Monthly Archive February 28, 2022

A Short Guide To Deadly Weapon Protection Liability Insurance

When it comes to running your business or organization, the last thing you want to think about is the possibility of an active shooter situation.  Unfortunately, however, active shooter situations are on the rise in the United States. Luckily, deadly weapon protection liability insurance can help.

What Is Deadly Weapon Protection Liability Insurance?

Deadly weapon protection liability insurance is a type of insurance coverage that is designed to provide both financial and emotional support in the aftermath of an active shooter situation.  It can provide primary liability insurance to prevent you from having to cover any related damages out of pocket, as well as crisis management services to help those affected by the active shooter situation.

Why Do You Need Deadly Weapon Protection Liability Insurance?

A possible argument against the need for this type of insurance coverage could be that active shooter situations, while more common than they used to be, are still relatively few and far between.  While this is true, it’s better to be safe than sorry.  Paying a small monthly or yearly premium for insurance coverage could end up making a huge difference in both the financial and emotional damages you’ll end up facing if an active shooter situation arises.

While unlikely, an active shooter situation could cause immense harm to your business and those around it.  Deadly weapon protection liability insurance can help offer you far more peace of mind.

Retirement Planning for Millennials

There’s a joke among millennials that the only retirement plan is total societal collapse. With so many factors stacked against this cohort including a high cost of living paired with low wages, difficulty obtaining mortgages, and student loan debt, this joke can feel like a real option more often than not. Although it can be quite difficult, retirement planning for millennials can include any number of strategies.

Live in Another Country

In your pre-retirement years, consider working remotely for a US-based company and living in a country with a substantially lower cost of living. It is possible to cut your living expenses to sums far below what they would be in the US by living in Vietnam, Costa Rica, Nigeria, etc. By doing this, you may be able to save money for retirement to a far greater degree than if you were to keep shelling out massive amounts of money to live in the US.

(Semi-) Retire Now, Work Later

There’s no reason to save your retirement for your later years. Reduce your work hours so that you have more time to relax and enjoy your life while you’re still young. In your later years, you can work to supplement whatever saving you were able to set aside in earlier days.

Whatever option you choose, remember that there are many alternatives to what Mom and Dad did.

3 Cannabusiness Types That Need Cannabis Industry Insurance

Working in the evolving cannabis industry comes with risks. This is especially true for business owners who invest substantial time and money into making their cannabusinesses run. For this reason, an increasing number of these companies are turning to cannabis industry insurance to provide financial protection in the event of an emergency. 

Cannabis Dispensaries

As one of the most common types of cannabusinesses, dispensaries make up a large portion of cannabis insurance customers. With security concerns about commercial property and inventory as well as perils such as theft, fire and natural disasters, there are many reasons for dispensaries to enroll in insurance coverage.

Cannabis Cultivators

Cannabis cultivating also comes with many risks. From fire, equipment malfunctions, theft, and vandalism, there are numerous situations that cause these businesses to lose money. In general, commercial cannabis cultivation requires significant investment in infrastructure with lighting, equipment, seeds, crop staging and security. Protecting these assets is essential to success.

Delivery Businesses

Some cannabusinesses with the most complex risks operate on wheels. Standard automobile insurance does not cover mobile cannabis operations that occur inside vehicles. For this reason, these cannabusiness types need to invest in insurance coverage that specifically caters to the cannabis industry and includes commercial auto coverage. 
Keeping a cannabis operation secure requires some planning. Having the right insurance can help you make the right decisions. 

Cyber Risks of Running a Staffing Agency

When it comes to managing a staffing agency, computers and software are a part of the new normal. The internet is a great way to recruit new staffers. However, the predominance of these technologies leads to some inherent risks. Some of them include hacking, data breaches and compromised systems. In some circumstances, your agency can be held liable. Understanding staffing security & privacy liability can help prepare you for these situations. 

Understanding Privacy Liability

A lot of personal information is stored in an agency server. These can include the personal information of staffers and employees. It can also include sensitive information about the businesses you work to staff employees in. When a data breach occurs, this personal information could get stolen. In that case, your business could be held liable for letting private information slip.

Examples in a Staffing Agency

Hacks could occur from an outside source. Private information, like social security numbers, could be stolen from employees and staffers. Internal issues could also arise. A staffer could steal valuable business information from their placement. A business that you’ve staffed an employee at could steal their private information. 

Having appropriate insurance can help mitigate the fallout from these issues. Insurance can help cover legal fees, settlements and other fees that arise from a claim. Being prepared can help protect your business financially in the long run.

Building Better With Risk Management

It’s no surprise that construction sites and work zones can be some of the harshest and most hazardous conditions to work in. After all, you’re usually required to wear protective gear such as hard hats and safety goggles to avoid injuries. Confined spaces, high scaffolding platforms and dangerous power tools also pose risks to the people who work in these environments. Experienced contractors understand these threats, but what about industry-specific exposures that can harm your bottom line? What plan do you have for risks to your projects and the way you do business?

Understanding Your Risks as a Builder

When you’re in the construction business, you need certain insurance products to manage and minimize your exposures:

  • Workers’ compensation: Covers the medical bills for workers injured on the job
  • Errors and omissions: Protects from claims of negligence or negative outcomes based on professional judgment
  • Builders Risk: Covers damages and losses to materials, equipment and property for an ongoing project
  • General liability: Addresses claims for third-party injuries and certain types of property destruction

A good risk management approach requires knowing your exposures and having a customized plan.

Covering Your Work

According to experts on builders risk and other insurance products, it’s important to understand the differences between coverages. You wouldn’t want to operate thinking that you’re covered only to find out that you’re not when it’s time to file a claim. Find a provider who understands your operational needs and can develop a solution that works for your business.

