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.
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.
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.
Contractors and subcontractors that are hired for projects that cost millions of dollars often look at wrap-up programs for their insurance needs. This insurance is a liability policy that bundles several different insurance needs into one plan. Owner-controlled and contractor-controlled are the two types of wrap-up insurance plans.
Who Controls the Plan?
With contractor-controlled insurance, the general contractor may take out the plan to extend coverage to any of the contractors or the subcontractors that will be working on the project. An owner-controlled policy is taken out by the project owner and covers a list of contractors on the project. It doesn’t matter who takes out the plan, as the insurance is a peace of mind and blanket coverage options protecting everyone involved.
Why Choose Wrap-Up?
If the owner or the contractors each took out their own insurance policies, there could be gaps in the coverage or the limits may be insufficient for the damage or work needed. With wrap-up, the coverage plan includes basic exposures but covers additional risks through add-ons like workers’ compensation, excess liability, pollution liability, builder’s risk, professional liability, and railroad protective liability.
A wrap-up policy is more expensive than a general liability policy or even a more traditional construction plan with additional endorsements. However, you can divide the costs between the contractors and subcontractors on the project, making it an affordable and comprehensive protection option.
Employers in American need to tap into the growing number of employees sacrificing pay for health & retirement plans. There are many reasons employees are shifting their concern from simple salary increases to better benefit plans. Understanding this shifting mentality can help employers find and keep valued employees.
The experts at Program Business states that employees increasingly find benefit packages with better benefits outweigh bonuses and pay raises. Americans seem more interested in improved security through retirement packages and quality health insurance than simply more money. Benefits packages have become important for businesses to maintain quality employees.
Not all employees want a comprehensive benefits package. Entry-level employees fresh out of college may not be as interested in some benefit options. On the other hand, older employees may feel the increasing need to have a variety of benefit options including life insurance and short-term disability insurance. A flexible benefits plan can help employers address the variety of employee needs.
Offering benefits to employees that meet or exceed their needs shows them that the company values their health and well-being. This helps build trust and keeps employees interested in staying for the long-term.
With the fluidity of the marketplace, retaining high-quality talent is paramount. Take advantage of employees sacrificing pay for health & retirement plans by giving them what they want.
Human resource departments handle a wide range of tasks that require in-depth knowledge and expertise. Many businesses lack the skill set necessary to perform those tasks and choose to contract HR duties to an outside company or individual. There are some factors you should consider to make the most out of HR outsourcing.
The Scope of Functions You Want to Outsource
Outsourcing HR functions allows you to concentrate on other aspects of your business. Before you start looking for a company to handle human resource tasks, decide which ones you are planning to keep in house and which ones require more time and effort than you can spare. The most common targets for outsourcing include:
- Employee benefits programs
- Workers’ compensation
- Risk management plans
The Risks Your Business Incurs Through HR Outsourcing
HR outsourcing is handled by professional employer organizations (PEOs). According to iSure insurance brokers, it is important to find a PEO that understands what you want to accomplish and works well with your organization to reducer risk. While most issues are related to privacy and information security, you may also observe a lack of employee satisfaction as they learn how to work within the new company’s system and processes.
Just like with any business decision, there are pros and cons to outsourcing HR services. You will need to decide if the benefits outweigh any risks for your particular situation.
Managing a workforce of any size carries exposure to legal claims made by employees. Employment liability claims can be based on a variety of issues such as a hostile working environment, unfair hiring practices, discrimination, and improper classification of job status. Discrimination is a particularly prevalent type of claim that employers need to be conscientious of.
It’s imperative for employers to adopt policies designed to promote fair and statutorily compliant employment practices. It’s especially important for employers to take active measures to ensure that policies are followed consistently. In addition, employers need to maintain comprehensive insurance coverage aimed at addressing claims related to employment practices liability.
Examples of Employment Liability Claims
Employment practices liability claims can take on many forms. The following are examples of actual claim scenarios from Axis Insurance Services:
- An employee claimed that derogatory remarks made on an online bulletin board resulted in defamation and emotional distress.
- An employee claimed that she was sexually harassed when coworkers said that she was having a sexual relationship with a colleague and asked her inappropriately sexual questions about her personal life.
- An employee was allegedly terminated for complaining about not being paid due overtime. A second employee discussed the situation with upper management and claimed that he was improperly terminated as a result.
