In many industries, insurance is not the only risk management tool your company needs to be well-protected. Often, some form of the surety bond is also required, at least in certain circumstances. What is a surety bond? In its simplest form, it’s a bond that pays out to clients or other affected parties in the event that your side of a contract is not fully upheld. In practice, they can have a variety of purposes that are most specific, from bonds against substandard work that causes damage or injury to bonds that secure bids, with many other options in between.
When Do You Need a Surety Bond?
While most people associate bonding with construction contractors, the specialists at https://www.byrnesagency.com have to create a long list of business and personal financial situations that often call for bonds. Among them are sureties that protect corporate officers and those with a fiduciary duty to clients, as well as bonds for probate processes and many other variations on similar situations. If you’ve never explored what bonding could do to make your risk management plan more effective, it might be time to consult professionals whose focus is providing the right bonds for any situation. Balancing bonds and insurance can often be more cost-effective than leaning on insurance alone when you’re trying to streamline your overhead without giving up protection.
Although gardening is one way that humans try to control Mother Nature, the thing is that she is the one who is ultimately calling the shots. If you are part of the cannabis industry and something were to happen to your plants, would you be prepared?
Insurance for a Greener Future
For all the labor and hard work that you’ve put into your ladies, how devastating would it be if they all wilted and died one day? Again, Mother Nature likes to remind us who’s boss, and plants do funny things sometimes. Investing in insurance coverage for greenhouses offers you peace of mind in case the worst were to happen. Some examples of coverage might include:
- Protection against a power failure that prevents the cannabis from getting enough light/heat
- Acts of God (or Mother Earth) that kill off the plants such as disease or infestation
Note that this kind of coverage usually applies to indoor greenhouses only; CannGen Insurance Services is a great resource if you’re looking for more information.
Although there’s always the risk of something happening to your crop, having the foresight to protect it can save your bacon in case of a disaster. Check out what kinds of insurance services are available to you as a farmer.
When someone is injured on your business property, they may initiate a personal injury claim. If you are proven negligent, you could be held responsible for the damages caused. There are several things you can do to help protect your assets against such a personal injury claim.
Common Types of Personal Injuries
Accidents don’t usually happen according to plan, but some types are more apt to occur than others. Consider these common injuries that result from negligence and how you can work to avoid them:
- Slip and Fall
- Exposure to chemicals or fumes
- Injuries from improperly maintained equipment or unsafe structures
Ways To Limit Your Liability
Performing preventative maintenance and having a safety protocol in place can go a long way in avoiding accidents. The experts at https://www.sboneinsurance.com/ recommend taking these steps to guard against liability:
- Keep objects out of areas with foot traffic
- Place any broken equipment out of service until it can be repaired
- Use proper snow and ice removal techniques
Coverage To Protect Your Business
You should also maintain adequate premises liability coverage in the event that there is an accident or injury. This specialized liability insurance will cover your legal costs and settlement fees if someone files a personal injury claim for an accident that resulted from negligence. It will not cover you, your employees, or business property that may be damaged.
Being proactive and establishing safety plans is a great defense against injuries. If one does happen, premises liability coverage can help protect your assets.
Group health insurance coverage is available in a PPO or HMO plan. A PPO allows employees to use the plan to go to the doctor of their choice whereas an HMO has specific requirements for use. Many employers what to know how to handle HMO plans.
The experts at iSure Insurance states that HMO insurance requires the use of a primary care doctor referral for additional care beyond what they provide. If a patient needs physical therapy, medical equipment or to see a specialist, the PCP must usually provide a referral in order for the insurance to provide coverage. While fewer unnecessary services occur, patients must go through several hoops to receive specific care.
An HMO plan is typically more economical than a PPO plan. Some plans do not even have a deductible. These plans come with lower-cost premiums and small copayments.
The list of in-network providers is robust in most areas. This list includes radiology, lab work, and therapy. However, going out of the network puts the burden of payment on the patient.
Understanding how to handle HMO plans can help your business decide if it is right for your employees. There are both benefits and drawbacks to choosing this type of health insurance. An insurance quote can help you determine which is the right option for your business.
The manufacturing sector involves many risks. For example, workers may get injuries, machines may break down, clients may file suits, and so on. For this reason, manufacturers should insure their assets to have peace of mind and prevent future financial losses. Here are a few things that you should know about insurance for manufacturers.
Types of Manufacturing Insurance
Every manufacturing firm faces unique risks depending on the type of products it manufactures and the tools it uses. However, as reported by Daniels Insurance, there are general risks that every firm faces. For instance, any manufacturer might lose essential business records. Employees may sustain injuries or damage the property. The general dangers inherent in manufacturing generally require comprehensive insurance coverage that includes public liability insurance, commercial property insurance and income insurance. Before you decide on the best insurance coverage for your firm, discuss the available options with your insurance agent.
Benefits of Manufacturing Insurance
Having manufacturers’ insurance can do a lot for your company. Consider the following benefits:
. Provides coverage for bodily injuries
. Covers the different liabilities associated with advertising
. Covers property loss or damage
. Minimizes financial losses that can happen due to machine loss or other unfortunate events
. Protects the company name, mainly when an adverse event occurs
Manufacturers need insurance to cover their business risks and their workers. Insurance coverage can also cushion against any future financial losses. Before you purchase any policy, however, review the available options for your specific manufacturing firm.
