How to Keep Your Business Afloat

marina liability insurance

While owning a marina can be an incredibly rewarding experience, it also presents unique challenges. Unlike other businesses, marinas and yacht clubs are partially submerged in water by their very nature. Therefore, these companies are at an increased risk for environmental damage that can reduce the quality of the marina and, ultimately, the revenue it brings in. By investing in marina liability insurance, you can transform your property into a safe harbor.

Examine Your Options

There are many different types of insurance available to marina owners. While some types of insurance are beneficial to all types of marinas, others are more specialized. Depending on what services you provide, try to find a company that offers the following options:

  • Facility and grounds coverage
  • Worker’s compensation
  • Pollution and oil spill
  • Member property
  • Hull and liability coverage
  • Regatta liability
  • Sailing school training

Know Your Insurer

The best insurance companies will have a well-established history of insuring marina owners. Look for companies able to provide coverage specific to your needs. Ideally, the staff of your insurer will have plenty of experience on the water, making them better equipped to suggest marina liability insurance that will cover any damages to which you may be susceptible.

Don’t let your unprotected marina sink your business. Find a reputable insurance company able to help you protect your investments and keep you, and your business, above water.

Workers Comp Insurance Can Help Both Employers and Employees

Machine wholesalers insurance

An abundance of laborers often work intensely to bring a wide variety of necessary machines like drills, scanners, engines and much more from manufacturers to retail stores. Though they work behind the scene, frequently unseen by the general public, these workers help make the consumption of these goods possible. Machine wholesalers insurance can help guarantee that these important individuals are well taken care of.

Warehouses are often huge facilities. In order to be able to move the product around and then transport them to stores, intensive physical labor as well as the use of highly specialized equipment will often be necessary. While these professionals are specifically trained in the handling of these equipment, accidents can still occur. Additionally, workers may be hurt carrying the products off the delivery trucks and unto the store’s shelves.

Heavy products falling on the workers or causing other severe injuries may cause them to need surgery and even force them to take time off from work due to disabilities. Fortunately, workers compensation insurance can help cover both the costs of medical bills, as well as the cost of lost wages.

Machine wholesalers insurance is not just beneficial for workers. The owners of the companies may be sued and held liable for any injuries that happened to their employees at work. Therefore, both the employer and the employee can benefit from workers comp insurance.

4 Reasons to have Homeowners Insurance

Connecticut home insurance

Having homeowner’s insurance is usually required by your lender and the state where you live. That doesn’t mean it’s the only reason you should have a Connecticut home insurance policy. Here are four other benefits of having a policy for your home.

Protection from Theft

If you’re ever the unfortunate victim of a home burglary, it can be a stressful and devastating time. Having homeowner’s insurance can give you the added peace of mind knowing that your valuables are protected and can be replaced thanks to your policy.

Liability Protection

If someone gets hurt while on your property, it could cause significant financial loss if they choose to sue you. A homeowner’s policy can help defer the costs that may be associated with any medical bills or court fees because of the incident.

Displacement Protection

Should you and your loved ones ever be displaced from your home due to a fire or other incident that makes your home uninhabitable, your policy may come in handy. Most policies will cover accommodations up to a certain amount while your home is being repaired.

Peace of Mind

Having added peace of mind knowing your home and loved ones are protected is a huge benefit that shouldn’t be overlooked. If the unexpected happens, you may not always be able to afford the associated costs out of pocket, and your policy can help defer those costs and ease your burden.

Connecticut home insurance is required for a reason; to protect you and your loved ones from potential loss. It’s a small price to pay to keep everything you work hard for protected.

Unique Risks for Florida Business Owners

As a business owner in Florida, you might have heard some talk about unique risks in the area. You’re already aware of the typical weather patterns for this area. Nevertheless, it’s important to remember that hurricanes and high tides aren’t the only causes of flood damage. When searching for commercial property insurance in Orlando, consider adding flood insurance to your business risk protection portfolio.

