Top 3 Benefits of Professional Liability Insurance

Axis professional liability

Being a small business owner is a lot of work. After building a start-up from the ground, you don’t want to watch your efforts go down the drain. Axis professional liability coverage generally offers a fast, affordable way for you to protect your time, effort, and money investment. Here are the top three benefits of purchasing professional liability insurance.

1. Combat Lawsuits

Lawsuits can be extremely costly for any small business to defend. Even if your organization ultimately prevails in court, the expense to defend it may destroy your business. To combat both genuine and frivolous lawsuits, professional liability coverage is an effective strategy.

2. Appear, Professional,

Whether they are landscaping, barber shops, legal firms or other types of businesses, professional small companies liability insurance. If you are looking for a way to improve your reputation, purchasing a professional liability policy is a good start.

3. Save Money

Paying for legal claims can be expensive. When you have professional liability coverage, you usually pay only premiums, not claims. To save more money, ask your agent about the following:

  • Cost saving programs
  • Informational resources
  • Comprehensive coverage

For at least three reasons, professional liability coverage typically makes good sense. By working with a knowledgeable Axis professional liability insurance agent, you can likely get the right coverage for your small business.


Insurance Companies: Your Partners in Safety

workers compensation insurance in Texas 

It is well known that workers compensation insurance in Texas pays out in case of injuries and protects business owners from fraudulent claims. While being represented in court by a professional legal team is certainly a good thing, perhaps one of the greatest advantages of carrying worker’s comp insurance is the help you receive in the prevention of accidents.

If you are concerned about carrying protections for your workers, then you also probably have a safety program in place already. However, unless your business is insurance, risk reduction or safety technology, it is highly unlikely that you have the same level of expertise in the field as does your insurance provider. Professionals that deal with workers compensation insurance in Texas live and breathe safety. After reviewing documents and performing audits, they might find red flags and risk potential that you missed on your first review.

You are also likely to find that your insurance company is highly motivated to make your company safer. After your workers, your employees’ families and yourself, they are the people who benefit the most from reducing risk of loss and injury. Therefore, it might be useful to think of your premium as a retainer for the professional safety advice your insurance company might provide if asked.

Do You Have the Right Insurance for Your Financed Vehicle?

auto insurance in CT

If you are in the market for a new or used car and require financing to purchase the vehicle, you may need a special type of auto insurance in CT to protect your liability if your automobile is totaled in an accident. Many standard policies only cover the fair market value of an automobile, even if you owe more.

Owner’s Liability for the Unpaid Loan Balance

Vehicles can depreciate as soon as they are driven off the car lot. If you finance a car without a substantial down payment, you may owe more on your financed car than its fair market value. Therefore, if you have only made a few payments on your automobile and happen to be involved in an accident where it is considered a total loss, the insurance company may not pay the entire amount owed to the finance company or bank. If there is a difference in the amount you owe on the car and the amount the insurance company pays, you can be held liable for making the remaining payments on the car.

Guaranteed Auto Protection (GAP) is a type of auto insurance in CT that can cover the difference in what you owe on a car and what the insurance company deems as the fair market value. This type of coverage can be very valuable when purchasing new or used vehicles that are financed or leased. It can be purchased as an add-on to your existing insurance policy.

Establishing Responsibility for Short-Term Staffing

employee liability

Today’s labor force is always raising concerns about equality and benefits. Companies strive to give their positions a competitive advantage, and so often these incentives include employee benefits. Whether fortunate or not, some companies are forced to rely on temporary staffing agencies for assistance and don’t need to be preoccupied with attractive benefits for a large portion of their staff. Instead, they should be concerned with the staffing agency’s commitment to providing employee liability coverage.

Responsible Parties

Although they may not be on-site to directly observe and address employee activities, the law generally holds the hiring agency liable in situations that involve their employees. While some are starting to view temporary staff as more of contract position given the length of a position contract and dependence on a site-specific company for training and supervision, current findings require an employment agency to assume the financial and legal responsibility in addressing work-related accident, employee theft, property damage and scenarios of discrimination.

A staffing agency should take due diligence to acquire a policy that addresses areas of employee liability.

Policy coverage could include:

  • Commercial general liability
  • Employee theft or crime
  • Employment practices liability
  • Errors and Omissions coverage (professional liability)
  • Workers Compensation coverage

If a staffing company maintains the right insurance coverage, there will be less chaos if a claim is filed by a contracted company or temporary employee.

Protective Measures for Valet Businesses

valet insurance

Virtually any business must be sure to have coverage in order to avoid costly mishaps. This applies more so to businesses that handle high-ticket items. A prime example of this is the wide range vehicles that are temporarily put under the care of a valet, ranging from average to extravagant. Being proactive and prepared, such as obtaining valet insurance, can help ensure that any mishaps that can possibly occur on the job will be covered.

How Valets Can Avoid Mishaps

While insurance is invaluable for any unfortunate incidents that may occur on the job, everyday practices can help reduce the likelihood of them happening. Having practical policies in place can ensure that only the most skilled and qualified drivers are entrusted with providing this luxury service. Some strategies include:

Having a comprehensive rule book in place

Ensuring that drivers have a clean record and extensive knowledge of how to operate a variety of vehicles
Providing proper training and enforcing policies

Types of Coverage

As is the case with any business, insurance is a must and one of the most practical safeguards that can be put into action. While general hospitality insurance can be applicable, consider the advantages of supplementing with specialized valet insurance to meet the unique needs of this type of business.

