employment agency insurance

The Facts About Employment Agency Insurance

Employment agencies are a bridge between employees and employers. In a case where something doesn’t go as planned, this can mean the staffing agency is liable and can be held responsible for the problem. Because of that, having proper employment agency insurance is important. There are a few different options that can help mitigate some of the risk.

General Liability

This is the first policy that most businesses purchase. The reason for that is because it covers several different liability issues that businesses can run into. It may help you cover situations like property damage or injuries at your office, but also protects in other situations.

Business Owner’s Policy

Business Owner’s Policy insurance is a combination of Commercial Property Insurance and General Liability Insurance. It is often less expensive than buying each policy on its own. With BOP, you’ll be covered in the situations listed for general liability, but also against damage from theft, fire, and vandalism.

Errors & Omissions Insurance

This form of employment agency insurance protects you in cases where a client believes you have made some sort of mistake, such as placing an employee who is not capable of doing a job. Other examples include not filling a position by a certain deadline or not complying with certain industry regulations.

Having these types of insurance can save your skin in situations where you get in a jam. Covering these problems can make your life much less stressful as an employment agency owner.

8 Types of Cargo Insurance

When shopping for wholesale cargo insurance, you can find policies covering many types of losses. The lowest priced option may not provide the level of coverage needed depending on the kind of cargo covered by the insurance, the mode of transportation, and the distance over which the freight will travel. Following are some coverages that can be included in your policy.

  1. Refrigeration breakdown policies cover losses due to malfunctioning refrigeration equipment.
  2. Loading and unloading insurance applies to damage or loss while the freight is being moved to and from the truck or ship.
  3. Water damage coverage refers to freight damage due to leakage or other moisture issues.
  4. Debris removal riders cover the expense of removing cargo dropped onto roads or waterways.
  5. Pollution liability policies apply to the cost of cleaning up pollutants that spilled from either the vehicle or freight.
  6. Sue and labor coverage further protects an insured party against reasonable expenses to minimize or avert additional losses to the insured property.
  7. Earned freight coverage reimburses the insured party for income that would have been made had the cargo remained undamaged and delivered as promised.
  8. Infidelity/dishonesty covers losses due to driver theft.

Be sure to carefully review any wholesale cargo insurance policy to confirm that freight is covered for the many possible types of loss or damage. Comprehensive freight insurance coverage can be a critical step towards meeting risk management goals.

Why MGAs Add Value

 

For companies that ship goods from local routes to cross-country deliveries, part of a thorough risk management strategy includes insuring in-transit freight. Working through Managing General Agents, also known as cargo insurance MGAs, can help both the insurer and the insurance provider. MGAs are usually given authority by the insurer to make decisions about underwriting insurance applications. They also typically set rates and manage most claims.

Client Benefits

An MGA is frequently closer to the client and has specialized knowledge about the unique needs of the insured’s industry. Other benefits often include:

  • The convenience of working with a local representative rather than someone at a remote headquarters.
  • Quick turnaround for getting coverage or claims addressed.
  • Terms and rates may be more competitive when MGAs can pass along discounts from the insurers because of business volumes and taking over a portion of the administrative tasks and costs.
  • For clients located in remote regions, a wider variety of insurance options can be made available.

Because agents for specialized insurance programs such as cargo insurance often need specific industry knowledge, working with cargo insurance MGAs can be advantageous for insured companies as well as insurers. The MGA’s in-depth understanding of specialized business niches can open up remote markets to larger insurers to add options for clients looking to manage their transportation risks.

insurance web design

Directors & Officers Liability for Businesses in Need

Directors and officers liability insurance (D&O) is designed to cover corporate activities. At anytime, the corporation and the directors and officers who direct it can be charged with liability for any number of actions or inactions. In many cases, where corporate interests may clash with those of individuals responsible for managing business affairs, the coverage may differ in how it is applied.

While an indemnity policy protects the corporation, a D&O policy from an Orlando insurance agency covers the individual acts of directors and officers. There are times when the coverage can be tied to the same events, but if the corporation is the subject of litigation it will be covered solely by the indemnity policy.

What is covered by a D&O policy?

A D&O policy can cover private companies, public companies, non-profit organizations, charitable trusts, and civic associations. One common thread tying them together is the concept of a “duty” owed by an officer or director to his or her constituents, such as shareholders, employees and the corporation itself. For example, the Board’s failure to properly notice elections, or decisions by the Board resulting in physical damage to the association’s property shows a lack of proper duty or care.

D&O liability came about as a solution to such matters as breaches of fiduciary duty and good faith that were beyond the common law courts. Anyone who suffers any damages, such as a sharp drop in share prices or a wrongful termination can scrutinize corporate activity in the light of hindsight and then accuse the manager of having breached a corporate duty.

