Fiduciary liability covers a variety of situations that financial departments face in managing a company’s funds. A fiduciary is anyone who oversees these funds, whether they are a financial director, employee or even a third party. Profit-sharing, health benefits, pensions and more fall under this category of managed funds.
Fiduciaries may not even be aware that their position exposes them to penalties, fines and lawsuits. Fiduciary liability insurance claim examples include:
- Conflict of interest
- Breach of fiduciary duty
- Not filing the required reports
- Making errors in matters affecting benefit eligibility
- Making reckless investments and failing to diversify them
Congress passed a law in 1974 that attaches personal liability to benefits plan trustees for losses in those funds. The losses must result from a breach of their fiduciary responsibilities or their errors and omissions.
Situations Prompting Claims
Fund trustees are exposed to personal risk in a variety of situations. Some fiduciary liability insurance claim examples include:
- Participants in a stock plan sued their company over excessive executive bonuses
- Employees in a pension/profit-sharing plan sued for failure to diversify investments
- An employee sued for failure to follow his instructions to reallocate funds in his 401 (k) plan
Fiduciary liability is one of several insurance types that can be included in management liability insurance. For fiduciaries themselves, it is a must.
Staffing agencies are subject to more class action lawsuits than most any other industry today. From negligent hiring to failure to act, there are a number of reasons that a staffing agency may be sued, which is why it is so important that you, as the owner of an agency, invest in staffing agency insurance. The right professional liability policy can protect you from assuming financially liability when a company is dissatisfied with your services and files a claim against you because of it.
The most common reason that staffing agencies are sued is because of placement. Companies pay staffing agencies a lot of money to find them the ideal candidates, so when an agency provides wrong or improper workers, fails to test or screen applicants properly or misrepresents a candidate in order to produce some results, those companies may choose to sue. A sound errors and omissions policy can cover the cost of attorney fees, court fees and if applicable, settlement awards.
Though you may do your best to yield the best possible candidates for your clients, mistakes do happen. Protect yourself from costly mistakes and work with an insurance company that specializes in staffing agency insurance. It may be the best investment you make for your firm this year.
Accidents happen, and natural events may impact goods while in transit. Freight claims are the method used to recover some of the loss. Understanding the difference between freight insurance and freight liability insurance is paramount to choose the coverage that is right for your clients’ business needs.
Freight insurance also called cargo insurance, does not require proof that the carrier was responsible for damage or loss of a shipment, only that it occurred. The cost is generally based on the on the declared value of goods being shipped. This is a much more accurate way to recover loss for heavy items than carrier insurance, which places a per pound value a shipment. Claim payments can typically be received within 30 days.
Freight Liability Insurance
This type of solution can cover the full value of the goods being shipped. Once the shipper has proven that a shipment was unreasonably late or delivered damaged, the carrier may be required to establish a carrier defense. If it fails to do so, the shipper may be entitled to the recover the actual shipment amount.
Freight carriers, property brokers and warehouse operators can purchase specialty coverage from freight liability insurance to freight forwarder coverage. Policies are designed to protect them against claims of damaged or missing freight. Coverage can be purchased to cover goods that are lost in transit via air, ocean rail and truck.
Your people are your most important assets, and without key individuals, chances are that you wouldn’t enjoy the same successes that you do today. Directors, shareholders, CEOs and CFOs, department managers and even integral team members…each of these individuals have helped build your company to the point it is at today. If you were to lose any of these key players, your business might suffer, both emotionally and financially. While key person life coverage cannot stem the grief of losing a valued team member, it can help with the financial losses that come with such an event.
Key person life insurance is designed to compensate individuals for the financial losses that result from a key person’s death, such as the cost of hiring and training a replacement and of meeting the salary continuation obligations to the deceased spouse or family.
This type of insurance works very much like individual life insurance, except instead of the employee pulling out a policy on themselves, the company pulls out a policy on the employee. The company is the beneficiary instead of the family, and it is allowed to use that money for whatever it deems necessary until it finds a suitable replacement. The term of the policy does not extend beyond that of the key person’s employment.
Logistic service providers and those companies with a global supply chain might have a problem when it comes to choosing the right insurance plans. The risks they take are unique meaning there aren’t a lot of standard plans out there for goods in transit insurance. However, there are a number of insurance solutions that you may want to know about if you provide one of these services.
Companies that ship cargo overseas may want to consider one of two types of insurance. Intermediaries who are responsible for cargo but don’t directly own it, such as warehouse operators or freight forwarders, may want to consider a liability insurance plan. This type of insurance can protect them in the event the cargo in their care is lost or damages. If you’re looking to cover the goods themselves, you may want to consider a form marine insurance which can cover various types of loss or damage to the goods in question.
Other types of goods in transit insurance you may want to consider include project policies. These can cover instances of the shipment of an over-sized cargo, or one of high value. Warehouse liability can cover those responsible for storing cargo. Some plans come with several types of insurance together to cover the transit process from start to finish. With this knowledge, you can choose the right plan for you.
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.
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 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.
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, 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.
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.
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.