Extending Workers’ Comp Coverage

There are times when a company needs to extend its employee injury insurance past the workers’ comp coverage they carry. Most states allow for companies to carry private insurance coverage for mandated injury liability, but four do not. These include North Dakota, Ohio, Wyoming, and Washington. Within these states, companies are required to obtain coverage through state-funded programs, which leaves a gap in some additional areas of liability. The information found at https://www.wwspi.com states that stop-gap insurance addresses this exposure.

Areas of Liability

The exact nature of gap insurance is what other companies carry in the form of employer liability coverage. This covers the potential suits of

  • Third-party suits
  • Public tort claims
  • Intentional endangerment
  • Dual capacity claims
  • Injury or illness not covered by workers’ comp plans

Additionally, leased employees are excluded from the worker’s compensation plans. The endorsement of employer liability would be enacted in most states, but within the four mentioned above, stop-gap insurance becomes the defense.

The Cost of Coverage

Most insurance companies will determine the base price of stop-gap coverage according to your company’s payroll total. For normal liability policies in private insurers, it is often an endorsement set at a minimum amount. Check your current policy to see if employer liability is addressed, and if not, contact your broker for a quote on extending your coverage.

Finding the Best Real Estate Professionals

Purchasing a home is arguably the most major purchase that most people make in a lifetime. With the rising costs of real estate in many parts of the country, it is understandable that this can rank significantly higher than even other high-ticket investments such as education and automobiles combined. With so much at stake, many people may not feel comfortable navigating the homebuying journey alone. Thankfully, with the help of qualified real estate professionals, it is possible to find the best home for your budget and your needs.

Expert Advice

Even though enlisting the help of a professional requires some financial investment in and of itself, the benefits of having their assistance are invaluable. It is understandable that you will want to find the best fit with the level of trust that is required and everything at stake. Not only will you want this person to have real estate agent insurance, but you will also want to make sure your priorities and preferences are respected throughout your home-buying experience. After verifying that your real estate agent meets the guidelines specified by https://www.highlandrisk.com you can rest easier knowing that you are in good hands protected on multiple levels. Some other helpful characteristics to help assess the ability of your prospective agent includes the following:

  • Recommendations from others in the community
  • Up-to-date licensing
  • Your agent’s experience with similar properties

By knowing what to look for and taking the time to learn about your agent, you can be on the road to becoming a happy homeowner.

Insurance for International Businesses

It’s easier than ever for companies to reach the stage where they are operating internationally, even for business models that have traditionally found barriers to opening operations abroad. That’s due in part to the trade deals made over the last 50 years by major world governments, and also to the way the technological revolution of the same time period made international trade and communication both easier. When you go global, your insurance needs a shift, because you no longer have liability according to one set of laws. You need insurance that meets the requirements and covers the risks encountered under the legal systems of each country you operate in.

Worldwide Insurance for Global Businesses

There are providers ready to meet your needs, with experience offering coverage to companies that operate in just a handful of countries as well as those with a presence in nearly every country. One great example of a carrier with experience in this industry is https://www.moodyinsurance.com, with programs that can flex to meet your needs as your business evolves. It is hard to estimate what global coverage will cost you because the industry and nature of your business within it play such a large role in a quote. So does the size of your company. You’ll need to talk to a professional to get the quote that will show you exactly what this coverage will be able to protect as you move abroad.

Financial Problems Caused by a Data Breach

With the influence of technology in all areas of the economy, few industries are immune to the threat of cybercrime. Many companies mistakenly assume that the financial industry is the most susceptible to cyberattack because of the funds and personal information used and stored on cloud-based servers, but as Caitlin Morgan Insurance warns, anyone who takes online payments, stores information digitally, or relies on electronic communication is at risk. A cyber liability insurance policy is one way to address these concerns.

