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Insurance for Your Repair Facilities

Do you have all the coverage you need for your shipyard? If you repair other people’s boats, you need to work with companies that understand the unique liabilities you take on. Like boat builders, your work necessarily exposes you to claims about the workmanship, from both your clients and members of the public affected by accidents. Mariners Insurance explains the wide range of coverage options needed to make sure you have a fully realized risk management plan. The question is, do you want to pursue all the policies you need separately, or do you want to work with a provider who can provide all the coverage you need, creating a bundled policy for all your business insurance needs.

Simplify Your Risk Management and Save

Getting comprehensive boat repairers insurance doesn’t just save you money over the cost of several individual policies, it also saves you time, allowing you to put more energy into developing your core business. That means you can focus on your customers, their vessels, and the marketing you need to put your name in front of the people who need your services. Risk management shouldn’t be something that requires a lot of hands-on involvement once it’s in place, just regular updates as your needs change. If you’re constantly balancing a galaxy of coverage providers, can you really do that?

Solid Foundations for Contractors

Working as a contractor can be an ideal occupation for somebody who enjoys not only working with their hands but also being part of virtually every step of planning and professionally executing the work when it comes to building and construction. With regular contracting needs for both residential and commercial properties, those in this field have a variety of opportunities from which they can choose to work. While this can be a rewarding career there are many considerations, such as obtaining a builder’s liability insurance policy, that must be addressed before work terms can even be negotiated with prospective clients. By understanding the requirements for properly conducting work in this field, contractors can set themselves up to become respected professionals who are sought out by potential clients.

Protective Measures

Depending on the type of work that will be done, it is likely that a policy such as a builder’s liability or construction general liability will be needed. SB One Insurance Agency outlines the key differences between these types of coverage plans. While general liability can protect against incidents such as lawsuits, errors and omissions, and slander, a builder’s liability policy can provide safeguards against mishaps such as the following:

  • Vandalism
  • Fires 
  • Damage from vehicle or aircraft crashes
  • Hail and lightning
  • Explosions
  • Theft

To understand the type of protection you might need before getting started with any job, speaking with a qualified agent who specializes in this field is often a recommended strategy.

Insurance Trends in New Industries

If you work in an emerging industry where regulation is complex, nonexistent, or contradictory across jurisdictions, finding the right insurance can be difficult. Today’s insurance trends include an expanding demand for coverage for cannabis industry businesses, but finding the insurers who are ready for that marketplace can be difficult. That’s because while many states are working hard to build a well-regulated industry, federal regulation is lagging and a lot of companies in the financial sector take their cues from that regulation. Luckily, companies like Program Business are working to provide for the industry.

Get Protected From Foreseeable Risk

Between liability insurance, crop coverage, disaster insurance, and other unique risks specific to the cannabis industry, growers and other professionals need to be working with companies that are not only interested in their business, but knowledgeable about its model. That’s why finding the providers who make this their niche is important, but it’s also why you need to take your time and do the research into all the policy options they have. Growers in different states will have different operating regulations to observe, and the climate and other risks might be different depending on where you are growing. You owe it to your new company to work with people who understand the crop, just like other farmers.

Securing Extended Insurance Coverage

After your insurance policy has been canceled or the policy term has run out, the nature of your business might still leave you open the possibility of a claim filed against you. When you need supporting coverage even though you don’t carry an official insurance policy, tail insurance can keep you from facing the expenses of settling a claim on your own.

Who Needs Extra Support?

According to the information found at axisins.com/, tail coverage is also considered an extended reporting period. The extended coverage is often supplied for an additional feed, but it applies to claims-made insurance policies such as:

  • Directors and officers insurance
  • Errors and omissions
  • Malpractice
  • Professional liability policies

With a standard occurrence-based policy, so long as the event happened during the policy period, the claim can be made and coverage is applicable. However, a claims-made policy addresses the time a claim is filed, and in cases of professional services, an adverse event or situation may occur after a policy has been canceled or expired.

The Benefits

Tail coverage is usually the most effective when it addresses claims that are made during transitional insurance periods. If you are changing providers or you are closing your business and no longer need insurance, this supplemental coverage can bring financial peace of mind in the event a liability situation arises.  Your liabilities are covered even though your formal insurance policy designed to address these risks or exposures has been terminated.