Over the last few years, commercial investments have become one of the biggest ways for entrepreneurs and opportunists to make a quick buck. Of course, there are plenty of complications that can come around when you get involved in property transactions of this nature. By owning commercial real estate, you take on certain responsibilities. However, you also have some rights of your own. Take a closer look at these points to gain insight into the responsibilities and rights of those who own commercial properties. 

An Overview of Property Types

When it comes to building owner responsibilities, there are a few key areas to pay attention to. For one, you must consider the categorization of the building in question. There will be different responsibilities associated with your role as owner of the property depending on whether the building is designated a multi-family home, retail environment, office space, or warehouse. Review the ins and outs of each category in order for you to gain perspective on your exact rights. Insurance will also help you cover your biggest risks, so be sure to stay mindful of areas like:

A Simple Choice

While there might be countless perks connected to owning commercial properties, there are also endless responsibilities. Take time to understand your role and it will allow you the space you need to avoid disaster.

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Self-audits are an integral part of managing an HOA. The members of an HOA board should periodically assess their compliance with statutory law concerning their financial practices, recordkeeping, and self-governance. HOA audits are particularly important when there has been significant turnover on a board or an association has had to change management companies.

Procedural Considerations

HOAs should verify that they are following best practices and their own bylaws in how they hold meetings and elections. This type of examination reassures an HOA’s members that the board is handling the association’s business fairly and compliantly.

Financial Health

A financial audit needs to include a full accounting of an HOA’s income and expenses. In particular, it is helpful to look at outstanding dues, reserve account contributions, and ongoing monthly fees. HOAs must carefully review this information on an annual basis at a minimum in order to create an operating budget, but it is advisable for board members to review financial records more frequently to gauge how closely the association is sticking to its budget.


An HOA’s financial and legal recordkeeping procedures must be consistent with IRS requirements in addition to requirements imposed by the state. Boards have to take steps to ensure that records are easily accessible and well-organized.

HOAs need to be able to withstand the scrutiny of a third-party audit. Self-audits are an excellent preparatory measure. 

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Cybersecurity is increasingly important to protect business investments and personal information. Such requirements have triggered a growing need for multi-factor authentication, or MFA, in website security. MFA for cyber insurance is required by most cyber insurers, helping protect valuable information such as usernames and passwords from being hacked into and stolen. Here’s what that looks like for the regular user.

SMS and Email Authentication

These are some of the most commons forms of MFA in use. Simply put, users input their usernames and passwords. They are then prompted to retrieve some form of PIN from a linked phone number or email. These are simple and easily retrievable ways to provide customers with quick access to their accounts.

Security Question Authentication

Some online accounts will ask users to answer simple security questions, such as childhood pet names. Though once popular, this information is not as secure as other options, making this a less desirable form of authentication.

Biometric Authentication

Though controversial, biometric authentication is one of the easiest ways to confirm your identity. If they are willing to register fingerprint or facial recognition information, users can move through the authentication process quicker than other methods.

Though cyber security can be nerve-wracking, engaging in a few simple steps will help your information stay free from attack.

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If you’re shopping for excess liability or umbrella insurance, you may be wondering where to start. Being clear about two major factors will allow your insurance company to create a policy customized to protect your assets.

The Value of Your Belongings

Your first step will be looking at the value of everything you own, not just your primary home and vehicles. Especially note the things that are valuable enough that they might have to be sold to raise money to pay off a claim, or might even be seized by court order in a judgment against you. Recreational vehicles, rental properties, storage units and their contents, art and jewelry are just a few examples of things that could be at risk in a liability claim.

Your Lifestyle and Risk

One of the trickier parts of planning for personal umbrella insurance is deciding how much risk you are actually exposed to. Are there elements of your lifestyle that increase the likelihood you’ll face a liability claim someday? Anything from making improvements to your property to owning a business to having a dog can produce conflict, injury or loss that might lead to claims against you. All of these add to up your unique personal exposure to potential liability

The most important thing when considering an umbrella policy is choosing the right amount and type of coverage for your unique situation. You’ll never have to worry about being exposed to unpredictable risk if you start with a policy that’s a perfect fit. 

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Selecting an insurance arrangement that appropriately fits the parameters of your business can easily be a challenge for many. Though some aspects of the decision will be straightforward, there are a number of additional concerns that can arise as you go through the motions. What’s more, there can be serious consequences to taking out the wrong coverage. If you leave yourself open to severe exposures, your company will take the brunt of the impact. Avoid this by reviewing certain details in advance. 

What Is a Risk-Retention Arrangement?

There are a few key options worth your attention from the start of your search. Knowing about alternative options like a risk retention program, for example, can be key to your success. This type of arrangement offers business owners the chance to retain profits and experience lower rates than they would with a traditional insurance arrangement. What’s more, this type of policy can allow for coverage in areas that a standard policy cannot include. Other key benefits associated with risk retention options include: 

  • Easier management of risks
  • More control related to loss prevention
  • Enhanced stability related to coverage

Explore All Alternative Options

While there are several areas to review before deciding on an insurance plan for your business, you will find that looking at broader options like risk retention arrangements can be a huge help from the start. Take time to gain perspective on this alternative and see if it fits your needs.

