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Common Mistakes To Avoid When Insuring Your Warehouse

warehouse insurance

Whether youre new to the industry or have been working in it for 40 years, you know the importance of warehouse insurance. Insurance coverage is your safety net whenever something goes wrong at your facility. Mistakes in your policy can end up costing your business hundreds of thousands. Here are some of the most common mistakes warehouse owners make.

Not Shopping Around

Insurance companies arent all the same. Many agencies do not offer all the services you need to protect your business. Others might have complete coverage, but at double the price of their competitors. Always compare policies before selecting one.

Not Thinking Long-Term

If youre planning for business growth, why not apply that to every part of your business? Selecting an insurance agency that doesnt have the resources to handle your growth just means frustration down the line.

Not Choosing One Company

This may sound obvious, but its a bad idea to mix and match policies from different companies. While shopping around can be beneficial, partial policies generally create gaps in coverage akin to having no insurance at all.

Avoiding these mistakes will greatly benefit your company. If you do a little research, you should be able to find the right warehouse insurance company. An agency with experience in your industry can help you select a policy that fits the needs of your business perfectly.

Operational Risks Financial Institutions Face

professional liability insurance for bankers

Working in the financial sector brings with it several specific risks factors that are covered by professional liability insurance for bankers. Knowing these risks and actively working to reduce them as much as possible makes it less likely that the institution will face a lawsuit for negligence or improper handling of funds. Here are three of the most common risks that financial institutions face in the course of doing business.

Human Error

Despite the fact that computers are more prevalent than ever in the banking sector, human beings are still an essential part of doing business. Humans make mistakes, at times intentional but quite often completely unintentional, and these mistakes can cause financial damage to clients at a bank or credit union. Human error can lead to a lawsuit.

Systems and Processes

If data is processed in an inaccurate way, it can bring losses to the institution and its clients. This involves digital risks like leaks or hacking, as well as improper data input. Systems can also fail and create losses.

Professional liability insurance for bankers is one way that financial institutions help mitigate their operational risks. A specialized insurance professional can help a bank, credit union or savings and loan company create a policy that best suits their business needs.

Property and Inland Marine Coverage in Your Staffing Insurance Package

staffing agency insurance

Insuring your assets is a critical part of your risk management strategies. Youre probably familiar with standard property coverage, but your business model may dictate the need to add inland marine to your policies. Understand a little about how property and inland marine works will help you as you decide which staffing agency insurance options are right for you.

What Is Inland Marine Insurance?

Standard property insurance for most businesses covers losses resulting from fire, theft, vandalism and other incidents as spelled out in each individual policy. This usually means your business buildings, their contents, equipment and personal effects of employees and visitors on the premises. What inland marine coverage offers usually includes property that is transported over land, moveable property, computers, vending machines or other assets that could be considered mobile. Your insurance agent may be better able to spell out the details, but many inland marine policies provide extra coverage that may not be incorporated in a standard property insurance policy.

Consider Adding Inland Marine to Your Insurance Solutions

Staffing firms and PEO companies are in a unique type of business, one that exposes them to a great deal of potential liability sources. To ensure your risk management strategy is complete, adding inland machine to your staffing agency insurance package may be a sound move. Your agency can assist in helping you select the best coverage options for your company.

Tips for Picking the Right Insurance Agency

Texas insurance agency

When youre seeking to protect your home, vehicle or business, it is essential to find the right insurance plan for you. This requires selecting not only a policy that gives you peace of mind but also an agent who can meet your needs. Here are a few tips for picking a Texas insurance agency for personal or professional coverage.

Before you can begin looking for the right policy, you need to have a clear picture of your insurance requirements. Thus, your first step should be to ask yourself what you want, need and expect from your agent. Are you looking to insure a car, house or business? Different insurance agencies have different areas of expertise and coverage.

Once you know what you need, take a look at the insurance agencies in the area. When you have a few prospects, its time to do some online research. Look for agency reviews and news. Then, pay the agency a visit, and dont be shy about asking questions about the companys history, areas of expertise and previous clients.

