What Is Maritime Employers Liability Insurance?

Employers Liability Insurance

Owners of commercial ships are responsible for the safety of both their vessels and their workers. However, they are not liable for injuries that occur to employees of other organizations while they work on their ships. If you are an employer planning to station staff on a boat you do not own, you may need Maritime Employers Liability Insurance.

What Is MEL Coverage? 

MEL is a type of policy that protects you and your employees while they work on a ship owned by someone else, including workers whose positions are not those of captain or crew member.  For example, if one of your workers gets hurt on the way to an oil platform, MEL insurance would cover the costs. It also covers employees stationed temporarily on a boat you own.

Do I Need MEL Insurance?

Having MEL insurance can save you from having to pay devastatingly large sums of money for personal damages. Here are a few examples of employee activities that might require you to have this type of coverage:

  • Building along the shoreline
  • Drilling
  • Surveying for seismic activity
  • Conducting scientific studies
  • Observing national fisheries

Any type of watercraft, including a pontoon, ship, or dredge, can be included under marine insurance. Most insurance companies sell MEL as a stand-alone policy.

Benefits of ADA Accessibility for Your Business Website

ADA

ADA stands for the Americans With Disabilities Act. It became law in 1990. Since that time, it has been in place to ensure equal access to goods and services to people with physical and mental impairments. This not only applies to your physical place of business, but it also applies to your website. Special features and functionalities are available to allow people with visual disabilities to access the site.

While the law requires ADA-compliant websites, the CEO of Neilson Marketing explains how it can benefit you and your business.

1. Reaching Previously Untapped Audiences

Two million Americans are legally blind, while an additional six million experience other visual impairments. Making your business website ADA accessible allows you to reach a customer base that was previously cut off from your business, at least from a virtual point of view.

2. Receiving Tax Incentives

Improving your website for ADA accessibility may make you eligible for certain tax incentives. Not only do you potentially stand to make more money from reaching a wider audience, but you could also pay lower taxes on it.

3. Protecting Your Company From Liability

Customers who are unable to access your website due to a lack of ADA compliance could have grounds for a discrimination lawsuit. Being proactive in making your site accessible could protect you from legal action.

ADA accessibility requirements are reasonable. Complying with them helps your customers and benefits you as well.

Is It Time To Insure Your Business Against Excess Liability?

excess liability coverage

With lawsuit judgments getting larger and larger for many predictable business mishaps, it’s worth taking a moment to review the changes at your company recently and to ask if your coverage is adequate to the current legal environment. General liability and even business-specific coverage like third-party liability for contractors have their limits, though, so it’s not always an option to simply buy more insurance. Nor is it always the best choice. Supplementing a policy that generally covers what you need for basic mishaps with one that provides excess liability coverage under narrow circumstances could save you a lot of money. In some cases, it might even let you lower your coverage limits for your general liability coverage by filling an important gap.

When Does Excess Liability Insurance Kick In?

The point of an excess liability policy is not to replace your general liability policy, but to protect against situations where a court judgment exceeds it. Since its coverage provisions are quite narrow and it doesn’t need to take care of general issues like paying for the medical expenses of people injured on-site outside of a settlement judgment, it can be written to be much more cost-effective for its coverage value than a general liability policy with the same upper limits. This helps you avoid overpaying for insurance without undercutting your protection, and it’s worth talking with an insurance professional about whether it’s a good fit for your business.

Management Insurance for Growing Companies

Axis Insurance Services

It’s quite common for smaller companies and startups to function on an efficient staff that is closely-knit, with a simplified corporate structure. It really makes sense to operate this way as long as you can, because the small community of people who understand each other is an efficient decision-making unit. It’s also impossible for it to sustain if your goal is to grow your company, especially if that growth is in the direction of an eventual IPO. When your operational complexity rises to the point where you need a corporate board and a full slate of traditional company officers, it’s time to look into revamping your risk management plan to include D & O liability and other important management insurance products.

A Broad Net for Coverage

It’s very easy to under-insure growing corporations because their fast expansion can sometimes lead to liability in areas the old plan does not cover yet. That’s why it’s essential to work with a provider who understands everything there is to know about insurance for your executives and company management, as well as providers who can give you standard coverage options like general liability insurance and worker’s compensation. Axis Insurance Services has provided a clear rundown of how D&O policies differ from other kinds of corporate insurance, and it’s vital for your company’s new officers to understand how it protects them individually, in addition to the way it protects the company.

Be Ready for the Worst With Strong Insurance

insurance for banks

Banks are some of the important institutions of today’s society. The lives and assets of millions of people around the country lie securely within a bank’s vaults. Unfortunately, these qualities also make them a big target for a large amount of possibly devastating incidents. Why not prepare for the worst with a package that includes insurance for banks? These policies can make sure your bank and your clients’ investments are protected.

Crime Protection

Crime insurance is must for every business, especially banks. Many agencies can set you up with different crime policies that cover different incidents including:

Wire Fraud
Employee Dishonesty
Ransom and Extortion
Counterfeiting
Damage Due to Robbery

Cyber

Many criminals don’t barge into a bank completely armed. Instead, they hide in front of the safety of their computers. That is why cyber liability insurance is a must. Depending on your contract, an agency can help with the fallout of information breaches, cyber-attacks, ransom payments, defense costs, and indemnities. 

Professional

It is also wise to protect your own with professional insurance. Some policies that are recommended for banks are errors and omissions, directors and officers, bankers professional liability and employment practices liability.

Insurance for banks can seem like a complicated venture. Thankfully with the right agent or broker, you can set your bank on the path to preparedness!

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