Small Business Insurance Requirements Every Owner Should Know

Those who embark on small business ownership understand the many steps required in order to set up their venture, from developing a product or service to finding clients and marketing their company. However, there are also small business insurance requirements that are critical to the success and protection of the business. If you do not know how to protect yourself and your new operation, you leave yourself open to financial burdens that may hinder your growth.

Erase Financial Liabilities With Broad Protection

Even if your business is small, it still requires plenty of insurance coverage. Small business insurance requirements include protection against:

Therefore, the most comprehensive coverage for a small business is general liability coverage. This type of insurance covers injuries to employees or others as well as property damage caused by a product, service or company employee. General liability insurance can erase financial responsibilities a business may face due to accidents or errors made by the company. It also covers claims against a product that may have caused an injury.

Protecting your business is critical to the success and well-being of your investment. Familiarizing yourself with these small business insurance requirements is as important as developing your idea and growing your clientele. It ensures that you, your business, and your employees are protected, leaving you with the peace of mind to focus on growing your company.

The Benefits of IWA’s Insurance Programs for Restaurants

Operating a restaurant requires a lot of dedication and oversight. Restaurateurs need to give careful consideration to how they insure their businesses. IWA is experienced in serving clients in the restaurant industry, and they offer insurance coverage that incorporates all of a restaurant’s most significant elements of risk.

Be Prepared for Multiple Forms of Damages

IWA insurance programs for restaurants can help a business handle an unexpected loss.

  •         Damage to real or personal property
  •         Loss of income due to a supplier missing a delivery
  •         Business interruption from a weather event or utility outage

Resolve Liability Concerns

A restaurant could be subject to a variety of different legal claims. Insurance can help cover legal costs and pay for a damage award or settlement agreement.

  •         Employees injured on the job
  •         Accidents on the premises, including slip and falls
  •         Food poisoning

The Benefits of the Restaurant Advantage Program

IWA’s unique Restaurant Advantage program offers several key features.

  •         Specialty coverage applications that aren’t included in most policies
  •         Responsive claims management
  •         Assistance with loss prevention
  •         Competitive pricing

You can supplement your package with additional coverage lines to assure comprehensive protection for your business’ needs.

  •         Employee benefits liability
  •         Liquor liability
  •         Employee dishonesty

Work with a carrier that has extensive expertise in serving restaurants. A knowledgeable representative can help you customize an affordable package.

How Hospitality Coverage Protects Your Business

Industry-specific insurance coverage is important for any business, but it’s not all the same. Often, you have the choice between comprehensive plans that seek to cover all your relevant needs in one package and specifically formulated plans that work with your general coverage options to protect you from risks specific to your industry. Deciding which approach to covering your hospitality risks will work best for your business requires careful consideration of all your available quotes and coverage options, but either way, you need the protection that is designed to cater to your specific risk profile.

Cost Efficiency and Robust Coverage

Industry-specific insurance is built to exclude coverage and costs that simply don’t apply to your business model or niche in the industry. As a result, you pay only for the coverage you actually need, whether you’re buying general liability policies, professional insurance, or industry-specific risk insurance based on your environment or the operating equipment your business needs. In the case of hospitality businesses, this means robust public liability coverage, including protection from crime and other common risks faced by businesses that provide lodging or entertainment to the public. Whether you decide this increased specificity and cost efficiency means you should buy more coverage or save money on the coverage you already have is up to you, but either way, you benefit.

Creating a Safe Work Site Is Vital for Your Company’s Future

Operating a construction business comes with a fair share of serious risks. From worker injuries caused by sudden impacts to unstable or faulty equipment being in constant use, you never know what kind of disaster can come along. Protecting your workers takes many forms. For one, you absolutely need to think about your insurance package and how covered you are with options like Workers’ Compensation. Beyond this, you should be working to secure your work environments and ensure structures like scaffolding on construction site are stable.

How To Properly Use Scaffolding 

Scaffolds play an important part in construction tasks. When a building is being worked on, scaffolding acts as an easy way for workers to climb up and down the exterior. It also creates a tunnel that pedestrians can walk through without interfering with the construction itself. To keep the scaffolding secure, you must be properly trained on the construction, maintenance, and disassembly of the structure. Beyond this, avoid leaving any tools or items on the scaffolding when no one is present. Other tips that you should keep in mind to increase safety with scaffolding include:

  • Stay mindful of extreme weather conditions
  • Educate all workers on safety standards
  • Check the integrity of the materials daily 

Educate Yourself

Though there are many risks in the construction field, there are also plenty of steps to take to stay safe. Educate yourself on scaffolding, look over your insurance details, and increase safety in the workplace.

Providing Care for Alzheimer’s Patients

Caring for patients with Alzheimer’s disease involves many complex challenges. It requires a high degree of attention, patience, and empathy. Here are some things that providers should consider when they administer care.

Facilitate Easier Communication

As Alzheimer’s patients’ cognitive abilities decline, it may be increasingly difficult for them to communicate effectively. There are several important things that a caregiver can do to foster good communication. Alzheimer’s care tips about communication can make it easier to ask and answer a patient’s questions.

  •       Speak slowly and clearly
  •       Explain things in plain and easily understandable terms
  •       Maintain eye contact
  •       Be patient when someone is distracted or is struggling to articulate something

Be Vigilant About Maintaining a Safe Environment

Alzheimer’s patients may be at risk for physical injury because they may fail to recognize seemingly obvious physical dangers. Also, the disease can make certain physical activities harder. Caregivers need to pay special attention to creating a safe environment.

