What Insurance Investment Does Your Business Need?

commercial general public liability insurance

Any business needs protection from loss associated with claims issued against the operations. This protection is in the form of financial assistance, commonly called insurance. A company has many risks based on the operations, the location, the products, and the consumers, and general liability policy is the most basic form of insurance protection for any size business.

The Coverage Needs

When a business purchases a commercial general public liability insurance plan, it provides coverage for things like medical payments to injuries that happen to clients or consumers on your property or advertising claims of slander, libel, or copyright infringement. The general liability policy also provides funds for defense costs and settlement demands that may come from a lawsuit against the company.

Other Areas of Coverage

General liability claims aren’t the only things a company should be aware of. Businesses must worry about things like fraud, theft, employee injury, cybersecurity concerns, errors and omissions claims, and equipment malfunctions. Because there are so many other areas of concern, businesses sometimes look at a business owner policy (BOP) and then add endorsements or riders for the additional areas of exposure.

Adding additional policies or creating a more comprehensive package might seem expensive, but investing in a financial backup plan is better than having to spend thousands trying to get out of a legal mess.

The 4 W’s of a Builder’s Risk Policy

Daniels Insurance Agency

Building a structure is not an overnight endeavor. Many things beyond the control of insured parties can occur. Builder’s risk insurance provides protection of the structure, tools, materials and equipment used from hazards such as theft, fire, natural disasters, and other perils.

  1. Who Needs It

The candidates for coverage are wide-ranging. These should be any stakeholder with a financial investment in the construction project, which includes but is not limited to the groups below.

  • General Contractors
  • Subcontractors
  • Landowners and homeowners
  • Developers
  • Custom home builders
  • Architects
  1. Why Have It

In simple terms, it provides different protection than a general liability policy. That typically shields the insured from injuries and harm that occurs as the result of unforeseen accidents, while this covers the loss of actual physical property.

  1. What Amount

According to www.danielsinsuranceinc.com, a typical coverage amount is for the contract price. However, any policy should consider the worth of the completed project, which may include other assessments beyond the contract value itself.

  1. When Covered

The policyholders need to have a clear understanding of when the coverage begins and ends. In most instances, the signed contract starts protection, though there could be specifics that restrict this date. There also needs to be knowledge of the expiration timeframe, as certain milestones or lapses in work can affect the insurance.

Protect Your Marina With the Best Coverage

PWC Insurance

Running a marina can be a fun and rewarding experience. Of course, to keep your business successful it is important that you focus on protecting your company. A business that specializes in renting jet skis and other personal watercraft will need to take extra steps in order to find appropriate insurance coverage. Whether you own a yacht club or a dock, proper jet ski insurance will make all the difference for your company’s future.

Specific to Your Industry

The experts at Merrimac Marine Insurance have reported that there are often a number of factors involves insuring an establishment that specializes in the renting of personal watercraft. A business of this nature might rent out jet skis as well as house a restaurant, provide space for boats to dock, and a number of other services. This means that you need a comprehensive type of insurance that will cover all aspects of your company’s operations. Common areas to look at with insurance include:

  • Hull coverage
  • General liability
  • Watercraft coverage

Avoid Fines and Fees

Because some of your business is conducted on navigable waters, you must also adhere to a number of strict regulations. Proper insurance will keep your company covered in an array of industry-specific situations.

Finding appropriate coverage for your business is a must. Explore policies geared toward your type of work and it can make a huge difference toward your future.

Keep Your Warehouse and Workers Safe from Harm

Commercial Warehouse

Operating a commercial warehouse comes with a number of intense responsibilities. The assets stored within the warehouse can often be quite expensive and this means you need to do everything in your power to protect both these items and the people who work within the warehouse. This is where commercial warehouse contents insurance might prove invaluable. The right coverage can help you breathe easy and keep your assets secure at any given time.

Create a Plan

As reported by the experts at https://hilbgroupfl.com, there are several key steps to enforcing safety in the warehouse. The first step is to create a sensible plan of action. This involves researching various safety procedures, comparing national regulations to your own practices, and assessing the unique needs of your warehouse. Taking these factors into consideration can help you develop a plan that works. Additional steps to take include:

  • Rearranging products or shelving
  • Updating current employee guides
  • Taking out comprehensive contents insurance

Employee Education

It is also crucial to keep your entire staff informed of any and all changes made to current safety processes. Regular meetings with your team can help keep everyone on the same page and decrease the odds of an avoidable accident taking place on the floor of the warehouse.

To properly protect your assets, you need to take the right steps. Explore insurance options and discover the best fit for your future.

Two Tips For Buying Manufactured

Brynes Insurance

If you dream of owning but lack the funds to buy a traditional family house, there are other options. Buying a manufactured home does not mean the same thing that it meant twenty or even ten years ago, giving you the option to buy a lovely home for a fraction of the price.

Know What You’re Getting In Your Price Range

There is a delicate balance between what you want and what you can afford. Although modular and mobile homes are much more attractive and well-built than they used to be, older options might be a more realistic option for you if your budget is on the lower end of the spectrum. Research the market in your area and find out what kind of homes fall within your price range.

Understand the Differences In Financing

The beauty of a mobile home is in the name itself: Mobile. Because of this, they are generally considered personal property and you will likely not qualify for a traditional mortgage loan. Speak to your bank regarding your options to help you understand where you stand.

If you’re still hungry for tips on buying a manufactured home, check out Brynes Agency Insurance for more information. There’s much to be learned about the process, but if you get your own home in the end then it’s worth it.

