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Can Subcontractors Drive Company Vehicles?

Managing a business is like solving a giant puzzle every day. Sometimes the pieces fit together easily, while other times you struggle to find the solution. How employees get to and from job sites is a piece of this puzzle, and the way you fit it together may differ in various situations. One variable that complicates matters is that of subcontractor driving. Here are some pros and cons of this practice.

Pros

If you truly need the services of a particular individual but he or she is temporarily without another means of transportation, then you should do what makes the most sense for your company goals. Because they are not covered on your vehicle insurance, you should first ascertain that contractors have their own policies.

Cons

You risk liability should a subcontractor injure others or damage their property while driving. Another major downside to allowing subcontractors to drive company vehicles is that the practice blurs the distinction between contractor and employee.

There is no one right answer to the question of whether you should permit a subcontractor to drive a company vehicle, and the benefits depend on the reason behind your allowance of it. By knowing the laws and the details of your insurance policy, you can make an informed decision.

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How to Mitigate Risks When You’re a Rental Owner

Investing in real estate can be a lucrative albeit risky business. A part of succeeding in real estate is recognizing the risks involved and learning how to overcome them. Ignoring the risk only leads to losses. Here are some ways to mitigate your risks.

Perform Background Checks

Before you rent to a new tenant, you need to do a thorough screening and background check. Look into the tenant’s rental history, to ensure that you are renting to a responsible person. If a tenant has a poor credit history, he or she may not pay rent on time. If you do not receive rent payments or if your tenant damages your property, you either have to have insurance coverage or you have to pay out of pocket.

Plan Your Finances

When you own a rental property, you expect to earn a profit. When you have a positive cashflow, you are earning money. Make sure that you calculate the costs of your property and all expenses ahead of time so that you can afford maintenance, repairs, management and even vacancy.

Take your rental owner risks seriously. When you have the right risk mitigation strategy in place, you are more likely to save money on potential losses. In addition to risk mitigation, you require adequate insurance coverage for your property.

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Does My Business Need Executive Protection Insurance?

As a business owner, you understand the importance of protecting your company from many types of liability. Not only can clients and customers file claims, but at times employees may decide to sue for a number of reasons. It’s important to talk with your insurance agent about a comprehensive liability protection plan to best protect your investment.

Executive Liability Insurance

If you are looking for an executive protection insurance package, you must consider several types of liability, including:

  • Professional Liability Insurance – Also known as errors and omissions (E&O) insurance, this coverage protects against errors made or negligence caused by professional members of your team, such as engineers, accountants and information technology personnel. It can also cover liability from cyber attacks and data breaches.
  • Directors and Officers Liability Coverage– D&O coverage protects your management team, including directors and executives, from being held personally responsible for a breach of duty or alleged wrongful acts.
  • Employment Practices Liability Insurance – EPLI  protects your company against a variety of claims filed by employees. These claims include those alleging discrimination based on race, sex or age. Wrongful termination, harassment and failure to promote are other types of claims that employees file.
  • Fiduciary Liability Coverage – This plan protects you from mistakes made during the administration of an employee’s benefit plan.

Make sure your business is prepared for any type of liability claim before an issue arises.

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Top 3 Ways To Help Your Staffing Agency Weather an Economic Downturn

Unemployment figures are a leading indicator of economic health for the nation. However, for staffing agencies that rely on placing candidates with gainful employment, an anemic hiring market is devastating to its very business. While it isn’t always easy to predict when they’re coming, staffing agencies have three ways to weather an economic downturn.

Prepare in Good Times

Businesses that are thriving tend to overlook emerging problems that aren’t yet reflected on the balance sheet. When business is booming, get your financial house in order by eliminating debt, streamlining expenditures, and implementing risk management strategies such as purchasing insurance tailored to your business from the experts at https://www.wwspi.com/ recommend.

Adapt to the Changes

Remain competitive by adapting with the changing employment landscape rather than trying to play catch-up when business inevitably wanes. For instance, if qualified candidates prefer remote work, proactively send out feelers to find employers who are able to accommodate that request for the right person.

Recognize the Opportunity

Shrinking revenue and silent phones may keep you up at night with worry, but try to see it as an opportunity to reassess the direction your agency is headed. Maybe you’ve failed to go after the big fish clients out of fear of failure, or you’ve become bogged down by a few problem clients. Knowing which strategies are still working and which aren’t is valuable information if you use it wisely.

The future is always uncertain, but you can prepare for bad times ahead by working in the present.

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Understanding the Hammer Clause

All businesses need strong insurance protection in the event that a claim is filed against them. Aspects of claims settlement that all businesses should be aware of include hammer clauses, which can impact the amount that a business can receive in a settlement.

What is a Hammer Clause?

A hammer clause is a part of an insurance policy that gives the insurer some say in a settlement claim. Under a hammer clause, the insurance company can require the insured company to make a settlement on a claim.

How Can a Hammer Clause be Used?

Hammer clauses are used to cap the amount of money—including legal and other fees—that the insurance company is willing to pay. This can halt the legal process and require the insured business to accept a settlement or pay out of pocket for future expenses related to the claim.

If your business is involved in a claims case, you will likely rely on your insurance company to help pay for fees related to the claim. It is important to be aware of whether your insurer makes use of hammer clauses, as this may affect how you proceed with your case. In all situations, it is important to have good protection and a good relationship with your insurer in order to give you and your business peace of mind.

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Protect Your Media Company With Liability Insurance

Most businesses have a digital footprint nowadays. As technology continues to develop, new business liabilities also develop. Media companies have specific risks. This includes broadcasters, advertising agencies, film producers, publishers and more. When choosing cyber insurance, media companies have to consider specific options for media liability.

