Month: June 2016

Hospitality Venues and NM Insurance

NM Insurance

Owning a restaurant can provide a great deal of income potential, but it comes with a great deal of risks and exposures as well. Running a successful venue requires a loyal and caring staff, which leads to patrons having a truly delightful and satisfying experience. But operating a restaurant is also a lot of hard work requiring a large initial investment and constant supervision.

As any restaurant owner in New Mexico knows, they’re going to need to devote a lot of time, money and effort to the business, and the only way to make sure that it remains profitable is by protecting it with adequate NM Insurance for hospitality venues.

Insurance should always be a Priority

The law requires certain insurance policies be in place and most financial institutions that provide loans to businesses may also require certain coverage’s as well. Any professional in hospitality will tell you that you should evaluate the particular risks of your operation, as well as the premises its located in, and come up with a plan to deal with any foreseeable incidents.

Commercial property insurance is essential to your success. It not only ensures that the physical assets of the company are protected from many hazards (such as storm damage, malicious acts, theft and other risks associated with a business of this type) but also from some accidents that may occur.

You can purchase similar policies for all types of dining establishments, from casual to full service restaurants, to family style dining, along with fine dining and upscale establishments. Other coverage’s include liability, business income, equipment breakdown, food contamination, and spoilage.

Fire raises some serious concerns for Restaurateurs

Other major risks for restaurants, nightclubs, hotels and other hospitality venues include fire, crime and customer injuries (as a result of patrons, staff, the premises or other causes).
Fire remains one of the more common hazards faced by restaurant owners. A NM Insurance policy can help to ensure that the business is able to survive this type of catastrophe and go on remaining profitable. A restaurant structure fire, because of the equipment involved and, in many cases the location, causes more costly damages than most fires occurring in residential homes.

Don’t risk losing everything by not having the proper coverage in place. Speak to an agent about NM Insurance coverage options

Carmel Cyber Risk Insurance for Breaches

Carmel cyber risk insurance

There have been many recent reports involving cyber breaches at large corporations, and the worst is likely yet to come. Cyber crimes are on the rise, and smaller companies are equally at risk for this invasive activity. Cyber liability remains one of the top ten threats to businesses across the US. As a result, there is a need for risk management and safety protocols to stem the tide of theft that is gripping the nation. There is also a need for a policy that specifically addresses these concerns. Carmel cyber risk insurance is one such policy.

Most experts agree that IT security isn’t going to be enough to address this risk. As an owner you’re also going to need to create a comprehensive set of network-security policies and procedures. Properly implemented, tested, and updated on a regular basis, this can help you to ensure that the proper risk assessment has been made, security protocols are current and up-to-date, and a thorough management approach is taking place.


Cyber Breaches are Cause of Reputational Damage

If a company experiences a loss of personal data belonging to a large database of customers and/or employees this will naturally lead to a lack of trust in that company’s ability to handle sensitive materials. Having this type of occurrence throughout multiple companies is likely to have a cumulative effect. The loss of brand value can be enormous and the damage to a company’s reputation can be irreversible.

Business owners must come to terms with the fact that they face serious concerns from cyber and privacy breaches. Confidential information and personal data is a very valuable company asset, and its one that companies must go to great lengths to protect. Lost or stolen data can be sold for millions of dollars if not properly protected. Companies with personally identifiable information (or protected health information) need to purchase a policy in order to transfer this risk and protect their balance sheet.

Anyone that does business online or uses computers in their day-to-day operations is risking exposure to cyber liability concerns, and confidential information online has become far too easy to access, just as sensitive business information has become more open to exposure as well. If you do business in the local market you need to have Carmel cyber risk insurance in your insurance package as a way of protecting your company and your clients.


Manufacturers Insurance and the Plastics Industry

manufacturers insurance

The plastics industry employs over 1.1 million workers in the U.S., according to the Department of Labor. Plastic, as well as glass and paper products are the three major industries providing packaging for a variety of products sold by all types of businesses. There are certain safety concerns in the plastics industry, both in the manufacture of the raw materials, as well as the actual processing of the plastics. With so many people relying on employment by this sector, its vital that they protect their business interests with manufacturers insurance.

An industry fraught with health hazards

Plastic produces toxic fumes when heated during the manufacturing process. When inhaled, these fumes may cause irritation to the lungs, eyes and nasal mucosa of workers and others coming in direct contact with, or otherwise exposed to it. In some cases these effects can cause severe and chronic issues, sometimes causing irreversible damage.

There are, of course, safety measures that should be taken to ensure that accidental exposure to these types of toxic fumes does not occur. Measures to reduce risks include regular maintenance of the processing plant and adhering to the recommended temperatures at which to heat materials. Incorrect melting temperatures can produce toxic fumes, especially when newer materials are being used.

Fire Prevention

Many of the materials used in the plastics industry are highly flammable and present a fire hazard. Expandable polystyrene (EPS) bead, for example, contains an extremely flammable gas, the fumes becoming prevalent during storage or transportation.

Factory fires have been the direct result of the accidental ignition of leaking gas. Safety precautions should include not allowing personnel to smoke anywhere near the area where the substance is being stored or used, and also inspect heaters being used because they pose a risk of igniting the EPS bead.

For these reasons alone its important that any business owner engaging in the manufacturing of plastic products have proper insurance coverage to protect the workers as well as the business. Costly raw materials, innovative equipment, uninterrupted production cycles, pollution, product liability, and shipment issues all pose serious risk to the success of these types of operations.

Brokers and agents should look into the type of risks and exposures associated with the type of manufacturing of plastics their clients business is involved in and help them find suitable types of manufacturers insurance to cover their distinct needs.