Companies looking to save money on the costs of offering certain employee benefits have different options when it comes to healthcare and insurance. Some of the benefits offered to employees are required by federal and state law, such as healthcare and workers compensation coverage. Companies can pay a steep price to be in compliance, so any cost-cutting measures are often a welcome solution.
Reducing the Cost of Premiums
Companies will often purchase workers’ compensation insurance to meet the liabilities associated with employees who suffer from injuries or illnesses while on the job. There are many factors that determine the cost of these policies, such as the size of the company, prior claims of injuries, and the general risks of the industry. One way to meet required obligations and still reduce the burden of expense on a company is through pay as you go workers comp insurance.
This is a highly preferred alternative for small businesses with tend to have low injury risks. Rather than pay a premium based on the projected payroll for the coming year, companies are able to pay throughout the year (according to their weekly or monthly payroll) rather than wondering if they will be receiving a refund or owing extra at the end of the business year.
This pay as you go plan is a more consistent and reliable way to address workers’ comp expenses. A company can manage its budget better and avoid large, lump-sum back payments at the end of the year to the insurer.
Nonprofit companies and volunteer organizations operate differently than traditional businesses and have specific risk management needs. To find the right insurance for voluntary groups, consult an agency with expertise in this area.
This type of insurance covers costs if someone sustains an injury resulting from a volunteer’s actions. It is vital to make sure the policy you choose for your company includes volunteers. These policies typically cover the following third-party claims stemming from accidents or negligence:
- property damage
Coverage varies, so carefully read your policy to ensure you have adequate protections in place.
Often the law requires this kind of insurance for voluntary groups. It provides coverage to help pay the costs associated with volunteers who become ill or injured while performing duties for your company.
Directors and Officers Liability
A D&O policy offers protection for the people who run your team, mitigating attorney costs associated with the defense of claims stemming from events, such as:
- An officer fails to fulfill legal obligations or execute professional duties.
- A manager does not comply with industry regulations or standards.
- A board member receives accusations of funds misuse or bad investment decisions.
You can often add coverage offering protection for discrimination claims in hiring, promotion or termination practices.
Mistakes and accidents occur within every organization. Ensure your operation has sufficient coverage in place by obtaining the necessary insurance for voluntary groups.
At some point in your business operations, you may have a disagreement with a business partner or a client over the results of a decision or a perceived mistake. This situation could lead to claims of negligence in practice, sometimes ending in a lawsuit dealing with errors and omissions. The nature of the claims and concerns will vary by industry and scenario.
The Legal Ground for Error and Omission Claims
There is a range of E&O claims that can be filed against you or your company, but the legal grounds for proof remain the same. To have a valid case, the party must establish that the work did not meet reasonable expectations or contractual obligations according to industry standards. It must also be shown that damages occurred and that any damages were a direct result of the work your company did or didn`t do.
The Situations That Lead To E&O Claims
You don`t have to make a big mistake for a claim to be made against you or the company. Situations involving poor communication where a consumer draws their own conclusion may lead to feelings of neglect or misinformation. Clerical errors or processing paperwork late can also lead to situations of confusion where the client wants retribution for their hassle or frustration.
The financial liabilities associated with errors and omissions can be covered with an E&O policy. Check with your insurer to see how much you are covered.
Business owners that serve alcohol know they can be held liable for various types of damage that result in injury or property damage by intoxicated persons. Liquor liability insurance coverage usually protects an alcohol-serving business from claims or damages that result from their patrons’ consumption of alcohol. This is just one of two types of liquor liability insurance that a business can purchase to help cover their operational risks. Companies that do not serve alcohol, but allow the consumption of it on their premises may also be liable from injuries and losses caused by intoxicated persons. In this case, a host liquor liability insurance policy helps protect these companies.
Exploring the Differences
Liquor liability policies are usually one of two types:
- Liquor Liability Insurance: This is recommended for businesses that sell or serve alcohol to protect against lawsuits resulting from injuries or property damage from an intoxicated person.
- Host Liquor Liability Insurance: This type of coverage is advised for companies that host social events where alcohol can be consumed on the premises.
Host liquor liability insurance is often included in general liability insurance. It covers medical expenses, damages and legal costs.
Tailoring Your Coverage
As a business owner, you should consult an insurer that specializes in liquor liability coverage. The right provider can help you determine the specific type of liability coverage that your business needs with respect to risks associated with alcohol service and consumption.
From keeping the machines in top shape to sharpening your accounting skills, operating your laundromat requires mastering multiple skills. One you might not have sharpened yet, however, is finding the right laundry business insurance. Although it can be easy to overlook, laundry insurance can have surprisingly protective benefits.
It Could Benefit Your Laundromat in Several Scenarios
If you think nothing will ever happen to your business that will require insurance protections, you may want to reconsider. Unexpected weather events like floods and fires occur frequently depending on geography, and other issues like theft or property damage can arise at any time. With insurance, you can rest assured that your business won’t take too big a hit if these events occur.
It Can Offer You Protections for Your Property and Your Workers
One of the biggest advantages in securing laundry insurance is that you can get both your property and your workers protected at the same time. While policies differ, you could potentially bundle:
- Workers’ comp for your employees
- Property insurance in case of damage to your building
- Liability insurance in the event of lawsuits
- Insurance for assets like washers and dryers in case they get damaged
You already put in plenty of work to keep your laundromat going, so make sure you’ve protected your efforts with a solid laundry business insurance plan. Once you know you’re covered, you can enjoy the added business security every day.
