Troy U Dev Site

Should Architectural Engineers Have Errors and Omissions Insurance?

When you hear about errors and omissions insurance, you most often hear about it in reference to lawyers and health professionals, such as doctors and nurses. However, those are not the only professions that could potentially be sued for alleged errors or omissions. Architectural engineers are also at risk for being taken to court over a claim of negligence in relation to their profession. Because  engineers do not deal with the same type of confidential information that lawyers and medical professionals deal with, is it very important for them to always carry insurance coverage for errors and omissions architecture?


Be Prepared With E&O Coverage


Since there is always the possibility that engineers could be faced with legal costs associated with errors and omissions claims, it is just as important for them to have errors and omissions architecture coverage as it is for lawyers and medical professionals to be protected with a good E&O insurance policy. Architectural engineers who forego this important coverage may find themselves faced with the responsibility of paying expensive legal costs completely on their own. Depending on the size and status of their company, they may not be able to recover from such a large financial loss.


Assessing Risks and Choosing Appropriate Coverage


In order to determine if you need errors and omissions architecture coverage, you should carefully assess your risks and purchase E&O coverage if you have any chance of being accused of errors and omissions in your profession.

Gain an Understanding With Forest Products Technical Consultation

When you sit down to purchase a new insurance policy for your forest products company, you may be overwhelmed with the amount of options placed before you. The good news is that there are professionals available to help you understand it all. A forest products technical consultation might be in order if you are new to the industry, new to insurance, or just simply do not understand the lingo.


What Will a Consultation Go Over?


There are various things that a technical consultation will go over. This includes a look at the following:


  • The safety programs you have in place
  • Your loss control program
  • The amount of insurance you currently hold
  • What additional insurance might be necessary


In addition, the consultant can go over any of the technical terms that you may not understand. What this will do is help you to know exactly what you are purchasing when you finally settle on a policy for your forest products company.


Getting Prepared


It is important that you are prepared to run a successful business by purchasing proper insurance coverage. Contact an insurance agent today for a forest products technical consultation so that you can learn more about what type of coverage will be best for the type of business you run. Speaking to someone who is an expert in the field is the best way to really get your questions answered.


photo credit: Ian Sane cc

Insurance for Nursing Homes Helps Reduce Risk Exposure

Like many healthcare facilities, nursing homes face a variety of operational risks. From the large number of employees to the risk of problems related to patient care, there are many reasons for operators to be concerned about risk exposure. One great option for minimizing these risks is to purchase insurance for nursing homes.


The Insurance Needs of Employers Vary


No employer wants to face a situation that will lead to potentially crippling legal fees or other types of costs. Still, these scenarios do arise more often than one would like. Many different types of employers opt to purchase insurance as protection against accidents and costly lawsuits. The insurance needs of these organizations vary tremendously depending on a variety of factors, such as:


  • The number of employees
  • The type of work they perform
  • The type of property they use in their operations (eg, buildings, autos, equipment)


Nursing Homes Are a Niche Insurance Market


Insurance for nursing homes is a niche market. This is because nursing homes face a unique set of risks related to the clients they serve and the services they offer. Insurance providers with experience working with facilities of this type are often able to assess their needs and protect them against potential risks in a way that other providers cannot. They are familiar with exactly the type of risk exposure nursing homes face. They may even offer customized policies to suit a particular set of needs.


With any luck, employers that contact experienced providers should be able to find high-quality insurance for nursing homes in no time.


photo credit: Hjem cc

How Computers Can Work For You

Consumers have a lot of choice when it comes to choosing insurance, and insurance agencies occasionally find it difficult to stand out from the pack. By employing savvy digital marketing insurance professionals can move beyond these concerns and considerably increase their business.


Find Your Niche


One of the most important steps to any successful Internet marketing strategy is establishing precisely what kind of client you would like to target. Most agencies focus on a specific regional market or offer insurance for specific circumstances. The more specialized your agency is, the more time you should spend on seeking out the best web locations for you. For instance, an agency that exclusively sells insurance for expensive jewelry might focus their attention on fashion blogs.


Digital Marketing


A well designed website can also work wonders. The best websites are beautiful, easy to use, and they are also carefully crafted to tell potential customers everything they might want to know about who you are and what you can do for them.


When it comes to digital marketing insurance companies should use every tool at their disposal. Agencies who wish to be especially aggressive may want to consider enlisting the help of a marketing firm. Like insurance agencies, marketing firms often specialize, so it is important to look for a firm familiar with both insurance agencies and digital marketing strategies.


photo credit: Darwin Bell cc

Finding the Best Independent Insurance Agents of CT

While there are plenty of benefits when you choose to go with an independent insurance agent, you don’t want to trust your insurance coverage to just anyone. There are some things that you can do to find the best independent insurance agents of CT and make your decision from there. The following should get you started.


