3 Challenges To Consider When Taking Your Business Oversees

Business Oversees

Many business owners dream about taking their work beyond domestic shores. Selling a product or providing a service in a new nation can open many doors. If youve considered expanding your reach to the global market, its important to know what challenges you might face.

International Law

You may be shocked to learn how laws work or, in some cases, dont work, in other countries. Many developing nations are unable to provide the same security and rule of law taken for granted in the U.S. Before venturing into any new market, make sure youre aware of the potential legal pitfalls and always maintain the proper DBA insurance.

Language Limitations

Although you may speak the language fluently enough to easily converse, doing business is another matter completely. Not only will you have to brush up on any translations of industry jargon, but youll also need to get a feel for the appropriate words and phrasing to use in a professional setting.

Cultural Concerns

Theres nothing worse than offending potential customers or business collaborators, so youll need to understand the new nations culture thoroughly before venturing into the business world there. There are many resources that can help, but enlisting a mentor who is native to the area can provide indispensable information and advice.

Bringing your business overseas can challenging, but it can also be a great new adventure.

Staying Protected in the Water and Septic Business

Water and Septic Business

Those in the water and septic industry provide an essential service to their communities, but this industry is not without risks. Finding a good septic business insurance program can keep you protected in many ways while you are helping others.

Product Liability and Recall Coverage

One of the main components of your coverage should be liability protection in case of product failure or recall. This can help cover financial losses and protect from lawsuits related to these incidents.

Pollution Coverage

Pollution liability is another key part of a septic business insurance program. This liability coverage can cover both sudden and gradual pollution as well as provide HAZMAT coverage and can protect you whether something happens on-site or during transport.

Auto, Boiler, and Machinery Coverage

The water and septic industries use a lot of heavy equipment, plus vehicles (owned and non-owned) for transporting said equipment. Your insurance policy can include coverage for all of these, so you have the protection you need for the tools you need.

Water and septic services are important to the people they serve, and it’s important for providers to be protected while they do their work. With a good septic business insurance program, you can feel comfortable in your coverage as you get the job done.

Finding the Best Benefits Package for Your Employees

Benefits Package

Offering an outstanding employee benefits package to your staff is one of the keys to not only employ but keep top-quality workers. Lets look at some of the benefits that entice people to your company.

What Is Typically Included in a Benefits Package?

For most people searching for work, a good insurance package is their number one priority after establishing an agreeable pay rate. Comprehensive medical dental insurance plans are most critical for workers and their families. Make sure the insurance company you choose provides the following advantages when helping you implement their program:

  • Tries to keep costs as low as possible, while providing the best benefits to your employees
  • Strives to reduce overall administration of the benefits in your facility
  • Considers employee wellness a top goal
  • Offers consultation services and assistance when you need it, including one point person for your HR team to contact

Choosing one comprehensive package with your insurance company also keeps rates down for you and your employees.

Additional benefits that attract workers are profit-sharing programs and discounts at nearby gyms or exercise facilities. In fact, some companies include health incentives, such as exercise programs, as part of their plan to keep healthcare costs down.

Spend some time researching benefits choices so that you offer the best possible plan for your dedicated employees.

Does Your Insurance Plan Cover Employee Crimes?

Employee Crimes

Employee crimes have been on the rise in the last few years, according to information reported by the FBI. Even a company with tight cybersecurity measures can become the victim of employee theft and other crimes. Thats why its crucial to have adequate insurance coverage for workplace problems.

Examples of Employee Crimes

Employees have been involved in a number of crime claims scenarios. Lets take a look at a few that are the most commonplace in companies.

  • Theft – This could include such things as money stolen from petty cash or equipment removed from the premises.
  • Forgery – Money orders or company checks are stolen, forged and cashed.
  • Altered accounts – Company account information is altered by an employee. This could involve assistance from an outside vendor who overcharges the company for services, and the employee then shares the excess funds with their accomplice.
  • Improper credit card use – An employee is given a company credit card to book flights and hotel rooms for travelers and then uses the card for personal expenditures.
  • Data breaches – An employee breaches the companys security system and transfers money to their personal account.

You certainly hope that your employees are honest, but you cant always know their motives. Obtaining a comprehensive insurance plan will protect your company from potential loss.

Do I Need Both Installation Floater and Builders Risk Insurance?

Builders Risk Insurance

Anyone who has worked more than one project in construction knows at least some of the risks that merit purchasing builders risk insurance. However, not everyone is as familiar with installation floater insurance, and many are uncertain whether they need both. Here is an explanation ofinstallation floater vs. builders risk.

Builders Risk

Builders risk is insurance for all the big and small mishaps that might cost you money on a specific project. It also protects subcontractors involved, as well as the manager and property owner. Most policies cover the following incidents:

  • Extreme weather
  • Fire
  • Faulty materials
  • Accidents

Installation Floater

The word floater refers to a type of insurance that covers personal property that is portable and not tied to a specific location. In the construction industry, installation floater insurance covers the cost of the materials you are installing. A single policy covers multiple projects, and benefits only the party that purchases it. It is a supplement to builders risk, rather than a replacement for it, and can even be used to pay the builders risk deductible.

An installation floater is a policy to consider in addition to builders risk. With the two in place, you can have peace of mind knowing that you are prepared, no matter what happens on the construction site.

The Ins and Outs of Hemp Insurance

Hemp Insurance

The hemp industry is growing quicker than ever before, creating countless business opportunities across the USA. Unfortunately, running a hemp business is not without risks. Losses can occur and it is vital that you have the proper protection in place so you don’t have to cover anything out of pocket. A big part of this protection is having the correct hemp insurance coverages.