Why Flood Insurance?

Contrary to popular belief, flood coverage is not automatically part of most commercial property insurance in Orlando. In fact, many home and business owners alike mistakenly assume it’s included, usually to their peril. Besides the weather, Florida’s flat terrain lends itself to higher instances of water accumulation due to heavy rains or rising river levels. Furthermore, the chances of high tides, storm surges and sea level increases due to the melting of land-based ice are some of the expected aftereffects of climate change. Finding out that thousands or millions of dollars in losses aren’t covered can be quite a shock and for a business, it can mean the difference between continuing operations and shutting down for good.

Add Flood Coverage to Your Policies

It’s crucial not to underestimate your company’s insurance needs. Along with your commercial property insurance in Orlando, adding flood insurance will protect against major losses common in the region. Consult your insurance agent for advice on the best packages for your business.

Why Staffing Agencies Need Staffing Crime Insurance

staffing agency insurance

Staffing agencies have particular insurance needs resulting from the work they do. Any staffing agency insurance plan should include Staffing Crime Insurance. This protects both agencies and their clients against many types of crime and theft committed by agencies’ workers.

What is Covered by Staffing Crime Insurance?

Employee theft is a problem for many staffing agencies. Most employee theft involves basic theft, but other business crimes are on the rise. These include the use of computers to transfer funds. Employee theft can include theft of clients’ goods, theft of a client’s trade secrets, embezzlement and identity theft. In many cases, losses resulting from security breaches are also covered.

Who is Covered?

Staffing Crime Insurance protects both staffing agencies and their clients in the event of loss resulting from employee theft and other illegal acts.

What Else May be Included in a Staffing Crime Insurance Policy?

Many Staffing Crime Insurance plans include coverage against:

  • Fraudulent impersonation on behalf of an employee
  • Expenses resulting from security breaches
  • Defense and legal liability

Employee theft is a problem for many employers, and staffing agencies are no exception. However, staffing agency insurance is unique in that both agencies and their clients require coverage against employee theft and other crimes.

 

3 Reasons Contractors Should Have Construction Insurance

New Jersey contractors insurance

There is a lot to consider when you have your own construction business in the Garden State, and with so many considerations, adding insurance to the list may seem overwhelming. However, having a comprehensive New Jersey contractors insurance plan can actually bring peace of mind. Here are three reasons you should consider construction insurance.

Insurance Protects Your Clients

While general commercial liability insurance is helpful, it fails to cover many of the specific needs of the insurance industry. For example, a builder’s risk rider will cover the structure while it is in the process of being built, which keeps your client from losing their property in the event of an incident.

Your Employees Will Be Covered

Workers are routinely dealing with heavy materials and expensive machinery on the job. If someone makes a mistake, it can lead to injury, which on a job site is your responsibility. In New Jersey, contractors insurance can cover workers compensation, so your employees to recover and be back at work as quickly as possible.

Construction Insurance Safeguards Your Business

Whether it is risk to the structure, to your workers or your equipment, as a contractor, the buck often stops with you. Working with an experienced broker to find the right insurance coverage for your services can help if there is a flaw in the building design or if your tools are stolen from a worksite. You want to finish your jobs on time and under budget, and a trusted insurance company will support you in achieving these goals.

Finding a New Jersey contractors insurance policy that will cover your needs could be the difference between staying in business or going under if an accident happens.

Why Your Business Needs Cyber Security Insurance Now

cyber security insurance in Carmel

Many businesses in Indiana have general liability insurance. While this type of coverage is common among companies, it’s not enough to protect business owners from cyber criminals. For this reason, it’s a good idea to add cyber security insurance in Carmel to offset costs associated with data breaches.

