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A Closer Look At Insurance for LLCs

A Closer Look At Insurance for LLCs

As we have previously discussed, LLCs are a great way to protect company assets, but this corporate structure is not a replacement for actual insurance coverage. Insurance for LLCs should still be a consideration. Let’s take a closer look at why. You Can Still Be Sued In an article on Legal Zoom about LLCs, it is noted that forming an LLC makes a company a separate entity from the company owners. In the eyes of the law, the company “can own money and property, have a bank account, make agreements, sue people, and be sued.” While the corporate structure may protect individual owners from legal liability for company activities, it does not protect the company from being sued. Lawsuits cost money. The best prepaid legal option a company can have is a solid commercial general liability policy to protect against both nuisance claims and legitimate lawsuits. There’s an insurance policy for that: General Liability. You Can Still Make Mistakes Many professional businesses such as lawyers and doctors cannot form LLCs in certain states. If your business is formed as an LLC the corporate structure does not protect you or the business from decisions made by professionals within your company that result in damage or loss to your customers. There’s an insurance policy for that: Professional Liability / Errors & Omissions You Can Still Suffer A Property Loss The physical assets of your business such as your equipment, furnishings, and buildings are still vulnerable to damage or loss. Fire, theft, hurricanes, earthquakes, floods and other natural disasters won’t stop at your front door due to your corporate structure. There are...
Business Owners Package Insurance

Business Owners Package Insurance

As the owner of a small or medium sized business, you want to concentrate on growing your business. What you don’t want to worry about is insurance. For many main street type businesses, Hayes Brokers has one insurance policy to cover your two main concerns: property and liability. It is called a Business Owners Package (BOP) and it includes the property (hazard) and liability (casualty) that you know you need, plus a few extras that you may not know you need until it’s too late. Advantages of a Business Owners Package When you purchase most or all of you insurance coverage through one insurance company, you often get discounts. A BOP combines two of your main policies at a lower price than two separate policies. This means there are less policies to worry about, and only one premium payment to make. Some advantages of BOPS are: Less expensive that stand-alone policies. Include coverage you may not have considered. Include additional sublimits not contemplated under a monoline policy. One insurance company, one payment. BOP Bells & Whistles Some BOP policies include coverage that is more broad in scope or not as readily available on a monoline policy. These may include: Business Income & Extra Expense: Actual Loss Sustained (instead of a stated limit) Equipment Breakdown Ordinance or Law Property Under Your Care, Custody and Control Employee Benefits Liability Hired & Non-Owned Auto Liability Blanket Additional Insured Blanket Waiver of Subrogation Built In Umbrella Coverage Some insurance companies even have special BOP packages for certain types of business such as pool contractors or beauty salons. These policies include coverage specific to...
More on Home-Based Businesses

More on Home-Based Businesses

Home-based business owners and entrepreneurs who work or create from home may think they are exempt from business insurance coverage. After all, there is no commercial office or retail space to insure, so why would insurance be necessary? These business owners may also believe that if there is an insurance issue, their homeowners or renters insurance policy will cover them. Unfortunately, that isn’t the case. Nearly all personal lines (homeowners and personal auto) policies exclude any type of business done in the home or on the residence premises. The policies exclude not only the work being done (both tangible and intangible work product) but also employees, inventory, business equipment, and autos used for commercial enterprises. Fortunately, insurance coverage is available for your home-based business. Hayes Brokers is your insurance partner, helping to find coverage for: Business personal property, inventory & electronic equipment Business/Commercial Liability Professional Liability    Products Liability Workers Compensation Commercial Auto Commercial Umbrella Coverage Cyber Liability Employment Practices Liability Crime Health & Disability Be sure to read more on what’s covered and not for your home-based businesses. Commercial insurance for your home-based business can help protect your personal assets from corporate claims related to your business. Don’t risk your family’s financial future on an assumption. Call Hayes Brokers today to schedule a free, no obligation risk management analysis and find out how to protect both your family and your...
MMJ Growing Pains

MMJ Growing Pains

Since California led the way in 1996, medical marijuana has been legalized in 23 states and the District of Columbia.  Fourteen other states recently had medical marijuana decisions on the ballot last year or plan to in the coming year.  Even Congress has now put its support towards medical marijuana and hemp growers in the latest Omnibus bill. As the medical marijuana industry grows beyond infancy, so does the scrutiny of its business liabilities.  It seems as though every day there is a new growing pain for the industry exposed in a major publication. Today we’re focused on two important liability concerns.   The Products Liability Concern Because MMJ dispensaries operate like pharmacies, it is generally assumed that they should be insured like pharmacies.  However, products from pharmacies and dispensaries are tested, approved and labeled very differently from one another. This difference requires a unique type of insurance coverage specifically for MMJ business owners that a pharmacy owner could more or less do without. The coverage is called products liability. Products liability insurance is usually excluded from general liability insurance policies for medical marijuana dispensaries.  This is an essential coverage as it protects dispensaries in the event of claims due to illness or injury from cannabis products.  These claims are on the rise as more individuals are exposed to MMJ, particularly when those individuals experiment with various ways of consuming THC. A class action lawsuit filed in Colorado last year (Coombs v. Beyond Broadway) alleges that many people became ill after eating THC-infused chocolate samples at an event.  The class action is open to all attendees who may have been served chocolate samples at the event, so...
Tree Trimmers Liability Insurance

Tree Trimmers Liability Insurance

When you spend all day working up in trees there is a lot to consider, from your equipment to your employees to your professional reputation. What about what belongs to others? Your livelihood can be ruined by personal injury and property damage claims. Your reputation can be damaged by accidental errors. The two main types of liability insurance you should take into consideration when looking for coverage for your tree trimming business are general liability and professional liability (errors & omissions). General liability protects others and professional liability protects your business. Common Questions You Should Be Asking: What limits of coverage should you purchase for your business? The short answer is: as much as you can reasonably afford. When trying to determine adequate limits of coverage you should take into consideration the types of property you are working on or near (commercial property, high value homes, high income areas with expensive vehicles). Discuss with your agent the typical payout on a claim in your area and how much coverage you might need to protect yourself. Is general liability enough? Not always. Most tree trimmers coverage packages also include professional liability to cover other types of accidents. General Liability for Tree Trimmers General liability insurance covers your business for accidental damage to the property of others, as well as accidental injury to others. Coverage is included for these types of accidents: A branch being trimmed from a tree falls on a parked car belonging to the patron of a shop across the street. (Property damage) Tree trimmings on the sidewalk cause a jogger passing by to trip and fall and...