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Senin, 01 Oktober 2018

What Your Small Health Care Business Needs to Know About Insurance

Are you a small health care business? Every small business entity understands that risk exposure is part and parcel to putting up shop, but those in the health care fields know it on a larger scale. Lawsuits in regard to professional liability and general or what otherwise is known as property liability are but one of the hazards to understand and acquire tailored protection from.

Other forms of coverage that may be necessary include:

• Workers compensation
• Umbrella as well as Excess Liability Insurance
• Management Liability Insurance

Working together with an independent insurance agency that deals with many of the top carriers who have strong financial backing and operate in the country and abroad is one way to zero in on appropriate coverage.

Doing so will also give you the opportunity to purchase a package business owners insurance plan that groups various shielding pieces of coverage together to get you optimum protection at a significantly discounted premium.

Underscoring all of the above of course is the wonderful sense of peace of mind that comes along with insurance coverage - peace of mind that allows you to concentrate on running your small medical business without the intrinsic worry of all things risky.

What type of small healthcare business can avail itself to insurance designed specifically with the industry's needs in the forefront?

The following related businesses can find tailored coverage that is so necessary to the field:

• Medical offices
• Clinics
• Imaging centers hubs
• Physical therapy and rehab centers
• Medical and dental labs
• Dentists

If you are part of any of these specific health care enterprises, you may be an eligible insurance class:

• Acupuncture professional
• Ambulatory surgery center
• Cardiac lab
• Chiropractic doctor
• Community health center
• Convenience care clinic
• Dentists' office
• Dialysis treatment centers
• Employee or occupational health clinic
• Health practitioners' offices
• Hyperbaric oxygen therapy
• Lithostripsy Center
• Medical spa
• Mental health and substance abuse outpatient center
• Nurse practitioner clinic
• Optometrists' offices
• Oral surgeon office
• Pain management center
• Physical, physiotherapist and occupational therapists
• Podiatrists' offices
• Psychiatrists
• Psychologists
• Rehab, cardiac, outpatient facilities
• Sleep centers
• Smoking clinics
• Speech therapy offices
• Student health centers
• Vascular access center
• Weight loss center, nonsurgical weight loss clinics
• X-ray, radiology or imaging labs

To be sure, any related industry should first consult with an experienced independent agent before assuming they will be accepted for coverage. In addition, speaking with a knowledgeable indemnity professional will help him or her in understanding your needs while giving you a precious the opportunity to learn more about the coverage you require as well as the options out there.

Who Needs Product Liability Insurance?

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

What do investors, manufacturers, distributors, suppliers and retailers have in common?

If you guessed product liability exposure, you are correct. Each of these business people share the risk of product malfunction or danger for merchandise put out to the public.

Here are five different but related types of insurance coverage that can shield a commercial enterprise from loss or damage as a result of error. The following forms of coverage can protect from a liability claim and lawsuit.

Product Tampering Insurance Coverage

Although a business making a product accessible to the general populace is not behind a tampering incident, it can be liable for damages. Product tampering insurance covers you in the event someone else tampered with or warned you of the possibility that a product may be corrupted.

Associated coverage extends to the following.

• Eradication of the manipulated merchandise
• Loss of earnings
• Expenses related to recalling the merchandise
• Costs associated with repairing or restoring products

This type of insurance does not include third-party liability. It also does not cover any related extortion costs.

Product Warranty Ineffectiveness Insurance Coverage

Likened to a specialized surety or bond, the product warranty ineffectiveness policy was first created for investors and/or manufacturers that produced alternative forms of energy sources. The coverage protects form financial damages that occur when there the system does not work as it should. Presently, this form of coverage is also offered to investors and/or manufacturers of other kinds of products.

Product Hazardous/New Products Liability Insurance Coverage

Certain kinds of manufactured products are more liable to hazardous liability. This can include products such as:

• Drugs or medication
• Cosmetic products
• Chemicals
• Car parts
• Other products that are subject to hazard and related damages

For the most part, the specialty insurance market offers hazardous liability insurance for products.

Products Liability-Retroactive Insurance Coverage

This insurance coverage exchanges the policyholder's claims-made form for an occurrence form. Insurance can be tailor-made to give coverage for:

• A specific amount of time that retroactively protects claims from particular months going back
or
• Comprehensive occurrence coverage that dates back to initial date of claims-made insurance
or
• Continuous occurrence coverage that protects against all former acts

It is possible to also gain occurrence coverage by using an insurance policy that increases the time span of detecting the claims-made form that has not been renewed for an identified amount of years or for an unlimited time.

Product Recall Expense Insurance Coverage

The product-recall expense policy gives the insured greater expense coverage - more so than a legal liability coverage. Direct costs involved in a product recall are covered.

Examples of product recall expenses are:
• Communications costs
• Shipping charges
• TV, radio broadcast costs
• Payment to required added employees
• Overtime pay for regular staff
• Product destruction costs

This is Another Reason Why a Valet Service Requires Insurance

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

Why did the valet parking service purchase a related commercial insurance policy?

