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Understanding COFR

COFR is short for a Certificate of Financial Responsibility. This is a program that was established affecting all large vessels in United States waters that transport hazardous material. In the event of a spill, COFR upheld by the U.S. Coast Guard mandates that the vessel responsible must clean up the pollution caused by it.

Applying for COFR

You can apply for a COFR through the United States Coast Guard website, which provides instructions on where to go and what to fill out. Once you have made a user account, you can make changes and renew your application through COFR by the United States Coast Guard, making the process a little simpler and less of a hassle.

Failing to Abide by COFR

Any vessel registered as a COFR must follow all laws and regulations for environmental protection. If a company does not follow these laws and refuses to clean up a spill one of their vessels caused, they may be subject to heavy fines, loss of vessels and detainment. They may also be barred from docking at any U.S. ports.

Understanding how COFR affects your vessels is essential for traveling in U.S. waters. The last thing you want is to be responsible for an accident by not having the proper documentation you didn’t even know about.

Worker’s Compensation Coverage for Cannabis Companies

Worker’s compensation is an important part of a comprehensive insurance package for companies in the cannabis industry. Depending on a company’s size and operations, it may be required to maintain coverage as a matter of statutory law. Employers need to avoid running afoul of regulations and ensure that their employees will have vital coverage if they are hurt at work.

Universal Applications

Claims for cannabis-related work comp may be based on many different types of injuries, not just those that are unique to the industry. Just like any other setting, employees are at risk for a wide range of on-the-job injuries.

  •       Herniation’s and sprains from heavy lifting
  •       Repetitive motion injuries
  •       Slip and falls
  •       Illness or an acute injury from exposure to chemicals or pesticides
  •       Injuries caused by an equipment malfunction

Coverage Benefits

Worker’s Compensation can provide for an employee’s medical care for injuries sustained while working. In addition, some types of injuries may qualify workers for wage compensation while they are receiving medical treatment.

Not all insurance providers can work with cannabis companies because they are unclear about state and federal laws relating to cannabis. It’s important that cannabis companies work with an insurance provider that is experienced in serving clients in their industry and have a thorough understanding of applicable law.

Understanding Insurance Aggregates

Purchasing business or event insurance is essential for running a successful business. Chances are your policy tells you how much it covers per claim, but it likely also has an aggregate. You will find your aggregate information with the rest of your policy declarations (the section that tells you how much coverage you have for each type of claim). There are two types of insurance aggregates, which means understanding the difference is important.

Per Policy Aggregates

The most common type of insurance aggregate is per policy. This is the total amount your insurance agency will pay for any claim you make within your term, which typically lasts one year. For example, if your policy has $1 million in coverage, but your claims total $1.5 million, you will be on the hook for $500,000.

Per Project Aggregates

Large companies or those in high-risk industries should consider finding a policy that offers a per project aggregate. Imagine $1 million again. When your aggregate is listed per project, you’ll have $1 million for each one. While this type of aggregate is best for many businesses, keep in mind that the higher risk for the insurer means it is more expensive as well. Additionally, you typically must list each project by name for the policy to cover it.

Regardless of which type of aggregate is best for your business, finding the best insurer to meet your needs is important. Look for a company that is licensed, has excellent reviews, and is experienced within your industry.

Protect Your Non-profit Organization from Liability

Your non-profit organization is undoubtedly of great value to those you serve. You are there to help the needy, and you also give volunteers a way to give back to the community.

Protect Your Non-profit and Those You Serve

Your top concerns are to help people and to generate enough donations to cover the costs involved. You may not be too concerned about the volunteers, because you feel that anyone who wants to give of themselves to help others must be a good person.

Unfortunately, not all those who are willing to volunteer have a noble purpose in mind. That’s why volunteer background checks are so critical, especially for those non-profits who work with vulnerable people, such as children and the elderly. If dangerous people are allowed to get near these groups, you not only have to worry about their safety, but you could have potential liability on your hands if someone is harmed.

Background checks are an excellent way to weed out dangerous offenders, but they can’t catch every bad person. To protect your non-profit, it’s critical to obtain a comprehensive non-profit insurance policy. It will cover any legal fees if a family member seeks restitution, and it will protect your organization if a temporary shutdown is necessary.

Protect your non-profit so that you can continue to serve your community.

What You Should Know About Hiring Independent Contractors

An increasing number of companies are hiring more independent contractors to meet their business obligations. With independent contractors projected to make up nearly half the workplace in the coming years, owners need to make sure that they’re doing their due diligence when it comes to handling the placement of these types of workers. There are upsides to a company’s bottom line when it comes to hiring freelance workers. Often, these types of personnel are not offered certain benefits, resulting in savings. As an employer, you need to pay special attention to where and how you place freelancers.

Addressing Contract Workers

While allocating labor to contract workers seems like a no-brainer, you need to do your due diligence in their placement regarding the following:

  • Liability Insurance. Your company may be insured for work that is completed by employees, but that coverage may not include the liability of independent contractors.
  • Health Insurance. Agreements with your contract workers should explicitly define the relationship between freelancers and your company so that you’re not inadvertently penalized for not offering them health insurance.
  • Intellectual Property. Contracts with independent workers should be clear about who owns the intellectual property or rights to the work product created.

Protecting Your Business

As the decision-maker for your staffing firm, you can appreciate the distinction between an employee and an independent contractor. It is important to make sure that your business practices are in compliance with rules and regulations, especially as they relate to contract workers. Consult a provider of Staffing Professional Liability Insurance for information and resources to protect your business.