Personal Referrals


If you know anyone who recently purchased insurance through an independent agent, you may want to get a referral. You could speak to them to find out what they liked or didn’t like about the specific agent. By asking people you know and trust, you will begin to get a good idea of whether a particular agent has enough experience and a good reputation.


Business Referrals


Contacting an insurance agency is another great way to gain an honest referral. Because they deal with independent agents, they will be able to tell you who is legit, who is honest, and who will put your needs first. Another way to get business referrals is to contact different companies to find out which agent they use as their insurance provider.


Of course, finding good referrals is not the only way to go about getting in contact with the best independent insurance agents of CT. You can speak to some agents directly to ask questions and get a feel for how they do business. You can also look up reviews online. All in all, the more research you do, the more likely you will be to find the best agent for your situation.


photo credit: Valtech Sweden cc

Protect your Income with Doctors Disability Insurance

We’ve been working with doctors for the last 30 years. When we began supplying doctors disability insurance for income options, there were over 125 impairment income businesses.

Over that period of time we’ve found medicine change drastically. Handicap businesses have reacted by removing or altering advantageous contract provisions, such as:

  • Reducing benefit particular own-occupation definition
  • Raising waiting premiums
  • Removing the specialty underwriting
  • Increasing fiscal underwriting
  • Tougher medical managing processing
  • More rigorous periods
  • More Rigorous claims intervals

In the past 30 years we’ve found many friends and customers end up being disabled. We’ve found the worth in our recommendation. We’ve found adversity experienced by some who did not take our guidance.

The protection of your income needs to function as the basis for the entire fiscal strategy. When all is said and done, doctors disability insurance lets you fulfill your financial obligations. It lets you concentrate on becoming well and attempting to overwhelm your injury or sickness. It lets you live with dignity.

Recall the first rule of insurance, ensure first that which you can least afford to lose… your income, your health and your daily life.

In the event where you obtained a goose which always laid golden eggs, would you protect the eggs or the goose? The most intelligent choice will be to insure the goose’s power to lay those gold eggs. If you’re similar to most of our high income customers, the single biggest advantage your family has is your income earning ability.

The likelihood of at least one long term handicap (90 days of longer) occurring before age 65 is 50% for someone age 25, 45% for someone age 35, 38% for someone age 45 and 26% for someone age 55.

Insufficient doctors disability coverage may be more expensive than death, divorce or a suit.

Give yourself an income protection checkup:

  • How long does your coverage last?
  • What is my monthly benefit?
  • Can I live on that sum per month?

In case you walked into your workplace tomorrow and your income was cut by 76%, could you survive?

  • Is my policy forte special for the complete benefit period? Most group policies will be for just a 2 to 5 year interval.

You generally need to pay premiums personally. This manner in which the advantage is received tax free. Additionally, there are other issues as to the reason why you do not want your own corporation paying and deducting premiums. Some physicians are told to write off premiums before you run into a potential scenario where you may get disabled and after that pay your next premium post-tax. The theory being that your last premium was not deducted; thus, the benefit will be tax free. Do not believe it and don’t take that advise.

  • Do I have adequate overhead coverage? Many doctors who contact us have inadequate coverage.
  • Do I have a contractual provision in my buy-sell agreement providing for disability buy-out if I or one of my partners become disabled? How is it funded?
  • Is my insurance company financially stable?
  • Can I cancel my policy at any given moment? Group policies or associate coverage may be cancelled, premiums could be raised. Using a non-can product you will pay a fixed premium throughout the contract term.
  • Does my policy include a cost of living adjustment?
  • Does it pay if I am partly disabled?
  • Are my future pension contributions covered?

Hopefully this advice has been of use to you. Our desire would be to assist as many doctors as we are able to make educated, informed choices when protecting their income with doctors disability insurance.


photo credit: Seattle Municipal Archives\ cc

Good Leads Can Help Your Insurance Business

If you sell auto insurance, then you know how difficult it can be to compete with other insurance companies. Finding quality customers can take a lot of time and effort. However, once you have them, they might stay with you for a while. This is why so many people pay for auto insurance leads. Quality leads can greatly help your insurance business.


Eliminate Cold Calling


When you have good auto insurance leads, you will not have to spend time cold calling people. This can be a major time wasting, and it can also decrease morale among your insurance company. Instead, the leads you have will put you in touch with people that are actually interested in purchasing insurance. This makes your time on the phone much more efficient.


Find Quality Customers


With the right leads, your insurance company will be able to find quality customers. This can help your business grow. A quality customer is likely to renew his or her policy time and time again. This equals recurring revenue for your business. Without good leads, it can be a challenge to find these individuals.


If your insurance agency focuses most of their efforts of telemarketing, then it might be smart to invest in high quality leads. This will connect you with the right clientele to grow your business for a long-term future of success.


photo credit: postaletrice cc

How to Determine Whether You Need to Insure Your Directors and Officers

Nowadays, large and small companies alike face an increased risk of litigation against individual directors and officers. If you find yourself in this unfortunate situation and you do not have directors liability insurance, then your business could struggle financially in order to cover legal costs. If you are trying to cut back on costs and only buy insurance coverage that is absolutely necessary, here are a few ways to determine whether you need to insure your directors and officers.


