The vast majority of businesses must have worker’s compensation insurance for their employees. However, the business does not have to have a specific policy. There are four reasons a company may decide to choose self-insured workers’ compensation.
Some companies want to manage risk using a proactive approach. These companies tend to want to control more aspects such as insurance claims. Self-insured workers’ compensation policies give that control to businesses rather than an insurance company.
The experts at Caitlin Morgan Insurance Services state that a company must meet the obligation of paying out workers’ compensation claims. Companies who have the financial resources and do not want the insurance carrier to keep what is not spent may benefit from a self-insured policy.
Some companies have good claims experience and do not need an insurance company to take on that task. Using this experience can save the business money on premiums.
Not all insurance companies manage claims the way a business would like. When this happens, a company may decide to change policies to better manage their own claims. A self-insured policy gives the business more involved in the overall process than it otherwise would have.
Self-insured workers’ compensation policies are not for all companies. There are many reasons to choose a more traditional plan. The business must evaluate both and decide for itself.
Too many entrepreneurs underestimate the role of risk management in the successful growth of a business. It’s vital to have the right coverage to protect your company as it establishes itself, but overpaying can limit your cash flow by inflating your bottom line. The key in any industry is finding the right insurer, one who knows your business instead of just one who writes general business policies. In the international trade industry, that means finding an insurer who understands how to cover your operations, your workforce, and your inventory as you acquire, ship, and distribute it.
What Do International Trading Companies Need?
Policies built to suit businesses like yours have a lot of coverage options to balance, in a variety of insurance categories:
Ocean cargo insurance
Health insurance and other employee benefits
Product recall insurance
There are even more categories of coverage needed, but figuring out exactly what they require a full quote that accurately profiles your company. Companies like iSure Insurance hire and train professionals who know your industry, so they have the experience that you’re looking for when you want an accurate insurance quote. While general business insurers will do their best, they don’t tend to have people trained to anticipate the needs of international trading companies.
Anyone who has worked in the movie industry can probably tell you some amazing war stories. As spectacular as the end product can be some of the unexpected accidents involved in filming can be just as spectacular, but not in a good way. Sylvester Stallone spent nine days in the ICU after being punched in Rocky IV. George Clooney fell from a chair while filming “Syriana” which resulted in a severe head and spinal injury. And during the filming of “The Passion of the Christ” Jim Caviezel was actually struck by lightning. Anything can happen during filming, and this is why you need to have video production insurance.
Types of Video Production Insurance
Some of the most important types of film-related insurance you should carry include:
Errors and Omissions
Depending on what kind of video you’re producing you might need additional coverage. If you use any type of vehicle during filming you will definitely want automobile liability and collision insurance. If you’re traveling internationally you will certainly want travelers insurance. Filing abroad opens up a whole world of potential risk and liability. Keep in mind that most underwriters will want to conduct a site visit and read the film script before they offer coverage, so be prepared for that.
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.
We’ve broken down common risks that the staffing industry might face and provided a staffing insurance solution to reduce that risk in this staffing insurance infographic.