How to Reduce Habitational Insurance Claims

It’s no secret that the more claims you make on your habitational insurance policy, the more your premiums and deductibles are likely to increase. Whether you are covered by a renters, homeowners, or other habitational policy, chances are that you want to keep those premiums and deductibles as low as possible. Reducing the number of claims per policy is also a goal of habitational insurance carriers, and here are some tips for how you can do it.

Ways to Reduce Insurance Claims

There are several ways that you can avoid having to file a claim on your insurance policy. These include:

  • Conducting regular inspections & maintenance. Catching a problem early can save hundreds of dollars or more in repair costs, and keep you from having to file a claim.
  • Following all safety recommendations. Keeping everyone who lives in your residence, as well as any guests, safe can help reduce casualty claims.
  • Being weather-wise. Damage from storms and natural disasters are among the top reasons for insurance claims. Prepare ahead of time for severe weather to help secure your home and prevent costly damage.

Habitational insurance carriers will thank you for your efforts to reduce claims on your insurance policy. Your wallet may thank you even more, as you enjoy lower premiums and deductibles as payment for your preparedness.

Most business owners know their company vehicles need to be insured, but what if your employees use personal vehicles for work purposes? What if you rent vehicles for your business? In these cases, you need hired & non owned auto liability insurance.

What Is Hired and Non-Owned Insurance?

Hired & non-owned auto liability pays for damages if an employee has an accident while driving a rented or personal vehicle for business purposes.

Standard automotive liability covers damages when the accident involves a company vehicle. Some business owners mistakenly assume that when an employee drives a personal vehicle for work, the employee’s personal auto insurance will cover damages. However, this is not true.

Fortunately, you can purchase insurance for these situations. For example, if you own a pizzeria and your delivery drivers use their own vehicles, you need hired & non-owned auto liability coverage. If a driver rear-ends someone while making a delivery, your insurance will cover it.

Does It Cover Damages to the Vehicle?

This insurance covers liability only; it won’t cover damages to the rented or employee-owned vehicle. When renting a vehicle for company use, you can purchase insurance from the rental company. You can also add an endorsement to your policy to cover damage to a rented vehicle.

It’s always stressful when a work-related accident occurs. As a business owner, you should understand your insurance options so you can be prepared in the event of an accident.

There are plenty of stressors that come along with operating a business. When you happen to run a company in an industry where volunteer-based employment is the norm, however, the risks that you face can become a lot more difficult to work through. While it can seem insurmountable at times, overcoming these challenges is all about giving yourself time and focus to research your options. With volunteer-based groups, the biggest step to staying shielded from harm is learning how to manage the business to the best of your abilities.

Create Goals and a Defined Plan

Creating a plan of action should always be the first step you take when looking to solve a problem with your company. Pinpoint the exact problems you’re facing and see what moves you will need to make to reach a resolution. For some, the objective will be to become more organized. One way that this can be achieved is by learning how to use a volunteer management report to your advantage. Take time to look over your options in order to see which solutions make the most sense for your needs. Ideas can include:

  • Organizing digital and physical records
  • Streamlining HR onboarding processes
  • Reviewing current insurance protections

Learn About Your Options

Though there are plenty of challenges that come with running a business that relies on volunteers, there are just as many solutions available to discover. Learn more about your options and see how to get more out of your volunteer-based business.

Communication is the foundation of any relationship. When you’re a member of a homeowner’s association, for example, then you need to make sure that you are always going above and beyond to both communicate your thoughts and truly hear what ideas others are offering up. Though it might seem simple, there are plenty of snags that you are bound to encounter along the way. Take a look at these tips in order to put together a plan that helps you reach the success you’re after.

The Most Important Points

One of the most important components of an HOA communication strategy is clarity. In order for you to ensure that other members of the association, tenants, vendors, and anyone else who interacts with the HOA understand pertinent rules and information, you need to be clear at all times. Failing to do this can result in muddied language that, in turn, leaves you open to potential legal problems down the line. Other ways to enhance a communication strategy include: 

  • Knowing when to sit back and listen without interjecting
  • Listening and taking time to digest information
  • Planning based on the needs of all

The Best Way To Find Success

While it might be an important aspect of life, all people could benefit a bit more from improving upon their communication skills. Take time to think about how you can improve your HOA with a communication strategy and devise a plan that reflects your needs.

Starting your own business is a huge step for most people. You’re now well on your way to escaping the traditional nine to five job and becoming your own boss. However, it is important to be cautious and aware of all the things that could go wrong when it comes to running your own business. One thing to consider is the possibility of a liability issue. From slips and falls to faulty products, there are many things that could lead to a lengthy legal battle and other costs that you likely don’t have the extra money for. Luckily, general liability insurance can help.

What Is General Liability Insurance?

General liability insurance is a type of insurance coverage that is designed to address common liability risks. It is usually mandated by the state and you can incur serious penalties if you try to go without it. However, this coverage could save you a lot of money, so even if it wasn’t mandated, you’d be better off purchasing it.

How Much Does General Liability Insurance Cost?

The cost of general liability insurance can vary widely so it’s hard to give a set price. Insurance companies will look at a variety of factors to determine how much they will charge you. Some of these factors are:

  • Your zip code
  • Your claim history
  • Your insurance needs

Running a business can be risky. General liability insurance can help.

