Tag: Coverage

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!

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.

Why You Should Consider Purchasing Cemetery Insurance

Cemetery Insurance

As the owner of a cemetery, you are responsible for helping people lay their loved ones to rest with as little stress as possible. Despite their somber nature, cemeteries have to deal with the same risks as any other business. There are many things that can go wrong and you need to make sure you have cemetery insurance in case something happens.

Coverage for Negligence

Unfortunately, mistakes that cause damage to others and their property can and do occur all the time at cemeteries. For example, let’s imagine a scenario where snow is not cleared off the walkway at your cemetery and someone slips and falls. If this person is injured, you are liable for their medical bills which could potentially be extensive. Cemetery insurance would cover these costs and help keep your business afloat.

Property Coverage

You also need to have insurance in case someone’s property gets damaged while on your cemetery. For example, say someone’s casket gets damaged while it is on your property. You would be liable for the damage to the casket and you don’t want to have to pay for it out of pocket. Cemetery insurance would cover this and save you a lot of money.

Owning a cemetery comes with a lot of risks just like any other business. Having the right insurance coverage can make all the difference.

The Liabilities Your Face as a Landlord

Landlord

Property investments can become a great source of income when you lease apartments or dwelling spaces to tenants, but they can also come with a lot of headaches. Even with your best intentions, you may not always be able to protect your units from natural disasters, tenant or visitor injuries, or damage to your units from theft or vandalism.

Your Exposures as a Landlord

If you rent out your property, whether you are operating a commercial venture like a hotel, student dormitory, or condominium or you lease out your second home or timeshare on occasion, you should consider the liabilities you face as a landlord. Your tenants have an expectation of safety and security from bodily harm or loss of physical property, but they are also counting on all the amenities to be in good working order.

Your Coverage as a Landlord

Habitational insurance addresses these key areas of habitational risk. In addition to paying for medical claims of injuries that occur on the property and assisting with structural repair or replacement for property damage, these policies can also be underwritten to include loss of rental income, environmental costs of claims associated with exposure to pollution, and the funds needed to address equipment breakdowns.

There are unique risks associated with the different variations of rental properties. Talk to a broker specializing in this coverage to make sure your plan will address the areas where you face the most exposure.

Insuring Your Assisted Living Facility

Living Facility

Risk management plays an important role in any business, and assisted living facilities are no exception. Finding the right assisted living liability insurance coverage helps protect you against the many risks associated with this type of senior care.

Protect Your Business Against Lawsuits

Liability insurance for assisted living facilities can protect you in the event a resident slips and falls, sustaining an injury. It can also provide coverage if a staff member incorrectly administers medication. Staff members aren’t the only source of potential lawsuits; insurance can also handle claims if a visitor steals a resident’s property.

Obtain the Right Coverage Types

Automobile insurance can cover vehicle accidents if your business transports residents. Coverage for the building can include boiler and machinery insurance, protecting you in the event of a mechanical failure or boiler explosion.

Check for Exclusions

Make sure the policy you’re purchasing doesn’t exclude important coverage. While no facility wants to face allegations of physical or sexual abuse by their staff, it’s important to carry a policy that includes this type of coverage.

Assisted living facilities carry a unique set of risks due to the population they serve. Finding the right insurance requires assessing any specific needs your facility may have surrounding specialized services you offer as well as ensuring you aren’t liable for the actions of your staff.

Learn to Mitigate the Risks in Your Biotech Company

Biotech Company

To have a biotech company is to have a company with its share of unique risk. The question that you might have is how can you mitigate those risks?

Third-Party Training May Be Helpful

In the biotech industry, you may not want to rely on in-house risk management. If you do not have a chief risk officer or if the upper management is not relaying a message of risk management to the rest of the team, then you may want to consider outsourcing. Third-party experts can train your company on how to mitigate the varying risks of a biotech company.

Insurance Coverage Is a Necessity

No business can survive without an adequate insurance company. Biotech insurance coverage will not only protect your assets in case of a disaster, but it will protect your company against lawsuits. If you are doing clinical trials for medications, there are significant risks. Even with waivers and other contracts, you are still liable for patients. Likewise, you may already have a financial burden because many medications do not meet the market.

All businesses have a certain amount of risk that they have to be accountable for. When you run a biotech company, you have very unique risks that you have to consider with the use of risk management training and insurance coverage.

