Does Your Insurer Help You Understand Your Clients?

Risk management is about a lot more than just the dollar value on your coverage. It’s also about understanding how your own behavior can impact the risks your business faces, from cash reserve decisions to your professional conversations with clients. When you work with an insurer who understands what you do, that can mean getting help in all those areas. Insurance professionals have a vested interest in helping clients keep their risks managed, after all. That means when you use knowledgeable, industry-specific insurers, you can count on them having everything from accounting tips that help you get the right background information and goal-setting discussions rolling with new clients to risk assessment and tax positioning questions that will help you quickly update information for your established regulars.

Liability Coverage for Accounting Professionals

More likely than not, it’s your professional liability insurer who will know your business best. That’s not a coincidence since the coverage needs to be tailored to the specific risks you take as an accounting professional. Finding the right insurance relationship means getting help with those professional habit-builders that can keep you ahead of the curve when it comes to anticipating client needs and avoiding the kinds of exposures to liability your policy protects you from. That, in turn, can help you present a lower risk profile, saving on future insurance needs. It’s a win-win when you have an insurer who wants to help you be the best professional you can be.

How Do I Cover Subcontractor Liability?

Professional Liability Insurance

The construction industry features a variety of specialized tasks that come with specific risks. The general contractor uses various subcontractors to complete a project. The question often asked is: Are subcontractors covered under contractors’ insurance?

Accidents

The experts at Huntersure state an accident caused by a subcontractor working on your project may not be covered under the contractor’s professional or general liability policy. Accidents can lead to body injuries and property damage. While the client may sue the subcontractor to recover the financial loss, they could also sue the general contractor for damages. Requiring subcontractors to carry their own liability insurance can help mitigate risks.

Mistakes

A job site has lots of moving pieces leaving room for mistakes to happen. Without an errors and omissions policy or professional liability policy, the contractor may be on the hook for those mistakes. Unfortunately, mistakes may not show up for several months after the job completes. This means that a client may not sue until down the line. Insurance steps in to help cover a lawsuit as long as both the contractor and subcontractor have a policy.

The answer to the question are subcontractors covered under the contractor’s insurance is no. There may be some instances where the subcontractor may have limited coverage, but generally, the subcontractor should have their own liability insurance policies in place.

Three Ways Staffing Liability Coverage Protects You

wwspi

Workers’ compensation often comes to mind when most people think of critical insurance coverages for staffing firms. While it’s fair to have worker’s compensation at the top of the list, according to www.wwspi.com, there’s another coverage that shouldn’t be too far behind. With the threat of lawsuits from both clients and employees lurking, staffing liability insurance is as valuable as any other coverage in your policy. Here are three ways this coverage can protect you against potential lawsuits.

Services Provided

Staffing firms can be sued for services provided to a client. For example, a client may sue you if they think that the information you provided was wrong and led them to experience losses.

Work Performed

On the other hand, a client may sue you because the employee you hired made mistakes that caused them to lose money. Whether or not they have the requisite skills, staffing agencies are responsible for their employees’ performance.

Placement

Placement issues can take multiple forms. A staffing firm can be sued for misrepresenting a role to an employee, placing an unqualified employee in a position or failing to place a candidate in a position altogether.

As evidenced here, it’s easy to see that a lack of staffing liability coverage can have a major impact on your finances and that it’s a necessary coverage to protect yourself against lawsuits. You should be sure to prioritize it when working with your agent to craft your policy.

The Benefits of Insurance for Marinas and Yacht Clubs

club marine insurance policy

Operating a marina means you need to put many precautionary measures in place. Your clients are placing the care of their luxury vessels in your hands. Should something happen to these boats while in your care, it can lead to some disastrous scenarios. This is where a club marine insurance policy can prove beneficial. Taking out the right plan can provide you with the comprehensive coverage you require to run your business effectively.

Basic Protections

The most important area of coverage for this type of plan revolves around liability and hull coverage. Any boats owned by the marina or rented to the marina by 3rd parties will be protected under this plan.

Additional Coverage

While liability is one of the more important aspects of a club marine insurance policy, there are additional benefits to consider.

This type of plan also tends to cover the following areas:

Chartering services
Property owned by members of the club
Liability during regattas and similar events
Training for sailing school for individuals who qualify

Special Options

While this coverage can be quite comprehensive, you may also want to speak to an agent from your provider to get a better feel for the other options available to you. Depending on the unique needs of your marina, you may require extra protection.
There are plenty of reasons to consider a club marine insurance policy. Learn more about this coverage to see which plan is appropriate for your needs.