New business owners often find themselves at a loss when it comes time to shop for insurance. That’s because most new business owners don’t have enough experience to anticipate every possible avenue of risk they’re likely to encounter. Even seasoned professionals who have opened several companies in an industry often need the help of insurance professionals to figure it out, because slightly different businesses within an industry could have profoundly different insurance needs depending on their size, location, and other factors.
Comprehensive Coverage Packages by Business Model
One of the easiest ways to make sure you have complete coverage is to look for a comprehensive provider who makes a point of understanding the range of needs that companies in an industry have. This puts them in a position to adequately interview you about your operation in order to build a coverage plan. As a result, providers of tailored insurance for breweries and other industries make it easy to find the right insurance package and to perform simple evaluations of your coverage needs each year. Bundling worker’s compensation, general liability, equipment, and property coverage with specific professional insurance provisions like additional public liability and dram shop coverage often saves you money on a coverage when compared to individual policies. On top of that, the fast review process and lack of coverage redundancies also help you save. Check out the options for your industry today.
As a business owner, you need to protect your facility from different types of risk. Those risks vary from industry to industry, but they’re particularly challenging to protect against when you’re the owner and manager of a large marina. Only marina-specific business insurance will do the job properly, and while the coverage seems similar to standard business insurance, it has a few key differences that make it unique.
What Is Marina Insurance?
This unique coverage option is a type of business insurance designed with private marinas in mind. It provides standard protection like liability coverage, property insurance and employee coverage for any staff that provides services to your customers or their property each day. The policy also provides protection against theft, boat damage and even damage to the docks and slips.
The Policy Isn’t Optional
If your goal is to attract as many boat owners to your marina as possible, skipping coverage isn’t an option. It’s in your best interest to protect both your business from liability and your customers’ property from damage every day. Without marina insurance in place, you’ll be liable for the full cost of repairs, damage or lawsuits completely out-of-pocket.
Each policy is custom-tailored to the individual business and the risks you face at your marina. Shop around and find the best coverage for your needs and your budget before you open your marina to the public.
Liability policies are divided into two categories. They are either an occurrence or claims made policy. When you have an occurrence policy, the claim stems from an event that had occurred during the contract period of the policy term. Eligibility for coverage depends on when the event occurred. However, with a claims-made filing, eligibility depends on the time period when the claim was made, regardless of when the event took place.
Underwriting With Business Policies
Commercial general liability policies are where you will most often find underwriting that includes claims made. General liability covers the damages that the named insured face when property damage or bodily injury occurs on the insured’s property or during business operations. The coverage areas are identified before the policy begins, but for an incident to be covered under a traditional occurrence policy, it cannot already be known about. In a claims-made scenario, the occurrence must have happened within the coverage territory.
For a claim to be addressed, it must be filed during the policy period. It is common for the claim to be made as soon as the insured becomes aware of it. However, these policies may contain a retroactive date, which excludes claims that might be filed for an incident that occurred prior to a specified date. The retroactive date is often established according to the date the claims made policy become effective.
Imagine a place where mysterious people move unseen, signatures appear out of nowhere and you are troubled by a nagging feeling that something is not quite right. No, it’s not a haunted house. It’s your business, or at least it could be if you are unfortunate enough to be the victim of a special type of fraud called “ghost employees.”
Who Are Ghost Employees?
Ghost employees are not actually employees at all. They have names and receive paychecks but do not really come to work. They are fictitious creations made by a real employee who then pockets their real money every payday.
How To Know if You Are a Victim
Do the following to determine whether you have been a victim of a ghost employee scheme:
- Create an opportunity to meet all your employees face-to-face, and determine whether any are missing.
- Check payroll documents for irregularities.
- Check bank statements to see if any paychecks have been signed over to someone else.
- Give special attention to records kept by managers or payroll employees whose work is generally unsupervised.
A study reported by the insurance firm www.wwspi.com/ found 27% of businesses were impacted by a ghost employee scheme. If you discover you are one of them, you won’t need an exorcist to cast out your ghosts. You will need crime insurance. A good policy can be like a night light to keep the ghosts away.
Fuel dealers go beyond the large corporations such as ExxonMobile. While these companies need fuel distributor insurance, there are nearly 8,000 companies in the United States. These companies distribute a variety of fuel to power the economy.
Both homes and businesses use fuel to power their buildings from heating to running large machinery. A fuel distributor sells and delivers the necessary fuel. This fuel includes standard gasoline but also propane, natural gas, fuel oil, and kerosene.
Companies deliver fuel in large tanker trucks traveling across towns, states and the country. Some fuel is delivered via pipes and ships. Natural gas, in particular, is often transported through steel pipers on a network similar to the highway system. Distribution businesses are often found online showcasing their pricing, location, and availability.
As seen on https://www.tangramins.com/, this niche has specific risks needing tailored insurance products to address those exposures. A disaster can cause a significant problem for a fuel distributor making insurance necessary for protecting the financial assets of the business. Standard policies include contents coverage, auto insurance, and building coverage.
Fuel distributor insurance needs to cover the variety of risks facing these companies from the environmental impact of a spill to the economic loss of income following a disaster. The right insurance carrier delivers the coverage you need to keep your business growing.
How to Get a Great Deal on Cargo Insurance
With so many insurance companies in the world today, it can be complicated to determine which policy plans are best suited to your needs. Some providers may offer good deals on one element of your cargo business, while others have the options of various comprehensive plans. If you are searching for a cargo insurance quote for your business, do not get discouraged. By considering the unique needs of your particular business, you can find the right insurance plan for your company.
The State of Your Business
Think about your cargo transportation operation as it is now. Gather information regarding employees, the fleet of vehicles and what kind of cargo you transport. Next, make a growth trajectory for where you would like the business to be in the future. Evaluate how your needs might change. Ask yourself if you will still move the same type of goods and if you want the company to increase in size. These statistics will come in handy when you meet with insurance brokers to get a cargo insurance quote.
Insurance costs can vary wildly between insurance providers based upon the facts and figures of a transportation company. By preparing yourself with the relevant data, you can make informed decisions and choose the most beneficial cargo insurance quote for your future success.