Building an Insurance Paid Marketing Strategy

To consistently grow your insurance business, it is important to have a strategy for attracting new customers. The more people interested in your services, the easier it is to find the working capital required to take your company to the next level. To see tangible results in this area, you must devise a strategy for online marketing. There are several simple steps that you can take in order to boost your online presence and tighten your current online marketing plan. 

The Core Components 

When it comes to insurance paid marketing strategies, there are a few areas that can be important to review. For one, most digital marketing plans are built around keywords. When consumers search for services that you provide, implementing informed SEO makes it more likely that your pages will appear high in the results. Additionally, working with professionals to devise a strategy can be a wise idea because it helps you create and develop content for your audience. Other points to focus on for your plan should include: 

  • Heavy focus on conversions
  • Creation and maintenance of a blog
  • Optimization of site and associated pages

The Best Plan

Building a plan for online marketing can often be a bit involved. By working with a team of experts on the task, you can increase the odds that your strategy will yield the results you’re after. 

How To Best Protect Your Business During Union Negotiations

Though some business owners understand the basic components involved in dealing with an employee union, there are plenty of factors that are easy to neglect. When workers are unionized, it introduces a new set of parameters for matters like insurance. Failing to consider this can lead to a variety of problems for you and your assets. Thankfully, a bit of preparation can go a long way.

What Is Union Liability?

One main factor to think over with union liability insurance is collective bargaining. A standard insurance plan does not include this type of coverage. This means that you will not be able to guarantee protection if you’re relying solely on a plan centered around professional liability. Since the union is involved in all matters from financial mismanagement to harassment, you absolutely require the enhanced protections offered by union liability coverage. Main areas that can be covered by this type of insurance include: 

  • Breach of duty
  • Invasion of privacy
  • Wrongful termination

Find the Perfect Coverage

While a standard policy for professional liability is usually enough to cover a company’s basic needs, factors like whether or not the employees are unionized can influence what kind of coverage you actually require. Take time to review the basics and learn more about how you can protect your business, your team, and your assets

Self-Insured Versus Group Self-Insured Workers’ Comp

Most states require businesses to provide workers’ compensation insurance for their employees. Companies can supply coverage by purchasing a plan through an insurance company or they can engage in self-insurance. The latter involves establishing a fund that is used by the company to pay any workers’ comp claims. It is an increasingly popular alternative to traditional third-party plans and comes in two forms: self-administered or group programs.

Self-Insurance Programs

Larger businesses are often able to operate their own self-insured workers’ compensation plans. This means that they independently create a fund that is used to pay claims. They also carry out the administrative responsibilities of managing the insurance program. While this can offer savings and flexibility, there are also disadvantages. For instance, the administrative duties associated with self-insurance can be difficult and time-consuming.

Group Self-Insurance Programs

Self-insured groups have arisen as an alternative for those who want to engage in self-insurance, but do not want the responsibilities and risks associated with running their plans. Groups allow employers to pool their workers’ comp liability. Moreover, they typically consist of companies in similar industries, which helps them manage risk. However, like independently operated self-insurance programs, group self-insurance plans also have drawbacks. For example, each member of a group may need to make unexpected payments into the communal fund should claims be very high during a certain period.

Both independent and group self-insurance plans are becoming more common, and each comes with advantages and disadvantages. An expert in the insurance field can assist in determining whether either is right for your company.

Exposed to Sewer Water: There Are Tell-Tale Warning Signs

The concept preventing contamination took some time to catch on but, ultimately, it did. Before contemporary plumbing practices, people lived a lot closer to their excrement. What dangers were they incurring that they didn’t realize were fatal? 

