Hot Insurance Topic!
Employment Practice Liability: What is it? Why would you need it?
Employment Practices Liability Insurance is a relatively new form of liability insurance. It provides protection for an employer against claims made by employees, former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations. It covers your firm, including its Directors and Officers.
Employment Practices Liability Insurance is needed as soon as you start to hire employees.
Did you know that you can be an employer without owning a business?
Well,if you hire a baby sitter,a house keeper, or just a person to do odd jobs in your home, you become an employer.You need Employment Pratices Liability.
Cases against employers are on the rise. It is estimated that three out of five firms will be sued by an employee. Companies are finding that they are vulnerable from the pre-hiring process through the exit interview, even if the employee was never hired, or only at the company a matter of days.
If you would like more information, send me an email or call:
mercedes@wag-insurance.com
312-7295265
90 %
“Life is 10% what happens to you and 90% how you react to it.” ~Charles Swindoll
For a moment, think about every single situation you encountered yesterday; from responding to your co-workers abrasive question in the break room, to hearing hold please for the fifth time over the phone; could any of your reactions been different? In life, we do not have much control over what comes toward us, however, we have COMPLETE control of our choices. Make a conscious decision today to really think before you act; and remember, you can choose to react in either a positive or negative way. Let’s choose the POSITIVE.
Make it a great day!
read moreGrand Opening
It is the BIG day, all of your hard work, long nights and sacrifice has paid off, and you are about to embark upon a new chapter in life–The Grand Opening of your business. You have selected stationary, the paint colors and have even installed a security system, but did you remember one of the most important items on your checklist-Insurance?
Keep this is mind while getting business insurance:
DO read any proposed policy carefully.
DO keep a list of all of your business property both at work and somewhere off the premises; you will need it for comparison purposes if you suffer a loss.
DO inform your agent of changes to your business, so that your policy always provides adequate coverage.
DON’T hide unusual risks from your agent. The insurer could later claim that you made misrepresentations and you probably won’t get the kind of coverage that you need.
DON’T underinsure to get a reduced premium. If you do, you could end up covering around 80 percent of your property replacement value because of a co-insurance clause in your policy.
DON’T exaggerate the extent of your damages. You could be accused of engaging in insurance fraud.
How to cancel a registration effectively in Finance
Have you ever sold or gave away to exchange your car for a new one?
Have you ever received a letter from Finance to pay the IUC (Single Tax Movement) who sold the car for six months?
If so, this article is for you.
You sold a car to stand in exchange for another, but the stand or who sold the car did not register the vehicle with the relevant authorities.
I advise that after the sale make sure the stand or who sold the car transfers ownership of your old vehicle. Failing to do so even after you have alerted to the fact, and yet the situation continues, you can have them seized the vehicle from the PSP and GNR or IMTT or on the website of Car Online
Just enter the site using a digital certificate or tax number and password to access the Portal of Finance.
After the request, if the car is not seized or the registration of ownership is not changed after 6 months registration is canceled automatically.
read moreWhat covers the Products Liability Insurance
Insurance Liability Product is intended to cover property damage and / or personal injuries caused to third defect in the product manufactured. This product may be final or semi-finished product for use in new manufacturing process.
For the insured is covered for damage caused by product defect, the insurer must provide all the technical elements of the product concerned. Insurers have their own questionnaires for this purpose. Once the insurer accepts coverage, it is safe.
Is it possible to cover events with retroactivity and after the term of the policy, provided that that is mentioned in the policy.
Retroactive cover – covers claims made during the policy period, but occurred in a period prior to the start of insurance coverage and if the policyholder or insured did not have knowledge of the facts before the start date of the policy. The retroactive period will have to come mentioned in the policy.
Posterior Coverage – covers claims incurred during the policy period, but claimed during a subsequent properly defined in the policy.
The date of participation of a claim to determine if the loss is guaranteed by the policy taking into account the above, shall be the date of first communication made to the Policyholder insured or the insured event occurs.
