Heavy Equipment Insurance: What It Covers

Heavy Equipment Insurance

Heavy equipment insurance is necessary in some industries. It is especially critical if you work in the construction industry where heavy equipment is necessary for the function of the business. When it comes to industrial equipment insurance, you need to know what types of equipment it covers and the type of coverage it offers.

Types of Heavy Equipment

If your business uses heavy machinery in any of its operations, then you probably need to have heavy equipment coverage. The types of heavy equipment that your policy covers include:

Additionally, insurance can cover the components of your heavy equipment. For instance, if you need a replacement part, you may be covered.

Coverages for Heavy Equipment

You cannot predict every disaster. You may have preparations in place, but sometimes problems come as a surprise. Your equipment coverage can help fill the gaps that your other coverages leave behind. For instance, if there is an explosion or malfunction that damages your equipment, you need heavy equipment coverage.

Don’t leave your business unprotected. If you do not have heavy equipment insurance, you could lose money if your equipment were to fail for any reason. Repairs and replacements are not cheap. Even with maintenance, you can’t always predict if something is going to go wrong. Insurance keeps your company safe.

Why You Should Consider Purchasing Insurance For Your Cannabis Business

Cannabis Business

Selling and growing cannabis are some of the fastest-growing industries in the country. However, this business does not come without risks. Some of these risks can include:

  • faulty equipment
  • rapidly-changing state regulations
  • improperly growing crops
  • theft
  • weather risks/wildfires

When facing these potential losses, those in the cannabis business need to make sure that they are properly prepared. This is where cannabis business insurance comes in. There are a variety of different insurance coverage options to consider.

Property Insurance

Property insurance provides protection for your business in the case of fire, theft, vandalism, and natural disasters. If one of these worst case scenarios occurs, you want to be able to survive financially.

Medicine Coverage

This type of coverage provides protection for the cannabis you sell. This coverage applies while the cannabis is in the shop and while it is being transported.

Business Income Coverage

Business income coverage provides protection in the case of income interruption. For example, if your business is interrupted by a natural disaster, this type of insurance can make sure you continue receiving income while you get back on your feet.

Owning a cannabis business is a complicated endeavor with many nuances to keep in mind. Having the correct insurance can make all the difference when things don’t go as planned.

Do I Need EPLI Insurance at Work?

EPLI Insurance

If you run your own company, you have so many issues to address. You want to keep your employees and clients happy, all while making an acceptable profit. One thing you don’t want to add to your worry list, however, is possible litigation.  There are many types of insurance coverage that will protect you from unhappy customers or clients. If mistakes are made by your employees regarding products and services provided by your company, Errors and Omissions (E&O) insurance can cover you. If business management decisions are made negligently and can cause harm to your customers, Directors and Officers (D&O) insurance can protect your company.

But what about a disgruntled employee? Since you aren’t immune to employees seeking liability, it is important to consider EPLI (Employee Practices Liability Insurance) to protect your company.

Examples of Claims Covered Under EPLI

EPLI insurance coverage will protect you and your company against such litigation as:

  • Wrongful termination or demotion allegations
  • Sexual harassment claims
  • Discrimination charges
  • Claims of emotional distress

EPLI can protect you and your company from liability. Others who work for you can also be protected.

Call your insurance agent to see what coverage is best for you. A comprehensive package including D&O, E&O and EPLI may be the best fit for your company.

3 Types of Insurance Every Tree Trimming Business Should Carry and Why

Tree Trimmer

Tree trimmers provide a valuable service suing specialized equipment and knowledge. It can be dangerous work, though, so the right insurance is a must for any tree company. Research into tree trimmer coverages shows three types of insurance that help protect your business.

Workers Compensation Insurance

Workers’ compensation covers medical expenses and lost wages if a worker is injured in a covered accident. This means your business isn’t responsible for those costs out of pocket, and any injured workers can take time to heal fully before they return to work. Many businesses have a legal obligation to carry worker’s compensation coverage.

Liability Insurance

Accidents can happen even when you are careful and follow standard safety practices. Liability insurance will pay for damages and legal expenses related to claims made against your company. It is a key piece in your tree trimmer coverages that can help you avoid financial disaster.

Equipment Breakdown Coverage

With the highly specialized and expensive equipment needed for tree work, a breakdown can have serious consequences. After all, broken equipment leads to lost wages for you and your teams. Equipment coverage will help you get your gear repaired or replaced quickly so you can get back to work.

Work to identify and implement safety practices that can help reduce accidents, injuries and breakdowns within your business. Carry the right insurance package to help protect your tree trimming business in case one does occur.

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.

Insurance That Reaches Past Normal Limits

High-Value Homeowners

If you haven’t looked into the difference between high-value homeowners insurance and traditional policies, you’re missing out on important information about extra protection for the property that is most likely your biggest asset. Today’s homeowner’s policies are designed to suit the average single-family home, but one of the joys of upward mobility is enjoying the fruits of your labor. That means for more and more people, the dream house is about more than just four bedrooms and a half-acre. If you’ve recently invested in a property with unique architecture, advanced technological features and creature comforts, or an expansive garden, you’re probably one of the people who could stand to get a quote on this specialized policy.

What Goes Into a High-Value Home Policy?

As the writers at www.mavon.com explain, high-value policies come with features that are designed to ensure you can fully restore your home to its original beauty and value, even if there are features whose replacement expenses exceed the basic coverage in the policy. Other features you will likely see in a quote include:

  • Coverage for sewage and drain problems
  • Accommodations covered if you need a place to stay while repairs are effected
  • Cash settlement options if you choose not to rebuild
  • Jewelry protection with additional limits

Learn more about what you can do to cover your high value home today.

How Course of Construction Insurance Protects Your Projects

SB One Insurance

If you are looking for insurance for a construction project, you should consider the benefits of a course of the construction plan. These insurance plans are also called builders’ risk insurance policies, and they are a smart way to protect the various aspects of your construction site in cases of unforeseen circumstances that would require replacement of materials or redoing work that had previously been completed.

What Does the Course of Construction Insurance Cover?

A course of construction insurance policies is meant to protect your company from losses at a project site. This usually occurs through reimbursement for property damages and losses. According to SB One Insurance, you can often customize your course of construction insurance policy to serve the specific needs and concerns of a particular project, and in some cases, multiple projects, but a standard policy covers the most common incidents on construction sites. A few situations that are normally included are vandalism, theft, explosions, and fires. Examples of optional additions for your course of construction plan are coverage of soft costs and losses due to legal changes or flooding. A quality insurance company will also have options for testing coverage so you are not responsible for malfunctions of machinery you don’t build but must install.

Every building project will be well served by a trustworthy cost of the construction insurance policy. With the right insurance provider, you can focus on completing your assignment without worrying about potential disasters and their costs.