June, 2016

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Know Your Freight Liability Coverage

freight liability insurance programs

Does your freight insurance policy really give you the coverage that you need? This is an important question that you should be asking yourself. Some brokers have estimated that companies have denied nearly 30 percent of filed claims based on a number of different reasons. One of the first steps you can take in making sure you are fully protected is to research freight liability insurance programs and to understand the difference between basic freight and liability coverage.

Basic Freight Insurance

Basic freight insurance only comes with a limited amount of liability coverage and is often restricted by the party at fault and the amount lost. Many policies will only cover a limited amount of goods and the cost of items lost can quickly exceed the policy’s established sum, leaving you responsible for the rest. Additionally, goods are only covered if the actual carrier is at fault. Items, damaged by weather events, natural disasters, poor packing or loading mishaps, will likely not be covered under these policies.

Liability Coverage

In contrast, freight liability insurance programs can be adjusted to suit your specific needs. These plans can be adjusted to cover events that are outside of carrier fault and can be tailored to protect you against natural causes. They can also be altered to address the specific worth of your goods. While these policies can be helpful, you want to make sure that you are doing your research and understand what specifically is covered under your particular policy. This will help you avoid denied claims and lost profits.

Indiana Cyber Security Insurance Reduces Liability Issues

Indiana cyber security insurance

Cyber breaches and cyber crimes in general have become a major concern for many businesses and are now almost a daily occurrence. With smartphones and laptops only adding to concerns of files and personal information being at risk, along with the ability to access Wi-Fi at local bookstores, coffee shops and businesses that cater to the public, the problem is only magnified.

While all of this technology has made doing business a lot simpler and quicker it unfortunately comes with a price. The Internet has given criminals easier access to invade company databases and steal confidential records. This affects companies both large and small. The issue of cyber liability is a serious one and can end up being quite costly. A breach occurring at a major corporation can run in the millions of dollars, and a smaller company risks being brought to the brink of ruin. Indiana cyber security insurance is required to help local businesses deal with acts related to cyber crimes.


Convenience comes at a price

Business owners, while excited about the convenience of using computers, and also doing business online, must take certain precautions to avoid being infiltrated. Companies that rely on wireless and mobile communication for their business must constantly be aware that there is a serious risk at hand. Never use a shared computer to log into bank accounts or other confidential websites that may be compromised. Employees should only conduct financial transactions on a secure network.

Employees must protect the confidentiality of emailby never sharing passwords, and making sure that no one is able to steal their login information. This just makes it easier for someone to steal private information, as well as credentials. For example, when using public kiosks be aware that they may be infected with malware that has the ability to record keystrokes.

Owners should have their IT team develop a system with checks and balances to ensure all large transactions are safe from the possibility of cyber hackers. In addition, make sure to only log into legitimately sponsored networks. Turning off the Bluetooth feature when not in use will make it much more difficult for hackers to access laptops, tablets, and mobile phones. With the constant use of online banking a company’s business assets can easily be the target of severe criminal activity.

While Indiana cyber security insurance cannot prevent cyber breaches, it can be used to settle claims and pay for losses related to cyber crimes.


3 Reasons You Need Insurance for Your Small Business

small business insurance virginia

If you devote most of your time and energy to running a small business, insurance might be the last thing on your mind. It’s essential, however, and you should make sure you and your business are protected should misfortune strike. Here are three important reasons to get small business insurance in Virginia.

1. Protection for Your Property

The most obvious type of business insurance is for physical property. Policies vary, but you can find coverage for buildings, machines, inventory and even furniture. Some policies also cover expenses from problems such as equipment malfunction.

2. Protection From Lawsuits

Accidents happen, and you may get sued if an accident involves your business. There are two main types of liability coverage. General liability coverage protects you from lawsuits filed because of accidents or injuries, while product liability coverage relates to harm cause by the products your business sells.

3. Protection from Data Hacks

Data breaches don’t just happen to large corporations. If your customer’s stored personal or financial information is hacked, you could face unique legal challenges and expenses. Data compromise insurance covers these situations.

Small businesses face many obstacles, so it’s a good idea to protect your investment from the challenges that are sure to come. Talk to an insurance agency about your options for small business insurance in Virginia.

The Glass Industry and Manufacturing Business Insurance

manufacturing business insurance

The glass manufacturing industry produces a wide range of products with each manufacturer specializing in their own distinct type of glass product. The industry is mainly comprised of flat glass manufacturing (including laminated glass), pressed or blown glass, glassware (glass containers such as bottles and jars), and products manufactured from purchased glass, including mirrors, lighting, architectural glass and electronic glassware.

