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Things to Know About Your Company’s Cyber Liability

Whether you have already instituted a plan or are considering your options for your cyber liability coverage, there are a few things that you should keep in mind. Properly understanding your policy is essential to getting the most from your plan. Check out these key aspects of a policy.

Type of Liability Coverage

They type of liability insurance you select will have a big impact on what benefits you will have access to. The major cyber liability insurance options are:

  • first-party coverage
  • third-party defense and liability coverage

First-party coverage protects the business and its customers by instituting preventative measures, examining if there is a breach and quickly addressing it. On the other hand, third-party coverage pays for expenses related to lawsuits brought by clients or business partners due to a data breach.

Who is Covered

Every policy is different, and it is important to understand who is covered in your policy. For instance, some third-party liability plans may provide employee liability coverage and protect your business against employee error, while others may not. This can be an important factor to consider.

Scope and Requirements of Coverage

Though a benefit is offered it does not mean that it provides the coverage that you need. Also, there may be specific requirements or stipulations to utilizing certain benefits. Understanding this up front can help you to properly implement your plan.

Taking your time and fully examining your cyber liability policy can help you to understand these key factors. If there are any terms or benefits that you do not understand, consult with your local agent.

Doing Your Part to Prevent Insurance Claims

Insurance is a necessity and a wise safeguard against liabilities that can affect you and your home. If you are selecting a CT home insurance policy, you want one that will provide the necessary coverage at a price you can afford. In the event that you need to file a claim, nothing is worse than realizing you don’t have coverage for the event in question. To keep rates low and avoid such a situation, take steps to prevent filing an insurance claim.

Be Proactive in Protection

Many CT home insurance claims are filed every year for incidents that may have been avoidable. When you file a claim, it’s more than just an inconvenience. It can also raise your rates and cause changes to your coverage. You should take simple steps, such as the following, to prevent common claims:

  • Perform regular maintenance on plumbing and HVAC system
  • Add security features to deter theft
  • Keep your home safe from possible accidents

Partner With Your Provider

The next step you can take to prevent incidents and claims is consulting with your insurance agent to strategize what else can be done. They may have valuable feedback on minimizing the potential for claims and keeping your home as safe as possible. Give them a call to find out.

PEO Insurance and the Benefits of Leased Employees

A professional employer organization (PEO) works technically in the same way as a staffing company that provides temp employees. A temporary staffing service sends recruits to employers who then assign them to duties as a replacement for a worker on vacation or extended leave. This enables employers to supplement a depleted workforce. The job of the temp agency is to fill any number of work situations when a regular full-time employee is not available.

PEO services contractually assume and manage employee administration for all, (or a majority) of a client’s workforce. This employment arrangement often sees these temp employees remaining with the organization for a year or sometimes longer. PEO insurance allows employees the ability to participate in a full range of employee benefits, including health benefits and a retirement savings plan as well.

Many employers prefer using a PEO to facilitate their needs

PEO firms provide an invaluable service by offering leased employees. An employer is given the means to outsource employee management tasks they would prefer not to have to handle themselves, such as workers’ comp, employee benefits, payroll, recruiting, risk and safety management, along with training and development. In this arrangement, the PEO becomes the employer of record for these temp employees for tax purposes and insurance purposes.

PEOs are primarily based upon the co-employment of an existing workforce. One of the advantages of this arrangement is that the leased employees return to the staffing service for re-assignment to other companies once the completion of their contract for that particular client has been reached.

PEO insurance is required for all of the same risks and exposures businesses in other lines of work also have. Every company needs to provide financial security, quality health insurance, a safe working environment, and opportunities for retirement savings in order to retain a solid workforce. This can include higher quality employee benefits including dental and life insurance, vision care, and a 401(k) savings plans.

Leased employees, much like a regular staffing may get sick from time to time which results in days absent from work. They’ve come to depend on health insurance to get them through any illness, pay for medical bills or if they wind up with an extended hospital stay. Having a 401k provides them with a retirement fund, while safety manuals and a sound risk management strategy show’s that the PEO is concerned with matters such as workplace safety. Having peo insurance shows everyone that the organization cares and wants everyone to have the same benefits and security.