  •       Alert patients of items that are hot, sharp, or otherwise dangerous
  •       Eliminate any trip hazards
  •       Install grab bars for stability

A high caliber of care is essential to helping patients with Alzheimer’s maintain a good quality of life. While caring for an Alzheimer’s patient may be somewhat demanding, helping individuals with intensive needs can also be exceptionally gratifying.

COVID-19’s Impact on the Cannabis Industry

As the coronavirus continues its relentless march across the country, businesses of all sizes are experiencing the detrimental effects from an erratic and slow economy. The cannabis industry is not immune to some of the same impacts other companies have suffered, though there are some positive outcomes as well.

Concerns in the Cannabis Industry

In the first weeks of the pandemic, cannabis customers flooded the industry with sales, stockpiling their supplies in anticipation of reduced access. After that initial jump, revenue levels declined, placing many of these businesses in jeopardy of closure, particularly the newer and smaller companies. Hardest hit have been those who operate small shops in areas normally visited by tourists.

While cannabis growers and sellers are eligible for federal relief, the funds have been notoriously difficult to obtain. Insurance claims are also on the rise, often resulting in longer processing times. The surge could also potentially lead to changes to policies that make it difficult to file future claims under circumstances such as the current coronavirus pandemic.

Hope for the Cannabis Industry

Not all news is bad news. While sales have declined in recent months, the industry is proving to be rather resilient. With the stresses caused in this time of COVID-19 and cannabis product benefits, states are recognizing these businesses as essential, allowing them to remain open during shutdowns. This important move wills potentially further catapult the industry’s legitimacy and legalization in the rest of the country going forward.

Who Pays the Price for Company Auto Accidents?

Many businesses don’t have a fleet of company vehicles that are used during normal business operations, such as driving to the bank or picking up supplies from a vendor. Instead, they allow employees to use their personal vehicles for these needs and hope that an accident doesn’t occur. For staffing agencies, there is a new twist in the liabilities. The employees may be driving the vehicles of the business where they are contracted out or they may be driving their own for different services. These risks create the need for specialized staffing industry non owned auto policies.

Where the Responsibility Lies

Even though your employee may be driving a vehicle for your client, your staffing company will more than likely be held liable for any loss or damages from an incident. Though there may be some variation in the laws of your state, you don’t want to take the chance of not having the right coverage.  A non owned policy addresses the risk where your company (and subsequently the employee) does not own the vehicle.

Reduce the Risk

It is important that any of the employees in your firm have a valid license and adequate insurance on their personal vehicles. However, you should also conduct thorough training with your employees on the use of client vehicles in order to reduce the risk of accidents or claims of automotive negligence.

What Is a Yacht Club?

A yacht club is a group for individuals who join together to promote the sport of yachting and participate in activities together. It differs from a sailing club in that sailing clubs usually pertain to sailboats, while yacht clubs are exclusive to yachts. There are over 450 yacht clubs in the United States.

Club Characteristics

Each club is usually associated with a specific harbor near an ocean, river, or lake. It is identified by its initials and by a unique flag called a burgee. Different clubs may have different priorities, such as racing or providing youth education. Not all clubs require members to own their own yachts, but all have mandatory membership dues.

 Reasons to Join

Some members own a yacht and others are on the crew of a racing boat. In either case, participating in a club with people who share similar interests is fun. The following are some other perks of joining a yacht club:

  • Social networking
  • Going on cruises
  • Storing your boat and equipment
  • Flying a club flag when racing
  • Participating in regattas

Insurance Concerns

A yacht is not a small investment, and any activity where you use it requires a good insurance policy. Coverage specific to participating in clubs includes facility and grounds coverage, regatta liability, training, and property damage.

Risks of Contractors Driving Company Vehicles

When your business necessitates non-employees to drive company vehicles then there are certain aspects you should understand from an insurance perspective. These subcontractors can drive your vehicles, but to your insurance carrier they will be viewed as an employee. If they are in an accident then this opens up your business to liability even though they are not under your employment. Recognizing commercial auto risks such as these is essential to protecting your company from detrimental losses.

Liability Coverage for Subcontractors

Subcontractors are typically not named as insured drivers on your commercial policy. When they drive your vehicles with no coverage of their own then essentially you are assuming their risk. One way to structure insurance is for the contractor to carry their own professional liability policy. It is common to then have them name your company as an additional insured on that coverage. If they are liable for damages in an accident this ensures that the responsibility lies with the subcontractor and their insurance.

Daily business moves quickly and decisions are often made without much thought regarding risks. Be sure to slow down and consider your commercial auto liability situation. Each business model may be slightly different so a professional insurance agent can help walk you through available options.

Evaluating Your Company’s Policies About Employees’ Appearance and Conduct

Employers need to act cautiously when establishing and enforcing policies that bear on employees’ conduct outside of the workplace. In addition, employers must be particularly conscientious about how policies affecting their conduct or appearance within the workplace may raise concerns related to discrimination. Here are a few key considerations regarding company policies and employer limitations.

Guidelines About Employees’ Appearance

While you can have policies about personnel’s appearance, you need to be mindful of respecting religious or cultural expression. If a policy appears to target or marginalize members of a constitutionally protected class such as a specific nationality or religion, it could be interpreted as discriminatory.

Policies Concerning Romantic Relationships

According to experts at SB One Insurance Agency, prohibiting workplace dating or relationships is not legal. However, you can review the topic in training materials and explain to employees that they should not allow their personal relationships to affect their work and caution them about creating potential conflicts of interest or uncomfortable working environments.

One of the best ways for a company to avoid practices that could infringe on employees’ liberties is to seek expert counsel regarding company policies, handbooks, and training materials. Additionally, employers should make certain that their insurance adequately addresses claims related to all forms of employer liability.