Author: Student Health Care Administrator

Personal Insurance Policies

Glossary of Common Personal Insurance Policies

As a business owner, you already know the importance of protecting your assets and managing liability. However, that mindset shouldn’t end at the business property. According to this insurance glossary, these types of insurance can help protect personal assets as well. 

Vehicle Insurance

Some form of auto liability coverage is required in nearly every state. Additional options include property damage, vehicle damage, and medical payments. Auto insurance covers standard vehicles, such as cars, trucks and SUVs. However, separate policies to protect specialty vehicles are also available. A few of the most common examples include:

  • Collectible cars
  • Recreational vehicles
  • Watercraft
  • Motorcycles 

Homeowners Insurance

Your home is a valuable asset, as are the personal belongings inside of it. The right insurance policy will offer sufficient coverage to replace the home’s structure and its contents. It is a good idea to consider specialty policies for high-value items such as art, jewelry and collectibles.  

Medical Insurance

Many individuals find themselves responsible for securing personal health insurance coverage. That can induce major medical, vision and dental. 

Life Insurance

Life insurance can take several forms. The most common — and most affordable — option is a term policy. This provides benefits for a specified length of time as long as premiums are made. Permanent policies are another choice that are more expensive but last for your lifetime. Long-term care insurance is becoming more popular and can be combined with life insurance into a hybrid policy. 

Once you understand the personal insurance policies that are available, you can take steps to protect your assets. 

Employees

Key Benefits to Offer Employees

Employees count on their employers to provide good benefits. Employers need to build packages that adequately meet the needs of their workforce but are also affordable. In some instances, employers must provide certain benefits as a matter of law. However, offering good benefits is an important part of attracting and retaining excellent personnel. Companies need to carefully evaluate the significance of each benefit that they provide and select plans that include optimal features.

Health Insurance

Healthcare coverage is typically the most important component of employee benefit packages. Employers with more than fifty employees generally must provide healthcare. A plan can be paid in whole by an employer or an employee can contribute specific percentages towards their plan premiums.

Wellness Programs

A wellness program is a good supplement to a healthcare plan. It helps employees stay healthy proactively and reduces utilization of other benefits.

Short-Term and Long-Term Disability

Disability plans can help provide employees with lost wages when they are unable to work. A plan may pay some or all of an employee’s wages.

Retirement Contributions

An employer contribution to a retirement savings account such as a 401K is a great way to reward and retain personnel. Offering this type of a benefit shows employees that a company is willing to invest in them individually, and it promotes a positive company culture.

Cannabis Harvesting

3 Simple Tips for Successful Cannabis Harvesting

Whether you’re a new cannabis grower or a seasoned professional, harvesting your cannabis plants can be an intimidating step in the growth process. Though many think that growing the plants is the difficult part, it’s critical to harvest your plants correctly in order to produce the highest quality strains and products. Luckily, there are a number of ways to simplify the process and ensure an optimal cannabis harvesting experience.

1. Be Patient

If you’ve made it this far in the growth process, it may be tempting to rush through the remaining steps and harvest your plants as quickly as possible. In reality, however, waiting until plants are fully matured ensures top-notch potency and efficiency. Harvesting your plants in between light cycles is also critical to trapping in the necessary nutrients.

2. Trim Your Plants

For indoor growers, trimming bigger and more obstructive leaves can help expedite the harvesting process by exposing the buds to adequate air and light. Outdoor growers, on the other hand, can wait and trim the entire plant at once. Once harvested, trimming additional leaves from the bud ensures a smoother, better-tasting smoke.

3. Cure Your Plants

Drying and curing your plants is the next crucial step in the harvesting process. There are several ways to approach this, but perhaps the simplest is to lock your buds in airtight containers and allow them to dry out slowly over the course of several weeks or months. Allowing your buds to dry for a longer period of time ensures better quality, so patience is again crucial when curing your plants.

