CBD oils are giving cannabis manufacturers the type of positive recognition they seek to stabilize their image and assert their importance as an industry. The concern is with regulations varying from state-to-state; there is considerable risk of exposure in three areas for legitimate businesses. Insurance claims have the potential to wipe out business owners, due to a lack of uniform guidelines within the industry.
3 Risk Factors to Consider
- Malpractice: CBD products used for medicinal purposes are subject to strict regulations. Manufacturers who make claims that CBD can cure diseases to sell products leave the industry vulnerable to costly insurance claims.
- State law issues: States may allow the manufacture of CBD products with higher psychoactive properties than are permitted by federal regulations. This variance between state laws and federal requirements can result in lawsuits where products are produced despite being prohibited by law. The lack of uniform guidelines and oversight is troubling for manufacturers wanting to follow the rules and meet expectations.
- False marketing: Manufacturers are attempting to promote the legitimate benefits of CBD products while tamping down deceptive advertising. Some business owners are heralding CBD as a medical cure, capitalizing on recent successes for profit. These dishonest tactics subject many cannabis business owners to the risk of lawsuits for fraudulent CBD claims.
Cannabis manufacturers are getting important recognition as businesses that provide essential products for health and well-being. The next steps will be working to pass clear and uniform regulatory guidelines, so businesses that operate responsibly won’t have to fear unnecessary insurance claim risks.
Workers compensation is an insurance policy taken out by an employer to protect employees in case they get injured while working. You should first check to see if your employer has workers comp, as not all states legally require businesses to cover their employees. If they do, it’s important to understand how workers comp can protect you and what your rights are in the event that a claim is denied.
What Are the Benefits of Workers Comp?
Workers compensation covers many things depending on the extent of your injuries and how the accident occurred. It can pay for all your injury-related medical bills, as well as any wages you might lose while unable to work during your recovery. If you become permanently disabled, workers comp will continue to cover you.
What If Your Claim Is Denied?
Your claim could be justifiably denied because your injury resulted from a fight with another employee or you were acting negligently on the job. However, sometimes your employer will unfairly deny your claim because of costs. While some companies are trying to make insurance more affordable, such as warehouse workers comp, it can still be something your employer doesn’t want to deal with. If this happens, you can contact an attorney to see if you have the option to sue.
In the construction industry, contract bonds are a type of financial guarantee for the bills of the construction project. Also called construction bonds, these guarantees are backed by a bank or an insurance company for the completion of the project by the specified contractor. There are three primary construction bond types.
With a bid bond, the owner of the project is protected if the contractor does not honor the bid. The project owner is oblige on the bond, and oblige has the right to sue both the issuer of the bond and the principal in order to have the bond enforced.
A contractor will generally use a performance bond as a way to guarantee contract completion according to the terms laid out. If the contractor (or principal) defaults on the specified terms, the project owner may call upon the bank or insurance group (surety) to fill the contract. A new contractor might be brought in to finish the work.
Through this financial guarantee, all payments due to any subcontractors or suppliers on the part of the principal are covered. The owner is the real beneficiary of this bond type since it becomes a remedy for non-payment that doesn’t come from the owner’s pocket.
Bonds are a way to protect a contract and the financial expenses that accompany construction projects. They protect both the project owner and the contractor.
In the construction industry, there are a lot of risks. When you don’t have adequate insurance coverage, you could devastate your business with legal fees. Lawsuits can happen, particularly on a jobsite where there are several risk factors. Here is what you need to know about coverage for your company.
General Liability Coverages
General liability is a broad coverage. It generally covers property damage or injury. For instance, if someone falls on your construction site or suffers an injury on your site, you could be liable. This could be contractors, guests to the property or someone passing by. If someone suffers an injury on your site, then the general liability coverage will help you with legal fees.
The risks involved in construction are a serious variable to your coverage. While every company has to have its own customized coverage, there are some coverages that no construction company should go without.
These policies cover:
Damage to your construction site can occur due to vandalism, storms, theft, vehicular accidents and more. It is important to know the exclusions in your policy. For instance, some policies will not cover damages that are caused by earthquakes or water damage.
To protect your construction business, you need construction general liability coverage. Without it, you could financially devastate your business.
Small businesses that want to grow their company with local leads and customers can develop a local SEO strategy for their website. This strategy works by marketing your brand, services, and products to a more relevant base of local customers than just improving your national search engine rankings. There are few easy ways to get started in optimizing your local SEO.
- Establish a Google My Business Account. The most touted way of increasing your visibility in local search results is through a business profile on Google. The information you list appears in local Google Search results, Google Maps, and the Google Search Knowledge Panel.
- Use Happy Customer Reviews. Have your satisfied customers leave enthusiastic reviews for your business in places like Google or Yelp. Local consumers look for online reviews in lieu of a personal recommendation.
- Incorporate Voice Search. Adjust the SEO of your content to long-tail keywords for voice search success. This helps reflect the conversational tone of someone speaking their request into Siri or Alexa.
- Use Local Information. Use your content to address local community concerns. This can establish your brands as an authority with local shoppers.
If you aren’t sure how to optimize your website content, consider outsourcing your website management. This allows you to focus on what you are good at, which is selling insurance policies.
