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.

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.