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.

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.

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.

Why Teachers Need Insurance

Caitlin Morgan Insurance

You know that you are in the teaching profession to help kids and improve their futures, but the truth is that there is plenty of risks involved when you work with them. For better or worse, the world has become a frightening place for people involved in the school system, which is one reason that professional liability insurance for teachers is such a smart idea.

What Kinds Of Lawsuits Are Being Served?

Teachers and school districts all over the country are being sued for a multitude of reasons, but some of the most common (and most disturbing) include accusations of:

  • Failure to educate a student/class
  • Failure to recognize student credit or allow means for growth
  • Improper behavior, including sexual or physical abuse

Protecting yourself against these frightening threats is essential in the hyper-sensitive world we live in. Having a blanket of coverage to safeguard you in one such situation is a great way to ensure protection and to safeguard your job. Refer to the data found on Caitlin Morgan Insurance to find out more specifics about what kind of coverage is offered.

Working in a public-facing job, especially one involving children, is already a risky endeavor. Protect yourself against devious minds by investing in an insurance policy that is built for your profession.

Nonprofits Face These Three Critical Risks

Arroyo Insurance Services

Nonprofit organizations provide valuable social services to communities around the nation. Insurance for nonprofits protects the organization from financial loss due to a lawsuit. Help lower overall costs by reducing the effects of these three critical risks.

Volunteers

The industry relies on volunteer staff to run events, help with day-to-day operations and fundraising for the organization. According to Arroyo Insurance Services, organizations try to balance costs with the need to mitigate risks. Take the time to screen volunteers and then train them to help reduce the risks of negligence, injuries, theft, and damage caused by a volunteer.

Reputation

Nonprofits rely heavily on their reputation for doing good in a community. Bad press negatively affects both the volunteers that run the organization and the amount of money the organization can raise. Mitigating risk is essential to keep the organization’s good name and make obtaining money easier to operate.

Fraud

Fraud affects every industry and nonprofits are not left out. A fictitious company may state they are nonprofit, fundraise in your organization’s name and then run with the profits. Not only can this damage the nonprofit’s reputation, but the organization loses out on needed money.

Insurance for nonprofits is one piece of the larger risk management puzzle. Keeping an eye on these critical risks can help the organization thrive.

Getting Your Establishment the Protection it Needs

RMS Hospitality Group

Insurance can be such a hassle to deal with as a business owner or manager. There can be plenty of risks involving locations specializing in hospitality. That is why getting together with a good insurance team that can get you the right policy package can save you more than you think.

What Coverages Should You Consider?

When it comes to insurance, it is much better to be prepared with the right amount of policies than being left paying out of pocket. Therefore, a policy like liquor liability should be a top priority. This coverage comes into play when a patron who was served alcohol on your premises causes property damage or injures themselves. You may even be held liable if they hurt someone else. Liquor liability handles the financial necessities of such a claim.
Another important policy to add to your coverage is a general liability. A policy like this comes in handy for the potential injuries, slips and falls that occur in a setting like hospitality work. You should also make sure your package includes commercial property insurance.

Why Brokers?

Hospitality insurance brokers work for you and not for the needs of a specific agency. RMS Hospitality Group recommends that you meet with insurance experts that can adjust to your specific situation as soon as possible so they can build a plan just for you and at a rate you can afford.

Why Business Supplies Need Insurance

Business supply insurance

Just as a business gets insurance for workers and unemployment, there is also a demand for business supply insurance. Here’s a few reasons why having insurance for supplies is important, even if you’ve never considered it before.

Business Supplies Can Get Damaged or Ruined

Just like anything else, supplies can get ruined through an accident, such as flooding, tornados, or even storms. This can leave the supplies unusable and end up costing a lot of money to get them replaced. Having coverage can prevent these problems from occurring and save a lot of money in the long run.

It Covers More Than Just Paper

Business supply insurance covers more than just paper and pens when it comes to office supplies. This can include printers, fax machines and copiers, computers, and other forms of telecommunications. Considering the cost to have these replaced can add up, this saves money and provides protection should an incident occur. For companies that have a lot of these items to cover, this provides the protection they need.

To protect a company against loss involving business supplies, it’s helpful to have insurance. It can protect the items in a variety of instances and can cover anything from computers to more basic office needs. It’s a helpful plan that can save money no matter what the circumstances.

Four Key Insurance Coverages For Construction Companies

Construction Insurance in Wayne

Are you looking for construction insurance in Wayne, NJ?

If you’ve found it challenging to determine the coverages you need, here are four of the key insurance options that you should be sure to include in your policy.

General Liability

General liability insurance is broad coverage in case a third party suffers bodily injury or property damage because of your business. If a lawsuit is filed against you, your policy will cover the legal fees and any other expenses for which you’re liable.

Professional Liability

Professional liability is for construction companies who are also designers. If your client files a lawsuit claiming that your design didn’t meet their expectations or includes errors, your policy will cover the cost of any legal fees associated with the case.

Pollution Liability

Pollution liability insurance covers you in case a lawsuit is filed against you because your construction activities lead to pollution that caused harm to a third party or their property. Your policy can also be used to purchase items to help mitigate pollution.

Workers’ Compensation

Unlike many other industries, workers’ compensation is a requirement for construction companies. Your policy should cover your employees and any subcontractors you may work with as well.

Plenty of other insurance options exist to keep you covered against the many risks that are inherent to the construction industry. Work with an agent who’s experienced in construction insurance in Wayne, NJ to create the policy that’s perfect for you.

How a Recreational Marine Insurance Wholesaler Can Help You

Recreational Marine Insurance Wholesaler

A recreational marine insurance wholesaler is a broker who works as an intermediary between an insurer and a retail broker. This type of broker will have no contact with the insured party and instead acts as a layer of experience and focused expertise for a retail broker. For instance, a retail broker can offer recreational marine insurance, motorcycle insurance and RV insurance and use a different wholesaler to find the best deals for each type. You can really benefit from dealing with wholesalers because it can open up a variety of niche coverages for your company to offer without having to take the time to develop those skills and relationships yourself.

When you are looking for a recreational marine insurance wholesaler, you will want to look for companies and individuals who can help your clients whether they own a dealership, a repair shop or a manufacturing company. This can help everyone involved to find the best solutions for any gaps in insurance. Many companies will have this information listed on their websites, you can also find companies through your industry contacts which offer the things you are looking for. It is a good idea to look at things like reputation and areas covered to help you find the best fit in insurance wholesalers.