Your Current Insurance Coverage Is Inadequate


Some business owners mistakenly assume that their general liability insurance covers claims against individual directors and officers. However, this is not typically the case. If your current insurance coverage does not specifically cover management liability lawsuits, then you need to purchase separate directors liability insurance coverage.


Your Business Cannot Afford a Lawsuit


Most businesses cannot afford to cover the costs of a lawsuit without some financial help. Whether your business is large or small, you need to have adequate coverage for potential lawsuits against management.


If You Have Customers or Employees


Your business could potentially be sued by customers, employees, investors, and competitors, which is why it is imperative to have directors liability insurance if you deal with any of these various groups of people.


If you want to minimize financial losses, it is always best to prepare for the worst with insurance coverage that will cover lawsuits against your management.


photo credit: caribb cc

Understanding Consultants Professional Liability Concerns and Issues

Consultants professional liability insurance protects employees and the business from potentially devastating litigation that can be caused by charges of professional negligence or failure to properly perform professional duties. This commonly includes charges of errors and omissions resulting in such acts as a loss of client data, software or system failure, claims of non-performance, or negligent oversell. There are several insurance issues consultants have to deal with in running their practices, and this article intends to highlight some common areas of concern.


Errors & Omissions (E&O) coverage is a staple in the industry


Also referred to as professional liability insurance, E&O coverage protects consultants from suits alleging poor decisions or the giving of bad advice.


  1. Understanding the policy language


There is no standard liability policy for consultants; rather, each insurer will generally offer its own coverage. A thorough analysis of the insurance contract is required to determine exactly what coverage is being offered. The exact definition of “wrongful act” can also affect coverage, and raise certain questions, such as:


  • What is specifically excluded from coverage?


  • Does the insured have the right to refuse a settlement offer in a claim?


  • Does the policy pay on behalf of the insured?


  • Does the policy indemnify the policyholder?


  1. What constitutes a wrongful act?


Professional liability coverage protects consultants from allegations of a “wrongful act” defined by most policies as “an act, error, omission, misstatement, misleading statement or neglect or breach of duty”. Policies specifically don’t cover bodily injury, property damage, and claims arising out of the use of a car, boat or plane. Also excluded are claims resulting from an employment injury or employment practice.


Those events are however covered by other policies; general liability, auto liability and workers’ compensation insurance, for example. A consultant professional liability insurance policy protects a consultant from allegations that the job was either not done right or was not done well enough to satisfy the client.


  1. Claims Made Coverage


Again, most liability insurance policies (general liability, automobile, workers’ compensation) pay for events that occur during the policy period. For example, an auto insurance policy will pay for an accident that occurs while the policy is in force. But a consultants professional liability policy is usually on a “claims made basis”. This means that the policy pays for lawsuits brought during the policy. Many legal actions are brought years after the actual event occurs, therefore allowing coverage to expire can jeopardize a firm’s protection.


photo credit: ** RCB ** cc

Selection of a Domicile for Association Captives

Group or association captives are formed to insure the members of an association. Association captives are generally considered most effective when members of a group have similar exposures and therefore share similar coverage wants and needs when it comes to insurance. Basically, it is creating an insurance company established by a trade group or other association to provide selected types of primary insurance and/or liability insurance for members of the association and giving access to reinsurance markets.


The two most common motivations for establishing a captive are to reduce the cost of insurance by eliminating insurer profits from the cost structure, and, ensuring the availability of tailored coverage when comparable coverage is unavailable from commercial markets or may simply be unreasonably priced.


Factors to consider in selecting the domicile for a captive insurer


Two main considerations are how the domicile charges expenses for regulatory examinations and timeliness of regulatory exam reports, as well as the adequacy and competency of staff in the domicile regulatory agency. Additional factors should include, but not be limited, to the following:


  • The lines of insurance the domicile permits a captive to write


  • The accessibility to regulators and governmental officials that act on the legislation and regulations that impact captives


  • The legislative and regulatory philosophy, commitment, and appreciation of captive insurance companies


  • The supporting infrastructure in the domicile (i.e. captive managers, third party administrators, legal counsel, investment managers and consultants, etcetera, if the captive is to be staffed in-house, and access to air transportation)


  • The regulatory reporting requirements


  • The requirements of records and files that must be maintained in domicile and therefore duplicated if captive administrative offices are located elsewhere


  • The flexibility for a captive to set its rates without prior approval of domicile regulator


  • The investment restrictions, the premium taxes, and


  • The requirements for meetings of the board of directors of the captive


Association captives are essentially a form of self-insurance. Many groups or associations feel compelled to set up captives for myriad reasons. And although most of the 5,000 captives in existence today were established by for-profits, there are many captives serving the insurance needs of nonprofits and associations as well.


photo credit: Difei Li cc