Extending Your Workers’ Comp Coverage

Workers’ Comp

Even though you may do your best to source the most comprehensive insurance plan for your needs, there is the potential for exclusions and limitations that can interfere with claim processing. When it comes to a business and the provision of a workers’ comp policy, there are certain exceptions to the rule if your business operates in one of the following:

  • North Dakota
  • Ohio
  • Washington
  • Wyoming

In these states, fully protecting your company from an injury lawsuit means acquiring stop gap liability insurance.

Why Is It Necessary?

As the facts on https://www.wwspi.com/ reveal, stop-gap coverage or a stop-gap endorsement can help an employer fill in potential gaps or exclusion areas in a workers’ compensation policy. Employer liability concerns are usually taken care of through the design of the workers’ comp coverage plan, but in the four above mentioned states, this is not the case. The state regulates workers’ comp purchases through the state fund, and not all employer liabilities are covered in the plans.

Why Does It Do?

The supplemental coverage is protection from allegations that the employer did not provide a safe working environment. Employer liability is a separate clause in a typical workers’ comp policy and it keeps an employer from being held liable for injury or illness. However, the state-mandated coverage option does not contain such a clause. Therefore, an employer should consider purchasing the stop gap coverage in order to prevent an employee from holding the company liable should an incident occur.

Nonprofits Face These Three Critical Risks

Arroyo Insurance Services

Nonprofit organizations provide valuable social services to communities around the nation. Insurance for nonprofits protects the organization from financial loss due to a lawsuit. Help lower overall costs by reducing the effects of these three critical risks.

Volunteers

The industry relies on volunteer staff to run events, help with day-to-day operations and fundraising for the organization. According to Arroyo Insurance Services, organizations try to balance costs with the need to mitigate risks. Take the time to screen volunteers and then train them to help reduce the risks of negligence, injuries, theft, and damage caused by a volunteer.

Reputation

Nonprofits rely heavily on their reputation for doing good in a community. Bad press negatively affects both the volunteers that run the organization and the amount of money the organization can raise. Mitigating risk is essential to keep the organization’s good name and make obtaining money easier to operate.

Fraud

Fraud affects every industry and nonprofits are not left out. A fictitious company may state they are nonprofit, fundraise in your organization’s name and then run with the profits. Not only can this damage the nonprofit’s reputation, but the organization loses out on needed money.

Insurance for nonprofits is one piece of the larger risk management puzzle. Keeping an eye on these critical risks can help the organization thrive.

How the Right Insurance Makes Your Ship Repair Business Stronger

Merrimac Marine

A ship repairer’s responsibility as a service provider is nothing if not a hefty one. Ship repairers are trusted by their clients to take good care of the boats and other seagoing vessels in their care, as well as get them back up and running again as soon as possible. That comes alongside a certain amount of liability for anything that goes wrong, so having the right insurance coverage is imperative.

What Are Ship Repairers Liable For?

As detailed by Merrimac Marine, ship repairers are responsible for the safety and integrity of the ships they work on while they’re under their care. In addition to the actual condition of the ships, repairers are also potentially liable for any harm or injury that might come to a third party as a result of work done, up to and including death. Ship repairers have to see to it that their own team members are properly protected as well, and the right insurance policy can help with all of that.

The Right Coverage for Your Business

Ship repairer’s liability should be a concern for anyone in that industry, but it’s important to make sure you trust the right professionals with your coverage. Choose a company that specializes in coverage for marine businesses in particular. They’ll best be able to give you advice, help you decide on a policy, and keep you protected moving forward.

Three Ways To Keep Them Coming Back

IWAINS

Even though the competition is fierce, you want customers to keep coming back to your dry cleaning business, but how do you keep them coming back for more? What are some tips for dry cleaners customer retention? If you look at what data from https://www.iwains.com says, there are so many good ways to hang onto your customers.

 

Promptness

 

Providing quick service is great for clients since they get their items back more quickly, but it’s also a great thing for you because it gives you more opportunities to get other clients through your door and more production going.

 

A Great Job

 

By taking the time to do a thorough, great-quality job for your clients, they’re more likely to keep coming back to you for the same amazing service.

 

Competitive Pricing

 

Making money is the reason that you went into business for yourself, so be sure to offer pricing that is realistic: It is cheap enough for the client not to flip their freckles, but also high enough that you make a profit for providing the service.

Any business can garner more attention by following these three tips, but retaining customers and having a loyal following is what you want. Offer quality service that is also prompt and cost-effective and your customers will love you for years.

How to Train Brewery Staff

dsayles

If you have a brewery, you already know how important training is. If you want the best staff possible, what do you need to focus on? Here are a couple of tips on employee training.

Focus on Customer Service

Customer service is crucial in any business where you are serving people. At a brewery, you need your employees to understand how to work with customers. They should know how to carry themselves and how to resolve conflicts. In addition, your staff needs to understand what a proper pour is and how to handle the glasses properly.

Educate on Beer Knowledge

If you have a brewery, your staff needs to have knowledge about beer. Your clients may have a number of different questions. The experts at www.dsayles.com stress the importance of staff knowing the basic terminology and vocabulary. In addition, your staff needs knowledge of the different types of beer available and what the ingredients inside of them are. If you have a customer who wants a specific flavor, will your staff know what to recommend?

When it comes to running a brewery, you need to focus on brewery training. A good staff is a hallmark of a good brewery. The employees are going to be the face of your brand. You need to make sure that the training reflects your goals.