The Cost of a Data Breach

Although there is loss associated with whatever is destroyed or taken during a data breach, there are several other areas that can financially devastate a company. These include:

The costs associated with repairing the physical security features of the business.
The loss of profits due to company shutdowns.
Reduced profits due to client loss and damaged company reputation.
Expenses association with notifying all stakeholders, clients, regulatory agencies, legal teams, and law enforcement.
By carrying a comprehensive cyber liability policy, there is financial assistance in the event of a breach. These policies are designed to assist with the losses experienced, as well as partially cover the cost of legal or settlement requirements. These services vary according to the policy.
It is unwise to think your company is safe from cyberattack. The use of tablets or devices, servers, and digital communication makes every business a target for hackers and the dark web.

3 Things You Should Know About Tail Insurance

Every lawyer, doctor and nurse knows a little something about professional liability tail coverage. But no one knows everything about this smart policy that protects professionals from potential lawsuits even after their original liability coverage expires. Here are X things everyone should know.

Is It Really Called Tail Insurance?

Many medical and legal professionals may not recognize tail insurance by its technical name, so if you encounter an Extended Reporting Period policy, know that you’re talking about tail coverage. Though it is often called an insurance product or policy, it is actually an endorsement tacked on to the end of a malpractice policy, hence the nickname. An endorsement is an addition to an existing insurance contract.

How Long Does Tail Coverage Last?

The length of protection provided by tail coverage can vary. Typical endorsement lengths are two, three, five and 10 years. It is possible to get perpetual coverage, as well, protecting a policyholder indefinitely.

How Much Does Tail Coverage Cost?

Tail coverage can be expensive. Typical costs range from 150 percent to 300 percent of the underlying premium. Each insurance company determines rates differently, so to get the best idea of what it could cost, consult with the malpractice insurance company. Note that many standard malpractice insurance policies include a free tail for disability, death and retirement.

Three Easy Insurance Coverages For New Business Owners

As a business owner, you have a lot on your plate. As a result, you don’t have time to sift through various business insurance coverage options to find the right one for you. Rather than figuring out which business insurance options best fit your needs, work with an experienced agent who can help you create a policy that’s perfect for you. In the meantime, here are three simple coverages that you should expect to see in your policy.

General Liability Insurance

General liability insurance covers you in case a third party sustains an injury or property damage on your premises. Slip and fall accidents are examples of incidents that are covered by general liability insurance.

Professional Liability Insurance

Professional liability insurance covers you in case a third party claims that an error or omission on your part led to them experiencing a loss. In the medical industry, this is also known as malpractice insurance.

Property Insurance

Property insurance covers your business property including your building, equipment, furniture and electronic data. If your covered items become damaged or lost because of a fire, storm, vandalism or theft, your policy will cover the cost to replace or repair your items.

There are other insurance options that you can take advantage of depending on your industry. Agents who are well-versed in New Mexico business insurance can help simplify the process for you.

Temp Employee Status Concerns and Staff Insurance

A leasing company sends a temporary employee to a client company for a term of work that will continue up until such a time as the temp performs the required assignments. The client company provides all of the work materials, training, and supervision of the temp employee. It controls the temp’s hours and days of work. Each week, the temp fills out a time sheet provided by the leasing company, which is countersigned by a supervisor at the client company. The leasing company issues a paycheck to any temporary employee they send out on assignment for each week a time sheet is submitted. They also deduct all of the appropriate federal and state withholding’s and pay the necessary payroll taxes.

One day, however, while at the work site, another employee negligently creates a hazardous situation resulting in the temporary employee being injured on the job. The staffing company, if deemed responsible, will need to have staff insurance that provides workers comp claims, but who is ultimately responsible for the care of the injured temp worker?

Is the temp an independent contractor or employee?

The first step is to determine whether the temp was actually a permanent employee of the client company, the leasing company, or both. The IRS evaluates whether a worker is an independent contractor or an employee because they are more likely to receive payroll taxes and withholding’s from employers than income taxes from independent contractors.
In general, what these criteria will focus on is whether the employer has control over the worker and the method of completing the job. For instance, an employer (as opposed to a company contracting with an independent contractor) is more likely to provide the work materials and tools necessary to do the job, set the hours and days of work, and monitor the person’s ongoing work.

The determination of who is the employer will ultimately be a fact-based decision by the court assigned to hear the case. The leasing company, the client company, or both can end up being considered the employer, which serves as a perfect example of why staff insurance is required for when situations arise that result in a workers comp claim.