Each business venture is faced with a set of risks and exposures that could create serious financial strain in the event of an accident or incident. For this reason, many companies choose to carry commercial liability insurance. However, some small businesses feel they are immune to these situations or do not feel comfortable spending the money for comprehensive coverage. A business owners policy, more commonly known as a BOP insurance policy, is the solution for the small to mid-sized business.
This policy is a combination of a commercial general liability and commercial property policy. One of the prime benefits of choosing a dual-duty policy is cost. It is more affordable to have these services bundled. A combination policy will offer the same coverage as the other two separately, protecting a business from:
- Property investments like building, furniture, inventory or signage
- Loss of accounts receivable
- Destruction, relocation or storage of important documents and papers
- General liability in the event of customer/client harm
- Legal defense costs in the event of a lawsuit
- Loss of income assistance related to incident or damage
A BOP insurance policy offers the same limits and deductibles as other commercial policies, but if your business has special risks, there may still be a gap in coverage. With a BOP, there is still flexibility to add secondary coverage options without breaking the bank.
Sixty years ago, less than 10 percent of the American population was older than the age of 65. That share is projected to double by the year 2050. One of the natural by-products of the so-called “graying of America” is an explosion in the need for specialized medical services, but is home health care covered by Medicare?
With the costs of health care increasing each year, it is vitally important that patients and families understand just what is covered, and what is not.
What Medicare Covers
Medicare provide coverage for home health care for up to eight hours a day and no more than 28 hours per week. Certain medical supplies and counseling services area also covered, as well as occupational, physical and speech therapy. Medicare does not generally cover home custodial services, prescription drugs, meal delivery or 24-hour home care.
Conditions of Coverage
Medicare provides coverage only if four conditions are met:
- A physician certifies that the patient is home bound and requires intermittent skilled nursing
- A patient needs help from special equipment or other persons to leave the home or leaving home would be harmful to his health
- Care is received from a Medicare-approved agency
- A patient receives skilled care and/or skilled therapy
Is home health care covered by Medicare? In many cases, the answer is “yes,” but it is important to understand the guidelines and limitations.
Agencies that provide hospice care offer an array of services for patients at the end of life, as well as support services for their loved ones. Whether the agency is providing direct care, responsible for recruiting and recommending qualified staff, advising a patient or providing the tools and coaching for family or caretakers, having hospice liability coverage in place is a necessary safeguard that ensures the smooth operation of these types of facilities.
Common Issues Faced by Hospice Agencies
The goal for hospice agencies is to provide the highest-quality experience and care to patients. Having insurance allows employees to be more confident and allows agencies to concentrate resources on patient care instead of conflicts that may arise in this type of setting such as the following:
- General liability for incidents occurring on agency property
- Issues with employee treatment and conduct
- Security or data breaches compromising private information
- Coverage for vehicles used for agency business
- Disputes over quality and accuracy of services provided
- Irregularities with Medicare audits and billing
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Having to manage disputes can be time-consuming, stressful and costly. With the hospice liability coverage or a comprehensive plan, agencies can better shift focus on what matters – keeping patients well-cared for and as comfortable as possible in their final days.
If you look at insurance news trade articles, you will discover something phenomenal. Technology start-ups are reshaping how insurance companies interact with customers, offering amazing new products and personalized policies.
How do you shop for insurance now? Here are three tips to help you pick the right insurance company.
What’s It Rated?
Not all insurance companies are created equal. Pick one that is financially secure. You can get a good indication of this by seeing how industry ratings agencies, like Moodys and A.M. Best, grade the company. Pick one with a top rating.
How Big is It?
Start-ups are exciting, but they are also small. This makes them a little less financially secure, and more prone to acquisition. Big insurance companies are more financially sound, but more likely to offer older products and policies. Make sure you get a good sense of the company to see if its size fits your financial personality.
Find Out What Others Say
Finally, check online for customer reviews to see what others think about the company. Also, check the Better Business Bureau or similar consumer groups that inform others about customer complaints.
Follow these three tips, and you will be well on your way to finding the right insurance agency. One you know will wind up in the insurance news section for good reasons.
Every business needs great insurance. You need to protect not only your present but your future. BOP insurance in Carmel offers a beneficial way for owners to keep their company protected now and as it grows.
Protecting Your Business Now
A BOP is a business owners policy and is usually based on your specific industry or the niche you serve. It allows you to have several of the standard coverages for your business all wrapped up into one. It also allows you to add on coverages for expenses specifically related to your business. Some of the below may be included in your policy:
- Building or property insurance
- Business interruption protection
- Coverage for equipment
- Liability coverage
Protecting Your Business’ Future
As your business grows you may start to offer new products or services, or expand your service area. All of these require taking another look at your insurance coverage to see if it continues to meet your needs. Because a business owner’s package can be changed, and have coverage added or removed, it can flex and grow with your business. A BOP can also offer cost savings because your coverages are combined into one package.
A business’ needs are almost always changing. By combining coverages into one package BOP insurance in Carmel allows business owners to meet their current needs, and provides them the room to improve and grow their companies into the future.