When it comes to operating a business, there are plenty of hazards that you need to remain mindful of at any given time. Taking care of your team, for example, is necessary if you are going to create a work atmosphere where employees feel protected and provided for at all times. One of the best ways to take care of your workers is with workers’ compensation coverage. Though required in most states, the right coverage can make a world of difference in how your team perceives you.

Research Your Options

The first step you need to take when looking into compensation plans is research the various options available to you. A traditional arrangement might work for a wide variety of organizations, but there are several business types that need specialized coverage. Learning more about SB 189 workers comp plans can offer you insight into what choices are the right ones for you. Without reviewing the options available, you could be putting yourself in a difficult position. When selecting coverage, be sure to consider:

  • Current budget
  • Current risks and exposures
  • Future financial goals

Review the Basics

While there are many different ways to go about picking adequate compensation coverage for workers, you should never rush through the process. Take time to look into the details and see how you can find the right fit.

Good help can be hard to find, and sometimes you find out when something bad has already happened. Employee dishonesty can cost your business and your customers dearly, and that’s why it’s important to have insurance to cover a variety of scenarios. Your policy will delineate what exactly is covered on the employee dishonesty coverage form.

Funds Transfer Fraud

Depending on the type of business you run, a dishonest employee may enact a transfer of funds from a customer’s account into their own bank account. Similarly, a dishonest employee may transfer funds from your business’ bank account into their own, believing that you will never notice.

Alteration and Forgery

A dishonest employee may alter their paycheck or forge your name on a blank check in an attempt to steal from you. If the bank doesn’t catch the fraudulent check, you may face not only a monetary loss in the amount withdrawn, but also in the form of overdraft- and wiring fees.

Monetary Theft

Particularly in places with high-volume cash flow such as restaurants and bars, a dishonest employee can easily pocket cash intended for the register. Similarly, the employee may intercept a cash payment from a customer on the jobsite and report that it was never received.

Protection from employee dishonesty comes in many forms, and it is critical that you and your business are protected.

Around the United States, millions of households employ domestic workers for numerous jobs within the home. From cleaning, landscaping, child care and other needs, these workers fulfill many daily needs for families. With that said, there can be liability risks to employing domestic workers. For this reason, learning more about domestic workers and homeowners insurance can help you avoid messy financial situations in the future if you face liability claims

Hiring Domestic Workers Comes With Risks

If you employ a domestic worker in your home, you make face liability charges if an accident occurs while the employee is on your property. For example, if he or she sustains an injury or feels that you have treated him or her unfairly in some way, these sorts of situations case raise tricky legal questions.

Insurance Offers Coverage for Multiple Domestic Worker Types 

Due to possible liabilities, many people who hire domestic workers choose to include some form of insurance coverage in their homeowners’ policy. Typically, insurance packages offer coverage for several types of domestic workers including landscapers, nannies, housekeepers, cooks and more. If any of these individuals sustain an injury in your home, the insurance can help legally protect you.

Because accidents are unpredictable, investing in domestic workers coverage is a smart move for having peace of mind while employing others to help keep your home running smoothly. 

Is your winery concerned about making it through the winter season with your product intact, your building in good shape, and your business booming? If so, you may need to take certain winter winery maintenance steps. Here are the top moves you should consider making during the winter.

Ensure the Winemaking Process Goes On Without Interruption

Perhaps the most important wintertime precautions to take involve making sure you can continue producing high-quality wine without interruption. To do this, the winery should:

  • Plan to grow all grapes in warmer weather and continue with fermentation during colder weather
  • Place barrels in a temperature-controlled environment to avoid disruptions
  • Contact key suppliers to ensure the supply chains remain strong throughout the winter season

Prepare the Property To Weather Plunging Temperatures

In addition to ensuring wine quality throughout the winter, you can also prepare your property to weather cold temperatures and keep customers coming in. Remember to:

  • Bring delicate plants indoors
  • Check that the main building is properly insulated to keep visitors comfortable
  • Salt the grounds before forecasted snow and ice
  • Install heat lamps outdoors

For many wineries, taking the right winter winery maintenance steps early on in the season can help prevent major issues and keep business going strong. To ensure your winery is protected from wintertime problems, make these preventative moves today.

Cybersecurity remains a moving target for businesses of all sizes. For insurance professionals, staying on top of 2022 cybersecurity trends is a critical goal for client retention and growth.

Cyber Liability Coverage: Higher Standards on the Way

Most insurance agents have suggested numerous risk management steps to help their clients reduce the danger of cyber breaches and restrain premiums hikes. Those suggestions will now become requirements to obtain coverage. Multifactor identification for network access is already an across-the-board requirement. More insurers will also require detailed breach response plans. Soon to come are network monitoring standards to head off network penetrations and aid forensic investigations.

The Internet of Things: Playing Catch-Up

The adoption rate for the Internet of Things — Wi-Fi devices for home convenience and business productivity — continues to accelerate. The growth of IoT monitoring devices in health care settings has opened numerous attack surfaces to cybercriminals. While the devices improve patient care, the pressure to gain first-to-market advantage led many vendors to shortchange security protocols. With your health care clients, patching these holes will remain an IT headache for the near-term future.

The agencies and brokers that stay atop the evolving cybersecurity threats will be the insurance enterprises that thrive in the coming decade. Working alongside a general agent with a proven track record of innovation puts that goal within reach.

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