Posts Tagged ‘Insurance’

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. 

Understanding Insurance Coverage for Libraries

Insurance Coverage

Libraries are more than just places to check out books–they’re centers for families, students, artists, and others. In order to run a successful library that nourishes your community, you’ll want to ensure that you have library liability coverage that covers all the most important areas.

General Coverage

A good liability coverage package will include general liability coverage. This can help cover costs and discourage lawsuits related to injuries sustained by anyone on the premises. Additional Good Samaritan coverage can help provide protection in the case of a medical emergency.

Technology Coverage

As technology–such as computers, printers, and digital media–become more present in libraries, your library liability coverage should reflect this trend. Good coverage will provide protection for computer equipment and data, and well as any other technology in your library.

Property Coverage

Libraries frequently bring in or lend out books, art, and technology, and as such need protection for their property even when it isn’t in the building. A thorough insurance policy will provide coverage for property that is in transit or off-premise.

Libraries differ from traditional companies in how they function, and consequently in their insurance needs. Having good library liability coverage can help you build a strong community space without worrying about your financial risks.

Why Even Professional Insurance Agents Should Consider Errors and Omissions Coverage

Errors and Omissions Coverage

Working with a variety of clients as an insurance agent can be professionally fulfilling but may also leave you vulnerable to a range of liability problems if you aren’t well insured. For this reason, you may want to consider getting E&O insurance for insurance agents. E&O insurance, also called errors and omissions insurance, can protect you from getting sued or suffering financial fallout in a number of ways.

E&O Can Encompass Several Factors You Might Not Be Covered For Yet

Even if you already have some other types of insurance available to you through your work, E&O coverage specifically can protect you from several risk factors you might still be vulnerable to. For instance, these features may include:

  • Subpoena coverage up to a certain amount
  • Worldwide claims coverage
  • Punitive coverage
  • Personal injury coverage
  • Subcontractor coverage

Most Types of Insurance Agents Can Qualify for E&O Insurance

If you’re concerned that your type of insurance work might not qualify for E&O coverage, you should know that this insurance is usually available to most insurance agents. That means you could get coverage whether you work in accident insurance, administrative insurance, health insurance, property insurance and more.

As an insurance agent, you help others protect themselves against risks and liabilities every day, so it’s important to remember to protect yourself professionally as well. By getting tailored E&O insurance for insurance agents, you can continue the work you do with peace of mind.

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.

3 Things to Know About Employer Disability Insurance

Employer Disability Insurance

Life is full of unexpected circumstances, and unfortunately, often, when individual health is involved, there can be a ripple effect of problems. However, with short or long term disability insurance, some of those issues can be offset. Here are three things to know about short term vs long term disability insurance that will help you find a plan that fits your needs.

What is it?

If you’re a business owner, you know the importance of reducing risk within your company. While illness and injury are unpredictable, they are likely to have an impact on your business at some point in time. This is why having disability insurance is crucial for protecting your investment with essential employees if they can’t work due to illness or injury.

How to File for Benefits

Employees that may be experiencing symptoms or injury that require disability insurance, consult your physician for a detailed medical record. Then, approach your HR department for help filing a claim.

How do Payouts Work?

Most insurance plans don’t cover 100% of an employee’s salary. However, coverage will often reimburse pay up to 70% of an employee’s salary for short-term disability and closer to 40% for long-term.

Disability insurance is crucial for most businesses and is a safety feature that benefits both employer and employee. With the right plan, employees can get back to work feeling confident, and employers can reduce financial strain.

What To Look for in an Insurance Agency as a Business Owner

Insurance Agency

When it comes to running your Florida-based business, you know that having the right insurance plans in place is the best way to protect your interests. Without those plans, you’ll have to pay for repairs, lawsuits, settlements and other problems that arise completely out of pocket. While finding a great insurance plan is important, you also need to find an insurance agency you can trust.

What To Look for in an Agency

Different insurance agencies offer different types of services. The first thing you should do is look for an agency that provides the types of coverage that your business needs. This should include the following:

  • Property coverage
  • Employee benefits packages
  • Retirement plans
  • Liability insurance
  • Commercial auto insurance

Choosing an agency that doesn’t offer the types of insurance that your business needs only complicates things. You’ll have to fill in the gaps with a separate agency or find a new provider in the long run.

Choose the Agency You Can Trust

When you’re looking for an insurance agency, it’s okay to be picky. Work with the organization that takes the time to get to know your company and your needs. The more interest their agents show in your operation, the easier it will be to get the protection you need.

Finding a reliable insurance agency is the best way to get the insurance you need. Choose the Florida insurance agency you’re most comfortable with and you’ll be in good shape.

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.

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.