Marina Insurance Offers Coverage for All

For the most part, California marinas are calm and safe places, where boats idle slowly and dock for days, weeks or even months at a time. Most people, even marina owners, don’t consider that accidents can and do happen in the safety of the harbor. Tropical storms, careless boaters, vandals and inexperienced operators all pose a threat to the safety of the boats and patrons that visit marinas. When accidents do happen, the marina itself could be held liable. For this reason, it’s vital that marina owners invest in insurance for California marinas, as doing so could save them millions of dollars in the long run.

Marinas are often more than just a place to park one’s boat. Many marinas host regattas, hold sailing lessons and have yacht clubs. These marinas have dozens of exposures that the owners may or may not be aware of. If your marina is involved in several ventures, work with a marine insurance agent who can help you identify your risks and implement the necessary coverage. While it doesn’t hurt to be overprotected, it can be detrimental to your business to be under-protected. Insurance for California marinas can be varied, and you can make your policy as complex or as simple as you need it to be. Talk with an insurance agent near you to get the coverage you need to protect you, your members and the public.

Know the Difference Between Freight Insurance and Freight Liability

When you’re involved in the industry of transporting freight, it’s important to know the differences in insurance should you have to make a claim. Do you know what freight liability insurance is and how it differs from general freight insurance? Here are the main differences.

Liability Insurance

Liability coverage is applied to every freight shipment automatically. How much coverage is included is chosen by the carrier and based on the commodity being transported up to a certain monetary sum per pound of freight. The coverage doesn’t usually equal the full value of the goods and is worthless money if you’re pulling used merchandise. You should keep track of how much coverage is available so you’ll know if you need general freight insurance.

Freight Insurance

General freight insurance is added after freight liability insurance to cover what isn’t included in the original policy. This can make up the difference between the amount of coverage and the value of the goods. It can also cover the cost of shipping. With liability, you’re only covered if the carrier is negligent. Freight insurance covers you in a variety of other situations where you wouldn’t get your money back without the added policy.

If you transport goods on a regular basis, it’s a good idea to have freight insurance on top of liability insurance to cover a variety of mishaps. By knowing the difference, you’re off to a good start.

If Disaster Strikes Your Business, Do You Have the Right Coverage?

If disaster strikes your business, how long would it take you to get up and running again? Every day you’re not “open for business” is lost revenue, lost customers and lost market share. Does your insurance cover all that? It is essential to ensure you have the right protection, and enough of it, so you can minimize downtime, and there’s no time like the present to assess your commercial property owner’s insurance in Orlando. Getting the right insurance means more than covering the cost of repairs; it includes the true replacement cost of your company’s personal property too, including computers and printers, furniture, inventory and more.

The size and type of business you have, its location and the equipment you use are all factors in determining the coverage you need. For example, a large manufacturer may have a variety of expensive machines that are crucial to its operation, while a doggie daycare uses perhaps just a few. For businesses with costly or specialized equipment, you need a level of protection that will replace those machines and get you back to business ASAP. Taking the time to evaluate your commercial property owner’s insurance in Orlando is an investment in your future, one that can help you recover from a loss, whether it’s big or small.

Why Your Business Needs Cargo Insurance

As the owner of a transportation business that utilizes trucks to haul cargo domestically, you know that every time one of your drivers hits the road with a truck fully loaded with goods, you assume a lot of risk. Here’s why you should get cargo insurance in Texas.

Cargo insurance protects your assets and covers your liability for cargo that gets lost, damaged or stolen on the haul due to things like fire or collision. The financial loss due to unforeseen events could be devastating. Whether you are hauling your own goods or are transporting freight for someone else, it is important for you to have adequate coverage. A comprehensive cargo insurance package should also provide protection for property, equipment breakdown, liability, worker’s compensation, physical damage and pollution liability. Your risk as the owner of a business in the transportation industry is a lot higher than that of a conventional brick-and-mortar business and becomes riskier the more time you or one of your drivers spend on the road. Being under-insured or not insured at all could prove itself to be catastrophic for your business.

With cargo insurance, you can protect your property, employees, assets, and property of others. Bear in mind though that cargo insurance is not only for truckers, everyone who runs a transportation business should get cargo insurance in Texas.

Coverage for Your High Net Worth Clients

Finding the insurance products you need to provide your high-value clients with the coverage they need is easier than you might expect. High-value home insurance companies use wholesalers to expand their liability limits and product availability. In turn, they can provide better coverage for their high net worth customers, including home repair and replacement, high liability assets and more. If your agency does not have the resources to serve the kind of clients you want, find the resources you need to grow.

Wholesalers provide access to a comprehensive line of specialty products and coverages that are uniquely tailored to the needs of high net worth client. This includes coverage for high-value assets, such as luxury home repair or replacement, jewelry and equipment breakdown. Plus, high-value home insurance companies have access to ample financial resources from top-tier carriers. This allows you to increase your umbrella policy limits and extend coverage for high living expenses during home repair or reconstruction. Additionally, your agency can receive help in loss mitigation and risk management, ensuring smarter policies in your portfolio.

To integrate more products and higher coverage limits into your policies, learn how insurance wholesalers can help you. Speak with your local broker today for more information and cover the clients your agency needs to grow.

