Posts Tagged ‘business’

All About Dispensary Insurance

Dispensary Insurance

The legal cannabis industry is one of the fastest-growing markets in the United States.  There is no better time than now to open a dispensary.  However, owning a dispensary is not a risk-free endeavor and it is important to be properly insured.  This is where dispensary insurance comes in.

Why Do You Need Dispensary Insurance?

While running a dispensary can seem like an easy and relaxing way to make good money, the reality is that things can go wrong.  Things like fire or theft can be huge setbacks that can ultimately cause your dispensary to go out of business if you don’t have insurance.

What Types of Coverage Do You Need?

There are a number of different types of insurance coverage that are a must-have for any dispensary.  These types of insurance are:

  • General Liability: Protects you against situations where you accidentally cause harm to a customer’s person or property.  This includes things like defective products and false advertising.
  • Property Protection: Provides coverage for all of your dispensary’s property.  This includes things like your equipment, your inventory, your furniture, and your fixtures.
  • Business Income Protection: This type of insurance coverage replaces income lost if you are forced to close temporarily because of things that fall out of your control.  An example could be closing due to fire damage that has to be repaired before you can open again.

Running a dispensary can be extremely lucrative.  Having good dispensary insurance can help everything run more smoothly.

Weighing Insurance Options in a Nonprofit Environment

Nonprofit Environment

Nonprofit organizations are an increasingly important component of the social safety net. However, they face several challenges, such as protecting their assets without overburdening already stretched budgets. When weighing nonprofit liability insurance options, it can be helpful to break coverage types into those that are absolutely necessary and the ones that supplement them. 

Types of Coverage Nonprofits Must Have

Whether required by law or as a basic minimum amount of coverage to protect the organization’s operations, certain types of insurance are an absolute must for nonprofits. These include:

  • Business liability: This covers the company in the case a claim is made against it. This will usually result from an accident or injury, but can also be related to services provided by staff or volunteers and cases of libel or slander.  
  • Workers compensation: When an employee is injured while performing their job, workers comp pay s for medical expenses and lost wages. 
  • Auto liability: At the minimum, company vehicles should have liability coverage. Additional coverage for volunteers that drive personal vehicles may also be needed. 

Extra Insurance That Fills the Gaps

There are also some policies that help fill in gaps in coverage. They may not be required by law, but are nice choices if your budget allows them. A few of the most common include coverages for employment practices, cyber breaches, and crimes committed by staff or volunteers. 

The right insurance coverages can help protect your assets and operations. This way, if claims are made against the organization, it can weather them without sacrificing its ability to offer services. 

Improve Customer Loyalty With Email Appending

Improve Customer

One of the great things about digital marketing is the variety of communication options, but there are some online marketing channels–such as email–that cannot be ignored. Through the use of email appending services, your business can tap into this important mode of digital marketing to stay in touch with your customers.

The Importance of Email

In one survey, nearly three-quarters of adults say they prefer using email to communicate with companies. For many people and companies, email is the primary way they communicate online.

Using an Appending Service

Email appending services use the information your company already has to expand your email marketing reach. An appending service will compare the information you have about customers to a master database of emails and return your data to you with new email addresses attached.

Effectiveness of Appending Services

Emails found using an appending service are guaranteed to be 80% accurate. With these new emails, you can turn single-use customers into repeat customers and enhance brand recognition and loyalty with more points of contact.

Email is a powerful tool for marketing to customers, even those with whom you already communicate by other means. Using email appending services can help establish new points of contact with past customers and keep them coming back.

Why Choose Captive Workers Comp for Your Business

Workers Comp

When you run a business, you have to consider where you’re going to receive your workers compensation coverage from. If you’re having difficulty, you may want to consider the captive workers compensation insurance.

What Is Captive Workers Compensation Insurance?

With a captive insurance solution, you and other businesses can pool your liabilities. When an employee has a workers’ compensation claim, these claims can drag on for a long period of time. Since every case is different, it can sometimes be difficult to predict what the cost of a specific claim will be. One of the reasons that companies may lean towards captive workers compensation coverage is that it can provide the business with significant tax advantages. Before claims, the carrier deducts premiums from the operating income.

What Are the Benefits of Captive Workers’ Compensation Insurance?

When you leverage captives, you can reap several different benefits. The first and most important benefit is that your loss risks are transferred to the insurance company. In addition, you can control the claims processing procedures. If your current process is difficult or complicated, you can eliminate some of the difficulties from it.

All companies need some form of workers’ compensation coverage. You never know when an accident may happen. In addition to being a necessary coverage, captive workers compensation coverage is a flexible and lower priced option.

Why You Need Insurance to Start a Business in Ohio


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.

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.

The Importance of Commercial Insurance for Small Businesses

Commercial Insurance

A small business needs to be proactive about protecting itself against the possibility of a sudden loss or some form of liability exposure.  Obtaining a commercial insurance package policy is a fundamental part of any small business’ management.

Key Elements of Commercial Insurance

You don’t need to become an insurance expert before getting insurance for your business, but you need to understand some of the basics of commercial insurance coverage so that you can get a general sense of what you need when you reach out to an agent for help. Generally, more than one type of policy is needed to insure a business’ operations. You will likely need to build a package that includes the following types of policies:

Additional Policy Indorsements

Depending on your business’ activities, you may need additional protections to fully safeguard your business against loss and liability.

  •       Auto insurance for company vehicles
  •       Directors and officer’s insurance to protect board members and corporate officers from individual liability
  •       Professional liability insurance to protect companies that offer professional services in a specialized field

Work with an insurance agency that is experienced in serving small businesses in your industry for guidance about how you can structure a commercial package that meets your business’ needs.