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.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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.
It’s almost impossible to find a business that doesn’t have some kind of online operation these days, even if it’s just a web and social media presence for marketing. More and more companies are going significantly further than that, though, providing platforms where customers can maintain profile information and place orders for goods and services, call for support for previous purchases, or request custom work. As these platforms develop, businesses that uses them to streamline the customer experience wind up facing liability for situations where their data is compromised by cybercrime in a way that results in damage to customers or even the business itself.
How To Buy Cyber Liability Insurance
Whenever you’re considering insurance options for online risks, it’s important to remember that most businesses incur both first and third party liability. That means you need insurance that addresses both risks realistically, and the balance of coverage needs between the two can differ widely from company to company, based on their actual online activities. That’s why it’s important you work with an insurer who understands first party vs. third party cyber insurance, one who can build a custom policy with coverage levels that suit your needs, without forcing you to over-insure one form of liability to get ample coverage on another front.
While you do everything you can to make sure your business premises and operations are safe for clients, customers and members of the general public, accidents and mistakes can easily occur. These can lead to costly lawsuits. Public liability insurance is designed to protect your company from third party claims of injury, loss and property damage that occurs on your organization’s property or as a result of the work it carries out.
Who Needs It?
Public liability insurance is essential for businesses that work with members of the public, or who have customers and clients that frequent their premises. This includes companies in the following industries:
- Home repair and construction
- Real estate
- Nongovernmental organizations
Even businesses that organize off-site events, like conferences and concerts, should consider acquiring this type of plan.
What Does It Cover?
The policy covers all expenses incurred by litigation. This includes legal defense costs and settlements or awards. Plans can also offer coverage for the medical costs associated with any third party injuries.
You and your employees work hard to make your business a success. Expensive lawsuits brought by third parties can put your organization in jeopardy. Public liability insurance will mitigate this risk and ensure that your company can continue to serve the community for years to come.
Sometimes clients don’t understand that a type of insurance is meant for their business. One big example in the marine industry is boat rental insurance. It’s obvious to most companies that rent out vessels like fishing boats, speed boats, fishing boats, canoes, and kayaks that they are boat rental services and need some form of rental liability that is specifically tailored to watercraft. What’s less obvious is that other watercraft is also usually covered by boat insurance. That means rental companies that offer jet skis, water bikes, and other personal watercraft that are not commonly thought of as boats probably need the same coverage as those renting out jet boats, just not necessarily with all the same coverage choices.
Rental Equipment Liability vs. Boat Rental Liability
What about existing equipment policies for rental companies? Can they be used to cover personal watercraft instead of boat rental coverage options? Often, the answer is no. Many jurisdictions place additional insurance requirements on boats and watercraft that rental equipment liability policies, in general, do not cover. To make sure you have insurance that truly reflects the liabilities your business needs to manage, you have to work with people who provide the insurance that most specifically reflects the work you do. For watercraft of all kinds, that generally means boat rental insurance.