Do Electricians Need Liability Insurance?

Liability Insurance

Most electricians go for years with only an occasional mild shock, but all realize the potential for serious work-related injuries. Electricians also impose certain risks on their clients, and require insurance to deal with the potential for legal and financial problems that can ensue. Here are two types of liability insurance for electricians and what they cover.

General Liability

General liability covers any mishaps that might occur with the public, such as people tripping over a piece of your equipment and injuring themselves or claiming that you infringed on their copyright. These situations occur more often than you would think, and a little bit of coverage goes a long way toward protecting you from the costs of medical bills or even a lawsuit.

Professional Liability

Professional liability is a financial safety net for all the things that could go wrong with electrical wiring. From clients receiving electrical shocks to homes burning down, a multitude of potential claims exist. Even if you did nothing wrong, having insurance guarantees that you will have some financial resources to pay for damaged property or court fees involved in defending yourself.

Besides liability, there are other types of insurance policies available to electricians. Be sure to talk with your insurance agent to find the ones that fit your professional situation.

How to Protect Against Rental Risks

Rental Risks

When a person buys a home, homeowners’ insurance is a given. However, when a person rents a condo, apartment, duplex or a house, he or she may forego renters insurance. Some people believe that renters insurance is unnecessary. They see it as optional coverage.

Why Is Renters Insurance Necessary?

Most renters cannot afford to purchase all of their belongings all over again. If you were to lose everything in a fire, your landlord’s policy might pay for the building, but you have to pay for all of your belongings. Likewise, if there is any property damage or if someone is hurt on your property, you could be held liable. Most people cannot afford the high cost of legal fees or settlement costs.

What Does Renters Insurance Cover?

Renters insurance protects you in case someone files a lawsuit against you. For instance, if someone is injured on your property, the insurance may pay legal fees or settlement costs. If your property suffers damage due to vandalism, fire, water or some other disaster, the insurance policy may pay for the damages.

Renters insurance policies should not be considered optional. If you had to pay the cost to replace all of your personal items, it could be devastating. Most people cannot afford to replace all of their belongings, much less pay legal fees for liability claims.

Expanding Your Company`s Injury Coverage

Company`s Injury Coverage

Federal and state governments have mandated certain injury coverage for employers, but there are some categories of workers who may not be covered by these laws. In addition to carrying a standard workers compensation policy, employers need to consider protecting the company from lawsuits when injuries occur beyond the scope of legal requirements.

Expanding Insurance Coverage

With voluntary workers insurance, your company can alleviate the additional burden of legal action if one of your employees is injured or takes ill when working outside the parameters of your standards workers comp plan. Though this policy could be effective in insuring against losses associated with casual workers or independent contractors for your company, it can also be used to insure employees who are working overseas and out of reach of domestic workers comp coverage.

Expanding Company Protection

Paying for medical bills is just one part of the financial toll an employee accident can have on your company. Paying for the legal battle that ensues could cost you tens of thousands of dollars. Expanding your policy to add an endorsement for voluntary workers coverage takes care of the financial needs an accident may create. There are specific criteria that injuries must meet, and a specific group of workers must be included during the underwriting process for the coverage to be effective.

Don`t take chances with your company`s finances and your employee`s health and safety. Extend your workers comp coverage to include a voluntary workers insurance endorsement.

Smart Insurance Policies for Small and Medium Businesses

Smart Insurance Policies

For the owner of a small or medium-sized business, it’s important to purchase a business insurance policy that addresses the many risks you face. Combining different policies into one comprehensive package is the most cost-effective solution.

Business Owner’s Insurance Policy

The BOP insurance policy is geared toward protecting your business against many risks. A standard package typically includes the three types of insurance listed below, but add-ons may be purchased to cover other concerns as well. It’s critical to thoroughly examine the risks your business faces and discuss those concerns with your insurance agent. That way, you will be able to determine the best coverage for your particular needs.

  • General liability – When a client or customer files a claim against your company due to damages or injuries, this policy will cover the legal fees and settlements.
  • Property – This policy protects against damages to your property, including the building, equipment and inventory.
  • Business interruption – This insurance protects when a devastating event, such as a fire or weather-related issue, force you to disrupt operations for a while. The policy will cover a number of issues, including operating expenses and the costs involved in a temporary move. It also reimburses for lost profits and loan payments.

The BOP insurance policy is a smart way for the small business owner to keep costs down while protecting their investment.

Risk Management and the Code of Ethics for Lawyers

Risk Management

Attorney professional responsibility is one of the more important components involved with running a firm. When the men and women who work for you follow the appropriate code of ethics for lawyers at all times, it can make your life a lot easier. However, one who breaks from the rules or makes a mistake that violates these codes can put your entire establishment in a very precarious position. This is why you must hold your team accountable at all times for how each person behaves while practicing law.

Basic Conduct

There are several ways to go about establishing protocol for attorney risk management. First, it can be crucial to make sure each member of your team is familiar with the code of conduct established by the specific state your business operates within. Each state has different rules for conduct, so ensuring each person is on the same page is important for your peace of mind. Naturally, some rules will come up in all states. For example, confidentiality is always a huge concern. Other points that tend to appear in the code of conduct include:

  • Protecting sensitive information of clients and firm
  • Performing with utmost competence
  • Exercising excellent and professional judgment

Develop a Strategy

When all of the people who work for your firm follow the rules, your life is a lot easier. Take time to establish a strategy and keep everyone on the same page at all times.

