No one wants to deal with liability lawsuits, but as a homeowner, they can happen at any time. Though your homeowners’ and car insurance policies will help cover the cost of the lawsuit and any settlement amounts you have to pay, it’s not always enough to cover the damages. Personal umbrella coverage can help fill in the gaps.
What Is Personal Umbrella Insurance
Personal umbrella insurance is a supplemental insurance policy that’s designed to fill in the gaps left by the liability coverage in your home and auto insurance policies. During a lawsuit, your insurance will only cover your liability fees up to your policy’s coverage limits. If the legal fees or settlement fees exceed that amount, you’ll have to pay the remainder some other way.
With personal umbrella insurance, the supplemental policy will kick in to cover the difference. This means your out-of-pocket expenses will be lower and you’ll be able to keep your savings intact to cover life’s other expenses.
How To Get Coverage
The best place to start looking for personal umbrella insurance is to speak with your insurance agent. Let them know that you’re interested in the policy and ask for their recommendations based on the coverage that your current home or auto insurance policies provide.
Investing in personal umbrella coverage is a simple way to protect your savings for the long term. Look for a policy that complements your existing insurance and fills in the gaps completely.
While owning a restaurant is profitable, you also face losses throughout the year. One of the biggest concerns for restaurants at the end of every year is lost money due to food waste. While food waste is inevitable, it doesn’t have to be a complete loss. You may be able to take advantage of deductions during the tax season.
Track Your Food Waste
Do not forget about your food waste. Track every loss. When you track your waste, you can plan your inventory better. You should take steps to minimize food waste throughout the year. To accurately track your food waste, you could prepare a report of the inventory you used and the inventory that you sold.
Deduct Your Food Waste
It does not matter whether you sold the food or if you had to throw away the food. As soon as you purchase food for your restaurant, it turns into a normal business expense. Deducting the food that you purchased for your restaurant reduces your taxable income.
While there is no separate food spoilage tax deduction for thrown out or spoiled food, you can still deduct the food that you purchased. Food waste may be lost money, but you can recoup a percentage of that loss through your tax deductions.
This may come as a surprise but volunteer work comes with some potential risk. Whether you are a volunteer for a local organization or are a volunteer board member, you run the risk of having a claim filed against you. This can be for an injury that occurs to someone as a result of your service or for fraud or negligence. This is where volunteer liability insurance comes in.
Why do You Need Volunteer Insurance?
Volunteer insurance provides you with the protection you need in case the unthinkable happens. If you are negligent and accidentally cause harm to someone while providing your volunteer services, you could have a claim filed against you. If this happens, you could have to pay thousands of dollars yourself. Volunteer liability insurance covers these costs and protects your assets should the worst case scenario take place.
What is Covered by Volunteer Insurance?
If you volunteer as a director of a nonprofit organization, volunteer insurance can protect you from a variety of claims including:
- Wrongful termination
- Emotional distress
- Copyright infringement
If you volunteer as an individual, you need to make sure that you are covered by the organization you are volunteering for. If you are not insured, you need to invest in your own volunteer liability insurance to ensure you are covered.
Volunteer work comes with a certain amount of inherent risk. Whether you are a director of a nonprofit organization or volunteering as an individual, having volunteer insurance can make all the difference.
The marine industry is complex and unique and there are a variety of risks you face that have the potential to literally sink your business. In order to properly cover yourself, purchasing marine insurance could be your best bet.
What is Marine Insurance?
Marine insurance provides coverage for damage caused to ships, terminals, cargo vessels, and other forms of water transportation. This type of insurance also covers cargo damage or losses.
Benefits of Marine Insurance
When it comes to transporting goods by water, there are a number of risks to consider. Weather hazards, cross border conflicts, and pirate encounters are all common occurrences. If one of these situations arises, it can result in a significant amount of financial hardship for you and your business. A marine insurance policy can provide you with the coverage you need to defend against possible losses.
Types of Marine Insurance
Within the more broad category of marine insurance, there are three types of marine insurance that provide protection for various different things.
- Hull Insurance
- Cargo Insurance
- Marine Liability Insurance
Hull insurance provides protection against physical damages to your boat and its equipment. Cargo insurance guarantees coverage for any damage that your cargo receives. It can also protect you in the case of stolen cargo. Finally, marine liability insurance offers protection for injuries, illnesses, and loss of life that occurs while operating a vessel.
There is a lot to consider when you are in the ocean marine industry. Having the right kind of insurance can make all the difference.
Owning a home is fraught with worry about all of the ways it is exposed to damage. Most homeowners insurance policies cover events like fire, windstorm, hail, and other perils. However, it’s important to know about the three perils that are often not covered under a standard policy.
You may think landslide would be covered because it often follows other natural disasters, yet it is frequently a named exclusion. You can and should purchase landslide insurance if you live in an area prone to such occurrences, including houses built on steep slopes and in areas with heavy yearly rainfall.
One of the most devastating events to happen to a home is a flood. While water damage from appliances or pipes breaking apart is typically covered, any water that comes into the home from outside and causes damages is considered a flood. Flood coverage is required in some geographic areas based on historical flood maps, but you don’t have to be in a designated zone to experience a loss or purchase coverage.
Termites, carpenter ants, and rodents can all cause significant damage to the structural integrity of the home. Despite the fact that it is due to a force of nature in a roundabout way, vermin infestation is still not covered.
