All posts in Business Insurance

The Risks Associated With Boat Rentals

The Risks Associated With Boat Rentals

To rent out a boat to another person puts your vessel at risk. While the best-case scenario involves the renter returning the boat in as good of condition as they took it, that is not always the case. Due to this fact, you may need boat rental risk insurance. Here are the risks that you face when you own a boat rental service.

Accidents

Accidents are always possible. When you rent out the boat, there is a chance that the operator could strike another vessel or an object while on the water. If this happens, then you may be the one liable for any damages. You could have to pay for the other person’s boat repair, replacement or any other damages caused by the renter.

Injuries

Likewise, injuries can happen aboard your vessel. In some cases, you may be held liable if your renter is injured on your boat. This is especially true if it has something to do with the vessel’s operation.

Experts at Merrimac Marine Insurance explain that boat owner’s insurance policies may not cover you if you rent your boat to clients. This is why you have to have specific insurance coverages to handle the rental. Renter insurance is designed to give you adequate coverage when you rent your vessels.

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The Changing Face of the Medical Spa Industry

The Changing Face of the Medical Spa Industry

If you run a medical spa, also known as a “med spa” or “medi-spa,” you know that the industry is going through many significant changes. With these transformations comes the need for a more comprehensive insurance plan. Here’s what you need to know about the risks that come with medical spa industry growth.

Who Visits Medical Spas?

Medical spas, which have successfully blended medical clinics and day spas together, have been rising in popularity. To accommodate the growing number of people who have taken an interest in med spas, many establishments offer a wider range of services to customers, including the following:

  • Acne treatments
  • Hair removal
  • Laser treatments
  • Chemical peels
  • Injectables

Services such as chemical peels and laser treatments have attracted aging customers in particular. However, as reported by Huntersure LLC, many young adults are also visiting medical spas more often with an interest in acne treatments, laser hair removal and tattoo removal services.

To keep up with these changing demands, owners of medical spas need to be aware of the trends in their industry. The constantly growing and evolving medical spa industry also requires owners to be properly protected with the right coverage. Be sure to find the insurance plan that best fits your needs so that you can be prepared in any situation.

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3 Common Questions About Insuring Your Dump Truck

3 Common Questions About Insuring Your Dump Truck

There are unique safety and liability considerations to be made when operating a dump truck. Therefore, dump truck insurance is available exclusively to the operator of such a vehicle as a specialty line of truck insurance products. Source: www.truckinsure.com.

Due to the specialized nature of insurance products for dump trucks, you may have questions about insuring them. Here are answers to a few of the most common.

1. What Are the Different Types of Dump Trucks?

Most people are probably most familiar with the “end dump” configuration in which the back of the vehicle is the dumping location. There are also side dump and center dump configurations. Insurance products are available to cover each type of dump truck.

2. What Factors Influence Insurance Costs?

There are many factors that can have an effect, such as vehicle age, location, the radius within which you operate, etc. Basically, anything that an insurance company assesses as a higher risk has the potential to increase the price of your dump truck insurance premium.

3. Are There Things You Can Do To Save Money on Insurance?

Maybe so. Your insurance company may offer you discounts on your rates if you take steps to promote safety, such as the following:

  • Vehicle inspection before every trip
  • Proper maintenance
  • Driver screening process

You may also be able to decrease your premium by increasing your deductible. It is always a good idea to ask your insurer about any specific discounts available.

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Types of Insurance a Cleaning Company Needs

Types of Insurance a Cleaning Company Needs

Everybody likes a clean home and business, which is why professional cleaning companies tend to be so lucrative. Of course, if you’re thinking of starting your own cleaning business, it is important to know how to protect yourself and your employees, as well as your property and your company as a whole. According to Moody, these are the types of cleaning business insurance and bonding you’ll need to get started.

