Directors and Officers Insurance | Blog

[ad_1]

Directors and Officers InsuranceLarge or established businesses often have top level management and policies guided by a board of directors. But boards exist all around us and not just in a corporate setting. In each case, individual board members can be held liable for their actions or the actions of the board of directors and subject to lawsuits.

Most business insurance policies are designed to protect the assets and earnings of the business entity. Directors and Officers Insurance, commonly called D&O Insurance, is a little different in that its purpose is to protect the personal assets and income of boards of directors and corporate officers.

Sitting as a director on a co-op, condo, or non-profit board can also create exposure to personal liability for unintentionally failing to disclose conflicts of interest, breach of duty, or commingling personal and business monies and assets.

D&O Insurance Helps Protect Corporate Board Members

Directors and Officers Liability Insurance policies vary a great deal but all of these policies will provide a wide range of insurance protection against legal actions. However, not all lawsuits are covered under a D&O insurance policy. For instance, often claims related to employment practices (hiring, firing, and promoting) are not covered under D&O Insurance. In cases where a D&O policy excludes employment related claims, an Employment Practices Liability (EPL) policy may fill the gap.

For these and other reasons a D&O insurance policy isn’t something that should be purchased in isolation but should be considered in coordination with a businesses’ (or homeowner board’s, etc.) total insurance program.

It’s worth noting that a significant proportion of claims filed against boards and individual members are frivolous and are ultimately dismissed. But even though a case is thrown out, legal defense costs are usually incurred and can be significant. Because of this, coverage for legal defense costs is one of the most important components of a D&O Insurance policy.

For any business insurance questions, call or contact Post Insurance and Financial today.

[ad_2]

Flood Preparation and Flood Insurance

[ad_1]

2022-02-23

Flood Preparation and Flood InsuranceFlooding causes more property damage than any other weather related event and occurs in all 50 states. You should understand potential flood vulnerabilities you may have at home. The Red Cross or the local planning and zoning department can help you if you are unsure.

If it is raining hard or, if it has been raining over a long period of time you should check for increased flood possibilities online, by listening to the radio or tuning in weather updates on TV.

There are several types of flood. Coastal flood and river flood are a little more predictable and develop of a period of hours or days. A flash flood can appear very suddenly. Local authorities may issue Flash Flood Watches or Flash Flood Warnings or regular Flood Watches or Flood Warnings; clicking on any of the words will take you to an explanation of each.

Before a Flood Threat:

  • If you are in a flood prone area you should consider flood insurance. Homeowner insurance does not include coverage for flood. That coverage has to be obtained as a separate policy.
  • Prepare or update a Flood Disaster Supply Kit and Personal Evacuation Plan.

During a Flood Watch:

  • Move your furniture and valuables to higher floors in your house. If you have a one story house then move these items on top of counters and tables.
  • Make sure your vehicles have full fuel tanks and be prepared to leave should an evacuation order be issued.
  • Monitor changes in flood status by listening to the radio or TV.

During a Flood Warning:

  • Pay close attention to updates by listening to radio or TV. Be prepared to evacuate.
  • If the Flood Warning is a Flash Flood Warning, move to higher ground immediately. Flash floods can develop into raging torrents in a matter of minutes so you may have little time to act. Move away from rivers, creeks, streams and drainage areas.

During a Flood:

  • Do not drive on flooded roadways or across flooded bridges. 80% of people who perish in a flood die trying to drive where they shouldn’t. Six inches of fast moving water will move a car or knock a person down.
  • Leave your vehicle, if it stalls, and seek higher ground.
  • If flooding occurs at night, be especially cautious. Warning signs are more difficult to recognize in the absence of light; light reflected off smoother water surface can look just like wet pavement.
  • Get to the highest point you can without wading through dangerous flood waters.
  • If you use a watercraft, proceed slowly to you are less prone to upset from striking debris; also, wakes from fast moving watercraft can add to property damage.

