Tag Archives: Insurance

Frailty, Dementia, and Assisted Living Facility Insurance

assisted living facility insurance

assisted living facility insurance

Assisted Living Facilities cater to a large number of people currently living in this country that can no longer provide for their own well being with the necessary care that many take for granted. Statistics state that nearly three-quarters-of-a-million Americans reside in more than 30,000 facilities across the US.

 

These are people who need some help on a daily basis because they can’t live independently anymore, and are often prone to accidents due to poor health. Many need hands on assistance with things, such as eating, getting dressed, practicing good hygiene, and other menial tasks.

 

Assisted living facilities are available to provide help to people with administering medication, assisting with meals, helping those who require it in getting to the bathroom and a slew of other tasks. For some it’s more like a home, for others more like an apartment, and ideally they’re getting service from individuals trained to deal with these situations.

 

Unfortunately there are times when allegations surface, generally due to a lack of workers available to provide for the number of residents, a perceived lack of training, medication errors, and other issues that can mar the reputation of these often under staffed institutions.

 

These types of situations, from the families’ perspective, are inexcusable, and can often lead to lawsuits filed against the facility. Assisted living facility insurance can aid owners who fall victim to claims, whether justified or not, and will help to cover costs which can be devastating.

 

Dementia patients offer even more challenges

 

Patients who have severe cases of dementia, which includes the loss of mental functions such as thinking, memory, and reasoning, pose even more challenges. For staff members not used to dealing with the severity of the situation, it can be very difficult.

 

These people suffering from this disease need extra care and special treatment, for everything to how meals are served, to how to engage them, how to approach them, how to communicate with them, and the difficulty of having to overcome some communication barriers at times.

 

This disease often has an impact on people’s physical health and on their behaviors, and workers need to learn how to interpret nonverbal cues that something’s going on with this resident because they can’t express their selves verbally. They often experience neglect of personal care and safety, and injuries can cause concerns, which again, if misinterpreted, could lead to litigation.

 

These are serious concerns that point out the very real need for assisted living facility insurance for those times when unfortunate incidents create unfortunate circumstances.

 

The Benefits of Customer Relationship Management for Insurance Agencies

Insurance agency CRM

Insurance agency CRM

The insurance industry depends on happy customers. If you have a lead, but you don’t quickly take advantage of the opportunity, a potential client may go somewhere else for help. Long-time clients also require special care, but if your firm is large it can be difficult to keep up with every commitment. Insurance agency CRM, or customer relationship management, can take the work out of your hands by automating the process.

 

Improve Follow Up

 

If you spend a lot of time on social media or advertising outlets, you may end up with a lot of leads. Remembering to follow up with each and every one of them can be difficult, but with a CRM system you can simply input the leads and let the program do the work for you.

 

Bring Customers Back

 

Some customers need to be reminded that you are there and that you care for them. If you want to sell them more products or renew policies, then you need to be in contact with your customers on a regular basis. An insurance agency CRM automatically produces communications between your firm and a customer that may have fallen to the wayside, bringing them back into your awareness.

 

Utilizing CRM technologies can improve the customer service at your firm and result in loyalty from your long term customers who you have impressed with your constant care and concern.

What Does Insurance Agent Professional Liability Cover?

insurance agent professional liability

insurance agent professional liability

Many independent insurance agents start offices on a shoestring budget. They look to cut costs in every area, including insurance. They may wonder about the necessity of coverage to protect against insurance agent professional liability. Instead of purchasing insurance, they may decide to save the money by carefully checking their work product and ensuring it meets the highest standards possible. However, this strategy may leave agents vulnerable to significant risk.

 

Lawsuits Are Not Directly Related to Quality

 

Many agents issue standard policies on boilerplates provided by their providers. In many ways, they reason, there is not much occasion for error. However, any judgments on the part of the agent are candidates for a challenge by the client. These include:

 

  • The level of the insurance
  • The amount of the deductible
  • Any decision point in the policy

 

Often, top-notch agents are sued by clients even though the work product is essentially perfect. At that point, the agent must deal with the court costs of the suit, even if it ends in his or her favor. The time the agent spends in court can also account for a significant loss of earnings. This means that every insurance agent has exposure to E&O lawsuits.

 

Lawsuit Triggers

 

Often, an E&O claim occurs when a client files an insurance claim and comes up short. Many clients in this situation attempt to cut their losses by making a malpractice claim against the agent. For this reason, E&O coverage is essential to protect against insurance agent professional liability.

 

Important Choices for Boat Dealership Insurance

 

Boat Dealership Insurance

Boat Dealership Insurance

There are several types of business insurance that boat dealer’s, repairers, marinas or yacht clubs need. However, not all of these businesses have the exact same needs in terms of the policies and different coverages available. From one business to another, there are different exposures and risks associated with the care of those seaworthy vessels that can bring so much joy to those who enjoy sailing the open seas.

In the case of owners of boat dealerships, whose main business is selling boats and other watercraft to customers in the market for such an item, they require boat dealership insurance for their vessels, employees, and any issues arising from the sales of their boats. But most dealers have to be concerned, not just with physical loss to new boats in inventory, but damage to boats taken as trade-ins, among other things.

Many dealers also have marina operations, which means liability for boats in their care, custody, or control. A boat dealership may own property like piers, docks, employee tools, computers or heavy equipment, as well as boats under construction, or boats they have taken in under loan.

 

There are different policies to choose from including water damage, towing, personal items coverage, natural disaster coverage, and medical coverage in case someone is injured while on a boat. Depending on the type of boat being purchased, where they will be housed, and how often they will be used, the policy chosen should more than cover all of a dealership’s needs. Prices for insurance can vary, so shopping around for the best offers is always suggested.

