What Is Hammer Clause Insurance

Owning a real estate agency can create a number of headaches. When one of your agents is negligent in some capacity, for example, it can have an impact on the rest of your business. What your agents do and how they act is a reflection on your company. This means you should definitely factor in your agents when creating an insurance plan. Covering acts of negligence is a great way to stay protected no matter what circumstances arise.

The Risks of Your Agents

Working with a professional negligence real estate agent specialist can provide you with a lot of insight on how to cover all potential risks. Essentially, the insurance broker will let you know about the agent’s duty and what “breaking the standard of care” can do to the reputation of an agency. By taking these points to heart, you can create a plan that helps you rise above and avoid some of the more common pitfalls associated with hiring an agent who doesn’t adhere to your standards. Other potential problems to focus on can include:

  • Zoning claims
  • Cases of alleged fraud
  • Fines resulting from negligence

Stay Protected No Matter What

Though you cannot always guarantee how your representatives will behave, you can do your part to ensure your brand isn’t tarnished by a simple mistake. Review your options with negligence insurance for agents to get a better feel for your options.


Florida Workers Compensation Requirements and Exemptions

U.S. states are responsible for establishing workers’ compensation laws for businesses that operate within their jurisdictions. In Florida, there are separate requirements for businesses in construction, non-construction and agricultural trades, with the former being more restrictive. You should not assume that all construction businesses have workers comp coverage, however, since the Florida workers comp exemption allows certain employees to apply for an exemption.

Understanding Florida Workers Comp Requirements

Most businesses with four or more employees, members or officers that operate in the state of Florida are required to carry workers comp insurance, although there are slightly less restrictive provisions for agricultural businesses. Companies that are involved in construction must provide proof of coverage if they have one or more applicable employees. That includes corporate officers or LLC members.

How the Florida Workers Compensation Exemption Works

If a corporate officer or LLC member wishes to exclude themselves from workers comp coverage, they must file an application for exemption with the Division of Workers’ Compensation. An application does not guarantee an exemption will be granted. If it is granted, that person is no longer considered an employee and is not entitled to any potential benefits in the event of an accident or injury.

It is important that all businesses comply with applicable laws and requirements, including who should be included in workers’ comp coverage and who may apply for an exemption.

Considering Captive Insurance for Your Business

If you are a business owner looking for alternatives to standard insurance, you may consider captive insurance. This insurance is owned and managed by the entities it insures, giving you greater control when it comes to managing your own coverage.

A Tried and True Option

Owning your own insurance company may at first sound like a niche idea, but it’s relatively common practice. These companies can be established in over 30 states, and roughly 40% of all major American corporations use some form of captive insurance.

A Wide Range of Coverage

If your business has unique risks, or has difficulty finding insurance due to certain liabilities, an insurance captive might be the solution. They can help you cover these special liabilities in addition to providing all the same coverage as standard insurance, including things like auto coverage and workers’ compensation.

A Long List of Benefits

In addition to the reasons above, there are many other benefits associated with using an insurance captive. This type of insurance offers flexibility in coverage while still providing all services in one single, easy-to-control company. It can also lower your insurance costs.

Initially, setting up captive insurance may seem intimidating. However, this type of insurance is well-established in the United States and can provide many benefits for your company. Many businesses are turning to insurance captives for a wide variety of reasons, and your business could join them.

What Is EBL Insurance?

Most employers offer benefits to their employees. Most employees expect benefits. What happens if errors are made during the administration of benefits? An Employee Benefits Liability insurance policy or EBL policy might be the answer.

Protections Offered With EBL Policies

Employee Benefits Liability coverage is a type of coverage that protects against errors and omissions during the administration of benefits programs.

Sometimes enrollment errors occur or an employee’s coverage may be accidentally canceled. If the employee has to pay out of pocket for benefits that he or she should have received, then you can count on the liability coverage to handle that. Any errors in recordkeeping or bad advice can lead to lawsuits.

Types of Benefit Programs Covered

When customizing your EBL policy, your policy must cover the benefits that you offer. Some of the common benefits covered by an EBL policy include:

  • Life insurance
  • Profit-sharing plans
  • Pension plans
  • Disability benefits
  • Employee stock benefits
  • Health insurance
  • Dental insurance
  • Workers’ compensation

As with any type of insurance program, there are exclusions and limits. Make sure that you understand the coverages offered, your benefits and the exclusions of your policy.

Even if you do your best to avoid errors, they can still happen. If you offer benefits to your employees, you have to be prepared. When it comes to risks, your best safety net is insurance coverage.

Types of Truck Insurance

Whether you own one semi-truck or 100 of them, you need a truck insurance policy. Here are some of the most common types of coverages under commercial truck insurance, and the benefits of having them.

General Liability

This policy offers broad protection from personal injuries or damage of property that might occur to customers at your place of business. It also protects you if you are ever accused of breach of contract.

Truck Liability

Truck liability differs from general liability in that it is specific to accidents involving the truck. Because truck collisions have the potential to cause serious damage and injuries, this required policy is usually the most expensive.

Physical Damage

Damage insurance protects the large investment you have made in your equipment. It can be a broad policy, or cover only certain situations where you are at greatest risk. The higher the deductible, the lower your monthly premium.

Pollution Coverage

If you transport hazardous materials, protecting yourself from liability is extremely important. Because most liability policies exclude pollution, you may need a truckers pollution endorsement or even a separate policy to cover this risk.

With so many options available, there is no reason to skimp on coverage. Talk to your insurance agent about what combination of coverages is right for you.