Month: September 2021

How Builder’s Risk Insurance Protects Your Project

If you are a contractor or a builder, you are likely well aware of the many hazards of the trade. Things can go wrong even for skilled contractors, and unexpected hazards do arise in the course of projects. Ensuring your client has a comprehensive builders risk coverage policy will help ensure building projects are protected in the “under construction” phase, and help you safely bring a project to completion.

What Does Builders Risk Insurance Cover?

Builders risk insurance is generally carried by a property owner, but can in some cases be carried by the contractor working on a given property. Essentially, builders risk coverage protects the physical project being worked on.

This distinction is important: builders risk insurance may cover materials, supplies, equipment, and other structural components of a project that is in progress. However, it will typically not cover workers or contractors themselves, nor “adjacent” risks, like transporting workers or supplies to a building site. Consequently, this type of insurance is only one component of a comprehensive insurance package that protects projects under construction.

As a builder, it may be in both your interest and your client’s interest to carry builders risk insurance. Speaking to an experienced insurer to ensure you are well-protected will help your project come quickly and safely to fruition.


Why Every Library Needs a Risk Management System

Category : Risk Management

Whether you’re a book lover or not, it’s hard to deny that libraries are pivotal to the success of any community. From summer programs for kids to free internet access, they offer something for everyone. Their public-facing nature, however, means libraries face a greater risk of experiencing profound losses and damages. Fortunately, having a library management system in place helps minimize the impact of these threats. 

Prevent Theft 

Most libraries are stocked with more than just books. Video equipment, computers, and informational CDs and DVDs are available for in-house use and usually can be rented. This access increases the chances that thieves can covertly steal any of these items, all of which are expensive to replace. 

Avoid Cyber Attacks

Any business or community space with public computers are vulnerable to cyber attacks. A patron can introduce a virus to the computer, intentionally or accidentally, and hackers can access the databases that contain personal information on the library’s patrons. 

Reduce Opportunities for Harassment 

Unfortunately, due to their private nature––complete with nooks, crannies, and study rooms––sexual harassment is not an uncommon occurrence within library walls. To avoid legal trouble, libraries must put in place strict policies that ensure the emotional and physical safety of all patrons. 

These are just a few threats that the average library faces on a daily basis. To ensure long-term success, it’s critical that every library develop a management plan to assess and account for these risks. 


Things You Should Know About Outsourcing Marketing Services

As an insurance business owner, you know that there are several plates to keep spinning for success. There’s the core focus of your business, providing insurance to the clients that need the coverage plans you offer. You also have to consider the parts of your operations that support this core focus, such as IT, accounting, tax compliance and other services that are essential to successful operations. Marketing stands as one of these services, playing a critical role in advertising your company and helping to build success.

Developing a Marketing Strategy

Marketing is an entire knowledge area that requires the expertise of those who understand the best way to help bring in business. As an owner, you cannot allocate all your time to marketing, so you need to weigh the benefits of outsourcing vs. in-house insurance marketing. Some of the areas of attention for a full-time marketing team include the following:

  • Developing marketing campaign
  • Choosing platform tools
  • Scouring databases to generate leads
  • Crafting marketing materials and content
  • Following up on leads

Whether you hire a team or contract with an outside firm, marketing requires a full-time approach and strategy.

Counting the Costs

When deciding on a marketing approach, it’s important to consider all the costs. Time and energy have value, especially when you’re thinking about where to focus them. Think carefully about the value of having marketing experts working on boosting your business.


How Small Manufacturers Can Reduce the Risks of High Freight Costs

Manufacturers and retailers are involved with many sectors in the effort to conduct worldwide business. The shipping industry is particularly notable as freight costs rise per the modern economy. Large manufacturers are comfortably set in their ways and can proceed with business as usual due to their staggering leverage. Smaller manufacturers, however, must navigate an ocean of emerging risks. 

Emerging Risks in Shipping

The recent climate has seen small businesses stifle due to shipping congestion caused by increased exports, lack of personnel, and shifting demands. These issues stack atop the ever-present threat of equipment breakdowns and seasonal labor concerns. Many manufacturers are not prepared to be held liable for so many issues at once.

How Insurance Can Mitigate Shipping Risks

Marine industry insurance can help cover the losses incurred as a result of maritime freight incidents. As freight costs increase and the industry continues to face new obstacles, it becomes more and more necessary for small manufacturers and retailers to adapt their insurance coverage to the shifting climate. 

Freight costs are a byproduct of emerging risks in the shipping industry. Large manufacturers have the resources to navigate such risks, but smaller businesses require additional support. The costs incurred by unavoidable incidents involved with expensive freight transport and related issues can be mitigated by a specified insurance coverage policy.


Steps To Take Before Living on Your Sailboat

Category : Marine Insurance

A summer spent sailing around familiar and foreign seas can be one you never forget. While setting off for adventure can be thrilling, you also want to dedicate time and energy to review a few basic points of safety. If you fail to take out the right insurance or plan ahead for certain scenarios, you could wind up in a terrible predicament. For example, you should start budgeting for this trip at least a year before you depart. Living abroad is expensive and you want to have a ton of extra cash stowed away.

Review Basic Insurance Options

Beyond planning from a financial perspective, you also want to take out an insurance plan that covers any possible risk you will encounter on the water. The last thing you want is for a simple accident during a short-term docking experience to completely end your trip before it even got started. Work with an insurance agent to learn more about sailboat insurance for liveaboard experiences and it can provide you with invaluable insight on what coverage options you need to pursue. Other points you should keep in mind with living aboard your sailboat include:

  • A plan for obtaining fresh water
  • Seasonal concerns and threats
  • Length of trip and exact course

Take the Right Precautionary Steps

By taking time to understand the ins and outs of living aboard your sailboat in advance, you can ensure that your trip is nothing but excitement and adventure. Learn more about your insurance options to discover how you can keep your vessel protected at all times.


