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.
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.
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.
The United States Longshore & Harbor Act, also known as USL&H, is relevant to all maritime workers in the United States. This act covers insurance for workplace injuries for employees of some companies operating on or near the water.
What is USL&H insurance?
USL&H insurance, enacted in 1927, is a compensation system designed with maritime workers in mind. Maritime workers, as defined by Google, are “connected with the sea, especially in relation to seafaring commercial or military activity.” Typically, though not always, this means that USL&H insurance covers employees that work near or on the water in the US. As explained by Merrimac Marine, USL&H insurance benefits refer to employee injuries or illnesses that happened on or near navigable waters.
What are navigable waters?
The term navigable waters might seem broad at first, but generally, it refers to any body of water used in the past or currently used by the US for transportation and commerce purposes. A simple way to look at this is with reference to bodies of water that contain docks, wharves or piers, all of which are likely to be utilized for transportation purposes.
Understanding the qualifications and circumstances for USL&H insurance coverage is an important safety measure for any maritime worker.
Do you have all the coverage you need for your shipyard? If you repair other people’s boats, you need to work with companies that understand the unique liabilities you take on. Like boat builders, your work necessarily exposes you to claims about the workmanship, from both your clients and members of the public affected by accidents. Mariners Insurance explains the wide range of coverage options needed to make sure you have a fully realized risk management plan. The question is, do you want to pursue all the policies you need separately, or do you want to work with a provider who can provide all the coverage you need, creating a bundled policy for all your business insurance needs.
Simplify Your Risk Management and Save
Getting comprehensive boat repairers insurance doesn’t just save you money over the cost of several individual policies, it also saves you time, allowing you to put more energy into developing your core business. That means you can focus on your customers, their vessels, and the marketing you need to put your name in front of the people who need your services. Risk management shouldn’t be something that requires a lot of hands-on involvement once it’s in place, just regular updates as your needs change. If you’re constantly balancing a galaxy of coverage providers, can you really do that?
Owning a home is one of the greatest milestones that is recognized universally. Since homes require a significant monetary investment in addition to time and effort to maintain, it’s no wonder that so much goes into protecting these properties. Regardless of whether it is a home you plan to live in personally, or simply a real estate investment you plan to cash in on later, it is often not only practical but also mandated by law that certain protections must be put in place as a homeowner. When that home also happens to be a higher value than average, then you may find those standard policies may not be adequate to protect all your assets. However, by having high-value home insurance and putting other protective measures in place, you can rest easier knowing your investment is protected.
More at Stake
When it comes to high-value properties, not just any standard policy may be enough. The experts at G.A. Mavon Insurance understand the special considerations that these unique properties must have including the following:
- Contents that may be stored inside the home such as jewelry or collectibles
- Higher maintenance, restoration, and repair fees
- Services for risk management
Though these types of real estate require more investment than average, the growing value of the home and simply the reassurance of knowing you have a back-up plan in place can make it easier to enjoy.