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Types of Insurance for Commercial Truckers

Commercial Truckers

There’s a lot of freedom working out on the open road, and that’s one of the most appealing aspects of being a trucker. This type of work can also come with some serious risks, and there’s no telling how much a simple mistake can cost. To mitigate some of those risks, there are several types of commercial truckers insurance.

Physical Damage

If equipment or truck parts are stolen or damaged, physical damage coverage should be enough to get a replacement. Cargo can be damaged by water, refrigeration mishaps and a variety of other unexpected conditions, so a broad-form policy may be a better option than a specified peril policy.

Liability

There are several types of liability coverage you may need. Some policies cover damage a driver causes to others but not the truck, and general liability can cover a driver during delivery or at truck stops and docks. It’s also a good idea to consider non-trucking liability coverage in case the truck causes damage but is not under dispatch.

Damage and liability insurance are two of many types of coverage that can protect commercial truckers, such as pollution coverage and trailer interchange coverage. For the best policy for your specific needs as a trucker, it’s best to visit your agent to find out more.


What Happens if I Can’t Pay My Homeowners Policy?

Homeowners Policy

When a family finds finances getting tight, they often have to make the tough decision to let some things that they enjoy go. If things continue to get worse, a homeowner may choose to let their homeowners insurance lapse, but this is one of the worse things they can do for two reasons.

1. Your Home Is no Longer Protected

When you miss a payment on your homeowners insurance premium, you may have a grace period anywhere between 10 days and 45 days to bring it back to current. If you don’t, your insurance will lapse and your home will no longer be covered if it should experience damage.

If your home were destroyed in a fire it would become a total loss, but you’d still be liable for the mortgage. You might also be personally liable for damages occurring to others.

2. Your Lender Has to Purchase Coverage

While it may sound like a good thing that your lender will purchase the coverage for your home, it’s actually not. If your home were to be destroyed in a fire while it was covered by your lender’s policy, any forced placed insurance claims made would only cover the financial interests of the lender. That means your personal property would not be covered and you could still be liable for damages experienced by others.

Homeowners insurance protects you financially. Homeowners should always make sure their home policy is current.


Understanding Your Leasing Insurance Requirements

Leasing Insurance

If you’re leasing commercial space for your business, you should expect a requirement that you carry insurance. Since these requirements are usually imposed by the leasing company or individual landlord, they are not necessarily consistent. In some jurisdictions, there may be minimum requirements, but for the most part, you are going to be dealing with the needs of an individual entity you’re contracting with for space to operate. As a result, you need to be able to parse your lease agreements for leasing insurance requirements to make sure you’re in compliance.

Protect Yourself With Robust Coverage

While leasing insurance is usually required when you sign a commercial lease, it’s also just a good idea even if no one is making you purchase it. Protecting yourself against issues that could lead to eviction and the loss of operational capacity is common sense, and bundling it together with a package that protects your equipment, employees, and visitors on-site can save you money over shopping for individual policies for every separate form of business insurance your company needs. Investigate your options before you sign that lease, so you can make sure you’re getting the coverage that is as cost-efficient as possible without sacrificing any essential areas of protection. To do that, you need to work with a company that understands leasing insurance, including the provisions most common in the industry.


Workplace Wellness in a Changing World

Workplace Wellness

The overall health of a company workforce is important for both employees and employers. Rising medical costs are a factor for both parties, as is the general wellbeing of each worker. Having a corporate wellness program is a way to provide structure, tools, and resources to engage employees to be proactive about their health.   

Wellness Incentives

Workplace wellness plans are becoming increasingly common. Not only are they beneficial for existing employees but they can also be attractive to potential new hires as well. Below are just a few of the benefits these programs provide for the wellbeing of both the employee and the company:

  • Reduced healthcare costs
  • Fewer days off due to personal illness
  • Increased morale and positive company culture
  • Increased productivity due to better physical and mental health

Planning for the Future

The effects of COVID-19 have yet to be fully understood but they undoubtedly will impact wellness plans as well. Companies that allow more flexible or work from home options will especially need to adapt to a changing climate. A greater reliance on telemedicine options will be key to maintaining an effective program.

There are numerous advantages to having a healthy workforce. Implementing a company wellness program – or updating an existing one – will ensure your business is maximizing these benefits.


Do You Need Employer’s Liability Insurance for Volunteers?

Employer’s Liability Insurance

Volunteers are an instrumental part of many workforces, especially in the nonprofit sector. Since they’re not paid employees, however, there is often a great deal of confusion about whether or not they need to be covered by your company insurance. Read on for a brief primer about insuring volunteers.

Aren’t Volunteers Protected by Immunity Laws?

In a word, no. While some states do have immunity laws that protect organizations and their volunteers, these usually pertain only to insurance claims that go over the limit of the existing policy. For smaller events, like minute property damage, these immunity laws have no bearing.

What Policies Cover Volunteers?

Employee liability insurance and similar protections don’t extend to volunteers since they’re not employees. Instead, your general liability policy or similar coverage will likely need to be amended so that it includes volunteers staff as additional insureds.

What Are the Benefits of Insurance Coverage for Volunteers?

Making sure your insurance policy includes any volunteers that donate their time and services to your organization not only protects them, but it also protects you in the event that one of your volunteers has an accident or injures another member of your staff. What’s more, it makes your company more attractive to volunteers in the first place, as they’ll note that you take care of all of your workforce, paid or unpaid.

If your staff includes volunteers, your insurance should cover them. Talk to your agent about how your existing policies can be modified to protect your entire team.


