Monthly Archives: December 2015

Do You Know Your Liability?

Things can and often do go wrong when moving or storing goods. Bailee insurance provides protection from loss in the event of damage to the goods entrusted to storage and transport companies.

Coverage in Standard Liability Contracts

Bailee insurance is typically broad in coverage, and includes damages that result from natural disaster or inclement weather, such as fire, flood, lightning or earthquake. Additionally, such manmade perils as theft, vandalism and collision are typically covered. Bailee insurance contracts are often written to cover negligent acts on the part of the bailee, which can greatly simplify things for all parties by removing the troublesome need to prove or disprove negligence in court.

Additional Coverage Considerations

Something that is not universally part of bailee liability insurance contracts is legal defense. In the event that a bailor pursues damages above and beyond the value of lost goods, coverage for legal defense saves the bailee from having to pay legal fees that may amount to more than the total value of the lost or damaged items. A second area of coverage that may not be covered in all contracts is the cost of clean-up of damaged goods. In the event that damage results in environmental hazard, for example, coverage for costly clean-up procedures will save the bailee a significant amount of money.

The business of storing, handling or transporting other peoples goods entails great risk to operators. Bailee insurance protects businesses from catastrophic liability claims. Operators should examine their insurance contracts closely to limit their liability when caring for customer property.

Protections You Receive With Crime Insurance

Any insurance policy needs to be reviewed thoroughly so that you know exactly what you are getting and what you are protected against. The same is true for crime insurance, and you should make sure you have coverages against the crimes that pose the greatest risk for your company.

Alteration and Forgery

If your business regularly uses checks, you should ensure you are protected against people using your personal checks for their own gain. Alteration is another risk where a person changes the amount you wrote on a check.

Employee Theft

Most employees are trustworthy and will benefit your organization greatly, but if you hire someone who ends up stealing something, either goods or money, then you could suffer some big losses. You may not even discover that something has been taken for months or even years. Having a good insurance policy can allow you to recover some or all of what was stolen.

Others

Some of the other crimes you should look into getting include:

  • Destruction of securities or money
  • Identity theft
  • Extortion
  • Counterfeit money
  • Computer fraud

There are numerous insurance companies out there that can help you get the crime insurance policy that works best for you. Rates and coverages will vary from one company to the next, so look at the policy you are getting carefully before signing so that you know exactly what you will get in the event of a criminal offense.

The New Insurance that Can Protect Your Data

As the Information Superhighway continues to carry more and more critical data, it also carries increased risks of security breaches. With companies as large as Target, Adobe, and J.P. Morgan-Chase being victims, it seems apparent that few are immune to cyber attacks. Fortunately, there is now insurance to protect businesses against hacking, viruses and data theft. Cyber risk insurance can offset damage and loss incurred if your business becomes a victim of an electronic attack.

What a Policy Does

Essentially, a cyber risk policy helps with costs of notifying those affected by the attack, costs of determining the extent of a breach, legal fees, and sometimes, costs of defraying liability costs such as lawsuits by affected customers or business partners.

How to Get the Right Policy

It is important to know your needs, because coverage varies widely. Pay attention to the details, such as limits offered for different sub-categories of coverage, whether there is a time limit deductible for business interruption, how devices (such as computers) are defined, and if the policy covers a retroactive breach (many do). Also, because cyber risk insurance is relatively new, there isn’t a lot of actuarial data for insurers to go by. As a result, the best policies tend to be those tailored to suit your specific needs.

For more information, contact a business insurer familiar with cyber risk insurance. It is fast becoming a necessity in today’s business world.

How Business Interruption Insurance Can Help Your Contracting Business

Planning for eventual mishaps is a fundamental part of running any business, especially construction. Contractors need to plan ahead for eventual mistakes and accidents that could potentially shut down their business. That is where business interruption insurance for contractors in Clifton, New Jersey comes in. This type of insurance can help you on a few different fronts.

Cover Expenses

When your business is forced to close due to unforeseeable circumstances, such as a fire or hurricane, you will have a lot of expenses. Reconstruction, relocation and replacing equipment are all major costs that, without this insurance, would come straight out of your pocket. Having this type of policy can save you time, money and effort, which can help get your business up and running again quickly.

Pay Irreplaceable Employees

Business interruption insurance can also help you pay some of your more fundamental employees. Insurance companies can help you identify which of your employees absolutely need to stay on your payroll while you are closed. This practices allows you to keep them attached to your company and to reopen with your most valued and necessary employees intact.

Having income during a crisis is always important. It is especially important when you run a contracting business. Business interruption insurance for contractors in Clifton, New Jersey can help keep your company from being completely destroyed if you should have to temporarily close due to a catastrophe.

A Brief History of Car Insurance in CT.

It might surprise you to know that car insurance has been around for about as long as vehicles have. Here are some interesting facts about the history of car insurance in CT. and around the country.

Insurance in the Early Days

He discovered electricity, invented the bifocals, and was one of the founding fathers of the United States. But did you know that Benjamin Franklin also formed and organized the first insurance company? It wasn’t an auto insurance company but some experts suggest that the inception of the idea of flood insurance and fire insurance inspired the idea of auto insurance later on.

Where It Started

Although Detroit, Michigan is commonly referred to as the Motor City, a large part of the motor development in its early years was taking place in Ohio. The first person to ever hold an insurance policy on a vehicle is Gilbert Loomis.

What It Covered

The policy that Gilbert Loomis purchased was bought in 1897. This policy was simple in that it protected Loomis from liability in case the vehicle he was driving damaged property or injured or killed someone. The basic concept has stayed the same–protecting motorists from liability–although there are significantly more coverage options now than there likely were then.
Auto insurance has been protecting motorists since some of the very first vehicles were being manufactured and continues to protect drivers now as well.