Risk Retention

How Educators Can Protect Themselves in Modern Times

Teachers are one of the most important resources in any society. Unfortunately, modern rules and regulations have made it impossible for many educators to get their jobs done in a way that truly benefits their students. As teachers continue to be micromanaged by boards that have no concept of what will enrich students’ lives, they also face a growing number of risks in other ways. Without appropriate insurance, a teacher could be left in a very difficult position.

The Ins and Outs of Educator Liability Coverage

Though most teachers receive insurance through their schools or unions, there are times when these policies might fall short of the various risks that have emerged in the modern era. A truly comprehensive educator liability insurance is one that covers all possible scenarios for the future. From claims of misconduct to allegations of teaching against the school curriculum, having additional coverage can help in many situations. Benefits of this type of coverage can include:

  • Protection in the event of discrimination against you
  • Reduced odds of wrongful termination
  • Peace of mind in a multitude of situations

The Right Solution

Though working as an educator can often be a thankless job that is micromanaged by distant boards, it still is one of the most important things a person can do. Take time to learn more about your options with liability coverage and learn how you can stay protected.

Why Restaurants Need Premises Liability Insurance

Restaurant owners have a lot of responsibilities. Preparing quality food, staffing appropriately and maintaining a clean dining room are often top of the list. There is one aspect of restaurant ownership that may be overlooked: having the right premises liability insurance.

What Is It?

It’s important for any business owner to carry premises liability insurance. This type of insurance will kick in when a patron has an accident (most commonly a slip, trip or fall). Coverage may also be used in the case of a fire, crime or other accident, such as a falling ceiling tile or broken chair.

What Is Duty of Care?

As a business owner, you’re responsible for providing a safe environment for your patrons. This concept is known as duty of care. Under this concept, you must maintain the property or notify guests when a situation could be dangerous. If a claim is made against your business that finds you negligent in your duty of care, you could be liable for the injury.

How Can I Avoid an Insurance Claim?

Regular maintenance is critical. This often includes salting the sidewalks in icy weather, fixing loose railings, replacing broken furniture and filling parking lot holes. If a dangerous situation does arise, you need to clearly disclose the issue to your customers.

Despite your best efforts, accidents can happen. Having the right liability insurance is essential for keeping your business safe from claims and adverse financial events that may follow.

Key Considerations About Planning for Retirement

Planning for retirement can be a source of dread for many people. Retirement seems to be farther away than it is in reality for almost everyone, regardless of where they are on their career path. Nevertheless, it is important to approach retirement planning practically and adaptively.

Get Professional Insight

In general, it is a good idea to meet with a knowledgeable financial management professional. An advisor can help to demystify some of the logistics involved in forming a game plan for your retirement. You can get valuable input to evaluate your current contributions and identify how your efforts are positioning you to achieve your retirement goals.

Structure Accounts to Balance Your Current Needs With Your Long-Term Needs

There is no one-size-fits-all approach to saving for retirement. The percentage of your monthly income that you allocate for a retirement savings account needs to work well with budgetary constraints. The type of accounts that you choose to establish to grow your funds over time must offer both the liquidity and returns that meet your immediate needs and can also provide you with what you need in the long run.

Your retirement plan should be something that you revisit over the course of your career. As your income and your needs change, the way that you plan for the end of your career must change as well.

Risk Management

Is a 401k Plan a Good Option for Your Financial Future?

Planning for your future is a key component of a healthy financial present. If your employer offers a 401k plan, participating is a good way to boost your retirement income. It is important to be as informed as possible before you make any significant financial and investment decisions, so here is a brief overview of what a 401k plan is and how it works.

What is a 401k?

The name comes from the section of the Internal Revenue Code that defines it. This type of plan takes money directly from your paycheck and places it into an investment fund of your choosing. Because the money is removed from your employment income automatically, it is a good option for many people. Some employers also contribute to their employees’ 401k plans, which is an incredible benefit for workers because of the boost it gives their retirement savings.

How Does a 401k Work?

As mentioned, the money you choose to invest in your 401k plan comes directly from your paycheck. These funds can be withdrawn before or after your income taxes have been deducted. A traditional 401k involves pretax contributions, and a Roth 401k takes after-tax contributions.

The type of plan you choose is largely based on your personal circumstances, as there are advantages and disadvantages to both.

Staffing Firm

The Top Benefits You May Gain When You Secure Final Expenses Life Insurance

When researching and securing the right burial life insurance policy for your needs is at the top of your must-do list, you may be wondering what the potential benefits you could glean from this coverage are. Final expenses life insurance can help you pay for burial expenses, take a burden off of those you leave behind, and more.

You Can Easily and Affordably Gain Additional Peace of Mind

In some cases, burial coverage may be a more affordable policy than you think. This means that securing this insurance could be a simple way to give yourself peace of mind, especially towards the end of your life. It may allow you to:

  • Cross another insurance-related task off your to-do list
  • Lessen your worries and relieve your stress about planning for your funeral
  • Feel comfortable knowing that you have additional security in place

You Could Lessen Your Family’s Burden Upon Your Passing

Besides affording you extra peace of mind, burial coverage can also take the burden off of the ones you leave behind upon your passing. It could help relieve them of:

  • Financial burden
  • Mental and emotional burden
  • Time, planning, and organizational burden

From providing affordable coverage to giving you additional end-of-life peace of mind to lessening your family’s future burden and more, there are several distinct benefits you could potentially experience when you purchase burial life insurance. Keep them in mind as you look up your options for a final expenses insurance policy.