Selecting Appropriate Personal Insurance for Your Family

Personal Insurance

Determining what type of insurance package is appropriate for your family is not a straightforward journey. Every family is different, which means your insurance package has to reflect the unique characteristics of your lifestyle. Thankfully, you can determine which options are appropriate for you by digging in and learning a few basic points. Since LA personal insurance can include home, auto, and other coverage options, you want to approach the task by focusing on each specific category.

Break Down All of Your Options

According to many insurance professionals, personal auto insurance is one of the more commonplace packages that families require. Federal law dictates that all licensed drivers must have some form of insurance to get behind the wheel, though the details of the requirements will vary from one state to the next. Before you start researching package options for auto insurance, look into what regulations are in place in your county. This will give you all the details you need to select a comprehensive package. Additional considerations with personal insurance include:

  • Coverage for personal collections like bottles of vintage wine or heirlooms
  • Protection for personal watercraft
  • Standard homeowner’s insurance packages

Research and Make a Selection That Fits

Finding adequate personal insurance takes time. Look over each aspect of the plans available to you in order to discover the coverage your family deserves.

Add a Layer of Protection with Stop Gap Insurance

Stop Gap Insurance

Businesses large or small that employ staff have a responsibility to provide a safe working environment for employees. However, even when safety guidelines and protocols are followed, accidents and illnesses can occur and the employer may be held liable for damages. Typically, workers’ compensation policies contain coverage for employer liability, but in monopolistic states, this type of coverage is not included. Therefore, businesses need to invest in supplemental stop gap insurance to guarantee protection in the event of a claim.

When You Need To Supplement Your Coverage

Monopolistic states require employers to buy into a fund that provides workers’ compensation coverage. These states include:

  • Washington
  • Ohio
  • North Dakota
  • Wyoming

However, these state funds do not provide liability insurance for employers. To make up for this lack of coverage, stop-gap insurance should be purchased. This type of policy protects an employer against job-related accidents or injuries as well as illnesses that may have originated in the workplace. With this coverage, an employer is insured against allegations of unsafe working conditions.

Whether a business hires 10 employees or hundreds, supplemental stop gap insurance is essential if the company is in a monopolistic state that doesn’t provide employee liability coverage. Purchasing additional insurance is akin to purchasing peace of mind. Smart business owners understand that guarding against liability is critical for success and that this type of protection pays off in the long run.

What Is an RRG And What Are the Advantages?

RRG

Paying attention to commercial liability is key when it comes to protecting your business for the long haul. If you’re looking for more control over your current insurance coverage, exploring your options can be a useful move. For some, a risk retention group (RRG) is the ideal solution. In order for you to determine whether this is the right fit for your business, look over these points, and get a better feel for what the option entails.

Risk Retention Groups Explained

Dictated by the Risk Retention Act of 1986, an RRG has the purpose of spreading commercial liability risks among all of the group members. This can be quite useful when it comes to making sure that everyone who falls under your policy is protected in the same way. Liability exposures can include anything from Errors and Omissions to Product Liability, meaning an RRG can provide you with a range of essential coverage. There are some limitations, however. Workers’ Compensation and other insurance options are not usually included. Other key advantages of an RRG include:

  • Better coverage and stable market rates
  • Reduced fees
  • Streamlined filing and licensing processes

Weigh Out the Pros and Cons

Understanding the pros and cons of an RRG can help you get a better feel for how this type of plan works. Research the details and determine if your company stands to benefit from exploring new insurance options.

What You Need To Know About Mobile Home Insurance Benefits

what-you-need-to-know-about-mobile-home-insurance-benefits

If you live in a mobile home, you may be wondering what mobile home insurance benefits you can get to help protect your home. In the event of unforeseen circumstances like fires or natural disasters, it’s best to be prepared with the policy that suits you best. Coverage can vary, but here are a few key things you should know.

Physical Damages Are Often Covered

Most mobile home policies will cover not only your house itself but any attached structures and your belongings as well. In many cases, physical damages will be covered, especially if they’re the result of:

  • Fire
  • Theft or vandalism
  • Hail
  • Windstorms
  • Explosions

Additionally, you may be able to add extra liability coverage to your policy, in the event of accidents occurring at your home. This could be helpful in the event of a lawsuit.

It May Help You Get a Mortgage

While having insurance for your mobile home isn’t legally required, it may make mortgage companies more likely to work with you. This means having insurance not only protects the home but could help you secure a mortgage for it.

When your mobile home needs protection from unexpected events, there are several mobile home insurance benefits that can help. In case of an emergency, the right policy can be a lifesaver.

Why Is Proper Home Health Coding Important?

Health Coding

The home health care industry has grown tremendously within the last few years. Patients feel most comfortable staying in their own homes as long as possible. In order for all parties to be correctly reimbursed, it is imperative that proper coding is applied to all insurance claims. The coding must comply with the guidelines set forth in the official ICD-10-CM instructions.

To ensure that proper coding is applied, a physician should verify the paperwork before it is sent to the insurance company. Each code should be as specific as possible so that the correct diagnosis is determined, and the sequencing of the diagnoses listed should reflect the seriousness of each condition.

Claims That Signal a Red Flag to Auditors

Health coding errors can result in delays and insufficient reimbursement. To avoid these errors, home health coding workers must be properly trained. There are many training programs available for those seeking to become a home health coder.  

Some typical coding errors include the following:

  • A coding diagnosis can’t be supported by the documentation.
  • The exact same coding diagnosis shows up in many patients’ claims submitted for reimbursement.
  • Listing too many diagnostic codes in one claim.

With the growth of the home health care industry, it is imperative to employ well-trained coders to ensure all paperwork is handled properly.