Types of Fiduciary Liability Coverage

The risk of liability claims exists for any individual or group that design and administer employee benefit plans, including but not limited to profit-sharing, pension plans and health and welfare programs. While ERISA helped define the responsibilities and the associated liabilities for program trustees and administrators, it has also increased the need for fiduciary liability insurance.

Financial exposure is not limited to the actions, or lack thereof, of the plan trustees. They can be held responsible for the omissions, acts and errors of the entities that offer administrative and related services, such as:

  • Accounting and consulting firms
  • Attorneys
  • Investment management companies
  • Investment advisors
  • Trust departments of financial institutions

Additional Coverage Options

There are several coverage options designed to protect trustees of employee benefit plans. The most popular is a fiduciary liability insurance policy. Depending on the exposure, two other types of coverage may be appropriate. Fidelity bonds are used in situations when plan administrators or trustees have harmed the employee plans as a result of dishonesty.

Employee benefits liability insurance protects fiduciaries in the event claims are generated from errors or omissions in during the administration of a benefit plan. This may include providing improper advice or failure to enroll an employee. An insurance solution that provides for broad coverage, as well as protection for specific types of risk, can help businesses defend themselves and their employees against simple mistakes and purposefully harmful acts.

Don’t Forget Nightclub Insurance

When you open up a business, you probably think about several different types of insurance. However, when you open a club, did you know there are specific insurance programs for nightclubs? Well, here’s why you shouldn’t forget that.

Higher Risk

Nightclubs and other institutions that serve alcohol are considered to be at a higher risk for property damage and assault cases. This is simply due to the fact that when some people are drunk, they may act in a way that is harmful towards others and your business.

Legal Liability

Keep in mind that as the club owner, you are legally liable for what happens inside your club. This means that the actions of someone else may still be something that you are liable for. If someone is hurt in your club whether it is by another patron or a slip and fall, you may have to pay out of pocket.

Landlord Agreement

There are some insurance policies that landlords may require you to have in order to rent out their building. In some cases, they may want you to have some form of nightclub insurance, despite it being optional in some places.

At the end of the day, you don’t want to lose income due to something you aren’t at fault for or something that is likely to happen in a nightclub setting. This is why you never forget insurance programs for nightclubs.

3 Excellent Features of Marina Insurance

If you’re on the hunt for affordable marina liability insurance coverage, you should know that not all plans are equal. To get the best deal, you should educate yourself on the ins and outs of this type of insurance so you’ll know what questions to ask and what to search for. Here are three beneficial features that every good plan should include.

1.Covers Land and Water Risks

A marina faces dangers from both land and water. Thus, a good plan should take both into account. Common risks include storms, theft or vandalism. Typically, a marina faces damage costs when yachts or boats need repair after a storm or a break-in occurs at a restaurant or office.

2.Available to Public and Private Vessels

Marinas can harbor privately owned vessels, vessels available for rent or even large cruise ships. Marina liability insurance that best suits your needs should cover every type of vessel you serve.

3.It Expands Beyond Docking

Certainly, there are risks just to dock a vessel at the harbor. Mishaps also occur while fueling, repairing or transported a vessel as well. Good coverage offers protection during any activity you might engage in on an average workday.

Including these three features in your marina liability insurance is a great indication that you made a wise investment. Top rated insurance companies can include these assets for a price that won’t break the bank.

What to Do If an Employee is Hurt at Work

No employer wants an employee to get injured on the job. However, you know it’s possible. That’s why you purchased a workers compensation policy in Texas. While this preparation is a significant first step, there are a few other things you should do if an employee is hurt while at work.

Immediate Response

The moment someone is injured, you and your employees should begin to implement any training you have provided on this. You should make sure that everyone clears the area so that no further injuries occur.

Next, assist the injured in any way possible. For minor injuries, this may mean applying basic first aid. However, if there is an injury that calls for more attention than a first aid kit can provide, call 9-1-1. Do not have the employee or someone else drive to the hospital; EMS should always come if basic first aid is not enough.

Paperwork

If possible, collect evidence in the immediate aftermath of the incident, after everyone has received the proper medical attention. You may take pictures of any equipment involved, write down everything you can remember, and ask witnesses to do the same.

You also should inform the agent who takes care of your workers compensation policy in Texas. You should do this as soon as possible to ensure the process goes smoothly.

Package All Your Business Coverage Into One Comprehensive Plan

As a commercial business owner, you have a lot to lose and even more risks to lose them by. If a customer gets injured on your property or by one of your products, you can be sued for damages. If an employee gets hurt on the job, you may have to pay for medical expenses, retraining and missed wages. If a client isn’t happy with your services, you may face a legal suit based on errors and omissions. While you likely do everything in your power to prevent a lawsuit, there is no way to prevent one entirely, which is why it is important to invest in a commercial package policy.

When it comes to your commercial insurance policy, you can make it as comprehensive or as simple as you need it to be. Depending on the size and scope of your business and your needs, you may only need to bundle a few of the essential coverages such as general liability and property coverage. On the other hand, you may need auto insurance, cyber risk liability coverage and E&O coverage as well. A BOP allows you to bundle everything you need into one plan, that way you’re not paying multiple premiums to multiple providers; you’re simply paying one flat fee each month for any and all coverage that you need.