After a Flood:

  • Check for structural damage to your home before reentering. If the damage appears significant, do not enter the home until you can take precautions against collapse.
  • Inspect your water lines and other plumbing. If you think there has been any damage, avoid using toilets.
  • Do not drink or wash in tap water water until local authorities say it is safe to do so. Boil all water in the meantime.
  • Avoid electric appliances or lines if water has intruded into your home or basement.
  • Continue to monitor radio and TV for updates regarding water safety, transportation and other important information.
  • Throw away all food that has come in contact with flood water, even food in cans or other packaging.
  • Avoid using candles, kerosene lamps or other open flame sources for heat or light. Candles cause more fires after a disaster than any other source. If you must use a candle or open flame lamp take extreme care to keep pets, children and combustibles away from the flame.
  • If you smell or hear the hiss of leaking gas, leave the house. If you can, turn off the gas line at the cut off valve outside your home. Call the utility company from your cell or from another location.
  • Take photos of any damaged items. Place them outside if they cannot be salvaged but try to avoid discarding them until they have been looked at by an insurance adjuster.

Resources:

For any insurance questions, call or contact Post Insurance and Financial today.

Blog HomeView a complete list of our articles

Business Travel Insurance for Peace of Mind

[ad_1]

Business Travel Insurance for Peace of MindBusiness travelers, and the travel managers who plan for them, have different concerns when it comes to addressing unexpected inconveniences. Corporate travel insurance policies can be a great fit for any business looking to mitigate expenses related to company travel, including non-refundable costs associated with emergency flight or hotel changes, necessary medical treatments for traveling employees, and equipment or property loss. While canceled flights, missed connections, baggage delays, and medical emergencies are difficult for any traveler, there are unique considerations for corporate travelers and specific provisions for the business travel insurance policies that cover them.

What is business travel insurance?

Most business travelers rest assured that, should travel disruptions incur financial burdens or schedule changes, their employers will cover those costs and take care of any additional related needs. As such, corporate travelers’ insurance needs may differ from those of the average traveler’s comprehensive policy. Business travel insurance coverage can provide for emergency medical expenses, work and job loss related trip cancellations and interruptions, travel assistance services, corporate equipment damage and/or loss, baggage delays, and more. Corporate insurance travel policies typically include provisions for both medical care and property loss or damage.

Medical Coverage:

Travel managers should consult with appropriate human resources personnel to ascertain current workplace healthcare plan terms of benefits when determining the best options for travel insurance, both for national and international travel. Some domestic medical insurance plans cover international emergency care, while others don’t. Even when covered, international medical care may be limited in scope and only partially reimbursed. A travel medical insurance plan can address those limitations and offer additional or complete coverage in cases of an emergency. Plans may also provide for emergency evacuation to a hospital, provider, or a center that is recognized by the medical community as delivering the highest level of care for appropriate treatment if one is not otherwise readily available.

Property Loss & Damage:

Medical emergencies aren’t the only concern for many travel managers: employees traveling with expensive company equipment typically necessary for corporate meetings such as laptops, smartphones, and other electronic devices can be equally stressful. Baggage loss and property damage coverage is another important component of an adequate business travel insurance policy. Limitations of reimbursement can vary widely with these policies so travel managers should be sure to research the best fit based on traveler luggage/equipment value. In cases of significant baggage value, it may be worth the extra research and premium to find a specialized corporate travel plan, as they can offer considerably higher reimbursements for damages and loss.

A Note on Assistance Services:

Some policies may also include provisions for a variety of helpful and worthwhile assistance services including, but not limited to: travel information, medical, concierge, identity theft, business, and security.

For any insurance questions, call or contact Post Insurance and Financial today.

[ad_2]

Telehealth: Is it here to stay?

[ad_1]

Telehealth: Is it here to stay? The pandemic changed many things for many Americans, from how we work to how we socialize. One potentially positive shift is that it accelerated the already growing field of telehealth. Suddenly it became easier and made more sense to see your doctor online for basic ailments and routine check-ins. But is telehealth all it’s cracked up to be? Here are some common questions you may have about telehealth:

What is telehealth?

Telehealth is the delivery of health services using electronic means. It doesn’t just refer to virtual visits with your doctor: telehealth can also include reminder services, electronic health monitoring, and even just emailing with your provider or receiving healthcare results online.

What are the benefits of telehealth?