How to Manage Worker’s Compensation Claims

If you are a small company, you may not think too much about worker’s claims management. However, every business can benefit from following a set process for handling claims. This not only ensures claims are handled in a timely manner but it also ensures you are catching issues and looking out for both employees and your business. Here are some things to keep in mind that will help make managing worker’s compensation easier:

  • Involve human resources. Every claim needs to be checked to ensure it isn’t affected by other laws, such as the Family and Medical Leave Act or Americans with Disabilities Act. The best way to do this is to keep HR involved in the claims process.
  • Be very careful about terminating employees. It might be an automatic reaction to fire an employee who is making a large claim, but it is against the law to fire an employee just because they made a claim. You must have some job-related reason for termination.
  • Understand the process. While your insurer can offer you a lot of assistance, you need to be informed, too. You should know about timelines, rules and claim denial terms, among other things.
  • Obtain legal counsel. If you have to settle a claim, it can be very helpful to have legal counsel, but an attorney can also be helpful during the claims management process. He or she can offer advice and help ensure you are following the law.

Worker’s claims management is important regardless of whether you get one claim a year or hundreds of claims a year. Worker’s compensation is a legal process, so you have to take every claim seriously and ensure you do everything you should when dealing with them.

Logistics Specialists and Transportation Bonds

Transportation bonds refer to bonds issued by companies that operate in the transport sector, including airlines, railroads and trucking companies. State governments also issue transportation bonds in order to fund statewide projects. The ability of transportation issuers is to service their bonds depends on a number of factors including competition from other modes of transport and the extent of government subsidization. Your clients involved in the transportation industry must secure bonds as a way of legally moving freight in and out of the US.

Specialty Bonds

There are different types of specialty bonds available depending on a particular carrier’s needs. Carnets are international customs documents that simplify customs procedures for the temporary importation of various types of goods. With the issuance of an ATA Carnet, the holder must provide security to the guaranteeing association in the US, the United States Council for International Business (USCIB). The USCIB requires security from all Carnet holders in the event of a default. Generally, the required amount is 40% of the total value of the General List, but there are some exceptions.

Ocean Transportation Intermediary (OTI)

Companies operating as ocean freight forwarders and Non-Vessel Operating Common Carriers (NVOCCs) in the US are required to be licensed and bonded as Ocean Transportation Intermediaries. The bond guarantees that contractual agreements with shippers and carriers are to be fulfilled. The bond responds to claims filed by the shipping public to ensure compliance with Federal Maritime Commission regulations.

BMC-84 Bonds

Your client may also be required to carry a bond for their freight brokerage to protect shippers and motor carriers. By not following Federal Motor Carrier Safety Administration (FMCSA) rules, claims can be filed against the bond that your client will be responsible to pay. For example, if they don’t pay motor carriers in a timely manner, a claim can be made to recover monies owed. The freight broker bond is sometimes referred to as a transportation broker bond or property broker bond.

Surface Deployment and Distribution Command (SDDC) Bond

The SDDC Bond secures performance and fulfillment of carrier obligations to deliver Department of Defense (DOD) freight. It will cover any instance where a carrier, for whatever reason, is unable to deliver DOD freight tendered to them. This includes default, abandoned shipments, and bankruptcy by the carrier. Transportation bonds are vital to this industry and ensure that all parties will bear their responsibility to tender cargo and properly deliver goods to their destination.

Why Purchasing a Business Owners Policy in Carmel is Smart Choice

As a business owner, you want to make decisions that are right for your company. This includes things that affect your staff, your employees and of course, yourself. When it comes to business insurance, you realize that without proper coverage in place anything you may have accomplished up to now won’t mean very much. Do your part to ensure that the business isn’t forced to close due to improper coverage.

business owner’s policy in Carmel is a good consideration since it combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged coverage, commonly referred to as a BOP, is going to be less expensive than purchasing coverage separately. Plus, having a BOP gives you the ability to customize the policy to meet your own particular business needs.

Business property insurance

Business property insurance helps protect the property a business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. For example, it provides coverage for damaged equipment, like computers. If a storm, fire, theft or other event damages your building, its contents, or any outdoor fixtures (like signs, fencing and landscaping), your business will be covered.