Three Fraud Risks Faced by Auto Dealerships

Auto Dealerships

The many moving pieces of auto dealerships put them in a vulnerable position for fraud. The increased risks they face make auto dealership liability insurance a must-have. These three fraud risks should be addressed by the company’s risk management strategy.

EFT Volume

Auto dealerships transfer a lot of money using electronic funds transfer. These instant money transfers happen multiple times every day as people buy and sell their vehicles. Even a wrong keystroke could cause the money to move into the wrong account. Most of these errors are irreversible putting the dealership at risk.

Internal Controls

An effective risk management strategy includes internal controls to provide checks and balances throughout the company. These controls can sometimes be overlooked or forgotten in the busyness of the day. However, it is crucial that staff realize the necessity of following the internal controls in place to minimize fraud.

Multiplied Risk

Most auto dealerships consist of a variety of parts from new cars to service bays. Each piece adds risk to the company. As seen on https://www.arroyoins.com, you need to protect everything in the business from inventory to service areas to the showroom floor.

These are only three fraud risks auto dealerships face. Each risk increases auto dealership liability. The right insurance portfolio addresses these risks and works with your risk management strategy to protect the business.

Exceptional Marketing Services for the Insurance Industry

neilson marketing services

Exceptional Marketing Services for the Insurance Industry

The insurance industry has unique marketing needs. Neilson Marketing Services is a marketing company that has the experience and understanding of the industry to provide the marketing techniques needed to keep up with the competition, draw in clients and increase your business.

Serving the Insurance Industry

Whether your business is a wholesaler, MGA or an insurance agency, Neilson Marketing Services can help you succeed in the insurance industry. The services offered include both digital and offline marketing, as well as telemarketing and data analytics to provide you with a well-rounded marketing plan.

Services To Grow Your Business

Marketing is an ever-changing platform that continues to grow at an incredible rate, making it difficult for some business to keep up with current trends and methods. However, working with a team of experts means your business can stay on track and evolve your marketing strategy as techniques change. Some services you can take advantage of include:

Content marketing
Website design
SEO implementation
Social media marketing
Telemarketing
Branding
Email and drip campaigns

Marketing to Meet Your Needs

No matter how big or small your business is in the insurance industry, Neilson Marketing Services provides the help you need to keep up with marketing trends, generate leads, convert clients and grow your business. Your new strategy is waiting for you.

The Importance of Comprehensive Rental Insurance

If you own rental property but don’t have rental insurance in Tennessee, it’s extremely important that you get coverage immediately. Although you may take great care of your property and have a long history of happy clients, as soon as any accident happens on your property, the tenants can hold you liable, and any accidental damage that befalls your property can cost you immensely unless you have the right coverage. The list of environmental hazards is almost too long to name, but fire, flood, storms or other natural damage has immense consequences on your income as a rental property owner. Natural disaster isn’t the only risk, and any repairs that you have to undergo from accidental tenant damage needs to be covered so that you don’t risk continually losing money to small repairs.

Insuring the main property is essential, but it’s just as important when searching for rental insurance in Tennessee to get separate structures covered. Any detached garages, sheds or guesthouses are just as susceptible to damage. Perhaps most importantly, don’t forget to get umbrella or excess liability insurance if you have dangerous elements on your property like a pool. Stay insured so that you can keep your income steady, your property maintained and your tenants satisfied, comfortable and safe.

The Importance of Cyber Liability Coverage for Your Business

Carmel cyber liability insurance

Today’s business climate calls for a more comprehensive insurance policy that covers newer threats. Network security risks are at a point they’ve never been, where your company is always subject to hacking or network failures that can lead to big losses or damages. Carmel cyber liability insurance is a means with which to protect your business against potentially detrimental losses, thus protecting the future of your company as a whole.

Cyber liability coverage is typically customizable, offering protection against things like privacy breaches, restoration or replacement of electronically stored assets, cyber extortion, damages or infringement related to your business’s online media outlets, and much more. As is the case with any coverage for your business, not having the right insurance policy can be extremely detrimental to your ability to move forward following any hiccup that may occur along the way. Risk management is at the forefront of any successful business venture, and it requires proper preparation against said potential risks.

Carmel cyber liability insurance is all about loss prevention, and there are many ways to go about building your plan. Speak with a trusted insurance specialist to find out what’s right for you and your business, as each company differs in how they operate, especially in terms of technology and how it’s used.

Protect Yourself Against Employee Crime With Fidelity Crime Insurance

Fidelity crime insurance

You are not responsible for the dishonest actions of your employees, but unless you have fidelity crime insurance coverage, you will unfortunately be responsible for the cost of their actions. Thankfully, insurance coverage is available to protect you from a wide range of dishonest employee activities so that you suffer minimal financial consequences.

What Does a Crime Insurance Policy Cover?

 Most crime insurance policies offer coverage for the following scenarios:

  • Forgery or altercation
  • Employee dishonesty
  • Theft of client property
  • Computer and funds transfer fraud
  • Money and securities

It is important to note that an employee is defined as a person whom you have the right to control, is compensated directly by you through wages, salary or commissions, and is in your service. A person who falls outside of these definitions is not an employee and their actions are not covered by fidelity crime insurance.

What Is Not Covered Under Crime Insurance?

Crime insurance does not cover dishonest actions committed by you or your partners. Additionally, it does not provide protection for your accounting errors or your liabilities to third parties as a result of crime-related losses. If you have any questions about your crime insurance policy and what it covers, be sure to sit down with your insurance agent and discuss your queries or concerns.