Protection and Peace of Mind for Your Cannabis Business

In recent years, many states have made recreational cannabis legal for consumption by adults 21 and older, creating a new and booming industry. For those looking to get involved, holding specialty cannabis insurance can go a long way towards protecting yourself and your business.

Who Can Get Covered

Individuals and businesses at all levels of the supply chain can be covered by this insurance. This includes growers, laboratories, distributors and wholesalers, medical dispensaries and retail sellers.

General Protection

Some types of protection included under specialty cannabis insurance are general liability, product liability and commercial property coverage. Depending on your operations, you may pick and choose from options in these and other categories to get the complete protection you need.

When Things Go Wrong

Your insurance can also include protection for unexpected incidents. This includes coverage for workers’ compensation and protection from employee theft and dishonesty, as well as coverage for equipment breakdown and business interruption. Different businesses have different risks, and you should choose your coverage accordingly.

Many people want to get in on the ground floor as the commercial cannabis industry takes off in the United States. As you get started on your business journey, be sure to seek out specialty cannabis insurance to stay protected as you grow.

What to Know About Becoming a Commercial Owner Operator

A lot of commercial drivers become an owner-operator in the industry. To be an owner-operator provides you with more freedom. However, to achieve this goal, there are three things that you need to consider.

Registration

To become an owner-operator, you have to register with the Federal Motor Carrier Safety Administration. When you register, you will obtain your USDOT number. This will be used to collect your information. You will need to send the FMCSA proof that you have insurance.

Insurance Options

When it comes to insurance, you need to ensure that you have adequate coverage. Keep in mind that your insurance needs extend behind coverage for accidents. Insurance has to cover a variety of risks, such as:

As a new owner operator, insurance agents and brokers can assist you in finding the right options.

Load Boards

As an owner operator, it’s up to you to find your own loads. In the past, owner operators had to call companies in search of loads. Nowadays, there are websites called load boards. These websites can assist you in finding loads. Some of these websites cost money for the brokers and carriers, while others are free.

If you want to become a truck owner-operator, your first step will be to register. Then, you can focus on insuring your business and finding loads.

Getting the Most Out of Your Insurance Arrangement

Though it can seem straightforward most of the time, insuring your business is not always going to be the simple journey you assume it to be. In fact, there are plenty of angles you need to consider in order to guarantee you’re getting the coverage that protects your assets without draining your funds. One way to achieve this is by looking at alternatives to the traditional plan. Consider these facts about cell captives and see if it is a good fit for your company.

A Specific Arrangement

According to experts in the industry, cell captive insurance is a type of policy that is structured to give more control to the insured. What’s more, those who enter into captive arrangements are said to see incredible reductions in overall costs associated with insuring their businesses. Though it can seem like a great deal, there are also many fine points to focus on with this arrangement. Not all businesses are ready for this type of commitment and you should verify the requirements with an agent before making any assumptions. Areas to pay attention to include:

  • Impact of current market cycles
  • Costs associated with coverage
  • Option of reinsurance

Look Into the Details

While there are a number of reasons to consider a cell captive program for your insurance needs, you should always weigh out your options before you make a final decision. Consider your current arrangement, look into captive options, and see which fit is best for your future.

Do Police Officers Require Additional Insurance Policies

Working as a member of law enforcement can come with plenty of challenges. While you might be able to protect yourself to a certain degree via the insurance provided for you by your city or county, there are scenarios where additional policies can be invaluable. In order for you to stay safe in moments when your state’s policy falls short, additional coverage might be required. Review these points to determine why this might be a sensible fit for your future.

A Shifting Attitude

Experts advise taking a few steps when the time comes to insure a police force. Since cases of negligence are on the rise with law enforcement agencies all over the country, citizens are more likely to feel threatened by the actions of police officers. In the event you are innocent of the allegations placed against you, it is crucial that you have insurance that can help mitigate any financial losses you or your force might experience from the legal battle. Other points to consider when taking out extra liability policies can include:

  • Errors and omissions on paperwork
  • Suits springing from civil rights violations
  • Costs of litigation

A New Future

Though you might feel like you are fully protected by the insurance policy given to you by your state or county, there are plenty of scenarios where your coverage will fall short. Review your options to find extra coverage that will help you go above and beyond at all times.

Ethical Principles in Legal Practice

Attorneys take on considerable responsibility when they agree to represent a client. They must carry out their duties with a high degree of professionalism.

Ethics Training

All state bar associations have established rules governing professional responsibility, but most are largely based on the federal rules. As a part of admittance to the bar, most states require that aspiring attorneys complete a multiple-choice test covering these rules. Many states also require that attorneys complete Continuing Legal Education coursework, and CLE topics commonly address the attorney code of ethics.

Counseling

There are resources available to attorneys who have an ethical question or concern about a representation. Many bar associations and local networks offer one-on-one confidential counseling to attorneys who are experiencing an ethical conflict.

Fulfillment of Ethical Duties

Attorneys must demonstrate integrity and honesty in serving their clients. Here are some examples of the most important obligations that attorneys must adhere to.

  •       Accept representations that they are qualified to handle
  •       Avoid conflicts of interest
  •       Manage client funds responsibly

Insurance Coverage

Some states require attorneys to carry professional insurance as a part of fulfilling their ethical commitment to clients. This helps to assure that a client will have a remedy in the event that a breach of ethics causes a client harm.

Do You Need Employers Liability for Volunteers?

If volunteers make up a part of your workforce, you need to take steps to address any potential risks they may face while performing their duties.

