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Selling insurance can be a great career for someone who has the right personality and sense of entrepreneurship. Seek out some of the many insurance agent tips available online to get an additional feel for how the industry works. Here are three reasons to consider a career in insurance.
1. Earning Potential
Once you build a client base, there is the potential to make a lot of money as an insurance agent, depending on how much work you put in. You may be paid on commission alone, or through a combination of salary and commission.
Those who work in insurance can often schedule client appointments at times that work best for both the agent and the client. This can include evenings and weekends if you are not somebody who enjoys working traditional hours. You also have a choice in the products that you sell.
3. Low Barriers to Entry
Unlike industries such as the restaurant business, it does not take much investment in any sort of capital to become an insurance agent. The major expenses in this field are obtaining your state license to sell insurance and setting up an office space to work and meet with clients.
Consider these benefits if you are thinking about becoming an insurance agent.
In the event of a business owner’s death or retirement, the stocks owned by that individual must be redistributed so the business and its stocks may continue to exist. Here is how a stock redemption plan, or entity buy-sell agreement, works.
Purchasing Life Insurance
At the time in which the owner comes into possession of his or her company’s stocks, he or she typically purchases a life insurance policy in the amount of the stocks owned. The company is both the policyholder and beneficiary of the policy.
Writing the Agreement
At this time, the owner also signs a document outlining the company’s commitment to purchase the owner’s stocks at an agreed-upon price should they become available upon his or her death or retirement.
When the owner retires, the company purchases the owner’s stocks as agreed in the stock redemption plan. Should the owner die instead of retiring, the payout from the life insurance he or she bought is used to fund the purchase of the stocks at fair market price. The owner’s estate receives the cash payout and the stocks are transferred to the remaining owners.
Just because a business owner no longer has a personal interest in his or her business due to death or retirement, doesn’t mean the stocks disappear. A redemption plan is used to distribute stocks to the remaining shareholders.
As an insurance agent, you want to be able to provide your clients with the best possible coverage for their unique situations. For clients who live in a coastal town, it’s important that they have both coastal wind & flood coverage to ensure full protection for their homes or businesses.
Who Needs Wind and Flood Insurance?
Everyone who lives in an area that experiences a hurricane season needs both wind and flood insurance. Typical home insurance policies have flood water exclusions for any and all types of flooding. It’s important that your clients understand that and choose a comprehensive flood insurance policy. Some coastal states also exclude wind damage in general homeowner policies so it’s important for clients in those areas to carry separate wind damage policies as well.
Coastal wind & flood coverage is important for clients who can see the beach from their homes and for those who live more inland. A hurricane is a destructive force to those along the shore, but for those who live some miles away, the impacts can still be severe.
Keep up to date with current predications for severe weather and advise clients to consider robust coverage options. Weather patterns change over time and just because a client hasn’t needed wind & flood coverage in the past, it doesn’t mean they don’t need it now.
Protecting your employees is one of the most important aspects of running a business. In order to achieve this goal, one of the best steps you can make is taking out an appropriate insurance policy. Though standard workers’ compensation is a start, there are actually plenty of circumstances where traditional coverage falls short of what a business requires. For many institutions, Defense Base Act coverage is a necessary addition to coverage. Review these points to learn more and see if this is a good fit for your needs.
Define the Parameters
It is important to note that DBA coverage is not optional for many businesses. In fact, it is legally required for any businesses that hold active contracts with the government of the United States. Failing to take out this coverage when it is required of you by law can lead to massive fines, legal action, and a mess of other complications. Thankfully, you can stay compliant by looking over your insurance options and ensuring that all relevant options are included with your coverage. Other areas to consider when putting together a sensible policy can include:
- Commercial auto coverage
- Directors and officers liability
- Errors and omissions policies
Following the regulations of the government when it comes to business can be vital to the long-term success of your company. Give yourself a chance to review a few basic points and see what steps you need to take to make your company compliant with its insurance.
When people attend a school or they send their children to school, many have expectations for what kind of education they will be receiving. For this reason, it is not uncommon to hear about situations where an individual or group of individuals bring an educational malpractice lawsuit against a public school, university or other type of learning institution.
People Sue for Educational Malpractice
In the past, people have tried to bring malpractice lawsuits against schools for several reasons. Across various cases, there have been accusations of legal negligence, educational negligence and medical negligence within learning environments. Sometimes, plaintiffs accuse schools of being responsible for the employment outcomes of students as well. As it turns out, there are many reasons why a lawsuit may occur.
Courts Often Reject Lawsuits
Despite the number of malpractice lawsuit attempts, there is also a history of courts rejecting cases in the past. A major reason for this is the difficulty that proving educational malpractice often entails. Nonetheless, courts do not always throw out lawsuits. This is one reason why it is helpful to have reliable educators liability coverage for if or when these situations arise. Regardless of potential court decisions, insurance can at least offer some financial peace of mind.
Learning about educational malpractice is one way you can give your learning institution a brighter future.
Most people think of malpractice as something that occurs in a medical setting, but the term can apply to any professional who has acted negligently or incompetently. Educational institutions may be sued for malpractice if they fail to provide students with a proper education. Many circumstances can lead to educational malpractice court cases. However, these cases are challenging to argue in court.
