Risk Management Options for Vehicle Fleets

Fleet insurance is the industry standard for companies with a heavy investment in vehicles. It’s not just the transportation industry that is well served with this product, it’s any business with a truck fleet, even a relatively small one that just handles supplies or personnel transport to support your main income stream. Truck fleet risk management is built around your fleet’s purpose and time on the road, with options you can configure around your needs to keep drivers well-supported on the road.

Fleet Insurance for Trucking Fleets

When your business is moving cargo for other companies, fleet insurance is more than just a sound investment. It’s protection for your entire business model. Luckily, there are a lot of tools that come with a fleet policy. Some require a little extra investment to cover the cost they add to the premium, others are just perks you get from working with an insurer who really knows the trucking business.

  • National roadside assistance and towing support
  • Resources to help you minimize risk through policy changes
  • Driver safety training support
  • Per claim and lifetime claim caps to help control costs
  • Driver support for delay-related accommodations

If you are interested in making the investment that not only protects your business but also your drivers, it’s time to talk to a company that specializes in truck fleet risk management. Ask for a quote today.

3 Reasons Why Libraries Should End Late Fees

Failing to return a library book almost always results in a late fee. Fortunately, many libraries are making the switch to fee-free resource rental, as a growing number of institutions argue that eliminating fees has more pros than cons.

1. Better Reputation

The fact that everyone associates late fees with libraries doesn’t exactly make them the most popular of public venues. Instead, it gives the public the impression that libraries are exclusive clubs with no interest in serving anyone who cannot commit to making it back to the library by a certain date, much less at the risk of facing a financial penalty for tardiness.

2. Negligible Impact

Studies suggest that library fees do not affect the financial bottom line of the average library, nor are they a sustainable way to earn revenue. In addition, the threat of fees doesn’t seem to increase the likelihood of a book being returned. Instead, fees just limit who can and cannot access library resources, thereby decreasing actual growth opportunities.

3. More Utilization

Fewer barriers to a resource mean greater utilization of that resource. When patrons do not have to fear any financial repercussions of checking out library sources, they are more likely to take those items home and encourage others to do the same.

Libraries have begun to embrace the removal of fines for late or lost items. Since fees disproportionately harm those whose access to resources is already limited, ending library book fines is a major step toward better community equity.

Enhance Your DO Policy With an Appropriate Hammer Clause

There are many different steps you need to consider when it comes to protecting your business and its assets. Though you might understand that the right insurance plan makes a world of difference toward your long-term success, you may not be familiar with some of the specific options available to you. In order to stay shielded from the unknown, you may want to take a moment to learn more about how a hammer clause in certain policies can be useful. When you want to enhance the coverage for your directors and officers, this is an option worth consideration.

What Is a Hammer Clause?

The main point to understand about hammer clause in D&O is that it is structured to handle any claims that might occur between the insurer and the insured. Since such disagreements happen all the time, you want to be certain that you are totally protected no matter what is on the horizon. A quality plan for insurance should address all industry risks, as well as any specifics that are unique to your exact organization. Areas to focus on can include:

  • Workers’ compensation coverage
  • Errors and omissions liability
  • Commercial property liability

Understanding the Options

By dedicating time and effort to researching your options with insurance, you will have a better understanding of which choice is right for you. Take time to look into the details and see what steps you need to take for success.

Preventing Subcontractor Insurance Fraud

Workers’ compensation insurance allows you to take care of your employees if they are injured, and you rely on your subcontractors to provide that protection to their employees. Unfortunately, if you’re working with a new subcontractor you don’t know well, there’s a chance that certificate of insurance isn’t worth the paper it’s printed on, potentially leaving you liable for workplace injuries to their employees. Protect your finances by preventing subcontractor work comp fraud.

Verify the COI and Company

When you receive a subcontractor COI don’t file it away without a second thought. Make sure it’s on the ACORD 25 form, indicated on the lower left-hand corner. Nothing should be handwritten except the signature. Verify that the insurance company information is correct, that the company is legitimate and the company’s rating is an A on ambest.com.

Verify Active Coverage

Besides checking the policy dates on the COI, verify that coverage remains active. Audit your sub’s insurance regularly during a project and before releasing final payment. If necessary, contact the insurance company or ask to be a named insured so you’ll receive notice of cancellation.

Ask for the Policy

Finally, ask for a copy of the policy so you’ll have details on coverage levels and carveouts of which you need to be aware. Make sure the provisions you’ve required actually exist.

Blank COIs are easily available online. Make sure you aren’t the victim of subcontractor work comp fraud by taking an active role in insurance verification.

Identifying and Preventing Condo Association Conflicts of Interest

Condo associations are typically made up of volunteers who come from all walks of life. It’s no surprise that conflicts of interest can arise without the board understanding how to avoid them and the potential repercussions of not taking them seriously. Education and a good liability policy can prevent and mitigate potential condo association conflicts. Here are three things your board should look out for to prevent lawsuits or even the whiff of impropriety.

Nepotism

It’s natural for board members to think of family members when work comes up or the board needs a new member. Unfortunately, it’s nearly impossible to give work to a family member, even if you recuse yourself from voting. Avoid working with any board member’s family whenever possible.

Performing Paid Work for the Association

Besides family, consider your own work and keep it separate from your association duties. Whether your company does landscaping or you want to offer to underwrite its insurance, you can’t do both jobs impartially.

Placing Personal Gain Above the Good of the Owners

Whether it is smokers voting to allow smoking in public areas or one board member voting against higher maintenance fees because he’s selling his property, any time a board member puts his own gain above the good of the group, there’s a conflict of interest.

