Running a business in a niche industry like buying and selling jewelry can produce a number of unique risks. The best way to keep your company and your assets safe is by reviewing your options with insurance. While your main focus should always be protecting the valuables that your business considers inventory, you will have a handful of unique choices presented to you when picking out your coverage. Review these tips to learn more about your options.
Standard and Block Insurance
One of the biggest points you will need to determine is whether you opt for a standard policy or jewelers block insurance. A block policy is a type of coverage that is meant for businesses of a larger structure. There are no maximum limits on this type of policy, which can be quite advantageous for companies that have huge inventories. There are certain requirements to this policy option, however. All companies using this policy must have security systems, for example. Other areas to consider with your insurance include:
- Commercial auto options
- Liability coverage for D&O
- Additional options for high-value assets
Learn Your Options
The more you focus on the options available to you when taking out insurance, the easier it becomes to find an acceptable policy for your needs. Review the details and see how you can insure your business in the best possible way.
Whether you’re a self-employed electrician or the principal of a company that offers electrical design or contracting services, your clients depend on you to shine a light on their projects. Electrical work often requires special permitting and safety considerations due to the potential for things to go wrong. Regardless of how you do business, you need insurance products to protect your practice or company from certain exposures.
What Insurance Protection Do I Need?
Your particular business structure will inform the types of products you need. For example, if you hire employees, you’ll need workers’ compensation and possibly health insurance. Other coverages worth considering include these:
- Errors and omissions – Liability related to mistakes or negligence in the work or finished deliverable
- General liability – Protects third parties from injuries onsite
- Auto (commercial) – Recommended for operation of vehicles for company business, especially since personal auto policies often don’t cover business use
- Property (commercial) – Covers equipment and tools that are damaged or stolen
Some owners or clients require contractors to cover a certain level of insurance before entering into contracts.
What Else Should I Know?
Whether you work with independent insurance agents or traditional insurance companies, finding a provider to help you decide on plan features is key. Your insurance coverage should be tailored to your operations. This helps you avoid paying too much for the coverage you need or remaining exposed to common risks.
When shopping for homeowner’s insurance, most feel that traditional coverage is sufficient for their individual needs. For high net worth homeowners, however, it may be wise to explore additional coverages to make up for your home’s elevated vulnerability.
1. More Valuables
High net worth homeowners insurance ensures that expensive treasures such as jewelry, artwork, furnishings, and tech items remain safe. While these items may be covered in traditional insurance packages, the payout in exchange for their loss will likely not be enough to cover their full cost.
2. More Risk
The average high net worth home is filled with expensive and unique items, making them more attractive targets for burglary or other similar crimes. Having a more comprehensive insurance package can offer peace of mind that, even in the event of extensive loss, your home is covered.
3. More Upgrades
It is not uncommon for those with high net worth homes to make frequent upgrades to the home itself. Renovations displace homeowners temporarily, but those who find themselves more likely to end up in this situation often may want to consider insurance coverage that offers housing to those undergoing disruptive construction.
High net worth homeowners insurance is critical for those whose homes require additional protections due to their cost or size. Adequate coverage can offer additional security, ensuring homeowners that someone has their back.
Most businesses in the U.S. are required to carry workers’ compensation coverage. While some businesses seek coverage through traditional means, either through a company or through the state, others choose to self-insure. When you self-insure, workers’ compensation is a major expense. Sometimes, workplace injuries may exceed your workers’ compensation limit. This is where excess workers compensation comes into play.
The Definition of Excess Workers’ Compensation
On average, your workers’ compensation coverage will pay for most injuries and lost wages for employees. However, do you know if your insurance coverage will cover catastrophic injuries? For example, if someone suffered from an injury with a piece of equipment and required over a month’s worth of wages and had serious medical bills as a result, will it max out your insurance policy? Excess workers’ compensation prepares your business for injuries that may exceed the limit.
Benefits of Excess Workers’ Compensation Coverage
There are a lot of benefits to excess workers’ compensation coverage. Using excess workers’ compensation coverage provides you with flexible coverages and reduces the expenses you would typically pay for traditional workers’ compensation coverage. If you are a smaller business with high risk exposure, excess coverage helps.
When it comes to protecting your business and your employees, you need workers’ compensation insurance. If you choose to self-insure, it’s more cost-effective and safe to invest in excess coverage.
Using marketing videos is a proven way to boost the online visibility of your company. Videos convey information about the services you offer quickly and simply. However, not all video marketing content is created equal. It’s important that your videos contain informative and compelling content to lead more traffic to your website.
1) Tell a Story and Educate Your Customers
Stories elicit emotion and, therefore, make better marketing content. Creating a story for your video marketing campaign is much like the creative writing you did in school. Good stories have a beginning, middle and end. They follow the adage “show, don’t tell.” You can also include educational content in your story. For example, allow your story to teach customers how investing in the right insurance products can save them money.
2) Use Humor, When Appropriate
Using humor is a terrific way to make your videos and your company more memorable to customers. It also encourages watchers to share the video with friends. Nonetheless, it’s important to ensure that the joke is appropriate to your industry, target audience and the service or product that is being sold.
3) Pay Attention to the First Ten Seconds
It’s said that one-fifth of viewers click away from a video within the first ten seconds. Therefore, you want to make sure that the video you create immediately conveys its value in the mind of the viewer.
Videos can inspire, educate and make viewers laugh. Creating high-quality video content will help to make viewers your future customers.