The answer to this question can include so many scenarios in relation to when the business can be held liable for losses and damages incurred to other people's property. The true to life episode posted below about a luxury car placed in the hands of the valet service, however, would not be classified as the norm in insurance claims.

The Valet Parking Service's Error

James Fowler was an attorney that had come to St. Petersburg, FL to participate in an industry convention. Upon arrival at the Vinoy Renaissance Resort and Golf Club where the weekend event was to be held, he handed over the keys of his multi-hundred thousand dollar Ferrari to the parking attendant.

Nobody, surely not Mr. Fowler, esquire par excellence, could have predicted what would ensue following the car's drop off.

Enter Levi Miles, young whippersnapper who wanted to make a striking impression as a wealthy man of significant importance to his date.

Levi Miles pretended to be the proud owner of the Ferrari and asked the valet attendant for the keys. After receiving them and seating himself and his girl in the front seats, Miles let the valet wait for the ticket of ownership. The attendant in fact waited so long that he turned the other way without noticing the Ferrari 'owner' raced off without depositing the required ticket.

The theft went undetected for a short while. But It didn't take long for a cop to notice a traffic violation. That's when he stopped Miles. One thing led to another until Miles confessed that the car was in fact not even his.

Once Fowler, the true Ferrari owner, was made aware of the episode, he began court proceedings of a law suit aimed at the resort valet service in regard to negligence...

What Valet Parking Services Insurance is About

Your business might have a valet service if you are involved in the following healthcare, hospitality, or other industries, like a

• Hospital
• Ballroom
• Restaurant
• Country club
• Hotel
• Art gallery
• Museum

When a patron drives up to the valet counter, the attendant takes the car key and gives the driver a corresponding identifying ticket. The Valet then parks the car as a convenience. When the auto owner comes back to claim his vehicle he surrenders the ticket along with the payment. In turn, the valet attendant returns the car to the owner.

The valet parking service may also offer auto detailing and shuttle passage.

An experienced independent insurance agency would be best equipped to explain more about valet service coverage and present a customized protective policy.

Insurance Coverage for The Social Services Agency and Social or Welfare Worker

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

While it is important for anyone accountable for professional servicing, the social service agency and the associated social worker have pointed vulnerabilities in relation to risk exposure. Of course, interconnected insurance coverage is a solution that truly provides the essential protection that is necessary.

So here you have it: Insurance for the Industry; Customized Indemnity

Agency Insurance Coverage

Because of the extraordinarily high risks involved with operating a social service agency, insurance coverage becomes the anchor against the liability. As a professional liability program tailored made for the industry, this type of insurance is geared to the unique counseling services offered to individuals, families and groups. Restricted malpractice insurance coverage is also available to psychiatrists on staff at the varying related agencies.

The following is a short sampling of social services that can benefit from the insurance program:

Drug Rehabilitation Facilities

Alcohol Rehab Centers

Federal and State Social Service Referral Hubs

Community Service Centers

Therapy services focused on working with families and family domestic problems

Agency counseling and therapy for developmentally delayed, autistic and psychotic kids

Other Social Service Counseling Centers

Social Worker and Welfare Worker Professional Liability or Errors and Omissions Coverage

Known either by the professional liability term or simply as errors and omissions insurance, this type of coverage protects the related agency's social worker or welfare worker against associated risk exposure. Typically written under the name of the agency, the insurance program is designed to shield the related staff members from liability lawsuits and claims.

Clinical Social Worker Professional Liability Coverage that is Independent of the Agency

While the social worker is protected by insurance through the social services that he or she works at, some may want to consider additional personal professional liability coverage.

More coverage can kick in after the insurance limits of the associated agency's policy is used up or drained in a court lawsuit.

This added coverage can protect the social worker or welfare worker from a medical incident, legal defense costs, first-aid expenses, sexual misconduct or abuse accusations, property damage to others, personal injury expenses, privacy violation notices, assault costs, the possibility of license removal and many other very important issues that may not be all-inclusive in the professional liability coverage presented by the social service agency.

For more about agency and social worker insurance coverage including risk management, it is strongly advised to consult with an experienced and qualified independent insurance agency.

How to Protect the Asbestos Abatement Industry With Insurance

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

Asbestos is a natural occurring mineral. A heat resistant, fibrous, colorless and tasteless matter, it has been used as the wonder material used in many household, business and industrial products. Once the public was made aware of the danger lurking behind the material, it was widely dismissed as a safe element in construction and other markets. Benefits certainly do not outweigh the mineral's link to mesothelioma, lung cancer and asbestosis.

How did the public react to the prevalence of asbestos in buildings, offices and other property? Because of the hazards related to the substance, even today property owners are using the professional services of the asbestos abatement companies.

But while there is no argue over the necessary removal of the harmful product, the industry does face unusual exposure to liability. Related insurance products are sought after by those in the industry.

See below for three examples of coverage for differing related needs.

Asbestos Abatement Consultants Professional Liability Coverage
Experts in the abatement process are hired by property owners as consultants. Their job is to confirm the need to remove the substance and to design a suitable plan of action. Insurance companies offer related professional liability plans to shield consultants from the potential of lawsuit in regard to a mistake in assessment and wrongful advice on how to proceed in the removal project. Additional, many insurance providers extend the coverage for asbestos abatement contractors to incorporate professional liability coverage for associated consultants.

