Posts Tagged ‘Businesses’

Insurance Needs Within the Hemp Industry

Hemp Industry

The hemp industry is constantly changing and evolving, and so are the rules and regulations within the industry. For many businesses, that continued flux causes increased risk levels. Research shows that specialized hemp business insurance programs are well-suited to the increased risks of operating a hemp-related business.

Types of Hemp Businesses 

There is a variety of businesses necessary for the hemp industry to function. A few of the most common that can benefit from hemp business insurance include:

  • Growers
  • Harvesters and processors
  • Manufacturers
  • Dispensaries
  • Wholesalers
  • Distributors

Available Hemp Insurance Programs 

Some insurance programs are required by law. Workers’ compensation insurance is required for most businesses. It can replace lost wages and cover medical costs resulting from a covered work-related injury or illness. General business liability is also required in most places. It protects against claims made against the company. It protects your business in case someone claims harm resulting from product use. Product liability may not be required, but is an excellent option for manufacturers of hemp products.

Property coverage is critical in the hemp industry. It covers damage to property caused by covered events, such as vandalism, theft and fire. Crop coverage covers losses of plants, seeds, and seedlings. Vehicle and transportation coverage can pay for repairs to vehicles, reduce liability in an at-fault accident, and replace any product that is damaged or destroyed during transit.

You have myriad choices when finding the right coverage options for a hemp business. Working with an agent who specializes in hemp businesses can help make the process easier to navigate.

Risk Management for Businesses in Richmond, VA

Risk Management

As a business owner, you have to be conscientious about safeguarding your business against risk. Working with an insurance company that is experienced in serving commercial clients in Richmond can provide you with thorough coverage to protect your business from risk comprehensively and affordably.

Getting the Right Help

Business Insurance by BlueSky offers a variety of coverage areas that can meet all of your business’ individual policy needs. BlueSky provides insurance for a wide range of businesses that vary in size and span across many different types of industries. Their experienced representatives can help you build a package that’s customized to address every type of risk involved in your day-to-day operations.

Tailored Policies for Your Business

To effectively safeguard your business, it may be necessary to get more than a basic general liability policy. BlueSky can help you get competitive prices for the following types of policies:

  • Commercial Property
  • Commercial Umbrella
  • Directors and Officers
  • Employment Practices Liability
  • Cyber Liability
  • Errors and Omissions
  • Special Events
  • Workers Compensation
  • Bonds

Building a package with an experienced agency can help you get access to the best carriers in the marketplace that serve your area. Reach out to BlueSky for help with protecting your business from potential liability or loss with thorough commercial insurance coverage.

What Are Blanket Bonds? How Do They Work?

Blanket Bonds

Financial businesses are among the many industries that use bonds as risk management tools, especially banks. Between investment bankers with fiduciary duties to clients and company shareholders alike to honesty bonds against employee bad faith, there is a variety to choose from, and finding the right fit for a bank or another lending institution can be a bit difficult. That’s where blanket bonds come in. If your bank or credit union looks like it might need several bonds to protect against customer loss due to bad faith actions by an employee, you can also opt for a blanket bond that is written with wide-reaching provisions to cover all your risk management bond needs, without the trouble of balancing several specific bonds that each handle a different kind of risk exposure.

Limitations To Blanket Bonds

While these bonds are very broad in their coverage, they are not all-purpose risk aversion tools. That means they don’t replace your regular insurance policies, they simply protect the customers and institution from theft, embezzlement, and other material losses related to employee misconduct. They also don’t provide identity theft protection on their own, which means you might need another kind of coverage to handle that risk if it isn’t already folded into one of your liability policies. What they can do, however, is simplify your bond management so your entire coverage portfolio is easier to handle.