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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.

Categories
Renter's Insurance

Understanding Renter’s Insurance

Moving into your first home is an exciting opportunity. Many landlords will require renter’s insurance, while many more will not. For the landlords that don’t require it, you may be wondering if you should purchase coverages under a renters policy regardless. 

Your Landlord’s Insurance

Many people have the misconception that they don’t need to purchase additional insurance because they are covered under their landlord’s property insurance. This is not true. 

Your landlord’s commercial real estate policy will only cover losses that apply to the actual dwelling. That means it will not cover your furnishings and belongings, nor will it cover any accidents that you may be found liable for, such as if your dog were to bite someone. 

Facts About Renter’s Insurance

Having a renter’s policy could save you a lot of money and frustration if something were to happen on the premises where you live.

A renter’s policy 

  • is affordable
  • covers loss of property
  • covers cost of another place to stay
  • protects you if someone is injured on the property

The policy is also customizable, so if you want more coverage in certain areas, you can purchase it. 

Having renter’s insurance could also save you from having to replace everything and not having a roof over your heard if something were to happen. That makes it is worth the peace of mind it brings for a low cost. 

 

Categories
Maritime Insurance

A Beginner’s Guide to Maritime Insurance

Marine insurance, also known as maritime insurance coverage, is an insurance policy that protects anything related to vessel transport. This is essential coverage for any company or individual transporting goods over water. In the event of an accident or weather-related incident, any losses to property can be claimed.

What’s Included

Maritime insurance specifically covers property. This means that any ships, vessels and goods that are lost can be compensated for in a claim. Most coverages can be tailored to a company’s specific needs depending on what they usually transport and where they go.

How It’s Different From Maritime Employer’s Liability Coverage

Employer’s liability does not cover property. Instead, it focuses on any employees or individuals harmed in an accident. Maritime jobs can come with many hazards, and coverage can prevent a company from paying out enormous claims if someone is hurt. It also covers employees who are on another vessel outside of the company’s fleet.

Why Coverage Is Essential

Any employer working in commercial sea industries should have general maritime insurance coverage and employer’s liability coverage. This ensures that all property is insured from damage and all employees feel safe and covered in case of an injury. You could lose many investments by failing to be insured, so don’t wait to get it.

Categories
Employee Benefits Package

Employee Benefits Package Options

In order to recruit and retain the best possible workforce, it’s important to offer a competitive benefits package. Employers have a wide variety of possible benefits to choose some, so it’s important to select offerings that are both affordable and appealing.

Health Insurance

One of the most crucial employee benefits options to incorporate into a package is health insurance. Some employers are required to offer this type of benefit depending on their size. The scope of coverage and the cost to individual employees in a group plan are among the most determinative factors to consider in choosing a plan.

Short Term and Long Term Disability

Being able to provide employees with disability benefits in the event that they are unable to work due to injury or illness is a benefit that employees will greatly value. It also benefits employers insofar as it enables their employees to support themselves during their recovery and return to their positions.

Life Insurance

Many companies offer employees life insurance policies for their staff. They are effective for the duration of a staff member’s employment and they may be for a set amount or equivalent to an employee’s annual salary.

Ultimately, many prospective employees value benefits offerings as highly as salary. It’s essential that you work with an experienced insurance carrier to build an excellent benefits package.