Next, ask for a quote and go over it carefully to get an idea of coverage areas and expenses. This step will also give you a sense of the agencys efficiency, effectiveness and dedication to you as a prospective clientall important factors in choosing a Texas insurance agency that works for you.

Manage Risk at Every Stage of the Manufacturing Chain

Orlando manufacturers insurance

Usually, in the manufacturing sector, profits come at the margins. To make money, then, companies must reduce expenses at every stage of the manufacturing chain. They also must successfully manage a litany of business risks and legal challenges. By purchasing comprehensive Orlando manufacturers insurance, smart business owners address risk throughout the production process.

Initial Challenges

Manufacturers can spend a fortune on buildings, warehouses, equipment, and personnel even before they produce a single item. To protect business interests during the first phases of production, manufacturers opt for the following types of insurance protection:

  • Property Insurance
  • General Liability Coverage
  • Workers Compensation Protection

While these forms of coverage are essential at the inception of the manufacturing process, savvy business owners recognize the need to carry adequate coverage throughout the business venture.

Intermediate Risks

Once production hits peak performance, business risks change somewhat. Rather than focusing exclusively on company assets and property, business owners must protect raw materials and post-production inventory. To do so, manufacturing managers often purchase the following coverage:

  • Pollution Liability
  • Product Liability
  • Product Recall

By purchasing manufacturing process coverage and errors and omissions coverage, manufacturers manage risk and ensure business continuity.

End-Stage Liabilities

For complete Orlando manufacturers insurance coverage, business owners must protect their products from post-production but pre-sale damage. To do so, they often opt to purchase Manufacturers Selling Price coverage. With this insurance, insurers reimburse loss at sales value rather than manufacturing cost. By adopting a comprehensive risk management strategy, then, manufacturers get the protection they need at each phase of the manufacturing process.

 

Harboring Your Marina From Outside Threats

marina insurance

Owning and operating a marina and yacht club can be daunting. Its important to ensure that the boat owners who have entrusted you with their prized vessels feel that their asset is being managed properly. Choosing a valued and trusted marina insurance company can provide your tenants with the assurance that youre doing all you can to protect their valuables.

What Features Should You Seek in a Carrier?

First of all, youll want to ensure that all aspects of insurance are considered. An incident can happen in land, water, or in some situations, both arenas, so you will need coverage for all situations. In a similar sense, youll not only need coverage for your employees and the boats regularly docked on your property, but youll also want to insure the boat owners themselves and anyone spending any amount of time on your property.

Why Do You Need Protection?

Whenever water is involved, safety is absolutely crucial. Choosing a comprehensive marina insurance plan can protect you financially from multiple threats.

Finding the right insurance carrier for your marina will offer your tenants confidence and assurance and give you peace of mind that you are doing all you can to protect yourself from threats both financial and environmental. You owe it to yourself and to your tenants to choose a reliable carrier.

 

You May Be Able to Insulate Yourself Against Civil Money Penalties

Civil money penalties insurance

You know the exam is coming. You are told your institution is prepared. And then your bank is served a regulatory Cease & Desist (C&D) order. Civil money penalties insurance may help protect you from fines associated with bank regulatory actions.

As bank directors and officers, you rely on the people managing bank operations and compliance to ensure your institution meets regulatory expectations. Yet even the best and brightest compliance personnel can miss the mark. And when they do, you may be held liable, with the bank unable to provide you indemnification for assessed fines, even in the absence of proof of negligence or wrongdoing.

Civil money penalties insurance may offer some peace of mind. While regulations prohibit banks from purchasing insurance for civil money penalties in their Director and Officer (D&O) policies, you may purchase coverage, in your name and paid for by you, with limits typically varying up to $250,000. This can go a long way in protecting your personal assets.

While no institution endeavors to be involved in a regulatory action, it can happen. Check with insurers to see if you qualify for civil money penalty coverage. And do not wait until your institution is placed under an agreement or order, as insurers may not be willing to cover you.

