As any contractor worth his or her salt knows, construction is a competitive industry that comes with a significant amount of risk exposure. Here are two top reasons to mitigate those threats by purchasing a builders risk policy in New Jersey.
Cover Your Supplies and Equipment
Many expensive construction materials are stored on a job site, along with equipment and, at times, tools as well. The loss or damage of these supplies could set your schedule back considerably, and pose a giant expense that could potentially be extremely harmful or fatal to your business. With a builders risk policy in New Jersey you can be covered for these losses, and having less financial setback will allow you to get what you need to get back on schedule.
Adds Value for Clients
While purchasing insurance has costs involved, going without has even more potential costs. Your clients will be relieved to hear that you are a responsible business owner who has taken the steps possible to prevent liability. Mitigating risks when a client is sinking serious money into a project helps to protect their investment. They want their building finished under budget and on schedule, and preventing and preparing for any bumps in the road will help further your ability to meet that goal.
With these reasons in mind, a builders risk policy in New Jersey could be the right purchase for your contracting business.
In todays litigious society, mistakes can lead to lawsuits. Client tolerance for errors has gone down at the same time as the severity of claims has risen. When projects fail, the owners will often blame the problem on deficient design documents. Therefore, having adequate architects and engineers professional liability is important to the financial health of your firm. It can protect you from the cost of a lawsuit arising from an alleged mistake that has caused your client to suffer a financial loss.
Emerging Risks for Design Professionals
- Accepting projects outside your firms area of expertise
- Data theft of intellectual property
- Subcontractor and consultant exposure (vicarious risk)
- Sustainable projects exposure (these require specialized expertise)
- Poorly worded contracts
Mitigating the Risks
A program to manage risk should also be put in place to protect your firms profitability. Some important areas to consider include the following:
- Client selection: get to know your clients and their financial situations well. Financially-stressed clients tend to bring claims.
- Draft your contracts and subcontracts carefully; seek client understanding and approval.
- Establish genuine two-way communication with your clients.
- Establish quality control standards that include review and checking.
Your insurance specialist can help customize architects and engineers professional liability to suit the unique needs of your firm.
Businesses strive to do all they can to prevent data loss due to infrastructure issues and security breaches. Nevertheless, theres always the possibility that it could happen, incidents with hackers targeting Yahoo, Experian and Target have proven. Even smaller firms can suffer major losses, so its wise to include big data insurance as part of your risk management strategies.
The Basics on Big Data Insurance
Otherwise known as cyber liability insurance, big data policies are usually separated into two categories:
- First-party coverage, which compensates insured parties financial to help address immediate business needs
- Third-party defense and liability, which handles claims stemming from litigation brought against companies due to data breaches
First-party covered losses usually include costs for forensic investigations, notifying affected parties, credit monitoring, public relations and business interruptions. Third-party policies generally address expenses incurred from litigation or from losses due to trademark and copyright infringements.
Prevent Major Losses
U.S. News and World Report revealed in 2014 that hackers costs companies an average of over $400 billion each year. Without big data insurance, you could be paying huge sums out of your own pocket to deal with damages and litigation expenses. Investing in cyber liability coverage now will save you time and money should you become the target of a hacker or lose data due to power outages, hard drive issues or other causes.
As an entrepreneur in Carmel, you might already be familiar with unique elements of your community that affect your business. Just as location affects your operation procedures, marketing, customer base and risk factors, your chosen industries also affect the risks and types of losses you might incur. For your business in Carmel, a commercial package policy may be just the answer to your company’s distinctive challenges and concerns.
What Is a Commercial Package Policy?
Understanding what commercially packaged insurance is and how it differs from standard business owner policies is vital. A business owner policy, or BOP, usually includes liability and property coverage, business interruption coverage, and other types of insurance products that are standard for your industries. In contrast, a commercial package solution is crafted by bundling several different products together based on your risk factors. In this manner, you’re able to dictate what coverages you purchase and forgo the ones you don’t need. Extra additions such as business auto, crime, inland marine and cyber liability are the most common selections.
Shielding against major losses is a high priority for your business in Carmel. A commercial package policy could be the most optimal solution to guard against your company’s individualized risks. Your insurance agent should work with you to help you craft a package that best suits your enterprises needs.
If you’re just starting out in business, whether you are opening a restaurant, setting up a retail store or starting an online company, you’re learning a whole new set of skills and business terms. When it comes time to receive goods for your business or ship goods from your business, you’ll learn even more, such as door-to-door transport and consignment. Another shipping term to know is contingent cargo coverage insurance.
Who Does What
Think of contingent cargo coverage insurance as another level of auto insurance carried by most freight brokers. A freight broker is a type of middleman who matches shippers with carriers. Shippers are generally companies who produce or resale products, while carriers are companies who transport those products. Carriers are required to carry auto insurance, and cargo insurance is a must too, which covers loss or damage to a shipment. However, there are many events that are not covered.
Special Events Coverage
Events considered an act of God such as a hurricane, along with strikes, terrorist acts and more are covered through contingent cargo coverage insurance, which extends to incidents that belong in a class all their own. For example, it could cover the loss of an automobile that tumbles off a transport truck. If you’re the intended recipient of that car, whether as a consumer or an auto sales lot, wouldn’t it be nice to know it’s covered by your freight brokers insurance?