Business liability coverage

When it comes to liability protection, every company needs coverage, and the broader the better. Purchase a policy that provides liability insurance that covers the business in the event any of your employees is responsible for causing harm to any person and/or damage to property belonging to others. It also helps cover the defense costs from any claims.

Loss of business income due to business interruption

If unexpected events cause operations to be suspended due to a covered cause of loss, this coverage will help to replace any loss of income in order to help meet those continuing financial obligations, such as rent or payroll. Some owners should consider adding business auto coverage or commercial property insurance as well. These decisions can be made easier by finding an agency that will work hard to find the right combination of coverages to meet your specific needs.

Purchase a business owners policy in Carmel from a respected agency that can evaluate your current conditions and recommend ways to lower costs for property, auto, workers compensation or liability concerns. Doing so will also increase productivity and help you to avoid any downtime when issues arise.

New Jersey Contractors Insurance Provides Security

New Jersey contractors secure bonds and insurance to be protected if a problem arises while working on a project since you can never assume that everything will go according to plan. When something does go wrong on a job site, as most general contractors know, having insurance can save their business and their reputation. When an accident or an injury occurs the person in charge will likely to be held responsible for any mishap that happens. Having new jersey contractors insurance will help take the brunt of the financial burden.

For example, vandals raid construction sites in the evening when the crew has gone home, or someone on the crew might make a mistake and damage property belonging to the client, without insurance this becomes an out-of-pocket expense.

Most states require that contractors demonstrate proof of insurance as part of obtaining a trade license or registering their business. There is no doubt that new jersey contractors insurance is an important policy to have and will protect the owner and the business from the burden of paying any costs for medical attention, repairs, or damages experienced during construction.

Being uninsured is a serious mistake

Hiring an uninsured contractor immediately puts the client at risk. There is a list of specific coverages that all good contractors should acquire, including general liability, which covers property damage caused by the contractor’s work, as well as workers’ comp, which provides payments to injured workers, without regard to who was at fault in the accident, and this includes any lost wages and any need for medical services.

Contracting and construction business owners rely on having General Liability (GL) insurance to safeguard their business against the mounting risks of potential lawsuits over accidents, injuries, and illnesses, which is especially important in today’s litigious environment. As the courts expand coverage under the GL and commercial umbrella policies, insurers may wish to re-evaluate underwriting guidelines.

It helps to speak to an agent that knows the legal rules and form options, as this is essential to any insurer familiar with the policy requirements for contractors. Speak to an agent who can help evaluate and determine the construction environment in New Jersey and can help you decide which new jersey contractors insurance options are best suited for the type of projects you service.

Those at Risk Need Professional Liability Insurance in Austin

As most professionals are well aware, errors and omissions (E&O) are the insurance that provides coverage in the event that a client holds you responsible for a service you provided, or failed to provide, or that they’ve determined did not have the expected or promised results. This is a concern for many working in the real estate industry.

Here in Austin, many individuals working as mortgage brokers, title agents, even independent contractors need a policy of this kind in place when clients sue them, charging them with negligence or other wrongdoing in their line of work. Professional Liability Insurance in Austin, TX provides coverage for claims resulting from providing services of this nature.

Real estate agents and brokers have long faced exposures to claims related to their line of work, including failure to disclose material facts, failure to properly inspect property or in many instances, failing to provide documentation or reports, and this is just the tip of the iceberg. This type of coverage will protect your finances so you really can’t afford to be without it.

Your E&O policy will cover settlement and defense costs

Even as may well be the case, that the allegations are groundless and you win in court, the cost of defending against such a lawsuit can be a sobering prospect. A case of this type can bankrupt small companies (or individuals) and often has a negative effect on the bottom line of larger companies. Having Professional Liability Insurance in Austin, TX is essential coverage for all professionals in many different lines of work. You may want to consider what will happen if the service you provide is not done correctly or on time and this results in harm to the reputation of your client.

By not purchasing a professional liability policy a company can be taking a serious financial risk since these types of losses are not covered under a general liability policy. As with any insurance policy, the best time to buy coverage is before any risk is taken. If you are in the service industry, and you understand you’re likely to have these exposures, then make this policy a part of your insurance portfolio.