How to Choose an Online Rent Payment Solution

Rent Rescue

Making rental payments as easy as possible on tenants means you have a higher chance of being paid on time. With so many options, it can be difficult to choose the best online rent payment solutions for your investment. There are a few things to consider before making a decision.

Best Companies

The experts at Rent Rescue recommend Cozy, PayYourRent, Avail, TenantCloud, and SparkRental. These companies offer a variety of features depending on your needs and size of your rental portfolio.

Payment Options

When deciding on the best company to choose, you need to look at their payment options. ACH transfers mean you have the money faster, but they often come with higher fees. Connecting to other services such as PayPal or Stripe may mean a one-to-two-day delay in payments, but many renters likely already use these types of services.

Rent Schedules

Investors with multiple properties may want scheduling options. Some services offer tenants the ability to automatically pull funds from their account. Rent reminders can ping them before rent is late automatically. These features can help streamline the process.

When choosing the best online rent payment solutions for your rental properties, make sure it is both convenient and secure. Keeping rent payments easy to make helps improve the likelihood of being paid on time.

Three Reasons to Choose a Boutique Brokerage for Insurance

iSure Insurance Brokers

There are many companies you can choose to go with to meet your insurance needs. However, each firm has its own policies and abilities to meet your needs. A boutique insurance brokerage offers many advantages over a general firm.

Innovative Solutions

Not every business is the same. Boutique firms can tailor policies to meet the actual risks your business faces. By using quality insurance products and a deep understanding of your business, these tailored solutions can better cover your exposures. The experts at iSure Insurance Brokers state the risk and liability climate is always shifting requiring innovative solutions to insurance.

Quality Benefits

The last thing your company wants is to spend a lot of money on insurance products that offer minimal benefits to the company and employees. Working with a boutique firm allows your business to maximize their insurance benefits while staying within your budget. Getting the most bang for your buck allows you to better cover your risks and provide coverage for your employees.

Wealth Protection

High-income individuals need coverage beyond the standard home, auto, and health. When the insurance runs out, you could be sued for additional money requiring the benefits of umbrella insurance. Or maybe you have expensive toys like a yacht or aircraft that need protection.

Whether an individual or a company set on growing, a boutique insurance brokerage can meet your insurance needs. The right coverage keeps you thinking and moving forward.

What’s the Difference Between Surety and Insurance?

iSure Insurance Brokers

Surety bonds are an important part of doing business for many professionals and businesses. They are what the term bonded refers to when you hire bonded contractors or service providers, and they are also used frequently for corporate officers whose decisions could expose the company to liability. They’re not insurance, though, and before you finalize your risk management plan, it’s important that you understand when you need one product and when you will be better served by the other.

Bonds vs Insurance Policies

Bonds are usually used to set aside a reserve fund in the event that there is an expense related to liability incurred in a professional capacity. That makes them complementary to your insurance, not an alternative since insurance policies cover you in case of a mishap or unexpected bad-faith actors. For those with high deductible business policies, a bond can even be a purchase designed to cover the deductible in the event of a claim, allowing you to operate with a clear mind about what happens in an emergency. If you need a bond, iSure Insurance Brokers has more information about exactly what it covers and how it interacts with the rest of your risk management plan. Make sure you learn everything you can before closing a purchase, that way you know you have everything you need.

Proper Fuel Tank Ventilation Keeps Boats Running

Merrimac Marine Insurance

Without properly installing the fuel tank, boat owners can face some serious consequences. Over time, the vents can become clogged and leave you stranded. Here are a few tips on how to properly vent a fuel tank.

Avoid Spills

The experts at Merrimac Marine Insurance recommends a fuel-surge protector and a no-spill valve to help prevent gasoline spills. In addition to not being environmentally friendly, fuel spills stain the hull. Keep the valves clean to allow the tank to breathe.

Vertical Installation

Designed for vertical installation, the fuel vents aim to keep the exhaust fumes away from the interior of the boat and moving outboard. Mount the vents high enough to avoid water splashing into them.

Prevent Traps

Traps or sags in the vent lines can prevent proper system functioning. The fuel can puddle if the fuel line is not straight. Allow gravity to work for your vent line.

Clamshell Cover

These handy devices keep heavy spray from entering the vent lines and mixing with your fuel. Face downward to keep rain and waves from entering the vent.

These tips on how to properly vent a fuel tank can prevent issues with the fuel. Keeping the vents, screens, and tank clean can prevent the boat from leaving you stranded.

Are You Eligible for Rent Default Insurance?

Rent Default Insurance

Owning rental property can be lucrative. If your tenants bail on you without adequate notice, however, you can be stuck with a lot of bills and no way to pay them. Loss of rent insurance can compensate you during these incidents if you qualify for it. There are several factors that insurance companies consider to determine your eligibility.

Who Is Eligible for Coverage?

As outlined on https://www.rentrescue.com, landlords with contracted properties whose tenants meet certain risk requirements are typically eligible for rent default insurance. Owners of multifamily units, townhomes and rental houses may qualify for coverage if they rent to tenants who fulfill minimum financial stability requirements:

  • No evictions within the last five years
  • No recent bankruptcies
  • Financially capable of paying rent

Because your eligibility is directly related to your tenants’ rental records, it is important to screen prospective renters. Not offering a rental contract to potentially problematic tenants lowers the risk for your insurance company.

What Isn’t Eligible for Coverage?

Rent default insurance only covers the loss of the rent payment itself under normal circumstances as described by your policy. No property damage is covered, nor is loss of rent due to issues with the building itself.

Your insurance agent can help you navigate the coverage you need to protect your business. Rent default insurance may be a good policy to add to your package.