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The Importance of Insurance for Boat Builders

Insuring Boat

Boatbuilders blend science with the magic of art. For thousands of years, these craftspeople have designed and constructed vessels to sail over the globe’s waters, opening up the world. Today these specialist builders carry on the tradition, but they need to protect themselves from liability if anything goes wrong. The experts at Merrimac say boat builders risk insurance is vital for all those who construct marine craft.

Complicated Hazards

Modern boat builders face increasingly complex challenges.

  • The burden to adopt an environmentally friendly methodology
  • Tighter earnings expectations
  • Stronger competition from foreign markets

Quality liability insurance is vital to reduce the pressure on modern boat builders. It lets them focus on what they do best and gives investors and shipyard owners peace of mind.

Comprehensive Coverage

Good boat builders risk insurance provides coverage for every stage of construction and operation as well as for multiple types of craft, from yachts to commercial vessels. Experienced insurance companies may offer boat liability coverage that includes property protection for situations such as crime, natural disasters, piers and docks, and equipment and tools. Some insurance specialists may even offer liability products for boat builders that cover pollution liability and commercial vehicles as well as marine employee protection.

You may not need every specialist boat builder insurance product available, but with so much at stake, it is wise to work with an experienced, respected marine insurance company to safeguard your boat building operations. The right insurance will help you stay afloat now and in the future.


Stay Protected While Installing Septic Tanks

Sewer & Septic Tank Installers

When your primary job is dealing with the installation of sewer systems and septic tanks, you’re probably used to the mess that comes with your line of work. Of course, you also want to take time to make sure a murky situation doesn’t become a total disaster for the future of your business. Many issues can arise during installation and you will definitely want to make sure you have comprehensive septic tank insurance coverage. The right policy can make all the difference.

Common Issues With Installation

Research shared on www.watercolormanagement.com has stated that insurance for professional septic tank installers should include several key options. For one, you’ll want the standard professional and general liability options that come with contractor insurance policies. Additional policy options to focus on when selecting your coverage should include:

  • Workers’ compensation
  • Employee crime or property damage
  • Insurance for specific machinery involved with the installation

Stay Protected

If you’re installing a tank and something goes wrong beyond your control, you do not want to be held accountable for the damages or financial costs of repairs. By taking out a comprehensive policy tailored to your industry, you will have an easier time handling the problem. Review the policy options available to you and discover a fit that will help you and your business stay secure at all times.


Effective Ways to Prevent Data Breaches

World Wide Specialty Programs

The top causes of data breaches include theft of physical items, human error, social engineering, privilege misuse, and malware. However, criminal hacking remains the most serious threat. These are some effective ways to combat criminal hacking.

Education

The experts at World Wide Specialty Programs state data breach education can help companies use their resources to decrease their susceptibility to them. Understanding how a data breach can happen can help the company develop a successful risk management plan. Even the smallest of businesses can be hacked by a criminal using stolen credentials or through computer coding.+

 

Software

Probably one of the easiest things to do is incorporate an antivirus software on all devices. On top of the software, firewalls and malware detection software can create a robust system of checks and balances. Many can be used on multiple devices with a subscription service and regular updates.

Security

Secure all devices with a two-factor identification system to keep out unwanted guests on the network. Make sure to use difficult passwords that are unique per site, person and device. Simple passwords are easier for criminals to hack and tap into your business.

With criminal hacking being one of the top causes of data breaches, it is no wonder there is so much attention given to it. Take these simple steps to secure your network and reduce your risk of a breach.


Finding the Right Survival Insurance

iSure

When it comes to planning for the future, high net worth individuals and high-income companies actually have a lot of overlapping needs, including a need to plan accurately for what happens when a key person passes on. Many high net worth individuals and families manage that wealth through trusts and businesses that operate for the good of their dependents, and as a result, they face the same issues when a key decision-maker passes on that a large corporate entity has to contend with, as well as the individual human challenges that go with grief and mourning.

Find Your Brokerage

If you need a survival insurance brokerage, you need to find an industry leader with a record of providing for their clients’ full range of needs. You can tell leaders like iSure from the rest by looking for the informational resources and client education efforts they make because their leadership usually starts with their own client base, who depend on them for an understanding of the ins and outs of risk management along with a variety of avenues of exposure. When you find the people who are dedicated to really helping you understand all your insurance needs, you will know it. Until then, it doesn’t hurt to start by reading all the resources you can find on the topic.


What Is Included in a Boat Sharing Agreement?

Boat Sharing

Sharing a boat with others is an easy way to enjoy life on the water without the hassles that typically come with owning the vessel. However, there are some negatives as well. There are many things that may be included in the boat sharing agreement that you should take into account before signing.

Insurance

As seen on www.marinersins.com/, sharing a boat comes with both pros and cons. Having boat insurance on a non-owned vessel you plan to use is an easy way to stay protected should something go wrong. Some agreements may require that you have the insurance, while others may have the boat insured for third-party use.

Charges

Owning and operating a boat comes with many costs from fuel to upkeep and storage. If you share a boat, you will likely have some share in the charges for upkeeping the boat. If you only borrow the boat during some outings, the agreement may specify how much the charges you pay to cover these costs.

Ownership

For those sharing a boat from purchase to usage, the topic of ownership must be addressed from the outset. Usually, the number of people sharing the boat has equal parts ownership and cost responsibility. However, other agreements can be made depending on other factors.

Read the boat sharing agreement to see exactly how much you are responsible for. Be sure to read anything regarding resolving disputes, having the boat maintained and keeping records.


