Tag: coverage

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.

Commercial Boat Insurance

Commercial Boat Insurance Basics for Businesses

Owning a business that operates on the water or the waterfront is a dream for many people who live near coastlines. The specifics differ by location and the professional background of the dreamer, but the dream itself is quite common. From commercial fishermen looking to own a boat they can captain to entrepreneurs who want to provide great marina or charter services, the thing many of them have in common is the investment in a boat or even many of them. Not all these investments involve commercial use of the boat, though. When they do, you need a commercial boat insurance program that fits your business model.

Commercial Boat Coverage vs. Other Marine Insurance Options

Commercial boat insurance covers the use of boats for professional purposes in many of the same ways commercial vehicle coverage does. From protecting crew while they work to taking care of liabilities that can come from collisions or other mishaps, it generally insures you against losses caused by damage to the boat or by damage the boat causes to others while it’s being operated on your behalf. That makes it very different from the kind of coverage rental companies need to make sure they are protected when a customer takes a boat out, and it’s also different from the coverage needed when you store or repair vessels. Make sure you’ve got the right boat insurance for your business. Work with professionals that understand the marine industry.

Personal Umbrella Coverage

What Exactly is Personal Umbrella Coverage

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.

Homeowners Insurance

3 Perils That Are Often Excluded From Homeowners Insurance

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.

Landslide

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.

Flood

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.

Vermin

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.

High-Value Home

Protect Your High-Value Home

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.

What’s Covered?

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.

Insurance

What Kinds of Insurance Does Your Business Need?

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.

Workers Compensation Claim

Calculating Your Workers Compensation Claim

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.

Volunteer Driver

Coverage for Driving While Volunteering

As with anyone who drives, volunteers that operate vehicles for nonprofit organizations should have some form of auto insurance in accordance with state law and regulations. Such coverage may be sufficient for personal driving, but it is generally inadequate to cover volunteer work. Most personal auto insurance policies don’t offer enough coverage for either property damage liability or body injury liability, especially since an accident on company business may result in significantly more damage than your typical accident. Organizations need to have policies that protect their organization and its helpers.

Managing Risk

It’s incumbent on your organization to consider volunteer driver risk. Consider these following best practices in determining an organizational policy and approach to managing volunteer driving:

  • Staff a position to oversee drivers and assign and/or terminate as necessary.
  • Require volunteers to submit a copy of their motor vehicle records annually.
  • Document proof of personal auto insurance policies for each driver and require proof of renewal after coverage expires.
  • Clearly define responsibilities and requirements for everyone driving on behalf of the nonprofit.
  • Require proof of passage of annual vehicle safety inspections when personal vehicles are involved.

Having a formal plan that covers vehicle operation better equips your nonprofit to handle accidents and issues.

Covering Your Volunteers

Your organization was established to help people. It also provides an opportunity for others to contribute to the benefit of others. While nobody plans to be involved in an accident, you owe it the community you serve as well as those that support you to have adequate insurance for vehicular accidents.