If your business has been trying to cut costs, perhaps you’ve considered dropping some of your supplemental insurance coverage. This is never a good idea, although many companies look at their Miscellaneous Professional Liability (MPL) coverage as being an unnecessary expense. It sounded good when talking to the broker, but now it seems likes a…
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How Does Indemnity Work?
The majority of insurance policies contain an indemnity clause, which is an essential form of compensation that covers loss or damages. An indemnity clause can also describe an exemption from liability for damages or loss. To better understand this crucial form of insurance, here is an overview of how indemnity payments work. Understanding Indemnity In…
Read MoreWorkers’ Comp Coverage for Seamen
When considering the options for mariner liability coverage, there is some confusion over what is required by federal regulations and what is simply suggested policy inclusions. While on land, state and federal regulations require most businesses to provide workers’ compensation coverage to their employees. However, according to the group at Merrimac Marine Insurance, once a…
Read MoreBreaking Down Professional Liability
One of the more challenging aspects of being an entrepreneur is choosing the right insurance policy for your new business. Whether it’s the number of available options or just the lack of familiarity with the terminology, the process of researching and purchasing insurance can lead to frustration, even leading some to make rushed decisions that…
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