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.


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.

Boat Insurance Provides Boat Owners With Peace of Mind

Your boat is a huge investment and like any big investment, you need to protect it with boat insurance in California. Accidents can happen at sea, in the docks and even on the road when you’re towing your boat from place to place. Boat insurance can help you be prepared and cover the majority of expenses accrued when an accident does leave your boat damaged or stranded or you liable.

Boat insurance covers all types of personal vessels including speedboats, pontoons, fishing boats, houseboats, sailboats and more. Like most insurance packages, you can pick and choose what type of overall coverage you want and need. Property coverage insures all of the built-in equipment such as hulls, sails, furnishings and more. Liability coverage covers you in the event that you cause an accident out on the water, are responsible for an oil spill or a passenger is injured while you’re out at sea. If necessary, your policy will pay for legal fees and all or a portion of monetary settlements or judgements.

You also have the option of adding road side assistance to your policy. If your vehicle breaks down while you’re towing your vessel, or if a tire on your trailer pops, don’t leave your boat stranded on the side of the road, and let your insurance carrier pay for the tow.

The best insurance companies have additional enhancements that you can add to your policy, which is why you should shop around a bit before deciding on the best boat insurance in California.

The Importance of Property Insurance for Your Business

Whether you start your business in a physical building or plan on moving a digital company into a storefront model, property insurance is a good way to protect your investment. Small business insurance in New Jersey that covers property damages may be useful for some of the following situations.

Poor Construction

If a building is old or has been repaired a lot, there may be an underlying problem. Insurance can reduce what you pay for fixing a problem older than your acquisition of the building, which means you also save money by reducing future repairs. This ties into building inspections and legal codes in a complex enough way that speaking to an expert is recommended.

Weather Damage

Storms can wreck buildings, either directly with strong winds or indirectly with slow water damage. Rather than wait until after a storm has passed to look at property insurance, make sure you’re covered for all the common weather patterns in your area. Local insurance companies can help you determine what you need.

Protecting the location of your business means protecting the building it is inside of. Since it’s unlikely you can avoid 100 percent of accidents and damage, small business insurance in New Jersey is a good decision. With it, your business has a better chance at a long future.

Top 3 Reasons to Explore Coverage Options for Your Enterprise

Purchasing insurance can be a difficult process. With so many companies to choose from, it can be tricky to identify the ones that truly have your best interests in mind. Getting Orlando FL manufacturers insurance, however, is one of the biggest investments you can make for your facility. Thus, it’s important to approach buying it wisely. The three tips can help you make the best decision.

1.Customize Your Plan

One-size-fits-all packages don’t do anyone any favors. You often end up overpaying for too little coverage. Look for providers that can have a professional sit down with you and carefully parse the needs of your business. You want to customize your coverage to protect only against the actual risks threatening your facility.

2.Buy a Package to Save Money

There’s no reason to buy workers compensation, general liability, auto and property coverage from four different providers. Go with one and you might save a significant amount of money.

3.Ask Questions

Work with a professional who is knowledgeable and reliable. You want to make sure you’re completely comfortable with your Orlando FL manufacturers insurance.

Taking the time to find a plan that works best for you can protect you from future disasters. Hopefully, these three suggestions provide a good starting point in your journey for excellent manufacturing coverage.

What Does Renters Insurance Cover and How Does It Work?

If you rent your house or apartment, talk to Los Angeles insurance companies about purchasing renters insurance. It covers you for the damages caused by a variety of mishaps and disasters that would otherwise come out of your pocket. So, what does it cover and how does compensation work? Have a look.

What Is Covered by Renters Insurance?

Renters insurance covers most possessions that are lost or destroyed due to vandalism, fire or theft. They’re typically covered whether they’re stolen from your home, from your car or while traveling. This type of insurance also covers your legal defense and compensation up to your chosen amount for liability cases based on injuries that happen to other people at your home. It sometimes covers alternative living arrangements after storm or fire damage too.

How Does the Policy Work?

Renters insurance will pay you money to replace your belongings if you lose them to theft, fire or vandalism. The amount you receive will depend on the coverage amount on your policy. Some people buy policies that provide depreciated coverage for their possessions while others pay more to get new replacement items when something goes wrong. Either way, you’ll pay a deductible and receive the difference from your insurance company. If someone is injured, they make a claim with your insurance company and it goes from there.

When you rent a new home or apartment, you should speak with Los Angeles insurance companies about purchasing renters insurance in case of an emergency. The money you receive can get you back on your feet.

Benefits of Cargo Insurance

Working in a business that involves shipping cargo across the globe can result in a lot of risks. There are a number of things that can go wrong, such as natural disasters or accidents. Going through the right cargo liability insurance programs to get the best coverage for your money is a great way to combat the potential risks associated with cargo work. There are a number of benefits for this type of insurance, as well.

The first and most important benefit of getting cargo insurance is that you will have peace of mind. You will know that, no matter what happens, your business is financially protected against disasters. You will also be able to customize your coverage and pricing options to better fit your budget and the type of cargo business you are running. It is cost effective compared to not being covered and having to pay for damages out of pocket. The final benefit is that you will have a representative to help you in the event of a bad situation involving loss of product.

There are many options for cargo liability insurance programs, and it is essential that every cargo business has coverage. Be sure to look into your options and educate yourself on cargo insurance so that you are prepared if you need assistance after a bad accident.