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Understanding the Needs of Your Hemp Business

Hemp Business

As with other farmers, hemp growers face various risks that are inherent to the agricultural industry. Uncertainty with weather, farming conditions and other factors can expose your business to financial threats. Despite industry regulations, market fluctuations and changes also pose risks to the success of your business. You recognize that there are different types of insurance designed to provide specific coverages for the way you work. Consider buying a policy from a hemp insurance company as part of a comprehensive approach to protecting your business.

What Is Hemp Insurance?

Hemp’s status as a relatively new crop means that there are risks in the business that are not fully known or understood. Interruptions to business can result in significant losses that can threaten your company. Hemp insurance coverage can address several aspects of the way you work:

  • Crop protection: Losses due to weather or plants that contain more than the legal limit for THC
  • Workers’ compensation: Illness and injuries to workers while on the job
  • General liability: Injuries or damages while on the premises of your fields and farms

A comprehensive hemp insurance approach can protect your business from financial risks that impact your crops as well as the people involved with your operations.

What Else Should I Consider?

Typical insurance products may not fully address your specific concerns as a hemp farming business. It’s important to choose an insurer that understands the complexities of the cannabis industry. It’s a relatively new industry with special considerations that require an experienced touch.


Pure and Speculative Manufacturers Risk Exposures

Manufacturers Risk Exposures

Risk exposure is a technical term that insurance professionals use to describe the possibility of loss associated with a specific business or activity. They calculate it by multiplying the probability of risk by the total amount of loss that could occur. There are two types of manufacturers risk exposures: pure and speculative.

Pure Risks

Pure risks are ones that you cannot possibly control, under even the most rigorous risk management plan. They include the following:

  • Employee injury and illness
  • Accidents by the general public
  • Natural disasters
  • Claims of negligence

You can mitigate for these potential losses through various types of insurance, such as general liability and workers’ compensation. Insurance protects you by covering costs such as attorney fees and medical claims.

Speculative Risks

Unlike pure risks, speculative risks do not happen completely by chance. Instead, they are considered voluntary because they arise out of decision-making.  For example, the choice to invest in new technology may inadvertently cause a negative outcome if the result is a decrease in product quality or an increase in repair costs.

Risk exposure is a part of the manufacturing industry with which it pays to become acquainted. By involving your insurance agent in your overall risk management plan, you can customize coverage to meet your needs.


Pure and Speculative Manufacturers Risk Exposures

Manufacturers Risk Exposures

Risk exposure is a technical term that insurance professionals use to describe the possibility of loss associated with a specific business or activity. They calculate it by multiplying the probability of risk by the total amount of loss that could occur. There are two types of manufacturers risk exposures: pure and speculative.

Pure Risks

Pure risks are ones that you cannot possibly control, under even the most rigorous risk management plan. They include the following:

You can mitigate for these potential losses through various types of insurance, such as general liability and workers’ compensation. Insurance protects you by covering costs such as attorney fees and medical claims.

Speculative Risks

Unlike pure risks, speculative risks do not happen completely by chance. Instead, they are considered voluntary because they arise out of decision-making.  For example, the choice to invest in new technology may inadvertently cause a negative outcome if the result is a decrease in product quality or an increase in repair costs.

Risk exposure is a part of the manufacturing industry with which it pays to become acquainted. By involving your insurance agent in your overall risk management plan, you can customize coverage to meet your needs.


2 Essential Differences in Hazards Common for Cleaning Services

Cleaning Services

If your career field includes cleaning services, it’s essential to identify what dangers exist either for your or your employees so you can protect all individuals while on the job. Whether you know it or not, this industry can be one of the most vulnerable professions in the United States if you’re not careful. Here are two hazards to understand before you begin working to be both successful and safe.

Physical Hazards

Have you ever wondered, is cleaner a physical hazard? While cleaning materials are not a physical hazard, cleaning can be. Often people who are engaged in repetitive tasks such as mopping, vacuuming and lifting are at a higher risk of sustaining a bodily injury. However, with the proper preventative measures, both employers and employees can protect themselves and avoid harm.

Chemical and Biological Hazards

Cleaning representatives often come in contact with chemical or biological hazards. Cleaning chemicals and infectious pathogens can be extremely harmful if not treated with care. This is why employers must equip employees with protective gear such as gloves, masks, and glasses to cover potentially exposed skin and eyes. Employers should also train new hires on cleaning chemicals and how to dispose of any biological contaminants properly.

The cleaning industry can be hazardous if you don’t educate yourself first. It’s vital to understand what hazards exist and practice using safe working procedures to create a safe working environment.


What Happens if Your Insurance Policy Lapses?

Insurance Policy

Insurance is necessary to protect your home, auto, business, and other important assets. However, there are times when you may have an insurance policy lapse for reasons such as nonpayment or noncompliance with certain provisions. Here’s what happens when you get that dreaded notice that your policy has lapsed.

You Have No Coverage

The most immediate concern is that you may be without coverage until you are able remedy the situation. Call your insurance agent or customer service line to see what you need to do to have coverage reinstated. It may be as simple as returning a renewal questionnaire, or it could be that your last payment was never credited.

You May Be Forced Into Lender Placed Coverage

Your lienholder may automatically issue a lender placed insurance policy once the lender is aware of the apparent insurance lapse. However, the premium costs are usually significantly higher than coverage on the open market, so you’ll want to get your original policy reinstated as soon as possible.

You Will Pay More Premium

Your policy may be surcharged depending on the length of time and reason for the lapse, so don’t just wait for it to sort itself out. Proactively reach out to your insurer and pay any premium in arrears right away.

Policy lapses are a headache and a threat to your financial future, so make sure you sort it out right away.