In many cases, telehealth visits just make sense and can have many wonderful benefits. If you have a terrible sore throat and just need to check in with a doctor, telehealth is a great option and potentially superior to an in-person visit: you get to stay home, others don’t get exposed to your illness, and the visit might even be a little less expensive than attending in person. And if it’s something more serious, your doctor can always ask you to come in.

Are there any downsides to telehealth?

Telehealth may not be the right choice for some people or circumstances. Sometimes it may be important for your doctor to see you in person, and some types of visits or testing simply cannot be conducted online. Logistical considerations, like a poor internet connection or not having a private space to conduct your visit; may make telehealth visits more difficult.

Is telehealth covered by insurance?

According to the Department of Health and Human Services, most insurance providers offer coverage for some types of telehealth, which can include everything from regular doctor’s visits to therapy appointments. In fact, sometimes telehealth visits are less expensive for the consumer. But as with any medical visit, you should check to be sure the provider and service is covered before making an appointment.

How can I make the most of a telehealth visit?

As with any medical visit, it’s important to make the most of the time you have with your provider. The first step is to find out whether a telehealth visit is recommended. Once you have something scheduled, write down your current symptoms, any medicines you are taking, and any questions you have. Make sure you have a private and quiet space in which to conduct the visit, and that your video conference software is up to date and secure. Don’t forget to follow up with your provider if there’s anything you forgot to ask or tell them about your condition or plan of care.

For any of your insurance questions, call or contact Post Insurance and Financial today.

[ad_2]

10 Things To Consider When Buying an Automobile

[ad_1]

2022-02-02

Travel-Ready: 10 Things To Consider When Buying an AutomobileChoosing a new car is an exciting but potentially stressful endeavor. With so many options, plus some limiting factors such as budget and availability, it can be hard to know where to begin. Here are some of the top factors to consider when you’re ready to purchase your next vehicle.

  1. Safety features and ratings: If you are shopping for a family car or a vehicle your teen may drive, safety is going to be a top priority. With modern vehicles, there are a ton of options out there for advanced safety features like collision sensors, camera and GPS systems, and blind-spot detection. In addition, you probably want to check out crash tests and other consumer reports to find out how certain vehicles behave in an accident or in difficult weather.
  2. Comfort: If you’re someone who does a lot of driving, comfort is more than just a “nice to have” consideration, it’s a necessity. You may want heated seats, easy access to compartments, sophisticated temperature control options, a nice stereo, and other convenient features.
  3. Price: It’s important to know your budget and price range before you seriously start looking for a new vehicle. In addition to the base price of the car, you’ll also want to take into account the monthly car payments, insurance, maintenance and repair costs, registration, and the cost of picking up or transporting the vehicle (if applicable).
  4. Maintenance: Once you have a list of possible makes and models that meet your criteria, do some research into the maintenance costs and requirements for each type of vehicle you’re interested in. It’s also a good idea to read consumer reviews to find out how well each model performs long-term.
  5. Environmental Impact: If your carbon footprint is important to you, you may want to look into purchasing an electric or hybrid vehicle.
  6. Age: Decide whether you would like to purchase a new car or shop used. Price often steers consumers towards used cars, but there are pros and cons to both options.
  7. Amenities: Today’s automobiles can be upgraded to include all kinds of perks that can make driving more fun and sometimes even safer. Maybe you’ve always wanted a sunroof or, if you live in a colder climate, a remote starter. What about satellite radio or backseat screens to keep passengers happy on long rides?
  8. Size: You probably have a minimum number of seats in mind for your new vehicle, but size considerations shouldn’t stop there. Be sure to factor in your lifestyle, which might mean making room for camping gear, hauling furniture, the family dog, your children and their friends, among other things.
  9. Efficiency: If you’re someone who drives long distances, fuel efficiency is probably pretty important to you. Go to fueleconomy.gov to find out about any make and model on your list.
  10. Test Drive: Once you have narrowed it down to one or more vehicles that make sense for you, it’s all going to depend on how it really feels when you take that car for a spin. Spend some time with the vehicle, ask a lot of questions, and make sure it feels right.

For any of your auto insurance questions, call or contact Post Insurance and Financial today.

