Business success is something we all seek to achieve in the coming year. There are some moves you can make within your organization that will do more to generate success in the future than many others. If you adopt the following eight habits for your towing business, you are sure to enjoy greater business success in 2021 and future years as well.Read More
Employees are already the weakest link when they’re in the office; the vast majority of cybersecurity breaches occur due to the mistakes or negligence of employees. So, what happens when they’re working from home? Working from home can increase productivity and efficiency — as well as reducing costs. But it also introduces some cyber liability problems that do need to be addressed.Read More
Congratulations! You just rewarded yourself with the purchase or lease of a gorgeous car with a price tag over the $100,000 mark. Of course, you got car insurance, as required by your state, but if you opted for the bare minimum coverage, you could lose your new ride after a simple fender bender. That special car needs a high-value car insurance policy.
Maximize Your Auto Insurance Liability and Medical Coverage
Most states have a minimum liability requirement listed on their auto insurance regulations. While the $10,000 to $25,000 coverage will pay the bills for most traffic accidents, the fact is that your high-end vehicle is driving around with a target on its door. It is advertising that the owner likely has a deep pocket, and the other party may decide to go after you for additional expenses.
It is a good idea to talk to your agent about raising the maximum payouts for medical payments, property damage, and liability. For you, this means that if you cause an accident, you end up paying only your deductible while your insurance protects your bank account. And the other guy? They are properly compensated for their injury or losses.
Discuss an Agreed Value for Your Future Collector Car
When you are driving the only Maserati or Land Rover in town, finding a replacement after an accident can be a little more challenging compared to your Dad’s Ford. It will not depreciate at the same rate as other more common rides. For this reason, high-value and collector cars often include an Agreed Value section. Most standard car insurance policies will lower the market value of your ride as the years go by based on statistical depreciation. The Agreed Value will remain the same, protecting your investment and allowing you to replace the unique ride with a comparable one if it is lost in an accident.
Check Off the Box for Flat-Bed Towing and Premier Repairs
The transmission and suspension on your supercar will not appreciate being hooked up to a standard tow truck. Prevent additional damage resulting in an even higher repair bill when you opt for the premium tow section on your policy. You will also want to stipulate that any repairs made to your car will be completed according to factory specs and at the certified dealer or restoration shop of your choosing. Other car insurance policies often specify that parts and labor will be done at lower rates, using aftermarket parts. That kind of repair can significantly alter the value of your unique ride. Making these decisions now limits your frustration and disappointment later.
Consider Adding an Umbrella Policy to Your Insurance Portfolio
Finally, if you live in an exclusive neighborhood, you just might end up scratching the paint on other high-value rides. An Umbrella Policy provides added protection when the liability portion of your auto insurance is maxed out by a tragic or expensive accident. There is no reason to put your car, home, and savings on the line due to some bad luck.
Even if you bought the new sports car on a whim and fast-tracked the transfer of your old car insurance policy, you can still make changes now. Simply pick up your phone and have a discussion with your agent about completely protecting the new ride and your bank account today.
Business owners had to scramble to adapt to a new reality in the early days of the pandemic that included having most employees work from home. Due to the sudden nature of the changes, work from home insurance may have been the last thing on their mind. Nearly a year later, some business owners are ready to rethink insurance risks for employees that work from home. If you’re one of them, we hope the information provided below about the risks of working from home will be helpful.
Cyber Risks Associated with At-Home Workers
Now that restrictions have eased and most public-facing businesses are open again, some employees who normally work at home have ventured out. With laptop in hand, they head to coffee shops, libraries, and other public places just to see other human beings. While understandable, public Wi-Fi networks expose businesses to significantly more risk than home Wi-Fi networks do. Hackers have a much easier time accessing unsecured networks to obtain private company information, including sensitive information about customers.
Employees working on their own home computers instead of a company computer also present a security risk. Although some prefer that arrangement, personal computers don’t have the same levels of security that your company computers have. You will need to decide if you will ban this practice or allow it with some strict privacy rules in place. The same is true for employees who take a company computer to a public space to work. Regardless of the policies you set, cyber liability insurance is a serious option to consider.
Safety of Employees and Clients
Employers have the obligation to ensure a safe working environment for their employees whether they work onsite, offsite, or at home. While it may be impossible to review each employee’s physical workspace, you could consider asking for a video or a remote meeting to view it that way. This gives you the chance to look for hazards the employee didn’t recognize. You also want to ensure that each employee has a comfortable workstation appropriate to their job duties and personal needs to avoid workers’ compensation claims.
Sometimes employees may meet with your company’s clients in their home. While not a common practice during the coronavirus pandemic, both you and the employee should understand liability laws if the client injures himself or herself on the property. The employee’s homeowners’ insurance policy may not cover the claim if it happened during work hours, leaving you to pick up the tab. General liability insurance for business owners can help in this case.
Other Considerations About Insurance When Employees Work From Home
Here are a few other situations that might come up with employees working from home:
- The employee gets into an accident and injures someone while driving a company vehicle.
- A child of the employee causes extensive damage to company computers, printers, cell phones, or other business equipment.
- The employee stores company inventory at home to ship to customers, and a fire breaks out destroying it all.
A customized work at home insurance policy can save you a lot of stress and money as you continue to navigate these new work arrangements.