Why Product Liability Matters To Cannabis Producers

Cannabis

In every area of production, product liability is a major concern. It doesn’t matter if you’re producing snack food, automobiles, or cannabis edibles, you have risks associated with the possible pitfalls that consumers could encounter based on shoddy workmanship or handling before their purchase. That includes contamination and risk of sickness for food products. For cannabis companies focused on smoking or vaping, it can also include long-term medical harm related to impurities or contaminants during the packaging, growing, or storage of bulk products.

Coverage To Suit Your Company

Cannabis product liability needs to be built to suit the individual needs of the companies buying coverage, just as any other manufacturing product liability policy would. Finding an insurance provider who understands your industry well enough to fully predict those risks as they draft a policy is a key to making sure you can get exactly what you need for coverage, without having to settle for over-insuring in some areas or under-insuring in others. It’s a best-fit approach that works individually for each customer, but you can only get it when you shop for an insurer who makes it their business to know yours. They’re out there for practically every industry, so don’t be afraid to keep looking until you find people who have anticipated the needs of an emerging cannabis marketplace.

Reducing Health Insurance Costs

Health Insurance

Health insurance is an essential but often costly benefit to provide to employees. Taking steps to help your workforce be healthier with primary care engagement can help reduce their healthcare needs and costs.

The Importance of Primary Care

Encouraging primary care can have a big impact on your employees’ overall health. Wellness checkups can help people stay conscientious about basic healthcare concerns such as weight and blood pressure. Moreover, it can help alert people to serious conditions early in their development when they will be easier to treat.

Time Off for Wellness Exams

Some employees may avoid making medical appointments when they’re well simply because they don’t want to take the time away from work. Reinforce the importance of wellness exams by giving everyone time off that’s specifically allocated to a wellness exam.

Helpful Reminders

Include reminders about making wellness exam appointments in company-wide mass emails or send periodic reminders in company newsletters. You could also consider addressing the topic in regular staff meetings. If you have an annual meeting to discuss benefits elections and updates, that would be a great forum to encourage primary care visits.

Ultimately, minimizing the frequency with which employees need to utilize benefits can lower the cost of premiums. In addition, facilitating better preventative healthcare will create a stronger and more productive workforce.

Covering Your Design Firm with Professional Liability Insurance

Professional Liability Insurance

Engineers and architects leverage years of training backed up by professional licenses to design the facilities and public infrastructure that form the backbone of modern society. From bridges to buildings to major utility systems and more, these facilities originate from the specifications and blueprints drafted and detailed by design firms like yours. Despite the rigorous design and QA/QC methods you employ, mistakes do happen. Errors and omissions or E&O in your construction plans can have serious consequences, so you need professional liability insurance to cover lawsuits and damages that may arise from these oversights.

Understanding Who Needs Professional Liability Coverage

The process from developing initial schematics to final details is one that involves several roles and includes many steps. Errors and/or omissions at any stage can result in major problems, especially after a facility is erected including injury, loss of life and costly redesign and/or corrective construction. You should strongly consider professional liability coverage to cover the work of the following positions:

  • Structural Engineers and Designers
  • Civil Engineers
  • Geotechnical Engineers
  • CADD Technicians and Drafting Professionals
  • Mechanical Engineers
  • Safety Managers
  • Design-Build Consultants

Protecting the Future of Your Business

Whether you just need general civil engineer E&O Coverage or something that is specifically tailored for certain types of project delivery, it is important to have a plan in place. Many public owners require potential design consultants to maintain a certain level of professional liability insurance before entering into a contract. Protect your business with a complete insurance policy today.

Standing Out in the Insurance Market

Insurance Market

 There is a lot of competition in the insurance industry, and sometimes it is more beneficial for two providers or companies to merge to best serve the market and their longevity. This was the case when Republic Insurance acquired a business deal with Starr International Co. Inc. The changes were able to bring customized casualty and property insurance products to a new region and provide clients with more access to claims management, loss control, and reinsurance services.

Signs of a Good Insurer

The many options in the insurance market can make it difficult to find companies that will be meet your coverage needs. Making your company stand out from the rest requires that you implement a few of these best practices.

  1. Don’t always upsell the customer. Your company should provide the client with the most holistic view of their coverage needs even if it isn’t your most expensive policy.
  2. Be transparent about your pricing. Your customer needs to know what they are paying and what they are paying for. Mergers can often lower premium costs while expanding service opportunities.
  3. Empower the customer with information. Make sure your clients have the resources they need to understand their risks and liabilities. These factors impact the cost and nature of coverage.

Stay competitive in a crowded market with these best practices, but always look for other creative growth options.

Homeowner’s Coverage for the Wealthy

High Value Insurance

Many individuals that are considered affluent have earned their way into wealth and have amassed a number of expensive assets. These assets could include:

  • Luxury primary residence
  • Vacation homes
  • Private jets
  • Watercraft
  • High-value automobile collection
  • Elite furnishings
  • Priceless art
  • Vintage wine collection
  • Diamonds or costly jewelry

Protecting their valuable from destruction, loss, or the threat of theft needs to include more than a state-of-the-art security system.

The Damage of Being Underinsured

Since the average homeowner doesn’t face the same risks and financial hit when compared to the value of these assets, a standard homeowner’s insurance policy isn’t enough coverage. However, it could still be possible to have a special high-net-worth policy that doesn’t fully protect the financial investment of what you own. Should something happen, being underinsured is just as damaging as having no insurance?  With the help of your agent, be sure to select high-value insurance options that address the unique circumstances of your home, its contents, and other valuable assets.

The Value of Your Assets

The right insurance plan will address the value of your assets, though this could happen in several ways. With a high-value policy, your limits and sub-limits will be a lot higher, making it easier for repair or replacement circumstances. The coverage options could also extend to cover the cost of living while the home is being repaired, landscaping coverage, and family protection coverage.