Month: November 2014

Effective Nursing Home Insurance Must Be All-Encompassing

Selecting appropriate insurance coverage for nursing homes can prove quite challenging for those at the helm. These work environments often entail many unique risks that may not be evident in other industries, making the selection process a bit more difficult. While nursing home rates can be an important consideration when choosing a plan, there are many other factors one must take into account.

 

Tailor Policies to Your Business’s Needs

 

General liability coverage is typically the starting point for most business insurance, but these policies may fall short of offering complete protection. In this case, the ability to customize programs can be extremely useful. In general, nursing home insurance should include some combination of the following:

 

  • Automobile Coverage – Auto accidents involving patient transport vehicles and the like require a suitable coverage option to ensure operations can continue unimpeded after an accident.

 

  • Professional Liability – This coverage offers protections when a facility is subject to claims of negligence, which is essential for keeping a business afloat during court proceedings.

 

  • Directors and Officers – If legal action is taken against a facility, this plan can provide reimbursement for losses incurred as a result, in addition to protecting those in charge.

 

Comprehensive Coverage When You Need It Most

 

When seeking nursing home rates, one must thoroughly review policy details to ensure comprehensive coverage is available. Such review can ensure a business will remain protected in the event allegations of wrongdoing, as well as any related legal proceedings.

Get the Right Coverage from Insurance Companies in Hartford CT

Many clients who work with insurance companies in Hartford CT contact their agents with “getting insurance” in mind rather than managing their risk. Some common mistakes that happen because of this perspective are:

 

  • Insufficient coverage – a car owner chooses the least expensive policy, but finds that after a car crash, there is not enough cash to cover the deductible.
  • Wrong coverage – a homeowner is robbed and the expensive wine cellar is raided. After the fact, the owner discovers that such high net-worth assets are not covered in standard policies.
  • Excess liability – a business owner purchases standard liability protection, but loses a lawsuit with extraordinary damages attached.

 

These are just some of the problems that can happen when a client gets a certain type of insurance but does not design the policy in the proper way.

 

Getting Proper Coverage

 

Sometimes, the only way a person can really learn about insurance is by trial and error. Unfortunately, this can be a costly strategy. Some get a little more education by listening to war stories from their friends. Some even break down and read a book. Although this can prepare a person, it can be a lot of unnecessary work. Agents at insurance companies in Hartford CT are trained to handle all sorts of situations. In many ways, they have “seen it all.” Clients can work with their agents to make sure they do not suffer the kinds of problems described above.

Why Proper Insurance Is a Necessity for Every Business

As a business owner, you’ve got a lot on your plate. However, even with the craziness of your daily life, it’s essential that you protect your business’ reputation and finances by acquiring business insurance PA.

 

Accidents and Mistakes Happen

 

The primary reason why business insurance PA is a necessity is because accidents and mistakes happen, even if you are extremely careful. The following are some mistakes that could cause extreme financial harm to a business:

 

  • You are a dentist and you accidentally pull out one of your patient’s healthy teeth
  • You manufacture cookies and receive complaints from several consumers about allergies after forgetting to include an ingredient on the label
  • A customer slips and falls on a wet floor while visiting your business and breaks their ankle
  • An employee of yours gets into a car accident while driving a client to the airport
  • One of your employees accidentally leaves the coffee maker on overnight and it burns down the office space you lease

 

Regardless of what industry your business is in, it is prone to the effects of mistakes and accidents caused by your employees and your clients.

 

Protect Your Business’ Interests

 

Don’t let your business operate without proper protection against risk. If you are a new business owner and need to acquire insurance or if you want to enhance your current business’ coverage, you may want to contact an insurance agency to discuss your options.

How Staff Insurance Policies Protect Businesses

In today’s world, it is critical for businesses to have some form of staff insurance. Employee practices liability insurance, for example, protects businesses from claims made by disgruntled employees. Lawsuits can lead to enormous financial strain, and companies need to acquire protection in order to endure such difficult situations.

 

What Does an Insurance Policy Cover?

