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.
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
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.
Many individuals find themselves responsible for securing personal health insurance coverage. That can induce major medical, vision and dental.
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.
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.
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.
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.
As a business owner, you need to protect your facility from different types of risk. Those risks vary from industry to industry, but they’re particularly challenging to protect against when you’re the owner and manager of a large marina. Only marina-specific business insurance will do the job properly, and while the coverage seems similar to standard business insurance, it has a few key differences that make it unique.
What Is Marina Insurance?
This unique coverage option is a type of business insurance designed with private marinas in mind. It provides standard protection like liability coverage, property insurance and employee coverage for any staff that provides services to your customers or their property each day. The policy also provides protection against theft, boat damage and even damage to the docks and slips.
The Policy Isn’t Optional
If your goal is to attract as many boat owners to your marina as possible, skipping coverage isn’t an option. It’s in your best interest to protect both your business from liability and your customers’ property from damage every day. Without marina insurance in place, you’ll be liable for the full cost of repairs, damage or lawsuits completely out-of-pocket.
Each policy is custom-tailored to the individual business and the risks you face at your marina. Shop around and find the best coverage for your needs and your budget before you open your marina to the public.
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.