Knowing what may not be covered under a homeowners policy can help you determine additional coverages to purchase. In addition, you’ll also understand which risks you are required to take on yourself.
Law enforcement officers have high-risk jobs with unique insurance needs. An officer may assume their department protects costs associated with lawsuits, but this is not always the case.
The number of lawsuits against law enforcement and criminal personnel has increased substantially in recent years. Even if these claims ultimately do not result in settlements or judgments, the legal defense costs can be rather costly.
Some common claims against law enforcement individuals and agencies include:
- False arrest
- Failure to protect
- Excessive force
- Civil rights violations
These policies cover departments, municipalities and officers, including:
- Police departments
- Sheriff’s departments
- Security companies
- Airport authorities
- College or university police
Working in this profession comes with many stressors. Concerns about adequate insurance coverage don’t have to be one of them. Police officer liability policies typically cover property damage claims, bodily injury, slander or libel committed on behalf of a public entity during official law enforcement job duties.
Coverage is dependent on many factors that consider the unique needs of your agency. The best way to determine if this type of policy is right for an individual officer is to evaluate his situation together with the department and a qualified insurance agency.
Financial institutions often use bond instruments as an alternative risk transfer method in areas where insurance is less cost-effective than the protection offered by those bonds. There are four common types of financial institution bond, as well as the selection of specialty instruments tailored to the organizations that contract for them. If you’re trying to decide whether you need to buy each kind of bond, it helps to understand what they are used for.
- Form 14 for investment banks, stock exchanges and brokerages, mutual funds, and institutions with similar exposure
- Form 15 for mortgage and real estate investment trusts, small business finance companies, and lenders
- Form 24 for large-scale financing companies including national banks, U.S. divisions of foreign banks, title insurance companies, and similarly structured institutions
- Form 25 for insurance firms and reinsurance companies
Most of the time, a well-designed bond in one form is all you need, since each option is built for a completely separate class of business.
What Do These Bonds Cover?
Bonds are generally written to be robust and comprehensive, to make it easier for you to cover everything with one cost-efficient purchase instead of shopping for a patchwork coverage made up of smaller bonds that each suit one purpose. In general, their provisions take care of employee theft, errors and omissions, forgery, embezzlement, and fraudulent trading practices. When combined with the right insurance package, they help create a robust risk management plan that takes care of your company and your clients.
If your home is pricier than the average home, basic home insurance may not entirely meet your needs. This is where high-value insurance comes in. It offers extended coverage for more expensive homes.
Is My Home High Value?
Generally speaking, homes nearing or over $750,000 are considered high value. Dealing with damage, theft or even replacement is extraordinarily difficult with homes in this price range, so these homes should be insured properly.
Every provider is different, but most companies that offer high-value insurance policies offer a variety of additional coverages. Some additional perks of a policy such as this could include:
- Jewelry theft coverage
- Watercraft theft coverage
- Sewer and pipe backup coverage
- Identity theft coverage
- Coverage for additional living expenses
- High liability limits
- Flood insurance
What Are Umbrella Policies?
Many companies that offer insurance to high-value homeowners also offer umbrella policies to protect personal assets. This is considered excess liability coverage and is only utilized after the liability limits of the initial policy are met or exceeded.
If you own an expensive home, you should ensure that your property and assets are adequately protected. You can do so by finding a reputable company that offers quality insurance, so you can rest easy knowing your assets are covered.
New business owners often find themselves at a loss when it comes time to shop for insurance. That’s because most new business owners don’t have enough experience to anticipate every possible avenue of risk they’re likely to encounter. Even seasoned professionals who have opened several companies in an industry often need the help of insurance professionals to figure it out, because slightly different businesses within an industry could have profoundly different insurance needs depending on their size, location, and other factors.
Comprehensive Coverage Packages by Business Model
One of the easiest ways to make sure you have complete coverage is to look for a comprehensive provider who makes a point of understanding the range of needs that companies in an industry have. This puts them in a position to adequately interview you about your operation in order to build a coverage plan. As a result, providers of tailored insurance for breweries and other industries make it easy to find the right insurance package and to perform simple evaluations of your coverage needs each year. Bundling worker’s compensation, general liability, equipment, and property coverage with specific professional insurance provisions like additional public liability and dram shop coverage often saves you money on a coverage when compared to individual policies. On top of that, the fast review process and lack of coverage redundancies also help you save. Check out the options for your industry today.
When you’ve been injured at your job, you’ll want to know how much a worker’s comp claim is worth before you file. Not all employers have workers comp insurance coverage, so first check their policy and what it covers. Once you know that, you can begin to add up the total worth of your injury so that you know how much to ask for in a claim. Here are expenses that you can factor in your claim.
What to Claim
You should keep all medical bills related to your injury in an organized file. Since they already have monetary values, they are easy to include in a claim. You may also include wages that you’ve lost because of time away from work. Those who require temporary or permanent disability may make special claims for that. If you have lost a loved one in a work accident, you can file for funeral expense coverage.
How to Calculate a Claim
You can calculate how much to ask for in a claim in a number of different ways. There are tools you can use, like a worker’s compensation overpayment calculator online, or you can reach out to legal sources. Talking to a lawyer may help you understand state laws surrounding your claim and give you a better idea of how much your claim is worth.