Signs of Septic Infection

Modern society tests the load limits of regional hospital systems daily. In case of an emergency, the systems in place do their level best to manage a structure of care for fellow human beings. For those that manage the waste of a municipality or an institution, the health risk of operating outside of safety standards can mean a visit to these emergency  health providers. To decrease burden on general health capacity, when it comes to the handling of sewer construction, managers and owners must take charge of preventative measures. Septic tank overflows and toilet backups can turn a worksite into a bacterial battlefield. Each teammate needs be able to identify the tell-tale signs of infectious diseases caused by sewage water so as to reduce the time prior to medical intervention. Some of those discernible  symptoms include:

  • upset stomachleading to dehydration
  • skin infections 
  • respiratory distress
  • acute gastroenteritis 
  • ear/nose/throat inflammation

These employees or other exposed-persons  could have compensationfor potential injuries or chronic illnesses if their firm invested in septic insurance liability insurance. Occupational hazards can be impacted by increasing universal awareness.

Volunteer Liability Insurance Explained

Nonprofits and other volunteer-driven organizations rely on donated labor to carry out their organizational missions, but there are risks to volunteer labor. Not the same risks as those you take on by hiring employees, but nonetheless, your risk management strategy needs to include a form of public liability insurance for volunteers. Regular public liability policies covering your employees may not cover donated labor, but there are insurance providers who will write volunteer-specific policies.

What Kinds of Liability Are Covered?

When you get volunteer-oriented public liability coverage, it covers your liability in incidents involving volunteers working on your behalf. If that sounds broad, it’s because the policy needs to be broad. It needs to go where you go, and it needs to handle many types of possible damages. Potentially, you could have liability for injuries sustained by volunteers while working on behalf of the organization, but you could also face these scenarios:

  • Mistakes or bad faith actions by volunteers causing financial losses to third parties or donors
  • Accidents involving volunteers on or off-premises that result in injury or property damage to others
  • If needed, volunteer vehicle coverage can be bundled to cover liability for incidents involving volunteers driving their own cars on your organization’s behalf

Individual insurance providers will have slightly different parameters and offerings, so make sure you shop around to find the most robust public liability insurance for volunteers you can. It’s well worth the time spent to have the right insurance coverage.

What Is a Captive Workers Compensation Program?

Captive insurance programs have offered savings to their participants for decades, but not many business owners realize that they can be used for workers compensation in many areas. They are familiar for liability and property protection coverages for businesses with unique needs, but the fact is that captive insurance can cover literally anything you need. Captive workers compensation requires experienced oversight, but the same companies that can match you with partners for multi-parent captives can also provide day to day administrative services on contract.

What Makes Workers Compensation Different?

The biggest difference between workers compensation coverage and most other forms of business insurance is that workers compensation is required by the state to cover everything for approved claims, without a policy limit. This makes it a little riskier to invest in as a captive operation, but that risk can be averted with the right financial reserves because future premium adjustments can be used to replenish those reserves in the event of a major claim or one with long-term recovery expenses.

What Type of Captive Insurer Suits You?

There are a few different models for captive workers compensation. Single parent companies are the most expensive to fund because they require you to cover the entire cost of the captive company. Multi-parent captives pool the costs and risks, but this can be undesirable in workers compensation suits. There are also segregated cell group programs that legally separate the parent companies while still providing the cost savings of a group captive. To learn more, you should to talk to a captive insurance specialist about your coverage needs.

A Short Guide To Boat Renters’ Insurance

Running a boat rental business can be a great way to make a living if you are passionate about boats and/or the water. You get to work near the water, with boats, and you get to give people the opportunity to spend a relaxing day on the water. All in all, it sounds like a pretty great job. 

However, it is important to also consider the risks associated with this type of business. If something goes wrong while a customer is renting your boat, you will be held liable since you provided them with the watercraft. Luckily, boat rental insurance can help.

What Is Boat Rental Insurance?

Boat rental insurance is a type of insurance coverage that is designed to protect boat rental businesses from having to pay any costs out of pocket if something unexpectedly goes wrong. It can cover things like repair costs, medical bills, and cleanup costs.

How Much Does Boat Rental Insurance Cost?

