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Understanding the Mechanics of Ransom Insurance

Companies that send employees overseas for business purposes expose themselves to risks in the event that the workers become hostages of a hostile group in a foreign country. Businesses should have a ransom insurance plan in place for such a scenario. Ransom insurance in PA is complicated but necessary.

Non-Disclosure to Employees

In most cases, companies are prohibited from informing employees that there is a ransom insurance policy in place when they travel. This is necessary to prevent fraud. Employees who know they are covered may fabricate a hostage situation or collude with their kidnappers. If you discuss the policy in any capacity, it may be declared null and void.

How Ransom Money Moves to Captors

When the captor makes a demand for ransom in exchange for the kidnap victim, the ransom insurance policy does not provide the payment. All ransom money must be paid by the business directly. Once the crisis has passed, the insurance policy provides for reimbursement of those payments. Many policies will also cover any payments that are lost on their way to the captors. Note that ransom insurance only covers up to the policy limit. Any expenses beyond the dollar amount in the policy will remain the company’s responsibility.

Keeping employees safe when they travel overseas includes having a plan in effect if the worst happens. Look into ransom insurance in PA to keep your company covered in any situation.

2 Qualities You Want to See in Workers Compensation Brokers

When dealing with brokers to negotiate an insurance policy, you want to be certain you are dealing with the best. While every business owner’s needs are going to differ, there are key qualities you want to see in all workers compensation brokers you deal with. This will ensure you get the best workers comp policy possible.

1. Understanding

You do not want a broker who just tries to sell you a policy without knowing everything you need. Pay attention to how the broker treats you during a consultation. Does he or she actually listen to your needs and concerns? An excellent broker will listen to you diligently and then offer a policy that works ideally for you.

2. Comprehensive Knowledge

A good broker should do more than just sell you a policy and leave. He or she should also inform you of what your policy entails. You may have certain tax obligations as a result of acquiring workers compensation insurance, and it would be handy if your broker simply told you everything you needed to know.

Honesty, tactfulness and accessibility are qualities any experienced broker will have. Schedule consultations with as many workers compensation brokers as you need to in order to find a policy that makes you completely confident.

Why You Need Dog Liability Insurance

Owning a dog carries a lot of responsibility. You have to make sure your dog is well-behaved and well-fed. It takes time to play with your dog each day and take him (or her) on walks. Then, there’s also the financial responsibility if your dog injures someone. Every dog, small or large, no matter which breed, when threatened has the propensity to attack. To ensure that you have the means to take care of the injured, you need dog bite liability insurance.

When you have a dog bite insurance policy, the individual dog is covered. You have peace of mind that you won’t be responsible for the medical bills of a friend or family member if the worst happens. It’s just one more layer of protection for your financial future that makes sense when you own a dog.

It’s estimated that dog bite injuries account for about $400 million per year in liability or medical claims, but some experts in the industry believe that this figure is low because many injuries go unreported. Many renter’s or homeowner’s insurance policy exclude dog bites as part of their coverage, which means you need a solution to protect yourself financially. Dog bite liability insurance provides the coverage you need to sleep at night, just in case your dog defends you by biting another person.

How Obamacare Affects Health Insurance Policies

If you are purchasing Connecticut insurance for your small business, then you are probably looking into group health plan. When you are researching the different plans, it is important to understand some of the changes that come with the Affordable Healthcare Act.

Essential Health Benefits

Obamacare outlined certain healthcare benefits that were essential for individuals. Insurance companies are no longer allowed to cap these costs. This is a good thing for employees, but it might be one of the reasons your insurance costs are more expensive.

Medical Underwriting

Insurance companies are no longer allowed to use medial underwriting to determine the price of the policy. This means that the premium costs are no longer influenced by medical history, so you might get a better price on your Connecticut insurance.

Out of Pocket Costs

The plans are also required to cap out of pocket costs. This benefit is good for the policyholders but it can increase the cost, especially if the out of pocket costs are low.

Maternity Coverage

In addition, the Affordable Healthcare Act mandates maternity coverage. If you are planning to have a child, this feature could benefit you.

All of these aspects of Obamacare can affect the cost of health insurance, so it is important to work with an agent. They can help you choose the right coverage.


How to Find Great Auto Insurance in Tennessee

There are plenty of places that will insure your vehicle. However, it can be difficult to sort through all of them and figure out which policy works best for you. While searching for auto insurance in Tennessee, here are a few helpful tips to keep in mind.

Ask Friends

The easiest place to look for a new insurance policy is to ask your friends, coworkers and neighbors what they have. They will tell you if they are ultimately happy with what they have. They will also tell you if they wish there was something else they had gotten when they first purchased their policy.

