(800) 869-8643

admin@hayesbrokers.com

Marijuana in the Workplace

Marijuana in the Workplace

As cannabis legalization sweeps across the country, those who use the substance are applauding. However, those who employ these users are now left wondering how to navigate the minefield of legal usage of a substance that was once illegal. Questions about employee rights, the legality of drug testing post-hire and other human resources issues should always be handled by an experienced HR professional or qualified labor attorney.  While Hayes Brokers are not legal professionals, we can advise on the insurance aspects of cannabis use in the workplace. Here is how marijuana usage on the job may affect your insurance policies and premiums: Can You Get Insured or Bonded? Liability insurers and bonding companies typically do not ask for evidence of drug-free employees before insuring a business for liability.  However, an employer’s main concern should be providing a safe work environment that also allows for the completion of projects in a timely manner pursuant to contract. Bonding companies may nonrenew bonds or decline to insure contractors who habitually fail to perform their contractual obligations.  Liability insurance companies may also nonrenew or decline to write policies for any business that has large or frequent claims.  Impaired employees can contribute to both of these, costing employers in increased insurance premiums for years to come. As the legalization of marijuana continues across the country, insurance companies may begin to include questions about drug free programs and marijuana usage on applications as part of the underwriting process. A strict company policy on these issues will make these questions easier to answer. How Will Your Workers Compensation Coverage Be Affected? Workers Compensations pays claims on...
Three Reasons You Should Buy Flood Insurance NOW

Three Reasons You Should Buy Flood Insurance NOW

Drought conditions in the west and warmer than average winter temperatures across the country have forecasters in a tailspin as to how to predict exactly what weather event is coming next. Heavier than average rainfall has affected the Mississippi River Valley with St. Louis area residents experiencing a very wet Christmas due to flooding. When there hasn’t been much rain, home and business owners tend to drop the insurance policy that could help them most: flood insurance.  And those who haven’t purchased it don’t see the need. In order for flood insurance to work for you in a flooding event, you have to purchase it NOW.  Here are three reasons why you should buy flood insurance now: 1. There Is A Waiting Period. The National Flood Insurance Program (NFIP) policy is designed to be purchased before you need flood coverage, and not during a storm or flood event. To prevent such on-the-spot purchases NFIP instituted a 30-day mandatory waiting period to purchase flood insurance. The policy you purchase today won’t start covering you until 30 days from now.  If it is raining now and flooding is likely, you won’t be able to get flood insurance until at least 30 days later, too late to help you when you need it now. There are no exceptions to this rule except for loan closings. If flood insurance is required for closing, the policy can be purchased and started on the same day, subject to program guidelines. Private insurers are beginning to provide quotes for flood insurance independent of NFIP which would alleviate the waiting period. However, insurance companies still will not...