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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.


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, 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.

Cannabis Industry

Coverage Confusion in the Cannabis Industry

With the cannabis industry being newly legal in most places and still illegal in others, the approach to insurance coverage can be confusing and overwhelming. Since the industry isn’t legal nationwide, each state can set different regulations for those in the business within their state lines. Regardless of what any state requires, any business owner in the cannabis industry should have a broad range of coverage for the risks they face in the business.

Coverage for Every Stage

There is a number of coverage types when it comes to cannabis trade. CannGen insurance professionals assert the importance of understanding individual business needs and finding an insurance provider that will work with a company to customize a policy that will sufficiently cover its risks. Some policy choices include:

  • cultivation insurance
  • cannabis harvesters insurance
  • manufacturer insurance
  • laboratory insurance
  • landlord and property manager insurance
  • dispensary and smoke shop insurance
  • processor insurance

Other coverage areas like building insurance, delivery, and transport, and product liability will all be important in various stages of producing cannabis products and getting them into the hands of customers and clients.

With the help of an experienced and equipped insurance expert’s help, any cannabis business, no matter how big or small, will be able to prepare for any risks it may face and ensure long term and high-quality products and services to their clientele.

investment fund insurance

Making a Start in Investing

Making a Start in Investing

An investment fund is a source of capital that comes from several investors with the intent to purchase individual shares of securities. These funds allow individual investors to choose from a broader selection of options while also enjoying lower fees. There are multiple types of funds, including exchange-traded funds, hedge funds, money market funds, and mutual funds. When purchasing these investment options, it is sometimes possible to choose between lower- and higher-risk investments. This helps the beginning investor protect against serious financial losses while preparing for the future.

Tips for Beginning Investors

Are there other ways to take advantage of investment funds safely? One thing to watch out for is “safe” investments that don’t keep up with inflation or your purchasing power. Instead, look for short-term US Treasury bonds, bond funds, and target-date retirement funds. According to experts at, you can also look into investment fund insurance. Here are more tips for beginning investors:

  • One of the basic rules for beginning investors is to keep an eye on any type of savings investment. If you’re playing it too safe, your investment may not provide any type of return. Even a small but consistent return is better than nothing.
  • Too often, beginning investors want to pull out their money for emergencies. If your investments are too accessible, you won’t end up making money and your retirement options will suffer. Instead, separate your savings investments from your checking account and keep them divided.

Are you confident in your ability to manage your own hedge fund? Sometimes working with a group of more experienced investors is a great way to get started.

U.S. Risk

Preventing Common Welding Injuries

Up until now, science has not found a way to join two pieces of metal without using a lot of heat at the meeting point. That leaves welders exposed to potentially dangerous hazards, including electric shock, toxic fumes, explosions, and more. So, how would you prevent welding-related injuries?

Avoiding Electric Shock

Electric shock can lead to severe injury or death from the current itself or the fall that comes as a reaction. To minimize this risk, workers should do the following:

  • Wear dry gloves that are in good condition
  • Use protection when touching the electrode or bare metal parts
  • Repair insulation before use
  • Ground safely
  • Get basic training

Averting Arc Radiation and Welder’s Flash

Welder’s flash and arch radiation are some of the most common metalwork injuries. While both situations might not be fatal, pain in the eyes and burnt skin will cause discomfort and inevitable downtime. Using a welding hood with the right lens protects your eyes from the “bright lights,” and a welding overall should minimize UV exposure.

This piece is not by any chance exhaustive; there’s a lot more that could go wrong in a metal project. In fact, over 60 people die every year due to welding-related accidents in the US alone, as reported by U.S. Risk. That makes this safety discussion more crucial than ever.

Moody Insurance

Tips for Safe Winter Riding

For many motorcyclists, the motorcycle is their primary modes of transportation. That means despite the temperatures falling and ice on the road, they are on their bike. In addition to having worldwide motorcycle insurance, these tips can help riders stay safe this winter.

Following Distance

One way to decrease the risk of an accident is to increase the following distance behind other vehicles. Slippery ice, cracks in the road or fresh salt decrease tire traction. Additional distance gives you more time to stop. The insurance firm Moody Insurance states that auto liability insurance is a requirement in most states.

Slick Conditions

Try to avoid riding when the weather turns nasty. Falling snow can quickly accumulate on the road creating slick road conditions. Those colder tires have less traction on an already slick surface. Besides heading home when the weather turns, consider carrying a kit to turn those tires into studded snow tires for added traction.

Proper Gear

A motorcycle doesn’t have the protection of a vehicle. No heater to warm those cold fingers or keep your core from freezing. Because of that, it is essential you wear proper gear when out. Layers are your friend when the temperatures drop but be sure the underlayer wicks away moisture.

Having a policy with worldwide motorcycle insurance is one way to protect yourself this winter. These other tips can help make riding more comfortable and safe.