Categories
Employment-Related Lawsuits

How to Protect Your Business Against Employment-Related Lawsuits

No matter the industry that you are in, all business owners can face lawsuits. This is particularly true when there are several different regulations that you have to make sure that you follow. To stay safe, you need to minimize your risk and consider employment practices liability in Ohio.

How Can You Minimize Your Risks?

When it comes to employment practices liability, you can first minimize your risk through instating proactive policies. For instance, when you hire a new employee, the job description should have a detailed summary of the position and should define all your employee’s expectations. Have an updated employee handbook that can communicate all of your workplace expectations, your policies and include the rules and disciplinary procedures. While you can take proactive steps to minimize the risk, you also need EPLI coverage.

What Is EPLI Coverage?

Consider EPLI coverage to be a safety net. The coverage pays for litigation expenses, fees and other damages if you face a lawsuit over employment-related claims. For instance, if you are sued for breach of contract, sexual harassment, wrongful termination or other business claims, you have coverage that can help you either settle or fight the claims.

When it comes to your business, insurance should be considered your safety net. Lawsuits can happen to anyone and are particularly common, no matter the size of your business. It is better to be safe than to have to pay the legal fees.

Categories
Cannabis Dehumidification

3 Tips for Successful Cannabis Dehumidification

Before cultivating your new cannabis plants, you must first determine the ideal humidity level for your growing space. This is an essential decision, as humidity affects everything from the plant’s taste to its efficacy. Figuring out the dehumidification needs for your space can, therefore, be an intimidating task, but a few steps can help you streamline the process.

1. Do Some Research

As with any project, you should do some research before you start making decisions. For example, consider familiarizing yourself with relevant terminology related to heating and cooling systems. Knowing the different types of greenhouses, as well as the variances in indoor and outdoor spaces, will help you make an informed decision.

2. Calculate Your Needs

Once you feel more comfortable with your knowledge of HVAC systems and growing spaces, you can begin looking at the other factors that influence your decision: how many plants you plan to grow, how you plan to grow those plants, and how much water those plants will receive. Add energy expenditure to your assessment, and you should be able to make an accurate calculation.

3. Consult Experts

If you’re still feeling unsure, consult an expert for a professional opinion on your plans for cannabis dehumidification. This is especially useful if you are a new grower with little to no experience. Should you choose to seek out a second opinion, be sure to consult a qualified professional who specializes in your type of growing house.

In order to yield the best results, cannabis cultivation requires careful planning. Though determining appropriate humidity levels is a dreaded part of the planning process, there are a number of ways to eliminate the stress from the equation and help you get to the growing stage as soon as possible.

Categories
Staffing Company Employees

Protecting Your Staffing Company Employees

The staffing industry is one of the fastest growing niches in the B2B marketplace, and it’s no surprise. Screening applicants and seeking out talent for niche skill sets can be expensive, so many companies outsource the process to labor providers who make it the point of their businesses. When you provide the staff to other companies, though, you need workers compensation for staffing companies that’s been priced to cover you in every state and country where you need a policy. That kind of flexibility is rare, but with the right search you can find a provider that fits the bill.

Unique Liability, Unique Policies

When your staff works at someone else’s job site, you share some liabilities with the client when employees get hurt. As the employer, you are still responsible for covering worker protection policies, but you may share some of that liability depending on the nature of the accident and the determination of negligence when the accident is investigated. This makes your risk profile different from employers whose staff works in the company’s facilities, and your insurance should reflect that. When you work with providers who are used to the unique needs of staffing companies, you can get policies written to reflect these shared risks, making them more cost effective for the coverage you receive.

Categories
Lender Placed Insurance Coverage

Lender Placed Insurance Coverage After Foreclosure

Defaulting on mortgage payments and entering foreclosure is a devastating experience for homeowners. This unfortunate situation also can create financial hardship for lenders, who risk a loss of credit when their properties undergo a lapse in insurance. Having a lender placed insurance coverage policy in place prevents this from happening.

