Is Cargo Insurance Worth the Cost?

We totally get it: Running a business is not cheap and the budget can quickly become overrun with expenditures. Materials, equipment, facilities and staff are all necessary line items you need to produce and turn a profit. But what about cargo insurance programs? Can you get by without them or are they just as critical to your company’s success?

Lack of Insurance Can Sink Your Ship

It is best to answer this question with an example of a legal principle used when transports are performed by ocean carriers. If the vessel is damaged at sea or the call is made to jettison your goods in order to save the ship, you are partly responsible for sharing and covering the losses. Carriers are not obligated to cover losses that happen for reasons beyond their control.

You could lose hundreds of thousands of dollars in goods if you do not carry insurance. This amount of money far outweighs the price of a premium for any policy. The cost of cargo insurance programs varies from roughly $0.15 to $0.35 per $100 value of the shipment and most policies cover your goods throughout the entire supply chain.

Without insurance, you could end up financially shipwrecked. However, for a modest fee, you can focus on continuing to do business and stop worrying about the state of your goods as they make their way toward their destination.

Do Manufacturing Businesses Need Insurance in Florida?

If your business is searching for manufacturer insurance in Orlando, how do you know what kind of insurance your business needs? Most manufacturing companies face unique risks in development and shipment of their products. Some types of insurance are required in Florida. Any business with over four employees who are not owners or proprietors should have workers compensation insurance. Florida also requires business vehicles with four or more wheels to have commercial auto insurance. If your company transports products from state to state, there are special insurance requirements that vary depending on the type of shipment.

Though other types of insurance are not required, most manufacturing businesses face many risks that have the potential to cause accidents or injuries that might harm your company’s reputation. General liability insurance can protect your business by covering injuries and property damage. Product liability insurance is particularly important to manufacturing businesses in case of damage or loss to stock. Equipment breakdown insurance can cover the cost to repair or replace equipment that stops working due to mechanical or electrical breakdown. Business interruption insurance covers your business during an outage or disaster. There are many other types of insurance for a variety of risks that your manufacturing business might face. A qualified insurance professional can help you find the manufacturer insurance in Orlando that you need.

Errors and Omissions Insurance for Manufacturers in Florida

Errors and omissions insurance can be essential for a manufacturing business in Florida. If your business needs Orlando manufacturer insurance, you should consider errors and omissions insurance an important part of your insurance policy. Errors and omissions insurance will cover any financial damages from litigation if there is any error or negligence in the design or manufacture of your products or parts. There are several types of negligence that might require errors and omissions coverage. This negligence could be a design flaw, material or component failure, a manufacturing error, an error in installation of the product, or even a failure to deliver the product as promised. These errors could cause your products to break and the failure of other equipment.

Errors and omissions insurance is different from liability insurance because an injury or accident happened because of your company made the product. The error in design or manufacturing makes your company becomes liable for the financial damages. General liability insurance usually only covers bodily injury and property damage and does not cover other types of losses. Errors and omissions insurance can cover the financial damages of your customer as well as your legal costs. An insurance professional can develop a policy for Orlando manufacturer insurance that has the right level of errors and omissions insurance for your business.

How to Find a Surety Bond Issuer

If you have a new contracting business, you may be uncertain as to how to find a surety company in New Jersey. As you have probably learned, the ability to bid on high-paying jobs is contingent upon being able to post surety bonds, also known as contract surety bonds or performance bonds, on a timely basis. Read on to find out how and where to obtain these bonds when you need them.

Surety Bond Issuers

The term “surety company” refers to the actual issuer of the bonds, i.e., the insurance company that underwrites them. These surety companies are often large property and casualty companies with departments that specialize in the issuance of surety bonds.

Sometimes contractors will refer to their insurance agency as their surety company, although technically the agency is an insurance producer, since they produce business for the insurance companies. Either way, you will need to find an insurance agency that specializes in this line of business since insurance companies do not normally deal with contractors directly. Therefore, for your business to be able to compete, you need to line up a good insurance agency ahead of the time.

By choosing an insurance agency with in-depth expertise in the complexities of contract surety bonds, you will have access to the right surety company in New Jersey when your next job requires a bond.

 

Are Nurses Insurable?

In this day and age, you can barely make it through a commercial break on TV without hearing a lawyer advertise his or her services. The medical world is especially vulnerable to lawsuits, and rightly so, as these are people that are dealing with other peoples’ lives. However, things sometimes go wrong in the world of health care that is no one’s fault. It’s a difficult thing for some people to accept, especially when a loved one was injured or died unexpectedly. The survivors want someone to be responsible. Doctors always seem to have teams of lawyers working for them, but some may not know that there is malpractice insurance for nurses as well.

At the very beginning of nursing school, students are taught the weight of the responsibility they will hold when they’re licensed. Many students brush it off, thinking how could anyone be so distracted that he or she would give a wrong medication? However, when they start working twelve hour shifts and fatigue sets in, they’re getting pulled in a hundred different directions and have a million things left to do, they begin to realize just how easy it is to make a mistake. Some patients will accuse a nurse of doing something wrong just because he or she is angry or scared and wants to take it out on someone. Lawyers are often trying to sue health care workers for malpractice, so having malpractice insurance for nurses is just as important as having it for doctors.

