Running a business in a niche industry means taking time to understand what makes for an acceptable insurance plan. If you run a maritime business, for example, you absolutely need to think about the additional steps you must take in order to insure your business to meet industry standards. This is especially the case when it comes to workers’ compensation options. Standard plans will not cover all of the risks of maritime employees, meaning business owners need to look into options like the United States Longshore & Harbor Act.
Know the Basics
The USL&H Jones Act is a type of insurance plan meant to fill the workers’ compensation gaps created in maritime businesses. Since standard plans don’t cover certain risks, USL&H helps to ensure your employees are always protected. What’s more, federal regulations dictate that certain businesses are required to have this additional coverage. The more you understand about the regulations, the easier it will be to make the final decisions for your business. Other areas to focus on can include:
- D&O coverage
- E&O policy options
- PWC rental coverage
Learn More About Your Options
There are several areas to consider when it comes to insuring your maritime business. As long as you dedicate time to understanding USL&H options, you will be able to find the best possible policy to meet your needs.
Solar energy contractors face significant risks when performing their work. Employees can easily be injured while using scaffolding or traversing roofs. Moreover, even though most contractors exercise caution during installation, third party property damage and injuries can also occur. These incidents can lead to costly lawsuits which can result in bankruptcy. Investing in insurance coverage to mitigate these risks is essential.
As solar energy professionals often perform installations in buildings that are already occupied, the risk for third party property damage or bodily injury is high. General liability insurance covers settlements, judgments and legal fees if a suit is brought against a contractor.
Laws regarding workers compensation insurance vary by state. Given the dangers faced by solar panel installers, however, the energy contractor insurance toolkit should always include workers compensation to pay for any injuries sustained by employees on the job.
Solar energy contractors offer an important service to their clients. Professional liability policies protect them from claims of errors or omissions in the design, advice or engineering work they provide for their customers.
The job of installing solar energy systems comes with many liabilities. Lawsuits can cause irreparable financial damage to businesses carrying out these services. An insurance expert can ensure that they are protected against any eventuality.
Shipping is one of the most important industries in the modern day and age. From consumers ordering everything they need in the internet to manufacturers requiring materials faster and in higher volume, those operating shipping businesses need to take extra caution when meeting rising demands. One excellent way to protect your company from the potential challenges ahead, you absolutely want to consider your options with insurance. Review these tips to get started.
Assess the Common Risks
Your first step to finding exceptional coverage is to assess the risks associated with shipping. Insurance is meant to reflect the specific demands of your industry. This means that you will find appropriate coverage only by looking at the risks you are likely to encounter. Shipping cargo comes with a number of inherent risks that aren’t present in other industries. What’s more, shipping via trucks will require different policy options than cargo being sent on a vessel across the sea. Other major areas to think about with your insurance coverage include:
- Coverage for directors and officers
- Workers’ compensation for all employees
- Extra protection for goods being shipped
Understand the Basics
There are a number of important points to take into consideration when it comes to finding the best insurance for your business. Review the risks of the shipping industry to gain more perspective on what option is best for your needs.
Employers face a stiff job market as the economy reopens after the COVID pandemic, and being able to provide competitive benefits will become more and more important as the competition for labor increases. You can get ahead of the game by augmenting your health insurance and other benefit coverage options with group life policies for employees. All it takes is a quick quote from an agent who sells group life benefits in Ohio.
Why Offer Life Insurance To Employees?
Health and dental coverage protect your employees and help them protect their families, and life insurance is no different. When employees have access to more affordable insurance options, they have the peace of mind that comes with knowing their loved ones won’t face financial hardship if something happens to them. If you provide basic coverage as a benefit of employment, it can be a big competitive edge in recruitment and retention.
Get a Quote for Your Business Today
Like other group coverage options, life insurance for employers and employees varies a lot in price. The larger your company, the less expensive group plans tend to be when compared to smaller companies with the same risk profile, but the risk of mortality involved in your line of business also plays a factor, as does the baseline health of insured employees. To learn more about costs for your company, you need a quote from someone who offers group life benefits in Ohio.
Have you ever wondered what your brewery liabilities are regarding the sale, consumption and aftereffects of liquor? If you run a brewery, having liquor liability coverage may prove essential in the event of an accident or a lawsuit. Take a look at some of the benefits this coverage could provide your business.
Your Brewery Could Enjoy Additional Coverage Beyond General Liability Policy Standards
Although your brewery might already have a general liability insurance policy in place, liquor liability provides additional coverage that could prove immensely useful. For instance, a liquor-specific policy could protect your business from:
- Damage resulting from intoxicated individuals in your establishment
- Alcohol mistakenly given to underage patrons
- Violations of local laws and regulations regarding liquor sales
- Legal issues involving liquor licenses
Numerous Types of Liquor-Related Claims May Be Included in Your Coverage
Typical liquor liability coverage offers protections against several specific types of claims. These protections could include, but are not limited to:
- Liquor liability lawsuit defense costs
- Assault and battery coverage
- Mental injury coverage in cases of suits involving claims of stress, psychological problems and other types of mental issues
- Occurrence coverage for injuries
In order to protect your business from several common brewery liabilities, it’s important to have thorough liquor liability coverage in place. Review these potential benefits to help you decide whether your brewery could use this additional coverage.