 

Staff insurance policies cover a variety of claims. For instance, employee practices liability insurance generally covers:

 

  • Workplace harassment
  • Workplace discrimination
  • Wrongful discharge
  • Emotional distress
  • Breach of contract for employment

 

This type of insurance does not usually cover injuries caused by the company. Rather, policies cover the actions of individual employees and managers.

 

What are the Terms of a Policy?

 

Insurance policies of this kind are often written on a claims-made basis. In other words, claims must be reported to an insurance provider while a policy is still in effect. Moreover, the event that led to the claim must have occurred on or after the date when the policy began. Some providers offer retroactive dates or full protection for earlier claims, but businesses should review the terms of their policies to determine whether or not these options are available to them.

 

Businesses should discus their options with an insurance provider before securing policies. There are many aspects to staff insurance, and businesses should obtain a policy that offers them thorough protection.

Should You Carry Flood Insurance?

In the wake of devastation left by storms such as Hurricane Sandy, many homeowners wonder whether they should carry insurance for flooding. Although homeowners insurance protects your home against many perils, most specifically exclude weather-related flood coverage.

 

Determining Your Risk

 

Your residence will be assigned a risk rating based on published flood maps. If you are in a high-risk zone, your mortgage company will probably require you to carry flood insurance. If you are in a low risk or moderate risk zone, this may be more of an optional coverage for you. However, considering that your home is most probably your biggest asset, you may wish to give strong consideration to this coverage. Again, using Superstorm Sandy as an example, many people lost their homes entirely because they were either uninsured or did not have enough flood insurance to rebuild.

 

Types of Flood Insurance Available

 

  1. The National Flood Insurance Program (NFIP)
  2. Private insurance

 

The NFIP was created by an act of Congress in 1968 to provide homeowners and renters with set rates for flood insurance. These rates are based on several factors including the type of construction of the dwelling and the risk zone where it is located. If your community participates in this program, you are eligible for the insurance. The program is administered by the Federal Emergency Management Agency.

 

If the NFIP program is not available in your area, you will need to turn to the private insurance market.

 

The decision of whether or not to carry insurance for flooding is based on several factors such as risk and your mortgage lender’s requirements. Consult with an insurance agent to help determine the best coverage for your needs.

Professional Liability Insurance Is Integral to the Real Estate Industry

The right real estate professional liability coverage can offer numerous benefits to those working within the real estate industry. Such coverage can offer financial protection in the event of alleged negligence or wrongdoing related to service. This can include money issued for defense costs, as well as penalties resulting from bodily or property damage.

 

Because real estate professionals face many unique risks inherent to their job duties, a reliable insurance plan is a must-have to anticipate future occurrences. These plans can prevent litigation costs and other expenses from stopping a business in its tracks.

 

A Targeted Exposure Plan Is Essential

 

When it comes to properly protecting a real estate firm, identifying target exposures is crucial. The right policy can offer dependable coverage in the event of these occurrences, some of which may include:

 

  • Property Foreclosures/Preservation
  • Unsuccessful Sales/Auctions
  • Increase in Tenant Discrimination Claims
  • Bodily Injuries Involving Property

 

In many cases, a single allegation of negligence can be enough to negatively impact a company’s financial status. A sound insurance policy can serve as a bulwark against these claims, which have the ability to halt future success.

 

Insurance Can Help a Business Thrive

 

Anticipating risks before they happen is a reasonable approach in just about any industry, but is especially important in real estate. That’s why real estate agents insist upon a trustworthy real estate professional liability policy to help prevent financial disaster from occurring.

How Do Surety Bonds Protect Construction Clients?

At one time, the ability of a group of handymen to form a construction company and then low bid a new project in order to undercut existing firms was a great opportunity. However, business clients often learned the costs of choosing a low bid contractor without checking the contractor’s ability for fulfillment. At the least, such clients could generally expect delays as the newly-formed company learned the ropes. Surety bonds in Pennsylvania help protect against these types of delays.

 

Construction Delays Can Mean Unplanned Business Costs

 

Many businesses cannot afford the costs associated with delayed construction. At the least, they would have to report delays to their own financial backers. Non-performance on the part of the construction company can mean serious consequences to the client.

 

In addition, one of the most important things a new company must learn is proper cash flow management. In the absence of a healthy cash flow, the construction company has a very real chance of defaulting completely, leaving the client to start over from scratch.

