Central Insurance

Professionals seeking jobs in software engineering, data science, AI, product development, and other tech fields have traditionally had a more seamless job search experience than those looking for positions in other industries. Why? Because the tech industry just keeps growing. In 2022 alone, companies across sectors opened up nearly 300,000 new tech roles, creating countless opportunities for tech professionals to capitalize on the demand.

While some tech-based job seekers consider this growing demand for their skills exciting, many find multiple possible paths forward less than ideal. This is because, when faced with too many options, many professionals freeze under the pressure of making the right decision, and end up making rash or uneducated choices rather than figuring out what they really want.

To combat this, top career experts suggest exploring different paths a career in your field might take before beginning the job hunt.

For most tech professionals, this means deciding what kind of industry you ultimately want to work in, which includes determining if you’re going to work in a tech role within a tech company or apply your tech skills to another field like healthcare, manufacturing, or insurance. It’s also important to consider the size and maturity of the company you want to work for, which would include deciding between taking a role at a small and scrappy tech startup or an established, well-funded organization. 

In this article, we uncover the key factors that define typical startups and established organizations to help you determine which might be the best fit for you.

Central Insurance operates on a people-first culture, so when feedback on its employee engagement survey suggested the paid time off policy had room for improvement, the company took it to heart. 

“At Central Insurance, we invest in our people and treat each of our employees as owners,” says Vice President of Human Resources Jena Wierwille. “When we heard from our team that paid leave was an area for improvement, we acted.” 

Inspired by progressive policies within the tech industry, the company revamped its PTO package to maximize flexibility, better support employees and their families, and foster a company culture that prioritizes the care of its people.  

Insurance can be confusing enough at times, and adding terms like “named insured,” “other insured,” and “additional insured” to the mix doesn’t help. While these terms may sound similar, they each signify different levels of liability protection afforded with a policy, so it’s important you understand the meaning of each.

Who is the “named insured” on my policy?

The named insured on a policy includes any person, firm, organization, or any of its members specifically designated by name as an insured(s) in an insurance policy.  Named insureds have responsibilities and benefits not afforded to other or additional insureds —they bought the policy, they pay for the policy, they can change or cancel the policy, and they receive all the protection it provides. 

Learn More: What is Named Insured In Underwriting?

They are the person(s) or entity(s) named on the declarations page, and are often referred to as “you” in the policy. The named insured may be a sole proprietorship, partnership, corporation or another type of entity.

As a business owner, you work hard to provide your loyal customers safe and effective products and services. But what will happen if you or someone on your team happens to make a mistake that results in injury, damage, or other legal issues? You need protection designed to cover you and your business in the face of the unexpected. That’s where Professional Liability Insurance comes in. 

In this blog, we uncover what professional liability insurance is and why it’s important, what kind of businesses can benefit most from this type of coverage, and how Central can help get you started with professional liability insurance today.

What is Professional Liability Insurance?

Professional liability insurance—often referred to as errors and omissions insurance—acts like a safety net for businesses. It provides protection in case a client or customer sues  because of a mistake made in the business’ course of work.

This insurance covers the price of legal counsel and helps pay for the damages awarded to those who suffer financial losses due to the insured’s mistake.

Without this coverage, a business or professional may have to pay out-of-pocket for defense costs and damages—a situation which, in many cases, can lead a business to financial ruin.

Who Needs Professional Liability Insurance?

Professional liability insurance is a crucial form of coverage for businesses across industries, as even the most competent professionals can make mistakes or face allegations of negligence. 

Believe it or not, there aren’t many people working for insurance carriers or agencies who grew up dreaming of insurance careers. Unless insurance is a family business, most people aren’t even aware of the opportunities this field offers.

The insurance industry offers exciting, lifelong career paths that professionals across many areas of expertise can find fulfilling. In this article, we explore what working in the insurance industry looks like, what kinds of experience and training apply to the field, and how to determine if an insurance career is the right fit for you.

What does an insurance career look like?

There are a lot of stereotypes held about working in the insurance industry. From stuffy spreadsheets to piles of paperwork to stodgy suits, the misperceptions are plentiful. Some even believe insurance people are uptight, boring, or out to take advantage of others.

Nothing could be further from the truth.

First, many different insurance careers are available to professionals beyond those that these incorrect stereotypes reference. In 2021, the insurance industry employed approximately 2.8 million people; 1.6 million for insurance companies, 1.2 million for agencies, brokers, and other insurance-related enterprises. 

These numbers also support industry-wide diversity. Employees of insurance organizations represent many different backgrounds, educations, experiences, and interests. 

Where those with a knack for numbers may end up in underwriting, for instance, a person with great people skills can find a home in customer service. Similarly, employees with creative passions might work in insurance marketing, while those with a tech background can lend their skills to innovative insurtech projects.

No matter your path, an insurance career is what you make of it.

Who is a good fit for an insurance career? 

Insurance is often referred to as a relationship business. People assume if you work in insurance, you will likely have to interact with your coworkers and peers across other organizations.

For some roles in the industry, this is true. If you’re a people person, there are countless opportunities to embrace career paths that allow you to connect with others, sell products and services, and share your knowledge. 

However, there are countless other options for those with different skills and backgrounds. Raters, processing clerks, actuarial, legal, support staff, marketing, design, IT, and product development all offer career tracks for different personalities and preferences.