Why Do You Need Media Liability Coverage?

Media liability coverage is customized to the needs of media companies. For instance, some of the risks to media companies include the following:

  • Copyright infringement
  • Libel
  • Slander
  • Invasion of privacy
  • Breach of agreement
  • Plagiarism

If someone files a lawsuit against you, media liability coverage will help cover the costs of settlements or judgments. Coverage may also cover most legal fees and defense costs that you might incur while fighting a lawsuit.

Keep in mind that it doesn’t matter if the lawsuit is unfounded. You still have to pay legal fees to fight against a frivolous lawsuit. Even unfounded suits can be devastating to your company. In addition to covering your company, you may also need to cover employees, contract employees, directors and officers.

Most media companies have a massive digital footprint. It makes sense that your company would need cyber insurance just like every other business. When you work in the media industry, however, you have very specific risks against your company that your insurance options must cover.

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3 Reasons Car Collectors Love the ’57 Chevy

You can’t attend a classic car show without encountering at least one 1957 Chevrolet. These midcentury marvels are popular and sought-after by classic car collectors. Have you ever wondered what makes this particular vehicle so special? Here are the top three reasons collectors love the ’57 Chevy.

Stylish

It seems that everything from long ago was built for beauty and function, and the 1957 Chevy was no exception. The Bel Air, along with Chevy’s more affordable options that year, was decked out in dazzling chrome, symmetrical design and sleek curves. These elements along with its age make it one of the more popular vehicles to be covered under classic car insurance.

Powerful

The Bel Air came with an optional 283 cubic inch V-8 “Blue Flame” engine that made it powerful relative to its weight. It was a muscle car before there even were muscle cars, and collectors appreciate the vehicle just as much for what’s under the hood as they do for its classic style.

Iconic

The tail fins, the round headlights, and the color options are all particular to the time and place where the vehicle was born. The tail fins were reminiscent of aircraft and made the trim popular with returning GIs who were enjoying the postwar economy that made it possible to own such a vehicle. In a sense, the vehicle embodied the prosperity and freedom that was the spirit of 1950s America.

Design trends are experiencing a midcentury revival of sorts in many different sectors. However, among all the iconic relics of that era, the 1957 Chevrolet has reached its zenith.

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Mistakes Business Owners Make When Selecting Insurance

There are plenty of risks that come along with running a business that employs drivers. This is especially true when you transport cargo across vast distances. The longer a driver is working, the more he or she is at risk for a number of health concerns that the average employer doesn’t need to typically consider. However, failing to take these factors into consideration with your insurance can easily lead to some financial and legal setbacks down the line. Avoid disaster with these suggestions.

Nature and the Elements

After an employee has been behind the wheel for several days on open roads, truck driver sun damage is a very real concern. Though your insurance might be primarily focused around accidents and errors that can happen from the vehicle itself, the elements should always be taken into account. Not only is the skin susceptible to damage after prolonged exposure to sunlight, so are the eyes. Though polarized sunglasses help cut glare that reflects off windshields, it can take a toll. Your insurance plan should always include:

  • Health coverage for drivers working long hours
  • Insurance for the vehicle itself
  • Coverage for cargo and goods

Many Risks To Consider

By taking several angles into consideration with your insurance, you are likely to feel more satisfied with the results. Look into your insurance options and help your drivers stay protected at all times.

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Alternative Risk Transfer Options for Your Business

Traditional insurance provides you with a lot of coverage options and peace of mind, but it’s not always the best fit for your business. Often, companies in specialized niches or those in small industries that are not well known have risks that large general insurance providers don’t anticipate. As a result, coverage that truly fits your needs can be tough to find. That’s where alternative risk services can provide you with the options you need, by offering you routes to risk management that sidestep traditional insurance policies.

Common Risk Management Alternatives

For some industries, professional bonds provide a backbone service that also functions as an alternative risk management strategy. If your industry doesn’t tend to use bonds, the most common types of alternative option are captive insurers and self-insurance plans. In both cases, you essentially fund your own insurance policy, so you can control the coverage and make it suit your actual risks. Captive insurers are often easier to fund as a small company, because you can partner with other businesses to split costs, but self-insurance plans offer more control.

Adjustable Premium Plans

Some insurers also offer loss-based plans that allow you adjust your premiums based on your actual losses during an insurance period. With these options in hand, it gets a lot easier to make sure you are fully covered against foreseeable risks to your business.

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Why Cleanliness Is Next to Protection

While it’s important to keep your watercraft clean and ready for sail, it’s important to make sure your business is protected with the right kind of insurance. When you own a shipyard or boatyard, you need comprehensive insurance coverages that address the risks that are typical of the way you do business. A responsible business or property owner knows that clients and business partners trust them to run a tight ship, and that includes having adequate insurance protection against damages and losses.

Understanding Shipyard and Boat Repairer Coverage

You know that when it comes to insurance protection, the risk you assume is not going to be the same as that of other types of businesses. A land-based owner may not have to think about boat cleaning liability, but your operations involves several tasks that come with unique risks:

  • Ship repair and upkeep
  • Canvas, sail and rigging operations
  • Carpentry and construction
  • Electronics and electrical operations
  • Engine tune-ups and repairs
  • Hull cleaning
  • Repair, patching and painting
  • Prepping for storage during the winter

Finding the Right Coverage

While there are many insurance companies out there, it’s important to choose a provider that understands the special requirements of maritime operations, especially as it relates to managing and maintaining watercraft. A comprehensive insurance solution is out there. The right provider will help you come up with coverages that truly work for you.