Figuring Out the Right Insurance Solutions for Your Business

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Though insurance is required for all companies to operate within their chosen industries, plenty of business owners fail to consider all of their options when selecting coverage. If you’re under the assumption that a traditional arrangement is the best fit for your needs, now is a great time to take a look at a number of the alternative solutions available to you. With a bit of research, you will start to see how you can customize your plan to best reflect the risks that you are likely to face in the future. 

Learning About Alternatives

One of the biggest alternatives to a traditional arrangement that a business owner can consider is a captive insurance plan. This arrangement has a few key benefits for businesses, though it is important to note that it is not a good fit for everyone. In order to determine whether or not a captive arrangement is right for you, weigh the details of the plan out against your current policy options. If you stand to gain on a financial level from the decision, it might be in your best interests to switch. Other areas of insurance to consider include:

  • Workers’ compensation coverage
  • Excess liability coverage
  • Directors and officers coverage

Reaching the Best Conclusion 

Though you might need to put effort into the process of finding the correct insurance, the end will justify the means. See what results you can yield by looking at your options and discovering better solutions for your coverage.

Before Opening Short-Term Rentals, Consider These Risks

The short-term rental industry has really taken off over the last decade. In some areas, it has become one of the fastest-growing types of real estate investment. Most people start by hosting in a home, either offering up unused bedrooms or else booking in stays when they are out of town. Before getting started, though, you should know the unique risks involved with short term rentals.

  • HOA restrictions on short-term tenants or other rentals
  • Insurance limitations excluding damage from tenants from coverage under your homeowner’s policy
  • Local laws limiting or prohibiting the practice

There are ways to deal with each of these issues, but you need to be aware of possible consequences. Insurance can be extended with coverage aimed at protecting you from damages caused by tenants while also extending your liability protection. The rest is not so simple.

Understand Your Community To Minimize Risk

HOAs and municipalities that limit the short-term rental industry do so because of their own financial interests. As such, the limitation is usually not designed to be malicious but to prevent the exploitation of resources that are not designed for high-traffic consumption. Resources like community security and cleanup services, for example. In some cases, additional licensing or the assumption of related costs might be enough to ease your path. To learn more, start researching the local community’s reaction to short-term rentals in your area.

Understanding the Details of a Single-Parent Captive Policy

Making the best decisions for your business begins with knowing what kind of insurance to take out. For example, you might not be aware of your options with single captive arrangements. Making the assumption that a traditional structure is best for your business is an easy way to wind up in the wrong place down the line. There are many organizations that benefit more from a pure captive arrangement. Use these points to gain insight into your options. 

What Is Pure Captive Insurance?

The main thing to understand about single parent captive insurance options is that it is a policy that is controlled by a single company that provides insurance services to the policyholder. Typically, business owners pursue this option when they are looking to reduce how much they spend on insurance. You are able to stabilize prices and purchase only the coverage you require when you follow this option. Additionally, you will be able to capture underwriting profit, which can be a big advantage Other benefits for pure captives include: 

  • Improved access to working capital
  • Better management of risks
  • Easier to handle matters of planning estates

Follow the Best Path

Though it can sometimes seem like a traditional arrangement is the right choice for your coverage, looking closer at your options can highlight exactly which selection makes the most sense. Take time to look over pure captive solutions and see what’s right for you.

Choosing a Life Insurance Custodian

Getting life insurance seems simple. Find a plan with the coverage that you need at a rate you can afford and make the purchase. You may have to do some research but there are plenty of companies to choose from. Your job may even provide a plan. The truth is, you should put considerable thought into choosing a life insurance plan. There is another aspect that you may not have thought of.

Your Custodian

If your beneficiary is a minor, you need a life insurance custodian. Should you pass before the child reaches either 18 or 21 years of age, depending on the state, an insurance company cannot legally pay the benefits to that minor. This is the role of the custodian. The person you choose will take charge of the financial assets until the beneficiary reaches legal age.

Trust Is Essential

You want to be 100% certain that your benefits will pay your funeral expenses and go to your beneficiary. Above all else, your life insurance custodian should be someone you completely trust who cares about your child and has their best interests at heart. It’s also helpful if they have some financial savvy and the time to handle the job responsibly.

If your life insurance beneficiary is a minor, you need to appoint a custodian in case you pass before the beneficiary reaches the age of legal majority. Choose someone you would trust with your child’s life. 

The Differences Between Hard and Soft Insurance Market Conditions

When it comes to taking out the best insurance to cover your business, there are plenty of angles to review. Understanding the difference between soft and hard markets, for example, can make a world of difference in how you feel about the plan you select. Though there are plenty of other factors to understand before you can pick coverage that meets your needs, knowing about market conditions can guide you to an appropriate plan.

What Is a Hard and Soft Insurance Market?

The first thing to know about hard and soft insurance market conditions is that the entire concept comes down to profit and loss. During a time when there are few claims and accidents, an insurance company sees a profit. This is considered a soft market. A hard market comes after a natural disaster or similar problem that results in a high volume of claims in a small period of time. Signs of a hard market can include:

  • Significantly Higher premiums
  • Difficulty finding a good insurance provider
  • Incredibly strict terms and conditions

The Right Time To Find Coverage

There are plenty of factors to think about when it comes to selecting insurance that fits the needs of your business. Take time to review the ins and outs of what makes a market hard or soft and it can allow you insight into what coverage is right for you.