There are glass products in use in almost every walk of life. We drink our beverages from glasses, purchase windows for homes and businesses, even own and buy jewelry often partially made from glass. The applications for this product are endless, however there are also many risks involved in working with, and creating products made from glass. Brokers should discuss the need for manufacturing business insurance with their clients to cover them for risks and exposures associated with this industry.


Common Dangers Associated with Working with Glass

Obviously being cut while handling glass is a presumed danger, and with larger pieces of glass, an accident can result in a severe cut or laceration, even end up being the cause of death. But other dangers loom as well, such as the machinery used in creating glass products, and the microfibers resulting from the cutting of glass, which pose a health threat when inhaled. These fibers can create problems breathing, and can also result in wheezing and coughing, along with more serious issues such as asthma, and nasal and skin irritations.

Workers exposed to glass microfibers have been found to experience many of these symptoms and could become too ill to work due to constant exposure. Proper protective wear, such as goggles and masks, should be worn, particularly when working for extended periods of time.


Additional Risks Associated with Glasswork

High temperatures, toxic dust, and moving machinery parts are the main health and safety issues that are a source of concern. The heavy machinery involved in glass and ceramic manufacturing must be properly operated at all times. Many of the production processes expose workers to high temperatures and solvents. The associated risks to the health and lives of workers can be mitigated through training, protective equipment and technical measures.

The gaseous emissions from kilns and furnaces may contain toxic substances, such as hydrocarbons and fluorides. Fluorides in particular can pose a serious risk to human health. Brokers can help by their clients by providing the proper manufacturing business insurance coverage for workers compensation for employees who may be subjected to all types of exposures and hazards related to this industry.

What is included in a Typical Freight Insurance Plan?

freight insurance programs

In the freight industry, your cargo is your most important asset and any damage to merchandise can result in extensive costs. You will want to be protected against any loss or damage done by those handling your merchandise. However, where do you get started when selecting a freight insurance plan and what is included in most? There are a few basics to consider as you get started.

Warehouse Coverage

Your precious merchandise will likely spend significant time sitting in warehouses throughout the world. While you would hope that most employees in these locations would handle items with care, this may not always be the case and accidents are frequent. Warehouse coverage protects you against problems that might arise while your merchandise is stored. If an item is lost or damaged, a customer will be directly paid for the item, and you will not be responsible for the lost profit.

Cargo Insurance

Damages incurred while merchandise is in transit can be even more common and simple bumps in the road or lack of careful packing can result in extensive damage. Cargo insurance will similarly pay for items that have been destroyed in transit.

Your profits are directly dependent on the safety of the items you are distributing, and there are a number of obstacles as they are transported. You want to make sure that your property and profits are safe. While these basic freight insurance plans will help you get started, you will also want to consider additional plans as you move forward.

Cargo Storage, Delivery, and Bailee Liability Insurance

bailee liability

The freight forwarder takes on the responsibility of handling the products for businesses that pay to have their goods delivered as guaranteed. This often requires dealing with numerous barriers that have to be overcome in order to successfully ship these products to the end user. When storing or handling goods without issuing a document that defines any Bailee Liability, the logistics provider has a potential exposure to liability for any cargo that suffers a loss or is damaged.

Because this liability is often unlimited, your client should understand that Bailee Liability insurance is a requirement. This policy responds to physical loss or damage of property in their care, custody or control, without regard to any negligence that may take place. Companies depend on your client as a specialist working in this field, and as his or her broker, you need to properly protect your client.


Several companies are usually involved in the process

One of your clients main functions is to act as an intermediary between the customer theyre working for, and various transportation services that are all working in tandem to get the product delivered overseas to the end user. There are often many transportation companies involved in the movement of those items (depending on the final destination and the nature of the items shipped) from supplier to customer, and this is where the issues often crop up. Something as simple as a minor miscommunication, or an error in labeling of goods, can cause major issues to spring up.

Your client often ends up dealing with many different export and import issues, all of which are involved in the movement of their customers goods, but as is often the case, theyre the one who was actually hired to get the product to its destination by a specific date. That is why they must carry bailee liability insurance coverage in order to make sure that, if the items do not arrive undamaged, the customer will be properly reimbursed.

It would greatly help to provide assistance to the customer on how to best package their products for export, as well as attaching the correct labeling required, along with the proper documentation, in terms of any hazardous items, country of origin, correct weight in pounds and kilograms, port of entry details, and any other details that are required in the language of the destination country.