Why You Should Consider Purchasing Insurance For Your Small Business

Small Business

As the owner of a small business, your top priority is to keep things running smoothly. However, running a business is not without risk so it is very important to look into small business insurance to protect yourself. Business insurance provides protection against all kinds of financial damages including:

Types of Coverage

There are a variety of different types of coverage you can purchase that can insure different things. One option is general liability insurance. This type of insurance protects you from financial damages caused by bodily injury or property damage.

Another type of insurance that can be very helpful for your small business is commercial auto insurance. This is very important if your small business utilizes vehicles in any capacity. Commercial auto insurance covers your company vehicles while they are traveling between job sites or making deliveries.

Cyber insurance is very important if your business is responsible for storing any sensitive data. It provides protection against all kinds of electronic threats. A couple examples are cyber-attacks and data breaches.

At the end of the day, running a business is very difficult. Give yourself one less thing to worry about by protecting your small business with insurance today. It really can make all the difference.

The Importance of Insurance to the Supply Chain

Supply Chain

Running a business that is connected to the transportation industry in any capacity can be a real headache. If your company is responsible for sending or receiving goods to vendors, for example, you need to take many factors into consideration when selecting insurance. Should something go wrong for one of your drivers, you run the risk of experiencing serious financial loss and upsetting the entire supply chain you’re connected to. This is why you must use care when picking out a policy that fully covers you, your employees, and your assets.

Picking Out a Sensible Plan

Experts advise selecting truck insurance in California by considering a few key points. First and foremost, you need to ask yourself how often your truck sees use. While all vehicles need to be insured in some capacity in accordance with state laws, the amount of coverage you take out is entirely up to you. If you don’t use the vehicles often, you may not feel like you need ample protection. However, a truck that is used consistently is an asset that needs full coverage. This is also true of insuring any workers who get behind the wheel. Consider the following:

Keep Your Company Running Strong

As long as you take care when finding appropriate insurance for your business, you will be able to rest easy. Learn more about what makes for a solid plan and feel confident in your decision.

Liability Concerns for Rental Properties

Rental Properties

Generally speaking, some habitational risks are covered under business insurance. However, in the case that the business is actually a commercial residential property, not all liabilities are addressed. A general insurance policy extends coverage to losses occurring as a result of explosions, smoke, hail, windstorms, fire, or vandalism. While these are not comprehensive situations, a general policy will not address the losses or situations dealing with the people that reside in the structure.

Extending Coverage Opportunities

Condominiums, apartments, duplexes, or rented homes can all count as habitational property. Since there is a complex owner-tenant relationship involved, it limits the application of a standard business insurance policy. Habitational insurance is a blend of both business and homeowners’ insurance, taking care of losses that occur on either the inside or exterior of the structure. Liability coverage is extended to tenant injury, as well as their personal belongings.

Policy Considerations

Though property damage and personal injury are strong coverages, it may be worth considering extending coverage into other problematic areas. Not all policies have these additional inclusions, so it is best to evaluate your options carefully. Consider looking into the following:

  • Loss of rental income
  • Accounts receivable
  • Equipment breakdown
  • Water damage
  • Errors and omissions
  • Public liability

With habitational insurance, you receive help coving the costs of legal fees and medical bills for tenants injured on the property. You also receive assistance with repair or replacement for damages or losses. Anyone who owns a rental property should consider purchasing this protection.

Including Group Vision Coverage in Your Benefits Plan

Group Vision Coverage

Some employers opt to omit vision coverage from their group benefits, but this extremely affordable line of coverage can mean a lot to your workforce. Here are some things that you should know about vision coverage.

Customization

You don’t have to get a plan that offers more than what your workforce needs. In fact, you can customize your group health plan vision coverage to strike the perfect balance between affordability and available benefits.

Networks

Depending on a vision plan’s carrier, you may have a very wide or significantly limited number of providers who your workforce can see to utilize their benefits. Before choosing a plan, you should verify whether there is a good number of providers who accept your plan in the area where your company is located.

Benefits

Vision plans can offer more benefits than eye exams. In fact, a plan can help individuals to pay for the cost of eyeglasses and contacts.

Value

Every year, the cost of eye care can be considerable. Some people forgo routine eye exams simply because of the expense. Having access to free exams will help ensure that this vital medical need isn’t overlooked.

Ultimately, your employees will truly appreciate having the option to participate in a group vision plan. This important benefit will help your workforce stay healthy and productive.

Planning Risk Management for Marinas

Risk Management

Detailed policies and procedures are a vital part of running a marina. Comprehensive insurance coverage and sound risk management for marinas are crucial to protect you from exposures and liabilities. When creating a plan, address critical areas where possible safety threats might occur.

Maintenance

Ongoing, scheduled maintenance for the marina is crucial. Secure and fasten cleats and tighten screws and nails regularly. Inspect and replace dock planks, electrical cords, machinery and other items as needed. Check power terminals to ensure proper grounding and water pressure to maintain correct levels. Keep safety signs visible and in good condition.

Natural Disasters

Employ qualified, experienced marine engineers and contractors for any construction or renovation of the docks or facilities.

Environmental Risks

Include strategies for the risk management for marinas to control environmental issues like pollution by complying with relevant laws. Educate marina personnel about petroleum control, stormwater runoff control, liquid material management and shoreline stabilization.

Insurance

Obtain adequate marina insurance. Use a professional agent with experience in marinas to help assess your coverage requirements. Minimize accidents and mitigate related expenses or losses with practical strategies and proper coverage.

Coverages

A knowledgeable marina insurance agent helps you find a policy that covers:

  • Real and Personal Property
  • Piers, Wharves and Docks
  • Marina Operators Legal Liability
  • Pollution

Risk management for marinas is essential to maintain a safe, enjoyable space for both employees and clients.