Category Archives: Business Insurance

Understanding the Ins and Outs of Hotel Insurance

The hospitality sector is a large and lucrative one. As a hotel owner/operator, you are likely intimately familiar with the complexities of the business, understanding both the rewards of the field and the inherent risks.

Given the nature of the business, carrying reliable hotel insurance is paramount. As you work to find the right insurance policy, understanding a little more about what a program should cover — and how to weigh related factors, like hotel insurance cost — is essential.

What Should Hotel Insurance Cover?

The specifics of any hotel insurance program, and consequently hotel insurance cost, will be based on the unique attributes of a given hotel. How many beds does your establishment have? How many employees? Do you serve food? Questions like these will impact what a policy should cover.

In general, coverage may include some or all of the following:

  • General liability coverage
  • Innkeeper’s liability coverage
  • Liquor liability coverage (if alcohol is served on the premises)
  • Employee coverages, including workers compensation coverage

In general, the actual list of policies and coverages will likely be substantially longer, depending on size and scope of your given operation. For best results in finding a hotel insurance program that works for you, it is important to have a detailed conversation with an experienced insurance provider.

Understanding the Basics of the Container Security Initiative

Category : Business Insurance

Security is vital when it comes to business. If you’re the type of business owner who runs a company that involves shipping in any capacity, then you absolutely need to go above and beyond when it comes to protecting your assets and meeting federal regulations. Following the events of September 2001, the United States took a number of extreme steps in order to exhibit more control over every aspect of daily operations in the nation. With shipping, the biggest change was the invention of the CSI by the United States Customs Service.

Reduce Threats

Also known as container security initiative, CSI is a measure that was put into place as a way of reducing potential threats to the security of the country. What’s more, this initiative also protects businesses. Should someone with nefarious purposes commandeer a vessel and taint your cargo, you can rest easy knowing that your insurance covers you no matter what threats might be lurking on the horizon. Other coverage areas to consider include:

  • Workers’ compensation for staff
  • Enhanced policy options for D&O
  • Coverage in the event of errors

Discover the Right Fit

Though insurance is far from a straightforward process, there are many steps you can take in order to find the best policy. Review the basics and learn more about how to create a plan you believe in.

Building Business Relationships With an MGA

Category : Business Insurance

Independent insurance brokers looking to weather cyclical market storms can query managing general agents. These specialized insurance agents receive authorization from insurers to appraise the risk of property, casualty, or other coverage opportunities as well as assess fees by proxy without prior insurer approval. This simplified and symbiotic underwriting process is one of the benefits of working with an MGA.

Insurer Benefits of Working With an MGA

MGAs spend hours learning to be indispensable to their insurance company affiliations. Objectively, agents study the end-to-end office functions that efficiently bring business to the carrier. They then perform said tasks, including but not limited to the preparation and fulfillment of insurance quotes, claims, and clearances, significantly offsetting the workload of the insurance carrier. A localized MGA also presents a gift for the insurer in the form of expanded suscriber reach into new geographies.

Agent Benefits of Working With an MGA

Producers can use the MGA/Insurer relationship to their benefit. Clients concerned with future compensation of their valuables need only wait a brief while before the MGA confirms an accurate quote. How? A general agent’s databases of coverage plans are conveniently digitized, and quotes need not pass through too many hands, delivering value for a retail broker. The aggregated plans also allow the agent to reduce prices by comparing competing rates.

Once they earn enough trust to underwrite risks on behalf of an insurer, MGAs return the favor by prioritizing the financial equity of the insurer and dutifully serving their stakeholders.

The Importance of Nightclub Insurance

Category : Business Insurance

Nightclub owners obviously want to provide exciting and worthwhile experiences for their guests. However, when doing so, they should always take nightclub health and safety into account. In the past, owners have faced expensive lawsuits because they neglected to heed specific safety measures. Thankfully, nightclub insurers exist and have helped many owners maintain their businesses.

People-Related Liabilities

A nightclub setting can be fun but unpredictable. People may choose to engage in dangerous actions, such as climbing on top of furniture or jumping off balconies and stairs. There have been cases where guests got into altercations with one another because they were severely intoxicated. Owners should know that they can be held responsible for the actions of their patrons if they failed to take certain precautions, such as hiring an adequate amount of security or setting specific ground rules.