Cyber-Attacks on the Rise

There is an upswing in cyber-attacks, especially on small to mid-size businesses. There are measures you can take to improve the security of your computer network. However, there is no perfect solution preventing someone from hacking into your website, computer or email accounts, etc. Cyber threats can come from a number of sources including:

  • Third-party vendors
  • Disgruntled employees
  • Criminal hackers

The Right Solution

In the event of an attack, cyber security insurance in Carmel protects you from associated damages or losses. It covers the costs for things such as:

  • Updating, restoring or replacing business assets
  • Recouping financial losses due to business interruption
  • Hiring PR professionals to restore public confidence

The exchange and storage of sensitive information is an essential part of commerce. So, safeguarding your company’s assets and your customers’ privacy is more important than ever.

Consult a reputable insurer with years of experience in the area of cyber security insurance in Carmel. Doing so will help you obtain the best coverage for your company’s unique needs.

Construction Surety Bonds

construction insurance in Wayne, NJ

When you are choosing construction insurance in Wayne, NJ, remember that a comprehensive insurance solution includes surety bonds. Here is a review of the different types of bonds for the construction industry.

Bid Bond

The bid bond, like its name indicates, is taken out at the time of the formal construction bidding process. It is a guarantee that the contractor will honor the price of the bid as well as later take out payment and performance bonds.

Payment Bond

The payment bond guarantees that everyone working on the project will be paid. Another bond that is written in concert with the payment bond is called the labor and materials bond. This bond will pay all labor, equipment, services, and materials used in the construction project if the contractor is unable to do so.

Performance Bond

In the event that the contractor fails to complete construction services as outlined in the construction contract, the owner is protected by the performance bond. This bond will pay for the completion of the project by another contractor.

Maintenance Bond

Having a maintenance bond written on a construction project guarantees that there will be no construction defects for a period of time after the project’s completion. A contractor’s willingness to get a maintenance bond for a project may make him more desirable in the bidding process. Construction insurance in Wayne, NJ can write a variety of surety bonds for your projects.

Protect Your Startup with Liability Coverage

NM Business liability coverage

One trait your New Mexico startup has in common with the largest corporations in the nation is the need for general liability insurance. From the moment of launch, your business needs protection in a litigious world, and this is where NM business liability coverage comes into play.

General business liability insurance serves several purposes. First, if someone is injured on your company property, your insurance may provide recompense for expenses such as medical costs. Liability coverage also protects you in the event that you or your employees cause injuries or property damage.

In addition, this insurance also provides a buffer against legal action. If your company is being sued, general business liability insurance provides coverage for legal fees. These may include attorney expenses, costs of a settlement agreement and both monetary and nonmonetary damages from a successful lawsuit.

In choosing the NM Business liability coverage that suits your business needs, there are several factors you should consider, including your perceived risk, which may vary depending upon the services your company offers. You should also discuss the limits of any given policy with your insurance agency. If you perceive that your company has a high liability exposure, it may be advisable to complement your general liability package with a commercial umbrella policy.

Tips for Lowering Your Workers Comp Premiums

workers comp insurance

Even though you are required to carry workers comp insurance, that doesn’t mean you’re stuck with sky-high payments. Here are some ideas for lowering your premiums.

Manage Risk

If you can’t afford to hire a risk manager, assign someone to manage your workers comp plan. This can include programs such as safety education and monitoring, supporting injured employees toward returning to work and more.

Look for Savings

Many states offer savings based on merit such as credits for remaining accident-free for a set period of time, discounts for hiring a safety manager or setting up safety programs. Contact your insurer and review the industry category you have been placed in, which helps determine your premiums. Make sure payroll hours are computed correctly because that affects your payments, too.

Avoid Assigned Risk

This is a category the state can assign to you for making lots of claims. If you have been put in this category, it is worth your time to do shop around for another insurer. Consider alternatives such as self-insurance, too. Another option to consider is raising your deductible. Many states allow optional deductibles for medical claims and businesses facing a larger deductible may be more safety aware.

There are more than a few options to help lower your workers comp insurance payments. Contact your insurer for a review of your policy and see whether you can realize any additional savings.