Category: Insurance

Key Strategies for Locating a Lost Life Insurance Policy

Most life insurance policies are paid out after the insured passes away. However, there are instances where a beneficiary may be unaware of a policy’s location or that it even exists. In these instances, a policy is considered “lost.” But, it doesn’t have to stay lost. With a little detective work and a plan of action, a beneficiary or immediate family member can locate the lost life insurance policy of the deceased and make a claim.

Following the Paper Trail

Insurance policies have a paper trail. This makes the detective work a little easier. Premiums are typically paid via check or bank draft. Therefore, a solid strategy for initiating a search is to review bank statements for payments to any insurance companies. Second-tier strategies might include sorting through the mail and perusing income tax returns. This might segue smoothly into getting others involved. For example, speaking with accountants, attorneys, financial advisors and former employers could lead to discovery.

Tracking Digital Footprints

Nearly everyone has digital footprints – electronic evidence of their existence and actions. These footprints make the process of discovery much more efficient. Obvious digital footprints to look for in the search for lost life insurance policies include:

  • Online banking transactions
  • State insurance department databases
  • State unclaimed property databases
  • MIB database

The search for lost life insurance policies can be efficient and effective using these key strategies. Paper trails and digital footprints provide the evidence that leads to discovery.

The Importance of Understanding CNA Laws and Regulations

Senior care has fast become one of the biggest areas of the healthcare industry. Research suggests that the demand for experienced and licensed caregivers has gone up exponentially over the last few years to meet the rising number of citizens entering old age. However, with this influx of new workers has come a number of new and important developments. If you run a business that is associated with services of this nature, it is important for you to take time and understand the latest rules dictating your industry in order to best protect your assets.

Rights and the Workplace

One of the more important areas to focus on in your research centers on CNA laws and regulations. Understanding a CNA’s workplace rights can be very important and help you better manage the daily operations of your organization. In fact, these same rules apply to any workers, including RNs and LPNs. You must create a safe work environment, keep the workplace free of discrimination, and pay attention when your employees are mentioning problematic or violent coworkers or patients. Other steps you must take to ensure your workplace meets with workers’ rights include:

  • Overtime compensation
  • Appropriate insurance coverage for workers
  • Competitive benefits offerings

Improve Your Business

By taking time to understand the regulations that dictate your industry, you can improve your healthcare practice to ensure it meets modern standards. Review the basics and learn how you can do your best with your senior care services.

Consider the Details in Large-Deductible Plans for Workers Compensation Insurance

Part of running a company is using resources well, including available finances. For many employers, large-deductibles plans for workers compensation packages appear to be an effective way of saving money. However, such plans may not be all that they appear, because the bottom line of imagined cost savings is not the best option for every company.

Misunderstood Costs in Large-Deductibles Plans

Compensation packages for workers are complicated, with many types of possible expenses. Some employers may not understand the financial risks of choosing plans with large deductibles. Potential costs they could face include:

  • Reviews of medical bills – This is perhaps one of the least understood aspects of workers compensation insurance. It is complex, and the amount employers ultimately pay can vary based on numerous factors.
  • Nursing care and case management
  • Investigations to insure medical claims are valid
  • Digital research
  • Attorney fees

Just one of these expenses could strain a company’s budget. A combination of them could be financially devastating.

Expert Insurance Advice

Insurance brokers should be able to explain the complexities of workers compensation packages to their clients as well as provide coverage options for every need. Just as insureds turn to them for advice, they likewise need to have the backing of an industry expert. Understanding how to handle workers compensation claims helps reduce the pain for everyone.

 

The Importance of Protection for Oil Spills

For all vessels, marine oil spills are a risk. When there’s an oil spill, it not only affects the shipowner but fishing, tourism and an individual’s livelihoods. Oil may cause severe damage to property and lead to a devastating economic loss. If you own a ship or run a cargo business, you have to take into consideration that oil spills can happen.

