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Why You Need Insurance to Start a Business in Ohio

Business

No matter how large or small, every business needs insurance. Even if your day-to-day activities seem safe, the possibility of something going awry is always there. Having Ohio business insurance can mean the difference between staying in business and going bankrupt after a simple accident.

Bodily Injuries

You don’t have to be in a dangerous profession like skydiving for members of the public to become injured at your workplace. Liability insurance protects you from having to pay potentially devastating medical bills if someone slips and falls on your property.

Property Damage

Damage to another person’s property can occur in a multitude of ways. For example, you might bump into a client and cause him to drop an expensive cell phone. A liability policy pays to repair or replace damaged items.

Personal Injuries

Defamation and libel can occur unintentionally; unfortunately, however, an apology is not often enough to end the matter. If someone sues you for words they consider offensive, you need insurance to pay for court costs and legal representation.

Finding an insurance agent may feel like one more task on your already long to-do list, but it is an important one. Protect your business with a solid liability policy, and discuss options for additional coverage that are available to you.

Why You Should Consider Purchasing Hemp Insurance

Hemp Insurance

The hemp business is evolving and expanding quicker than ever. There are new products being created every day that are being sold in far more venues than ever before. Unfortunately, this business is not without risks and you need to make sure you are protected in case something goes wrong. This is where hemp insurance coverage comes in.

Why Do You Need Hemp Insurance?

Like most small businesses, hemp business owners need to be prepared in the case of a lawsuit. Legal fees and defense costs can be extremely expensive and can easily sink a business. Luckily, having the right hemp insurance coverage can ensure that you will not have to cover any claims on your own.

If you are a hemp farmer, it is even more vital that you invest in the proper insurance coverage. There are a variety of circumstances that can lead to a serious loss of income if you don’t have insurance. Like most crops, your hemp plants are vulnerable to natural disasters, bad weather, and wildfires. If you experience losses due to these factors and you have insurance coverage, you won’t have to cover the costs yourself.

The Bottom Line

Owning a hemp business can be extremely lucrative. However, it is not without risks. Having the correct insurance coverage can make all the difference.

Why Captives and Enterprise Risk Management Are a Good Idea

Risk Management

When running any business, a level of risk and uncertainty is involved. Likewise, most business owners and management strive to determine how much chance or risk to accept or manage to enhance or erode company assets. This is why enterprise risk captive insurance is vital to the potential growth of your business.

What is Captive?

A captive can be an effective way of maintaining more significant control of risk management and fund self-insured risks. Additionally, a captive insurance company accepts premiums your business may have to pay against a parent company and can profit if those claims are less than the original premium.  A captive can also lower insurance premium costs and provide long-term stability for pricing on customized policy manuscripts.

Benefits of Enterprise Risk Management

Enterprise risk management or ERM is a crucial component of how a captive contributes to your business’s profitability.  Often, a captive consists of a board of highly trained professionals within a variety of disciplines that can also influence your risk management program’s success. Since an ERM  focuses on preventing uncertainty, claims are likely prevented instead of administered, giving business owners a broader understanding of their industry limitations as well.

When you have a captive in place and enforce an ERM, you can ensure effective compliance with local laws and reduce potential risks. Additionally, when you combine enterprise risk management and a captive, it can be vital to your company’s overall growth.

What Is Public Liability Coverage?

Public Liability Coverage

Business owners need to think about how to best protect their assets. All it takes is one simple accident and you stand to lose everything you have worked so hard toward. Thankfully, the right insurance package can be your best line of defense. Public liability insurance, for example, is specifically designed to keep business owners protected from the most common losses associated with their industries. In fact, this type of insurance is considered the entry point for most businesses, as it covers the most basic risks.

Weigh Out Your Options

As reported by insurance experts, public liability coverages are essential to protect a business. However, there are some gaps in the policy that should be noted. This coverage does not include any claims that might come from internal sources like the members of your staff. Additionally, this policy does not include the expenses related to claims from vendors or investors. For these concerns, a policy or general liability is more advantageous. Weighing out all of your options is the only way to find coverage that protects you from all fronts. Points to focus on include:

  • How much you can afford to spend on a policy
  • The unique risks of your specific industry
  • Your history with claims

Conduct Preliminary Research

Planning ahead with your insurance is the best way to find coverage that covers all of your bases. Take time to review the most critical risks of your industry and select the policy that makes the most sense for your unique needs.

3 Ways Your Small Business Can Save Money

Small Business

Owning a small business is a labor of love, but you’re also in it to make a living. If you’re looking to cut costs without cutting corners, consider these three ways small businesses can save money.

Reduce Employee Turnover

Hiring the right talent is important to a smoothly operating business, but keeping star employees is absolutely essential. Instead of spending your time searching for and interviewing new hires or paying an employment agency to do it, work on keeping the good workers you already have on staff. Offering bonuses, paid time off, commission, raises or other incentives will reduce turnover.

Control Insurance Costs

Insurance premiums can take a big bite out of your bottom line. Review your current policies to make sure you’re getting the best rates and aren’t paying for coverages you don’t need. Also, companies can use an innovative risk management tool such as a medical stop loss captive to keep employee health insurance costs down.

Eliminate Office Space

If being on site is not essential to your business, consider closing down your physical location and switching your staff to remote workers. Many employees prefer not having to commute, and you won’t have to spend money on rent and utilities to keep the office going.

Your small business thrives on your attention to detail. By tweaking just a couple of expenditures, you can free up capital to grow your business.