Harvesting cannabis plants may feel like an easy, straightforward part of cultivation, but it’s essential to follow these basic guidelines to reap the best fruits of your labors. Doing so can boost your confidence in your ability to produce quality products and ensure that you and your customers remain satisfied with every bud.

Professional Surety Bond

Parties Involved in a Professional Surety Bond

In one sense of the word, surety means being certain of something; it also refers to someone who is financially responsible for another person. In terms of insurance, a professional surety bond is a contract between an insurance company, the professional it insures, and the professional’s clients. Here is an explanation of the three parties involved in this special type of policy.

Principal

The party who promises to perform a certain service for the public is the principal, and also the purchaser of the bond. For example, a construction contractor agrees to abide by regulations and to deliver a finished product to his clients.

Surety

The surety, which is usually an insurance company, guarantees the principal’s performance. If the principal does not meet the client’s expectations, then the surety reimburses the client.

Obligee

Members of the public who enlist the services of the principal are the protected parties or obligees in the bond agreement. If a professional does not live up to obligations, then the obligee can seek repayment from the surety.

Everyone benefits from surety bonds. Even where not required, being bonded gives the principal a higher status that increases client confidence. Surety bonds also benefit clients, as well as generate revenue for the insurance companies acting as sureties.

Environmental Contingency Plan

Why an Environmental Contingency Plan Matters

Oil spills have become a major threat to the planet over the last few decades. Though transportation of such materials is important for business to keep powering forward, the errors made by humans and corporations have led to some seriously problematic positions for the planet. If you want your business to stay ahead, it is critical that you think about the impact your company has on the environment. Creating a contingency plan for worst-case scenarios is absolutely key for your company to survive.

The Basics of the Plan

Developing an environmental contingency plan is not very difficult. Typically, this is the type of arrangement that is best made with an insurance provider. Since your business will need to adhere to various regulations put forth by local and international governing bodies when transporting specific materials across open water, your insurance provider can help you cover all your bases. Failing to adhere to all of these rules can put your company in a very precarious position. Additional areas to pay attention to can include:

Protect Your Assets

There are several ways to go about taking out a policy that will keep your company protected. Look over the basics of your industry to feel ready for whatever the future has in store.

Volunteer Liability Insurance

The Ins and Outs of Volunteer Liability Insurance

If you own a nonprofit organization, it is important that you run the organization in a way that carries out your mission without creating additional risks for yourself or your organization.  Just like how businesses need insurance to properly protect themselves, so do nonprofit organizations.  There are a number of types of volunteer liability insurance coverage available.

General Nonprofit Liability Insurance

This type of coverage protects your nonprofit against claims made that pertain to bodily injury and property damage that occur on your premises, from your operations, or from your products.

Volunteer Liability

Sometimes there are gaps in a general nonprofit liability insurance policy.  Because of this, it can often be smart to get a separate policy for volunteer liability.  Since this plan covers things that fall outside typical liability limits, you want it to provide up to $1 million in protection.

D&O Liability Insurance

Directors & Officers liability insurance or D&O insurance provides coverage for the directors and officers of your nonprofit organization.  Directors and officers are always at risk of being sued for either wrongful acts or even mismanagement of the nonprofit.  Having D&O coverage can provide protection in case this occurs.

Running a nonprofit comes with many of the same risks that business owners face.  Having a good volunteer liability insurance plan can make all the difference!

DO Litigation

Can Insurance Help With DO Litigation Costs?

D&O litigation has become more and more common for nonprofit organizations in recent years. In part, this is probably due to the proliferation of new nonprofits, since inexperienced directors and officers are more likely to make good-faith mistakes that still lead to claims for damages. Paying out settlements for valid claims can be relatively inexpensive, though, especially if your organization is diligent in its selection of insurance coverage. What’s a lot more expensive is the litigation associated with contested claims. So how do you manage D&O litigation costs? It starts with your insurance coverage.

