Insurance is one of those necessary evils everyone deals with, even if they don’t quite fully understand it. Terms like “malicious mischief” and “named perils” can throw anyone for a loop. Most consumers simply skip over those terms, hoping someone will explain them when it is important to know.
That’s a bad strategy. If you are signing a new policy, reading the fine print is imperative. As a consumer, you need to know exactly what you are agreeing to and what items and incidents are actually covered, whether that is your car, home or health. Thankfully, an insurance glossary not only helps bridge that knowledge gap, it can make you a better consumer.
Ask Your Insurance Agent the Right Questions
Reviewing the definition of insurance terms gives a consumer a better understanding of policy requirements. Knowing that “malicious mischief” is an insurance term for vandalism could help expedite a claim or spotlight coverage you didn’t know existed. A glossary might also demonstrate how agents use the terms and show you where you might encounter those phrases.
A good insurance glossary may also encourage you to ask your agent questions about your policy or negotiate better terms. The more you know about the industry, the better off you are when it comes time to renew your coverage.
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.
If you’re running or managing a non-profit, chances are that you rely heavily upon help from volunteers. And since all volunteers need to be trained in order to properly perform services for your business, it makes sense to try and keep the volunteers you have instead of having to constantly train new personnel.
But how can you keep them inspired, motivated, and coming back to help again and again over time? There are many things you can do, but following is the number one thing you can do that will help you to retain existing volunteers.
Express Your Gratitude
People need to feel appreciated. And when someone is donating their time and energy to support a non-profit or special event, a little gratitude goes a long way. Volunteer retention can be as simple as saying “thank you.”
Be straightforward with your appreciation and praise, and always be genuine about it – say thank you and tell someone that they’ve done a great job. Communicating openly with your volunteers and letting them know that their work is appreciated is the number one thing you can do to keep them coming back. Make sure to create an atmosphere of appreciation right from the beginning.
Volunteers like to know that their work is meaningful, and they will be more motivated if you remind them just how meaningful their contribution is to you.
Being a fiduciary holds a lot of responsibility, as working in this role is a promise to act and make decisions that are in the best interest of a single individual or group of individuals. The more people who trust you to act on their behalf, the greater the responsibilities of your role. The liabilities you face in this role can be addressed through fiduciary insurance coverage, whether the policy is written for a particular individual or for business employees filling this role.
The Protected Services
Fiduciary liability plans are protections against administrative errors and omissions as well as the personal liabilities related to their involvement with the oversight of employment benefits and plans. Common claim allegations covered by these policies often include:
- Negligence in plan administration
- Breaching the ERISA fiduciary duties
- Poor or careless investment decisions
- Improper or misuse of retirement funds
- Improperly denying plan benefits
- Failing to maintain vigilance with third-party vendors or service providers
- Failing to meet obligations of healthcare privacy or insurance laws
Those Who Need Protection
Companies that provide employee benefits should purchase coverage for their organizations, but any individual who acts as a fiduciary should also have comprehensive coverage. Fiduciary roles include the administration of medical, disability or life insurance plans as well as retirement plans.
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.
Worker safety needs to be one of a project manager’s biggest priorities on a construction site. It is important that they take measures to prevent accidents and be ready to address them when they occur.
Administer First Aid
Workers need to know where first aid equipment is located so they can respond quickly to a construction site injury. Kits should include essential items such as bandages and eyewash.
Document an Injury
As soon as reasonably possible, project managers should complete an accident or incident report to document what happened. Documentation of some injuries must be relayed to OSHA in accordance with applicable state law.
Many company’s insurance policies require them to provide notice of an accident to the carrier. Companies should put carriers on notice of a potential claim in order to assure coverage.
Evaluate Training Procedures
In some instances, accidents will be the result of human error and there is not anything that companies must do to address unsafe conditions. However, they may need to consider enhancing safety training initiatives to reduce the likelihood of the same type of accident happening again.
Having a plan in place to respond to accidents is critical. Project managers should review their current policies and procedures to identify any potential deficiencies.
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.
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.
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.
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.