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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.

What are the Liabilities for Truckers?

There are many different services provided by those that work in the trucking industry, but regardless of what product they are transporting or the size of the rig being driven, having comprehensive insurance coverage is the first step in risk management. When working with the professional team at Transguard truck insurance, your drivers can take to the road with the peace of mind that their liabilities are covered.

General vs Unique Liabilities

A basic trucking policy will cover general liabilities, which typically include theft, vandalism, personal injury accidents during loading or unloading, and vehicle accidents on the roadway or in a parking lot. With unique coverage situations, special policies are written to address circumstances that are specific to your business. For instance, those who operate moving trucks have different risks with their contents than those who transport fuel or chemicals around the country. Because of the variety of these unique liabilities, it is best to work with an insurance company that knows your industry.

A Budget for Coverage

The size of your company and the type of work you do are just some of the factors that will impact the cost of insurance. However, not having insurance coverage or not having enough coverage could result in financial losses (legal fees, court settlements, replacement purchases, etc. ) that can ruin your company.

The Need for Liability Coverage in a Dry Cleaners

There are inherent risks to operations, but if you don’t fully understand what they are and how they impact your company, you could end up facing a lawsuit from a client, employee, vendor, or consumer. For that those run a laundry service, careful attention should be given the number of dry cleaning risks present.

Monitoring Harmful Chemicals

A risk management strategy that addresses on-site dry cleaning liability should include recognizing the pollution and chemical hazards of the environment. The dry cleaning process makes use of detergents and bleaches (or a combination of solvents) that are toxic to both human contact and the environment. Any kind of accident spill on the property or leaks from improper storage could contaminate the water supply. While you may not think such pervasive contamination is possible, you don’t want to take that chance.

Handling a Spill

If your dry cleaning company has an incident, such as when someone comes in contact with chemicals or a spill occurs, you may be facing a court appearance or steep fines. With an insurance policy, you can be protected for the financial liability your business has since policy can cover the cost of your legal defense and may cover any settlement funds awarded.

Your dry cleaning services has a number of risks, whether is be slips and falls or client clothing that is damaged in your care. However big the situation, strong defense starts with a comprehensive liability policy.

How Crime Insurance Protects Businesses

All businesses need to employ active measures to protect themselves against crime, including those that are committed by their own personnel. Crime insurance is an effective tool to help shield businesses from losses sustained as a result of employee crime.

How Employee Theft Can Affect Businesses

Businesses that have excellent hiring practices and stringent security still must contend with the possibility of internal theft. Examples of crime insurance claims handled by insurance carriers include a wide range of situations. In most instances, employees take advantage of their position and access to companies’ resources in order to steal products or assets, misappropriate corporate funds, or rob a company’s clients. Here are examples of actual claim scenarios:

  • Unauthorized use of a company credit card for personal purchases
  • Embezzlement of funds from a condominium association’s operating account
  • Fraudulently directed wire transfers from a financial institution

Planning and Protection

Businesses need to utilize careful financial procedures that limit employees’ access to funds and create a chain of accountability. Accounts need to be monitored, and it’s preferable to have them periodically audited by third parties.

Employee theft can go undetected for an extended period of time, so losses can be substantial. It’s important for businesses to safeguard their operations with insurance coverage that will effectively protect their operations.

Financial Assistance for Sewer or Piping Leaks

Until something goes wrong, many homeowners forget about the water that flows into the house and the wastewater that leaves through buried piping. However, when something malfunctions or a leak occurs, it is the homeowner’s responsibility to pay for the repairs and not the utility company. Since the leak usually doesn’t occur within the home, your homeowner’s insurance policy will not pay for the expense. Instead, you will need water line protection insurance if you want to save yourself thousands on the expense.

The Homeowner’s Nightmare

To fix a problem with piping takes a lot of effort by both plumbers, contractors, and even landscapers. Many homeowners try to avoid the nightmare by paying for a service plan (offered by many utility companies) that would cover damages or for a home warranty program. For older homes, the risk of problems increases. An insurance plan is the peace of mind you need when something goes wrong.

The Homeowner’s Choice

When you pay for a service plan from your utility company, you are limited in your repair options and timeline. An insurance policy gives you the freedom to choose the plumber or contractor you want for the repairs. The power of choice goes a long way in your ability to take care of your property. You don’t have to worry about the finances to make needed repairs, and you can trust the service personnel that you have hired.

Coverage Needs for Landlords

Landlord insurance takes care of the unique risks that are present whenever you rent out your home, condo, or other investment property. Whether you choose to your own home for rental income or you have several investment properties that you are working with, carrying the right property insurance is a safeguard against the many financial risks you are facing.

Types of Coverage

Depending on what your property is classified as you will want to address specific exposures in your coverage. Whether you are using rental property insurance or investment property insurance, your coverage should address the structures on the property, the contents of any property belonging to the landlord, liability coverage, and potentially lost income coverage. Your coverage needs are similar to what is found in homeowner’s insurance, but there is an added risk whenever tenants are on the property.

Liability Coverage

One of the most popular coverage forms for any company or investment venture is general liability. This is protection from claims against damage or injury that occur on your property. Up to the policy limits, your coverage takes effect against medical costs or legal costs that arise from visitors or tenants that are injured while on your property.

Don’t just settle for liability coverage with your property. Your investment may also need loss of rent protection, business owner’s protection, or commercial auto coverage.