What Every Financial Institution Needs to Understand When Considering Insurance

financial institution insurance

Every financial institution, no matter its size, needs insurance theres no question about that. But how do you know what coverage you need to thoroughly protect your business? When choosing financial institution insurance, begin by understanding the risks you face and policies available to you.

Risk is Everywhere

In this industry, risk is everywhere. With more and more regulations to adhere to and strong competition all around you, you need to protect your institutions operation as well as integrity. You have to think about your directors and officers, your assets and possible lawsuits from both employees and customers. You want to protect your business from crime, both internal and external, cyber-attacks and business interruptions. Being exposed to any of these risks without having the proper financial institution insurance could mean the end of your business.

Comprehensive Coverage is Available

With so many risks surrounding your financial institution, you can rest easy knowing you have comprehensive insurance. For every threat your institution faces, theres a policy available for extensive protection. These policies include, but are not limited to, the following:

  • Employment Practices Liability Insurance
  • Cyber Liability
  • Business Interruption
  • Errors & Omissions
  • Directors & Officers Liability

When it comes to the financial industry, the phrase better safe than sorry could not be truer. Protect your business, employees and customers with comprehensive financial institution insurance so that any glitch that arises is a minor setback, not a catastrophe.

Dealing With Other People’s Wares

warehouseman's legal liability insurance

There’s a unique problem in the warehousing business, brought about by the fact that you’re usually dealing with items you don’t own. What if damage or loss occurs while the items are in your custody? The answer is, more often than not, you’re liable for it, which means you need warehouseman’s legal liability insurance.

An Additional Measure

Just because it’s not your merchandise doesn’t mean you don’t have any responsibility. In fact, you might consider yourself at a greater financial risk for a loss since you don’t have any legal right in normal circumstances to liquidate the goods. That means that, even with your best security and safety protocols in place, you usually only stand to lose from having items in your warehouse. However, having items in your warehouse is also the way your business generates revenue.

Fill the Gaps

The answer to this seemingly impossible conundrum is getting the right warehouseman’s legal liability insurance policy to cover any potential risks and mitigate losses should they occur. Unless you have the cash lying around to cover any problems that arise, the right policy could potentially save your business in the case of an emergency.

Work with an expert in the business to make sure you have enough coverage. It takes a good deal of experience insuring warehouses to get it right, so vet all your options carefully.

Supply Chain Intermediaries and Marine Cargo Claims

marine cargo claims

Intermediaries serve an important function since, without them, it would be nearly impossible for companies to deliver their products to the end user. These freight forwarders can provide services without the need to own or control the entire supply chain. The use of these intermediaries helps to serve many of the critical functions associated with reducing transaction costs, as well as diversifying risks and exposures associated with the transportation of goods.

Problems can and will occur during transit from time to time, so there is a definite need for cargo insurance to address any marine cargo claims filed. This serves as protection to supply chain intermediaries. Distribution of goods is an important part of US commerce, and these intermediaries are generally independent companies or organizations within the channel that make products available to consumers.

Supply chain agencies face difficult challenges

Any number of transit risks can be quite costly, and can range from something as simple as rough handling of goods resulting in damage, to theft, accidents or collisions, non-delivery due to jettison (the act of casting goods from a vessel or aircraft to lighten or stabilize it), or natural disasters, just to name a few of the concerns.

There are four main types of intermediary: agents, wholesalers, distributors, and retailers. Agents, or brokers, are individuals or companies that act as an extension of the manufacturing company whose main job is to represent the producer to the final user in selling a product.

Wholesalers, on the other hand, take title to the goods and services that they serve as intermediaries for. They are independently owned and own the products that they sell as well. They buy merchandise in bulk and store the products in their own warehouses until the time comes to resell them to other intermediaries.

A distributor will usually align him or herself to complementary products and therefore can maintain a closer relationship with their suppliers, while retailers, both mom and pop stores, along with large chains like Target and Walgreens, purchase products from market intermediaries and sell them directly to the end user for a profit.

When a loss occurs, whether due to intermediaries who cannot deliver on time, or experience issues or incidents that result in a loss of cargo, marine cargo claims will often be the result. Its important to have insurance for supply chain intermediaries to help cover any losses.