Author: Melvin

Ways To Limit Your Risk in the Cannabis Industry

Posted on by Melvin

The cannabis industry has taken off at an amazing pace. No matter where your business falls in the production cycle, an appropriate cannabis risk management plan can help mitigate industry risks and preserve your interests.

There are multiple pieces to any risk management plan. Those include following employment laws, manufacturing and agricultural regulations, and using safe workplace practices. Having the right insurance can also help protect you (Source: www.canngenins.com/).

Protect Your Workers

In addition to general safety measures, you should ensure that workers who grow and process cannabis plants or who make products with them are covered in case of an accident or injury. Workers’ compensation laws may vary from state to state, but most require businesses with one or more employees to obtain coverage.

Cover Your Losses

Damage to business property and equipment can be costly. Equipment insurance can lower your out of pocket expense if you experience vandalism, theft, or weather-related damage.

Crop coverage can be the difference between a total loss and getting your expenses back if something happens to your hemp crop. It may also cover harvested plants that are damaged while in approved storage.

Guard Against Liability

If your business is involved in manufacturing cannabis products such as edibles, lotions, or tinctures, then product liability can protect you in case of legal claims against you and that product.

Depending on the scope of your cannabis business, you may choose to pursue additional risk management strategies. Just remember that failing to plan for risk is similar to planning to fail.

How To Choose the Right Workers’ Compensation Policy

Posted on by Melvin

If you are a business owner, one of your main concerns should be protecting your employees. One of the best ways to do this is by investing in workers’ compensation insurance. In most states, having this insurance is a requirement if you want to do business. Here’s how to choose the right workers’ compensation policy.

Get To Know Your State Requirements

The first thing you need to do is figure out what your state mandates are regarding workers’ compensation insurance. According to https://hilbgroupfl.com, you must have this insurance to do business in the state of Florida, for example.

Understand the Advantages

Having a workers’ compensation policy for your company is beneficial for several reasons:

  • It covers medical costs after employee accidents.
  • Employees can receive disability benefits while out of work.
  • In some states, vocational training may be offered for injured employees who can’t return to their jobs.

Put a Safety Plan in Place

Ironically, once you choose a Florida workers comp policy, you need to figure out how to avoid using it by reducing workplace accidents. This is why having regular safety programs and training in place is important. By mitigating the risks in your workplace, you can reduce the number of accidents that happen and tax your policy.

Don’t Wait To Get This Important Insurance

Workers’ compensation insurance is a valuable tool for virtually all businesses. With the help of an experienced insurance agent, choosing the right policy can be easy.

What Offering Employee Benefits Can Do For Your Business

Posted on by Melvin

There are a lot of expenses when it comes to running a business. One such expense is the employee benefits that you offer your employees. If you’re not sure if the cost of benefits plus insurance for those benefits is worth it, consider these advantages of employee benefits.

Experience Tax Advantages

Offering employee benefits can result in tax advantages, explains the iSure Insurance Brokers. The benefits that you offer are also expenses that you can deduct from your taxes. This means that the out-of-pocket costs may be less in the long-run. If you have an incorporated business, then the cost of insurance may be tax-deductible.

Find and Retain Employees

If you offer employee benefits, your employees are more likely to stay with your business. In fact, if you offer no benefits, it is more likely that an employee will choose a lesser paying job over yours if the other company offers adequate benefits. If you want your employees to feel as though they are treated well, then adding benefits can help.

When you run a business, you have to decide what benefits you are going to offer your employees. One of the top benefits to offer is healthcare. You may find that offering benefits to your employees results in higher employee retention rates and tax advantages.

High Investments Require Specialized Coverage

Posted on by Melvin

Piloting virtually type of craft includes inherent risks. Cars get tangled in fender benders. Boats can bang up a dock. Accidents happen  — and mishaps involving aircraft require their own insurance coverage.