Navigating the various kinds of liability insurance available to your business can be confusing. General liability covers just about everything, so shouldn’t that be enough? The fast answer is no, and it’s not a good idea to just buy more general liability coverage if you only face additional exposure along one line of liability. Since general policies tend to have a cap overall and for each type of liability covered, additional coverage that suits your unique business risk profile is often a good idea, and that’s what contingent liability insurance policies offer to businesses who need them.
What Is Contingent Liability?
Often called indirect liability or 3rd party liability, this avenue of risk is essentially when you bear liability for possible damages to a third party as a result of work your business does. The three terms are interchangeable, so if you have an existing 3rd party liability policy, it’s essentially the same coverage. Depending on your business’s operations, you could have just a little exposure in this area or it could be one of the biggest avenues of risk you face, which is why it is typically included in general liability and sold on its own as an extended policy as well. If you’re not sure whether you have enough coverage in your general liability policy, it’s a good idea to have a professional walk you through your exposure so you can buy the coverage needed to fully protect your business.
Marine repair is an essential, highly skilled niche in the industry, providing backbone services to all the rest of the maritime businesses that rely on seaworthy vessels to make their money. One of the most important areas of the boat to maintain is the fuel system, which is uniquely prone to wear and stress. Keeping your vessels in good repair and your crew protected means knowing how to handle your boat fuel tank upgrade, including how to maintain the fuel vents and avoid safety pitfalls like fuel traps.
The Importance of Fuel Vents
Vents allow air to exit the tank as you fill up with fuel for each voyage, avoiding a pressurized build-up. Unfortunately, they can also be a site for moisture to enter the tank if they are installed at an angle that allows water in, and sometimes vent system design leads to pooling and other issues that trap fuel in unsafe places, rather than returning it to the tank. If you’re not sure how to set up the vents for a new tank on installation, it’s a good idea to let repair professionals design your way forward. They’ve got the risk management tools and experience needed to safely upgrade your vessel, as well as protection against mishaps that could cost you a lot of money if you took on the risk of the work yourself.
The agriculture industry is an important sector in the U.S. economy. Whether you are the owner of a farm, ranch, orchard or any other agricultural business, you have specific risks that other businesses and other industries do not face. Agricultural insurance coverage is critical.
Types of Businesses Covered By Agricultural Insurance
When it comes to agriculture insurance, there are several types of businesses that are covered. This includes crop farms, animal ranches, wineries, nurseries and more. Agricultural insurance covers businesses that grow food, raise livestock and more. Whether you mill grain, own a dairy farm or ranch animals, you are a part of the agriculture industry.
Types of Risks Accounted for By Agricultural Insurance
Whether you have a large operation or a small farm, there are several risks that you may have to account for. For instance, you need to think about damages to your commercial property, injuries to staff or breakdowns of equipment.
Some common solutions cover the following:
- General liability
- Feed lots
- Business interruption
- Workers’ compensation
When it comes to your farm, you need to remain protected. If you lose your crops, your livestock or if your staff becomes injured, you have to have a way to keep going, despite the costs.
When it comes to insuring your business, you have to consider the specific risks of the industry. Farming and agriculture are no different.
The business of cannabis can be highly rewarding, but it also comes with a number of calculated risks. As the industry continues to boom, so do the available coverages, which now span from soil to shop. Though you should weigh all options to see which best suit your needs, the following key insurance policies for cannabis businesses help ensure that your business remains secure from internal and external threats.
1. Worker’s Compensation
Unlike many cannabis insurance policies, worker’s compensation is required by all cannabis businesses. It is essential for covering any employees who experience illness or injury while at work, as the policy offers indemnification against the costs of medical treatment and covers loss of regular income due to the illness or injury.
2. General Liability
Like worker’s compensation, general liability insurance is required in certain instances. Even when it is not required, it is the most recommended policy as it protects against claims from customers. These claims usually involve injury on business premises or illness caused by sold products.
3. Cargo Coverage
As the name suggests, cargo coverage insures all of your transported goods. This type of policy usually covers any and all damages to or losses of the product while in-transit. It applies to any stage of the transportation process, from pickup to delivery, and sometimes even applies to companies you hire to transport your products for you.
The growth of the cannabis industry shows no signs of slowing, making it a clear business opportunity for many; however, it’s crucial to consider all risks and how best to mitigate them, starting with solid insurance policies.
Truckers are often considered to be the backbone of North America. They keep our country running by transporting essential goods where they need to go. However, owning a trucking business is not without risks. It is of the upmost importance that you are correctly covered in case something goes wrong. This is where truck cargo insurance comes in.
What is Covered By Truck Cargo Insurance?
Truck cargo insurance makes sure your cargo is protected in a variety of different scenarios. It covers damages of all kinds including damage from an accident or fire. Truck cargo insurance even covers cleanup if you are involved in an accident that causes your cargo to be spread all over the road. Truck cargo insurance can be purchased for a variety of different trucks including:
- Dump trucks
- Cargo vans
- Car haulers
Some vehicles are not able to be covered by truck cargo insurance. These vehicles are:
- Garbage trucks
- Ice cream trucks
- Passenger vans
What is Not Covered By Truck Cargo Insurance?
While you are offered an immense amount of protection for your cargo, there are some things that cannot be covered. Some of these types of cargo are:
- Live animals
- Explosive material
- Radioactive material
If you are the owner of a trucking business, you know that there are a lot of potential risks to your cargo. Having the right truck cargo insurance can make all the difference.