Businesses that specialize in staffing services provide a very unique service to other companies. It makes sense that this industry also has different requirements when it comes to proper insurance. Comprehensive staffing insurance is a cost-effective way to cover all of your bases and provide the best services to the clients who rely on you.
As mentioned on https://www.wwspi.com, the staffing industry is a unique world that can create some very specific problems. Unfortunately, standard insurance policies do not always cover the situations that staffing organizations are most accustomed to. By giving yourself the opportunity to review policies that are structured for your type of business, you are more likely to be covered in a variety of commonplace situations. Additional benefits of this coverage include:
- Stay updated on the latest regulations
- Focus on regulatory and business levels
- Receive education on important policy features
Understand Your Options
The contractors you pair with larger entities are considered unique individuals in relation to insurance. For example, not all policies will cover short-term employees exposed to hazardous chemicals or environments. Review your options to discover the best fit for your industry.
There are many ways to keep your business protected in the future. Investing in the right insurance can help you take the right steps toward success.
As a business owner, you are likely aware that you need a solid business owner’s policy. Another good type of coverage to have is a liability. General liability may be able to cover accidents on your property, but don’t stop there. Professional liability insurance can cover legal issues that occur when clients suffer negative effects from the advice or services you offer.
There are several ways that clients can lose money or suffer other damages as a result of the actions of your company. Professional liability insurance provided by Axis may cover some of the legal costs associated with various allegations:
- Good faith breaches
- Faulty advice
Professional liability not only protects your corporate assets but also your personal ones. By covering legal fees and possible damages awarded to the plaintiff, it protects you from having to dip into personal savings or take out a second mortgage on your home to pay these expenses.
When you are sued, that process can negatively affect your company’s reputation. With professional liability coverage, you can handle your legal problems more efficiently, protecting your company’s name in the process.
Having a great BOP is an essential expense, but adequate liability coverage can be just as important. When legal issues arise, you will likely be glad you have it.
If you find yourself asking what is PEO, learn more about what it can do to help your company if you have a small to mid-size business. PEO can make it easier to outsource HR tasks, allowing you to focus on what is most important: operating and growing your company.
Knowing What PEO Does
PEO is short for Professional Employer Organizations, and it takes care of HR duties that you might not want to deal with. This can range from payroll to managing benefits and even general HR duties. Many businesses would rather have someone else handle these, rather than try to quickly learn specific laws or deal with additional work that could take time away from the business, according to insuremyworkcomp.com. This can save you time and give you peace of mind.
Understanding How PEO Can Help Save Money
When you have a PEO to help you out, they can help you save money in various ways, such as getting workers’ comp claims reduced or taking care of time-consuming tasks that could take away from growing your business. Working with a professional HR agency can make life easier in more ways than one.
The next time you ask yourself what is PEO, know that it is another way for business owners to save money while getting the help they need when it comes to HR services.
Several options are available to small businesses looking for insurance. Commercial property insurance to cover your business property and workers’ compensation insurance to protect your people are among two of the more critical coverages that should be in any policy. Just as important is liability insurance. Here’s what you should know about two of the most popular liability coverages.
Liability Insurance Defined
Liability insurance protects you in case you are the subject of a third-party lawsuit. According to the experts at Axis Insurance Services, your policy will cover the expenses related to such a case including your attorneys’ fees, judgments or settlements. Maybe the two most popular forms are a general and professional liability.
General Liability vs Professional Liability
General liability insurance protects you in instances where a third party claims that they sustained an injury or property damage because of your business activities. Examples of this include a visitor hurting themselves in your office from a wet spot or damaging their car in your parking lot due to unfinished pavement.
Also known as errors and omissions insurance, professional liability offers coverage against lawsuits where a third party claims to have suffered a loss because of an error or omission on your part. An example of this is a client claiming to have suffered financial losses because you didn’t live up to your end of a contract.
Your level of coverage will depend on your business needs. Work with an experienced agent to build a policy that’s right for you.
Protecting your employees involves a few basics, such as strong safety protocols, workers’ compensation and good health insurance. Another way to take care of them is with group life insurance coverage.
Your insurance company may be able to design a group life plan that works best for your employees. According to www.moodyinsurance.com/, the two main options for a group policy are term and whole life. There are several questions you can ask your agent to find the coverage that works best for your company:
- How are the proceeds paid?
- Who covers the premium?
- What is the benefit amount range?
- Does the policy offer optional benefits?
When you offer life insurance to your employees, you send the message that you not only care what happens to them but also to their families. This can boost company morale, particularly if the work your employees do has the potential to put them in danger.
Life insurance benefits make you more attractive as a prospective employer. You are more likely to draw talented candidates. When they weigh competing offers, group life insurance coverage could put you at the top of the list.
Making sure that your employees and, by extension, their families are protected in the event of a tragedy has many benefits. Group life coverage helps you take care of the people who take care of your business.