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Homeowners Insurance Policy

Should You Purchase Both a Homeowners Insurance Policy and a Home Warranty?

Owning a home involves a significant financial investment. Indeed, it’s the largest expenditure most people make in a lifetime. Homeowner’s insurance policies and home warranties can help you to protect this investment. While both of these products provide coverage for your home and your possessions if an emergency occurs, they do so in different ways. Knowing the differences between a home warranty vs home insurance can help you to decide what type of plan is right for you.

What Is a Homeowners Insurance Policy?

Homeowners insurance is a type of property insurance. It will pay the cost of repairing or replacing the structure of your home and your personal belongings in the event of:

  • Storms
  • Theft
  • Fire
  • Some forms of water damage
  • Other natural disasters

A plan will also protect against third-party claims of bodily injury occurring in your home.

What Is a Home Warranty?

Unlike homeowners insurance, a home warranty will not cover the structure of your home or your personal possessions. Instead, it pays for the repair or replacement of your home’s major components, such as plumbing, electrical wiring, cooling and heating systems and certain appliances, should they stop working. However, it is important to note that a warranty will not provide coverage should these be improperly maintained.

You’ve invested time and money in your home. Unfortunately, unforeseen damages and breakdowns can easily occur. Homeowner’s insurance policies and home warranties can help you to cover the expense of restoring your home, its components and your personal possessions.

Insurance Agents Protection

Protect Your Insurance Agents the Way You Do Your Clients

Running an insurance agency or similar organization can bring about a number of unique concerns. While your business is centered around providing sensible insurance solutions to people across a variety of industries, you also need to make sure that your own team is covered in the event of an accident. One way to achieve this is by taking the time to review all of your options on insurance agent E&O. Understanding this type of package is crucial when it comes to providing peace of mind for your team.

Getting a Feel for Agent Errors & Omissions Packages

As insurance experts in your industry, you probably already know how Errors & Omissions coverage works. This type of plan for your agents performs much in the same way as a traditional plan. The coverage addresses any exposures that might occur when an agent is delivering information, paperwork, and other critical data to clients. In the event that something is missed, E&O coverage works to protect your agents and your company from being held liable. This can save you money and keep your workers safe. Additional benefits of this plan include:

  • Coverage for wrongful acts
  • Personal injury
  • Subpoena coverage

Protect Your Team 

Taking care of the men and women who act as agents on your insurance team is a big task. Take time to review your options with comprehensive E&O coverage for your agency and discover how you can do what’s best for your team.

Professional Liability Insurance

Protecting Your Firm with Professional Liability Insurance

Business owners like yourself understand the need for typical insurance plans to protect your operations:

  • General liability, including protections against customer injury and property damage
  • Property coverage for office building and property owned and used by your company
  • Commercial auto for vehicles used for business
  • Workers’ compensation, offering protection for employees injured on the job

Leading an engineering firm, you also need professional liability insurance. Your clients expect you to deliver buildable plans and specifications. If a mistake or oversight in your design causes physical and/or financial loss to a client, you need a plan that protects you from losses due to litigation.

Why Do I Need Professional Liability Insurance?

This professional liability insurance, also known as engineering errors & omissions coverage, gives you the layer of protection that helps you pursue clients and contracts to grow your business. Despite in-house quality control and quality assurance processes, errors and omissions can occur that can result in significant damages. Whether it’s a small mathematical error in a set of design calculations or a note that incorrectly indicates inches instead of feet, a mistake puts your company at risk when operating without E&O coverage.

Do I Really Need E&O Coverage?

The reality is that some clients and business partners require consultants to have a specified amount of professional liability insurance before executing a contract or issuing a notice to proceed. You’re in this business to make money. Don’t disqualify yourself from lucrative contracts by not having E&O protection.

valuations for cargo ships

Safety Evaluations for Cargo Ships

Cargo ships all have to take important safety steps to mitigate safety hazards. Apart from the dangers posed by inclement weather, other hazards such as mechanical failures or improper maintenance could present a serious danger. Safety inspections are a critical part of ensuring that a ship is seaworthy and that crew and cargo will be safe.