If you have insured clients looking for an alternative to traditional coverage, you may want to consider excess placement services. Excess placement services help you to find a perfect placement for your clients. For example, if he or she works in a niche industry, the service can help you align them with the right alternative coverage and policies.
Alternative Risk Solutions for Your Clients
There are several types of alternative risk solutions available to your clients. Some common plans include:
Many companies seek alternative risk solutions because they want more control over their insurance structure and flexibility in cost and deductible.
Solutions for All Industries
When seeking insurance for your clients, choose an agency with connections throughout the domestic and offshore markets. The broader the network, the more likely you are to find your clients adequate coverage for their niche business. Niche markets may include hair salons, piano tuners and dog groomers. In addition to uncommon markets, businesses with high risks, such as scaffolders may require alternative insurance options.
Working with an insurance agency that can help you provide your clients with niche options and alternative solutions is the best way to serve your clients’ businesses. Placement service agents can help you come up with solutions for difficult-to-place companies.
When you buy insurance, you’re buying financial protection for a set term. As a result, it’s not usually possible to make a claim for damages after the term is over, even if the damages occurred during the policy’s lifetime. Renewing a policy often changes that, but if you switch providers or retire from business, you’re likely to need tail coverage for many types of insurance.
Post-Policy Protection for Malpractice Claims
Any time you’re closing a policy and there’s a chance a claim could arise after the policy is over based on an event that happened while it was in force, that’s a cause for tail coverage. Tail insurance is literally an extended reporting window on the terms of the old coverage, either provided by a tail coverage specialist or by the original insurance carrier. Tail coverage and malpractice claims are most important for doctors and lawyers, but any professional carrying professional liability coverage should consider it.
If you’re changing practices or partners at your existing practice, you’re also likely to need tail coverage. Often, an entire practice is covered under one policy, and if the makeup of that practice changes, the policy needs to change. That means you’ll need tail coverage, whether you get it as part of your new policy or as a separate instrument.
Taxi companies and other people who manage fleet vehicles understand the importance of having working vehicles that are clean and well-tuned. Having insurance protection is also necessary as these vehicles play a crucial role in how you meet the needs of your customers. Individual drivers have auto insurance to cover damages to their vehicles as well as passengers involved in a collision. Those who are responsible for vehicles need to consider the protections of a taxi insurance policy to protect their businesses.
Understanding Taxi Insurance Coverage
When it comes to a taxi insurance plan, it’s important to have a plan that offers these coverages at a minimum:
- Liability – Protections that cover bodily injuries and property damage
- Uninsured Motorist – Coverage for medical expenses related to an incident involving drivers without insurance
- Physical Damage – Protects theft, vandalism, and other destruction which can be especially helpful for financed automobiles
- Collision – Coverage for repairs and replacements for crashes into other objects
In a business setting, other considerations for your policy include towing privileges and protection for important accessories, such as navigation systems.
Developing a Plan
While auto insurance policies are fairly common and widely available, you should go with an experienced insurer for your business insurance needs. There are typical and unique circumstances that govern how you operate, so look for a provider who can you develop a plan. Your business, including your employees and clients, rely on you to have the right insurance coverage.
Manufacturers face a wide variety of risks while they are conducting their day-to-day business. From unexpected property damage to injuries, running a manufacturing business is not as easy as it may seem. Because of this risk of things going wrong, it is vital that you look into purchasing manufacturing coverage.
Who Needs Manufacturing Insurance?
Manufacturing insurance is a must-have for any business that produces products or goods. Some examples are:
- Bottling plants
- Clothing & apparel manufacturers
- Furniture manufacturers
- Canning facilities
- Electronics manufacturers
- Food mills
- Meat packing plants
- Plastic manufacturers
- Tobacco plants
- Tool manufacturers
- Textile mills
How Much Does Manufacturing Insurance Cost?
The cost of manufacturing insurance can vary widely. There are a lot of different factors that can affect how much your business will pay for manufacturing insurance. Some of these factors are things like the types of machines and equipment you use, your vehicles, your workplace environment, the number of people you employ, and your claims history. To sum it up, your rate will ultimately depend on the unique qualities of your business.
Running a manufacturing business can be a very lucrative endeavor. However, as with most businesses, there is a certain amount of risk involved with being a manufacturer. Having good insurance can help everything run far more smoothly.
Between safety regulations, equipment maintenance and operation and monitoring employees, there is a lot to keep up with when you are managing a construction site. One thing that can often get overlooked is having the required signage displayed. If you are unsure what is necessary, this quick guide can provide some insight.
Types of Signs You Need
Safety signs generally fall into three broad categories: danger, warning or caution. These are based on the potential risk posed, such as the likelihood of an accident occurring or the seriousness of an injury that could occur. Fire safety, hazardous materials and restricted area signs can all be safety-related.
Some signs are not related to safety but are more informational in nature. These generally provide directions or supply information about policies or procedures. A restroom sign is an excellent example of an informational sign.
Where Signs Must Be Posted
There are also requirements that dictate where signage must be displayed. A good rule of thumb is that it must be clearly visible. Danger signs should be posted close to the source of danger, while it may be fine to leave a greater distance between a hazard and a caution sign.
Having the required signage properly displayed is an important part of properly managing a construction site. You should always review your site layout in relation to relevant rules and regulations before commencing work.