Hecht Insurance Advisors, LLC Blog
The sharing economy is projected to grow from $15 billion in 2014 to $335 billion in 2025. Even though some localities have enacted regulations to curb this sector, it continues its rapid growth. Unfortunately, people getting into this market space do not realize the underlying risks until it’s too late.
Are you renting out part or all of your home on a home-sharing site like Airbnb? Then proper insurance protection becomes a more intricate and complicated. Many mistakenly believe that a traditional homeowners policy is all the insurance protection they need. Many people fail to recognize that by accepting rental income, their homes have been turned into a business. Without appropriate insurance a significant portion of your personal assets can be at risk.
Home-sharing has implications for all parties involved: the host, who may own or rent the listed property; the host’s landlord, if the listed property is rented by the host; the guest, who books a stay through the home-sharing site; and the home-sharing company, which connects hosts with guests. Not only guests, but hosts as well could incur costs if things go awry. Even if hosts take preventive measures, someone could trip over a rug or slip on a wet floor, causing injury. Accidents can and do happen anytime, anywhere.
If you own a home or even rent a home, it is important to cover your personal property and protect yourself from the liability and consequences of litigation in the event that someone is seriously injured or even dies on your property. Lawyers will not only go after the home-sharing company policy, that you think protects you; but also the homeowners and property owners as well.
Did you know that if you don’t disclose your home sharing activities to your insurer that you could be subject to policy cancellation, even retroactively, if you don’t get caught until you need to file a claim? It is critical that you do your research and work with your insurance agent before jumping on the home sharing bandwagon. Even if you are renting your home just once, once is all it takes. You can’t afford to jeopardize your coverage or your family's financial security.
The 5 Most Dangerous Workers' Comp Classes We Write
What are THE 5 MOST DANGEROUS WC CLASSES WE WRITE?
Electricians: NCCI 5190
Most people would think an electrician's fatal injuries would come from electric shocks or burns related to the constant hazard of working directly with power sources. Instead, most fatal injuries to electricians generally stem from slips, trips and falls.
Construction Laborers: NCCI 5403, 5645
Construction Laborers spend a lot of time on scaffolding at precarious heights. About one-third of these fatal injuries derive from slips, trips and falls. Many of these workers also operate power tools and heavy equipment and about one in five fatalities in this industry involved contact with this equipment on the job.
Lawn Services: NCCI 0042, 0106, 9102
Landscaping is an industry that requires the regular use of complex power machinery including chainsaws, tractors and lawnmowers. Contact with heavy equipment is the most common fatal injury, with falls from tree-trimming, pruning and similar tasks coming in second.
Waste Haulers/ Refuse and Recycling Collectors: NCCI 9403
Most waste and recyclable material collectors perform their jobs in some type of vehicle. It makes sense that the majority of fatal injuries within this industry are transportation related. Waste management employees are also at risk for illnesses due to their regular exposure to pollutants and contaminants on the job.
Agricultural Worker: NCCI 0005, 0016, 0035, 0037
Agricultural workers perform the majority of their responsibilities while operating tractors and other off-road motorized vehicles. It's no surprise that transportation incidents account for about half of the fatal injuries involving Agricultural laborers.
In addition to these five dangerous classes, Hecht Insurance Advisors writes a wide variety of hard-to-place Workers' Compensation risks. Coverage is available with no e-mod maximum. We offer a variety of payment options and new ventures are accepted for many classes. We also have underwriting authority with many of our carriers, which allows for a very quick turnaround. Contact us today for access to our exclusive programs and numerous WC carrier relationships, rated A.M. Best "A-" or better. Let Hecht Insurance Advisors help with your tough-to-place Workers' Comp accounts! Call or email us today for more information.
5 WAYS to AVOID COOKING FIRES
1) Never leave cooking unattended
It’s a contributing factor in 33% of the fires, 49% of the deaths, and 46% of the associated injuries related to cooking equipment. “I just went to watch the replay” is all it takes for a fire to start and get out of hand quickly.
2) Have a kid-free kitchen zone
Children under age 5 were more likely to be hurt by touching hot cooking equipment or scalded by hot liquids than by actual fire. Create a 3-foot kid-free perimeter around anywhere cooking is taking place or that hot food is being staged.
3) Keep flammable materials away from burners
In 10% of cooking fires, something flammable was too close to the equipment. What’s more frightening, is this is also the cause of nearly 1/4 of all the deaths. Hot mitts, wooden utensils, curtains, and food packaging are dangerous if too close to heat sources.
4) Don’t use power strips or extension cords for appliances
Small, temporary appliances such as crock pots, electric skillets, Instant Pots and the like are very helpful to feed large numbers of people. But, appliances like these should always be plugged directly into a grounded wall outlet to prevent overheating and overloading the circuits.
5) Don’t fry your turkey
Frying dominates the cooking fire problem, and FEMA recommends not using deep fat fryers for turkeys altogether. Oil spillover ignition and operating a fryer on wooden decks or too close to trees or structures are big hazards that must be avoided. (And when alcohol is involved, it can get even more dangerous.) To learn how to more safely use a fryer, visit the US Department of Agriculture’s website.