Your board should have a conflict of interest policy in place that clearly defines what it is and what needs to be done to avoid it. Board members should immediately provide full disclosure when they realize there is a potential conflict.

 

Adding Attached Equipment to Your Vehicle Policy

As a general contractor, your van or truck is a vital part of your business. It carries the equipment and tools you need to get a job done and get paid. Are you confident the equipment attached to your vehicle is insured?

Be Certain You Are Protected

What happens to an attached toolbox or ladder that gets damaged in the event of an accident? You may have assumed that was a part of your policy, but you better be sure. Insuring permanently attached equipment is important to understand when it comes to protecting your business assets.

What You Should Insure

If you attach work equipment to your vehicle or purchase a new one fully loaded, take notice of each piece in order to protect the overall value. As well as a ladder or toolbox, you can also protect the following in case of damage:

  • Racks
  • Shelving
  • Spotlights
  • Grill Guards

Verify Your Protection

If you are not sure whether or not your permanently attached equipment is included in your original policy, don’t delay another day and call your agent. Verify what equipment can and should be insured to protect against financial loss.

As a contractor, your vehicle is a part of your business. Protect your assets so you don’t lose out on thousands of dollars your business needs.

AXIS_A Guide to DO Litigation

Individuals serving as directors and officers (D&O) for any business can be held personally liable in certain instances if the organization they work for is sued. D&O litigation cost can be astronomical, so it may be wise to consider obtaining some insurance to offset the potentially steep costs.

What To Know

D&O liability insurance covers certain entities and certain people working for them in the event that they are sued. Directors and officers are covered for any personal losses under these policies. Additionally, the entity for which they work will be covered for legal fees and any other D&O litigation cost. Most policies will not cover fees associated with fraud or criminal activity. Typically an organization seeking $1,000,000 will pay between $5,000 and $10,000 in insurance premiums for D&O liability insurance.

Types of Coverage

There are three different types of coverage for D&O insurance. The first type, Side A coverage, covers directors and officers in suits where the company either cannot or will not pay for indemnification. Side B coverage covers the losses of those individuals when the organization refuses to grant indemnification. Side C coverage is also known as entity coverage and provides coverage for the business entity.

Since costs associated with D&O lawsuits can soar sky-high, it would be beneficial to many businesses to consider D&O liability insurance.

3 Benefits of Working With a Local Insurance Provider

There is a difference between the service you can get from a big-name insurance provider and a local insurance agency. Whether you need insurance for a business or want your personal liabilities covered, a local insurance provider offers reliable services with a consumer connection that can’t be beaten.

1. Many Options

Though the office may be local, an insurance provider close to home generally has all of the coverage options you might find with a large, networked provider. You can find a range of commercial or personal insurance needs, as well as a variety of coverages within each category.

2. Personalized Service

Local agents tend to develop better relationships with the clients they see on a regular basis. Rather than being a number, you are a name and an account with needs. Agents who know their clients are better advocates and offer more personalized service when dealing with claims or insurance concerns.

3. Experienced Advice

Local insurance agents have access to the same policies or options as larger providers, giving you the benefit of experience and knowledge in the insurance industry. You aren’t limited by a narrow range of options, and the close relationship you develop with the local agency provides unique insight into your liabilities and recommendations for the best coverage.

Local agencies can be easier to work with when trying to determine your insurance coverage. These organizations offer personalized service without sacrificing policies or options.

How To Write Effective Call-to-Actions for Insurance Websites

Across every market for insurance products, many individual and commercial buyers are starting their search for an insurer online. It’s imperative that carriers and agencies have well designed websites to inspire confidence in prospective clients. Creating a visually pleasing and user friendly online experience has to be a key priority for insurance companies. Here are some key elements of excellent insurance websites.

Load Times

Every type of website has to work quickly. If pages are too slow to load, visitors will move onto a competitor’s site.

Functionality

Issues with how a site functions will drive visitors away with the same consistency as slow loading sites. Good site maintenance procedures can prevent malfunctions. It’s also important to consider whether a site’s features work optimally rather than just whether they work at all.

Informative Content

One way that people find specific sites for insurance companies is by looking for information about coverage. Including authoritative information can help companies establish themselves as a knowledgeable resource for consumers.

Mission and Values

A website is a great place for companies to convey their core mission. Compelling narratives about a company’s history serving its community of clients can motivate people to connect with someone.

Companies should periodically evaluate how their site is performing. Poor lead to sale conversions may be an indicator that a website needs design work.

Don’t Believe Everything You Hear: Uncovering the Truth About Life Insurance

Everyone seems to have an opinion when it comes to the best ways to manage finances. However, this is a deeply personal area of life where facts should always be carefully weighed before any decisions are made. For example, when it comes to life insurance common myths may keep you from purchasing a policy or steer you toward the wrong type for your financial situation. Here are a few untruths that you should disregard.

Policies Are Complicated

Listen to your friend’s cousin’s sister tell it, buying a life insurance policy is a complicated process. That is far from reality, though. Work with a knowledgeable agent to quickly and easily find the right policy for your needs.

Life Insurance Is Expensive

Some life insurance policies do carry a hefty premium; however, there are also some affordable options. Keep in mind that there are many actors that affect how much you pay for your policy, such as:

  • Your age
  • Overall health
  • Policy type
  • Occupation
  • Lifestyle choices

Young, Healthy People Don’t Need Insurance

There is a common misconception that young people don’t need to worry about life insurance. However, many young families are left struggling to cover expenses after a death. Plus, you can take advantage of lower premiums by purchasing a policy when you are young and healthy.

Many people are misled by the myths surrounding life insurance. Finding out the facts can help you choose a policy that fits your lifestyle and financial needs.