowners policies
An Unrealized Need
Now that you’re able to answer the question “What is specialty insurance?” with some insight, take a moment to consider your own properties. Chances are, you might have a need you never realized you had.
Visiting Nurse Associations (VNAs) are unique organizations in that each one is both a business and a provider of health care. Traditional insurance policies that cover only one of these aspects will typically be insufficient; to protect itself and its workers fully, a VNA needs the more comprehensive approach found in specialty insurance for VNAs.
Policies will differ, but at a minimum, coverage should include seven key features:
- Professional liability to protect all of the different types of healthcare workers that the VNA is sending out to the community, including volunteers and contractors
- Workers’ compensation for employees who are injured on the job
- General liability to protect the VNA from a variety of claims, such as bodily injury and property damage
- Coverage for rental and other non-owned cars
- Directors’ and officers’ coverage for legal expenses that can arise from claims of errors in management decisions
- Employment practices liability insurance to cover such issues as wrongful termination and sexual harassment
- Coverage for regulatory audits, which is absolutely vital if the VNA accepts Medicare or Medicaid payments
Communities all across America have come to depend on the healthcare workers that VNAs provide through their services, including nurses, physical therapists, home health aides, and many others. Having the complete coverage found in specialty insurance for VNAs will ensure that all of these workers are adequately protected.