 

Sureties Protect the Clients

 

Construction companies cannot always guarantee their performance, but a large insurance firm with deep resources can make the guarantee to clients. Construction firms pay an annual premium to a provider of surety bonds in Pennsylvania, and their clients are reimbursed in the event of any performance delay. This protects clients and gives construction firms a strong guarantee of contractual compliance.

Why Every Lawyer Needs Errors and Omissions Insurance

Lawyers are often telling architects, doctors, accountants, and many other professionals that they need errors and omissions insurance, but it is just as important for lawyers to have this important type of insurance coverage as well. Because lawyers already face a very challenging and competitive industry, it is important for them to do everything they can to protect themselves financially, including purchasing Errors & Omissions for Lawyers.

 

Protection Against Negligence Claims

 

Even if you consider yourself to be a careful and meticulous lawyer, you simply cannot predict whether or not a client will bring an errors and omissions claim against you. Not only can such a claim potentially harm your reputation, but it can also harm your law practice financially if you are not prepared with the proper insurance coverage. Errors & Omissions for Lawyers can potentially save your practice from significant financial loss if you are accused of negligence in your dealings with a client, even if those claims turn out to be completely unfounded.

 

Errors and Omissions Coverage Fills in the Gaps

 

Some lawyers may mistakenly assume that their regular liability insurance policy will effectively cover all legal cost associated with errors and omissions claims. However, most liability policies do not include this important type of coverage, so it must be purchased separately in order to fill in their insurance coverage gaps.

 

Errors & Omissions for Lawyers is an essential type of insurance coverage that no lawyer should ever be without.

How to Reduce Your Car Insurance Bill by Cutting the Fat

Among other essential expenses, such as rent, utilities, internet, and cellular data, there is also the regular car insurance payment. There are all sorts of way to reduce your auto-related bills, but by far one of the most popular is tweaking your insurance plan. You can get the cheapest car insurance in CT by getting rid of non-essential options, yet still keep the services you need to stay safe on the road.

 

Knowing What Coverage You Have

 

In order to understand what insurance is legally required and what is simply an optional extra, it is important to know what your current car insurance covers.

 

  • General liability – This is required by law to be part of your insurance plan. It provides payments to involved parties in the event of a crash. In order for there to be a reasonable expectation of safety on the roads, it is important that every driver have this coverage.
  • Medical expenses – Some crashes result in extensive medical problems, and it often falls on the person responsible to provide the payments. With extra medical coverage, your insurance company backs the medical bills.
  • Comprehensive – There are all sorts of things that can happen to your car when it is not even being driven. Comprehensive protection pays for damage done to your vehicle sustained from all non-car caused accidents and vandalism.

 

If you have more coverage on your auto insurance plan than you use, speak to an agent to customize a policy to get the cheapest car insurance in CT.

Factors That Affect Employment Practices Liability Cost

Insurance to protect against claims of poor employment practices is virtually essential for companies today. Still, many company decision-makers may question whether the company can really afford this coverage. Understanding the factors that influence employment practices liability insurance pricing can help companies budget effectively and identify potential ways to lower costs.

 

Industry and Track Record

 

An employer’s record of past claims will usually influence premium rates. Employers with a high number of incidents will generally be viewed as greater risks. Additionally, the company’s industry may be taken into account. Industries with high rates of turnover, such as service and retail, statistically have a greater risk of claims. Similarly, industries that employ highly educated people in high-paying jobs have a higher risk of costly claims, as these employees may be more inclined to pursue compensation through a lawsuit.

 

Employer Initiatives

 

Sometimes, providers offering employment practices liability insurance will reduce premiums if policyholders take initiatives to reduce claims. Such initiatives could include training employees on appropriate conduct and resources for reporting violations; re-writing policies on hiring, promotion, and termination to make them more clear; and increasing disciplinary action against employees who violate policies. These measures can all reduce the risk of claims.

 

Start Comparing Options

 

Employment practices liability insurance coverage is an essential investment for any company. Though budgeting for enhanced insurance coverage may be difficult for some companies, the protection is still much more affordable than the cost of directly dealing with an employment practices claim.