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Does Your Company Create Bailment Obligations?

Bailees coverage

If you have ever used a valet service, you have probably noticed the many disclaimers printed on the back of your claim ticket. Savvy valet owners try to limit their legal obligations by disclaiming the bailment relationship. While not every bailment may be disclaimed, restrictive language helps protect the company from liability. If your business often accepts, stores or repairs customer personal property, your organization may have bailment obligations. Bailees coverage may help you protect business assets.

What Is a Bailment?

A bailment occurs where an entity takes control of another’s personal property. In the business sector, bailments often occur in the following types of companies:

  • Parking garages
  • Drycleaners
  • Mechanics
  • Jewelers

When a company accepts property, it implicitly agrees to keep it in good shape and to return it to the customer in the same condition.

How Does Damage Occur?

When trying to repair an item, your company’s technician may cause additional harm. Meanwhile, a sudden flood or fire may destroy customer property that you have stored in your warehouse. While you may be able to disclaim some legal liability, you can likely achieve greater peace of mind by purchasing bailees coverage.

For your business to succeed, you may not be able to avoid creating bailments. You can, however, probably avoid much of the legal liability that comes with running your company. A skilled agent can likely help you develop a tailored policy to mitigate potential risk.


Even Experts Need Coverage for Mistakes

E&O coverage

Professional liability insurance is also called insurance for errors and omissions and is designed to cover those who offer their expertise as a means of making a living. This coverage is not to be confused with general liability insurance, which protects businesses from the type of general accidents that can happen anywhere. These policies are separate, yet complementary to each other and expand coverage for smaller businesses and individuals.

What Does E&O Insurance Cover?

E&O coverage tackles the unique lawsuits faced by experts in a variety of fields, from doctors and lawyers to architects, engineers, IT consultants and others. For those in business for themselves, it is essential to cover claims that can be made against them for:

  • Mistakes in work
  • Unintended results
  • Services not provided
  • Negligent or careless services

To deliver expert-level services in any field, professionals must meet industry standards for their work. Failure to do so, or even the perception that they failed to do so, leaves them open to lawsuits.

Types of Professional Services Covered

E&O coverage can be applied to many different circumstances, including accounting mistakes that cost a client several thousand dollars or beauty treatments that burn a customer’s skin because the wrong ingredients were applied. More examples can include instances in which photographer damage a couple’s only wedding photos and personal trainers who promise amazing weight loss or slim and trim physiques that just don’t occur.


Potential Liability Claims

nightclub liability insurance

If you are opening up a nightclub, chances are you have already considered things like nightclub liability insurance. However, for some people, this may not be the case. Here are some potential reasons why you may want insurance to back you in the event of a liability claim.

One potential claim you may run into is that you sell alcohol to a minor by mistake. Maybe someone slipped by without being carded, or maybe they had a fake ID. Either way, this could potentially be devastating to your nightclub. For any court costs that come from it, you may be able to use insurance.

Another potential reason for liability claims is injuries as a result of a bar fight, slips and falls or anything else that could cause someone to get hurt. You may need to pay medical bills, and insurance coverage can help with this. In the event that someone tries to take you to court over the injuries, insurance may also be able to help.

There are many things that could potentially happen in your business, especially when drinking is involved. For this reason, it is important to consider nightclub liability insurance if you don’t already have it. If you are still in need of insurance, don’t delay in looking into your options and getting a provider as soon as possible.


Why Marina Insurance Is Different Than Conventional Business Coverage

marina liability insurance

Marinas share many similarities with traditional businesses. For the risks that all businesses face, marina owners typically purchase general business insurance. Still, because of the nature of their businesses, marinas experience liability that other organizations easily avoid.

Taking Care of Everyday Business

As with all companies, marinas must take care of business daily. Therefore, smart marina owners often purchase general business insurance to safeguard their organizations from potentially devastating liability. Experienced insurance providers help tailor general business insurance to meet a marina’s unique needs. Regularly, skilled agents recommend the following protection:

  • Property insurance
  • Workers’ compensation coverage
  • Directors’ and officers’ liability insurance
  • Errors and omissions coverage

Limiting Water-Related Risks

While marinas usually need conventional business insurance, owners often must purchase additional coverage to limit exposure. Namely, the Jones Act may require special insurance for anyone who works on the water. Meanwhile, marina owners typically opt for regular coverage and special events protection, such as:

  • Vessel damage
  • Personal injury
  • Regatta coverage
  • Race management
  • Member property
  • Chartering

Like all businesses, marinas must have comprehensive business insurance to protect them from both foreseeable and unforeseeable events. By adding marina liability insurance coverage to the company’s general business policy, marina owners often get the coverage they need to operate a successful, useful marina.


A Successful Email Strategy Increases Prospects

Insurance agent marketing

While an agent may have hundreds of prospects, along with several clients in their database of insurance leads, numbers mean nothing if there isn’t proper follow-up being done to keep them viable. Insurance agent marketing through the use of email is one solution to converting many of those valuable insurance leads.

The primary objective of any email marketing campaign, and a good insurance sales tip, is to add value. Every email requires a plan of action along with a final objective. In order to be successful one needs to determine the main points to be covered, the value to be added, and the call to action. This keeps focus on the primary objective of those emails, which is moving the person closer to an insurance sale.

Tips on how to remain focused

Grab their attention from the start by opening with the most important point first. Keep the message simple and reinforce that same message all the way to a call to action. A salesperson has to capture and hold the attention of their audience right to the point of getting them to take the next step, so take a personal approach by always calling them by name. The point of all of this is to gain trust and make any prospect feel like there is a genuine concern about their personal insurance needs.

As for the recipient’s actions, including a call to action in every email you send out. This can be done with clear and precise directions, such as the use of “click here” links. Make sure they have access to the link by including it, once in the beginning of the email and again at the end.

Use consistent, easily identified emails

Adding a consistent template or format to emails can be a great way to present a professional and branded presentation to those insurance leads. This is an important insurance sales tip because inconsistency is a real sales killer. Customers can become confused and mistrust strange looking emails, or mark messages as spam because they look unfamiliar to them. Letting them know right off whom the email is from will help put them at ease.

Email is a valuable insurance agent marketing sales tool useful for converting insurance leads into insurance policies. Try following these suggestions with a few fresh insurance leads and see how well this process works for you.