Educational Malpractice Allegations
Malpractice allegations may include:
- Inadequate supervision
- Inadequate testing
- Failure to accommodate a disability
- Incorrectly labeling a student as disabled
- Allowing a student to advance or graduate without meeting requirements
If a student or parent believes that the school’s negligence caused harm, there may be a basis for a malpractice suit.
Educational Malpractice Court Cases
To win the suit, the plaintiff must demonstrate four things:
- The school had an obligation to provide a reasonable standard of service, known as a duty of care.
- The school failed to fulfill its duty of care.
- The student experienced harm as a result.
- The student suffered a loss or damages.
Due to the subjective nature of educational standards and the many factors that affect academic performance, educational malpractice court cases can be challenging to prove.
Schools have a duty to educate students. When a student or parent perceives that the school has failed in that duty, a complicated legal battle may ensue.
No matter what industry you work in there are various risks that can impact productivity, finances, and the ability to meet your contractual obligations. Oil and gas companies in particular understand that there can be no reward without risks. Equipment breakdowns, injured employees, and pollution accidents are just some of the exposures your company faces when doing business. Best practices involve robust programs involving quality and safety to help eliminate those risks, but accidents do happen. Insurance coverages help companies protect themselves from these operational risks.
Coverages To Consider
According to experts on drilling insurance and other protections, these are a sample of the coverages you should consider:
- General liability – Addresses injuries to third parties while on the premises
- Workers’ compensation – Covers illnesses and injuries to workers while on the job
- Commercial auto – Covers company-owned and personal vehicle operation for business purposes
- Environmental and pollution liability – Protects from claims related to pollution and other environmental impacts
- Commercial umbrella/excess – Provides coverage above the limits on other insurance products
Managing your risk with insurance protection prioritizes the health of your company.
A Tailored Plan
No two companies will have the same needs. Drilling contractors will have different needs from pipeline owners. It’s critical to have a comprehensive approach that addresses your risks, both typical and specific. While many insurance companies offer products, it’s recommended that you partner with one that understands the exposures present in the oil and gas industry.
Has your business considered alternatives to getting a commercial insurance policy? If so, there’s a chance you may have read about protected celll captive insurance. Protected cell captives, or PCCs for short, are essentially insurers that can offer a parent company key benefits without the burden of creating a distinct legal entity. If this option is attractive to your business, here’s why it could be a useful route to take.
It Could Provide a Greater Degree of Start-Up Control and Flexibility
For companies interested in controlling their own coverage, PCCs could be the right choice. This setup option can allow you to:
- Exercise control over your company’s own insurance coverage
- Quickly set up the policy you need
- Manage risks effectively and enjoy more flexibility than with traditional insurance coverage
You May Be Able To Reduce Your Ongoing Insurance Costs
In some instances, protected cell captives could help reduce ongoing costs associated with insurance coverage. This means you could:
- Lower frequent administrative costs
- Allocate your capital as you choose
- Design a program that fits your company’s budget
For any business seeking a viable, straightforward alternative to commercial insurance company, opting for protected celll captive insurance instead could be a helpful choice. This route could provide your business with a greater degree of flexibility and self-control, and you may even find you’re able to reduce some ongoing insurance costs to boot.
Directors and officers in a staffing agency have corporate and personal liabilities. Staffing agencies can face lawsuits for several different reasons. To protect your company, you need D&O insurance.
What Does D&O Insurance Protect Against?
Directors and officers insurance protects your personal assets against claims made by customers, investors, employees or other individuals. These lawsuits are for alleged wrongful acts. This is a coverage that isn’t generally provided in general business liability coverage. D&O coverage covers the legal fees, settlements and other costs associated with the lawsuit.
What Are the Types of D&O Insurance?
When it comes to D&O insurance, you can have a separate policy or you can have a bundled policy. Bundled policies might include other business liability coverages, such as Employment Practices Liability. You need D&O insurance because it covers several common risks, including:
- Breach of fiduciary duty
- Misuse of company funds
- Theft of intellectual property
The cost of your policy will depend on the type of staffing agency, your agency’s revenue and how much debt you have.
There are several reasons that staffing agencies may face lawsuits. D&O insurance for staffing businesses is critical. Without D&O insurance, your company could be devastated by the cost of lawsuits. Between legal fees, settlement costs, you need insurance.
Renting houses, apartments or any other living space can be both profitable and problematic. While you hope to ideally screen out every possible troublemaker and only have the best-behaved tenants, there is always a chance that something could be overlooked or missed. Screening processes aren’t perfect, and sometimes even those who appear perfect end up acting poorly. If you are dealing with troublesome tenants or fear to have to do so in the future, here are some tips.
Write and Keep Records of Everything
First and foremost, it may seem bothersome, but having written records available to support your side of the story can be vital to avoid possible legal issues from false accusations.
Work With Them
Before anything gets out of hand, try to listen to complaints of tenants, even if they seemed unfounded. If you work with your tenants and build a good relationship early on, you may be able to avoid dealing with troublesome tenants.
Be Professional and Objective
Don’t let emotions get the best of you. Handle the situation calmly without losing your temper and don’t let them prey on your sympathy. Being late for one rent payment due to personal issues is understandable, but if this continues on for some time, it’s inexcusable.
Have Renter’s Insurance
In some cases, the damage may be done before action can be taken. Repairing the property, taking legal action and being denied months of rent can be financially devastating. As mentioned on https://www.rentrescue.com, renters can be reimbursed by insurance for troublesome tenants.