Cargo Needs to Be Stored Safely

Cargo safety evaluations must confirm that cargo containers are being placed securely and weight is distributed evenly throughout a ship’s cargo hold. Any unexpected movement while a ship is in motion could result in serious personal injury or property damage.

Life Rafts and Life Boats Must Be in Working Order

In the event of a critical emergency, a ship’s emergency life rafts and lifeboats need to be ready to put to use. There must be an adequate number of emergency vessels to accommodate all crew on board, and they must be equipped with all necessary emergency equipment.

Communication Equipment Must Be Well-Maintained

A ship’s vital emergency communication equipment must be fully operational at all times. It needs to be periodically inspected, and any type of equipment malfunctions must be immediately addressed. If there is a temporary outage in operations, the cause has to be identified and addressed.

Maintaining emergency equipment and verifying that safety protocols are followed will greatly help to minimize the risks associated with heavy cargo shipping.

construction bonds

Reinforcing Your Construction Business with Bonds

Individuals purchase insurance to cover losses and damages. Similarly, business entities procure insurance to protect their interests. As a contractor, you need to purchase a special type of work-related insurance known as a construction bond. Many owners require contractors to carry construction bonds that protect their projects from disruptions or financial losses that prevent completion of the project or construction according to project requirements. Here are a look at common types of construction bonds available and how they work.

What Are Some Common Types of Construction Bonds?

The most common construction bonds include the following:

  • Contractor License. These are usually required by government owners before you can work on the project. It’s a guarantee that you follow all applicable laws and regulations.
  • These bonds guarantee that you will contract with the owner for the bid amount if awarded a project.
  • These bonds are often required for contracts over $100,000, covering your subcontractor’s and suppliers’ invoices in the event that you can’t pay them for their work.
  • This guarantee that you deliver a project according to contractual terms, including scope, schedule and quality.
  • These bonds are used to reimburse a purchaser for the loss if you fail to obtain supplies or materials.

What Other Bond Types are Available?

Other bonds include maintenance bonds, subdivision bonds and site improvement bonds, which may be required of contractors that specialize in maintenance work, municipal projects and renovation jobs. Consult an insurance agent that is an expert in coverage for construction work for the right plan for you.

legal cannabis and hemp industries

What Are the Risks Involved in Starting a Cannabis or Hemp Business?

The proliferation of cannabis and hemp businesses across the nation continues to skyrocket with the nation-wide legalization of hemp and the increasing number of states legalizing cannabis. While the potential for profit is high, there are risk factors involved that those who would like to get in on these new niches should be aware of.

Potential Risk Considerations

Starting a business always involves risks. This is true regardless of industry. Hemp and cannabis are both agricultural crops. As such, they are subject to issues inherent in agriculture. Though hemp is a hardy plant, the weather is still a concern. For instance, too much water too early can ruin the crop.

While the market is thriving for hemp and cannabis products, there are still concerns about competition. Other market factors have become apparent in the time of COVID-19, which has resulted in an overall boon for the industries, though those with physical shops either had to close their doors or shift their delivery methods.

Special Considerations

In addition to the risks involved in starting any business, there are some special considerations for the legal cannabis and hemp industries, including:

  • Marketing claims that could lead to legal issues.
  • Inadvertent production of crops with THC levels higher than the legal limit.
  • Difficulty finding adequate insurance.

The growth curve for these industries is predicted to continue on an upward trajectory, and many entrepreneurs are taking advantage of the trend to start a new business. For those taking the leap, it is important to consider and plan for the potential risks.

restaurant going green

How Your Restaurant Can Go Green

With federal legislators and the executive branch failing to bring about urgently needed environmental reform, the onus to act is falling on corporations, small businesses, and individuals. Everyday consumers expect and demand that the companies with whom they choose to do business launch green initiatives and adopt environmentally friendly practices. This is particularly true in the restaurant industry, which is better positioned to go green than in other sectors. Here are some ways that your restaurant can go green to win over more customers, reduce operational expenses, and contribute to the most important cause in all of history: saving the planet.

  1. Green Food Packaging

Contrary to what most people think, traditional plastic packaging usually doesn’t really get recycled. The United States’ ability to process plastics recycling is very limited. China used to process the majority of the United States’ plastics material but has ceased to accept them. Non-plastic food containers are not expensive, and they’re typically made of better quality materials.