Protecting Your Investment in the Aviation Business 

Owning an aircraft is often an expensive venture. The average cost of a light aircraft can range from $8,000 to $15,000. Scaling up to a single or multi-engine aircraft means averages from $15,000 to $300,000. It’s likely the cost of aircraft parts, operating costs, and maintenance (including inspections, gas, and storage) is high. Adding customized features or parts to your aircraft to make it uniquely yours can add more value to your aircraft as well. Therefore, in most cases, only having a standard liability insurance policy will not be sufficient coverage for your high-value aircraft in the event of major damages or loss.

Security Through Aviation Liability Insurance

Whether private or commercial, being an aircraft owner is a huge investment. According to Arroyo Insurance Services, general or commercial liability insurance is limited, however, and does not cover aircraft, bodily injury and property damage to the operator or owner. As a result, there are several liability products in the aviation business to consider:

  • Liability for aircraft cargo
  • Coverage for aircraft spares
  • Aviation workers’ compensation and employer’s liability
  • Hangarkeepers’ liability

Solid, specific coverage for your aircraft is often a smart move. Not only will aviation liability insurance significantly reduce your potential burden, but you will also be protected against risks unique to the industry.

Making Sure Your Practice is Safe

Posted on by Melvin

The aging American population comes with its own set of challenges for medical professionals. One of these issues is the tricky situation of a patient’s lawsuit. Today, any medical provider can run the risks and exposures that will entail a nasty lawsuit. Source:axisins.com. Thankfully, professional liability insurance for healthcare professionals is built to help you when you need it most.

So What is Professional Liability?

Before understanding why this kind of insurance is so crucial to the healthcare industry, it is important to get a basic understanding of professional liability. This insurance type essentially handles the event of a negligence claim. These allegations can include clerical mistakes or errors and omissions. Both entire businesses and individuals can purchase this protection depending on their industry type.

With professional liability, an individual or entity does not have to bear the entire financial burden of a court case or the potential damage payments.

Why Would a Healthcare Provider be Interested?

Professional liability insurance for healthcare professionals is constructed with the types of risks those in the healthcare run on a daily basis. Claims regarding mistakes, incorrect diagnosis, and bodily injury are frequently included within the policy. If you are a healthcare provider, consider the daily risks you run while handling patients in which a situation like a claim may arise. Therefore, this insurance is a must for any healthcare provider or individual.

Employment Practices Liability Insurance: What You Need to Know

Posted on by Melvin

Employment practices liability insurance covers a wide variety of issues that employers can be faced with including things like sexual harassment, wrongful termination, discrimination, breach of employment contract, infliction of emotional stress, failure to employ, mismanagement and more. You can visit www.axisins.com for some examples of epl claims scenarios.

Legal action against companies has become commonplace in today’s world so it makes sense to pay attention to the potential legal issues that you may face. EPL insurance is there is help to cover legal fees that your company could be charged with while defending themselves against a claim. It will pay whether or not you win or lose the case.

A great way to avoid winding up in court is to make sure your company has clear cut checks and balances in place when dealing with employees. Take the time to structure policies and procedures that are in line with state and federal employment guidelines to keep you and your administration safe. Always put things in writing and cover your bases.

If you have employees then you should be in the know when it comes to employment practices liability (EPL) claims. Whether your business is large or small, you may experience epl claims at one time or another, so you need to talk to your insurance provider about your coverage options. Employment practices liability insurance premiums vary based on your company, number of employees and additional risk factors. It can be purchased as stand-alone coverage or added as an endorsement.

Lacking Workers’ Compensation Coverage Can Result in Penalties

Posted on by Melvin

To effectively run a business, no matter the size, you need workers’ compensation coverage. In fact, if you do not have it, there may be a penalty for not having workers’ compensation insurance. Here is what you need to know.

The Importance of Workers’ Compensation Coverage

Most states require that businesses have some type of workers’ compensation coverage. There are exceptions, dependent on how many employees a business has and what state you are in. Workers’ compensation insurance is a protection for workers who suffer injuries on the job and likewise protection to businesses. If you have workers’ compensation coverage, then an employee cannot sue you for injuries or illnesses that he or she received while on the job.

