Exposures Faced by Neighborhood Store Owners

Convenience stores have been around for decades, offering neighborhoods and those passing through a quick and easy opportunity to pick up some needed items without the ordeal of long lines at supermarkets. These “corner stores” carry a variety of products, many of those same items found in most markets and these “quick marts” were designed to meet the needs of people in a hurry. Many of these shops offer other services as well, such as gas and diesel fuel, car washes, even partnering with fast food companies and sharing their square footage with popular chains that bring in more traffic.

Convenience stores do face risks and concerns much like their larger counterparts, and operating a business of this type means liability issues, the threat of theft, burglary, vandalism and other pertinent concerns. They must also address issues pertaining to the property the business resides on, along with any existing dangers in the products and services they provide to customers. Convenience stores insurance is required for the number of exposures they could find themselves having to deal with.

Property damage could result from dangerous ignition

For stores that double as gas stations, permitting people to smoke while pumping fuel into their vehicles is strictly against the law. Gasoline and other fuels are highly toxic and extremely flammable. Also, food heating units, refrigerators, etc., may become overheated or overloaded resulting in a fire hazard. If an establishment does provide for gasoline sales, there’s the additional exposure to fumes, as well as the potential for a fire or an explosion. The amount of property damage that could occur needs to be properly insured.

Crime, liquor sales, accident injuries are also concerns

Exposure to criminal activity, such as a robbery or burglary can create a serious financial loss and can put patrons and employees in harm’s way. Another issue is employee dishonesty, and liquor liability exposures, from selling liquor to underage individuals, to purchases made by people who may already be inebriated. Store owners may even need auto insurance for company vehicles, or to cover hired or non-owned liability exposures for employees that use their vehicles to perform errands.

In addition to workers comp, Convenience stores insurance should be purchased to address liability exposures due to slips and falls occurring to patrons, whether from oil spills and auto residue on the exterior floors, or due to wet floors inside bathrooms and on floors where there is a lot of foot traffic.


Professional Liability Coverage for Engineers

As an engineer, you know that during the course of any given project that you can’t plan for every single contingency. Projects wind up getting delayed, problems may arise, and in some instances you will go over budget. One of the key features of professional liability coverage, or e&o insurance for engineers, is that it can protect your business in the event that issues of this nature lead to a costly lawsuit.

In practically every instance, before a client even hires you, they may ask to see your professional liability insurance certificate. This will assure them that your business is financially strong enough to withstand any type of worst-case scenario. If an issue develops and something goes terribly wrong and your client decides to sue in an attempt to recover their losses, your insurance will help cover the bill.

Most coverage for professional errors is on a claims made basis

Most errors & omissions policies offer “claims-made” coverage. This means that the policy must be in place when an incident occurs and when the time comes to file your claim. For most engineering firms, it’s never suggested that you only carry liability insurance when you are under contract, but to always have coverage in place for the entire time you’re in business.

When you’re the engineer whose job is to ensure the safety and stability in making your client’s vision a reality, there isn’t a project you take on that comes without some degree of risk. A seemingly simple miscommunication, misinterpretation of some sort, or an outright mistake can cause costly delays, accidents, or even lead to a serious injury in some cases.

It’s important that you secure a policy that focuses on the exposures that you face on a daily basis. When you’re livelihood is put at risk it can spell disaster for, not only your business, but also you’re home and possessions if you wind up on the wrong end of a costly settlement.

With e&o insurance for engineers, you can expect immediate claims responsiveness. When a covered claim is reported, you will be provided with an attorney for your defense, even if the claim has no basis. Speak to an agent about how to obtain this vital coverage today.


Insurance Programs Keep your Ship Afloat

For boat and yacht builders, reliability, performance, and integrity are of utmost importance. The same should be true of those who provide insurance for such craftsmen. As boat and yacht builders continue to face greater and greater risks, now more than ever it is important that they be insured with the proper coverage. While many insurance programs can provide basic property, inventory and crime coverage, good yacht builders insurance programs must account for the special needs of yacht builders like mobile equipment and tools, docks and piers, and wind, hail and flood coverage.

Covering for Other Liabilities

Whether for private or commercial clients, boat and yacht builders need protection for their marine investments, equipment, and boatyard. Accidents and litigation are very real possibilities, and good programs will provide the right coverage to prevent these liabilities from becoming disasters. These programs can include:

  • Marina Operators Legal Liability
  • Ship Repairers Legal Liability
  • Protection and Indemnity and Hull Coverage
  • Commercial Automobile Coverage
  • Umbrella and Bumber shoot
  • Pollution Liability

These yacht builders insurance programs can cover the whole process, from the boat being built to launching and cases of collision and P&I. While it may seem a good area to cut corners, a good insurance program can actually save thousands of dollars in the event of pricey lawsuits. Put your clients’ mind at ease with reliable and affordable insurance programs tailored exactly for them.