Policy Protections Against Litigation

Purchasing a D&O insurance package with litigation insurance means getting assistance with the cost of litigation when settlements are rejected or when you’re contesting the claims made. This financial protection can mean the difference between budgeting for settlement losses to avoid litigation and fighting to preserve the reputation of your nonprofit. Like regular policy provisions, D&O litigation insurance has limitations and coverage maximums, so it’s essential you work with a provider who understands the ins and outs of your nonprofit’s risk profile. That way, you’ll be able to get advice about how to effectively manage the risks that can inflate the costs of insurance and make litigation more likely. That kind of advice can be more valuable than the coverage, if it helps you steer clear of litigation entirely.

Boat Rental Insurance

Should You Get Boat Rental Insurance

When you plan to spend time outside and rent a boat, make sure you protect your assets before hitting the water. Obtain boat rental insurance to minimize potential risks.

Do You Need Insurance for a Boat Rental?

Even though you are not the boat owner, you are held responsible for accidents during the rental period. Insurance for boat rentals protects you from having to pay out of pocket for any repairs, replacements or damages that occur while you have use of the vessel.

Does Your Current Boat Insurance Cover Your Rental?

Every insurance policy differs, so you need to check your specific protections. Typically, the policy you have on the boat you own will not provide safeguards for a rental vessel. You likely need to obtain additional coverage.

Where Do You Purchase Boat Rental Insurance?

You can often purchase coverage directly from the rental company. However, you may want to consult with your insurance agency first to see if you already have watercraft coverage on your existing policy. Rental insurance is also available from credit card companies. If you pay with a credit card, you can often access their insurance coverage option.

Enjoy your water adventures by preparing for any unexpected situations. Obtain adequate boat rental insurance to reduce potential risks.

Allegations of Misrepresentation

Protect Your Business Against Allegations of Misrepresentation

When it comes to professional agreements, each party is accountable for holding up his or her side of the contract. If one party convinces another into the contract through misleading statements, this could be considered business misrepresentation.

How Allegations of Misrepresentation Happen

There are three types of misrepresentation:

  • Innocent misrepresentation
  • Negligent misrepresentation
  • Fraudulent misrepresentation

In innocent misrepresentation, the person who makes the claim had reason to believe that he or she was giving a true statement that later turned out to be false. Negligent misrepresentation, on the other hand, occurs when a person doesn’t do adequate research to deliver an accurate representation. Fraudulent misrepresentation is more serious. This is when a person makes an untrue statement intentionally.

How to Protect Your Business

All business owners should have professional liability insurance. Professional liability insurance protects the insured against any legal claims against your company for:

  • False advertising
  • Negligence
  • Misrepresentation

Even if you consider yourself innocent of the allegations against your company, you have to pay the legal fees to defend yourself against the plaintiff.

Mistakes happen. No matter what industry you work in, if you sell any type of service for payment, you could have allegations of misrepresentation against you. Without adequate insurance coverage, your company would have to fit the bill.

Sewage Industry

Handling the Unique Risks of the Sewage Industry

Some industries tend to be a bit messier than others. When your profession revolves around the installation of septic tanks and sewer lines, you know a few things about how nasty a job can get. While taking proper precautions when it comes to safety should always be a top concern for you as a business owner, you must also take a closer look at the unique risks facing you and your employees. Without the right insurance, you could be putting yourself in a precarious position.

A Focus on Specific Risks

When it comes to finding appropriate insurance for private sewers, there are a few factors to take into consideration. For example, the men and women who work for your company as techs are exposed to an array of dangerous chemicals and substances on a routine basis. Your coverage should always include such exposures and any other industry-specific risks that may impact an employee’s health. Additionally, coverage for injuries and property damage during installation of sewer features is essential. Other industries involved with this level of insurance can include:

  • Portable toilet rental companies
  • Private sewer operators
  • Grease and sludge removal

A Cleaner and Safer Tomorrow

Though it may be gross at times, the installation of sewer systems is essential for society to function. Keep your own business operational by adhering to all of the right points when selecting insurance.