Coverage Plan

How To Design an Employee Benefits Program

An attractive benefits package is often the deciding factor for potential employees. While a competitive salary brings them to the interview, the other perks can seal the deal.

What Should Be Included in the Benefits Program?

The best employee benefits package includes both required coverage and voluntary options. Common benefits include:

  • Healthcare Coverage – The most important benefit is good healthcare coverage. Your employees want to know that when they need medical attention, their insurance plan will protect them. Adding vision and dental insurance to the package makes it even more attractive.
  • Profit-Sharing – Sharing a percentage of company profits with employees is a great motivator.
  • Retirement Planning – Some companies provide 401K retirement options to their employees. Workers are encouraged to save a portion of their gross salary in the retirement plan. This money is not taxed until it is withdrawn after retirement.
  • Voluntary Options – Other voluntary options can be offered to employees. The worker pays for these benefits at a reduced rate. Options include disability protection and supplemental life insurance, among others.

How Should You Decide Which Benefits To Offer?

Talk with your insurance agent about the benefits that are competitive in your industry. Consider sending out an employee survey to see which voluntary benefits are important as well.

Entice and maintain quality employees with a comprehensive benefits package.

Coverage Plan

Understanding Kidnap and Ransom Insurance

The crime of kidnapping is on the rise and poses a risk to both individuals and businesses alike. It is estimated that kidnappers make over $500 million each year in worldwide ransoms. Depending on your personal or business situation, it’s worth considering purchasing kidnap & ransom insurance coverage to help protect your financial interests. While you never hope to need such protections, the reality is that they not only help cover your losses but also give you a greater sense of control.

Getting the Details

Kidnap and ransom insurance policies are usually indemnity policies, meaning that you or your business are reimbursed once a ransom has been paid. A ransom payout may be fatal when it comes to your bottom line. Kidnap and ransom coverages offer some peace of mind as you’re not having to bear the cost alone. Other possible benefits of this policy include the following:

  • Death and dismemberment
  • Medical expenses
  • Crisis management professionals and other related services

As with many types of coverage, there are other factors that the proper insurance products can address.

Protecting Yourselves

Think carefully about yourself or your organization. You’ll see that kidnap and ransom insurance is a crucial element when it comes to remaining protected. Look for an insurer that can help you explore this risk and come up with real solutions that you can use.

Coverage Plan

Protect High-Value Items With the Right Coverage

Following your passion in life can easily make you feel excited to wake up each morning. Whether you work the career of your dreams or are committed to your hobbies, there are many ways to make the most of each day. For some, investing in and collecting items of a particular value can be a fun activity. From cars to coins to comics, putting money into certain investments can often yield nice returns and help you feel happy. However, you must learn how to protect your assets.

Take Out Appropriate Insurance

First and foremost, you want to consider the assets of value you need to insure. For vehicles of a particular value, collector car insurance policies are essential. It doesn’t matter if you take the car on the road or you decide to simply keep the vehicle on display in or around your home, having insurance for this type of automobile can make a world of difference in the event that vehicle is damaged. Other points you want to think about when protecting your assets can include:

  • Coverage against theft
  • Cybersecurity policy options
  • Homeowners’ coverage considerations

Consider Your Options

In order for you to protect items of a specific value, you absolutely want to think about your current insurance plan. Review your options and see what changes you can make in order to see a change in your sense of safety.

Coverage Plan Homeowner’s Insurance Insurance Coverage Snow damage coverages

Homeowner’s Insurance and Snow Damage

Winter storms with heavy snowfall and ice accumulation can cause significant damage to a home, including newer constructions. It’s important for homeowners to evaluate the protections offered by their current policies and consider possible exceptions.

Coverage Inclusions

Snow damage coverages typically include damage to a roof from heavy snowfall, damage to a home’s exterior caused by heavy winds, flooding from frozen or burst pipes, and torn gutters and siding caused by ice dams. These coverages may be excluded if they are attributable to a lack of maintenance.

Coverage Exceptions

Typically, a policy will exclude damages that could have been prevented with proper maintenance. In the case of ice dams, for example, dams caused by a failure to clean or care for gutters may be excluded. Likewise, damage caused by rotting trees that weren’t trimmed or removed could be excluded.

Flooding Damage

When the snow melts and floods a home, it’s generally not included within the scope of a homeowner’s policy. A homeowner would need a separate policy specifically covering flood damage.

Homeowners need to be conscientious about what their insurance coverage includes. Moreover, they need to take active steps to maintain their home and surrounding landscaping in order to ensure that they do not experience any type of preventable damage that may be excluded from a policy.


Commercial Insurance Coverage Plan Healthcare claims Insurance Coverage Self-funded Insurance

What Makes Self-funded Insurance Attractive?

As healthcare costs continue to rise, companies find themselves in the position of having to pass along those costs to their employees and raising premiums year after year. Many are turning to self-funding their insurance plans as a way to contain costs.

Basically in a self-funded (self-insured) plan, the employer takes the risk of paying the healthcare claims. This works in the following manner.