Beware of Payroll Fraud in Your Organization

Payroll Fraud

Fraud can be a big problem for businesses. Employees who steal time from employers are committing payroll fraud. Protect yourself against these three types of payroll fraud as seen on https://www.wwspi.com.

Ghost Workers
Managers or HR might set up an employee in the system to get paid without a real human attached to the account. The check is deposited into a bank account and no one is the wiser until an audit is performed. The business is out of hundreds of dollars, possibly without being able to receive repayment.

Misclassified Workers

Classification of workers, employees or independent contractors, determines which entity pays taxes and other benefits. When employees are classified incorrectly as ICs, the business benefits by paying fewer taxes and not covering the worker on workers’ comp insurance. This type of payroll fraud may go unnoticed until a worker complains. Then, the business is on the hook for back taxes.

Time Fraud

Employees clocking in five minutes early once in a while isn’t a bad thing, but when it occurs over weeks or months, the time can really add up. When you have multiple employees who don’t clock out for lunch or stay clocked in for an hour or two of overtime each week, you’re pouring extra money into your payroll. And it’s a fraud.

Good staffing insurance can help you install measures in place that prevent employee payroll fraud.


Insurance Against Lawsuits

Axis

Avoiding a lawsuit should be important to you as a small business owner. In this litigious world we live in, it is almost a given to assume that your company will be put under the microscope at one time or another. To avoid liability altogether, having the right insurance can help to protect you if someone tries to sue you for injury on the premises.

Protection For You And Your Clients

You don’t want to lose everything that you’ve worked so hard for in one fell swoop. Ask your insurance agent at Axis to help you decide which policies fit your business the best. Some things to remember include:

  • Professional liability and management liability are two very different things. Understand the differences.
  • One size does not always fit all when it comes to insurance policies. Ask specific questions when you speak to your agent.
  • If you’re on the fence on whether or not to purchase a specific package, purchase it anyway. If you find that a year has passed and you have not used it, consider whether you would miss it or not if it were to be removed.

Taking care of your company doesn’t always mean proving that the customer is right and giving exceptional customer service. Sometimes it’s as simple as the right insurance policy.


Compelling Reasons to Protect Against Volunteer Litigation

VIS Volunteers

Although many areas have things called volunteer immunity laws, there are areas of volunteer work that present significant liabilities to a nonprofit organization. Nonprofit administrators are generally aware of the need to purchase insurance plans that protect against operational liability, but they don’t always stop to ask “do volunteers need insurance?” There are often exclusions in immunity laws that leave the volunteer or nonprofit vulnerable to litigation and the costs that accompany trying to resolve the situation. As these efforts can be quite costly, the professionals at VIS Volunteers recommend that a strong volunteer protection policy be carried by the nonprofit agency.

Potential Lawsuits

One of the areas not covered by immunity laws are situations where the volunteer brings a claim against a nonprofit agency. Here are some possible scenarios where a volunteer policy would be valuable.

  1. A volunteer is doing errands for the agency, runs a stop sign, hits a vehicle, and paralyzes the other driver.
  2. A volunteer, using a chainsaw, is clearing property with another volunteer when a piece of debris flies into the eye of the other volunteer and causes permanent blindness.
  3. A volunteer sexually abuses several children over the span of several years, as adequate supervision policies were not put in place.
  4. A volunteer alleges that an organization discriminated against her because of her sexual orientation.
  5. A volunteer slips and falls on the office floor at the nonprofit’s headquarters.

Complying With U.S. Waterway Regulations

The United States Coast Guard is responsible for patrolling American waterways and ensuring they are free from threat. However, the types of attacks range from pirates to environmental concerns. As explained by https://www.wqis.com/, the Coast Guard requires that vessels over 300 gross tons provide proof of financial responsibility for incidents that occur with oil within U. S. waterways. While there are funds in the National Pollution Fund Centre that can be used to help with environmental cleanup, the primary goal of establishing fiscal reliability is to hold the offender accountable for their actions.

Who Needs a Certificate

In the past, owners and operators were required to carry a paper copy of the Certificate of Financial Responsibility on board the vessel. However, the Coast Guard has transitioned to an electronic filing and approval system. Most vessel operators did not have the financial resources available to meet the financial requirements for approval, so using a COFR insurance policy can help your operations get approved. The following vessels need to obtain a COFR:

  1. Vessels over 300 gross tons using U.S. navigable waterways
  2. Any vessels transshipping or lightering oil in the Exclusive Economic Zone

Failing to file for a COFR can lead to fines and impound of the vessel. The requires limits of a COFR are generally set at $300 per gross ton or the greater of $5 million.


How to Protect Against Rental Losses

Rent protection and legal expenses insurance or landlord insurance provide protection to property owners when there is a renter on the property. If you have a tenant for a long time, whether this is in a multi-family complex or you rent out a home, you need to consider all of the potential losses.

Loss of Rent Payments

Now and then you might have to deal with a tenant that does not pay rent. This will happen if the renter forgets to pay, if he or she has a financial hardship or if he or she simply decides against paying. When this happens, you need insurance to cover that loss.

Liability Costs

If someone suffers an injury on your property, you could still be accountable. The legal costs associated are expensive and most property owners do not want to have to spend the time and money on court costs. The cost of landlord insurance, according to the experts at https://www.rentrescue.com is low enough that you could charge a slightly higher rent cost to cover it. This is a small amount in order to cover the high costs of a court case.

When it comes to your property, you need to be able to protect it. This is especially true if you rent the building or property to tenants.