Hope Does not Trump Preparedness

As President Trump continues to make key appointments and address the policies of the previous administration, many in banking anxiously await the new administration’s tack on financial regulations. While President Trump’s pro-business campaign promised deregulation encouraging financial growth, it is unlikely Congress will be able to unify behind many measures that would ease regulations on the financial industry. With no real indication of how enforcement of these regulations will look under the new appointments to head the FDIC and OCC, many directors and officers in the financial sector may do well to keep their civil monetary penalty insurance.

With civil monetary penalties (CMPs) assessed against individuals averaging over $79,000 in 2015, many are asking for parity in a regulatory environment where small regional banks have been forced to sell, or have chosen the route of de-risking leaving large sectors of businesses and the independently wealthy unable to find banking services. Many bank directors and officers have chosen to leave their institutions in light of the personal liability exposure associated with the difficult regulatory environment.

Civil monetary penalty insurance can offer some financial insulation from missteps that are bound to occur in the veritable minefield of banking regulations. While many look to the next four years for some relief, it is difficult to forecast what, if any, easing of regulations will occur. For now, the only option may be to prepare for the worst and hope for the best.

Protect Your Everyday Investments

Everything in life is so expensive today. From your house to your car to your cell phones and computers, the amount of money that goes into your everyday life is surprising when you add it all up. When you make those kinds of investments, you want to be sure they’re protected in the event of a disaster. Get Preferred Insurance to keep all your little daily investments covered in case of the worst.

Insurance for Every Need

Preferred offers coverage for a broad spectrum of categories, from homeowner and car insurance to boat, RV, and watercraft coverage. They offer renter’s insurance, motorcycle insurance, even several categories of business insurance, including general liability, commercial property, and workers compensation. When you invest your hard-earned money into creating a lifestyle for yourself, you want to be sure a single disaster can’t wipe away all that progress. When you get Preferred Insurance, you get to rest in the knowledge that your life and your family are protected, no matter what happens. Preferred is staffed by industry experts who can help you find coverage for every area of your life.

Don’t let your investment go to waste. Get Preferred Insurance to protect every part of your life, from your car to your home to your business.

Securing Bonds for Public Entities

While bonds are generally associated with the construction industry these are not the only professionals in need of securing bonds for the purpose of funding projects. Surety and other bonds provide all types of professionals with bonds including for public officials.

A public official is accountable to the public and therefore, because he or she oversees budgets or handles financial matters and makes important decisions for a city or other public entity, they should be bonded. State or local statutes as well as public charters may require that a public official be required by law to furnish a surety bond in order to perform his or her job.


The bonding process


Bonds can be acquired through Daniels Insurance agency, which works with surety companies. Daniels represent large national bonding companies as well as smaller, regional firms. Bonds are necessary in order to provide public entities with any required options and may be customized to meet their specific needs. A public official or surety bond provides a financial guarantee against loss and that the official duties of an office will be faithfully performed.


The duties of a public official are laid out in the state statutes, city statutes or public charters. Should a public official fail to meet the obligations of their job duties, and a loss ensues, the public official responsible is required to pay back the public for any loss, regardless of how the loss occurred. The public official bond does not pay losses in place of the public official. The bond does guarantee that, if the public official is unable to financially meet their obligations from any losses incurred, payment will be made up to the face value of the bond.


Through Daniels Insurance, or a participating surety company, you can also purchase judicial bonds and probate bonds, sometimes required by parties seeking court remedies as a result of litigation or as a form of guarantee that those entrusted with the care of the property of others will handle this responsibility faithfully.


3 Insurance Challenges for the Modern Manufacturing Business

With broader customer bases, quicker turnaround times, and more client demands, modern manufacturing customers face business risks and legal liabilities that those in the past mostly avoided. If you are shopping for manufacturers insurance, you might recognize the many challenges of effectively protecting your business in today’s ever-changing marketplace. Here are three of them.

1. Understanding Risk

As markets change and technologies develop, it can be difficult for even the most diligent manufacturers to stay on top of risk management. While you might be good at identifying hazards to your business line, you likely don’t have the expertise to independently recognize all potential legal liabilities. Fortunately, you don’t have to be an insurance expert to get the protection your firm needs. Instead, you can rely on a skilled agency to completely assess your business needs. By collaborating with a knowledgeable provider, you can get only the coverage you need.

