Adapting Your Insurance Practices to Address COVID-19 Concerns

The coronavirus has had a significant impact on the insurance industry, with COVID-19 creating economic hardship and serious health concerns for businesses, consumers, and entire communities. Insurance companies are generally where people turn in the event of a crisis, as coverage plans help homes and companies address the risks and provide a cushion against severe losses. However, the pandemic has shown how insurance companies can also be impacted by economic distress and volatility in the financial sector.

Crisis Management and Response

As an insurance company, you can address the needs of your consumers more easily with insurance resources focused on the COVID-19. There are a number of concerns that you will face over the next few months. These include:

  • Adequate communication with policyholders, prospective consumers, and employees
  • Thorough sanitation measures for employees and policyholders
  • Compliance with local and federal safety requirements
  • Cybersecurity protection during the crisis

Consistent Operations and Service

In addition to worrying about the economy and how the state of the financial sector will impact your company’s bottom line, you need to make sure you can deliver consistent service through a crisis. With COVID-19 concerns, you may need to explore increased delivery of services through digital measures and upgrade your self-service options for policyholders. You may also need to establish payment or delinquency policies to help consumers navigate the next months of financial hardship more successfully.

Developing a Strategy for Manufacturing Workplace Safety

Operating a business in the manufacturing industry comes with a number of risks. In fact, research suggests that more workplace accidents happen in establishments specializing in some form of manufacturing than almost any other industry. This means you need to go above and beyond when it comes to creating a culture of safety in the workplace. The more steps you take in advance, the easier it will be to reduce your overall risks and limit the odds of a financial disaster.

Follow the Right Safety Practices

Following the best practices in manufacturing operations starts with communication. Every regulation you put into place for workplace safety should be clearly communicated to each and every member of your team. A failure to keep even a single person informed can lead to a serious accident. Additionally, a risk management strategy can be an incredibly useful resource to refer to. To create this type of strategy, consider these points:

  • Evaluation of current and projected risks
  • Analysis of data related to similar industries
  • Insurance policies to cover common industry risks

Prepare for the Future Now

Though the manufacturing industry might come with more risks than others, there are several easy ways to keep your assets protected. Take time to review your options with insurance and find a policy that makes sense for your needs. As long as you keep your team informed on the changes, you’ll be ready for what the future has in store.

Top 3 Places Mold Shows Up in Your Home

Mold is an issue for any homeowner because it can get into the air you and your family breathe, causing various respiratory problems. Sometimes, mold can hide behind the drywall in your home, especially in places that get a lot of moisture. For effective mold prevention in your home, you need to know these common areas where mold can show up.

  1. Ambient Steam

Any room in your home that produces steam can become a breeding ground for mold. Water in the air can be tricky since it moves away from its source and can settle as moisture in other places. Make sure any spaces with steam are properly ventilated.

  1. Wet Appliances

Any appliance that uses water, such as your coffee maker or washing machine, can contribute to mold in your home. Keep all such appliances dry when not in use for better mold prevention.

  1. Pooled Water

Sinks are another place water can accumulate, leading to issues with mold. Keep your sinks and tub well-drained to prevent mold.

What To Do About Mold

Mold prevention is an important part of being a homeowner. However, if mold does start to grow, you need to handle it quickly. With on your side, you are covered in case mold does develop in your home. Hire a cleaning crew and keep an eye out for future buildup.

Learn the Basics of Convenience Store Insurance

Convenience stores provide important resources and services to local communities, tourists and travelers. From fast food to gasoline and other important materials, these businesses also face a variety of risks and dangers. Both aspiring and veteran owners require the assistance of convenience store insurance coverage to protect their establishment from these hazards.

The Necessity of Insurance

Corner shops contain varied food items, money services and car fuel. These valuable elements also bring in a significant number of risks, such as food spoilage, alcohol liability and gasoline hazards. Additionally, convenience shops are prime targets for theft and other crimes. A detailed insurance plan covers these dangers and more.

Potential Risk Areas

Despite the smaller size, there are still many risks in owning or operating these stores. Insurance can cover these potential areas.

  • Product liability
  • Premises liability
  • Alcohol/tobacco liability
  • Auto insurance

There are also basic coverage plans like general liability and workers’ compensation. Business owners can work with insurance agents to create the best plan for their situation.

Business Qualifications

Insurance providers establish certain limits for their customized insurance plans. For instance, Irving weber associates, inc. requires that stores have gas sales that do not exceed 90% of gross sales and liquor sales that are below 30%. Owners need to ensure their stores are compliant before finding a company.

Proper insurance can benefit most businesses, including smaller convenience stores. Operators can create personalized plans that directly protect their investment.

How To Protect Your Heavy Machinery From Financial Loss

When it comes to heavy machinery, unforeseen overhead costs can be troubling, adding up in myriad ways. As explained by the Hilb Group, even heavy rental equipment can end up costing a business extra, as any damage to the machinery while on loan will not be covered with a typical lease agreement. This can result in a loss of current and potential business, leaving you liable for any diminished value to rented equipment.

Be Prepared

Heavy equipment insurance can help your business by covering what the average leasing contract does not. It may or may not include a small but manageable deductible as well. The coverage you can expect to receive with this type of insurance includes the following:

  • Replacement of lost or stolen items missing either on the job or in transit
  • Substitute parts for possible equipment failure or breakdown
  • Coverage concerning potential electrical damage

Know What Isn’t Covered

While insured heavy machinery can help to reduce overhead costs and the stress of potential mishaps, there are some areas not covered. This includes any interruption in your business that could occur without working equipment that may result in a loss of income and the costs accrued from further equipment rentals.

While it is always a good idea to expect the best out of your business, unanticipated setbacks can be costly and time-consuming. Making an effort to stay prepared is the best way to alleviate the hassles that come when working with heavy machinery.