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.
You may have seen signs that advertise certain mortgage bankers as being insured and bonded. The nature of this profession makes being well-insured and bonded a top priority. Here are some of the reasons that mortgage banker bonds are important for lenders and borrowers alike.
What Mortgage Bankers Do
Mortgage bankers are in the business of soliciting applications from borrowers, underwriting their loans from a so-called warehouse line of credit, and then quickly selling the loan to a mortgage investor. Once they have sold the mortgage, they can then use the proceeds to pay off the warehouse loan. The more credit the banker acquires, the greater the capacity to fund more loans simultaneously.
Why Mortgage Bankers Need Bonds
Due to the positive effect on their credit ratings, mortgage banker bonds can be advantageous. Increased credit helps lower the interest rates they can offer to borrowers, and subsequently attract more business. Furthermore, investors such as Fannie Mae, Freddie Mac, Ginnie Mae, Wells Fargo, and PNC all have very specific insurance requirements, so being bonded is often a requirement of doing business with them.
Because of the devastating losses than can be mitigated, as well as the new business that can be generated by lower interest rates, mortgage banker bonds are well worth their premiums.
These days, it is common for professionals across a number of industries to travel for work. Whether your business involves sending employees on domestic and foreign flights on a routine basis or it only happens every now and again, you need to make sure you’re hitting all the right points with your insurance coverage. Most standard packages do not include coverage for times when employees are away from the workplace. Consider these points to take out policies that keep your staff protected no matter where they roam.
Common Risks Involved With Travel
Understanding the basics of business travel accident coverage is a must when you’re reviewing your options. Essentially, this type of policy protects your employees in the event of an accident that transpires while they are away. Whether a worker slips while trying to catch a cab on a rainy day or falls ill during his or her stay, this insurance policy covers the major gaps created by a standard policy. When taking out travel coverage, be sure to also think over factors like:
- How often you send workers on trips
- The length of each trip
- Protection for non-workers like investors and shareholders
Proper Protection Is a Must
By considering all possible risks involved with sending employees on work-related trips, you can ensure your coverage hits all of the right marks. Look over the details and get a better feel for a policy that will help your employees feel protected.
Working in the media industry, whether you produce TV programs, write newspaper columns or market advertisements, usually entails some degree of vulnerability to professional liability claims. If you’re in media and are wondering what sort of media insurance coverage you should get to protect yourself or your company, take a look at these insurance basics you should be aware of.
Look for a Tailored Policy
In order to get the most out of your insurance coverage, spend some time shopping around for a policy tailored to your field and your individual needs. Industries that are eligible for media insurance coverage include:
- Communications and telecommunications
- Software design
In short, if you regularly publish material, you may need liability insurance.
Protect Yourself Against Several Claim Types
When choosing your policy, make sure you or your company are protected against many types of claims. Some of the most common ones may include:
- Slander or libel
- Intellectual property infringement
- Breach of agreement
Without adequate coverage, you may leave yourself or your employees legally and financially vulnerable.
The media industry covers a broad range of professions, including journalism, marketing, content production and much more. If you work in these fields, consider getting a media insurance policy for protection in the event of a claim.
All commercial truckers know the importance of trucker insurance. Trucker insurance includes coverages that are specific to commercial trucking, the property you carry and the specific risks that truckers face on the road. When it comes to insurance, there are always dos and don’ts. Here are two of the don’ts to remember.
Use the Cheapest Option
Some truckers mistakenly believe that all commercial truck insurance is the same. The truth is that different insurers offer different policies. Your coverage options will depend on the cargo you carry, whether you work for a company or are an independent trucker. Do not simply choose the cheapest option.
Cancel the Coverage in Off-Season
If you have times where you store your truck, you may consider canceling your insurance policies. Some truckers assume that since they are not actively on the road, they do not have to pay for insurance. The problem with this line of thinking is that your property can still suffer damage while stored. Vandalism and fires, for instance, can still cause damage to your truck.
When it comes to commercial truck insurance, you should focus on what protects your business the most. While price matters, you should also pay attention to comprehensive coverages that will save you in the long run.
While most companies provide employee benefits programs, even the most generous packages can sometimes contain omissions that may lead to claims and liabilities. Some employee benefits claim examples include accidentally erasing employee files, discussing plans with non-employees, and failing to enroll an eligible employee. In order to protect yourself and your business, there are a few important facts to understand benefits liability coverage.
Ensure Your Benefits Program Qualifies
Before you can purchase liability coverage, you should ensure that your current benefits program fits requirements. Covered benefits typically include:
- Workers compensation
- Maternity leave
- Health insurance
- Life insurance
Once you’ve identified the benefits you need coverage for, you can begin looking for a policy. Be aware that many policies only provide coverage for claims made during the period you purchase.
Errors Covered May Vary
Because the errors covered by a policy may vary, be sure that your plan will help protect you in areas you need. Administrative mistakes and filing errors are common situations where your company may need help covering damages, for instance.
Even if your company offers a generous employee benefits package, you may still be vulnerable to claims due to errors or omissions. If you’ve looked at some employee benefits claim examples and wondered whether your company could use extra protection, you may want to look into benefits liability coverage. The right plan could give your business the coverage it needs.
Public official’s liability insurance covers defense costs or damages for claims brought against elected officials, government employees, and volunteers.
Why Do Public Employees Need Liability Policies?
Any business needs protection to cover expenses when faced with unexpected lawsuits and legal fees. Those who work in the public sphere also require this type of coverage. These kinds of jobs involve a high level of risk exposure to legal claims.
Public figures face a great deal of legal scrutiny within every project. People file lawsuits for issues involving discrimination or mismanagement of funds. There is also potential exposure to claims regarding things like zoning issues or failure to perform job-related tasks.
Public entities, their officials, and employees working in various capacities need this type of liability policy, including:
- Local governments – This includes towns, cities, boroughs, and counties.
- Special Districts – Districts such as water and sewer utilities, hospital, fire, irrigation, housing, transit, and parks, and recreation departments are part of this category.
- Airports and airport authorities
What Does Public Officials Liability Insurance Cover?
This type of policy protects the insured from wrongful acts claims. These claims consist of alleged misstatements, errors, negligence, or omissions while working as an elected official or public entity employee.
Public officials are liable for their actions while performing their professional duties. They should obtain coverage from an insurer who can meet their unique requirements as public figures.
Life is full of unexpected events that may benefit from an additional insurance policy. Tail end insurance is one instance where supplemental coverage may be helpful since it extends coverage for claims filed after a policy expires. Here are three essential things to know about tail end coverage or the Extended Reporting Period (ERP) before you cancel your policy.
Why Tail Coverage is Important
Because daily life is often unpredictable, this endorsement gives policyholders peace of mind because it allows you to file a claim against your policy even after it expires or is canceled. Adding this supplemental claims-made insurance policy requires additional payment to your insurer, but is often worth the added cost. Keep in mind that while this policy does grant you more time to file a claim, it does not extend your current policy period.
How Long Coverage is Needed
Many insurers recommend purchasing the most time possible because you cannot add additional time after your endorsement ends. It’s also important to note that since an ERP is a fixed time, it’s also not renewable.
Generally, most insurers look at your professional liability policy and charge an additional fixed percentage. Usually, this cost is between 100 to 300% of your final premium.
Tail end coverage can be a practical endorsement option for anyone with professional and management liability policies. Just make sure you add the endorsement before canceling your policy to ensure you don’t miss any narrow window.