Anyone who works in the cannabis or hemp industry needs to have the right type of insurance coverage in order to protect themselves as business owners, as well as their product. Here is how hemp products insurance coverage can help protect your company.
Covering a Wide Variety of Needs
Within the cannabis and hemp industry, there are many different fields in which individuals can work. These can include transportation, retail, cultivating, distributing, and several others, according to CannGen. Each field might vary a bit in terms of what type of coverage you’ll want. For example, someone in transportation will want coverage that can protect them while on the road. Knowing that the insurance can be based on your needs can be a relief.
Having the Right Type of Liability
As with most businesses, there is a general liability that has different levels of deductibles, but there are several other options, too. Those who want extra protection can choose to have an excess liability, workers’ compensation to protect against any injuries employees encounter while on the job, and even coverage for your crops should something go wrong.
Before you look for hemp products insurance coverage, know what you’ll need for your line of work and how much liability you think you’ll need. This can protect your company and help you save money along the way.
With recent data breaches becoming more significant and devastating to businesses than ever before, now is the time for businesses to reduce the likelihood of a cyber-attack. However, just reducing your cyber exposure isn’t enough. You also need a plan in place to help mitigate the damage if a breach occurs.
Secure Your Hardware
With so much attention given to using the newest and most innovative software available, many companies are overlooking the importance of safeguarding their company hardware. However, the theft or loss of these devices is a significant risk. There’s a basic way to protect these devices – use a complicated password, only give it to the user of the device, and memorize it.
Have a Plan in Place
Based on data and information from Huntersure, it’s not a question of if a breach will occur, but when for most businesses. This means having a plan in place is the best way to mitigate the damages that may otherwise occur.
Creating a plan that highlights what you will do if a breach or attack occurs will help provide you with peace of mind and ensure you are prepared to take action and reduce the issues that may arise because of the breach or attack. Besides having a plan, invest in MPL insurance, which provides coverage for an array of potential business risks, such as errors and omissions, cyber exposure, and more.
If you want to safeguard your business from cyber exposure, using the tips here is a smart first step.
From canoeing treks to cabin-cruiser excursions, boating remains a staggeringly popular activity in the U.S. The Coast Guard notes that 11.8 million recreational water vessels were registered in 2018. Because of the vast range of boating activities on tap, potential watercraft owners need to consider this: What does the general boat insurance cover?
A Sea of Scenarios
According to www.marinersins.com, boat insurance is complex. A number of unique situations can impact your coverage and require consideration as you choose a policy:
- Your boat carries passengers or expensive equipment.
- You encounter uninsured boaters or natural disasters.
- You discover to wear and tear or corrosion.
- You face an accident, or you cause an accident.
- You berth in marinas, or you dry-dock on land.
International travel may be a possible adjunct to the above list. Mexico, a popular fishing and tourist destination, merits a special rider. General U.S. boating insurance does not cover liability within Mexico’s 12 nautical coastline miles or internal waterways.
One of the above points requires significant clarification: Accidents are often the serious consequence of irresponsible water activities. The Coast Guard’s Office of Auxiliary and Boating Safety counted 4,145 recreational-boating accidents in 2018. Where deaths occurred and the primary cause was known, alcohol was the leading factor. Boaters should familiarize themselves with all regulations and safety procedures before hitting the water, and they MUST behave responsibly.
General boat insurance can cover a variety of circumstances on the water. Discuss your watercraft and its usage with your agent to determine the right plan for you.
Keeping Schools Safe
During the past 20 years, a need for increased risk management in schools has become one of the most important legal and political issues of our time and has changed the way school administrators approach their jobs.
Dangers to Children at School
The dangers to children on campus extend far beyond the risk of skinning a knee on the playground. Modern children face danger from the following:
- Sexual or physical abuse by teachers and coaches
- Neglect by bus drivers
- Physical injury from fighting with peers
- Violence from active shooters on school grounds
- Emotional trauma from bullies
- Injuries sustained during sports or other extra-curricular activities
Schools have responded to calls for increased safety with a variety of measures, including metal detectors and on-site police officers. Schools are also increasingly prepared to shoulder financial obligations in the case of accidents. The insurance company Caitlin Morgan recommends that schools have these and perhaps other types of insurance coverages:
- General Liability
- Sexual Abuse and Molestation
- Commercial Umbrella
- AD&D and Educator Legal Liability
It is uncertain what the next decade might hold for schools and children. However, if administrators, parents, and educators work together, the future still can be full of promise for them.