I recently attended a class on workers’ compensation and learned some interesting facts I thought I would share. Did you know workers’ compensation, or workers comp, is one of the earliest forms of insurance and dates back to the 18th century? It was started by pirates. Pirates were considered allies of some governments and as you can imagine they were often injured while “working” attacking ships, and a system was started to compensate the pirates if they were injured. Today workers’ compensation operates in a similar fashion.  If you are injured while working, workers’ comp will pay for medical expenses … Continue reading

You may think that you have no auto liability risks if you don’t own any vehicles, but hired and non-owned auto liability coverage is exactly what you need! If your employees ever drive their personal auto for use in your business, then you have a non-owned business auto liability exposure. An auto that is rented or borrowed is considered a hired auto. You can obtain coverage for both hired and non-owned auto liability either by adding the coverage to your commercial general liability policy, or by purchasing a separate policy to only cover hired and non-owned autos. If already you … Continue reading

Our website has some pretty cool features on it. One of them that most people are not aware of is the ability to issue your own bonds. If it is after hours, or you are a do-it-yourselfer, you can go to our website and issue your own Notary, ERISA or One Day Liquor Bond. The process is easy and you have your bond instantly. Visit our website www.vastsolution.com and go the bottom on the page. You will see “Get A Bond,” click on that, and it will give you bond options. If you are nervous about making a mistake , … Continue reading

What is a vacant building? There are a couple of factors that determine vacancy. Generally speaking, most insurance carriers will consider a building to be vacant if less than 30% of the total building square footage is not used for an operating business – either by the building owner or a tenant. Why should you care? A commercial property insurance policy contains a vacancy clause which limits coverage for buildings that become vacant during an insurance policy term. Typically, if a building has been vacant for 60 or more days before a loss occurs, there will not be coverage for … Continue reading

It’s 7 PM on a Saturday and you discover a major leak in your roof following a storm.  After taking care of the immediate needs of the situation, can you call your insurance agency at this time of day and week to notify them of the damage?  If you’re a client of VAST’s, the answer is YES! Other insurance agencies may be only available to take information on a claim during regular business days and hours.  VAST has an option for our clients, who have an after-hours emergency to call and receive help. Our job is to advise you to … Continue reading

Chances are you have seen or used a drone at some point. Drone usage is on the rise and is expected to continue to climb.  If you use a drone in your business, you could be at risk. A drone is an unmanned aircraft system (UAS) and most insurance policies exclude them at this point in time. Drones are a new exposure that most insurance companies are still trying to figure out how to handle. If you use a drone in your business, let your insurance agent know, as some carriers are able to remove the exclusion of coverage. Otherwise, … Continue reading

A small business often comes with big risk; ask any business owner around. Even before the first employee is hired, you better be sure you’re covered. Fortunately, business owners have access to a variety of insurance coverages to protect their newest venture.  Here are several types of insurance a small business should consider: Commercial General Liability: No one likes a lawsuit! Liability insurance will pay for damages for which you are found liable. In the event someone claims your business has caused them harm as a result of a hazardous environment, defective product, an error in a service or disregard … Continue reading

One of President Trump’s first Executive Orders dealt with the Affordable Care Act (ACA). The title of the Executive Order is  Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal.  It shows the intent to repeal the Affordable Care Act. However, the ACA remains in effect at this time. Therefore, reporting under the ACA remains in effect. However, the due dates were extended for some forms in December of 2016: Form 1095-B is to be given to individuals by March 2, 2017. Form 1095-B dues dates to be submitted to the IRS did not change. … Continue reading

Have you ever thought about owning your own business, such as a cleaning service, moving company, or an interior decorator? If so, one thing you’ll want to think about is obtaining a Business Service Bond.  This bond would provide protection for the loss of your clients’ money, equipment, supplies, or personal belongings caused by dishonest acts of your employees while on your client’s premises. Coverage is dependent on a conviction in a court of law. Other types of businesses that should consider purchasing a Business Service Bond are: Subcontractors Pest Control Services Home Photographers Security Guards Repair Services Food Catering … Continue reading

Employment Practices Liability Insurance (EPLI) has become an important insurance coverage in the last few years for many good reasons. EPLI protects your business from the financial consequences of employment related lawsuits that an employee’s rights were violated. Some examples of these types of claims are pregnancy discrimination, illegal background checks, wrongful termination, harassment, and the list goes on and on. Here are 6 frightening facts about employment practices liability insurance. Businesses are 3 times more likely to be sued by an employee than experience a fire. Over the last 20 years employee lawsuits have risen about 400%. About 41.5% … Continue reading