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.

How Important Is Errors and Omissions Coverage for Your Business?

Errors and Omissions

Errors and omissions insurance is critical for any business that offers professional services to clients. Because it can be devastating for a small business to pay costly legal fees and settlements out of pocket, E&O coverage will protect your investment. Knowing the type of risks you face helps to determine the best coverage for your business.

In What Situations Will E&O Insurance Protect Your Business?

An E&O claim can be filed for a variety of reasons.

  • Improper documentation or miscommunication – Failure to adequately communicate essential information to clients in writing can result in claims. Nothing should be assumed, and paper copies of every signed document should be retained in case there is a discrepancy later on.
  • Breach of duty – Your clients expect and deserve to receive the services or goods they have purchased in a timely manner. Failing to meet the agreed-upon timing can result in a breach of duty.
  • Misrepresentation of your company’s qualifications – Being untruthful will only hurt your company’s reputation in the long run. Be honest and upfront about the capabilities of your business.

It is the goal of every successful business owner to run their business with honesty and integrity, but misunderstandings can happen. E&O insurance is critical to protect you when you need it most.

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.