Assess Risks

Some companies may give you a worse policy depending on your perceived risks. For example, if you have gotten a lot of traffic tickets in the past, then you may need to pay more at certain companies. Other items that are taken into consideration include:

  • Credit history
  • Area of town you live in
  • Age
  • Criminal record if any

Finding the best auto insurance in Tennessee for your vehicle can take a little work, but there is bound to be an insurance provider out there you like. Feel free to shop around and take your time. Acquiring an insurance policy is not something you need to rush into.

Many Employers Rely on Vendor Management Services

The primary purpose of vendor management services (VMS) is to provide clients with a primary point of contact for any and all staffing needs. A VMS helps to control the flow of job orders to and from the supplier community, giving the clients the ability to track and control spending on necessary resources while also ensuring that the needed requirements are being met in a timely and cost-efficient manner.

The contingent workforce is vital to the success of these entities. This is a provisional group of workers hired by a firm to participate on daily work assignments on a temporary basis (commonly known as freelancers, independent contractors, independent professionals, and temporary contract workers). VMS is a type of contingent workforce management and there are several other terms associated with VMS, all of which are relevant to the contingent workforce or staffing industry.

This arrangement provides employers with a simple way to find qualified staffing when required from any number of local agencies across the nation. This also helps to measure the quality of service that staffing companies are providing to their clients, but it takes a great deal of effort from clients to manage the literally hundreds of staffing vendors that provide such services.


Managed Service Providers aid staffing companies

The managed service providers (MSPs), many of whom originated from staffing agencies, realized their need for employing agencies, used their own expertise when it came to managing many of these programs. Due to their own background in providing temp staffing services, they understand many of the intricacies involved in the process. Like most other companies, they also understand that there are certain risks and exposures involved, and the need to purchase staffing insurance to protect their investment.

This entire process gives them the ability to find the best candidates for the staffing agency while focusing on speed of delivery, all associated costs, and reliability of the candidates and the program. This process has proven to increase efficiency, reduce many of the costs involved and also increase the level of competition. In the end, having vendor management services can easily make many of the difficulties associated with the staffing industry a lot easier to deal with.

The Ever-changing Landscape of Claims Management

With workers compensation claims on the rise, state governments and insurance companies are scrambling to find a balance between a worker’s rights and an insurer’s rights. Your clients rely on you to find them the most affordable policies for their clients’ needs, alongside workers claims management to help them weed out employees who try to take “paid” vacations.

Don’t Stop at the Policy

The policy isn’t all that matters. As an insurance broker, you seek more than just a great deal. You’re the middleperson, and you need to ensure that the wholesaler with whom you work can address all of your clients’ needs, including workers compensation coverage for high-risk employees. This coverage is hard to find, which makes it a lucrative market for your agency.

Why Proper Management Is Important

This isn’t your only concern, however. On the East Coast, New Jersey and New York are embroiled in legislative changes to workers compensation systems, which complicates the claims management process. You’re the agent. Your job is to find the policy; it’s the policy issuers job to understand the legal mumbo-jumbo.

A wholesaler that offers workers claims management helps you and your client. By providing educational programs designed to turn your clients into worker’s compensation whizzes, you’ve just brokered the perfect insurance policy and know-how to go along with it, which, in turn, increases your client base.

How to find the Best Construction Insurance in New Jersey

Anyone working in the construction industry knows that projects are subject to a slew of different risks during the construction process. Weather, fire, vandalism and theft may all contribute to costly delays, along with any number of other concerns. A builder’s risk policy indemnifies against many of these types of losses, and all a contractor needs to know is how to find the best construction insurance in new jersey.

Construction insurance purchased by New Jersey contractors indemnifies them against damages during projects under construction and also protects any insurable interest in tools, materials, fixtures and equipment being used in the construction or renovation should any items sustain physical loss or damage from a covered cause.

A builder’s risk policy provides valuable coverage

The contractor working for the property owner should purchase this coverage as it protects the interests of the insured. Builder’s risk coverage may also be necessary in many cases to show proof of insurance and in order to comply with local city, county and state building codes. This is often required as a condition to many contracts entered into.

Liability coverage, on the other hand, will cover most project accidents resulting in bodily injury and damage to property other than the structure being built. While it’s possible to cover damage to construction projects under an owner’s existing property policy, there are coverage limitations in standard property insurance forms that make procurement of a builder’s risk policy a desirable option in many cases.

If procured, consideration should be given as to whether the owner or the contractor obtains it. This determination is best made on a project-by-project basis, taking into consideration such factors as the type of project, the type of contract (cost plus or stipulated sum), financing/lender’s requirements (some owners may want to bundle soft cost and loss of income coverage with the policy to avoid claim delays and arguments among insurers over coverage), location of project, and the owner’s desire to participate in project-specific risk management.

If you are interested in learning how to find the best construction insurance in new jersey contact a local agent with any questions or concerns.