Many consider D&O coverage an integral part of a slew of liability concerns. There are many different types of issues involved, including public policy concerns, fraud, sharing trade secrets, unfair competition, and unfair employment practices.

D&O policies don’t cover criminal activities, as they are concerned exclusively with civil remedies, and for the most part, damages. The only criteria are determining whether a director or an officer has breached one of his or her basic duties to the extent that the aggrieved party can seek recovery.

Private company risks are less concerned with securities violations as their main exposure is to employees, but any company that employs one or more individuals or deals with customers, clients, competitors, the government, or other third parties has a D&O exposure, thus making the need for D&O coverage from an Orlando insurance agency crucial.

 

“What is workers’ compensation insurance?”

The Benefits of a Non-Owned Auto Policy

Staffing agencies often require temp workers to drive their own vehicles during the course of their employment. This may be either to run errands, or drive across town to report to an employer leasing their services. While most companies carry a policy to pay auto expense reimbursement for mileage, the company may be at risk if that employee is involved in an accident. Non-owned auto insurance coverage is usually added as an endorsement on a general liability policy.

This type of staffing agency insurance generally meets contract requirements for commercial auto coverage when a company has no vehicles titled in its own name. Otherwise, an employer will likely be held responsible for the actions of an employee who causes, or is the victim of an accident as a result of actions performed within the course of their employment.

Non-owned auto coverage protects the company

A policy for non-owned autos will aid the owners should they be sued due to an auto accident while one of their employees is on company business in a personal vehicle. Unlike a personal auto policy, this coverage is not designed to protect the individuals, owners, or employee in the event of an accident. As with hired auto coverage, this coverage protects the company only and supplements the driver’s personal auto liability coverage should the need arise.

For example, auto liability coverage may be described in the contract in the following way: “Contractor shall carry bodily injury, property damage, and automobile contractual liability coverage for owned, hired and non-owned autos with a combined single limit of liability for each accident of not less than $1,000,000.”

Your company’s liability for any on-duty auto accident

If a temp employee of the company inadvertently has a serious auto accident in their own vehicle, or in a rented vehicle while on company business, and their personal insurance is not enough to cover the claim, the claimant’s insurance company will likely hold the company responsible.

These claims can be catastrophic, and since the cost of non-owned auto insurance is minimal, it makes perfect sense to add this endorsement. Every business owner should seriously consider this coverage when purchasing staffing agency insurance policies as yet another important way to protect his or her assets.

 

Weathering the Storm

Owning a yacht club can be prestigious. Love of the sea combined with magnificent vessels makes for an exhilarating and fulfilling lifestyle and career. Smooth sailing is what is hoped for, but weathering the occasional storm is part of the mariner’s life. Peace of mind for the rough patches can be achieved with the proper yacht club insurance.

Although one of the more mundane business fundamentals, policy coverage is extremely important. Without hitting the key facets of your business, the organization may be left with holes in its safety net. One mistake here can be the difference between survival or closure. Lay out a clear outline of all the major components of the yacht club, making sure each area is checked off with its coverage.

The future always holds surprises. On the open sea, mother nature has the upper hand. Even with up-to-date equipment and training, accidents happen. Looking forward with an eye toward risk and covering potential damage can help mitigate loss. Being prepared while on board and being prepared in business terms are both important.

Although dry, business fundamentals are essential to running a yacht club. Utilize a professional and navigate the options to create a policy that suits your business. Yacht club insurance is the required safety net. Weather the storm and break through to the sunshine.

American Team Managers Insurance

BOP Insurance Popular Among Small Businesses

Owning and operating a small business is a tremendous responsibility. Whether you have a handful of employees or twenty or more, they become your responsibility so you have to make good financial decisions. After all, they need to have a job to come to every day. You’re investment and hard work will pay off one day, but growing a successful business mean making sure that it’s protected from any possible risks or exposures.

A business owner’s policy (BOP) from American Team Managers Insurance is designed to package some of the required policies a business owner needs for protection against major property and liability risks, along with protecting personal assets that could be threatened should you experience a large claim against your company. A typical BOP package includes property insurance, business interruption insurance, crime insurance and general liability insurance.

Some advantages of a BOP package

BOP’s generally include business interruption, property insurance, general liability coverage, and/or crime insurance. Business interruption coverage typically provides up to 12 months of income for covered events if you are forced to shut down operations for any length of time. Crime insurance in a BOP covers break-ins, vandalism and other physical crimes.

Based on a company’s specific needs they can exercise the option to select which policies are included in their BOP. Typically a business owner will save money by choosing a BOP because the bundle of services will generally cost less than the total cost of all the individual coverages purchased.

