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.

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.

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.

Insurance Coverage You Need for a Manufacturing Business in NJ

New Jersey business insurance

Running a manufacturing business can be hard for any owner in any location, but operating within New Jersey can make the task even harder. Whether you’re in the center of the sprawling city or in the countryside, your business faces unique challenges each and every day. That’s why you need the right New Jersey business insurance to keep you protecting in the approaching months. Some of the coverage options you’ll need as the owner of a manufacturing company include:

  • Pollution coverage. This helps to protect you from legal ramifications if you happen to slip and cause pollution in the areas around your premises. This also means you’ll receive assistance with hiring legal representation and the rest of the litigation process.
  • Equipment breakdown coverage. Your business relies on the correct operation of important equipment to get the job done. Therefore, you need to protect yourself against the threat against your profits that broken equipment causes.
  • Workers compensation. Your employees will be working with large machine and in other potentially dangerous circumstances in many cases. Protect them and yourself financially in the event that an accident occurs.

Each of these types of coverage address major issues that manufacturing company owners face on a daily basis. Speak to your agent about special New Jersey business insurance and your needs to get the perfect custom plan for you.

3 Areas of Risk for Your Business Supply Company to Mitigate

business supply insurance

Your company makes a profit by selling conveniently offered supplies to the public. Here are three areas of particular concern to retailers.

Fire

The NFPA calculates that in the year 2015, some 113,500 non-residential structure fires caused some 1,425 civilian injuries and an estimated $3.1 billion in damage. Your business supply insurance policy can help reimburse the company for lost inventory and pay medical costs for any employees who may have been impacted.

Theft

Uniformed security guards and video surveillance can do much to deter crime. Determined burglars, however still target commercial locations, using force or a vulnerability to gain access to stock. Business supply insurance can include protecting your company from losses due to theft.

Flood

In October of 2012, Superstorm Sandy knocked out power, flooded streets and damaged properties in New York and several other states. A summary of activity up to June 2016 shows that NFIP payouts from this event alone reached some $8.2 billion. Certain locations are more prone to flood damage than others, but all should make sure that any insurance gaps are covered before a disaster occurs.

There are many ways that business supply insurance can benefit your company. If, in the future, your store takes a hit, such coverage can help your corporation to recover and move forward.

You Need Small Law Firm Malpractice Insurance

small law firm malpractice insurance

It doesn’t matter that you are a smaller firm; you need small law firm malpractice insurance. Many insurance carriers are only interested in offering policies to large firms, because the profits behind insuring larger firms are much greater. This doesn’t mean that you should not be covered. You should, and working with an insurance company that understands this is crucial to your business.

Smaller Firms Experience Larger Losses

As a lawyer, you know that people sue for all sorts of reasons, and if their case didn’t go the way they wanted, they may sue you. Large law conglomerates have the overhead to cover any legal action against them; smaller firms do not. This is why, in many respects, malpractice insurance is more important for a smaller practice than a larger one. You do not have the extensive financial resources to cover your legal expenses and potential losses of a filed action against you.

Coverage for Your Needs

Fortunately, there insurance companies out there that are willing to consider

  • All practice areas
  • All jurisdictions
  • Individual risks

These companies are also willing to work with you to provide affordable policies that fit within your operating budget. Secure your small law firm malpractice insurance coverage today to protect your entity, your partners, and your staff.

3 Types of Insurance Necessary for Your Business

Brooklyn business insurance

From the inception of your business, you expose yourself to certain risks. One unpredictable event or lawsuit could cause serious setbacks. The good part is that business owners have the ability to a variety of insurance policies to implement protections against those dangers.

1. Property Insurance

Whether you own or rent your space, insurance that covers inventory, signage, equipment, and furniture is a must-have. Most commercial property insurance plans provide protection in the case of a theft, fire, or storm. If you need protection against floods or earthquakes, you may need an additional policy.

2. Professional Liability Insurance

Every business is susceptible to claims of negligence. Professional liability insurance goes farther than general liability. This type of plan is commonly referred to as errors and omissions insurance. It covers your business in the event that a third party claims your negligence caused harm.

3. Workers’ Compensation Insurance

Upon hiring your first employee, workers’ compensation insurance becomes critical. This covers disability, medical treatment, and death benefits if an employee gets injured or dies in any way relating to working for your business. Even slipping and falling can result in a costly claim.

By having the proper Brooklyn business insurance in place, your business can avoid major losses due to lawsuits or unforeseen events.

4 Key Indicators of Your Company’s Surety Bond Readiness

surety company new jersey

You may know your firm’s financial health better than anyone, but when your business is being evaluated by a surety company in New Jersey, they only have the hard data to look at. Here are four aspects of your company’s financial fitness that you should be paying attention to now:

  • Balance sheets. By looking at your company’s assets, liabilities and net worth, an underwriter gets a good picture of your business’ ability to handle larger, more complicated projects.
  • Income statements. Here revenue is shown in relation to expenses, giving an outsider insight regarding your company’s expenses, overhead costs and profitability.
  • Cash flow statements. Construction relies on healthy cash flow because of the nature of the business. Separated into operating, investing and financing activities, this report gives an indication of how liquid funds are managed.
  • Accounting schedules. When you provide current records of accounts payable and accounts receivable, you show that your company has a good handle on its transactions. Conversely, outdated accounting schedules can be a red flag for a surety company in New Jersey.

Your evaluation is likely to be thorough because surety bonds are really a form of unsecured credit. However, if your business is well-managed and keeps good records, you’ll have a good chance at getting the bond you need to win that big bid.

How Good Is Your Business Insurance Policy?

business owner policy

There are many reasons why it’s a good idea for you to purchase business insurance. Besides wanting to protect your company from certain events, a good policy can make it easier for you to focus on other areas of your business that need more management and oversight. It’s necessary for you to practice discretion when purchasing a business owner policy. You don’t want to end up with one that doesn’t offer you or your company all of the financial protection and security you deserve and expect.

Aspects of a Good Policy

A good policy is hard to distinguish from a weak one on the surface. If you currently have a policy or are considering a new one, take a deeper look at what is included. Read through every page and look for any of the following items.

  • Liability protection
  • Business interruption coverage
  • Property protection

These three features may not seem like a lot, but with the right insurer and customization they can offer your company a great deal of protection against many unexpected general and more specialized risks. Careful consideration should be given to the credibility of the insurer, their reputation for service, their claims service and your budget. Although you have the option to purchase your business owner policy online, you may find it more beneficial and affordable to speak with an agent from the company you want to get your coverage from.

3 Reasons Why You Need Bar Insurance

bar insurance

Running a bar can be an exciting and profitable business venture. However, there are certain risks that you must understand in order to protect yourself and your investment. Consider these reasons why bar insurance is crucial to the success of your business.

Protection Against Claims

Victims of accidents, violence and other alcohol-related events may file claims against your bar in an attempt to hold you responsible for their personal losses. Examples include:

  • Slips and falls
  • Food poisoning
  • Bodily injuries

Employees may also file claims for workplace misconduct or if they become victims of patron violence.

Protection From Losses

Claims cost money, and you may be charged legal fees even if you are not held responsible for a patron’s claim. Insurance can help reduce or eliminate the costs associated with claims so that your business does not suffer.

Protection of Your Property

Insurance helps protect your property from damage and theft. If your property is affected during a dispute between patrons, you can avoid repair and replacement fees and get your bar back up and running quickly.

What Protection Do I Need?

For full protection, your bar insurance program should include general liability, liquor liability, assault and battery and product liability. If you offer additional entertainment or services, such as valet parking, check with your insurance agent to make sure your entire operation is covered.