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.
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.
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.
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.
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.
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
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.
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.
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.
Spring is here bringing unpredictable weather along with warmer temps and blooming flowers. The better weather starts the construction industry moving faster again. Protect your business against liabilities with Northstar insurance Needham and use these safety tips to lower your risk.
Thunderstorms often bring lightning to light up the sky and potentially wreak havoc on the construction site. Between heavy machinery, tools and building materials, construction sites have lots of metal objects to attract lightning. Have a plan in place when lightning is spotted in the area.
There are times working in the rain is unavoidable. Protective gear and clothing keep workers dry and safe in inclement weather. Waterproof boots/shoes, raincoats and hats help keep them safe as they move about the job site while the rain falls.
Rain can leave behind stagnant water and mud. Wet and muddy surfaces are slick to move about increasing the risk of falls and injuries. Sometimes water must be worked around to keep the project moving forward. Have a safety plan to handle working in wet conditions.
The best safety plan cannot fully prevent injuries from happening, but they can reduce your business’ risks. Lower risks and fewer claims help keep your Northstar insurance Needham rates from rising. Safe workers continue to work keeping your business on track.
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
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.
When searching for insurance for accountants, it may be hard to figure out what exactly you need. Working with an insurance company which focuses its coverage for accounting businesses can help with narrowing everything down and getting the exact coverage you need. There are a variety of insurance types and liabilities that should and can be covered, so keep in mind your likely risks and how to protect from them.
Who Can Get Accountant Coverage?
Financial advisory and handling can be a risky job and is a part of a handful of businesses and professions. If your work can lead to the financial loss of someone or a business due to acts of negligence and inaccuracy, then insurance for accountants may be ideal for you. This can include:
Business or Management Consultants
What Policies Do You Need?
While every business is different, there are a few insurance policies which will benefit any accounting or other financial services. Professional Liability may be the most important, as small mistakes can lead to huge losses and lawsuits. Others to consider are:
Employment Practices Liability Insurance
Other policies may be more unique, depending on if you are stationed out of a building that’s at risk of weather disasters, for example. This is why working with insurance companies to get all the best coverage can help you in the long run.