Nonprofit organizations play an essential role in our society. Although both small and big businesses have provided us the comforts and productivity we enjoy in this country. America’s nonprofit organizations are in the forefront in battling society’s most urgent and pressing problems – drug addiction, homelessness, illiteracy, crime, and violence. Moreover, nonprofit organizations care for our most vulnerable citizens – the young, the sick, and the aged.
It is important, therefore, that nonprofit organizations have key insurance protection so that unforeseen circumstances cannot disrupt the delivery of their services. To this end, at least four types of insurance protection are essential:
Commercial General Liability
Commercial general liability protects the organization from a wide variety of exposures. This insurance will cover legal obligation arising out of injuries or damages suffered by members of the public, customers, tenants, and others.
Property insurance
Property insurance covers most types of property owned or used by the organization. This applies to furniture, machinery, equipment, merchandise held for sale, office supplies, and other such items. Leased property may also be covered under this section, but only if the organization has a contractual obligation to insure it and it is not otherwise insured under the coverage of others.
Workers Compensation
Under workers compensation, the organization is responsible for the costs of any employee injuries that arise out of any employment related injury regardless of fault. Workers compensation is intended to provide financial relief for injury, illness, and death that result from workers performing their jobs or being on the job. It is not a substitute for regular medical insurance, life insurance, or disability insurance.
Directors and Officers Liability
Directors and officers liability coverage protects the organization and board members from suits alleging financial loss from wrongful acts or bad decisions. This coverage, which includes the cost of defense, should be a part of your risk management for your organization and board.
It is important to be mindful of the exclusions in each of these policy forms.
Organizations with these types of insurance protection will have taken the necessary steps to maintain their critical work against unforeseen risks.
Archive for the ‘ Insurance ’ Category
Mortgage Life Insurance is one of those Insurances that not many of us completely understand. These types of policies are often taken out when a lender agrees a mortgage and the person applying for the mortgage just accepts it as part of the procedure. If you look through this type of purchase from your lender, you will see it is no more than Term Life insurance. The premiums grow on a five year span even though the value of the policy drops as your mortgage drops.
An alternative to this is individual life insurance which is more productive and cheaper
You are able to compound life insurance and debt protection with this type of scheme or you can tailor it to suit your debt needs. If you choose to connect the two, it is a resolution to both issues, as a result making better financial sense. Individual life insurance for a debt from a mortgage, will either be Term or Permanent insurance. When you take out a Term insurance scheme you have the option of how long you want it to run for. If you want a scheme to run for your lifetime as well as know how much is being paid out each month, then the Permanent scheme is the best one for you. If you are looking to have a lump sum of money, then a Permanent scheme is possibly the best one for you, as you can build up a cash sum which will pay out at a certain point.
Below are some extra perks you could expect to have if you took out individual life insurance:
The coverage is portable, if you move house or switch to another lending company. You pick who is the assignee, not the lending company The individual policy pays out twofold in the event both spouses die You are not limited to one type of policy, you can have both Permanent insurance and Term insurance under one policy. Cover can be maintained even once your mortgage is paid-off.
Dec
DJ Insurance
Insurance is a very important consideration for the mobile DJ entertainer. There are many companies that provide DJ insurance and they should be compared carefully before the DJ chooses an insuance provider.
DJing has become much more of a respected job in the last few years, and since mobile DJs have to transport their equipment by vehicle, most car insurance providers have now started providing DJs with liability insurance.
Cost of the premium for the DJ insurance should not serve as the chief purchasing decision. Rather, the effectiveness of the policy should outweigh all other factors in the decision making process. You get what you pay for.
The saying with insurance is, “It’s better to have it and not need it than to need it and not have it.” How true.
You do not want to be stuck without DJ insurance. As a DJ, you are a subcontractor, and though you will be setting up equipment on outside grounds, you will not be covered under the insurance policy of the catering halls or restaurants you provide services in. You have to protect your neck.
