Businesses across all industries carry risks that are unique to their niche and location, and ultimately dependent on a wide variety of specific factors. Insurance is almost always necessary for businesses, but it can be difficult to determine what type of policy offers the best protection for your company. Working with a quality insurer to design a business insurance policy tailored to your needs will be incomparably helpful if trouble arises.
What Coverage Might Your Business Be Missing?
Many business owners feel well-covered by their current suite of insurance, but there may be significant gaps that they have not noticed. These may include the following:
- Pollution liability, in the event your business is found responsible for an environmentally-damaging leak or spill
- Sexual and abuse liability, in the event someone at your business is found liable for harassment or other claims
- Unique product liability risks
Your needs may be more general; in some cases, it is possible that your business simply does not have sufficient coverage to protect your assets in the event of a major judgement.
Whatever the particulars of your situation, a thorough insurer will meet with you and get to know your company, and work with you to design a policy of business insurance that keeps you covered no matter what happens.
Understanding Crane and Rigger Insurance Options
There is a large variety of companies that use, rent, own or operate cranes and rigs. That may be why the coverage insurance offered to the companies has been so diverse. Rather than extending a single policy to cover potential risks associated with crane and rigging machines, riggers liability insurance specialists have gathered a pool of coverages to fulfill a multitude of insurance needs.
Wide Coverage Offered
The liability insurance coverage for cranes and their riggers protects against possible property or equipment loss. Different types of heavy equipment coverage policies include:
- Boom Truck Operators
- Heavy Haul Truckers
- Concrete Truck Haulers
- Crane Operators
- Transportation Specialists
Since riggers and crane operators work closely together moving pulleys, cables and winches, it is easy to see why more than one type of policy may be necessary for complete coverage.
Extensive Endorsement Coverage
There are standard policy coverages for riggers and crane operators that include:
- Physical Damage Coverage
- Workers’ Compensation
- General Liability
- Surety Bonds
- Rigger Liability
Endorsements should also be considered because of the varied circumstances of work areas and situations. Additional policies can include upset coverage, warehouses, cargo, movers and other equipment.
Best Protection Available
Finding an insurance broker to help you create a complete coverage package has never been easier. Whether your business owns, sells, rents or operates the massive machines, insurance coverage is your best protection against possible liability.
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.
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.
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.
Every condo association, no matter how large or small, could potentially benefit from getting D&O insurance for condo assocations. These associations typically work to oversee condo communities, which may leave them vulnerable to management-related lawsuits. By getting D&O, or directors and officers, liability insurance, condo associations can get covered for these potential risks.
It Helps Mitigate a Range of Management Liability Exposures
Due to the nature of management, directors and other association officials may be exposed to a number of liabilities that could result in expensive lawsuits without insurance. These liabilities, which D&O insurance may cover, include:
- Breach of contract
- Wrongful eviction or foreclosure
- Discrimination and employment practices liability
- Fiduciary duty breach
It Could Offer Protections for Directors, Committee Members and More
Despite its name, D&O insurance doesn’t just strictly cover directors and officers. In fact, many D&O policies can offer protections to association members, community members and more, including but not limited to:
- Directors and officers
- Volunteers and employees
- Board trustees
- Committee members
- The community association at large
Having thorough D&O insurance for condo associations can help protect both board and community members, and may be a useful tool in mitigating common management liability exposures. If you run a condo association, consider looking into D&O insurance today.
General liability insurance, inventory insurance, and other major policy types might be used across a range of industries, but the coverage still needs to be custom-fit to your business to be effective. That’s why it’s usually a good idea to work with an agent or provider who has a lot of experience with businesses like yours. If that makes sense, then it should also make sense to purchase your insurance policies in one comprehensive package that suits all your company’s needs. That is basically what you get when you buy a retail business insurance policy.
Reputation, Inventory & More
Comprehensive retail business coverage monitors your avenues of risk and advises you in the best practices for reducing that risk as much as it covers you when claims arise. That means monitoring your reputation, protecting you against cyber theft and other security breaches that could damage it, keeping your workers compensation up to date, and more. It goes way beyond general liability or even public liability insurance, and it can be purchased with those policies or as a stand-alone addition to them, depending on your preferences and the agent you settle on. When your insurer is proactive about helping you reduce your risk, the advice alone can be worth what you pay in premiums. It is a lot more profitable to keep business moving forward than it is to stop and file a claim, after all.