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:
- High Winds
- Insect damage
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 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.
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 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, 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 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.
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.
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.
If you are shopping for truck insurance, then you may be aware that a CAB report affects your premiums. If you are like most people, however, you are probably not sure what CAB is or how it works. Here is a little background on this agency to help you understand its effect on your business.
What Is CAB?
CAB is short for the Central Analysis Bureau. This small, New Jersey-based agency, which only employs approximately 30 people, has been in the business of collecting and selling information about vehicles for the past 75 years. For example, from just a vehicle identification number, CAB can tell you a vehicle’s life story, including the following:
- Place of manufacture
- Previous owners
- Crash history
- Violation history
How Does a CAB Report Affect Insurance?
Insurance carriers use CAB reports to estimate risk and calculate premiums. Many agencies use these reports more than they do the client’s actual driving record or vehicle history, and some will deny coverage based on a CAB report alone.
Let the knowledge that CAB is out there, monitoring your fleet, help you be more vigilant in self-inspection. Doing things like checking your taillights, performing routine inspections, and monitoring your drivers’ hours can keep CAB reports working for you and not against you.
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.
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.
Running a successful dry cleaning business takes a unique skill set. You have to budget smartly, provide outstanding customer service, and have outstanding attention to detail. Despite the methodical organization, you still need to be prepared to deal with the unexpected. Dry cleaning businesses have to contend with a considerable measure of liability exposure, and they need to safeguard themselves accordingly.
Build a Comprehensive Commercial Insurance Package
Good insurance coverage is a fundamental part of a dry cleaning businesss risk management plan. Work with an insurance company that offers dry cleaner programs that are customized to your industrys operations. In addition to providing competitive rates on insurance, an insurer that is experienced in serving dry cleaners can offer guidance about your overall risk management.
Be Prepared to Deal With Claims Quickly and Effectively
Just like any business that opens its doors to the general public, dry cleaning businesses could face liability for accidents occurring on the premises that result in physical injury. They could also be subject to claims for lost or damaged property. Putting customers on notice that you wont be responsible for lost or damaged items may be a deterrent to claims, but it doesnt really offer substantive protection against them. Work with an insurance company that will give you the resources to resolve claims as favorably as possible.
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.
As the internet and social media make competition between businesses steeper, companies have to look for new and creative ways to market to new customers. One way that dry cleaners can do so is by marketing their business on the road and establishing reliable neighborhood routes that supply much of their business demand.
Benefits of Dry Cleaner Routes
Dry cleaner routes are great ways to reach potential customers who would not normally find your business simply by walking by it. You can expand to homes or other businesses depending on your target audience. While it may take more time initially, the number of customers you gain because of your efforts is well worth it. Routes also make it easy for businesses to expand that normally would not be able to because of the limitations of their business location.
Finding New Customers
There are several ways you can establish your new dry cleaner route. One is simply by going door to door and advertising your services. Going after work hours can help get customers who work all throughout the day and have a need for services.
Once youve established new routes and locations, look into insurance that properly covers your business. This can help you maintain successfully financial stability long into the future.
Operating in the trucking industry brings numerous inherent risks based on the nature of the business. Insurance coverage is either required or wise to obtain in order to protect your business. Policies such as general liability, property damage and cargo insurance are typical. Another common scenario is when you are using a trailer that is not owned by you. In that case it does not fall under your insurance policies, so you need separate protection such as trailer interchange insurance coverage.
Trailer Interchange Overview
It is a regular practice for trailers to be hauled by different trucks or carriers during a route. In most cases a trailer interchange agreement is in place between the parties. With this written policy is in place you can then be covered by a trailer interchange policy. It provides protection in the event the trailer is damaged while in your possession, whether it is attached to the truck or not.
Non-Owned Trailer Coverage Differences
There is similar insurance available for physical damage to non-owned trailers not operating under an interchange agreement. It is important to note that the trailer must be attached to a truck for coverage to apply.
The transportation industry contains a number of natural risks. Understanding all of the areas that you need insurance coverage is essential to protecting your business in the event of an accident.