  1. Water Conservation

A restaurant going green has to take measures to prevent water waste. Using low-flow meters and dishwashers is an excellent way to conserve water in your restaurant.

  1. Energy Efficiency

Restaurants can purchase or lease energy-efficient appliances to use less power. LED lighting requires significantly less electricity than traditional lighting. Energy efficiency not only helps the environment, but it also brings down your monthly energy bill and makes your restaurant more profitable.

Commercial laundry industry

Limiting Liability in the Commercial Laundry Industry

Commercial laundry is a growing industry. It encompasses coin laundries, dry cleaners, and in-house operations such as those at hotels, spas, and hospitals. Commercial laundry industry caution that liability issues can grow along with operations.

What Risks Do Commercial Laundry Operators Face?

  • Injuries to customers on your premises
  • Equipment breakdown or failure
  • Loss of income resulting from power failure or a natural disaster
  • Damage to buildings caused by flooding from a burst pipe
  • Damage to personal property of customers caused by a machine malfunction

What Are the Best Ways To Limit Liability?

Much like any business, a commercial laundry will need to protect against general liability and carry necessary coverage for workers. You should also take steps to limit your industry-specific liability.

Develop and implement workplace safety and accident prevention plans. Be sure they include proper signage for customers to highlight equipment operation and how to maintain a safe public area. Employees should always receive proper training in equipment use.

Carrying specialty insurance custom-tailored for the laundry industry is an absolute must. This will allow you to replace or repair equipment that is damaged due to power surges, help replace income when you are forced to cease operations for circumstances beyond your control and help cover expenses related to claims made against your business.

Industry leaders expect coin, dry cleaning and other commercial laundry operations to grow in the near future. Business owners and operators should know and implement best practices that can mitigate risk and liability.

cannabis-dispensary

3 Types of Insurance a Cannabis Dispensary Needs

Although new developments occur in the cannabis industry nearly daily, it is still quite misunderstood in some circles. For this reason, risk management is essential for anybody operating within the industry. Purchasing the correct cannabis insurance coverages is one of the most important methods.

  1. General Liability Insurance

The first policy your cannabis dispensary needs is general liability. You never know what could happen while a customer or employee is on the property. General liability protects you if someone is injured at your dispensary by covering some or all costs related to property damage, personal injury, medical payments, and legal defense.

  1. Product Liability Insurance

Naturally, your cannabis products undergo rigorous testing to ensure safety and quality. However, no system is error-proof, and product liability insurance protects you in case a customer claims one of your products caused him harm or injury. The coverage handles legal fees or settlements outside of court.

  1. Crime Insurance

Like any other business, a cannabis dispensary is at risk of falling victim to a crime. Crime insurance protects you from criminals, whether clients or employees. You can use it to cover inventory replacement or in a number of other situations, depending on the policy’s specifics.

Protect your business to ensure your success. Never open the doors to your cannabis dispensary until you have the proper insurance policies in place. Your agency can help you determine which coverage best meets your needs.

Nonprofit Organization

A Surprising Way to Promote Trust at Your Nonprofit

Though many people go to work for a nonprofit because they value the types of services they provide or causes they support, employee and volunteer trust is not necessarily a given. Creating an environment that establishes transparency in company practices helps to develop trust at all levels of the organization. One surprising way to open the doors to transparency is by encouraging incident reporting in nonprofits.

Open a Dialogue Around Risk Management

Filing incident reports is often an established procedure and employee responsibility. However, there are several reasons employees and volunteers neglect the process. As reported on https://visvolunteers.com, opening up communication on the shared responsibility for risk management across the organization can reduce barriers to incident reporting, such as:

  • Fear of negative impacts on an individual’s or company’s reputation
  • Concerns that issues will not be addressed
  • Fear of negative repercussions for the reporter
  • Concerns over the strength of the reporting system

Regularly inform organization personnel about the importance of filing incident reports to the improvement of company practices. When incident reports are filed, follow up with the individual who filed it, acknowledging its receipt and, if possible and appropriate, any steps that were taken to address any issues revealed in the report. Encouraging incident reporting in nonprofits helps to increase organizational transparency and employee and volunteer trust.