Insurance agent marketing isn’t just about the products and services you offer. In many ways, you are marketing yourself. The most successful agents are the ones who think strategically about how they do this, and create consistency between online and real-life approaches. While as many as 95% of your potential clients will visit your website, a personal touch can make the difference.
Most agents have invested in their website, but not everyone has taken the time to build an equally robust social media presence. More than 50% of people say that Facebook is their preferred social media channel, and a source of useful information. How do you respond to these statements?
- Do I have a professional social media presence?
- Am I easy to find online?
- Do I have tools to capture information about online visitors?
- Do I have a strategy for follow-up?
If you don’t answer yes to all of these questions, you aren’t taking advantage of all that online marketing can do for you.
Be a Solution
Even if you have a great website and active social media channels, you won’t bring in customers unless you’re offering something they can use. All of your communication should provide useful information, or solve problems.
Insurance agent marketing takes time and effort, but the results of an effective, thoughtful strategy will build your business and teach your customers to think of you as a resource.
Uniqueness is what makes your nightclub stand out. You invest time and money into the lighting, seating, music, not to mention the food and drink. Once your nightclub is up and running, you may think that all that’s left is maintenance and marketing. Don’t get ahead of yourself, you’re still missing one thing: nightclub insurance.
Unfortunately, nightclubs and bars have higher risks than other establishments. This is usually due to the physical nature of nightclubs and the alcohol that’s usually involved. You cant stop accidents from happening, but you can protect yourself against lawsuits and property damage. If a customer slips on the floor, you are liable for the cost of their injuries and these costs can hurt your business.
Insurance protects when it comes to:
- Accidents resulting in injury
- Property damage
- Legal bills in case of a lawsuit
Without protection, you would no doubt lose money.
Preserve Your Reputation
Your clubs reputation is one of the most important factors of surviving against the competition. While part of this is keeping up with your branding and marketing, having the right nightclub insurance is also a big deal when it comes to your reputation. Insurance allows you to deal with your legal problems quickly, efficiently and to settle cases swiftly so that it doesn’t negatively impact your club.
In any industry there’s likely to be jargon, abbreviations and shorthand that are understood by few outsiders. The insurance industry is no exception. Common abbreviations include d&o and e&o, but what exactly is d&o vs e&o?
What Is D&O?
D&O stands for directors and officers insurance. It is a form of management liability insurance and is typically an add-on to other policies. In general, D&O coverage is intended to protect executives from claims made against them for wrongful acts. These policies cover management from personal liability and allow them to make business decisions without fearing personal retribution. ‘Wrongful acts’ is a broad term that includes claims around employment practices, mismanagement of funds, investment decisions, unfair business practices and more.
What Is E&O?
E&O stands for errors and omissions insurance and is often called professional liability insurance. E&O is general insurance coverage that will protect the company from claims brought against any employee of the company. Claims that fall under e&o could include product design flaws, negligence, malpractice or financial or physical damage to a client.
Do Companies Need Both?
It depends on the company and the industry in which it operates. The decision is not typically d&o vs e&o, but whether the company needs more than a professional liability policy. In most cases, if it is financially feasible, it could be a good idea to get both kinds of coverage.
Auto insurance is complex enough when a firm provides company vehicles to its employees. It gets even more intricate when a staffing agency’s employees are driving a client’s vehicle. When this happens, the client company often requires the staffing firm’s hired non-owned auto policy to cover any accidents occurring when the employee drives the client vehicle. A review of your auto policy can verify that your staffing company’s insurance includes this important coverage.
Know What’s Covered
An auto insurance representative that specializes in staffing agencies can help you ensure you possess adequate coverage in the event of an automobile accident. Some of the items your insurance representative can review with you include:
- Deductible levels
- Aggregate limits
- Types of individual policies
- Rental car coverage
Know What’s Not Covered
It’s important to remember that while hired non-owned auto liability coverage protects your staffing agency against lawsuits from property damage or bodily injury resulting from automobile accidents, it is not collision coverage. As a result, if your employee damages a vehicle in an accident, your firm could still be liable for paying the cost of repairing that vehicle.
Don’t wait until your staffing agency’s employees are in an automobile accident to discover that your hired non-owned auto liability insurance is sub-par. Before your employees get behind the wheel of a client’s vehicle, have a qualified insurance specialist review your insurance package.
The entertainment industry is changing year after year. Many companies are pushing themselves for bigger and better productions. Although there are many rewards to this type of career, many factors go into making it a successful businesses. Creators still have to acquire video production insurance in order to protect their investments. Different insurance companies include various types of policies. Still, there are some coverages that are more relevant than others.
Any production company has a multitude of equipment many of which have been a huge investment. However, at any time during a shoot, accidents can occur. Theft may also be a factor during transportation and storage. This type of coverage can include cameras, lighting, microphones, lenses and much more.
Electronic Equipment Coverage
Besides the parts on-set, many electronic components are necessary during post-production. Unfortunately, these may also be subject to damage or theft. You can protect your computers, monitors, and tablets under this coverage.
For those with larger productions, studios house everything from green screens to props. In addition to theft, there may environmental factors that can damage this property. Safeguard your property in case of flooding, fire or storm damages.
When starting your business, video production insurance is vital. A great insurance company is ready to help you customize your policies for a full coverage.