Blog HomeView a complete list of our articles

Health Insurance for International Students in the UK (FAQ)

[ad_1]

We are passionate about the insurance industry. Our primary goal is to become your one-stop-shop for everything insurance. We work with various insurance companies, agents, brokers, marketers, and blogs to ensure we serve you better. Whether you want to learn about aviation, auto, business, boat, disability, farm, health, home, life, travel, yoga, or plumbing insurance, we’ve got you covered. For inquiries, send us an email to mytopinsuranceblogs@gmail.com



[ad_2]

How to Create a Flexible Hybrid Workplace Model

[ad_1]

Business: How to Create a Flexible Hybrid Workplace ModelDue to the COVID-19 pandemic, the modern workplace has undergone some massive changes. And while adjusting to these has involved some growing pains, especially for employers, this new world of work is not necessarily a bad thing. If you’re a small business owner, you may have some concerns and hesitation about adopting a flexible workplace model. Here are some steps you can take to explore what it means to have a hybrid workplace and find solutions that work for you and your business.

Consider Business Needs:

Before changing up your workplace norms, you must first decide what type of work and workers are essential to your business. The key to this inventory is thoroughness and honesty. It’s important to be critical and examine potentially outdated ideas about when, where and how work gets done at your company. At the same time, you must account for your own priorities and preferences as a business owner: maybe you simply wouldn’t enjoy a setup where you don’t get much face to face time with your staff and/or customers. Here are a few questions to ask yourself:

  • What do you enjoy most about running your business?
  • Do you require in-person employees? For which tasks?
  • Does it matter that your employees work an eight hour shift, or is it more important that they reach certain productivity goals?
  • When is it desirable or necessary to have your workforce meet face to face?
  • Are there certain roles or aspects of the work that can be conducted online or completed from a different location?

Explore Options:

Next, make a list of some ways (large or small) that you might be able to give your workers some more flexibility. These might include:

  • Offering an option for some employees to work remotely on certain days or at specific times of day.
  • Allowing workers to set their own hours as long as their work is getting done.
  • Instituting a four-day week, where it makes sense and for those who want it.
  • Shifting your compensation model to be goal rather than time-oriented.
  • Conducting meetings or other aspects of your business online.

And don’t forget to ask your employees what would make a difference for them, too!

Test the Waters:

Now that you have some ideas, it’s time to give them a test drive. Be upfront with your staff that your goal is to provide more flexibility, but in a way that doesn’t diminish your business and that preserves the things that made you want to own a business in the first place. Take some of those ideas for a spin, reflect on the results, make improvements or move on, and repeat. It may take some trial and error, but with a positive attitude and a little bit of effort, you are certain to uncover a flexible workplace model that works for you, your employees, and your bottom line.

For any of your business insurance questions, call or contact Post Insurance and Financial today.

[ad_2]

Life, Business, Auto, Health, Travel and Home Insurance

[ad_1]

We are passionate about the insurance industry. Our primary goal is to become your one-stop-shop for everything insurance. We work with various insurance companies, agents, brokers, marketers, and blogs to ensure we serve you better. Whether you want to learn about aviation, auto, business, boat, disability, farm, health, home, life, travel, yoga, or plumbing insurance, we’ve got you covered. For inquiries, send us an email to mytopinsuranceblogs@gmail.com



[ad_2]

Travel Insurance 101 | Blog

[ad_1]

Travel Insurance 101You get to the end of your flight reservation and the page comes up: For a few extra dollars, would you like to purchase travel insurance for your trip? Or maybe you’re planning that once in a lifetime trip, and an experienced agent has suggested you purchase a travel policy. So what should you do?

These days, travel can be a serious gamble. Not only is it more commonplace for reservations of all types to be changed by the vendor; but it’s becoming more likely that your flight, hotel, or Broadway show will actually be canceled. Leaving you high and dry, and, sometimes, without any recourse. There are several different types of travel insurance, which can be purchased alone or in combination. Travel insurance can cover a variety of issues, including:

  • Missed, canceled, or delayed flights and transportation
  • Emergency medical care
  • Lost or stolen belongings
  • Trip cancellation
  • Rental car damage

Whether it makes sense to invest in a travel insurance policy really depends on the type of trip, where you’re going, how you plan to get there, and how much time, effort and resources you have put into putting it all together. If it’s a once in a lifetime trip that you’ve put thousands of hours and dollars into planning, it’s probably a really good idea to have some sort of insurance in place. Not only does travel insurance protect you if something goes wrong on the trip: it can help you to recover expenses if you have to cancel because of an injury or a death in the family, for example.