Business Liability Insurance

This is the first policy you should purchase for your cleaning business. It protects against financial loss should one of your clients claim you or your employees damaged his or her property. It provides protection for their property, your workmanship, and any potential medical expenses or defense costs, as well as several other situations.

Company Car Insurance

Chances are, running a cleaning business means you have company cars for you and your employees to travel between jobs. For this reason, it is important to have business automobile insurance. Remember, your personal car’s policy will not cover company vehicles. The policy should cover several situations, including lease gaps, driving other vehicles, and personal injury protection.

Workers’ Compensation

Depending on the state you work in and how many employees you have, you may need to provide workers’ compensation coverage. This protection is the law in many cases and is responsible for providing your employees with lost wages and help with medical expenses should they be injured on the job.

Dream big dreams about owning a thriving cleaning company but be sure to do so responsibly. Holding the proper insurance policies shows your professionalism and keeps you safe in the long run.

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Insurance for Florida Businesses

Insurance for Florida Businesses

You have insurance that protects your home and other personal items, so why not have insurance that also defends your business? Commercial insurance companies in Florida can work with you to create a policy that protects you from liability claims and keeps your company safe.

Insurance Solutions To Mitigate Your Risks

Owning a business means you face certain risks. That is a given. However, you don’t have to worry about those risks when you have the right kind of insurance that covers you for everything from general, broad insurance to more specific coverage for your industry.

Some of your insurance options include the following:

Workers’ compensation
Cyber liability
General liability
Commercial auto coverage
Professional liability
Directors and officers coverage
Surety bonds

The above list is not comprehensive, but it simply provides an idea of different policies you can choose from. In order to create a plan that reflects your needs, an insurance agent looks at your business to determine which policies best protect you against claims and loss.

Protecting Your Business Today

Protecting your business means understanding what your risks are and how to manage them. Knowing which insurance policies to choose can be difficult, but commercial insurance companies in Florida want to help you select programs that keep your business safe.

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What’s the Best Insurance to Cover Your Yacht?

What’s the Best Insurance to Cover Your Yacht?

You worked hard to get where you are in life – to purchase the things you want, such as your yacht, luxury cars or special collector’s items. Now, it’s time to protect the things you love with the right innovative solutions insurance services. Buying the correct insurance for a luxury item such as a yacht can make sure your assets are covered, no matter what.

Types of Yacht Insurance

Don’t purchase just any boat insurance to cover a yacht. Take out more than the minimum for full coverage – otherwise, you could end up paying for costly repairs out of pocket. The general types of yacht insurance you may want to purchase include the following:

Collision liability insurance
Property damage insurance
Bodily injury liability insurance
Comprehensive coverage
Uninsured/underinsured boater insurance

You will want to speak to an agent for innovative solutions insurance services to match your exact needs. An insurance agent will get to know your assets, analyze risk factors and recommend the best type of boater’s insurance for your yacht.

Comprehensive Coverage for All Your Assets

One of the greatest perks about working with an agent is that you can purchase insurance to cover all your high-value assets at the same time at your yacht. Your agent can create a comprehensive plan to cover all your assets, using innovative solutions insurance services that can get creative with your coverage. That way, you get the best insurance for the best price.

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Protecting Your Business From the Public

Protecting Your Business From the Public

Protecting Your Business From the Public

Whenever a business allows people outside of the company onto business premises, there are risks involved. Public liability insurance, or PLI insurance, is beneficial and essential for any business that has physical contact with the public.

Coverage Limitations

PLI insurance is considered to be the bare minimum for commercial insurance that businesses need if they invite anyone outside the company into the business. Whether these people are from a third party or the public, your company takes a risk by allowing them on the property if they are not employees. People covered by this insurance include:

Customers to a retail store
Delivery personnel
Office visitors

Under your commercial insurance, you most likely have a policy that protects your employees in cases of injuries or illnesses. This policy is similar in that your business is held responsible for what happens to visitors. However, rather than protecting visitors, it protects your business. The insurance policy itself is designed to safeguard the company from claims of the following on the business premises:

Negligence
Accidents
Injury

 

Basic Coverage for Your Business

If you own a business that allows members of the public to access the premises, you need PLI insurance as the base level of protection. That way, if an accident happens and someone from the public files a claim against you, your business is protected.