3 Things You Should Know About Foreign Workers’ Compensation Insurance

Workers’ Compensation Insurance

Whenever your employees travel overseas, it’s crucial to ensure not only their safety but also the safety of your company. Obtaining an illness or injury in a foreign country can physically and financially cripple employees, and the subsequent loss of income and productivity poses a potentially fatal risk to businesses, too. Although worker’s compensation policies often fail to extend international coverage, foreign workers compensation insurance acts as a safety net for all parties involved.

1. What It Is

Traditional workers’ compensation insurance often leaves gaps in coverage, as they omit coverage for a number of illnesses and injuries that are more frequently acquired abroad. Medical and transportation expenses, for example, can strain the pockets and health of employees without foreign workers’ compensation insurance.

2. What It Covers

It’s not uncommon for workers to be exposed to diseases during their time overseas. Since a number of these illnesses are rare or nonexistent in the United States, they are unlikely to be covered in a traditional insurance package. Additionally, injuries that occur while in another country, but not during working hours, can be covered under foreign workers’ compensation insurance.

3. Who It Covers

Customizable coverage is available for any employees who live or work overseas, including but not limited the following:

  • Independent contractors
  • U.S. nationals or expatriates
  • Local nationals
  • Third-party nationals

Working abroad can offer a number of benefits to both employees and businesses alike, but it’s essential that companies take the necessary steps toward insuring international travelers to ensure the best experience possible.


The Purpose of Habitational Insurance

Habitational Insurance

If you own a rental, Airbnb, apartment complex or hotel, you’ve probably heard of habitational insurance. This insurance protects you against a variety of costly situations.

Why Habitational Insurance?

Although it might seem like extra coverage over a regular liability policy, it is not. Habitational insurance protects you against situations involving your tenants or renters such as flooding regardless of the cause. Habitational insurance carriers often provide coverage that general liability does not.

What Does It Cover?

Not only does habitational insurance cover the basics like wind, fire, storm and hail. It also covers catastrophic breakdowns such as heating, cooling, and water systems. These are three very important systems depending on what part of the country you live in.

This insurance covers the cost of replacing things, but it can also cover the cost of the rent you lose. If your tenants had to move out because of mold or pollution, you would be on the hook for remediation, and you wouldn’t have your rental income. This is just one of the situations where this insurance can help you recover quickly.

It even covers arson, loss of income and theft. It closes the gaps in liability insurance for landlords.

Habitational insurance covers what regular liability doesn’t. If you have tenants, particularly in high volume situations, it can save you thousands in repairs and lost rent.


Finding the Best Business Liability Protection

Business Liability Protection

Every business owner understands that business liability insurance is critical to protect their investment against unwanted claims. There is some confusion, however, regarding which type of policy will best protect your company when you are confronted with the many scenarios that are possible. There are two important policies to consider when putting together the best business liability insurance policy.

Protection Against Business Claims

Errors & omissions coverage and directors and officers insurance are similar in many ways, but they provide some key differences in protection. It’s a sound idea to discuss both E&O and D&O coverage with your agent to ensure you find the best protection for your business. Without proper coverage, financial damages and legal fees could be astronomical.

  • Errors & omissions insurance – If you provide professional services to clients, this policy will protect your business against claims of negligence, malpractice and flaws in the design process. This policy protects anyone who represents your company in the process.
  • Directors & officers insurance – This policy only protects executive management from personal liability when claims are filed against their management practices. Claims include unfair business practices, conflicts of interest, mismanagement of funds and negligent acts.

Make sure you find a trusted and competent insurance agent to provide you with the best protection for your business.


Trends That Are Shaping the Wastewater Treatment Industry

Wastewater Treatment

When you work in a critical field like waste management, it is important that you embrace out-of-the-box thinking. Solving waste issues can be messy by nature and you should always have your ear to the ground for new solutions to old problems. Paying attention to current trends within your field is a fantastic way to gain some new perspective. Consider these points and learn more about how to keep your company successful.

Preserving a Precious Resource

One of the biggest topics of conversation connected to water treatment over recent years has been conservation. Water is a precious resource that seems to be dwindling in many regions. Between the privatization of local water sources to contaminated springs and rivers from human interference, protecting the planet’s water through appropriate treatment techniques is key to the future. Sustainability is also connected to this topic, with more businesses focused on reducing environmental impact. Additional points being discussed lately include:

  • Regulations surrounding nutrients within water
  • Reclamation of private water sources
  • Reducing toxicity of water through regulation of key chemicals

The Future Is Now

For life on the planet to thrive, ample water is crucial. If you run a business connected to the treatment of water, be sure that you stay current with new tactics and do your part for the future of the world.


Protecting the Services of Insurance Agents

Insurance Agents

While insurance agents are considered the experts in claims and liabilities, they themselves experience a number of risks that require insurance coverage. There are unique aspects to their job duties that present concerns that would vary from a manufacturing company or financial provider, so general liability insurance isn’t going to be enough coverage.

Preparing for the Unexpected

Errors and omissions insurance for insurance agents and brokers addresses the risks that can’t completely be prevented. This area of risk generally involves mistakes that have been made, but only when there was no malicious or illegal intent involved. Professional liability insurance takes care of the financial costs of claims or allegations that arise over the decisions an agent or broker makes or the advice that is given. More specifically, policies can provide coverage in the following areas:

  • Professional mistakes (paperwork wasn’t filed correctly or a deadline was missed)
  • Accusations of negligence (advice led to insufficient coverage)
  • Claims of failing to deliver on promises made for insurance services

Preparing for the Future

With an E&O liability policy, it is important to make sure there are no gaps in the coverage. You will want a policy that can still cover claims made after your have left the industry, and many professional liability policies have this protection. Thoroughly evaluate what your policy will cover, making sure it can handle what you are facing now and what you may face in the future.