Category Archive Liability Coverage

Protecting Your Boatyard With Sufficient Insurance

A boatyard contains any number of inherent risks. To put it simply, the combination of open water, numerous boats and other vehicles, and people of varying experience and skill make for a potentially challenging environment. For boatyard owners, it is essential to carry sufficient boatyard insurance to protect your business, as well as your clients, against any and all risks that may arise.

What Types of Insurance Should a Boatyard Carry?

Specific insurance needs for a given boatyard will largely depend on the type of business conducted on-site. That said, there are a variety of policies boatyard owners should familiarize themselves with:

  • General liability policies may indemnify owners from injuries or other incidents that occur on the premises
  • Cargo insurance is essential for protecting shipped goods or goods stored on-site
  • Pollution coverage is essential to protect against losses or lawsuits resulting from fuel spills or discharge of other pollutants
  • Hull and machinery coverage are essential for protecting boats after involvement in accidents or other incidents
  • Workers compensation coverage may be necessary depending on the employment structure at a given boatyard

In short, the size and scope of a particular boatyard operation are essential in determining requisite coverage. Speaking to an experienced insurer about boatyard insurance can ensure your business, staff, and clients are well-protected if any incident occurs.

A Short Guide To High Net Worth Insurance

If you are an individual with a high net worth, you may have struggled to find a home insurance policy that can adequately meet your unique needs. Typical home insurance policies generally have coverage that is targeted at medium-sized or smaller households and don’t have adequate coverage for those with larger, more valuable estates. Luckily, there are options that can fulfill your needs.

Is High Net Worth Insurance Your Best Option?

If typical home insurance policies don’t seem to offer what you need, high net worth insurance may be your best bet. High net worth insurance provides coverage for properties that are valued at $750,000 or higher. This type of insurance has special coverage for your expensive assets and has higher coverage limits.

What Types Of Coverage Are Available Under A High Net Worth Policy?

High net worth insurance typically offers expanded coverage limits as well as additional benefits and services that standard home insurance does not offer. One important feature of many high net worth policies is the option to obtain coverage for your valuable items. Things covered can include artwork, jewelry, collectibles, and fine wine.

High net worth insurance also offers many options for protection that typical home insurance policies don’t cover. These protection options include identity theft coverage and kidnap/ransom coverage.

Having a high net worth comes with a lot more risk and responsibility.  High net worth insurance can provide you with more peace of mind.

Fiduciary Liability Insurance

Understanding Liability Claims With Employee Benefits

In the current day and age, almost all companies provide benefits to their employees. While all staffing companies don’t offer comprehensive benefits like healthcare, perks like vacation days, sick days, and workers’ compensation all fall under the umbrella of employee benefits. While it might not seem like a high-risk aspect of operating a business, staffing fiduciary liability is a real concern of which to stay mindful.

Types of Claims

As mentioned by World Wide Specialty Programs, there are a number of claims that can be expected in the staffing field. If you provide healthcare to workers, then you might experience a claim for failing to properly maintain the plan dictated in employee literature. Similarly, any problems with payroll and the allocation of employee wages can open you up to a number of claims. Additional claims include:

  • Benefits being denied to eligible workers
  • Errors and omissions related to benefit plans
  • Unannounced changes to benefits that conflict with agreements

Financial Setback

When your business experiences this type of claim, it can be a huge financial setback. To avoid this scenario, it is best to take time to find coverage that keeps you protected from benefit-related issues.

Operating a company in the staffing industry comes with unique requirements. Understand your risks and make the right insurance decisions for the future of your business.

Liability Coverage

Understanding Your Liability Coverage

When you own a business, you want to make sure you are getting all the liability coverage you need. With so many different policies available, it may be confusing to tell the difference. You need to know comprehensive general liability meaning.

General Liability Basics

The experts at recommend general liability coverage as part of your business insurance package. General liability covers a plethora of risks:

  • Property loss
  • Personal injury
  • Defective products

If your company issued as a result of any of these issues, your general liability policy can cover legal fees and any settlement amounts that extend past the deductible you pay.

General Liability Premiums

The monthly cost of a general liability policy varies according to the risks to which your business is exposed. If you have a history of multiple claims, your premium will be higher than if you have a good track record. If you opt for a higher deductible, you may be able to lower your premium. Your insurance agent can advise you about the most affordable options that will still give you the coverage you need.

Comprehensive general liability can protect you from exorbitant legal fees in the event of a workplace accident that causes property damage or injury to someone other than an employee. It’s important to understand what your policy covers.