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Selecting the right insurance for your business is definitely a decision you want to put thought behind. While there are some companies that can get by with traditional plans and standard coverage options, countless other organizations require plans that have been tailored to the unique risks of their industries. In order for you to feel satisfied with the results of your search, it can be a good idea to think over a few preliminary points. Use these tips to guide your search for the right coverage.

Weigh Out Each Policy Option

Assessing your risks is the first and most vital step in discovering coverage that does not leave any gaps. After you have done this, you can start to look at the breakdown of options available to you and see which alternatives are the most useful. For some, a plan like captive insurance coverage is the right fit. However, you will only know that this is the correct choice for your needs if you take the time to look over the plan details. Other business coverage options worth your time include: 

Assess Your Risks

The more you know about your options heading into the decision on which insurance coverage to pick, the easier it will be to find a plan that actually reflects your needs. Take a look at the different choices before you and see which makes the most sense.

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Every employer knows how critical it is to carry workers’ compensation insurance. The expense to your business, and possibly your family, could be catastrophic if an employee is injured on the job. But purchasing insurance and maintaining a policy can be expensive too, and you want to be sure you are getting your money’s worth from your plan. Here are three ways to maximize the impact of your workers’ compensation insurance policy, and help your employees in the process.

1. Identify Your Most Common Claims

Identifying the common causes for claims can allow you to increase safety measures and training programs that are specific to your workplace. Keeping your workplace safer, and providing extended training for your employees, may lower accident rates and in turn lower your insurance costs.

2. Develop a “Recover at Work” Program

In the event that an accident occurs, developing opportunities for employees to return to work faster can lower the cost of claims. Consider creating some new job categories that can be filled by employees recovering from an accident or injury.

3. Maintain a List of Local Healthcare Professionals Who Understand Workers’ Compensation  

Being able to provide a list of local doctors and medical providers that understand the workers’ comp process and are familiar with your insurance carrier can provide better treatment for your employees.

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When you own a boat, there are many responsibilities to consider. One of these is deciding whether you want to keep your boat at a marina by signing a rental agreement. Because doing so is a legal commitment, you should take some time to think about your marina rights and how they apply. 

1. Understand Your Lease

When trying to figure out what your rights are at a marina, take a look at your lease. There, you should be able to find all of your rights and obligations in written form. While reviewing the agreement, make sure to ask any questions that come up. 

2. Clarify Restrictions

In most cases, marina rental agreements list several restrictions. Be sure to note any that apply to you, and ask for clarification about anything you do not understand before you sign the agreement. Sometimes, overlooking this part of a lease can lead to unexpected fines.

3. Plan for Emergency Weather

Although insurance protects against some emergency situations, there are also exclusions. For this reason, you should also figure out what responsibilities you have when it comes to planning for emergency weather. In the event of a disaster, you do not want to find yourself unexpectedly liable. 

Keeping your boat at a marina can have many benefits. Understanding your rights and responsibilities can make the experience as enjoyable as possible. 

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The shipping industry has been around for as long as humankind has taken to the sea. While there have been some major changes to how this level of commerce operates over the centuries, the main idea remains the same. One major change that has happened in modern times is increased and enhanced security measures. After the United States experienced attacks on September 11th, 2001, the country’s legislators pushed for international regulation of goods coming into the country in order to reduce the odds of additional threats and better control imports and exports.

How To Meet Industry Standards

The main thing you need to consider when it comes to meeting industry regulations in terms of safety is look into cargo container security initiatives. Knowing more about these points can provide you with invaluable insight into what steps you need to take as a business owner in order to guarantee that nothing gets past you or a member of your team. While it can seem like a lot, you will be able to figure out the right path to success by looking into the details. Other points to review with maritime businesses include:

  • Weight of ship
  • Type of cargo
  • Exact ports of arrival

Properly Follow Regulations 

There are plenty of things you need to think over when it comes to making the right decisions for your shipping business. As long as you give yourself a chance to review the ins and outs of the industry, you’ll have no problem finding your success.

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The use of trailers that are not owned by your company is a standard procedure in the trucking industry for a lot of reasons. Sometimes it is a fast replacement for a piece of equipment you do own that you had to rent while yours is being repaired. Sometimes it’s a trailer type you just need for a job or two, so you haven’t invested in your own. It can even be because a customer wants you to pick up their trailers when you move their cargo, but regardless of the reason you need trailer interchange insurance to cover your risks when you use other people’s equipment.

Damage Coverage for Non-Owned Trailers

Interchange coverage is actually quite simple compared to many other kinds of business insurance. It is a damage policy for the trailers you use on a temporary basis and do not own, similar to the vehicle damage provisions you carry on your own trucks and trailers. You need to select a coverage cap and deductible amount, and then you are covered against liability for damage to other people’s trailers when you borrow, rent, or lease them.

Find Coverage for Your Business

If you are looking for simple and easy to calibrate trailer interchange insurance that reflects your company’s fleet size and other defining characteristics, they are commonly offered by major commercial trucking insurance providers. That makes them easy to find when you need a stand-alone policy and simple to include in a more comprehensive insurance plan.

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