As the U.S. population continues to age, nursing homes are soaring in popularity. Senior living is crucial, especially as the healthcare needs of older adults increase. To run nursing home, however, healthcare providers need to invest in insurance for nursing home risk management.
Protection for nursing homes and care providers is a necessity.
Nursing Home Risks
When you work in the medical industry, you have to protect your facility’s assets. Errors in a nursing home might include prescription errors, staff injuries, slip and fall injuries, and more. As the population in nursing homes increases, the risks involved with running a nursing home will also increase.
In addition to insurance, long-term care facilities can protect themselves with a risk management plan. This plan is to help protect the residents from any avoidable injuries or sickness while within the home. Risk management has to address the potential hazards and physical risks in the facility.
Nursing Home Coverages
The coverages that you may find for nursing home or long-term care facilities include:
- General liability
- Excess liability
- Professional liability
- Cyber liability
- Commercial automobile
- Property coverage
- Workers’ compensation coverage
All coverages depend on the type of facility and the unique risks that your facility has. Insurance programs that cater to nursing homes are often customizable.
Everyone should try to make provisions for their family in the event that something happens to them. While certainly no one anticipates not being able to take care of their family and people sometimes tend to avoid thinking about worst-case scenarios, it’s necessary to seriously consider the possibility of needing life insurance and what it would mean for your family.
How Life Insurance Helps Families
One of the benefits of life insurance is that it can help a family to pay for sudden expenses caused by an individual’s death. A policy can pay for final expenses, outstanding debts, and tax obligations. In addition, life insurance can help a family maintain its most valuable assets and pay for necessities. A policy’s benefits can help your family to stay in their home and ensure that they can pay for important expenses such as medical care, tuition, and transportation.
Providing Help When It’s Needed Most
When a family is coping with a loss, serious financial concerns can make a very sad and difficult situation even harder cope with. The sudden elimination of income sources due to a death in the family can have serious ramifications, so it’s important to take active measures to mitigate the financial impact of loss and help safeguard your family’s well-being.
Driving a truck can be dangerous. In fact, the Bureau of Labour Statistics usually lists it as one of the top ten most dangerous occupations in the United States in its annual workplace fatality report. Driving long distances with heavy loads is not the only challenge. Weather events and infrastructure problems can also pose threats. If you own a trucking company, you owe it to your hard-working employees to provide them with the peace of mind and protection offered by a roadside assistance plan. Below are three important considerations when choosing a plan.
How many times a year can the service be used without incurring a charge?
Many truck roadside assistance plans put a cap on the number of free annual call-outs. After a specified amount, they charge you each time they provide roadside assistance.
How easy is it to get in touch with them?
Your plan should have one toll-free number that you can call to access all the services offered. The last thing you want to do in an emergency is to hunt around for the correct number.
Are there any geographic zones excluded from the plan?
Some plans may only provide assistance in certain areas. Make sure that all of the places visited by your trucks are covered by the service.
Both drivers and trucks are important assets of your company. Indeed, without them, your business would cease to function. A quality roadside assistance program can offer the drivers essential protection from the often perilous conditions to which they are exposed.
Product damage in warehouses causes unnecessary losses for a business. Broken or otherwise damaged items are unsaleable costing the business money. There are many ways companies can reduce damage to stock and lower their risk of loss.
Many of the steps businesses take to improve safety in the warehouse also help reduce the risk of product damage. A well-lit area makes it easier for employees to properly stack and store products. A clean floor reduces the risk of slips and falls while allowing forklifts to maneuver throughout the aisles with ease.
Most product stored in a warehouse is on pallets. This means that employees need to fully understand how they work and how to properly secure them on shelving. Stable, uniform stacking lessens the risks of damage. Avoid overloading the pallets by keeping an eye on the weight for each shelf to prevent collapsing.
When all else fails, commercial warehouse contents insurance can help cover those losses without financially strapping the business, according to Newman Crane. Helping with lost income due to damaged items keeps the warehouse operating and delivering goods to clients.
Take these steps to protect products stored in warehouses. Backing up those efforts with commercial warehouse contents insurance further mitigates the business’s financial losses.
In most of the United States, small business owners are given the impression that the mandated workers’ compensation coverage each of the 50 states requires will take care of workplace accidents and injuries incurred by employees. While it’s true that this coverage helps with medical expenses and lost wages employees suffer due to an injury on the job, it’s not necessarily true that it is complete coverage. There’s also occupational accident coverage, and for many businesses it is essential. Occupational hazard insurance covers employees not covered by traditional workers’ compensation plans, and in some cases may provide some protection when contractors have employees operating at your site.
Differences Between Occupational Accident and Workers Compensation Plans
Hazard insurance for employees and workers tends to be less expensive than workers’ compensation with similar provisions, but there is a major difference between the two. Occupational accident plans do not cover legal costs, just the medical costs and associated losses like lost wages. This makes the coverage less expensive, but it does leave employers with a big financial risk if they are sued in the course of a claim. This coverage also has policy limits agreed upon when it is bought, and expenses beyond those limits may be the responsibility of the employer. When choosing one policy over the other, it’s important to know exactly what your options and risks are so you can decide between one of the two forms of coverage or the use of both.