 

Looking at a list of insurance options can help to determine which particular policies might be a worthy investment for the needs of a particular company or business. The right insurance program for an individual boat seller or service company requires careful analysis of the unique needs associated with the services offered, and the right agent can help find the right specialty insurance coverage components, such as:

  • Marina Operators Legal Liability
  • Dealers Physical Damage
  • Marine Pollution Liability
  • Protection and Indemnity
  • Truth In Lending Errors and Omissions
  • Piers, Wharves and Docks
  • Charter Legal Liability
  • Bumbershoots

Notice that there are several types of coverage to consider. All boat dealers require boat dealership insurance to protect them from a slew of concerns and liabilities. Speak to a reputable agent who understands boat dealers and their specific insurance needs.

 

Insurance as Business Protection

Architect professional liability insurance

Architect professional liability insurance

An architect is a creative contributor to society, bringing buildings to life, transforming an idea from a two dimensional whim to three dimensional masterpiece. There is an incredible amount of detail required in even a modest house. So when a mistake or a perceived mistake occurs somewhere in the lengthy process of bringing a project to fruition, it can be a big blow. Because of that, architect professional liability insurance is not an optional expense, but is a necessity. If someone successfully sues, that can mean many thousands of dollars or more which can affect an architect’s career for years. That means you not only have to make up the damages, but you need to earn an ongoing income at the same time. Good insurance is a defense that helps staving off such economic damage.

 

Who and What Can Be Targeted

 

Clearly, for an architect professional liability insurance is a must. Fellow professionals involved in the design and building process may also be at risk when an error or omission is claimed. These could include some of the following:

 

 

A six figure income is usually required for a major liability policy. Policies can be customized for particular projects, such as an apartment complex or an office building. It can cover property damage and injuries, as well as pollution damage.

 

It Protects Your Business with Coverage

 

Legal battles alleging errors or omissions by a professional are expensive. Not only does it take time away from work, it actually costs you money, which creates a compounding financial effect, especially if you lose. A policy like architect professional liability insurance can help defray the costs of legal defense, damage awards, or settlements. Then you can get back to work and keep turning a profit.

Take Your Business to the Next Level with an Insurance Marketing System

Insurance marketing system

Insurance marketing system

When it comes to the insurance business, the more leads you have, the greater chances are that you will make a sale and nail down a new client. Sometimes finding those leads on your own can end up taking more time than you would like – the time that you would rather spend working with your customers. With the help of a professional insurance marketing system, you can enjoy having more leads without having to do all of the legwork.

 

How a Marketing System Works

 

A good marketing company can offer you a lot of perks that will help to boost your sales. An insurance marketing system often includes the following services to help you get more leads so that you can increase your business:

 

  • Website design
  • Social media marketing
  • Targeted content marketing
  • Search engine optimization
  • Internet marketing

 

Using those marketing practices, a professional marketing company can create a unique system that will work for your specific company.

 

Boost Your Business

 

With an insurance marketing system finding you an increase of qualified leads, you will be able to focus your time on meeting with potential clients and closing sales. Looking for a company that implements a wide variety of platforms that will work for you is essential in seeing a positive growth in your insurance company and enjoying the benefits of a boost in business.

2 Reasons to Get Nursing Home Professional Liability Insurance

nursing home professional liability insurance

nursing home professional liability insurance

In the current market, obtaining reliable coverage for nursing homes and assisted living facilities is more important than ever before. However, many facilities in the country remain uninsured, despite potentially significant liability claims. There are two main reasons why pursuing a nursing home professional liability insurance plan can be a necessity.

 

1. Increased Business

 

Some potential residents avoid nursing homes that are uninsured because of how certain losses could affect them directly. Individuals tend to seek stable facilities that would be able to effectively pay for claims without risking their solvency. Litigations against uninsured nursing homes can be so financially devastating that it can become impossible to maintain the desired quality of resident care, which can result in more claims. Thus, a lack of nursing home insurance alone can drive potential residents to seek alternate living facilities.

 

2. Legalities

 

There are also legal components of nursing home operations that must be taken into account. Increasingly, certain statutes are being passed that give residents the right to sue these facilities. Additionally, some states are now considering passing laws that require nursing homes to obtain liability insurance coverage.

 

Seeking a strategic nursing home professional liability insurance plan is increasingly vital for the successful operation of a facility. The stability of this coverage may encourage new residents, while also protecting against severe financial burdens. Insurance providers possess helpful knowledge regarding residents’ rights statutes and liability threats.

How Captive Solutions can Provide Optimal Risk Management Tactics

 

Captive solutions

Captive solutions

Captive solutions are becoming increasingly prevalent to the risk management of various businesses. Commercial insurance companies frequently establish credit rating systems based on market trends instead of loss experience, which can create potential setbacks for companies that are trying to qualify for financial protection. Additionally, many entities cannot obtain traditional coverage because they do not have adequate credit to use for deductibles or they have insufficient loss control. Insurance premiums are also steadily rising, making it difficult for businesses to afford them. In contrast, captives tend to offer lower premiums because they are not designed to contribute to the profit of commercial insurance companies, but rather to simply deliver affordable insurance.

Calculating Risks

Captive insurance can underwrite a multitude of risks, such as:

  • Public liability
  • Employers liability
  • Product liability
  • Professional indemnity
  • Property damage
  • Employee benefits

It is important that business owners frequently assess the possible risks of their company. The financial market can be unpredictable, so the only way to truly ensure a business entity’s long-term survival is to adequately plan around these areas of vulnerability. Meeting with an expert that specializes in captive solutions and risk management techniques is one of the best ways to calculate a company’s potential exposures. There are multiple assessments, appraisals and analyses that are specifically designed to provide corporate professionals with in-depth evaluations of their business, as well as protection against all conceivable future calamities.