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.
Running a taxi business can be a great way to make a living. However, running a business can be risky and this is especially true for taxi businesses. Taxi drivers and taxi business owners are exposed to a wide variety of financial risks that include claims, lawsuits, repair/replacement costs, and other expenses that could potentially force your business to close. Because of this, it is vital that you have taxi business insurance.
What Types Of Taxi Insurance Do You Need?
There are many types of taxi insurance available for different risks. Some are required in some areas and others are optional. When deciding what taxi insurance to purchase, it is important to consider all the risks you will be exposed to and act accordingly. Some of the taxi insurance coverages you may want to consider are:
- General liability insurance
- Commercial auto liability insurance
- Errors and omissions insurance
- Excess liability insurance
- Professional liability insurance
- Physical damage insurance
If your taxi business employs workers, you will also want to obtain workers’ compensation insurance to cover work-related injuries.
How Much Does Taxi Insurance Cost?
The cost of taxi insurance can vary widely depending on a few factors. Some of these factors are:
- Your location
- The size of your business
- The number of workers you employ
- Your claim history
Running a taxi business can be complicated and risky. Taxi business insurance can help everything run more smoothly.
Driving is a privilege that can easily be one of the biggest conveniences in your life. However, getting behind the wheel is also a serious responsibility. Beyond following the basic rules of the road at all times, you also must consider important factors like your insurance plan. Having proper coverage as dictated by your state’s guidelines as well as your personal needs can be challenging for many motorists. Luckily, there are some easy ways to make the best choice and save some money along the way.
Look Over the Basics
One of the best ways to select an insurance provider that fits your budget is by researching the options in your area. If you’re in Connecticut, for example, you’ll find it helpful to pay attention to the terms and rates of local agencies. Byrnes, a car insurance company in CT, is one you’re likely to encounter. Read up on the various services offered by this and similar agencies in order to get a general idea of what the average rates are in your region. Next, read over reviews on these agencies for a firsthand understanding. Other points to remember include:
- How many drivers are in your household
- The make and model of your vehicle
- Previous driving record
Weigh Out Your Options
The more you shop around for insurance, the easier it is to find a fit that makes sense for you. Take your time and you’ll be able to find a package that fits your budget.
General liability for real estate brokers is vital to the operation of any company that helps consumers buy and sell real property. Without it, a broker leaves himself or herself open to a variety of legal dangers.
What Does General Liability Cover?
The most important question to consider is what does a general liability policy cover. The answer is relatively simple. It covers most situations where you, as a broker, might be liable to a consumer for damages. This covers a few different situations.
If a client slips and falls or injures themselves while visiting your office, you could be liable for their medical expenses. This can involve a significant cost to you if you do not carry liability insurance.
Being a real estate broker means you are taking strangers into someone’s home. If your buyer accidentally or purposefully breaks or steals something in that home, you could be responsible for the damages. This is another situation that can result in financial loss.
What About Lawsuits?
Depending on the lawsuit, general liability or professional liability covers your and possibly your client’s costs. These lawsuits can result in thousands of dollars worth of damages, not to mention the damage to your reputation.
General liability protects you in your office and when you are showing other people’s property. It can aid you by paying the costs associated with injury, theft or property damage, which is why it is a vital part of any real estate broker’s insurance policy.
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.
Commercial cleaners need a broad spectrum of policy lines when they build an insurance package because they face many different kinds of liability exposure in the course of their operations. Careful policy development, thorough staff training, and comprehensive policy endorsements are integral parts of a comprehensive risk management plan that can protect cleaning contractors from liability and loss.
Coverage for cleaning contractors needs to address the possibility of property damage that can occur as a result of working on someone else’s property. Coverage needs to include other individuals’ personal and real property, medical expenses, workmanship, and also any potential defense costs associated with a claim against the company.
Commercial cleaning contractors need to protect their equipment, business premises, and employees. They may be required to carry workers’ compensation coverage to cover medical costs for injuries that employees sustain while working.
Cleaning contractors may need to carry auto insurance above state minimum to ensure that it will be protected in the event of an accident. It’s essential that they be able to repair or replace vehicles as soon as possible in order to continue serving their clients.
Commercial cleaning contractors need to seek out help from insurance carriers that offer programs specifically designed to serve their industry. Expert guidance can help a company make well-informed policy elections to safeguard their operations.
