Every business comes with insurance needs. Commercial laundering is no different. If you’re new to the business or have only recently discovered the importance of commercial launderers insurance, you may find it overwhelming to begin your search for the right provider. Protecting your operations is imperative. Here are three things to look for when choosing an insurer.
If you find an insurer that has been in the business for decades then you can be sure that they’re doing something right. It can be difficult to keep a strong client base if you aren’t good at what you do. Often these insurers understand their specialty best.
Not every business needs the same kind of coverage. There is no one size fits all option and there shouldn’t be. Consider agencies that will offer you a variety of different coverage options. Whether you need business auto, worker’s compensation, general liability or a different form of coverage, the programs should be available to you.
Read the reviews and hear what other clients have to say. This is one of the most effective ways to find commercial launderers insurance from a reputable source.
It’s important to stay covered, no matter what kind of business you run. When it comes to commercial laundering, this is especially true.
When it comes to shopping around for insurance in VA it can be a little stressful. There are so many coverage options and insurance agencies willing to help businesses with their needs. It can be hard to know where to start. With these three tips on what to look for, however, you can find the right agency for you in no time.
Look for Experience
Don’t settle for someone that hasn’t been at the top of their game for years. Some insurance agencies have been leading the way for many years. You don’t have to settle for anyone that isn’t experienced or specialized in your particular business needs.
Look for a Fast Quote
You don’t have time to wait around when you have a business to run. Finding insurance in VA is imperative to the life of your company. You’re not going to want to waste your time waiting on a quote when you could still be looking. Make sure that they offer you a quote quickly.
Look for Versatility
A firm that has many different specialties can help you in all aspects of your life. It’s good to be able to find a solution to all of your insurance needs in one place. If you’re looking for more than insurance for your business, then being able to find it at one firm can be convenient and beneficial.
Insurance shopping can be overwhelming. However, when you know what you’re looking for it can narrow down the search quickly.
When you run a staffing agency, you face unique challenges that other business types don’t. For example, if one of your temporary employees is accused of theft at a job site or becomes injured on a job assignment, your agency needs to be protected. Here’s why you should turn to a staffing agency insurance carrier.
Knowledge of Staffing Agency Needs
The very nature of the staffing industry lends itself to situations where insurance coverage can be ambiguous or misleading. When you partner with a carrier that specializes in insurance for staffing agencies, you have peace of mind that you are comprehensively covered. These carriers know the common problems that staffing agencies face and can help more than a general insurance company could.
Your Business Remains Current
When you buy, say, car insurance, your carrier often tells you of ways to save. For example, you can save by taking a defensive driving course. Likewise, staffing agency insurers can educate you on ways to stay safe and current—ways you may not have thought of with a general insurance carrier. The net result is decreased risk and increased business success.
Staffing agencies need insurance carriers that understand the challenges of the industry. These staffing agency insurance carriers address potential coverage gaps and provide additional peace of mind.
When companies commit wrongful acts, they encounter consequences in the form of legal claims. In some situations, company directors and officers are held directly responsible and required to pay significant financial damages. In such cases, directors and officers liability insurance functions as a valuable source of protection.
Who Needs D&O Liability Insurance
Some may think that this type of insurance is only for large corporations, but in reality, companies of all kinds depend on this sort of coverage. Directors and officers work in a high-risk environment. If relationships with clients, employees, or stockholders turn sour, then these professionals may find themselves facing an expensive lawsuit. Liability insurance prevents directors and officers from bearing such a weighty financial burden on their own.
Reasons Behind Legal Claims
Directors and officers are sued for a variety of reasons, including the misuse of company funds, failure to comply with workplace laws, and fraud. Claims over employment practices are by far the most common reasoning behind a lawsuit, and this occurs frequently in both private and public businesses. With claims arising for any number of reasons, directors and officers cannot afford to go without financial protection.
Directors and officers liability insurance extends protection in a wide range of scenarios. Companies should acquire a policy if they have not done so already. Liability insurance provides an unmatched level of financial security.
Choosing an adequate coverage limit for directors and officers insurance is essential, given the steep expenses that claims against directors and officers can generate. Still, considering the many other areas of risk that companies must address through insurance, overspending on unnecessary coverage is usually not an option. When evaluating coverage limits, decision-makers should consider the following two variables, which often contribute to higher defense and damage costs.
Mounting a defense against claims involving regulatory breaches can be a significant expense. If a company or its directors are found liable, the resulting damages may also be sizable. Companies that work in heavily regulated industries can often benefit from a strong directors and officers insurance policy, as can companies in industries that impose severe financial sanctions for regulatory violations.
Duties to Shareholders
Shareholder lawsuits, such as securities class action suits and derivative shareholder action suits, can also lead to sizable defense expenses or damages, especially if the claims allege serious misconduct, such as breach of fiduciary duty. Companies that are based in more volatile industries, in which decisions must be made rapidly and the financial standing of the company may change quickly, may especially be at risk for costly claims.
Quantifying the Risk
Companies that face heavy regulations or responsibility to shareholders should weigh these factors when choosing directors and officers insurance; however, this does not mean that other companies can safely choose low coverage limits for this insurance. For most companies, working with an insurance industry professional and evaluating the unique risks that the company faces before deciding on coverage limits is essential.
Shareholder derivative suits are one means of keeping corporations’ management teams accountable to their companies and their shareholders. While there is certainly an important place for this in the American legal system, these lawsuits are often complex, and can quickly become unwieldy and costly for both plaintiffs and defendants. This is why many companies use directors and officers insurance to help protect against the expenses of these suits.
What is a Shareholder Derivative Suit?
A shareholder derivative suit is a legal action initiated by a shareholder. It is called a derivative suit because it is brought on a corporation’s behalf, and the defendant is a third party. Often, the defendants are the company’s own chief executive officer or a board member. These legal gymnastics are required because traditional corporate law dictates that legal actions involving corporations should be the responsibility of its management team; since members of these teams are unlikely to bring suits against themselves, derivative suits are used to hold executives and directors accountable.
Types of Shareholder Claims
There are a number of reasons that shareholders may choose to bring a lawsuit. Legal actions that name directors as plaintiffs are often based on a breach of fiduciary duty, which involves three aspects:
- Good faith
- Due care
Shareholder lawsuits are often very expensive, and many businesses choose to have directors and officers insurance to ensure they will not have to endure too great of a loss from legal fees in the face such a legal claim.