Understanding Workers Compensation Coverage

Employers are generally required to carry workers compensation insurance for their employees, and those premiums can add a substantial amount to your recurring expenses. While some aspects of the policy are mandated, you do have some control over insurance coverage and costs. Understanding coverage options and what affects premiums is important to properly manage your policy. 

What Workers Comp Covers

Coverage can vary depending on where your business and workers are located, so it is crucial that you know what your policy does and does not cover. In most cases, a worker’s compensation policy will pay for medical expenses for treatment and rehabilitation after a workplace injury or accident as well as a portion of lost wages while the employee is recovering. 

Additional Coverage Options

Replacing lost wages isn’t the only consideration if a worker is injured. There is also the risk of a lawsuit against your company. Adding additional liability coverage, such as with a stop-gap policy, can help protect you from these additional expenses.   

How Premiums Are Calculated

Risk factors in your industry, which are largely out of your control, will have a substantial influence on premium prices. However, there are some things you can better manage to keep costs down. For example, improving job-site safety reduces accidents and the number of claims filed, which can directly translate into lower insurance premiums for your business.

Understanding your existing coverage and business needs can help you keep workers’ comp premiums manageable. 


What Does ATV Insurance Cover?

There’s nothing like ripping around the trail in an ATV, whether its a bright sunny day or a festival of mud. The freedom and thrills of all-terrain vehicle driving are what keep riders coming back for more time and time again, and what compels them to buy new equipment and upgrades.

Even taking a tumble can occasionally be fun in this rough and tumble sport – but you want to make sure that you are properly insured before engaging in any kind of risky activity.

What ATV Insurance Covers

ATV insurance is a must-have for weekend warriors who just want to let loose and have fun. You’ve invested a substantial amount in the equipment you’ve purchased so far, and you’ll want to protect that investment. Most insurance of this type will cover general liability, personal injury, and collisions. Some policies are comprehensive and will encompass everything you need.

For those who want more than just the basics, there are a ton of add-ons available to make your coverage even more comprehensive. A qualified insurance agent can advise you on which additions make the most sense based on your own particular type of activity. That way, you’ll be able to go free-wheeling without worrying about damage or liability.

ATV insurance is basically worth its weight in gold just for the peace of mind that comes with any good policy.


Top 2 Reasons Why Healthcare Facilities Need Cyber Insurance

Category : Cyber Liability

Those who work in the healthcare industry know the importance of a comprehensive insurance package. Due to high expectations and heightened emotions, healthcare workers must be insured to protect against the repercussions of any lawsuits related to accidents or missteps. Similarly, the healthcare industry faces unique risks in regard to cyber safety, as a breach can mean the difference between life and death. 

1. Downed Systems

If any business systems become unavailable due to a cyber attack, doctors and nurses may no longer be able to do their jobs. They lose access to vital information about patients, preventing them from being able to administer medicine or treatment in a timely manner. Cyber insurance for healthcare professionals keeps any resulting issues at bay. 

2. Stolen Data 

Another issue with compromised systems is that cyber breaches give hackers access to personal information. Not only can they use this as a means of identity theft, but it provides them with confidential health data for both individual patients and the medical facility as a whole.

No matter what a hacker intends to accomplish through a system breach, a cyber attack can bring a fast-paced, efficient medical facility to its knees. Cyber insurance for healthcare facilities is therefore a necessity that ensures a successful experience for patients and affords medical professionals the peace of mind they need to focus on their jobs. 


Top 2 Benefits of 3D Printed Homes

3D printing has a wide variety of uses, but one of the most promising things to come out of this technology is the ability to 3D print the structural pieces used to build homes. Never before has this been possible, and it’s taking the housing market by storm.

Save Money

All of the main components for a “tiny home” or even a full-sized, 3000 square foot home can be printed, from the walls and foundation to creative architectural details and ornamental touches. 3D printed homes will cost far less than one built by standard construction methods, because there is no need to buy bulk materials, some of which might go to waste. Cost savings in construction are always welcome for any homebuyer or builder!

Reduce Waste

3D printing is the future of sustainable housing. A printed home can be built with considerably less waste than is normally generated during regular home construction, and therefore offers a lot of cost savings. Materials are produced as needed – and can be printed more quickly than you might think, so there is rarely any excess production or waste created at the job site.

If you’re looking to save money and promote sustainable housing methods, you might want to consider 3D printing your next home or office building!


Medical Insurance When Your Patient Is a Spreadsheet

The healthcare industry is always growing and always changing. While almost everyone is familiar with the idea of malpractice insurance for doctors, there are many actors in the healthcare industry who work behind the scenes supporting direct care providers. Medical billing and medical coding are fast-growing, highly technical fields that also need professional medical insurance services, though their risks and obligations are unique.

The Risky Moment When Service Becomes Revenue

Medical coders apply standardized codes to the services of direct care providers so that insurance companies and other care providers can make sense of the resulting medical records. Medical billers then use those codes to determine how much, and who, to charge for medical services. Errors in either of these functions can be hard to detect, expensive and dangerous.

A Constellation of Obligation

Medical billers and coders have to concern themselves with liability arising from many sources:

  • Patients
  • The providers they work for
  • Other providers who may be involved in a patient’s care
  • Insurance companies
  • Statutes and government regulations

The widespread push to control costs through outsourcing adds points of failure by increasing the number of parties involved and further siloing communication.

A good insurance provider with experience in the healthcare industry can guide a client through the complicated and dynamic landscape of medical billing and coding. They can craft a policy that fits the particular needs of their client, and let the client focus on growing their business with peace of mind.