What is Umbrella Insurance?

Umbrella insurance

Also known as personal excess liability coverage, umbrella insurance gives you extra protection against lawsuits and claims made against you that exceed what your normal policy covers.

For example, say you are in an accident and you must pay $500,000 in bodily injuries to the other party but your bodily injury limit only covers $200,000.  Where does the other $300,000 you owe come from?  Well, this in effect is the beauty of having an umbrella insurance policy because it will cover the remaining $300k. 

So what does Umbrella Insurance cover?

What's covered under umbrella insurance:

• Bodily injury

• Personal injury

• Property damage

• Landlord liability

What typically isn't covered under umbrella:

• Personal belongings

• What's Covered

• Intentional or criminal acts or omissions

• Written or oral contracts

Who should have it?

Generally, anyone who has 1 million or more in net worth should always have an umbrella policy because the minimum amount sold on a policy is $1 million. However, it might make sense for someone who falls below that number to purchase it.

Arnold Insurance Agency can answer any questions about personal umbrella policies, so you can decide whether having additional liability coverage makes sense for you. Give us a call today at 614-863-0455 or visit www.arnoldinsuranceagency.com. 

What you need to know about OSHA's Electronic Reporting Rule

OSHA's Electronic Reporting Rule

What is it?

OSHA is taking information that employers are already required to collect and using these data to help keep workers safer and make employers, the public, and the government better informed about workplace hazards. Releasing the data in a standard, open format will:

• Encourage employers to increase their efforts to prevent worker injuries and illnesses, and, compelled by their competitive spirit, to race to the top in terms of worker safety.

• Enable researchers to examine these data in innovative ways that may help employers make their workplaces safer and healthier and may also help to identify new workplace safety hazards before they become widespread.

https://www.osha.gov/recordkeeping/finalrule/index.html

Who needs to report and how?

• Organizations that are already required to create and maintain OSHA injury and illness records and have 250 or more employees. Forms, 300A, 300, 301

• Have between 20 and 249 employees and belong to a high-risk industry, Forms 300A

• Receive a specific request from OSHA to create, maintain and submit electronic records, even if they would otherwise be exempt from OSHA recordkeeping requirements.

Who doesn't need to report?

An organization that has under 20 employees guidelines is as of now, not required to report to OSHA at the July 1st deadline. But be sure to keep up to date with all OSHA updates because they change all the time. https://www.osha.gov/

Be sure to follow Arnold Insurance on social media for updates on future OSHA requirements and other safety tips throughout the year! Make sure to follow us on Facebook and Twitter for up-to-date information that could help your business from future penalties.