How To Protect Against Oil Spill Damage

If an oil spill occurs, you need adequate insurance coverage. One of the major sources of protection comes from the Civil Liability Convention. This provides spills for oil up to your liability limit. In 2001, the Internation Convention on Civil Liability for Bunker Oil Pollution Damage was adopted. It ensures that there is compensation available for those impacted by oil spills.

How To Find Insurance

If your ship is over 1,000 tons, you cannot enter signatory state ports. If you want to enter, you need to carry a certificate known as a Blue Card. This is proof that you have adequate insurance to cover a spill if it were to happen. It is your marine insurance company that can provide you with this certificate.

If you operate a large vessel, then you will need a bunker convention certificate before you enter any signatory state port. Not only does this protect the environment and those around you, but it protects your business.

Why You Need to Have Coverage for Your Mixed-Use Property

A mixed-use apartment complex is a structure that rents out apartments to renters while simultaneously housing companies. Apartment buildings featuring eateries or retail outlets on the first floor are common. A mixed-use residential building might look like this, but others might feature office space that can be rented out or another arrangement. If you’re the building’s landlord, make sure you understand the functions of each business you rent space to because a retail store will require different mixed commercial residential property insurance than a daycare or a bar.

Cover the Tenets

Certain areas will be covered for businesses renting space in a mixed-use apartment building. The following items should be included in mixed commercial residential property insurance policies:

  • Merchandise and equipment damage or loss: Any assets that are utilized to help run a business should be insured if they are damaged or stolen.
  • Businesses will be held accountable for any injuries that occur in their area, whether they occur to customers or employees.
  • Loss of income coverage: This protects a company if something happens to it that prevents it from earning money.

Cover the Building

In this agreement, the landlord who owns the building will have the greatest obligation. They are in charge of insurance for both the businesses and tenants who use the facility. Issues that would need coverage would include damage to the building due to weather or vandalism, loss of rent due to the building being uninhabitable, or injury to people in common areas.

It’s critical to determine each party’s liability in a mixed-use apartment building so that everyone is protected from unanticipated costs. Consider a mixed commercial residential property insurance policy if you own, rent business space in, or live in one of these structures.

Can Habitational Insurance Protect Your Properties?

As a landlord, property maintenance and protection are of utmost importance. The unknowns of keeping tenants are too vast for a property to be uninsured. Consider habitational insurance to protect your investment in either commercial or residential rental properties.

What is the Purpose of This Insurance?

Habitational insurance can be tailored to the specific needs of any landlord, but it generally covers a homeowner’s leased or rented property. The intent of this coverage is protection from loss of income due to damage incurred to commercial residential living spaces. Whether renting homes, condos, or apartments, having an insurance plan provides a homeowner with a safeguard for unforeseen accidents.

What Does This Insurance Cover?

While policies can vary based on need, most will cover property and general liability. A unique component is coverage of a homeowner’s property within the residence. Policies can also cover property damage related to hail, earthquakes, pollution, wind storms, etc. In many cases, general liability can even cover injuries incurred by a resident of the property.

Is This Insurance Right For Me?

You may be wondering which type of insurance is right for your situation. If your family’s income is derived from the property being rented or leased to tenants, then there is no need to leave your family’s well-being unprotected. Habitational insurance is an absolute must-have.

3 Things To Know About Commercial Property Liability Insurance

Regardless of the industry, commercial property liability insurance helps cover the gaps left by general insurance policies. Since accidents can occur anywhere, at any time, more comprehensive coverage ensures that damages caused by natural disasters, building issues, or intentional destruction don’t result in reputational or monetary losses for your company and employees.

1. What It Is

Commercial property insurance reimburses businesses for any money they spend on repairing their facilities following a destructive act. It also pays employees for loss of personal property or income related to commercial damages and vouches for any lost or stolen documentation.

2. What It Covers

Natural disasters such as fires and strong storms are covered by most commercial property liability packages; however, some disasters, such as floods, often require their own individual policies or special inclusion in order to qualify for coverage. Commercial liability also covers damages caused by individuals, such as vandalism and theft.

