Force-Placed Insurance

What You Need To Know About Having (and Removing) Force-Placed Insurance Coverage

You may have recently received a loan or a loan extension that came with some insurance strings attached. Sometimes, banks may require you to get force placed insurance to reduce the lender’s risk. While you might have already have this insurance type in place, you might still have questions about exactly what it entails and how you’ll eventually be able to get it removed.

Once Placed, There Could Be Multiple Reasons To Get Your Coverage Taken Off

Although your lender benefits from your having force placed insurance, it could, in some scenarios, turn into a financial difficulty for you. In certain cases, you might be incentivized to remove the insurance. Some of these instances might be:

  • Finding a different lender or a more beneficial policy
  • No longer being able to afford the cost of the insurance

It’s Considered a Necessary Addition To Hedge Certain Loans

However, you may also find it useful to understand why you had to get this insurance to start with. Generally, lenders will require a force-placed policy if the insurance you bring to the table does not provide enough coverage. In this way, it offers them extra protection should you happen to default.

While it might not have been entirely up to you to get force placed insurance, you can at least understand the details of how it works and how you could potentially get it removed. With this fresh perspective, you can balance your needs and your lender’s requirements.

Restaurant Insurance

Why You Should Consider Purchasing Restaurant Insurance

Being the owner of any business comes with a certain amount of risk. Owning a restaurant is certainly no exception. It is vital that you reduce this risk as much as possible whenever you can. A great way to do this is by purchasing a restaurant insurance program.

Why Is Restaurant Insurance So Important?

Restaurant insurance can go a long way towards protecting the business you’ve worked so hard to build. No matter how hard you try to keep everything running smoothly, things do happen. Things like accidents, fires, and vandalism are a constant possibility and you don’t want to have to cover damages out of pocket.

What Kinds of Coverage Do You Need For Your Restaurant?

Generally, there is no one plan that will cover everything you need insured. There are a few different types of coverage available that should protect you across the board. First, you need general liability insurance which protects against property damage and injuries that occur to the general public. You also need workers’ compensation to protect your employees in case they are injured or killed while on the job. Other types of coverage to look into are employment practices liability insurance and liquor liability coverage.

Owning a restaurant is not easy. Having the right insurance plan can make a huge difference.

Physical Hazards

3 Physical Hazards Professional Cleaners Face Every Day

Professional cleaning service workers are exposed to chemical hazards on a daily basis. From inhaling toxic fumes to experiencing chemical burns, these dangers create an inherently risky environment for cleaners. They also, however, often overshadow the job’s equally-dangerous physical hazards.

1. Repetitive Motion

One of the most common cleaning liabilities is the risk of injury due to repetitive motion. Cleaners who spend hours a day sweeping, vacuuming, or mopping are more susceptible to obtaining an injury from overworking particular muscles or joints.

2. Bending and Lifting

Similar to the risk of injury due to repetitive movements, frequent bending and lifting places unnecessary strain on the body when done incorrectly. Moving sturdy furniture or heavy objects out of your way, for example, ensures a thorough clean, but it also increases your risk of sustaining a back injury. Though learning proper movement techniques can help prevent injury, a job as physically intensive as cleaning will never eradicate this problem entirely.

3. Noise Pollution

Though rarely acknowledged, noisy equipment poses a physical health risk to its operators. Even when a sound is not particularly sharp or loud, the sustained drone can harm your sense of hearing over time. This also means important auditory signals, such as fire alarms and security alerts, may go unnoticed by cleaning crews.

The spectrum of cleaning liabilities is vast and varied, but cleaning service insurance can alleviate some of the common fears — such as that of serious physical injury — that plague cleaning companies and their employees.

Farming Risk Management

How to Successfully Manage Risks in Farming

The agricultural industry is a difficult and challenging one. There are certain risks inherent in farming that many other industries never have to contend with. There are many strategies that you can employ to help mitigate risks and propel your agricultural business forward.

Diversify Operations

Having a diverse operation can help shield you against losses in a single area. Vertical integration, or controlling more than one segment of the production process, is another useful strategy that can increase profits while reducing risk.

Plan for the Unexpected

Another key strategy is to prepare as best as possible for unexpected losses. Farm, ranch and livestock insurance products can help you recover losses due to weather, natural disasters, pesticide damage and any number of other unforeseen hazards. Conduct research into the coverage offered by agricultural insurance programs so you know what is available. Then make an informed decision about which ones will work best to help manage risks in your farming operations.

Know Your Options

Education is the key to your success. Take advantage of risk management programs offered by agricultural offices and trade partners. Make yourself aware of the assistance that is available should you face a potentially damaging situation, whether that is lost crops, property damage or an injury that occurs on your property.

There are no one-size-fits-all answers to reducing risk in farming. Take time to work with someone knowledgeable in the field to find a cohesive program that fits your agricultural operations.

Abusive Acts Liability Coverage

The Truth Behind Abusive Acts Liability

Staffing agencies put themselves at risk on a regular basis. Helping connect businesses in need with skilled employees means being able to vet prospective applicants quickly, and sometimes things fall through the cracks. Other times mistakes happen, and though misunderstandings occur, it can still leave your company at fault. If you’re wondering what is abusive acts liability coverage, here is a quick breakdown of its importance.

Acts of Aggression

Unlike theft or property damage, abusive acts don’t have to be material. These consist of actions that can cause both physical and emotional trauma. Sometimes these injuries are not easily visible, but it’s important to protect your company and its employees if allegations are ever made. Some of the most common forms of abusive acts include:

  • Sexual harassment
  • Physical injury
  • Mental anguish
  • Fright
  • Shock
  • Death

Staffing agencies without abusive acts liability coverage run the risk of incurring hefty litigation fines, something that can be mitigated with the right policy. While many insurance firms bundle these options within a general liability policy, others have specific coverages just for abusive acts, such as World Wide specialty programs. These policies give staffing agencies more control over how coverage works. Look into acquiring abusive acts liability coverage, so you don’t leave your business exposed to expensive litigation.