Other types of available coverages

Depending on they type of company, number of employees, vehicles in use, and other existing factors, owners should consider purchasing policies for cyber theft, earthquake, fire, business auto, employee theft, and a host of other common concerns. Workers comp is also needed, but like certain other policies, must be purchased as standalone coverage.

Operating a business in today’s climate requires a bit of risk management planning and business strategies that help prevent your business from experiencing a catastrophic loss. You could even face the threat of damage to your reputation resulting in a loss of customers and vendors. Securing a business owners policy from American Team Managers Insurance can make the cost of coverage even more affordable. Speak with an agent today.

3 Tips for Creating an Insurance CTA That Converts

 

What do you want visitors to do when they land on your homepage? Every good insurance website needs a call-to-action. Prospects need to know what actions to take when they’re on your site. A well-done CTA can increase leads and conversions. By following a few tips, you can make strides in achieving your sales goals.

1. Make It Stand Out

You don’t want your call-to-action button tucked away in the footer. It should be the first thing prospects see. A simple way for getting the CTA noticed is with color. Many insurance agency marketing services recommend using blue, yellow, orange or green.

2. Give Clear Instructions

The purpose of a CTA is to guide visitors to take specific actions. Give explicit instructions for what you want them to do. Sample phrases include “Call for a free quote,” “Talk to an agent” and “Learn more.”

3. Go Beyond the Homepage

Each time a visitor sees a CTA, you have a better chance of boosting conversion rates. With that said, place your calls-to-action in several locations. For example, do you have a “Request a quote” button in the upper-right corner? If so, add another one to the bottom of the page.

Clear instructions, bold colors and page placement go a long way when it comes to calls-to-action. You can get more online strategies by using insurance agency marketing services.

Preferred Insurance

Umbrella Coverage Provides Additional Protection

An important aspect of running a business is ensuring that you protect the people entering the premises from all types of potential injuries. Your financial security depends upon this, and without umbrella coverage from Preferred Insurance, you may be at risk if the damages exceed the coverage you’ll get from your primary business insurance. You must understand that you are legally liable for damage to the property of other’s as well, or in instances where someone is injured as a result of the products you sell or existing hazards at your facility or offices.

The only real way to protect your business and personal assets is having enough coverage to assist you when facing a large claim settlement. Remember that, no matter how well trained your employees are, accidents can occur anywhere and at any time. You owe it to yourself to be prepared to address the possibility that you may experience an event that results in paying severely high compensation.

Excess umbrella coverage provides additional assistance

While you may have a reasonably sound safety program at work if someone other than an employee is suddenly injured how will you address the situation? The more severe the injury, the more likely that you end up in court defending your position. When a person gets injured while at your place of business it’s quite difficult to prove you weren’t at fault. Lawyer’s fees, medical bills, and pain and suffering are some of the hard costs that you’ll be expected to make financial restitution for.

For example, if you are sued for $2.5 million dollars, and your general liability policy only covers you for $1 million, how would you make up the difference? Without umbrella coverage in place, you may have to resort to filing bankruptcy. When faced with paying the total amount, the fact is that your umbrella policy would cover the additional $1.5 million.

Umbrella policies also provide protection for major catastrophes, offering additional liability limits beyond underlying insurance coverages. You could be eligible to receive higher limits providing affordable protection of $1,000,000 or more for each occurrence in excess of your primary insurance coverage.

You should buy coverage that will protect both your business and your livelihood. Speak to an agent about umbrella coverage from Preferred Insurance and get the protection you deserve.

 

accounting business insurance

A Brief Explanation of Insurance for Accounting

There are many different types of accounting business insurance. If you are unsure as to which you might need, here is a brief introduction to some of the most common forms of this professional protection.

Large Firm Insurance

A large firm, or a company that takes in tens of millions of dollars per year, requires a complex web of professional safeguards to match its expansive risk potential. To this end, policies for large firms often include coverage for nearly every accounting practice imaginable:

  • Tax preparation
  • Consultancy
  • Auditing
  • General bookkeeping

Smaller Organizations

Firms with lower revenue might still offer a variety of services for their clients. Therefore, it stands to reason that the primary distinction between small and large accounting business insurance is the accessibility factor. When small companies are able to get a world-class insurance product to protect their operations and reputations, they often experience the steady growth characteristic of success in the industry. If you are operating a small firm, look for the simple solutions and reasonable coverage plans characteristic of good small and medium accounting insurance policies.

Prior Acts Insurance

This specific type of accounting business insurance is most often used during complex legal procedures, specifically mergers, corporate purchases and company spin-offs. If your firm is changing ownership or organizational status, you might need coverage that extends back a certain amount of time. Look for a long maximum reporting period when considering this type of insurance.