3. Who Needs It

Any business can benefit from additional property coverage. This is especially true for those who provide public services, maintain extensive and pricey equipment, or work in an area with consistent weather threats.

No matter the size or type of business, commercial property liability insurance minimizes property and monetary losses in the event of a disaster. It enables companies to focus on providing quality service to their customers without the fear that one incident will leave them in ruins.

The Basics of Peer-to-Peer Boat Rental Insurance Coverage

If you find yourself in a position where you cannot use your boat as much as you would like, you may want to consider peer-to-peer boat rentals. However, before you rent out your boat, you need to make sure you have the right p2p boat rental insurance in place to protect yourself in the event of an accident.

Common Risks

Renting out a boat comes with a variety of risks, including:

  • Collisions
  • Injuries
  • Capsizing
  • Loss or theft

Talking to the renter and ensuring that they understand how to operate the vessel is a great precaution, but it cannot ward off every type of accident. Even if you are in the area while someone else is using your boat, an incident could occur.

Types of Coverage

The type of coverage available can vary depending on where you live, what type of boat you own and the insurance company you select. However, most policies should offer the same basic types of coverage, such as:

Finding the right rental insurance policy for your boat may not be the most interesting part of lending your vessel, but it can protect you from incurring financial responsibility if the renter causes an accident or losses the watercraft.

A Short Guide To Truck Insurance

Commercial truck businesses are a great way to make a living. However, working in this field definitely comes with a certain amount of risk for both truck business owners and truck drivers. Whether you are one of these or both, it is important that you have truck insurance to ensure you are adequately protected at all times while you are on the road.

What Is Truck Insurance?

Truck insurance is a type of auto insurance that is used by trucking businesses, independent truck drivers, and businesses that use trucks. It provides financial and legal protection from a variety of risks, including things like bodily injury, property damage, and more.

What Types Of Vehicles Need Truck Insurance?

There are many types of vehicles that can be protected by truck insurance. Some of these are:

  • Pickup trucks
  • Cement mixers
  • Tow trucks
  • Dump trucks
  • Box trucks
  • Tractors
  • Semi-trucks
  • Garbage trucks
  • Street sweepers
  • Tankers
  • Flatbed trucks

What Are Some of The Coverage Options For Trucks?

There are many different types of trucks that serve different purposes and are exposed to a wide variety of different risks. Therefore, there are many different types of coverage. Some of the more popular types are:

  • Primary liability
  • Physical damage
  • Cargo coverage
  • Medical payments
  • Uninsured motorist

Running a trucking business can be complicated and risky. Truck insurance can help everything run far more smoothly.

 

 

Typical Components of a Commercial Auto Insurance Policy

If your company wants to get, or is legally required to have, commercial auto insurance coverage, it’s important to understand what this type of policy typically covers. Commercial auto policies are essential for businesses that operate company vehicles, and can provide several foundational protections in the event of an injury, a claim or an accident.

Your Policy Should Cover All Components Legally Required in Your Area

Before your company decides against getting a commercial auto policy, be sure to review your local requirements, since some regions legally require this coverage. You may want or need to get this insurance if:

  • Your state requires commercial auto insurance
  • Your employees expect insurance protections to meet industry standards
  • You need protections to help cover financial difficulties that may arise in the event of a lawsuit or accident

Typical Policies Include Several Key Coverage Features

Though commercial auto insurance policies can vary, most offer protections for medical expenses, legal damages and more. For instance, the typical policy may cover:

  • Uninsured motorist coverage
  • Protections for physical damages to company vehicles
  • Medical coverage in the event of healthcare expenses
  • Legal expense coverage
  • Auto accident liability coverage

For any company that operates fleets of vehicles, having good commercial auto insurance coverage is essential in mitigating the financial and legal effects of claims, accidents and more. Understanding the typical components of a commercial auto policy can help your business find the insurance it needs.