You must have a proper training protocol to ensure safety and reduce risks. Carefully select supervisors that will maintain procedures and ensure smooth operations. Also, secure adequate insurance coverage for your organization. Employers liability for volunteer workers covers costs that may arise from accidents or lawsuits.

Are Volunteers Covered Under Workers’ Compensation?

Most states do not require that workers’ compensation policies cover voluntary workers. Obtaining insurance that explicitly protects volunteers allows you to operate your nonprofit with the peace of mind knowing you have coverage to help pay expenses stemming from misfortunes or legal claims.

What Does Volunteer Insurance Cover?

This type of policy helps pay the attorney fees, court costs, judgments or settlement amounts in the event of a lawsuit against your company. Mishaps and liability concerns are not unique to paid employees.

Employers’ liability for volunteer workers mitigates expenses that are not covered by a general liability policy or workers’ compensation. Adding volunteer insurance also protects your nonprofit against costs stemming from job-related illnesses, injuries or deaths.

Unpaid workers likely face the same risks as employees. Therefore, it is essential to protect them and your business from possible accident or liability concerns. Contact an agent with knowledge regarding volunteer organizations to ensure you have adequate protections in place that mitigate potential risks associated with volunteer activities.

Choosing the Right EO Policy for Your Business

Errors and omissions insurance, know simply as E&O coverage, helps protect your business against certain claims made by clients or customers. Let’s look at the benefits and types of coverage available.

What Does E&O Insurance Cover?

E&O insurance will protect you when a client files a claim against your company due to negligence or providing errant information. Legal fees in these situations are very costly without proper coverage. Also known as professional liability insurance, this insurance is especially critical to a business that provides professional services or offers advice to clients. Lawyers, accountants, engineers and consultants are some of the key professional groups that are especially prone to errors and omissions liability.

E&O policies vary, so choose one that best meets your particular needs and circumstances. Coverage may include such items as:

  • Negligence – This is the most common type of coverage. It protects against alleged mistakes, failure to fulfill a promise or incorrect advice.
  • Copyright infringement – Expenses or damages resulting from copyright issues are covered under this plan.
  • Legal costs – Coverage will include legal defense if a claim is filed.

Make sure you are covered against unwanted claims from clients and customers. Talk with your insurance agent to see which type of coverage is best for your business.

Protect Your Financial Institution Against Dishonest and Fraudulent Employees

Financial institutions carry a lot of risk. While a lot of institutions focus heavily on external risk, it is critical to monitor and protect against internal threats. No one wants to think that employees may compromise the institution, steal or commit fraud in the company’s name. Unfortunately, employees can also become a risk that the institution needs to prepare for. Financial institutions can invest in financial institution bond coverage.

The Importance of Financial Institution Bonds

A financial institution bond is a type of business insurance that protects a company by covering losses associated with:

  • Embezzlement
  • Fraudulent trading
  • Forgery
  • Theft

When an employee acts dishonestly for personal gain, he or she can harm the financial institution. The bank, finance company or any other financial business could face devastating losses or damage to their reputation.

Most Common Financial Bond Claims

Given that all financial institutions have a digital presence, one of the most common claims is due to fraud via fund transfers. Institutions need to be diligent in protection outside of financial bond insurance too. For instance, if a company does not follow protocol, a claim may be denied.

Internal threats should always be a consideration for financial institutions. Without insurance coverage, the effects of theft, fraud or embezzlement can devastate a company.

Tips for Starting a Laundry Business

Laundromats are an important consumer service that will always be in demand. Here are some tips on what you’ll need to do to start a successful laundromat.

Choose a Good Location

Laundromats tend to do well in urban areas where there are a lot of apartment buildings. In cities with a high premium on square footage, people often don’t have washers or dryers in their unit. Many people who’s building’s have a washer or dryer for tenants’ use prefer going to a laundromat because it’s less expensive and they can do more laundry at once.

Insure Your Operations

You need a comprehensive commercial insurance package to protect your operations. You’ll have to insure your business against liability claims and also protect the value of your assets.

Invest in Equipment Wisely

The cost of equipment is a big factor in laundromat’s profitability. If your machines are in disrepair and constantly require service, it will cut into your revenue. Look for relatively new machines that are in good condition. Ideally, you should look for energy efficient models so you won’t have to spend a lot on your utilities.

Starting a laundry business takes a lot of hard work, but it can be extremely rewarding. Plan your budget carefully, and be prepared to deal with the unexpected.

 

Professional Liability Insurance for Almost Any Business

Errors and omissions policies are a backbone form of coverage for many professionals, especially those in high trust positions like doctors, lawyers, and financial professionals. They’re hardly the only ones who could benefit from professional liability insurance, though. Most of the time, if a professional is acting as a freelancer or one-person business, some form of E&O coverage for their professional liabilities will wind up being a good idea. From IT contractors to auto repair professionals, each skilled career has its own unique risks associated with professional misjudgment or accidental oversight, and miscellaneous errors and omissions insurance programs exist to provide individualized coverage for those businesses.

Assessing Professional Risks for Yourself

Most of the time, if you aren’t in practice on your own or working freelance, your employer assumes the risk for your professional decisions on behalf of a company. There are some cases where this isn’t true, but largely it is, and as a result many people have very little experience with professional liability coverage. As the workforce becomes more and more dependent with fewer and fewer industries relying on wage labor, that landscape is changing, and diverse E&O programs have become very high-demand. If your current coverage doesn’t include professional liability, now is the time for an insurance review with an eye toward adding the policy. Luckily, there are providers with over a quarter of a century of experience with miscellaneous E&O coverage, so it won’t be hard to find a provider.