Business Insurance

3 Easy Steps to Reduce Product Loss in Warehouses

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.

Safety

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.

Pallets

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.

Insurance

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.

How to Protect Your Classic Car

A symbol of ingenuity and the human spirit, classic cars are one of the most rewarding hobbies in which to participate. Whether you buy your car in pristine condition or restore it yourself, it’s an investment you’ll want to protect to ensure years of enjoyment. Here are some tips to ensure your auto receives the best care.

  1. Climate-Controlled Storage

Keep your automobile in a climate-controlled garage or storage unit. It’s unlikely that you will drive it often, but when you do, you can be sure all systems go if it’s not been exposed to harsh weather changes.

  1. Insure Your Investment

Of course, you need insurance for when you hit the road, but your insurance should go beyond that. Protect your investment with car maintenance insurance so you can always keep up with repairs, but also protect it against theft and vandalism.

  1. Disconnect the Battery

After extended times of no use, your battery will drain. Disconnect the battery cables from the battery to prevent it from draining.

  1. Keep Gas in the Tank

Keeping your tank 95% full and adding fuel stabilizer will keep your fuel fresh and prevent damage to your tank.

  1. Fluids

Change your transmission fluid and oil regularly. These fluids trap elements and toxins that can cause corrosion when sitting for long periods of time.

Why it Pays to Invest in High-Value Homeowners Insurance

Being a homeowner means taking additional measures to secure you and your family’s financial security like investing in high-value homeowners’ insurance. On the surface, it may seem as if a regular policy is all you need, but it might not be enough if you have extremely valuable items. According to www.danielsinsuranceinc.com/, high-value home insurance offers protections not normally seen in traditional/standard policy options. Here are a few reasons why you should consider a high-value insurance policy for your home.

Extra Protection

High-value policies may cost more, but they offer more protection against things that could go wrong with your property or possessions. In the event of burglary, fire and other covered perils, the policy would provide the full replacement cost. Also, if an event happens that causes damage to your home and requires you to live somewhere else while it is being repaired, a high-value policy can help cover alternative living arrangements until the work is complete.

There’s nothing more stressful and worrisome than having to deal with unexpected issues that result in you needing to file a claim and learning that you have insufficient coverage. Choosing the right insurer for your high-value home and possessions from the start means less stress and fewer inconveniences when the unexpected happens.

Ways To Limit Your Risk in the Cannabis Industry

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

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.

High Investments Require Specialized Coverage

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.

Employment Practices Liability Insurance: What You Need to Know

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.

Important Business Practices for Professional Cleaning Services

Important Business Practices for Professional Cleaning Services

Having clean facilities is crucial for both businesses and private residences. Not keeping things tidy can lead to certain health and safety risks, and negatively impact the overall well-being of residents or visitors of an establishment. Because of this, cleaning services are valued for their professional contributions. While most people may have experience doing basic cleanup for themselves and their families, providing this service professionally requires much more. For anyone planning to run a cleaning business, insurance and other considerations can be crucial for helping it stand out as a professional service.

Responsibilities

Running a successful cleaning service takes much more than just showing up and performing basic housekeeping. Depending on the type of client being served, these businesses must be responsible for tasks such as the following:

Providing professional services such as deep cleaning and sanitation

Having the ability to safely operate specialized cleaning tools, chemicals, products and machinery

Drawing up contracts and scheduling appointments

Keeping employees and clients safe and healthy

Adhering to health and safety codes of each facility served

Ensuring cleaning service insurance, licensing, and certifications are up to date

By making these considerations, these businesses can stand out from the competition as reliable, reputable professionals. Having this type of status can equate to more client contracts and many successful years in the industry.

Debunking 3 Myths About Medicare and Home Health Care

Debunking 3 Myths About Medicare and Home Health Care

As you and your loved ones age, it is likely you will at some point question whether home health care is covered by Medicare. However, it can be complicated to ascertain what is and is not covered. Here are a few common misconceptions surrounding Medicare and home health care.

1. Home Health Care is a No-Strings-Attached Part of Medicare

A patient will need to meet certain conditions to qualify for home health care coverage under Medicare. First, the patient’s doctor must certify that he or she is homebound, in need of skilled care (including skilled nursing and therapy sessions) and qualifies for Medicare home health care. Additionally, the patient’s care must be managed by an agency with Medicare certification.

2. Home Health Care Includes Housekeeping Services

There are a number of things that Medicare will not cover for patients. These services can be, but are not limited to, 24-hour care, certain prescription drugs, housekeeping and meal delivery.

3. Home Health Care Does Not Include Social Services

Actually, Medicare will cover medical social services such as counseling. It will also cover physical, speech and occupational therapy for patients. Home health care resources are available for up to 8 hours per day and 28 hours per week. If you have further questions about whether home health care is covered by Medicare, consult your doctor and the resources provided by the Centers for Medicare & Medicaid Services (CMS) to obtain the best information for your family.

The Difference Between Captive Insurance and Mutual Insurance

The Difference Between Captive Insurance and Mutual Insurance

It can be a complicated experience to search for and find the right insurance company to meet your needs. In your research, you may come across captive insurance companies, often shortened to captives. On the surface, these companies may sound like mutual insurance companies, but there are a few differences.

Who Owns What?

The main difference between captives and mutual insurance companies lies in ownership. Captive insurance companies are fully owned and operated by their policyholders, whereas mutual insurance companies are owned by their insured parties but not controlled by them.

What Does That Mean?

When a mutual insurance policy expires, so does the insured party’s ownership in the company. On the other hand, captive insurance policyholders invest their own capital in the company. In doing so, they gain a voice to personally direct the running of the insurance company.

Why Choose Captive Insurance?

With greater investment opportunities in captives, insured parties can benefit from price stability, wider plan availability and lower costs than offered by other types of insurance companies. They also cite significant control of the company as a benefit. Captive insurance companies can provide the same traditional personal and property coverage offered by mainstream insurance companies, but with the added attractions of increased flexibility and participation in company decisions.