You will need your own DJ insurance policy, and now is the time to start pricing one. It is a simple matter of visiting the websites of several insurance carriers and filling out many of their quotes online. You are not commited to purchasing, and you will find the best plans and rates. You should go to the websites of many of the car insurance providers and fill out their DJ insurance forms online. If they’re not readily available, email your request.
Let the DJ insurance companies fight for your business. By filling out the forms online, you will not even have to leave your house, and you will be protecting your future. The last thing you want is a lawsuit because some drunk party guest tripped near your speaker. Without insurance, you can be help personally responsible.
Whether you plan on starting your career as a mobile DJ tomorrow or a year from now, the time to find the right DJ insurance policy is now. It’s more important than any of the DJ equipment you will use.
Do not proceed any further in your DJ career until you’ve filled out at least three insurance quotes. It will be the wisest move you make in your DJ career. I guarantee it.
Fill those quotes out now.
Dec
What is auto insurance? Most states require the owner of a vehicle to have a certain minimum coverage. But to protect oneself from law suits and expensive repair bills, it makes sense for the customer to go for more than the minimum coverage.
What is liability insurance?
Liability insurance is the coverage that the insurance policy gives the consumer, if he/she has caused an accident that has resulted in bodily injury to another party and/or damage to the property of another person. Bodily injury coverage pays for the medical expenses and the likely loss of wages, whilst property coverage pays for the cost of repair or even replacement for the vehicle of the victim.
What is a 20/40/10?
These are the liability coverage limits. Instead of presenting in terms of thousands of dollars, limits are presented in a series of numbers. 20/40/10 stands for $ 20,000/40,000/10,000, where $20,000 is the coverage for the bodily injury per person, $40,000 is the coverage for the bodily injury per vehicle. $10,000 is the property damage coverage per accident.
Is the minimum liability coverage limit the same, wherever one lives in the US?
It is different in all the fifty states. In Texas, for example one has to purchase at least 20/40/15 liability coverage limits. In California, it is 15/30/5. In New York it is 25/50/15.
It makes sense for the owner to know the local coverage limit and have a coverage which is more than the limit.
How important is the driver?s history in getting a good offer from an insurance company?
Owners with good driving habits are generally rewarded with discounts by the auto insurance companies. These may include people with airbags and centralized locks in their vehicles, people with no tickets history or driving offences etc.
What is an SR-22?
SR-22 is a form that proves that one carries auto insurance. SR-22 status is given for people falling in category of high risk. All the states require SR-22 for people who have had a past history of serious driving violations like drunken driving and reckless driving.
What is no fault insurance?
Several legislations in the US provide coverage like the ?no fault insurance,? where the victim should only prove his/her injury to claim damages from the insurers.
How does one know which auto insurance to choose?
Owners of the vehicles would be advised to choose companies with good credit worthiness. These companies are rated as A, AA, and beyond. The above points can be the best guidelines for any auto owner in choosing the right auto insurance company.
Dec
Insurance can be so confusing. You get so tired and bored reading the policy that when you get to the end you tend to skim over the last parts. One of the most important parts of the insurance policy is at the end though – the endorsements section. Here is why you should pay close attention to this section.
Most policies’ basic coverage forms end with a section called endorsements. Endorsements add to, take away or change provisions contained in your basic insurance policy form. Endorsements are typically one, two, or three pages long each.
One reason insurers use endorsements is to save money. If they have new provisions or have changed provisions in their policy, using an endorsement will allow them to save on re-printing costs. The insurance company simply adds an endorsement at the end of the policy to incorporate the new or changed provisions. So be to sure to check this section when you are purchasing insurance..
Endorsements are often used to restate a policy provision after a court decision interprets the provision in question in a different way than the insurer has been interpreting it. So you can see why you need to read this section carefully after you have finished looking at the basic policy.
Most commonly, endorsements add exclusions not stated in the basic insurance policy form. For example, in home owners insurance policies these often include such things as dog bites and home daycare services performed for a profit. Also typically flood and earthquakes are excluded from most home owners polices. Separate policies can be purchased elsewhere.
Knowing what the coverage is excluded by an insurance policy is very important, especially when comparing insurance policy quotes.