What Type of Insurance Is Right for Construction Companies?

Construction Companies

If you own a construction company, you need adequate insurance to protect your investment. You may not realize it, but there are two types of necessary coverage, and they aren’t interchangeable. Let’s take a quick look at each.

Builders Risk Insurance

A builder’s risk policy covers the contractor’s property, materials, and equipment where the construction is taking place. This policy protects the project until it is finished and the owner approves of the work. The policy also covers unexpected perils, such as weather events, vandalism, and theft. Examples of damage include:

  • Lightning strikes and hail
  • Explosions and fires
  • Theft and vandalism from external sources
  • Vehicles that crash into the building

If the damage was caused by flooding, it won’t be covered. In addition, coverage is excluded for any weather-related damage that resulted from property left unprotected. Most builder’s risk policies only cover the damage to property or materials of the insured contractor.

Contractors’ General Liability Insurance

This general liability insurance covers bodily injuries, accidents, and damage at the construction property. In addition, if you or your workers are accused of causing injuries or property damage at the site, general liability insurance will protect your business. It will also cover litigation from claims of libel, slander, or false advertising.

Both policies are critical to protecting your construction company.

How To Protect Your Organization’s Volunteers

volunteer workers comp requirements

Workers compensation policies are designed to protect employees who are injured on the job. What happens when the person injured is not technically an employee, though? There are ways for your organization to protect its volunteers.

State Requirements

In most states, volunteers are not typically covered under workers compensation policies. In some states, however, volunteer workers comp requirements can be extended in certain instances:

  • Voluntary firefighters
  • Voluntary medical workers
  • Rostered volunteers
  • Volunteers who are compensated in non-financial ways

If your business relies heavily on volunteer efforts, it may be useful to look into ways to protect people, particularly if the work involves lifting or other manual labor.

Other Avenues

There are other options if your state does not have volunteer workers comp requirements. One common practice of nonprofit business owners is to extend the payment limits on their general liability policies or invest in umbrella policies to cover anyone – employed or otherwise – who is injured on their property. This would effectively cover volunteers who are injured in the course of their service.

When you rely heavily on volunteer work to make your business operate properly, you may want to find ways to protect the people who donate their time. Talk to your insurance agent about options for making sure everyone who makes your organization successful is protected.

IMO Changes to Maritime Operations


In January of 2020, maritime law changed in order to continue protecting the environment but potentially sacrificing the affordability of transport services across the seas. The International Maritime Organization (IMO) is the special agency appointed through the United Nations that takes care of the safety and security of the shipping trade but also prevents pollution of the seas and waterways by ships. The changes implemented this past January will affect the maritime industry and the ability of organizations to generate a healthy profit.

Regulated Operations

The change for shipping companies is a global marine fuel sulfur cap. So long as the implementation rate is high enough, the environment benefits. However, diesel prices will increase as the low-sulfur oil demand increases, but this will equate to higher freight rates. This is bad news for consumers. Additionally, the slower speeds will help the environment but frustrate consumers with increased travel times.

Controlled Supply

As the travel struggles increase for consumers, the industry will suffer from a limited transport capacity. With a capacity cut, the market may experience shifts in the supply-demand balance, with smaller carriers being the most vulnerable. The overall benefit, in order to compensate for the changes in routine and servicing, comes from developing a better discipline to stay relevant to the industry. Preparing for these adjustments can help a shipping company strategically plan for the future.

Finding a Life Insurance Policy When You Consume Cannabis

Consume Cannabis

Marijuana is now legal in either recreational or medicinal form as a licensed industry in most states. Over 30 states have some restricted access to medicinal cannabis that does not provide for a medicinal support industry. It’s clear that social and legal attitudes have changed, but for many consumers, support services like insurance are a little slower to respond. As a result, not every company has a responsive approach to coverage that a cannabis consumer needs. Some still regard it as an illegal substance, due to its federal legal status. Luckily, there are insurers who are moving to make realistic risk assessments about cannabis use, especially in light of its positive effects for patients with a select range of medical needs.

Insurance That Understands Cannabis

Buying life insurance marijuana consumer policies can mean searching a little for a carrier, but when you find one, you’ll find the industry has a range of approaches. Some providers simply treat smoking cannabis the same as smoking tobacco to simplify things, but the more responsive companies rate the client’s risk according to how much cannabis is consumed, the method of ingestion, and even whether they use is recreational or medical in some cases. That means a policy that better reflects your lifestyle, one that has costs and coverage provisions more in line with a realistic assessment of your daily risks.

The Advantages of Occupational Accident Insurance

occupational accident insurance in Georgia

Protecting your workers is essential to running a successful business. For many companies, this means taking out an appropriate insurance plan that covers basic needs like Workers’ Compensation. Of course, there are scenarios where this coverage will not be enough to meet the demands placed on your workers. To find protection from these risks, occupational accident policies might be worth consideration.

Weighing Out Your Options

Exploring your options with occupational accident insurance in Georgia can prove advantageous. If you operate in an industry with risks that differ from the coverage traditionally provided through a Workers’ Compensation plan, then this could be a good fit. Insurance for occupational accidents is usually less expensive than traditional plans because they do not include all of the standard benefits and inclusions. It does cover lost wages, medical expenses, disability coverage, and more. Points to consider when making your decision include:

  • Occupational insurance doesn’t cover legal fees
  • Costs are lower because less is covered
  • Best for very small industries with minimal health risks

Selecting the Best Policy

Taking out the wrong policy can cause more harm than good for your business. Give yourself the chance to explore your options and make the decision that will benefit your employees the most in the long run. This will help you maintain a sensible budget and still do your part to keep your team safe from harm.