Food-Related Liabilities

Many nightclub owners choose to serve food products in their establishments. Such items could pose a risk if they are not handled properly. Owners need to ensure that their employees stick to certain guidelines when preparing food. Cases of food poisoning can be avoided if workers store food correctly, adhere to strict hygiene standards, and purchase goods from trusted merchants. 

Running a nightclub is no easy task. Owners should seek assistance wherever possible.

The Extra Protection Your Business Needs

Category : Business Insurance

Congratulations on realizing the dream of owning your own business. Your vision, together with hard work and careful planning, has come true, and you are the captain of your own destiny. To protect your dream of a bright future, make sure and safeguard your business with professional liability coverage, otherwise known as errors and omissions insurance.  

Who Should Get This Coverage?

Certainly, those who are required by law to do so should invest in professional liability insurance. Others who could benefit from coverage include:

  • Individuals in some form of trust relationship with clients
  • Professionals whose advice and services could financially impact clients
  • Those who cannot afford to be financially burdened with claims and court fees

Why Is It Necessary?

This insurance coverage offers a number of protections to business owners:

  • It guards against financial loss and protects business assets.
  • It covers court costs from negligent claims.
  • It goes beyond basic coverage and into the less-defined territory of oversights and mistakes.

The right coverage does more than protect you; it provides peace of mind and frees you to focus on solutions rather than problems. Plus, as a business owner, professional liability coverage could help you to reduce risks while easing concerns of financial loss. Think of it as placing a hedge around your future while guarding your vision of creating a successful legacy.

Mitigate Your Excessive Fees Risk

Category : Business Insurance

If your business offers a 401(k) there’s a new risk of which you should be aware. Excessive fee lawsuits filed under the Employee Retirement Income Security Act of 1974, ERISA, claim business fiduciaries have engaged in imprudent retirement plan management. The rise in these lawsuits can make it difficult to get fairly priced fiduciary liability insurance, but there are steps you can take to reduce your risk and keep your insurance premiums fair.

Remove or Reduce Common Risk Factors

The excessive fee lawsuits generally fall under one of these categories:

  • Paying excessive recordkeeping fees
  • Investing in money market funds instead of stable value funds
  • Failing to reduce fees where possible
  • Offering too many expense fund share classes
  • Ignoring fund performance, and
  • Continuing to offer poorly performing funds.

You can’t change what has already happened, but by acknowledging past mistakes and immediately improving how your fiduciaries handle these six categories, you’ll mitigate your risk of a lawsuit.

Cover Yourself

It’s important to realize that you don’t have to be a huge company to fall victim to a lawsuit. Besides taking steps to account for the most common types of lawsuits it is imperative to document every decision made. Hold regular fiduciary meetings and keep notes in an accessible location. Keep copies of all due diligence and requests for proposal. 

Don’t assume that your 401(k) offerings will run themselves. Actively manage accounts to do your best for your employees and you’ll be prepared for any potential lawsuit. 

Cover Your Auto Repair Business With the Best Insurance

Category : Business Insurance

When you love what you do, going to your job never really feels like work. If your passion is fixing cars, for example, then you probably feel most at home in the garage of your business. Though you may have a knack for fixing what’s under the hood of an automobile, the success of your business depends on more than just your skills. You also need to know what steps to take in order to protect your company from whatever threats await down the line. 

Protect Your Assets

One of the best ways to protect your business and its assets is by taking out an appropriate insurance policy. When it comes to mobile auto repair insurance, there are a few key points to think over. For one, you want to make sure that the policy you take out covers the exact risks of your business. A policy that only covers garages where vehicles are stored will not be useful if your daily operations include bodywork. Take time to review your options and be sure to consider points like:

  • Coverage for ATVs and specialty vehicles
  • Policy options for dealership garages
  • Coverage for essential equipment like lifts

Put Your Fears To Rest

While you might love your job, you want to always be mindful of the future. Taking time to review your options with insurance can provide you with the insight you need to take out a policy that fully covers all of the possible threats you’re likely to encounter.