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An Insurance Company in the Protection Business

An Insurance Company in the Protection Business

An Insurance Company in the Protection Business

When you need an insurance policy, you want to work with an agent that has your best interest at heart. Owens Group Insurance is in the business of protecting people’s professional and personal lives, making it an ideal choice for business professionals and individuals.

Protecting Your Personal Life

Each person’s individual risks may be different depending on lifestyle, which is why your policy should be created especially for you. That is why an agent conducts a risk assessment to determine your coverage. You can keep many areas of your personal life secure with coverage options including:

Auto insurance

Homeowners insurance

Travel insurance

Watercraft insurance

Kidnapping and ransom

Cyber security

Personal umbrella

Safeguarding Your Business

A business should be covered in case of a disaster or lawsuit. However, each industry is different and requires various levels of coverage. For example, an IT company may need more cyber liability than a construction company. After an assessment, an insurance agent can build a policy around some of the following coverage areas:

Executive liability

General liability

Professional liability

Cyber liability

Intellectual property

Workers’ compensation

Earthquake and flood coverage

Commercial property

Since 1957, Owens Group Insurance has been protecting individuals and businesses. To mitigate disasters in both your personal and professional lives, you should choose an insurance company you can trust and rely on in stressful situations.

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Top Tips To Choose an Insurance Broker or Agent for Your Business

Top Tips To Choose an Insurance Broker or Agent for Your Business

Owning and running a business comes with a host of risks depending on your size, location and industry. Finding the right insurance policies for your business starts with understanding your insurance needs. Once you know what you need, you can start evaluating business insurance agents and brokers.

Ask Questions

Have a list of questions prepared ahead of time to consult when searching the insurance website or during the interview. Knowing what answers you need can help you weed out those agents and brokers that won’t work for your business. Then use these questions during the interview can help you determine how well they may fit your business needs.

Expectations

Determine what you expect from your insurance agent or broker before interviewing them. During the interview, ask questions and see how they deliver on their promised or agreed-upon commitments to you. Request a quote and see how well they delivered.

Knowledge

The insurance agent or broker should have a technical knowledge of the insurances they offer and your business’s risks. They should be able to tell you how the insurance they offer covers those risks. The right credentials can increase your ability to trust that expertise.

Sometimes finding the right insurance agents and brokers is whether they work personality wise. Some personalities can make the business agreement difficult regardless of how knowledgeable they are. As always, do your homework and trust your gut.

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How to Be Competitive in the Insurance Industry

How to Be Competitive in the Insurance Industry

How to Be Competitive in the Insurance Industry

Anyone in the insurance business likely understands why it can be a profitable venture. Insurance is needed for virtually every facet of home and work life, especially in more areas that are more litigious or carry a higher risk. While the demand for insurance may be consistent, it can be a very competitive industry. If your company specializes in insurance, digital marketing can give you the edge you need to make your company stand out.

How Digital Marketing Works

Having a digital marketing campaign can be very useful especially if your client base includes people that prefer electronic communication. In a world where it is relatively common for people to have access to multiple devices, this can be imperative for the success of your business. Digital marketing can include the following types of strategies:

Using effective website design viewable across multiple platforms and devices

Reaching your social media audience

Utilizing research on search engine optimization

Using engaging content to attract potential clients

Documenting website traffic

Managing website and keeping it regularly updated

While there may be years of collective research on traditional marketing methods, digital marketing is constantly changing based on many variables. If you work in insurance, digital marketing experts can be a major asset to your business’s success. By contacting a professional that keeps up with the latest in this type of approach while understanding the fine details involved in the insurance industry, you can feel confident that you will be in good hands.

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