What Are Managing General Underwriters?

MGU insurance

MGUs are either insurance brokers or agents who are given the authority to act on the part of insurance firms on a number of matters. As the name suggests, they are first and foremost underwriters. These are insurance professionals who calculate the risks inherent to insuring either individuals or assets and then, based on this risk, determine the premiums insurers should charge to issue coverage for these individuals or assets. In addition to acting as underwriters, MGUs may also carry out other tasks as instructed by insurance firms. These include:

  • Binding and issuing insurance coverage
  • Overseeing billing and collecting premiums
  • Handling insurance claims
  • Marketing insurance products
  • Managing risk

While it may seem as though contracting another company to take responsibility for these tasks could increase risk exposure for insurance companies, there are actually many benefits to hiring a reliable MGU.

What Are The Benefits of Using a MGU?

As explained by MGU insurance, one of the primary advantages to hiring a MGU is the expertise they can bring to the table. Their knowledge of specialized markets and geographic regions can minimize risks and lower execution costs. It may be expensive to develop this type of expertise internally. Finally, as part of an expansion strategy, they can offer insurers growth opportunities through access to expanded agent and distribution networks.

MGUs can handle many aspects of the day-to-day activities of an insurance firm. Most importantly, they can help insurers both expand and improve their business. As such, utilizing the services of an MGU can be a profitable decision.

Important Considerations for Purchasing RV Insurance

rv insurance

Purchasing an RV is a symbol of freedom for many. With that freedom comes responsibility. Your choices for RV Insurance need to meet with your travel or living plans, making the purchase of insurance for your recreational vehicle a more complicated process than obtaining auto insurance.

RV Age and Type Considerations

The age of your vehicle will have a significant impact on the amount and type of coverage you need. Likewise, RV insurance requirements for a motorhome might differ from what would be required for a small travel trailer.

Travel Considerations

The amount of coverage you need will greatly depend on what your travel intentions are. If you are storing your vehicle for much of the year, you might have the option of increasing your coverage for the times that you are traveling. For full-time RVers, you will need adequate protection for the increased time you spend in your vehicle and on the road.

Additional Coverage Considerations

Along with standard liability and collision protections, the experts at https://www.sboneinsurance.com/ suggest that you consider expanding your coverage for other risks inherent in RV living or travel, including gas leaks and fires. If you plan to travel out of the country, you will also need to ensure you have the proper insurance for coverage outside of the US.

Obtaining sufficient RV insurance requires careful consideration of RV age and type, travel intentions and additional coverages.  Good coverage gives you peace of mind so that you can enjoy the freedom of the road.

Non Skilled Home Care Now Available Through Medicare Advantage Plans

Manchester Specialty Programs Insurance

Many seniors opt for a Medicare Advantage plan rather than using Medicare and Medicaid directly. Some state governments opt for these plans to help their retirees with their health insurance. Medicare Advantage non-skilled home care may now be an option for many.

Coverage Circumstances

The experts at Manchester Specialty Programs Insurance states that only “medically appropriate” but do not require prescriptions or physician orders for payment. Supplemental benefits for non-skilled home care only pay under specific circumstances. Helping a patient avoid using the emergency room for physical impairments or certain health conditions may be covered.

Patient Benefits

Patients can receive help with their daily activities of living such as dressing and bathing when in connection to a medical need. The expanded plans help those unable to afford the out of pocket costs for this type of assistance can then receive the care they need.

Provider Opportunities

More patients can now take advantage of non-skilled home care than under the previous ruling. This means there will be an influx of new patients needing services than in prior years. The increase in patients can help home health care companies grow and expand to meet the growing need.

Understanding Medicare Advantage non-skilled home care plans can help home health providers take advantage of the new law. These facilities can use these plans to increase their offerings and serve more patients than ever before.

Applying for Assisted Living Facility Insurance

Living Facility Insurance

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.

Application Material

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.

Creating an Effective Employee Benefits Program

Employee Benefits

As an employer, one of the most critical aspects that you should consider while hiring job candidates is the effectiveness of your employee benefits program. By thinking about the benefits of employee benefits, you can improve your own program and attract more talent to your company.

Considering the Needs of Your Employees

Regardless of the type of business you run, you must offer 3 federally mandated employee benefits to your workers. These benefits include the following:

Once you’ve covered the basics, be sure to take the needs of your individual employees into account. Depending on what you think will be most valuable to them, you can include additional benefits in your programs, such as retail discount programs, telecommuting options, flexible spending accounts and child care subsidies. To determine which types of insurance are most important to your employees, it can be helpful to interview them or have them fill out a survey.

Benefits of an Effective Benefits Program

As referenced on https://hilbgroupfl.com, building a benefits program that resonates with your employees is crucial to their overall job satisfaction. Some of the most notable benefits of employee benefits include higher productivity, a greater probability of attracting more talent and a reduced employee turnover rate.

The importance of a strong employee benefits program should never be underestimated. By considering these top benefits of an effective program, you can build a better company that enjoys lasting success.