Choosing Between Umbrella and Excess Liability Coverage for Your Business

Umbrella and Excess Liability Coverage

Businesses today face many risks associated with their operation. Coupled with rising costs related to handling claims, it is clear why many companies seek additional insurance protection. However, merely adding more coverage may not be the right choice for you. When researching the differences between umbrella vs excess liability coverages, you should take care to see which one best meets your business’s needs.

What Is Umbrella Coverage?

It is essential that businesses maintain an appropriate amount of coverage to protect their assets and secure their financial stability. An umbrella policy, which is generally added as a rider or additional policy, is one option businesses can use to achieve that. It extends beyond the standard protections of any existing liability coverage. That makes it a flexible option for many companies that are looking to expand coverage.

How Does It Differ From Excess Liability?

Unlike an umbrella policy, excess liability coverage expands on the limits of your existing policy. This can be a good approach if you are concerned about increased costs associated with claims but do not need coverage for additional situations.

While every company should have adequate insurance coverage, there is no one-size-fits-all approach to business insurance. An experienced insurance company can help you choose the right coverage for your unique needs.

3 Ways to Improve Insurance SEO

Insurance SEO

The insurance industry is highly competitive and growing all the time. Insurance SEO puts your business in front of people searching for the services you offer.

Name, Address and Phone Number

Online citations of your company’s name, address and phone number play an essential role in local search. It is vital to ensure that all sources of this information are accurate and consistent. Inconsistency creates confusion for the search engine, making your website less credible in the ranking algorithm. This mistake pushes your listing lower in the search results. Some options for building local citations include Google My Business, Yelp and Bing Places.

Backlinks

An effective insurance SEO technique is the process of link-building. Backlinks are crucial for new businesses trying to generate traffic to their website. This process involves other websites or blogs linking to your website. Arranging a link exchange with other relevant companies helps build credibility for your websites, increasing your search rank.

Content

Content development with targeted, properly placed keywords helps a website grow. Posts should be interesting, helpful and relevant to potential and existing clients. Online content should also contain keywords based on industry research.

High-quality material posted about your services needs to present unique insights into the insurance industry that separates you from competitors. Effective insurance SEO techniques result in qualified leads and conversions.

3 Reasons Why You Need Boat Insurance

Boat Insurance

Unlike on-road vehicles, in most states, boat insurance is not required. However, your bank or marina may expect boat insurance beyond a typical homeowners’ policy. To avoid unexpected losses often associated with having a watercraft, here are three reasons why you need boat insurance.

1. Offset Litigation Costs

Properly insuring your boat may protect you from liability claims that could arise due to unexpected injury or damage. Many boat insurance policies pay for legal damages incurred during a suit and provide a defense attorney to represent you.

2. Investment Protection

Generally, purchasing a boat costs thousands, and protecting your investment from unforeseen losses is crucial. Often all-risk policies with consequential coverage protect your watercraft by allowing a boat insurance claim covering damage associated with storms, fires or vandalism.

3. On-water Storage

While not all marinas require boat insurance, most need proof of coverage before they’ll accept a contract to house your boat. Additionally,  some marinas will want to be listed on your policy before they lease a slip or mooring.

Even if your watercraft may be aging and not worth as much, it’s still a good idea to purchase insurance coverage. You can buy a flexible policy that fits your needs and avoid even higher costs that could arise due to collision, damage or injury.

Covering Your Clients With Professional Liability Insurance

Professional Liability Insurance

As an engineering firm owner, you understand how much your clients rely on you and your team to come up with the designs commissioned. From calculations that drive design choices to detailed drawings, there is a strong focus on the specifics because they make all the difference between a design that works and one that doesn’t. What happens when a mistake in your analysis or an oversight leads to a faulty design, especially one that results in damages or losses?

Understanding Engineering Liability Insurance

Mistakes do happen, but the consequences of mistakes in engineering and design can be disastrous. It’s important for you to have professional engineering liability insurance that protects your company from lawsuits and claims by a third party due to losses incurred from errors and omissions in your work. This type of protection is also known as Errors and Omissions (E&O) insurance and can help cover your operations:

  • Mistakes in design
  • Omissions in deliverables
  • Wrong professional judgment calls or recommendations

This coverage inspires confidence with your clients in the way you do business as you have a policy that addresses your deliverables and claims that may arise.

Getting the Right Protection

Professional engineering liability insurance should not be confused with general liability that covers property damage or accidental falls. E&O insurance specifically addresses your work product and can cover legal defense costs and settlements. You owe it to yourself to buy a policy that is tailored to your firm’s specific needs.

How To Safely Enjoy Boating

Boating Safety

Spending time on the water is a favorite pass time for many people. Unfortunately, it can end in tragedy if proper safety procedures aren’t followed. Research into safe boating shows that taking a few precautions can ensure that everyone on board and around your vessel returns safely to shore.

Check Your Boat for Safety

Before you head out on the water, take a few minutes to perform a quick safety check. Ensure that all systems are in good working order, that you have sufficient fuel for your intended travel, and that any drain plugs are securely in place. You will also want to verify that safety equipment is on board and properly stowed. A few times that should always be packed include life vests for every passenger, emergency flares, and a first aid kit.

Avoid Risky Behavior

Risky behavior can get you killed on the water. A few rules for safe boating include:

  • Don’t mix alcohol and boating
  • Ensure that all passengers are wearing life preservers
  • Avoid going into areas you are unfamiliar with
  • Monitor tides so you don’t get stranded in shallow water

Practice General Safety Strategies

No matter where you are going or how you are getting there, some safety precautions just make sense. Let someone that is staying on shore know where you are planning to go and when you will be back. You should also familiarize yourself with the area you will be batting in and any potential hazards.

Even if you practice every safety precaution possible, accidents can still happen. Carrying the correct insurance for your type of boat and its use helps to limit your liability.