Asbestos Abatement Contractor Coverage
In the past, it was a given that public places, like educational centers or business offices were constructed via asbestos materials. This was done so as to utilize the heat resistant properties to prevent the spread of fires. Once it became common knowledge that asbestos lead to serious health hazards, the use of the asbestos abatement professional has become standard for older buildings.

Of note is the fact that this exclusive form of liability insurance is difficult to place and that the insurance companies write policies with extreme care.

Asbestos Abatement Bonds
Public domains that need asbestos or lead abatement have another important insurance component before work can be done by the contractor. Any contractor working with asbestos mitigation must buy a surety bond aside from the liability coverage.

Of course, speaking with a qualified independent agent that has experience in this form of indemnity is the best mode to gain the necessary knowledge about the insurance needs of this industry.

Insurance for The Boat Manufacturer, Dealer, Rental, and Boatyard

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

Are you a watercraft builder, boat dealer, renter or boat yards or boat repair service? Of course, the main focus of your business is doing business. In order to do that right without the worries of all the associated risks, you need to have the specialized insurance coverage that will protect you from any of the related commercial liability risks.

Below you will find a brief synopsis of each of the different types of insurance as they relate to the specific niche in the industry.

Boat Manufacturers Coverage

The most difficult exposure related to the boat manufacturer is products liability. This insurance in general is written on a claims-made basis and as specialty insurance. Moreover, because of the material used in construction as well as the flammable adhesive agents bonding Due to the varieties of materials utilized and the flammable bonding substances and paint utilized in constructing the boats, insurance companies have deemed property risks as heightened exposures.

Stored boats may also need coverage that includes those sold at the dealership.

Boat Dealers Coverage

Related insurance covers new watercraft as well as second or third-hand boats that the dealer sells. Coverage for boats includes watercraft operated for land use as well as water use. Insurance policies are designed to shield the boat dealer's stock of boats as well as the associated accessories and supplies that are also sold to the public. Correlated insurance incorporates property and marine coverage and is generally written on an all-risks basis. The boat or watercraft dealers insurance is similar to open automobile lost insurance and garage keepers legal liability insurance coverage.

Boat Rental Coverage

Boat rental businesses rent watercraft based on an hourly or day's use or as an extended rental for the entire summer season. Because of the water risks and inexperience of the novice operator, the related exposure is on an increased level. So many boat rental commercial establishments are found in resort or hotel areas, confining the rental business to the summer months. But because watercraft and boats need to be maintained, repaired and stored when the season is over, the exposure to physical damages exists throughout the year.

Boatyard/Boat Repair and Servicing Operation Coverage

Boatyards and boat repair and servicing commercial centers repair and service boats they are entrusted with by the customers. These operations haul the boats to the shore side during the fall, store them during the winter and launch them in the spring as well. The associated commercial general liability is similar to that of the car repair shop, plus the risks related to water activities.

The insurance companies view boat storage and moorage perils as heightened exposures.

What a Good Insurance Agency Does If Your Insurance is Cancelled

Anonim Oktober 01, 2018 Commercial , Insurance 0 Comments

Having your insurance policy retracted by an underwriter is something that any individual or business owner is reluctant to even think about. The fact is though that these things can happen and they can happen to anyone or any institution.

When a policy is cancelled, it is likely that it comes suddenly and unexpectedly. The sudden lack of coverage of course comes with serious repercussions. Naturally, an immediate fix will not always result in the best solution.

Here's a genuine episode of an insurance policy that was rescinded without prior warning but ended with a happy resolution thanks to the expertise of an experienced agency.

As told by the insurance specialist in the commercial lines department of the agency:
Not long ago, the attending broker at the agency received a phone call from a business office building.

"I need a good insurance plan for my new building," he said.

All factors about the property told the agent that this would be a simple transaction. With a new building made completely of steel and concrete there was no indication that any difficulties would crop up.

After an insurance search, a tailored policy was procured at a good rate. Following a preliminary inspection by the insurance company, the all-clear was given and the comprehensive policy was bound at a nice rate - $12,000 a year for $11 million coverage.

Out of the blue, the insurance company told the servicing agency that it was necessary to conduct a sprinkler inspection on the building. As the commercial property sprinkler inspector took in the condition of the sprinkler system, he noted that there were four decorative panels on the outside walls that did not suit the non-combustible material criteria of his company.

With the office building downgraded to the insurance class of a frame structure, the former office building policy was abruptly rescinded by the insurance company.

The distraught office building owner was told that the agency's commercial lines specialist would shop the network of providers for him.

And she did - quite successfully, in fact.

The broker got immediately down to business. She negotiated with another insurance company that initially had given a slightly higher rate than the one bound and presented a tailor-made policy to the office building owner that included even wider coverage along with a cheaper premium than the cancelled policy.

You can guess the epilogue to this tale. There was one extremely satisfied client due to the agency's untiring efforts to locate a winning conclusion.