Your Tip for Saving Money on Maritime Shipping

Companies looking to edge out the competition can do so in a number of ways. In addition to creating a strong marketing campaign and offering goods or services that are in demand, reducing operating expenses, especially in the area of maritime shipping, can allow more room in the budget for growth.

The Basics of Savings

It doesn’t matter if your supply chain is based globally or domestically, there are many ways to save saving on maritime shipping expenses. Knowing where to start depends on your flexibility with transportation options. If maritime shipping is the only way to source many of your materials, then you need to constantly monitor the market conditions. This will let you see whether or not you need to renegotiate contracts, change vendors or look into other material options for your products. The best container rates come with careful planning and the most effective shipping option.

The Freight Checking

When looking at freight rates, make sure you are choosing wisely between a full container, LCL or groupage option. You need to know your cargo types in order to choose the right container. Always be sure to look at the invoices and compare them to the quotes you got to verify no additional charges have been added.

Effective planning goes a long way in reducing expenses, particularly when it comes to quantity, timeline and frequency of shipments. Don’t be afraid to negotiate, consolidate and automate in the effort to save money.

Why Your Business Needs MPL Insurance

With the right expertise, a good plan and plenty of hard work, you can build and run a successful business. It’s important to have the right pieces in place, such as a quality product or service, effective marketing and of course hard-working employees. It’s also important to plan for the unexpected. No matter how successful your business is, things can and do sometimes go wrong. This is where insurance becomes vital.

Professional Liability Insurance

An essential for any type of company is MPL insurance. This is miscellaneous professional liability insurance. Also known as Errors and Omissions (E&O) insurance, it protects you against risks that are specific to your field. Every type of business has unique liability risks and one lawsuit can wipe out years of planning and hard work in building your company.

Potential Risks

Depending on the type of business you do, there may be many different risks. A customer could be injured due to a flaw in a product or a mistake in a service. Employees could suffer damages on your property or as a result of a task performed as part of their job. This is where the miscellaneous part comes in for MPL insurance. Such a plan is tailored to your business.

Running a successful business includes having sufficient insurance. Don’t forget MPL insurance. It could save your company one day.

3 Ways To Protect Your Vacation Home From Hurricanes

Visiting your vacation home may be the perfect way to escape from the stressors of everyday life, but a hurricane can turn your happy place into a nightmare. With their strong winds, storm surges, and excessive rainfall, tropical storms can destroy a coastal home in minutes. Fortunately, taking simple vacation home hurricane preparation measures minimizes your chances of experiencing catastrophic storm damage.

1. Clean Up Your Exterior

Loose items around the exterior of your home should be secured before a hurricane. High winds can loft unbound outdoor belongings, such as furniture and planters, and turn them into destructive missiles. Remove dead trees, which are more susceptible to falling, from your property, and make sure shrubbery and lawn features do not keep water from receding properly.

2. Fortify Doors and Windows

Tightly seal all windows and doors to prevent leaks from heavy rains or floodwaters. Board up any doors, including garage doors, or windows that cannot be locked, chained, or bolted to the ground.

3. Relocate Indoor Furniture

Consider moving all furniture, both indoor and outdoor, to the highest floor of your home. This protects your belongings from flood damage if floodwaters rise high enough to leak into the lower levels of coastal homes.

Be sure to include evacuation routes and emergency protocols in your vacation home hurricane preparation plan. After taking these precautions, you can rest assured that you’ve done your part to keep your vacation home as safe as possible.

A Quick Guide to Lender Placed Insurance Coverage

Whenever loaning out money, financial institutions take on a certain level of risk that their investment will not be recovered. This is why banks and mortgage companies often require borrowers to maintain a certain level of insurance on things that they finance, specifically, homes. All too often borrowers fail to maintain their insurance coverage, and this is why financial institutions sometimes seek lender placed coverage.

What is This Type of Coverage?

This is specialized insurance coverage for financial institutions to use in the event that their borrower fails to insure the items purchased with funds borrowed from that institution. This lender placed insurance protects the property itself, the homeowner and the lender.

Why Purchase This Insurance?

Financial institutions may want to purchase this type of insurance if they cannot afford to cover losses if their borrowers default on a mortgage. However, this coverage can be very costly, far more so than ensuring that homeowners maintain their own insurance policies on their homes. One additional drawback to this insurance coverage is that the coverage on the policy is frequently only for the amount owed on the loan to the lender. This could leave the lender without enough funds recovered to rebuild a home in the event of a catastrophic loss.

Consider shopping for lender placed insurance coverage if you run a financial institution.

Why Students Should Consider Working as Taxi Drivers

These days, paying for college is more expensive than ever. The rising costs of tuition and lack of jobs willing to pay a livable wage can make dedicating time to academic pursuits an impossible feat for the average person. Thankfully, there are still ways to make money and focus on school at the same time. One of the best options to consider when you’re a student in need of a job is driving a taxi. There are plenty of reasons to think over this option.

The Advantages of Driving a Taxi

Working as student taxi drivers offers a number of options to individuals who are enrolled in classes at a college or university. For one, the flexible hours offered by this type of gig can make it easy to build a schedule around your courses. What’s more, the pay can be decent and provide the funds a student needs to cover significant expenses like books, food, and dorming. Naturally, you should also be sure to protect yourself as a driver by taking out appropriate insurance. Other points to consider include:

  • Working for a rideshare app
  • Offering services to other students
  • Providing designated driver services

The Flexibility You Need

Though paying for college out of pocket is becoming a feat that fewer and fewer people can afford, there are ways to minimize the burden. Consider working in the world of taxi services and see how you can benefit.