In 2016, the Equal Employment Opportunity Commission reported over 91,000 charges of discrimination and retaliation. If you are a business owner with employees, that number should get your attention. Employees, employee candidates, temporary employees and independent contractors who are unhappy and take legal action against you can undermine your entire business. However, employment practices liability insurance (EPLI) can protect you from many categories of employment claims, including sexual harassment, wrongful termination, harassment and discrimination. Here are three reasons you need this type of insurance:
1. Business Liability Policies Can Be Inadequate
Your existing business liability policy probably insures you against employee claims, but that coverage is usually subject to exclusions and limits. Separate EPLI is available in the range of $1 million to $25 million and covers legal costs regardless of the outcome of a case.
2. Verdicts Are Expensive
According to the 2013 edition of Employment Practice Liability: Jury Award Trends and Statistics, the median (midpoint) verdict for an employment practices liability claim in 2012 was $70,000, and the mean was $513,771.
3. Insurers Will Stay Updated on New Laws
Laws do change, and a credible insurance company can ensure that your EPLI stays viable. For instance, the industry is still learning to navigate issues relating to social media in the workplace, and recent updates related to temporary employment have been made to the liability split between staffing firms and contract employers.
Whether your business is small or large, an employment practices liability policy can give you peace of mind and allow you to continue with business as usual.
Small business owners face a variety of challenges in building their companies. Defending a liability lawsuit can be one of the biggest obstacles to success. For that reason, many small business owners turn to Preferred Insurance in Texas to help them mitigate risk and manage liability.
Start With the Basics
Most entrepreneurs choose some basic coverage to protect their companies. A general-purpose policy typically combines property insurance with limited business liability protection. Generally, commercial property insurance covers the following types of loss:
- Physical Damage Due to Storms, Fire, or Vandalism
- Loss of Use of Property
- Property Loss Due to Theft or Embezzlement
Business liability insurance typically covers the following:
- Negligence Claims
- Defective Products or Services
Add Adjacent Coverage
In addition to basic coverage, many small business owners choose to purchase coverage for additional risks. For example, business interruption insurance covers loss productivity if a business must close due to other loss. Similarly, small businesses frequently purchase insurance to protect the company if a key member of the business becomes ill.
Consider Additional Protection
As small businesses grow, many companies purchase workers compensation insurance, automobile insurance, and even commercial liability umbrella policies. By working with Preferred Insurance in Texas, small business owners can analyze risk and purchase effective insurance coverage. Those that grow quickly typically evaluate the insurance needs frequently to avoid gaps in coverage.
When selecting the right trucking liability insurance in Texas for your transportation business, there are many important factors to consider. Driver safety, cargo and vehicle protection, equipment repair, the size of the fleet, pollution liability, employment practices and workers compensation all come into play. People all over the country depend on trucking to ship and receive essentials every day. Make sure that you put your companys trust in a reputable trucking insurance provider.
A great insurance company should examine the industry niche, economic practices, gains and losses, safety procedures, individual driver histories, driving distances and locations and risk factors of the business to which it will potentially be providing insurance. This way, an insurance company can provide an educated assessment of which types of insurance would most benefit the business. Insurance providers should also stay abreast of changing trucking regulations that can affect a business. They should be willing to outline the pros and cons of different insurance products and packages as they apply individually to your trucking company, so that employee safety and vehicle protection are optimized.
Whether your trucking business needs are small or large, consider discussing insurance options with a licensed insurance agency. Their professionals can guide you in choosing the right trucking liability insurance in Texas for your company.
Many people need uniforms for special events or jobs but only require the garments for a short period of time. Rather than investing in buying a new uniform, you can simply rent one and then return it. This is a great alternative for customers, but for rental companies, there are plenty of risks that accompany such transactions. That’s why uniform rental insurance is quite possibly the best investment you can make in the stability and protection of your profits.
Covering Companies That Cover Customers
While you rent uniforms that cover your customers, your insurance provider should be hard at work covering your liabilities. Some of the risks that uniform rental insurance should cover include the following:
- Property damage
- Loss of income
- Soil contamination
- Issues with boiler
- Business auto
There are plenty of other specific liabilities that you shoulder as a uniform rental company, and working with an insurer who specializes in this field can ensure that they are all covered with a policy.
Get Uniformly Covered
You face risks throughout many parts of your business, but you don’t have to bear responsibility if those risks are realized. With uniform liability coverage provided by uniform rental insurance, you can be confident in your coverage and the protection it provides your business.
Many companies offer workers compensation, but finding a plan you’re satisfied with takes a little searching. To pick out the true gems that can provide you with a first-rate policy, follow these guidelines.
1. Trust a Good Rating
National and regional rankings matter. Workers compensation insurance companies should only carry providers that have an A ranking, and can provide you with valuable services such as:
- In-house underwriting
- Strong risk management
- Large deductible programs
2. Search According to Your Needs
Whether you’re looking for a return-to-work program, captive program or self-insurance, there is a provider that can get it for you at a price that keeps your wallet happy. Search for workers compensation insurance companies that have a reputable history of providing customers in your state with the type of plan you need.
3. Find a Broker
Ask a professional who knows the ins and outs of the industry for advice. You can get a quote for any plan, including customized options, plus get a good understanding of minimal state requirements, how to remain OSHA compliant and stem losses after accidents.
Keep Your Business Safe
If one of your employees is injured and you don’t have proper coverage, it might result in heavy financial penalties, depleted worker morale and decreased productivity. Take the time to search through workers compensation insurance companies to find the one that can give you the utmost in comprehensive coverage.