The Fines for Not Carrying Workers’ Compensation

The experts at Caitlin Morgan Insurance Services warm that failure to carry workers’ compensation coverage can result in fines between $1,000 and $10,000. This is significant for any employer to have to pay. The cost of workers’ compensation benefits represents about only 2% of a business’s operating costs.

To avoid fines and lawsuits for illness or injury, it is always better to have workers’ compensation coverage. It will cost your company less in the long run to have coverage that protects your employees and protects your company.

Liabilities With Fiduciary Duties

Posted on by Melvin

Offering employee benefits is a way to secure the best talent in the field, but these aren’t required for some employers. When federal law requires, companies are bound to meet minimum standards found in ERISA, and failure to do so can result in fines. However, employees can still cause problems for employers that do offer benefits and carrying a comprehensive employee benefits liability insurance policy can help reduce the liability concerns of a suit brought against a company.

Employee Requirements

The federal regulations were established to help protect employees and their contribution to pension plans from company mismanagement, but updates to legislation now require extended healthcare to former employees through COBRA, HIPPA security measures to protect healthcare coverage, and accountability for ensuring more eligibility of coverage through the ACA.

Administration Liability

Through the information presented at https://www.wwspi.com, employee benefits liability plans are often endorsements on a general liability policy. It is designed to address the financial concerns that arise from suits claiming errors and omissions concerns with benefits administration. The concerns may include:

  • Failure to enroll an individual in a healthcare plan
  • Failure to designate a plan beneficiary for an employee
  • Misclassifying an employee and denying eligibility
  • Failure to process a payout claims and denying applicability

When an employee sues for damages and the incurred loss, it can devastate a company’s finances. A liability policy provides the resources needed to fight the legal battles and address settlements.

Preventing Accidents in Warehousing Operations

Posted on by Melvin

If your business relies on a warehouse for storage or for your inventory supply, you understand the increased risk of danger and damaged goods from warehouse racking collapse. Although your insurance policy is able to provide you with the financial support to settle injury or damaged goods or property claims, it is much better for your company if you don’t have to address such an unpleasant situation. Here are some easy ways to prevent accidents in the warehouse.

Proactive Measures

According to the experts at hilbgroupfl.com, your best bet against dangerous warehousing accidents is a strong warehouse insurance policy. This takes your coverage beyond general liability concerns and addresses the unique exposures your operations or facility faces.

Safety and Training Courses

Your new hires and seasoned employees need to have strong training programs in place, both before they hit the floor and throughout the year. Reinforce safe stacking and loading procedures, as well as to conduct operations and maneuver assessments with all forklift operators. Establish loading processes and identify space needs for working between aisles and shelving.

Routine Checks

Rather than leave your employees to their tasks and blindly trusting safety compliance, have management checklists and audit processes to make sure everyone is following protocol. This can help reduce the strain on your first line of defense, which is the insurance support that will come into effect if an incident occurs.

The Importance of Landlord Insurance

Posted on by Melvin

Having a strong landlord insurance policy is one way to ensure your real estate venture actually makes you money. There are so many concerns when dealing with tenants and lease obligations, and as mentioned by the team at Rent Rescue, dealing with tenants that don’t pay their bills is the most devastating financial problem. As a way to protect from this risk, it is possible for a landlord or property owner to take out a policy of insurance against non-payment of rent.

Financial Expenses

The cost of landlord insurance is based on several factors. They could include:

  • The size and number of rental units
  • The geographic location for the unit(s)
  • Condition and age of the building
  • Condition of plumbing and electrical
  • The presence of a swimming pool, playground, or other liability items
  • Whether the units allow smoking
  • Risk protections such as smoke alarms or sprinklers, gated entrance, or burglar alarms

Financial Benefits

Carrying landlord insurance is well-worth the expense given what it can be used for. In addition to being able to help with loss of rental income, it protects from the financial loss that could be incurred through natural disasters, injuries, or accidents associated with the rental property. It may even provide enough funds to cover total replacement or complete repair if the entire structure is damaged.