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Five Insurance Basics for Businesses

Five Insurance Basics for Businesses

Whether you are starting a new business, or your company is well-established, protecting that business should be one of your main concerns. Locked doors, security personnel and a well-padded bank account are all nice things to have, but they can only do so much. Business insurance can be a hassle, but at Hayes Brokers we like to do our best to take the sting out of it. Here are the insurance basics for businesses, whether new or old. 1. General Liability A general liability policy should be at the top of the insurance list for any business owner. This policy can cover the business premises, the business operations off premises, and a host of other issues that may crop up related to advertising injury, products and completed operations and more. General liability insurance can cover both personal injury to customers and property damage to their property. Some might even call this policy “prepaid legal” since it will provide legal representation in the event of a claim or lawsuit related to the business operations. 2. Property Insurance Whether you own a building or just the contents, property insurance is a must. Property insurance is versatile enough to cover not only your structure and your company contents, but also business income or business interruption coverage in the event of a loss that leaves your business unable to operate for a period of time. There are many options available with property policies, such as equipment breakdown (boiler & machinery) coverage, ordinance or law, sinkhole collapse and more. Talk to your broker to find out which options are right for your business. 3....
So Your State Legalized Marijuana…

So Your State Legalized Marijuana…

Election 2016 was a banner year for those in the cannabis industry. On November 8, 2016 four states approved or legalized marijuana for recreational use (California, Maine, Massachusetts and Nevada) and four states approved or legalized for medical use (Arkansas, Florida, Montana and North Dakota). If you plan to open a cannabis-related business when the laws take effect, it is important to know the laws and be in compliance with state and local regulations.  Hayes Brokers can also help, by providing risk management and insurance policies for your new business. Insurance for marijuana-related businesses isn’t all that different from other businesses, but there are a few key things to note before you buy. The Basics Whether you rent or purchase a location to set up shop, it is important to cover all the bases. Liability: Also known as slip-and-fall coverage, liability insurance provides legal protection to your business in the event of bodily injury or damage to property of others while visitors are on your premises. Nearly every landlord will require this coverage and may require higher limits due to the nature of your business. The landlord may also require that he be named as an additional insured on your policy. Property: This coverage reimburses a business for damage or loss of property due to covered causes of loss. This will include building, contents, stock, furnishings, equipment and other items, depending on what is included in the policy coverage form, as determined by you and your insurance broker. Auto: A minimum of hired and nonowned auto liability insurance should be included in your insurance portfolio. If your business provides...