  • When the employer deducts health insurance premiums from the employee’s pay, the money is deposited into the company’s health care asset account where the funds accumulate and earn interest.
  • When an employee visits the doctor and incurs a medical claim, that claim is sent to the employer (or their third-party administrator) and the claim is paid from the funds in the company’s health care asset account.

Self-funded insurance becomes attractive to employers for several reasons.

  • No risk pooling costs associated with fully insured plans
  • Monies in the asset account can accrue interest
  • Claims are not paid until incurred
  • Any surplus left in the assets account is kept by the company, allowing the reduction of premiums and offset costs from year to year based on their claim utilization
  • Lower administration costs
  • Greater plan design flexibility to meet a company’s needs

Companies should talk to their insurance carrier to see if self-funding may be a viable option to reduce costs associated with healthcare benefits.

Coverage Plan Insurance Coverage

Insurance for Wealthy Homeowners

For those that own homes costing more than $750,000, the insurance needs will be different from that of a typical homeowner. Since the home is worth more, the costs to replace the home or repair damages will be much higher. Buildings of historical or architectural significance, those constructed from rare or expensive materials, or even condos and luxury homes can need insurance for high-value homeowners.

The Challenges of Insurance Coverage

The price of the home is the most significant challenge when trying to secure a comprehensive insurance plan. The personal liability of the owner is also higher, as are the limits needed for personal property. Wealthy homeowners often have more expensive interior furnishings and collections, as well as exterior features that are potentially hazardous. Though higher limits are needed, many high-value policies will come with standard baseline features.

The Coverage Areas

The common baseline areas of coverage include protection against injuries or damages that occur on or off the property. It also covers the legal fees if you are sued. A wealthy homeowner may have a feature like a swimming pool or tennis court, and even if you haven’t given someone permission to use the facility, you could be responsible for injuries that occur. Your policy may also be written to include living expenses, identity theft coverage, sewer or pipe backup, partial loss, or no-cost home inspections.

Coverage Plan Insurance Coverage Mariner Liabilities

Mariner Liabilities for Oil Spills

Shipping operations all over the world are subject to international regulations concerning the responsibility of pollution damage occurring on open waters. In response to the devastating effects of oil pollution on the environment, an international convention adopted a standard of liability coverage requirements and responsibility for any spills of oil that occur when carried as fuel within a ship’s bunker.

Filing for Your Blue Card

The information found on establishes that vessels over 1,000 gross tons coming from or headed to the signatory nations of the Bunker Convention have the Bunker Convention Certificate on hand to show the financial recourse in the event of a spill. A vessel can use private funds or an insurance policy to establish proof of financial security to comply with applicable national or international limits of liability should pollution damage occur. Regardless of the fault of the incident, the registered owner of the vessel is regarded as the at-fault individual and held liable.

Receiving Your Certificate

Thanks to improvements in technology, certificates, known as the “Blue Card” can be applied for online. The certificate is issued to the principal place of business for the registered owner, and the application must be filed in the flag state of the applying company. If all of the information has been listed according to requirements and the financial security is approved, the bunkering certificate is issued via email to the registered owner.

Captive Insurance Coverage Plan Insurance Coverage

Learn the Advantages of Rent a Captive Insurance

If you are thinking about captive insurance, here is what you need to know. Captive insurance involves a parent group that creates a licensed insurance company to provide solutions to the corporation. A rent-a-captive is when there is a third-party that forms a captive.

Rent Captive Disadvantages/Advantages

To form a captive is not an easy task, according to the experts at Caitlin Morgan Insurance. One of the major benefits of a rent-a-captive is that it is not nearly as difficult. Now, on one hand, you won’t own your own captive and you will not have incorporated your own entity, but there are other benefits that you may not realize.

One of these main benefits is the time that you save. It takes a lot of time and money to form a captive. There are so many different intricacies and you have to be able to hire the right staff towards the formation. When you rent a captive, you have control over your insurance program, you have minimal costs and flexibility in your programs.

A rent a captive insurance company is one that you can rent. You are able to have all of the benefits that you would have with your own captive insurance arrangement. The difference is that you don’t have to own or manage it.

Coverage Plan

Confidently Choosing a Coverage Plan

Operating your business can be a challenge, and there are many things you can’t foresee that have the potential to bring trouble. Perhaps a chance accident occurs with a customer or you have an employee that siphons funds from your business account. When you need the best protection for your business, you need a comprehensive insurance plan. As you think about the policy you may currently have, you might want to consider just what is an insurance broker supposed to do to make sure the coverage is enough? Being underinsured is just as chaotic and damaging as not carrying a policy at all. The experts at isurepro. can testify to the skills and qualities a quality agent will need. In turn, this gives the company confidence in their coverage plan.

Skills of a Quality Agent

When you can trust that your agent is working for you, the policy they propose should target all areas of concern. But how do you know if you can trust your agent? Here are the qualities of an experienced and trustworthy agent will display.

Honesty and reliability
Confidence in negotiating
Time management
Accurate analytical skills
Deliberate decision-making
Attention to detail
Authentic interpersonal skills
Written and verbal communication skills

When your agent listens to your concerns and fully answers your question, you know you are on the right track. Being able to trust your agent makes the insurance process much easier and more reliable.