How to Extend Your Claims Reporting Window

Extend Your Claims

For many professionals, insurance against errors and omissions or malpractice is a must while working in the field. The plans have very specific coverage terms, and incidents that are filed will only be covered if they occurred within the specific term window. However, for many professions, there is a possibility of a claim being filed long after an individual has changed jobs, professions, or even retired.

Purchasing Extended Coverage

Should a former client or patients open an allegation of damage or malpractice against you, it may come as a complete surprise. None the less, the courts may find you liable for any wrongdoing and order you to pay damages. The costs of a legal battle and settlement can be devastating. Fortunately, tail insurance is a coverage that can defray these costs.

Knowing Your Coverage Terms

With a tail policy, when your regular policy has come to an end, there is still time to report claims that would have fallen under your regular policy for a specified period of time. It forms an extended reporting endorsement with a fixed amount of time and active dates that mirrored those of your former policy. Though it can be purchased as a standalone, there is an option to add this coverage as an endorsement.

Errors and omissions or claims of negligence that would have been covered under an expired policy could potentially still be covered as long as the claim is filed within the active period of the tail policy.

Which Workplace Protection Policy Is Right for You?

Workplace Protection Policy

For most employers in the U.S., worker’s compensation insurance is not an optional form of coverage. Instead, it’s a state-mandated program. In some areas, there is even a monopolistic organization that handles policies for all employers in the state. There are areas where worker’s compensation is not mandatory, though, like jobs that send you to locations outside of jurisdictions with those policies. Some offshore mining and refining operations fit this definition, as do many employers who send workers abroad for contracted labor in various industries. For those employers, there may be an option for worker’s compensation, but often the policy they use to protect employees is an occupational insurance policy, which has a few distinct differences.

Contrasting Workers Compensation and OAI

Workers’ compensation tends to be more expensive because of the provisions that cover workers for lost wages and medical expenses with no upper limit. By contrast, occupational insurance covers medical costs and lost wages associated with an accident up to the policy maximum, and it is up to your company to calibrate its coverage to its needs. There is a chance that under-insurance could place financial liability for a portion of the costs associated with accidents on your company, so if this policy looks like a good fit for your business, you’ll want to work with insurance experts who make occupational accident coverage the focus of their work.

Understanding Maritime Employers Liability Insurance

Maritime Employers Liability Insurance

A maritime employer’s liability endorsement is essential if you provide employees to work on vessels you do not own. It covers illness, injury, and loss of life to employees when aboard other vessels even though the insured is not the owner.

Types of Policies

If a company owns or charters a vessel, it will obtain a protection and indemnity policy. This type of insurance is similar to vehicle liability coverage. It will generally cover liability for personal injuries to the captain, crew, and employees.

The Jones Act allows seamen to bring a lawsuit against their employers. Maritime employer’s liability endorsement covers an owner’s potential liability under the Jones Act above a deduction or retention amount. This type of policy is usually attached to cover anything over the worker’s compensation limit. It protects your employees working aboard a non-owned vessel and employees temporarily working on a ship you own.

Is Maritime Employers Liability Coverage Required?

Although no law requires it, lack of maritime employers liability coverage can result in costly uninsured exposures for the owner, including:

  • Costs involved in defense of a claim, which can be expensive
  • Maintenance and cure, wages, and transportation through the end of the ship’s journey
  • The possibility of large judgments

Understandingmaritime employers’ liability endorsement is crucial. If you do not know whether your account has liability exposures, consult with an expert on options to prevent uncovered claims.

Help! My Restaurant Made People Sick!

Brynes Agency Insurance

Running a restaurant, you already know the reality of the risks that you take in the industry — and one major risk is a foodborne illness. If your restaurant has had an outbreak, the best thing that you can do is to not panic. Here are the steps you should take in case of an outbreak of foodborne illness.

1. Call the Health Department

Instead of waiting for someone else to do it, make calling the health department your own job. This is one way to get professionals on the job ASAP, but also to take ownership and show that you’re responsible and willing to do right by your company.

2. Contact Your Insurance

Some restaurant insurance policies contain coverage for spoiled food or loss of business thanks to foodborne illness. Contact your rep at Brynes Agency Insurance to see what your options are.

3. Get to the Bottom Of It

Food poisoning doesn’t “just happen;” there is always an underlying cause for it. Methodically go through your kitchen, freezer, and workspace to figure out what happened and how to rectify the issue.

If your patrons suddenly start getting sick, this is not the sort of reputation you were asking for. Take responsibility for an outbreak at your restaurant and take the steps to make the situation better.