Insurance Options for Hemp Crops

In 2018, the Farm Bill was passed and hemp crops were classified as an agricultural commodity. This enabled hemp farmers/growers to finally purchase insurance for their crops. If you are a hemp farmer, your best option could be MPCI or multiple peril crop insurance. This type of insurance provides protection against multiple threats including:

  • Hail
  • Frost
  • High Winds
  • Disease
  • Drought
  • Insect damage
  • Fire
  • Flooding

Hemp farmers can also obtain crop revenue coverage for years where prices drop or your yield is less than anticipated.

Other Types of Hemp Business Coverage

If you are not a hemp farmer, but you work in some other aspect of the hemp industry, there are options available for you. Some of these include:

  • General liability
  • Product liability
  • Premises liability
  • Equipment coverage
  • Loss of income coverage
  • Cyber liability insurance

Running a hemp business does not come without risks. Purchasing hemp insurance coverage can make all the difference!

The Solutions to Construction Business Risks

Construction Business Risks

Due to the type of work performed on a job site, the construction industry is one of the most dangerous industries to work in. To own a construction business, you have to understand the inherent risk and protect yourself in advance.

The Risks in Construction

There are several kinds of risk at a job site. Risks include:

  • Damage to your equipment and property
  • Injuries to third parties
  • Damage to rented space

Your business could suffer lawsuits based on false advertising, copyright infringement and libel or slander. Not only should you take responsibility for your actions, but your employees actions on the site.

The Solutions to Your Risks

The solution to the inherent risks is insurance coverage. Most owners in the construction business have a builders liability policy and a general liability policy. The builders liability policies cover your equipment, property and other equipment if damaged due to theft, vandalism, fire and more.

General liability, on the other hand, protects you against lawsuits. General liability covers injuries that occur on your property and damage to the build site if it belongs to a third party.

Owning a construction business comes with a lot of responsibility. You have to recognize the inherent danger and plan for the worst. General liability insurance construction business owners use is your best shot at protection.

What Insurance Do Boat Cleaners Need?

Boat Cleaners

If you have a boat cleaning service, you know you need to protect your company from potential liability issues that could arise from accidents or mistakes, but you may be unsure where to begin. Does your organization need coverage? What types of boat cleaner insurance should you get? Where do you obtain the right policy?

Companies That Need Coverage

Custom marine policies minimize liability exposures for businesses that provide the following type of services:

  • Electrical, plumbing or other technical services
  • Carpentry, painting or other finish work
  • Hull cleaning
  • Jobs related to riggings or sails
  • Maintenance or repair of engines
  • Winterization
  • Woodwork

Policy Types

  • General Liability:This covers bodily injuries or damages that occur while performing work services.
  • Protection and Indemnity:This protects your company if employees must operate a client’s vessel during the repair process.
  • Ship Repairers LegalLiability: A policy of this kind covers ship damages that happen while the boat is in your care.

The Right Coverage

You should purchase insurance from an agency that has knowledge and experience in the marine industry.Boat cleaner insuranceis a specialized type of policy that covers the risks unique to your business.

Ensure that your company has the essential safeguards in place for life’s unexpected mishaps and events. Consult an agent with industry-specific expertise to help you get comprehensive coverage that protects you from financial loss.

Types of Construction Insurance Policies

Construction Insurance

The construction industry provides a steady source of income for everyone involved, from land developers to day laborers. Like any great business, however, construction is not without its inherent risks. Luckily, insurance companies are aware of what those in construction face, and offer many types of construction insurance policies to protect from financial loss.

Workers’ Compensation

Most states require workers’ compensation to protect employees from on-the-job injuries. Depending where you live, there may be options available to lower your premium.

General Liability

General liability is invaluable in the case of claims made by the general public. It covers their personal injuries and loss of property, as well as legal fees associated with claims related to advertising issues.

Professional Liability

Professional liability, also known as errors and omissions, protects your company’s reputation. It covers claims of negligence and breach of contract by helping you pay to defend yourself in court.

Cyber Insurance

Cyber insurance is becoming increasingly important in construction. This inexpensive policy protects software and data against hackers and other cyber attacks.

With so many types of policies available, you can feel safe knowing that your business is protected from unforeseen circumstances. Talk to your insurance agent to choose the combination of policies that best fits the construction projects you deal with most often.

Insurance Requirements of Nonprofit Organizations

Nonprofit Organizations

Like any other type of business, a nonprofit must maintain certain types of insurance. However, these companies also often have components that others do not. That can cause confusion when it comes to what insurance is a necessity and what is a nice-to-have addition to coverage. Delving into nonprofit insurance requirements can help create clarity out of the confusion.

Must-Have Coverages

You are required by law to maintain certain types of insurance coverage for your nonprofit organization. These primarily target liability and can vary depending on where your company is located and conducts its business.

For example, in many places, you are required to maintain general liability insurance on any business. If your company owns and operates vehicles, then an appropriate auto insurance policy must be in effect. Each state has its own requirements for worker’s compensation coverage, but most mandate it for businesses with a minimum number of employees. Officers and volunteers may count toward those numbers.

Extras That Increase Protection

There are some other coverages that you may want to include in a comprehensive insurance package. A few of them include coverage against:

  • Improper employment practices
  • Cyber liability
  • Property damage
  • Volunteer dishonesty

Since there can be some ambiguity about coverage requirements, it is best to work with a trusted financial advisor and insurance agent to determine the exact needs of your organization.