2. Combining Coverage

All businesses must have property and general liability coverage. Diligent manufacturers consider combining the following types of coverage for comprehensive protection:

  • Equipment Breakdown
  • Business Interruption
  • Pollution Liability
  • Products Liability

3. Purchasing Peace of Mind

Finally, to get some peace of mind, many manufacturing business owners opt to purchase Manufacturer’s Sales Price coverage. With this level of manufacturers insurance, coverage protects goods at the value of their sales price. Thus, instead of receiving loss reimbursement at raw prices, manufacturers get remuneration for the value of the goods.


Boat Safety and the Importance of Being Properly Insured

Owning a boat or other recreational water vessel comes with a huge responsibility. In addition to having to protect your boat from damage, you also must ensure that passengers are always being cared for, using every safety feature at your disposal. This includes flotation devices, safety straps, navigational tools, and other items that provide for a smoother experience. You must be dedicated to improving safety while travelling by boat and use the many resources available to help you be fully prepared to deal with any situation that may arise.


Safety applies to dry land as well


Boat safety isn’t just about being careful and attentive while traversing the waterways; it goes well beyond staying safe just while on the water. There are precautions you also need to take when towing your boat along the roads as well. Be sure you know the proper procedures for trailing your boat before you begin your day of fun on the open waters. Following these procedures can greatly reduce the possibility of an accident or injury occurring.


Naturally, there are precautions you can take to reduce your odds of being involved in an accident while on land, but you can still find yourself in trouble on the water if you’re not careful. Having a set number of boating accident safety procedures that you always apply can help you understand the basics of what you need to do every single time, as well as make certain that you are truly ready for what may come when you embark on a launch into the water.


Whether you’re spending every day on the water or have your boat in storage for the winter, it’s important to keep your watercraft protected against any and all hazards all year round. While the local laws may not require coverage, your lien holder will likely have requirements that must be adhered to. An agent can help answer your questions about newport beach boat insurance, and also inform you about the different coverage types available and which policies that you might benefit from the most.

Evaluating Available Workers Comp Policies

Any business that has employees is required by most states to carry workers comp insurance in the event of workplace injuries. This is necessary in order for a business owner to assist those people whose work is of value to the company. After all, caring for injured workers is a vital concern, and lawsuits for failure to cover workers could have devastating consequences.

There are many top insurers available that work with specialty carriers and can find the best coverage at the most affordable rates. While workers compensation insurance is often at or near the top of expenses for most businesses, it is coverage that no one can succeed without. As well as being properly insured, owners should also seek advice on effective risk management services, claims analysis, and safety programs to help reduce the number of annual claims.

Not all policies offer the exact same benefits

Take a look at any current workers comp policy to determine whether or not it provides adequate coverage for both long-term and short-term disabilities. There may be room for improvement to experience modification worksheets, payroll audits, and loss-sensitive rating adjustments. Most reputable insurance brokers and specialists make it their business to see where an owner can make any necessary changes and where there might exist any problems or miscalculations.

Many business owners become victim to high-cost claims that could otherwise be avoided through the use of these services and programs that, once in place, can help to deal with the issue of job-related injuries. Properly addressing injuries and illnesses taking place at work can actually save the company money and keep a business profitable in the process.

It is important to remember that, in case of injury or disease, workers compensation covers lost wages due to being unable to work, medical expenses incurred, permanent disability, rehabilitation, and death benefits.

Workers compensation cannot only save an owner from costly lawsuits in the case of on-the-job accidents and injuries, but more importantly it helps keep a business running smoothly. With a solid claims process in place, should anyone become injured while on the job, they will get the medical treatment they require and deserve.

Determining the Honesty of Job Candidates

Temporary staffing is hugely popular right now. Client companies base their choice on which temporary staffing agency to work with based on who has the best reviews, are widely recognized for their work, and are able to reach big candidate pools. Having qualified applicants makes the selection process easier, especially when a new hire is able to step in and fill a void for many of these companies.


