Anyone who’s held a job knows about workers’ compensation insurance, but not everyone knows that traditional workers’ compensation insurance does not cover specific jobs. Take maritime workers compensation insurance, for instance. Several parts of it differ slightly from the norm.
There are various things that maritime workers can utilize to help out in situations that on land would be covered by worker’s compensation.
The Jones Act
The Jones Act is a law that controls maritime commerce in the United States of America. Under the Jones Act, they must be employed on a vessel that is on the water. It can be docked, under navigation or in operation. If a mariner is going to lunch at the dock and falls, as long as their vessel is in the water, they are covered. They can sue their employers under the Jone’s Act, much like someone can sue under the worker’s compensation laws.
Maintenance and Cure
This law makes employers provide care for injured employees while on the ship and after they leave the ship as long as they were injured onboard. This includes room and board while they are recovering regardless of the port.
The mariner may also sue the employer, captain or another negligent party when there are safety concerns like they can under worker’s compensation.
If you use your truck to haul goods or provide services, then your regular auto policy is not sufficient to protect you in case of an accident. Here is an explanation of how commercial truck insurance differs and what it covers.
Personal Automobile Insurance
Your regular car insurance policy is good at what it does: protecting you while you drive your car for personal reasons. Its coverage takes effect when you or members of your family drive to and from work, or for any purpose not related to business. If you do happen to need your policy for something that occurs while driving on a business-related errand, your insurance company may not pay, depending on what your specific policy allows.
Commercial Truck Insurance
If driving is part of your job, you should have commercial vehicle insurance, even if the vehicle belongs to you. If you use your truck to do any of the following, you probably need a commercial policy:
Pull a trailer used in your job
Charge money for any service performed with your truck
Talk to your insurance agent about the type of vehicle policy that is most appropriate for your situation. Even though the premiums for commercial insurance are generally higher, the protections are greater, too.
While your maritime business might be required to carry workers compensation because of its shoreside activities, your workers comp policy is not designed to cover activities offshore. In fact, since it’s usually tied to state regulations and not federal or international requirements, it almost always ends at the water’s edge. That’s where maritime employers’ liability coverage starts covering you, so it’s not usually a choice between policies for businesses that operate on the water. They usually need both policies.
Comparing Liability Coverage and Workers Comp
Employers liability coverage provides insurance protection for almost all of the same circumstances as workers compensation, so it’s easy to set up seamless protection. The biggest difference is that your liability coverage will have policy maximums, which state mandated workers compensation policies do not. If you’re liable for financial damages above the policy maximum, your business could wind up out of pocket. For that reason, an accurate quote of your insurance needs from an experienced maritime insurance professional is absolutely necessary when you first establish coverage. It’s also a good idea to review that coverage whenever your workforce expands.
Comprehensive Business Insurance
Maritime businesses often find their best deals when they work with specialized industry insurance professionals who can help them put together a single, comprehensive batch of policies that can be reviewed as a unit. Not only does that kind of bundling often save you money, it’s also the best way to make sure you don’t have any gaps in coverage.
Tail insurance isn’t an everyday form of coverage that most business owners need to think about, so it’s no surprise if you’re new to shopping for it and seeking answers. It’s essentially the same tool as an extended reporting period for a policy, the difference being that tail insurance coverage is purchased separately from the policy whose reporting it extends. Often, it’s not even purchased from the same insurer.
The policy essentially extends the coverage of the same claims to damages that come to light after the policy ends that the original insurance covered. The damages had to be caused during the original policy coverage period, but the tail coverage allows for claims to be paid out, which protects you from being financially liable for old work that was covered when it was performed.
Which Industries Use Tail Coverage?
Tail insurance is a common tool for businesses winding down operations, so it’s used by large and medium-sized businesses in many industries. Basically any company with multiple sites might need it, if one shuts down. Similarly, it can be used to cover third party liability you have for old projects, making it useful for construction and manufacturing. Smaller companies need it less often, but it’s used frequently for professional liability insurance for individuals in many fields. It can provide protection against the actions of former employees or officers of the company, extend malpractice reporting windows, or similarly extend any reporting windows for the insurance you are winding down when you change policies.
Having a digital storage system can be a secure and convenient system for most businesses. Unfortunately, cybercriminals have tried and succeeded to exploit vulnerabilities in company systems, resulting in data theft and identity theft.
After a cyberattack, clients, employees, and others affected by the cyberattack may file a claim against the company. Having cyber security insurance can protect businesses.
The Impact of a Cyberattack
After a cyberattack, a company’s reputation may suffer serious damage. Those who had information stored on the system could have their identities or financial information stolen. Companies may also face fines due to privacy regulations.
How Insurance Protects Business
A comprehensive cyber liability policy can cover expenses and defense costs following an attack. After an attack, you may have to close the business for a short time. Some attacks require network fixes. During this time, businesses can lose income. Cyber liability pays for those losses. If cybercriminals access personal, financial, or other information from clients or employees, they may file a lawsuit against the business.
A company may need to pay to restore a company image, to restore a client’s identity, or pay for the legal fees associated with a lawsuit. All businesses require insurance policies to protect against a variety of claims. In the digital age, a cyber policy is critical.
