When you work in the finance industry, your services expose you to many areas of liability. By offering more specific coverage than a general business liability policy, a bankers professional liability plan works to provide coverage for wrongful professional services acts. These are specific instances that could include:
The actual or alleged omission
Neglect or breach of duty
Although it called a bankers professional liability, the coverage is applicable for a variety of professionals working with client finances. Some of the providers who qualify for this insurance would be escrow agents, tax planners, financial planners or estate planners. There is always the possibility of errors or omissions in your services despite your best efforts with client information and services provided. If you are considering purchasing an extended coverage such as this, it can be used for both full or part-time employees, members on the board of directors, officers and any seasonal or contract hire.
While this insurance provided financial assistance with legal costs and awards for judgment received against you or your company, it does not apply to situations that arise from fraudulent actions, dishonest behavior, criminal activity or willful negligence. It also will not cover incidents of slander, defamation or libel. Work with your local agent to ensure you carry enough professional liability coverage.
One of the most important things any business can do is find the best-fitting insurance possible. While any business benefits from general policies, insurance programs with a focus on the specific industry of the business can ensure that all the unique challenges and risks are covered. In the case of fabricare laundry, there are a variety of liabilities that are present that many basic business insurance policies won’t cover. For that reason, it’s important to weigh your options and consider the ones more familiar with the struggles you may face.
Fabricare laundry’s main risk involves the fact that the business’s main service requires bringing third-party property under its care. While doing so, any damage, loss or other problems become the responsibility of the business. If something goes wrong, claims can be made, leading to legal fees such as attorney costs, settlement, replace and repairment payments, etc.
However, third-party belongings aren’t the only possible problem. With fabricare laundry, there is usually the inclusion of very complex and important equipment. If something breaks down or is damaged from frequent use or abuse, insurance can often cover the costs as long as it has equipment breakdown as a part of the policy.
Depending on where your fabricare laundry service is located, this can be more common than you may think. Drivers can make a mistake when parking and end up running into the storefront. If they do not have insurance for that kind of coverage, then financial responsibility becomes your business’s.
Running an apartment building comes with many risks to the property manager. Using a company like US Risks Insurance to cover your liabilities can help you manage your risk. Here are some common risks.
Tenant discrimination still happens unfortunately. Despite your best efforts or intentions, the tenant may file a claim stating they were discriminated against.
An apartment complex requires several employees to run efficiently. There are people to run the office, maintain the grounds and handle maintenance requests. An employee who feels unfairly treated or fired without grounds can sue your business.
Disasters happen causing destruction and loss of income. When a loss is covered, business income insurance helps cover those extra expenses and loss of rent the property experiences.
Adding a new building to your apartment complex can increase your rental income but the construction phase comes with its own risks. A builders risk policy covers mistakes the contractors may make.
If the apartment complex has a board of directors, directors and officers liability helps cover mistakes the board makes. Common mistakes include discrimination and fiduciary duty breaches.
Protect the risks associated with running an apartment building by addressing these concerns with US Risks Insurance. The policies help protect the financial assets of the business and handle the claims process.
Insurance Built for Your Agency
If you run a temporary staffing agency, you know how valuable you are to helping businesses and workers fill in employment gaps. You also know there are certain times when you face risks that only temporary staffing insurance can protect you from. That’s why having the right insurance is so vital to your company’s operations.
The Help Insurance Provides
When a dispute occurs between a company and the worker you helped get hired, you can often find your agency in the middle of it. Unfortunately, that is part of being a staffing firm. However, you want to be covered from any harm or damages if that dispute escalates to a lawsuit.
To do that, you need an insurance policy that covers you and provides assistance with these situations. The following are typical coverage options for temporary staffing agencies and ones you should have for optimal protection:
Helping You Continue Offering Your Services
You play a vital role in staffing businesses, and both companies and employees appreciate your help. Temporary staffing insurance protects your company when there is friction between workers and their employers while keeping you out of the thick of things. That means you can continue helping businesses and workers even when a claim or dispute arises.
Financial Penalty Protection for Bank Officials
In recent years, there have been more regulatory investigations into the actions and spending of directors and officers of financial institutions. This has resulted in penalties directly against those individuals. As such, civil monetary penalty insurance was introduced as a countermeasure to assist those individuals.
What is CMP?
Civil monetary penalty, or CMP, insurance was designed to help banking directors in the event an administrative penalty was levied against them. The traditional directors and officers liability insurance do not cover the individual penalties the FDIC imposes. This policy can cover up to $250,000 of a penalty for a single officer or director. Due to the recent financial crisis, the FDIC has been cracking down on financial institutions, even more, causing this type of insurance to be a welcome addition for bankers.