Benefits

Lender placed insurance, sometimes called forced place insurance, avoids some of the many legal complications that go along with foreclosure. Here are some of the other benefits of this type of policy:

  • Foreclosures eligible for lower rates
  • Available to investors or lenders
  • Multiple properties covered under same policy
  • Policy usually maintained until cancellation
  • Prorated for time period coverage is necessary

Coverage

Besides standard home insurance, more specialized policies are available from some insurance providers. Depending on the state where you live, these coverages can include the following:

Properties

Lender placed insurance is available for more than just single-family homes. It is regularly applied to condominiums, apartments, and commercial properties. If you have leased the foreclosed residence to others, insurance can protect you from loss of rental income.

Foreclosures can be a lucrative source of real estate and mortgage capital. Don’t let lapses in insurance interfere with your business; instead, protect your investment with lender placed insurance coverage for foreclosed properties.

Categories
Property Insurance

Understanding High Net Worth Property Insurance

Insurance needs change based around a few factors. On the one hand, many policies are dictated based around a person’s own history with insurance. The fewer claims made, the easier it is to find a policy that appeals to your sensibilities. However, there are some extraneous factors that play a huge part in what policy is best for your needs. Your income and the value of your property, for example, have a huge impact on what policy will make the most sense. For many, high net worth property insurance is a must.

What Is High Net Worth Property Insurance?

Property is always expensive. Still, some buildings are worth a lot more than others. This means that you can’t just opt for a standard insurance policy to cover all of the risks you face. While theft is always a concern for people who own buildings, properties that house more valuable items are bigger targets. Insurance policies structured for such properties will typically include protection for items that are stored in the home. This coverage also helps you maintain the estimated value of the real estate itself. Additional considerations to take include:

  • The state of property when purchased
  • How often the real estate is used
  • The estimated value of custom features of the property

Insure Based on Your Actual Needs

Though all people should be treated as equals, the same can’t be said for insurance packages. Look over the details to see how the value of your real estate changes what coverage is most appropriate.

Categories
Media Professional Liability

Understanding Media Professional Liability and the Coverage You May Need

No matter what type of content you or your company produces, you may be vulnerable to media professional liability without the right coverage. Media workers may be at risk of various claims, but getting a tailored policy can help provide needed protection.

Various Media Professionals May Be Vulnerable

Since many different industries can fall under the umbrella of media, a wide range of professionals may require coverage. These industries encompass:

  • Communications
  • Telemarketing
  • Advertising
  • Software companies

If you work in one of the above, you may need additional insurance.

Search for Breadth of Coverage

Your coverage needs may look different depending on your specific industry and the work you produce, but a policy with depth and breadth usually offers substantial protection. Search for a policy that includes coverage for:

  • Slander or libel
  • Breach of agreement
  • Plagiarism
  • Defamation

Another factor to consider is how much of your legal fees your policy will cover. For instance, some may provide legal costs coverage and even compensate you for settlements you have to pay out.

From protecting your company reputation to having a safety net in the event of a claim, making sure you have a customized media professional liability policy in place can give you needed protection for unexpected events. Consider looking for errors and omissions or media liability insurance that offers the coverage your company requires.

Categories
COFR Insurance Coverage

Essential Facts About COFR Insurance Coverage

If your business operates vessels in the United States, you may be required to obtain a COFR, or Certificate of Financial Responsibility, to prove that you are able to pay for expenses in case of an oil spill. While it might seem like an additional hassle, it’s important to get comprehensive COFR insurance coverage to protect your company.

You May Face Penalties for Noncompliance

It’s important to understand that without a COFR if you’re required to have one, you may face several harsh penalties. Some of the penalties you may be risking for noncompliance include:

  • Being required to forfeit your vessel
  • Receiving a fine of up to $30,000 per day
  • Being denied entry at your destination
  • Getting detained

In order to avoid these penalties, proper COFR coverage is essential. Thankfully, with online applications available, the process to get a COFR is straightforward.