When it comes to malpractice cases, most people picture doctors, attorneys, or financial advisors. Few may imagine that educators or schools could be at the center of any malpractice case. Unfortunately, malpractice in schools can occur and you need protection if a lawsuit were filed against your school.
Understanding the Risk
Those who file lawsuits against schools often claim that schools breached their duty to students because they did not provide effective education. They may say that the students do not have skills associated with their grade level or that the students have not undergone appropriate testing. While it may be difficult to prove educational malpractice, if a lawsuit is filed, the school still has to fight it.
Protect Yourself Against Risk
The best way to avoid a malpractice case is to practice risk mitigation. Working with the right insurer or risk management expert can help your school avoid costly mistakes. Without an insurance policy in place, your school may have difficulty paying the legal fees involved with the lawsuit. For schools that already have little funding, this can be a devastating blow. To avoid paying for legal fees or settlements out of pocket, malpractice insurance protects your school.
When parents or students become unhappy with education, it isn’t uncommon for those feelings to result in a lawsuit. Regardless of whether you think that your school caused any harm or created a breach of trust, the legal fees involved are very real.
Agents and brokers have different needs when it comes to professional liability insurance. While both perform many of the same functions for the real estate industry, the higher level of responsibility extended to the brokers who oversee individual agents also invokes a set of risks that agents don’t have. As a result, if your agents are buying the same policies you do as a broker, they’re overpaying. If you’re covering the policies for a whole office, then that means you’re overpaying. Luckily, the same people that write policies for brokers often write specialized real estate agent insurance built to save you money while protecting all the agents who work with you.
Building a Policy for Your Whole Firm
More and more, brokers and agents are banding together to create larger firms capable of handling a range of niches in the local real estate industry. If you’ve got other brokers in the office, talk to a professional insurance provider with extensive real estate experience to learn how you can get one policy that covers the whole staff, with individualized coverage for agents and brokers that has everything you need, without overpaying for anyone or leaving gaps in your professional liability coverage. That way, you can simplify insurance review and streamline costs all at once. Whether your office is large or small, it’s still a good idea to see if you can get an umbrella policy that consolidates all your individual broker & agent policies.
Every time that you interview a prospective employee, your company is at risk of an employment claim. If you choose not to hire an interviewee, he or she may allege that it was due to discrimination. If you hire the interviewee and then later fire him or her due to chronic lateness, he or she can file a lawsuit for wrongful termination.
It does not matter if the allegations are true. Without employment practices liability insurance or EPLI, your company has to pay the legal fees and any settlements that come from the claim.
What Is EPLI?
EPLI insurance is coverage for employers. It is a coverage that protects your business against claims made by employees that they suffered:
All businesses are vulnerable to claims. While large businesses tend to have employment practices liability insurance, small businesses are more prone to lawsuits.
What Does EPLI Cover?
EPLI covers wrongful acts, but not intentional acts. It is not the same as other liability insurances because it only covers the business if an employee files a claim against the company. You may be able to include punitive damages under your coverage, depending on your state.
No matter the size of your business, it is not uncommon for employees to file claims against the company that they work for. EPLI coverage can help you prevent a devastating financial loss from a lawsuit.
Companies that provide maintenance and repair services to vessels owned by others have a unique range of risks, but there’s still some key points of difference that require an experienced eye for coverage nuances to pick out. That’s why it’s a good idea for businesses that perform repair operations to work with insurers who have previously worked with companies just like them. General liability and basic forms of third party liability lack the specificity needed to finely tune that coverage for your business, and that matters when it comes to cost and to making claims with ease.
Public and Third Party Liability for Repair Operations
Providing repair to another vessel means taking on liability for the workmanship performed, including liability for damages to third parties you can’t directly anticipate. That’s why coverage tuned to the work you do in ship repair is so vital. Not all repairs are similarly risky if they fail, and your coverage should distinguish between kinds of risk to provide you with a finely-tuned cost structure that meets all your needs. Regular liability insurance that is aimed broadly across industries on land and at sea is usually built in a one-size-fits-all environment where those unique features are not assessed as accurately as when an experienced maritime insurer puts together a quote. Keep that in mind when you’re looking for ship repairers liability coverage.
All business owners need basic insurance to protect their employees and themselves from financial loss associated with personal injury and property damage. However, those in construction also should consider the many other risks associated with this industry. Here is a description of construction liability insurance and why you need it.
Definition of Construction Liability Insurance
Construction liability insurance is a policy that protects from claims made against your business by the general public, rather than by employees. It covers medical costs of those injured at the construction site, as well as repair or replacement of damaged personal property. It also pays for court costs associated with defending yourself from some minor legal issues such as copyright infringement.
Examples of What Is Covered
Examples of situations that would require general liability insurance include the following:
A customer sues you for inadvertently advertising something that you cannot deliver.
A visitor to the construction site slips and falls.
Accusations of negligence or fraud require additional coverage, and are not covered by general liability.
Having construction liability insurance is considered a best practice by most professionals, and many clients will not hire your services without it. Talk to your insurance agent about customizing a liability policy that is right for you.