Dog Bite Statistics: A Quick Glance

If you own a dog, or know somebody who does, you are in good company. According to a 2014 survey by the Insurance Information Institute (III), almost 57 million American households have a dog. By percentage, that’s almost half of all American homes. If you do own a dog, there are some things you should know about dog bite insurance claims and what your homeowner’s policy may or may not cover. The figures below come from the 2014 III study.

General Statistics

  • According to the Centers for Disease Control, 4.5 million people are bitten by dogs every year.
  • Of these dog bite victims, about 885,000 require medical attention.
  • About half of the victims are children.

Insurance Statistics

  • Dog bites and dog-related injuries accounted for more than a third of homeowner’s liability claims.
  • These claims paid out more than 530 million dollars.
  • The average cost per claim was a little more than $32,000.

Many people assume their homeowner’s insurance will cover dog bite insurance claims, but this is not always the case. Some companies will not insure certain breeds of dogs, others go on a case-by-case basis, and some no longer cover dog liability at all. If your policy doesn’t adequately cover dog liability, there are companies that issue policies specifically for dog bites. This coverage protects people in the unfortunate event that their dog bites somebody. It is something every homeowner should consider.

Artisan Contractors Workers' Compensation Program

During the housing boom during the first few years of the 21st century, artisan workers enjoyed record levels of employment and growth within the industry. However, that same housing boom turned into a bubble, which popped just a few short years later. Some housing projects got put on indefinite hold midway into completion, while many others got cancelled before ground was broken at all. Many individuals in this trade found themselves suddenly scrambling to find full-time employment, or any work. Unemployment skyrocketed; many were forced to look for work in other industries in order to make ends meet.

Thankfully, the housing market has started to come back around recently. Artisan workers (electricians, plumbers, drywall installers, masons, carpenters, and other tradesmen) are finding themselves back on the job. Now that they are, a comprehensive artisan contractors workers compensation policy is necessary to protect both these skilled workers, as well as the companies for which they work. Workers comp policies cover lost wages and medical bills for the injured employee. It also protects the employer from a lawsuit by the worker who was injured while working.

It is important when selecting a policy to choose an insurance company with expertise in artisan contractors workers compensation coverage. Policies can be written for both one or two-person operations; new ventures may also be eligible.

Protect Your Business With Professional Liability Insurance

Professional liability insurance, or malpractice insurance, used to be thought of just for doctors and maybe lawyers. In today’s litigious society, any person or company that provides services to others should have this insurance to ensure the future of your business in case you make an innocent error that causes your client to lose money. Professional liability financial institutions insurance protects your organization from the high costs of a legal defense and any potential settlement.

Who needs professional liability insurance?

  • Accountants
  • Financial institutions
  • Funding organizations
  • Trustees
  • Contractors
  • Construction companies
  • Architects
  • Engineers
  • Medical professionals
  • Directors and officers
  • Non profits
  • Homeowners associations
  • Software developers
  • Technology specialists
  • Consultants in any industry

Implementing best practices into your policies and procedure manuals and into your workflow is one way to safeguard against needing your professional liability financial institutions insurance, but no matter how careful your office is, you cannot prevent every mistake from happening. Maintain your insurance portfolio so that you can focus on your business and clients with the peace of mind that if something bad happens, you aren’t going to lose everything. Today’s world moves fast. Be prepared for the worst with the insurance coverage that fits the way you do business. Don’t risk your organization’s assets by saving money when you go without insurance.

Give Customers the Service They Expect With New Technologies

Today’s insurance customer wants lightning fast results. In order to be the company that provides the service to keep clients coming back to you, your agents need the technology to stay efficient in today’s competitive market. NetXPORT is a software that integrates into your system to provide excellent customer service at top speed.

In today’s insurance market, if your business doesn’t stay on top of quotes for your clients, you are going to lose them. Giving your staff the tools to be more productive when providing information is key to top-rated customer service which ensures customer retention. Because it costs less to retain customers than to acquire them, you’ll see improvements in your bottom line.

Find the software program that fits the way you do business when you work with a company that wants to integrate best practices into your organization. Instead of making your business fit the software and technology that you use, find the software that fits into the way your agents work.

NetXPORT wants to improve the processes for underwriting and providing quotes, giving your staff more time to discuss options with your customers and to explain which insurance policies are right for their business. Find out more by talking to a business that wants to improve your profitability by working with your organization.

Avoid Overpaying for Insurance With These Tips

Insurance is an important necessity for businesses and individuals. The right insurance can protect you financially and minimize your risks. Since insurance can be costly, the following tips from Princeton Insurance can help you avoid overpaying for this benefit.

Compare

To ensure that you get the best deal on insurance, it is a good idea to compare policies. Keep in mind that a higher price may offer more benefits. In some cases, this might be the best overall deal.

Bundle

If you need multiple insurance policies from Princeton Insurance, it might be smart to bundle. In many instances, you get a discount from purchasing more than one policy. This is a great way to reduce your insurance costs.

Assess Your Assets

Sometimes, people pay for too much insurance because they do not properly evaluate their assets. For example, before you buy homeowner’s insurance, it is important to determine how much your home will cost to replace. This price is often different than the value of the home.

Improve Your Credit Score

Your insurance costs can easily rise if your credit is low. To avoid high fees, it is smart to try to improve this score.

Contact an insurance agent today for help with your needs. Together you can find the right plans at a decent price.