If you are worried about a claim being made against you after the cancellation or expiration of your insurance policy, then tail coverage may be a good addition to make to your policy. What is a tail policy? Tail policies give the policyholder the benefit of ongoing protection, even after the end of the policy. However, this addition is not a minor increase in coverage or cost.
Tail Coverage Addition to Claims-Made
Tail coverage insurance is an addition specifically for claims-made policies in which ongoing coverage is necessary but a standard policy is no longer needed. Usually, you can obtain this supplement to your claims-made policy for one year. It requires an additional premium which is often 100 too 300 percent of the premium of the claims-made policy to which it is added.
The Necessity of More Than Only a Claims-Made Policy
The industry experts at Axis Insurance Services report that claims-made policies often only cover claims that are made and reported while the policy is active. This leaves any claims later on in your own hands, even if the event the claim is based on occurred while the policy was in effect. That is why a tail policy is so helpful. Tail coverage insurance can protect a business owner from a significant amount of risk and is often a worthwhile investment.
Working as an independent agent leaves much of the marketing on your shoulders. A list of independent insurance agents can help you reach more potential customers. There are a few things that can ensure you reach your target audience for more effective lead generation.
As referenced on www.neilsonmarketing.com, you can use a list to run a telemarketing campaign. However, for the campaign to be successful, the list needs to target your specific demographic. You want a current list with as many decision-makers as possible.
As an independent agent, it helps your business to partner with others offering complementary products. These partnerships can help generate leads for both businesses by working together on common objectives.
Determine what types of insurance you want to specialize in. Knowing this information ensures that you can find and reach your target demographic. This information is crucial to developing a marketing strategy and business plan. These plans then can help you find agency partnerships that can help grow leads.
Generating leads is a top priority for agents regardless of their affiliations. Being on a list of independent insurance agents is one way to reach your target demographic. These other techniques can help you effectively use consumer lists to grow your leads.
Construction is one of the most complex industries for operators to flourish in, partly because of the nature of financing large-scale development projects, but also because of its unique reliance on a network of contractors and subcontractors to carry out specialized work in service of those goals. That’s why subcontractor liability insurance is such a vital addition to your coverage. The right insurance policy will not only cover you when you are liable for situations like on-site injuries, it will also help you mitigate the liabilities you are exposed to when others do work on your behalf, all while making it limitations and exclusions easy for you to parse as you figure out how to approach your next big project.
What Goes Into Subcontractor Liability Policies?
If your coverage is going to take care of all the avenues of foreseeable risk that typically show up in construction businesses that rely on subcontractors, you’ll need a few common policy platforms, as well as the customized coverage that reflects your actual assets and business model. As https://www.huntersure.com/ explains:
- Subcontractor-inclusive general liability provisions
- E&O coverage that explicitly includes subcontractor work
In addition to those provisions, experienced insurance agents who understand the construction industry will give you the tools and information you need to work with your subcontractors so you both understand how your insurance coverage works and what you need. Subcontractors still need their own policies, and your coverage will assume that, but an experienced professional will help you understand when their insurance is adequate and when you need to request they carry additional coverage.
Property managers handle varied and complex matters for residential and commercial property owners. Even the most diligent property managers can find themselves at the center of complaints or disputes that result in substantial out-of-pocket expenses or, even worse, a lawsuit. To reduce financial exposure, prudent managers obtain E&O insurance for property management (errors and omission insurance). This kind of professional liability insurance is an important tool in a property manager’s risk management toolbox.
E&O Insurance Helps Mitigate Financial Exposure
Owners, together with their tenants and/or lenders, may assert claims against a property manager for losses arising from the manager’s alleged negligence or failure to perform his or her duties. For example, a manager could incur costs and damages based on allegations of the following:
- Misapplication or wrongful retention of security deposits or escrow accounts
- Constructive or actual wrongful eviction of tenants
- Discrimination in leasing or lease enforcement
- Accounting or financial reporting errors
- Unsatisfactory maintenance or unsafe conditions
- Environmental contamination such as mold
The experts at Arroyo Insurance Services explain that these kinds of claims may not be covered by general liability insurance, and even a baseless claim can subject a property manager to expensive litigation. Professional liability insurance can help cover litigation expenses, including attorneys’ fees and costs associated with defending a claim.
Your Risk Management Action Plan
A comprehensive risk management strategy includes E&O insurance for property management. By carefully assessing your scope of services and anticipating potential areas of concern, you can implement a plan that includes professional liability coverage tailored to your business.