Liability risk is a big concern for real estate companies. Unhappy clients sue for a number of reasons, including malpractice and negligence. It is critical to discuss your liability options with an insurance agent to ensure you are protected.
Real estate professional liability insurance is a must to cover claims filed by clients. Without adequate coverage you could find yourself paying exorbitant legal fees and court settlements. Coverage can protect you against the following scenarios:
- Malpractice – The greatest exposure that realtors face is malpractice lawsuits brought by unhappy sellers and buyers. If a client discovers defects in their house that weren’t disclosed before the sale, they could file a claim of fraud or misrepresentation. Even if the error was not your fault, you may be liable for paying devastating expenses.
- Negligence – These claims arise when a client is injured, or their property is damaged at your office. If an employee is injured while working for you at another location, they may file a claim as well. In addition, if a client claims you have infringed on a copyright or trademark, they may sue you and your company.
Even though you have your clients’ best interests at heart, mistakes and accidents can happen. Make sure you have a comprehensive liability insurance plan to protect your investment.
Operating a company in the construction business means having to grapple with environmental liabilities on a regular basis. If your construction company has not yet protected itself with dedicated construction industry environmental liability insurance, here are some of the main reasons to do so.
Companies Working With Hazardous Materials May Encounter Several Environmental Issues
For better or for worse, many construction companies have to handle hazardous or semi-hazardous materials as part of their daily business. These materials, if improperly handled, can lead to environmental disasters for which the company may then be held liable. These incidents can include, but are not limited to:
- Oil or fuel spills
- Hazardous materials or wastewater discharge
With Environmental Liability Insurance, You Can Cover Common Claims
When a construction company has proper environmental liability insurance in place, any claims arising from the material disasters outlined above could potentially be covered or partly mitigated. Insurance could potentially help cover resultant expenses and losses like:
- Lost income and other business interruption-related expenses
- Fees and penalties related to relevant regulations
- Legal fees and consulting expenses
- Cost of cleanup
The construction industry involves several types of environmental liabilities that need to be accounted for, mitigated when possible, and protected via insurance for the good of the environment and for the survival of individual companies. If you operate a business in this industry, consider finding construction industry environmental liability insurance today.
Business insurance is a complex system of products, each designed to address the needs of a set of industries with common liabilities and risks. That’s why so many companies need to opt into a sequence of coverage options, sometimes using different carriers to meet those needs. If you work in the petroleum industry, there are some insurance types that are unique to your business, as well as others that are more common across industries that you also need. If your business has employees, you’ll need workers compensation. General liability is also a basic requirement, and if you have public storefronts, possibly public liability insurance as well.
Finding Coverage for Petroleum-Specific Risks
Once you have the basic insurance types that businesses with storefronts and customers all have to deal with, you also need to consider vehicle coverage for your delivery vehicles, as well as coverage that is specific to the risks involved with transporting and dispensing propane. Luckily, there are a few insurers who specialize in understanding propane dealer risks. If you find the right one, you might even be able to bring all of your coverage options together into a single umbrella policy that addresses all the coverage needs you have across your entire company. That way, you can save money and simplify your insurance planning and review each year.
As a growing number of seniors are in need of housing and healthcare, assisted living facilities are growing in number. This type of housing promoting a comfortable and independent lifestyle while typically offering some level on onsite care. These companies who operate assisted living pride themselves on the quality of their housing and service in addition to their commitment to safeguarding their residents and their operations. Senior living facilities need to hire skilled staff, have clear and consistent operating policies, and maintain comprehensive insurance coverage.
An assisted living facility insurance application will involve an in-depth review of your existing operations. You can reasonably expect a lot of questions, so you’ll need to get a lot of information ready to complete it. You can expect to be asked about your living center’s physical premises, the building’s systems, and the number of residents served. You will also need to provide detailed information about the number of staff members, their duties, qualifications, and interaction with residents.
Key Coverage Components
According to https://www.caitlin-morgan.com, important components of a comprehensive assisted living facility should include:
- Professional and general liability
- Excess liability
- Property coverage
- Boiler and machinery
- Automobile coverage
- Workers compensation insurance
- Crime insurance
- Directors and officers liability
To find out more about the right coverage levels for your facility, talk to an agent and get a professional analysis of your facility’s needs.
Knowing that anything can happen on the road, staying protected is key to maintaining a reputation and ensuring trucking operations continue. Motor truck cargo liability coverage is designed to protect the insured and the owner of the goods during transportation. Unlike other forms of vehicle insurance, this type of coverage can seem complicated.
What It Is
At a minimum, for-hire trucking requires carrier liability. This limited coverage typically includes injuries or damage to property but not the cargo being transported. Any damage to the precious cargo clients entrust a trucking company with could come with devastating financial results. Cargo liability, which is often required by clients, offers protection for specific or a series of shipments. While every policy is different, it is designed to cover losses such as fire, theft, water damage, collision and equipment failure.
What to Consider
The cargo itself factors into how the policy works. Limits and costs depend on the type of load, where it is being transported from and its destination. In many cases, certain types of cargo are excluded from this coverage. These often include:
- Art, jewelry, money or paper
- Alcohol, pharmaceuticals or tobacco
- Live animals
- Cargo with another carrier
- Items owned by the insured
- Shipping containers
According to www.truckinsure.com, it is also important to factor in theft, which is capped, and unattended vehicle coverage, which typically means zero coverage, when developing transport plans and choosing the right insurance package.