What You Need to Know About Key Person Life Insurance

A key person life insurance is one of the essential insurance vehicles for business owners to have. It’s true that your employees are your most important assets, and losing one of your key employees could harm your business and even force you into bankruptcy. If you choose to purchase a key life policy, you are protected and need not worry about the what-if scenarios.

Why Key Life Insurance Is Important

Key life insurance allows you to buy insurance for employees who are invaluable for the existence and success of your business. A key life policy buys you time to find a suitable replacement for a deceased employee without having to be concerned about your overall financial situation. It can also help ease the minds of creditors, shareholders and stakeholders of the company by signalizing them that your business won’t incur any major financial loss in the event of the death of a key employee.

How Much Key Life Insurance Costs

Generally speaking, a key life policy is an affordable insurance product, especially considering its significance. The premium depends on these factors:

  • Amount of coverage
  • Term or whole life insurance
  • Industry and company size
  • Age, gender and health of key employee or employees

Key person life insurance is a must-have for most business owners but is particularly important for small businesses and companies whose mere existence depends on just one or two employees. A key life insurance policy is a vital tool for helping your business make it through tough times and providing you with a sense of security and hope.

Protecting Your Restaurant and Your Livelihood

Owning and running a restaurant can often be an extremely difficult business. Not only are there customers to please, but also restaurants can run the risk of damage from fire, kitchen accidents and more. If you own a restaurant, you likely know how important that business is to your livelihood. That is why protecting your business with restaurant insurance in California should be a priority.

Finding the Right Coverage

It’s often important to choose an insurance provider that can correctly accommodate your business, especially since a restaurant has a litany of unique needs from employee safety, health and hazard compliance standards and more. Make sure your provider offers competitive pricing, too, so you can get the most benefits for your money.

Types of Protections

Restaurant insurance in California can offer coverage for a wide array of damages, even for events unrelated to running a restaurant day to day. Here are some examples of the types of protection you may find:

  • Fire damage
  • Utility malfunction
  • Litigation from customer and employee accidents (food poisoning, falling, etc.)
  • Storm damage
  • Lost income
  • Liquor liability

Obtaining restaurant insurance in California can protect you and your employees and relieve your worries of potential future accidents. That way you can have more time running the business you’ve always wanted.

What to Know About Mold Exclusion

Those working with water and wastewater facilities know mold and other bacteria can be a constant harassment. While these molds and bacteria are generally harmless, under the wrong circumstances they can have detrimental health effects on certain people. Not only that, but mold has the potential to deal quite a bit of property damage by growing everywhere and breaking down whatever it can. Unfortunately, fungus and mold damage is excluded from most standard insurance policies. However, agencies with policies covering mold and bacteria insurance do exist for those in the water industry. These generally cover damage done by mold, Legionella and other bacteria. Critical HAZMAT, job-site, onsite, and first-party gradual pollution liabilities are also offered.

Liabilities to Look out for in the Water Business

Products and pollution liabilities are just a couple of the concerns many water businesses will have. While it is a major concern, mold and bacteria are not the only protections water facilities should have. When looking for comprehensive insurance packages, it is important to also note:

  • Property Insurance
  • General and Professional Liability
  • Commercial Auto Insurance
  • Employee Fidelity/Crime
  • Boiler and Machinery Insurance

Policies that cover both property and mold and bacteria insurance will help take some extra risks and worries off your business. By finding the right coverage, mold exclusion on standard policies will not pose any problem.

Why Credit Protection Coverage Is Needed

Financial guaranty insurance is a type of credit protection for investors in debt obligations such as municipal bonds, commercial mortgage-backed securities (CMBS), and auto or student loans. It provides financial recourse in the event of a default on the bond or other debt instruments. Banks and other lending institutions require a company that provides them with this type of insurance. The purchase of financial guaranty insurance generally allows the debt issuer to “wrap” the credit rating of the insurer around the debt obligation that is being issued in order to raise the credit rating of the debt and thus qualify the debt for lower interest rates.

Many municipalities use bond insurance to obtain an AAA rating, thereby lowering their borrowing costs, which in turn allows them to save money on the overall transaction. In order for this to occur it’s essential that the financial guaranty insurer maintain a very high credit rating for wrapping the debt obligations it insures. Financial guaranty coverage improves the efficiency of the capital markets from a cost and accessibility perspective. The premium paid for the insurance is less than the amount saved through lower interest rates that can be obtained with a higher credit rating.

Many challenges lie ahead

Despite the growing role of financial guaranty insurance in the securitization process that has come to characterize many financial markets, the entities providing this specific financial service received relatively limited attention until early 2008, when several rating agencies openly discussed the possibility of taking adverse rating actions related to the biggest entities in the sector. This resulted in an intense scrutiny into the role of bond insurers in structured finance.