Cost Saving Options for Your Workers Compensation Insurance

Workers Compensation Insurance

In most states, you have a choice of workers compensation coverage, giving you the option of shopping around to help save costs. What you might not realize is that there are risk transfer options outside of coverage through a regular insurance carrier that could satisfy your state’s requirements for coverage while allowing you to save money and create a more responsive claim system. When you opt for self-insured work comp benefits, your company essentially signs up to pay claims itself, without going through an intermediary.

Self-Insurance Options

Self-insurance for workers compensation comes in two general organizational structures. The more expensive at startup is full self-insurance, where your business manages its claims and pays out of its reserve funds. It allows you to make sure your workers get timely treatment after an accident because you are in control of the claim processing and payment. It can save money over time as your new processes gain efficiency when compared to the alternative, which is to participate in a self-insurance fund. Those funds group financial contributions from a few businesses that participate together, allowing each to set aside a smaller reserve. This option costs less to start with, but it does involve giving up a little control over the process to an outside party.


Researching Health Plan Options on the SHOP Marketplace

SHOP

There are many options for small businesses that wish to offer health insurance to their employees. The Small Business Health Options Program (SHOP) is one such place. Small business owners can go to the SHOP marketplace to research insurance plans, compare rates, and purchase coverage.

SHOP Plan Categories

There are four categories under SHOP broken down by the percentage of the coverage the insurer pays, versus what the employer pays.

  • Bronze
  • Silver
  • Gold
  • Platinum

SHOP Plan Types

Under each category of coverage, there are several SHOP plan types to choose from, similar to healthcare options found elsewhere.

  • Exclusive Provider Organization (EPO) – often considered a hybrid option where a primary care physician is not required, but the participant can only see doctors within the network.
  • Health Maintenance Organization (HMO) – care is usually coordinated by a primary care physician and participants can only visit doctors within the HMO network.
  • Point of Service (POS) – participants pay less for services provided in-network and a referral from the primary physician is needed before a visit to a specialist.
  • Preferred Provider Organization (PPO) – participants can see any physician they wish but pay less for services within the network. A referral is not required to see a doctor.

The SHOP marketplace provides a central place for a small business owner to make an informed decision about the healthcare options available for them and their employees.


Types of Specialty Insurance You Didn’t Know About

Specialty Insurance

Specialty insurance is designed to cover people for specific situations. You can find enormous lists of gateway specialty insurance available for anyone who needs it. Here are some of the most popular kinds of insurance you might not even know about.

Travel Insurance

You can risk a lot when you go traveling, especially when you’re headed overseas. Baggage can get lost, property can get stolen from a hotel room and accidents can happen when you’re away from your normal coverage. Travel insurance is designed to protect people and their belongings when in another country.

Pet Health Insurance

Pets can get expensive fast. One emergency trip to the vet can set you back a substantial amount. Pet health insurance is designed to help cover those costs and can be beneficial as pets grow older.

Wedding Insurance

Weddings can cost an enormous amount of money, and despite your best planning efforts, things can still go wrong. You can get insurance for postponing your wedding to a later date should you need to cancel. Liability insurance can also be purchased to protect guests who get a little out of hand.

Understanding what events can be covered by specialty insurance can really pay off if something goes wrong. There’s no need to put your financial security on the line when you have insurance.


Does Your Business Need PWC Rental Insurance?

Rental Insurance

Running a boat rental business often includes offering personal watercraft, such as Sea-Doos and Jet Skis. If you already have these craft in your fleet, or you are considering adding them, you need to make sure your insurance provides coverage for accidents, property damage and injury for the PWCs. General boat insurance policies do not offer protection for these vessels.

Obtain Protection for PWC

PWC coverage is required for any Jet Skis or Sea-Doos you rent out to your customers. Each individual vessel needs to be included in your policy. The coverage options are similar to those you find in standard boat insurance; however, you do need to make sure that you seek specialized insurance for personal watercraft from a qualified agent or broker.

Make sure that your policy offers protection for:

  • Injury or death to another individual due to renter negligence
  • Injury or death to riders when another boater is at fault
  • Uninsured boater damages and injuries
  • Property damage
  • Craft damage to equipment, hull and machinery

You might also want to check for additional options, such as PWC recovery should the vessel sink.

Renting PWC can be a great business opportunity. Make sure that you are not placing your operations or yourself at risk of legal and financial trouble. Insuring personal watercraft is required, so procure the coverages you need to protect your customers, your craft and your business.


Promoting a Safe Working Environment By Deterring Horseplay

Horseplay

It’s great when people can have some fun at work. However, certain types of behavior that are intended to be all in good fun can create dangerous working conditions.

Train Staff About Physical Safety

Horseplay among employees can be dangerous in any type of situation, but it’s particularly perilous when employees’ job duties already involve some measure of physical risk. Settings that involve working with hazardous materials, operating large machinery or difficult physical labor require employees’ full attention. An effective way to discourage unsafe joking around is to specifically address the topic in training initiatives. Explain to employees why certain conduct may be dangerous. Frankly, some scare tactics may be helpful. When employees can visualize the actual consequences of unsafe behavior, they’ll be more understanding about why horseplay may be no laughing matter.

Enhance Supervision

Employees will be less likely to take time out of what they’re doing to kid around when they know that they’re being supervised. While it may not be a good use of resources to supervise people all the time, making unannounced supervisory appearances at random can be a good deterrent.

When employees are distracted or doing something unsafe in an attempt to get a laugh, it puts both their safety and their coworkers’ safety in jeopardy. Employers need to take active measures towards getting their workforce to prioritize safety over diversion.