Why Is It Important?
A financial institution is covered under insurance, but directors and officers are not when it comes to FDIC regulatory investigations and penalties. To mitigate personal risk, these individuals face, CMP policies were introduced. Now, banking officials can be covered and protected if a penalty is brought against them.
If you are a financial institution director or officer, you need civil monetary penalty insurance for extra protection if you are served with regulatory fines. Your banking institution is covered, and you should be, too.
If you have any experience with film production, you know that there are a lot of risks involved. Whether on-site or in a studio, many factors are at play and something can go wrong at any time. As a result, it’s essential that you carry an adequate amount of film production insurance. Below are the key concepts you should understand about production insurance.
What Is It?
Production insurance is the term used for coverage that’s intended to protect film production companies or film-related projects from liability claims and other potential losses. Each state has its own insurance requirements, so filmmakers and their staff need to make sure their coverages meet their guidelines.
What Does It Cover?
There are a number of options available to cover your company, employees, owned or rented property and any third parties who may be impacted by your production activities. Some of these include:
- General Liability
- Errors & Omissions
- Workers’ Compensation
How Long Does It Last?
There are options for short-term, long-term and annual coverage. Short-term options are for those who want to be covered on a project-by-project basis. They can cover as little as one day of production. Long-term policies are for filmmakers who have multiple projects lined up over a specified period of time. Annual policies are better for active production companies who shoot at least four projects a year.
Finding the right mix of coverages can be challenging on your own. Work with an agent who’s experienced with film production insurance to craft a policy that meets your needs.
Adding valet parking to your hotel or restaurant business can be a sure way to edge out the competition when it comes to amenities. However, as much as your customers would like it, the liabilities that come with the option aren’t so attractive. If you are considering adding a parking service, check out the cost and coverage of valet insurance first.
When people hand over their keys to the valet attendant, they assume their vehicle will return in the same condition it was when it drove away. There is a reasonable expectation that the staff has been trained to take precautions and treat a car accordingly. As the attendants strive for fast and efficient service, accidents can happen.
Accidental damage to your car could include:
- Broken tail or headlights
- Damage resulting from a more serious accident
By having a valet insurance policy, your responsibility as the damaging company is secured. Even though it may have been an employee’s actions, the customer can hold your company liable. An insurance policy will have the financial assistance for damage repairs, legal issues and medical costs if injuries were involved. It’s a best practice to speak with a broker specializing in valet insurance to make sure your company will have the coverage it needs.
If you have spent any time watching television, then you have probably heard plenty of insurance commercials mention “bundling” different coverages. It may be a confusing term for those who have never heard of this option. Luckily, the basics are pretty simple. Instead of purchasing each policy individually, you purchase lines in one package. This can include home and auto for individuals. Essentially, you pay for both of these lines under one payment. Individuals may have no need to include so many lines in their bundle. However, commercial package insurance includes a few different lines.
What Does a Commercial Package Cover?
A commercial package typically includes the standard general liability and property coverage. These are essential for any business. You may also chose to include other protections like commercial auto, crime, equipment breakdown or inland marine. With commercial package insurance, a small to medium-sized business can cover most if not all of their risks. Keep in mind that this option usually does not cover workers’ compensation or professional liability.
Why Go With This Option?
The primary reason for bundling coverage is the price. Many companies offer reduced rates if you attain a package as opposed to paying for each line separately. It also saves you the hassle of dealing with multiple agencies. Inquire with an agency today on how you can get the best coverage.
Establishments in the hospitality business Are responsible for accommodating and serving Hundreds even possibly thousands of guests each year. While those in the hospitality business must make several considerations similar to those and other businesses, a specialized Insurance plan can provide just the right amount of coverage in all the necessary areas on which these types of businesses must focus.
Types of Hospitality Businesses
When shopping for hospitality insurance programs, it’s important to understand what type of businesses fall under this industry. Some examples of these types of businesses include:
- Accommodations for tourism
- Special events
- Transportation services
Given the nature of these types of services, there Certain exposures for which hospitality insurance programs are essential. Some of these areas include:
- Liability claims
- Business property
- Financial support due to natural disasters or other interruptions
- Liquor liability
- Completed operations and products
- Assault and battery
Regardless if the business is a small-scale club, top-rated resort or a fully-booked entertainment venue, it is important that all areas are examined when speaking to an agent about hospitality insurance programs. Enlisting the help of a specialist in this field can help guarantee the proper plan is put in place to keep hospitality establishments, their employees and their clients confident safe, happy and protected.
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.