Check Your Requirements

While not all vessels are required to have a COFR, some are. For example, if you operate a vessel of more than 300 gross tons within the United States’ Exclusive Economic Zone waters, you are required to have one. On the other hand, there are also some exceptions. For instance, public vessels not carrying oil as cargo or fuel may not be subject to this requirement.

When it comes to protecting your company and complying with relevant regulations, adequate COFR insurance coverage is key. Keep these essential facts in mind and you can find the right policy for your business.

Categories
Cell Captives

Cell Captives: The Basics

Over the past several decades, cell captives have exploded in popularity, becoming a notable novelty in the insurance world. Though some remain wary of cell captives, their simplicity makes them appealing to those looking for alternatives to other types of captives.

What Is a Cell Captive?

A cell captive, or core cell insurance company, is an entity that consists of a system of cells which contain independent assets and liabilities. These cells are legally separated from one another and therefore must be individually accounted for in any books or records.

Cell captives are more flexible than their pure captive relatives, but their essential purpose is the same: allow external organizations to access your captives — for a small fee — even when they do not have captives of their own.

Why Choose a Cell Captive?

The greatest advantage to using cell captives is that, due to their independence from one another, they are generally less risky than pure captives. Other potential benefits include tax savings opportunities, owner payouts, and lower premiums.

The flexible nature of cell captives sets them apart from other types of captives and ensures that they will endure the test of time. As the possibilities expand, consider doing additional research into cell captives and their capabilities to see which kind best suits you and your company.

Categories
EPLI Coverage

Why EPLI Coverage Is Important for Your Business

Employment Practices Liability Insurance safeguards your business from lawsuits alleging discrimination, wrongful termination, sexual harassment, and other employee-related allegations.

Does Your Business Need EPLI?

Employee lawsuits are growing and EPLI settlements are getting more costly. Companies of all sizes are subject to this risk, and your general liability insurance does not typically cover these types of lawsuits. Additionally, legal fees are expensive, even if you are not at fault.

What Claim Types Does EPLI Cover?

This type of insurance covers many kinds of employee lawsuits, protecting you from claims such as:

  • Wrongful termination
  • Sexual harassment
  • Discrimination
  • Mismanagement of benefit plans
  • Failure to promote
  • Wrongful discipline
  • Emotional distress
  • Wrongful demotion
  • Libel or slander/defamation
  • Hostile work environment

What Protection Does EPLI Provide?

Employment-based claims sometimes cost hundreds of thousands of dollars. This specialized coverage helps cover EPLI settlements, judgments against your business, and defense costs against the claims.

How Much Does EPLI Cost?

Insurance companies consider the type of business, the number of employees, the turnover rate, and the claims history when determining the premium rates. Consult an insurance agent with EPLI experience as well as knowledge of your industry for the best results.

Business owners face significant liability with these types of employment practice claims. If your firm has employees, you should have EPLI coverage.

Categories
Tail Policies

Tail Policies Deliver Peace of Mind

Liability insurance coverage is given in most businesses. However, policies do expire and sometimes companies need extended coverage to ensure they are protected from financial risks. In these circumstances, industry experts recommend tail policy coverage.

Tail Coverage Explained

A tail policy, also known as an Extended Reporting Policy, often shortened to ERP, allows the insured to make claims even after the initial policy expires or is canceled, as long as the act upon which the claim is based occurred during the policy term. For example, if a company paid for a liability policy for one year and then chose not to renew it, that company could purchase tail coverage for an additional year. This tail policy would allow that company to file claims against acts that took place during the initial insurance term.

When Tail Policies Help

Tail policies are helpful in multiple types of situations but especially during times of change such as when a company is being sold. While that business may choose not to renew its policy, it still needs protection during the process of changing owners. Tail coverage provides just such coverage, as that company can still make claims based on its original insurance. Tail policies are purchased for specific time periods and cannot be lengthened.

Extended reporting period coverage, or tail policies, offer business owners and managers peace of mind. They provide a financial safety net during transitional periods. When company executives and employees are protected, they can carry on with business as usual.