There is a reasonable amount of public interest in the continued availability of guarantees on payments on municipal bonds. To what extent such concerns justify policy intervention is rather uncertain, however, the business outlook for this sort of activity is reasonably sound. Still, more stringent solutions are in the works and new private capital is entering into that segment.

As to the role of financial guarantors in structured finance, some of the smaller companies may exit the market. It remains to be seen whether or not the remaining financial guarantors will be successful in procuring the necessary capital base to insure such business going forward.


Choosing Which Business Insurance to Bundle

In order for your business to make a profit, you need to provide and maintain customer satisfaction. This can be a challenge and if your service to customers comes into question you could find yourself entangled in a lawsuit. If someone falls and is injured while on your property what then? Or you cause property damage to a car parked in your lot and the owner decides to sue for damages – you would likely be found responsible. Two policies that are commonly bundled by small business owners are a general liability and commercial property insurance.

You can even be sued for information or advice that brings harm to a client, and this is another major reason most businesses carry liability coverage in their Indiana BOP insurance package. For example, any time that a client experiences physical harm from using one of your products, including the packaging, that client can seek recourse through the courts. Your business liability package can be enhanced to include product liability coverage. All small businesses such as retail stores and independent contractors need a BOP to safeguard against unforeseen financial losses.

Bundle insurance provides savings

If you have BOP property insurance, the insurance company pays you in order to help your business get back on its feet. Many BOPs also include business interruption insurance that provides coverage that helps you pay any expenses, such as lost revenue that accrues when your business is forced to temporarily shut down after a covered event.

Small business liability insurance will protect a number of people in your company if claims are filed against them, including your employees, accountants, managers, and financial planners. Small business owners can also add “endorsements” to their policy to include certain kinds of additional coverage. The type of endorsements that will benefit your business will depend on the industry you serve.

The best thing to do is to go to an insurance advisor that will be able to inform you about the best companies offering Indiana BOP insurance policies that you’ll need along with the type of insurance terms that you should seek.


What You Can Do if Someone Is Injured

Small business owners often find choosing injury insurance to be somewhat of a hassle, but it doesn’t have to be that way for you. Getting the right small business insurance in Florida is simply a matter of identifying your risks as an organization. Here are a couple of the most common protections.

Insure Your Site

The larger your company is, the more risks you’re likely to have. That’s good news for many small businesses, as some don’t even have physical premises to insure. If you have a brick-and-mortar location, then you will probably need liability insurance: It protects you from accidents that occur on your property.

Cover Your Products

You also have other responsibilities as a business owner. Apart from slips, falls and other injuries that occur on your property, you could be liable for problems arising from the products you produce. It is often difficult to eliminate all of the expected and unforeseen dangers associated with a product. Small business insurance for Florida companies fills the gap between total safety and practical reality by mitigating losses should they occur.

There are other types of insurance, but bodily injury and completed product insurance are the most important policies to carry in terms of physical injuries to your stakeholders. Check your small business general liability insurance package to confirm that these two protections are in place, if necessary.

Inside Running a Laundry Business

Like any other type of business, there are certain factors to consider when operating a laundry business that could affect your success. You’ll have to spend time researching and learning about the types of risks of owning a commercial laundry business so that you can get the proper insurance coverage that will enable you to have success at it.

If you already own a laundry then you probably understand some of the concerns, such as changes in utility rates that will affect your enterprise since it is reliant on electricity, water and sewage in order to conduct operations. There are exposures that exist for any business that provides services to, or deals in the care of items belonging to others. This is where Commercial Launderers insurance comes into play. You have to protect the operations from costly claims and lawsuits that may arise.

The cost of doing business

Part of owning a business is budgeting for expenses, both known and unforeseen. Repairs can be an ongoing issue for a laundry business. Whether your machines are new or old they may break down or cease to function properly. You can purchase coverage that addresses this issue. If your machines are suddenly out of service they aren’t going to be bringing in much revenue. Laundry owners without the mechanical skills to fix their own equipment need to budget for repairs required to fix the machines.

Other expenses include employees hired to ensure that the premises are always clean because it makes customers feel secure and that is critical to the success of your business. Make sure the floor plan has sufficient lighting as well as your parking lot. You should probably hire security because businesses that don’t always have an owner on premise can be easily targeted. Otherwise, customers may decide they’re better off driving to a safer and cleaner facility.

Your laundry facility will need to have cash on hand in order to provide change to operate the machines and this can also put your business at risk, as having a lot of cash on hand could be tempting to a thief that may decide your business is an easy target. That’s why choice in location is so vital to your success, that and having sufficient Commercial Launderers insurance to address your many concerns.