The cost of boat rental insurance can vary widely. Insurance companies have to make money too and they will adjust the price you pay depending on what they assess your risk level to be. Some of the factors they will look at are:

  • Your claim history
  • The age and size of your business
  • Your location

Running a boat rental business can be difficult and risky at times.  Boat rental insurance can make all the difference.

How Employee Wellness Programs Reduce Insurance Costs

Healthcare costs continue to escalate from year to year with little sign of stopping, at least on the average. There are ways to make sure you’ve lowered your cost of coverage as much as possible without cutting corners, though. One of the most time tested is through encouraging the habits and practices that keep people healthy, so there are fewer claims from your insured group and therefore lower costs for insurance. So what makes employee wellness programs so effective?

Prevention for Reduced Risk

Wellness practices work as preventative healthcare alongside regular physicals and other key methods of tracking health. Staying on top of changes and exercising regularly to maintain muscular and circulatory health are important steps to build day to day stamina. More importantly, though, exercise and proper diet reduce chronic illness overall, even in those who already manage it. As a result, companies with high participation in wellness programs tend to have much lower coverage costs.

Healthy Employees Are Productive

Reducing claims and insurance costs can be a big incentive to embrace employee wellness programs, but it is hardly the only one. Not only are your recruitment and retention efforts likely to be more effective with robust support for employee wellness alongside competitive and low cost benefits, your productivity gets a boost. The healthier your workforce, the less employees tend to deal with physical and mental barriers to productivity and happiness. That helps you raise revenues even as it cuts insurance costs.

Reducing the Risks of Employee Benefit Plan Administration

Human resource personnel are generally responsible for overseeing the administration of employee benefit programs. These can range from pensions, to profit sharing, healthcare insurance or disability programs. The programs can be simple or complex, but they all increase the risk of errors and omissions lawsuits. Program recipients include more than just an employee, as family members or qualifying dependents are often included under a plan.

Identify the Scope of Risk

To fully understand the nature of your liabilities in this area, you must take into account the processes in place, the plans offered and the people involved. If there were any past claims made against the company, it can reveal potential weak areas in the process. The full extent of the risk should be covered by employee benefits liability insurance, which means you will need to assess the coverage it provides as well.

Identify the Risk Level

Your risks for a liability claim may be higher if your organization experiences the following:

  • Has high turnover rates with benefit administrators
  • Doesn’t have enough administrators to the workload
  • Doesn’t have highly skilled or experience benefits administrators
  • Has complex or multiple benefit plan options
  • Doesn’t have current, organized or clearly defined processes for administering and overseeing benefit plans and recipients

Managing the risk in benefits administration requires a multi-faceted strategy the includes strong insurance coverage, trained employees and correcting operational issues. Though employee benefits liability insurance is helpful, it isn’t the only solution to mitigating liability risks.

A Short Guide To Professional Liability Insurance

Opening up a business comes with a lot of financial risk. One of these sources of financial risk is the possibility of your business facing a claim or lawsuit. You may think that claims and lawsuits are relatively uncommon and won’t affect your business but unfortunately, these situations occur all the time.  All it takes is one mistake or decision that your client/customer doesn’t like and you could end up facing a claim that could easily sink your business if you don’t have the necessary funds on hand.  Luckily, professional liability insurance can help.

What Is Professional Liability Insurance?

Professional liability insurance is a type of insurance coverage that is designed to protect business owners from potential costs due to a lawsuit or claim. It can cover things like legal fees, judgements, and settlements.

How Much Does Professional Liability Insurance Cost?

Unfortunately, there is no one set price for professional liability insurance. The cost you will pay for professional liability insurance is determined by a variety of factors that include:

  • Your location
  • The size of your business
  • Your claim history

Running a business is never easy and can open you up to a lot of financial risk. Professional liability insurance can make a huge difference by giving you the assurance that you won’t have to cover the costs of lawsuits or claims yourself.