When a permanent employee is out due to illness or on vacation companies must often scramble to fill a void that may be anywhere from a day or two, to a couple of weeks or longer. Unfortunately, the screening process does not always remove undesirable people from being accepted. Some people may enlist the aid of a temp agency to secure work, but they may have bad intentions. You may need staffing agency insurance if their dishonesty results in a claim being filed against you.


Applicants may lie in order to get work


During the interview, a temp agency must do their part to ensure candidates are being truthful about past work experience. This means checking with past employers and calling references. It’s vital that they recruit and retain appropriate temp workers. Businesses rely on the efficiency of their staffing partners, so they in turn must facilitate them by ensuring that the people they place have the necessary experience and can be trusted.


Now that the types of temp positions has evolved from basic, easy to place positions, (i.e. clerks or office support staff) to more highly trained or educated professionals, including physicians and computer programmers, staffing agencies need to determine if they have the necessary skills for the position they’re filling.


The most successful temporary staffing agencies take the time to adequately screen candidates. The bottom line is that it’s their duty to the client to maintain only the most qualified individuals, ones that are trustworthy. Honesty is hard to come by these days, but clients need to know that the people coming from the agency are competent and can step in without the need for much training and can get the job done.


There will be occasions where some applicants, desperate for work, will attempt to lie about certain skills or work experience, hoping this will put them into a higher pay bracket or get them to the top of the talent pool list. Temp agencies must confirm any skills and experience listed before placing these candidates. Scenarios such as these are why staffing agency insurance is a vital part of your overall success.


Protecting Yourself as a Healthcare Provider

Nurses spend a great deal of their lives caring for other people and sometimes things go wrong in the delicate world of health care. That is why it is important to have malpractice insurance coverage through a nurses service organization. Without insurance, nurses run the risk of losing their personal assets in the event of a malpractice court case.

Who Needs Insurance Coverage?

Registered, employed nurses are not the only ones who should have insurance coverage. There are a few other situations that require coverage, such as the following:

  • Nursing students on clinical rotations
  • Nurses who are studying to become Nurse Practitioners and need coverage during clinical work
  • Nurses who have graduated from school and are eligible for jobs, but have not yet obtained a nursing license

Nursing is a field that requires a lot of training, and it comes with risk. Protecting yourself with insurance through a nurses service organization gives you the peace of mind to learn without the constant worry that one small mistake will lead to a costly court case.

What if You Are Already Covered by Your Employer?

Even if you already have coverage through your employer, it is wise to get coverage through a nurses service organization as well. Lawsuits can happen years after the incident, and in the interim your company may have come under new management. A personal insurance policy gives you the extra protection you need.

Nursing Homes and Cyber Liability Insurance

The healthcare industry has become a major target of cyber crime in recent years. Unfortunately, nursing home data is susceptible to hackers looking for an easy target. Sharing and transmitting information has made our lives easier but often comes at a price. While vital to any healthcare facility, improperly protected, when any of this information falls into the wrong hands it can cause personal, as well as financial and emotional harm.


Much of the data collected is highly sensitive, relates to an individual’s medical or financial information, and can be valuable to cyber thieves. Anyone working in the healthcare industry now knows there is an increased demand for better ways to protect this data. However, these hacks will certainly continue and nursing homes need cyber liability insurance to help deal with the fallout.


Electronic records face exposures and risks


Gone are the days of keeping information in a paper-based form. We live in a world that thrives on EMR (electronic medical records), and EHR (electronic health records) as a means of processing information faster and easier in a digitized format. This allows healthcare data to be quickly and easily transmitted from provider to provider, site-to-site, or even to external regulatory and billing entities. But this comes at a price.


The safest way for this data to remain secure is by the use of appropriate encryption and security measures. This must be established for all senders and receivers of the data. Sharing vital information over the Internet gives rise to security concerns since all a hacker needs to do is find a way into a computer system where this sensitive information is being stored.


Most websites developed for healthcare organizations for marketing and branding purposes are simply not very secure which makes them desirable to cyber criminals. As they gather increasing amounts of intellectual property and personal information they face many more risks and challenges. A breach can lead to costly liability claims, along with reputational damage, due to breach of privacy, infringement of intellectual property rights, and fraudulent billing, among other things.


These companies need to educate themselves about the real need for cyber liability insurance to handle certain risks detrimental to their functions.