Coverage Needs for the Entertainment Industry

entertainment insurance

The entertainment industry creates unique experiences that people enjoy around the globe. However, for the casual viewer, a perfectly rehearsed performance is all that may be seen despite the long hours and significant financial investment that goes into creating a memorable experience for the audience. Whether the performance is a theater production, an audio recording, movie or other type of medium, entertainment insurance can help those in the industry to focus more on wowing fans and less on the risks involved in this line of business.

Behind the Scenes

There are many factors that go into having a successful performance, including the contributions of countless staff that work behind the scenes. Oftentimes, special accommodations need to be made, services booked and talent recruited. Some other unique needs that must be met include:

  • Maintaining costly studio equipment and performance facilities
  • Liability and coverage for talent
  • Worker contracts
  • Protections against injury or harm occurring on set
  • Lengthy road trips and international travel

With the proper entertainment insurance plan, it is easier to get peace of mind knowing that with all the moving parts that go into the final product, any mishaps along the way won’t undo all the hard work and investment that goes into it. Instead, energy can be funneled into being creative and giving a noteworthy performance.

What’s the Difference Between Homeowners and Coastal Waters Insurance?

insurance for beachfront property

For many, owning a home on the beach is a dream come true. But living next to any body of water presents a unique set of circumstances that can affect how your home is insured. What sort of insurance for beachfront property should you have? And how does that differ from a normal homeowner’s policy?

It is likely a carrier will classify a beachfront home as being within coastal waters territory. That territory is the distance inland from the shore, usually about three miles for most carriers. This distance can vary, so make sure to check with your agent to see how your property is defined.

The Difference Between Homeowners and Coastal Waters Insurance

Since your home is on the beach, you should assume you need coastal waters homeowners’ protection. The difference between this coverage and standard homeowners insurance has more to do with the weather than anything else.

Storms come off the water with an intensity different from many inland storms. This exposes beachfront homes to potential damage inland homes are not as likely to receive. For this reason, your homeowner’s policy may come with separate deductibles for named-storms, wind and hurricanes.

If you want to know whether you need specialized insurance for beachfront property, work with your carrier to find out. A good agent can tell you what coverage is best for you.

Attorneys Benefit from Professional Liability Insurance

Professional liability insurance for attorneys

Professional liability insurance for attorneys is known by many names, but regardless of what someone calls it, the benefits are the same. Known as attorney malpractice insurance, errors and omissions or legal malpractice, the policy covers risks not often included in a general liability policy.

What it Covers

Essentially, malpractice insurance is a tailored errors and omissions policy specifically for the legal field. The insurance protects the firms or lawyers assets in the event a claim is filed claiming negligence, errors or omissions occurred. Some additional coverage options include moonlighting work, independent contract coverage, paralegal coverage, pro bono cases and more.

Who Benefits

Professional liability insurance for attorneys comes with many advantages. Whether you’re a single lawyer, consultant or part of a larger firm, a policy may be necessary if:

  • A client suit could jeopardize your personal assets
  • Required by the state insurance commission
  • Provide counsel to a firm with insufficient or no coverage
  • Your practice handles intellectual property, personal injury, finance or any high-liability cases

Whether your firm is a one-man shop or a large multi-office firm, your practice can benefit from professional liability insurance for attorneys. An agent or broker can go over the available coverage options, associated costs and detailed benefits of the policy. Pick one that best covers your unique liabilities.

4 Major Ways in Which Workers Compensation Can Be Improved for Small Businesses

workers compensation programs

Many small business owners find it difficult to find affordable and cost-effective workers compensation programs on the market. Here we will show you various ways in which an insurance company with strong underwriting experience can reduce cost and improve workers comp benefits for small businesses.

1. Close Coordination with Care Providers

Workers that receive excellent medical care will return to work quickly and remain productive after an injury. An insurance company that works closely with care providers will reduce the overall cost of a hospital stay by ensuring that your worker receives targeted medical care.

2. Effective Claims Management

Dealing with a claim can dig into valuable business resources and create havoc for small businesses. An insurance company that quickly processes workers compensation claims will get the business back on track with minimal effort.

3. Compensation For State-Level Reforms

State-wide healthcare laws may require specific locations of treatment or reduce the level of treatment afforded to worker’s compensation claimants. An insurance company can prepare workers compensation programs with several healthcare providers to ensure the worker receives the top treatment available at any given location.

4. Less Selective With Targeted Coverage

When an insurance company writes workers comp policies to cover specific industries or geographic locations, it limits the quality of coverage offered to many small businesses in between. By limiting this type of selection, the overall cost of coverage is reduced which gives the insurance company room to provide more coverage options.

Connect With Your Insurance Clients

insurance agent websites

The internet has made it easier than ever to communicate with anyone. This has led to the start of closing the gap between company and customer, giving direct connections. Through social media and other online sources, clients can see regular updates from businesses, making the relationship less impersonal. This is one of the reasons why insurance agent websites can help to show clients that they will work for them and keep a personal relationship to ensure the best coverage possible.

Ways to Reach Out to Clients

A well-designed website is important to attract customers and show them that the business running the website is modern and well-organized. Another quality to insurance agent websites that can bring in new clients relates to the social aspect and personal connections. There are a few different ways to do this, including but not limited to:

Have client reviews and comments displayed on your website. This shows the positive responses of other clients, making you appear trustworthy to someone looking over your webpage.
Include links to social media websites. These accounts are vital to have to reach out to customers and keep them well-informed.

Describe yourself in an About Me page. Doing this shows others that you are someone who wants to build a personal relationship, rather than distancing yourself as a brand alone.