Inclusion of new products or change products
Whenever there are changes in products already in the insurance policy or introduction of new products, this should be reported to the insurer and accepted by otherwise there is no coverage for damage.
Who can hire this safe?
- Manufacturers of finished products, raw materials or components or assemblies for use in manufacture of final products.
- All entities importing products, process and distribute them within their business or to consumers or other entities that use the product as a component of another product to manufacture or assemble.
read moreWorker’s compensation insurance – how it works and its exclusions
The Workers’ Compensation Insurance must be hired to handle the injuries of company employees, domestic servants and all those who in one way or another pay service to any entity (individual or collective) being compensated for it.
The only mode where you can hire without identifying the insured in the insurance contract is that of domestic workers (this includes the cleaning of the house and gardener).
There are two ways to take out insurance:
Fixed premium insurance – the policy identifies the names (s) of person (s). The inputs and outputs of persons must be communicated to the insurer. In companies, apply up to 6 employees. Above that, the system applies the variable premium.
Insurance premium variable – consists of sending holiday leaves for the insurer and the monthly premium is paid based on payroll estimates. At the end of the year, if the total remuneration is higher than expected, there is an additional premium calculated on the difference. If it is less, there will be cancellation of the difference.
What is Accident?
- Whoever takes place in time and place of work and service of the employer
- Held on the way home to work and vice versa – is covered from the time that spans the front door to the common areas of the building or street, where a housing
- Held in training when expressly authorized by the employer
- Held in finding employment when there is credit hours granted by law to workers with the cessation process and contract work in progress
- Held at the location where assistance is being provided to the employee because of a previous accident at work
- Held off-site or working time in the performance of certain services by the employer.
What are the guarantees?
Benefits in kind – include medical, surgical, pharmaceutical and hospital and all necessary so that the worker is fully recovered
Cash benefits :
compensation for temporary incapacity to perform the work
lifetime pensions for permanent disability arising due the reduction in the ability to work or gain
subsidies for housing rehabilitation
supplementary assistance by a third person
In case of death, the family pension and death allowance and funeral expenses
These benefits are calculated based on reported earnings.
What are the exclusions?
Occupational diseases
Accidents due to labor disturbances – assaults, strikes, riots, for example.
Accidents caused by terrorist acts, sabotage, rebellion, civil war, …
Accidents caused by wars and invasions
Hernia sac formed
Fines and penalties that befall the policyholder for lack of compliance with legislation
The victim is the policyholder when it is an individual
All those who do not have an employment contract with the policyholder, unless the directors, managers or similar, when paid.
Legally recognized disability as a result of refusal or failure to follow medical prescriptions or intentionally caused
Some additional notes:
- Accidents outside Portugal – up to 15 days of stay, need not inform the insurer, up to 15 days, you have to do. It is advisable to ensure the costs of treatment and repatriation outside Portugal, if you travel a lot.
- If the laws of the State where the accident occurred recognize the right to compensation, you can opt for the more favorable for you
- Insurance against accidents at work is governed by Decree-Law, which means that all insurers have to comply with the standards and procedures defined in the legislation.
- If you want to transfer the insurance to another insurer, make the notice of cancellation 30 days in advance, especially in the regime of variable premium (Sheet Holidays)
- The non-payment of premium or installment premium on the closing date implies the cancellation of the insurance contract, a situation common to all insurance
- Incorrect statements that influence the risk it is hedging or lack thereof, implies the invalidity of the contract and the insurer’s disclaimer of claims. Example: insurance being billed as clerks when the activity is Wholesale Product X in which the risk is higher because it implies storage.
- If the Policyholder does not send all the sheets to the insurance company holidays, it may issue an additional premium of at least 30% of estimated annual premium.
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About Me
Hi, this is Helen Betty. Welcome to my blog. Being an Insurance Officer, I wanted to share my knowledge regarding Insurance with people. Hence, I have made my blog a little informative with all kinds of insurance stuff in it. I hope this blog of mine would be able to give you enough info about the tactics of Insurance.