Travel insurance is also strongly recommended if your travel carries a higher level of risk: perhaps you are traveling to a dangerous area or for the purpose of doing an extreme outdoor activity. On the other hand, in some cases purchasing travel insurance might mean that you’re actually doubling up on protection that you already have through the travel company or your homeowner’s insurance. Be sure to read the fine print, talk to your insurance agent, and review the coverage that you already have so that you’re not purchasing coverage that’s redundant.

Of course, the cost of any travel insurance plan will depend on quite a few different factors, like how many people are going, where you are traveling, and the overall cost of the trip. The good news is that if you decide travel insurance makes sense, it’s generally very affordable, in the range of 5-10 percent of your total trip cost. That means for a trip that costs about $1000, you’re going to be paying $50-$100. Not bad when you consider what you could lose if something totally unexpected happens to prevent you from going or staying on the trip.

The bottom line? Travel insurance is not always warranted, but it’s often a good investment.

For any of your insurance questions, call or contact Post Insurance and Financial today.

[ad_2]

Ring in 2022 With a Policy Checkup for your Business

[ad_1]

The arrival of January finds many small business owners coming off the busiest season of their year. In the midst of the hustle and bustle, it can be easy to overlook important changes that may have occurred with your business that need to be accounted for on your insurance policy. Prioritizing your annual policy renewal is a great opportunity to consult with your independent agent and review any changes to your business to ensure you are properly protected for the year ahead. 

Here are a few things to take into consideration as you prepare for your annual policy checkup: 

New Exposures

As your business grows and thrives, you will likely have new exposures to review and consider covering. These may include: 

  • New locations 
  • New buildings or facilities added to current or new locations 
  • New vehicles or drivers
  • New equipment that needs to be covered 
  • New products being manufactured/sold. This is critical because it could change the rating basis for your general liability.

Exposure Changes

In addition to new exposures, you’ll want to review anything on your existing policy, as well as changes to your overall business that could impact your coverage needs. These may include: 

  • Vehicles sold
  • Equipment sold
  • Locations sold
  • Reduction in inventory
  • Reduction in sales
  • Given the current high levels of inflation, your building and/or personal property limits may need to be increased.

New Coverages

As your operation grows, you should consider purchasing additional coverages to protect your business. These may cover things like: 

  • Equipment Breakdown (especially important if you are a manufacturing/processing operation)
  • Crime, including money & securities, employee theft (including the Employee Retirement Income Security Act), forgery and/or computer fraud
  • Employment Practices Liability
  • Cyber Coverage
  • Blanket Personal Property (if you now have multiple locations)
  • Building Ordinance or Law
  • Business Income From Dependent Properties
  • Off-Premises Power Failure
  • Hired Auto Physical Damage

Drop or Reduce Coverages

There are other situations in which it may make financial sense to reduce your coverage or opt to self-insure certain exposures. A few examples: 

  • Dropping comprehensive and collision on vehicles over 10 years old.
  • Reducing the value of scheduled contractors’ equipment that is covered on an actual cash value basis.
  • If you own an older building and would not replace it with as large of a building in the event of a total loss, you may consider insuring it on a Functional Replacement Cost basis.
  • Higher deductibles on your property and auto. 
  • Adding a property damage deductible to your General Liability.
  • If you’re comfortable with your financial reserves and loss control measures, you might consider self-insuring some of your exposures.

This checklist provides a solid start when considering your insurance exposures, but the best way to determine your business’ unique needs is to review your coverage with your agent.

From all of us at Central, we wish you a productive and profitable year!

Want to learn more?

  • Does Every Business Need the Same Commercial Coverage?
  • Insuring Your Retail Business
  • *The information above is of a general nature and your policy and coverages provided may differ from the examples provided. Please read your policy in its entirety to determine your actual coverage available.

    [ad_2]