Safety and Insurance Rates

The safety of your commercial property is obviously important, and you likely do everything within your power to ensure that and risks or liabilities are minimized. Even the most careful property manager can overlook simple precautions, though, and this can significantly affect your commercial property insurance coverage in Orlando. Read on to see how safety affects your insurance rates.

The Safer You Are, the Lower Your Rates

Rates for commercial property insurance coverage in Orlando vary and are determined by a range of different factors. It is true, however, that safety may lead to lower rates. There are many ways to improve safety and the insurance rates you encounter. The following safety issues are good examples of factors that may be considered:

  • Crime rate in the area
  • Presence of toxic materials
  • General hazard level
  • Stringency of security measures
  • Likelihood of inclement weather or flooding

Be Safe and Get Insured

Investing in commercial property insurance coverage in Orlando is one of the best ways to invest in the safety of your property and protect yourself from the cost of damages that may occur. You should take strides to improve its overall safety in other ways, too, such as improving security or eliminating unnecessary hazards. These steps can greatly improve your peace of mind and make your commercial property much safer.

Yachting South of the Border

There’s little debate about the fact that Newport Beach loves its boats. However, anyone who’s been out on the water when the weather starts getting rough knows that boating isn’t all fun and games. In fact, there are always risks present, regardless of the weather. You need the peace of mind that comes with excellent coverage in order to enjoy your leisure time, so make sure you have every eventuality in mind when you’re looking for yacht Insurance in Newport Beach.

The first thing you should probably think about is where you’re going. For voyages to Mexico, you need a special type of liability insurance. This is known as Mexican watercraft liability coverage, and it’s needed to properly protect yourself and your property when you’re heading down south. You also might want to take into account whether or not you’re entering international waters.

Apart from the specialized policies, almost every type of yacht insurance in Newport Beach covers certain risks that are common to the waters around the area as well as the general practice of yachting. Look for uninsured boater coverage and hull protection as a starting point. It’s also important to have protection from injuries or damage you might be responsible for in the case of an accident.

There are several reputable insurers in Orange County offering yacht coverage. Approaching them with a solid plan is the best way to get an idea of which protections you need.

E and O Risks Addressed

Liability in accounting takes many forms. A competitive industry like accounting generates an atmosphere where full-time positions might be filled without proper vetting of a candidate, leading to loss. There are also independence liabilities that occur when firms have close relationships with clients. Despite all of this, potential damage caused by errors and omissions remains the most common type of risk associated with accounting.

This type of liability in accounting is also common in professions such as real estate and law, and even in insurance itself. It has to do with mistakes such as typos or bookkeeping errors, or the omission of data due to either oversight or the poor organization of documents.

How do you know if your organization needs this type of coverage? The short answer is that you almost certainly need it. If you deal with important client information in any way, such as financial documents, covering potential damage caused by mishandling should be a high priority. Errors and omissions risk mitigations are usually the primary features in an accounting business policy. This is because they provide a venue other than the law in which to recoup a major operational loss and mediate disagreements.

Protecting against one of the major risks in the accounting business is not as simple as you might think. Fortunately, there are skilled agents who can help you out through a thorough analysis of your business and its needs.

3 Tips for Lowering Your Nursing Home Insurance Costs

Many medical professionals are concerned about nursing home insurance costs. Although many facilities are shouldering rising premiums, there are ways to keep your costs low. Follow these three tips when it’s time to renew your policy and you just might find yourself with a policy that is both affordable and comprehensive.

1. Negotiate

Too many people don’t realize their premiums aren’t set in stone. Rather than waiting for a renewal notice, call your insurance representative and discuss how your business has changed to possibly negotiate your rate. Leverage points include improved health for your clients or having claimants that left your company.

2. Implement Risk Management

Your nursing home insurance costs can be significantly lowered if you take steps to safeguard your facility from risks. Your insurance company can assist in implementing policies and procedures to ensure a safer residence.

3. Remove Unnecessary Coverage

You might be paying for coverage you don’t need. Customizing your policy so it’s more suited for your facility can put some funds back into your account. A unique plan can be created for any type of insurance, including:

  • General liability
  • Workers compensation
  • Property coverage

Keep Your Profits Strong

It is always unfortunate to see medical facilities lowering the quality of their service because of rising nursing home insurance costs. With determination and good sale tactics, you can get a premium that will keep your business thriving.

3 Things Employers Should Know About Workers Compensation in Virginia

Workers compensation is a form of insurance designed to protect both employers and employees in case of on the job injuries. It protects employers from excessive healthcare costs and it protects employees by covering work injury-related health expenses. Worker’s compensation in Virginia is required by law, and there are three important details that employers need to know to ensure they are in compliance.

First, employers must know when worker’s compensation is necessary. Virginia employers are required to provide workers compensation when they have more than two employees, full-time or part-time. This includes the employees of any subcontractors even if the subcontractor already has workers compensation for them.

Employers also need to know what constitutes an employee. In Virginia, an employee is any individual who fits in the following categories:

  • Family members working for the business
  • Minors
  • Undocumented workers
  • LLC managers and corporate officers
  • Seasonal, part-time and temporary workers
  • Workers for non-profits, churches and charities

Additionally, employers must be aware of their responsibilities, such as carrying compensation as required by law, regularly reviewing coverage requirements, and promptly reporting any worker injuries to their insurance carrier. The professionals at Goodrich and Watson insurers will make certain that both your company and your employees are adequately protected with worker’s compensation in Virginia.