Insurance Coverage and the Hazardous Industries

Hazardous Industry Monoline Workers Comp Insurance Coverage

Workers Compensation from the providing insurance companies is more concerned about the severity of injuries than the frequency of injury occurrence. Underscoring the concept is the requirement for all policyholders to institute a sound risk management program so that injuries and seriousness of injuries can be prevented or minimized.

What businesses are offered this type of coverage? The following are included among other enterprises:

• Logging Companies

• Trucking Corporations

• Agriculture produce and servicing businesses

• Oil or Gas Suppliers

• Maritime Operations

• Some Manufacturing Companies

• Construction Contractors

Hazardous Material Hauler Insurance Coverage

Hazardous material haulers need this kind of tailored coverage. The Motor Carrier Coverage Insurance Form is generally used for commercial auto liability and commercial physical damage. Nonetheless, modifications to the general liability business coverage can be made so that specific pollution exposures can be provided. The MCS-90 endorsement is for hazardous materials can be offered as well, as per the Motor Carrier Act.

Hazardous Waste Storage and Disposal Facilities Insurance Coverage

The US Environmental Protection Agency is also referred to as the EPA. It stipulates that owners and operators of hazardous waste treatment, storage and/or disposal services are required to have either related insurance or present financial papers that prove they have the ability to pay for third party damages caused by sudden accidents or damages that occurred from a non-sudden accident hazardous material occurrence.

The United States Department of Transportation is also known as the DOT. Its MCS-90 endorsement is a mandated requirement by the US Motor Carrier Act and is incorporated when found to be necessary.

Hazardous Waste insurance protects businesses that are engaged in generating, processing, transporting or disposing of related waste. Varying coverages include:

• General Liability

• Commercial Auto Liability

• Workers Compensation

• Umbrella Liability

• Commercial Property Liability

Of particular note is that commercial general liability typically includes high limits and a broad range of deductibles. By design, the coverage incorporates all compulsory EPA or individual state vernacular by endorsement and certificate and is accessible from the providing insurance underwriters.

Of course, each commercial enterprise has its own specific protection needs. It is therefore essential to speak to an insurance professional about the differing affected variables. Together, you and your broker will outline a plan of requirements. Once this has been done, the independent agent that works with a wide network of leading insurance companies can do the shopping to locate a tailored program at the most competitively priced premium.

For more on insurance related to the hazardous industries, consult with a knowledgeable independent insurance agency.

Commercial Insurance Policy Guide: How to Choose the Ideal Policy and Provider

Are you any kind of business owner? Even if your business is really, really small, you’ll need some sort of commercial insurance policy. Literally anything can go wrong, even if you conduct most of your business indoors. It’s important to look over the ideal amount and types of coverage for your industry in your state. Every type of industry has its own specific risks. For instance, a home office that doesn’t do any deliveries probably won’t require commercial auto insurance. A construction type of business will probably need to protect its employees from physical injuries, but not have to worry about things like copyright infringement.

Most companies typically need generally liability insurance, which will help protect you from lawsuits in the event that someone becomes injured on your business property, or something is damaged when you or one of your employees is performing a service for someone. Workers compensation insurance is also something you’ll want to consider, as it employees while they’re on the job. However, you yourself, as the owner, will not be covered by this kind of policy.

Since there are so many companies that offer deals on commercial insurance policy, you need to be careful with your choice. Make sure the company you are considering offers the specific level of coverage that your type of business must have. Also, if you have any financial lenders, check and see if they require a certain type or level of insurance coverage for your company. If there are any current or potential clients that have insurance coverage requirements, which policy should you choose that will meet those requirements for those particular clients?

Commercial Insurance Policy Types and Coverages

Like any other kind of insurance, there is no “one size fits all” with commercial insurance. The best insurance companies are those that offer customize coverage for each industry and size of business. If you run an It / tech business, for instance, you should have the option to buy software copyright coverage.

A few other things to look for include:

• Customer service

• Flexible payment options

• money back guarantee after a decent amount of time

• An easy claim filing process

• A lot of positive reviews

• A company that is financially stable

One company that meets all of these is Hiscox Insurance Company. Go ahead and take a look at all of their custom commercial insurance policy solutions. Get a free quote and a 14-day money back guarantee. It’s also a very financially stable organization.

Commercial Insurance: Tips on Choosing the Right Company and Policy

“Commercial insurance” essentially refers to insurance that protects businesses and professionals from any unforeseen circumstance that could affect the business / professionals financially. It’s always a good idea to have some sort of coverage for your business, even if you work from home. A general liability policy at the very least is recommended as it covers businesses for cases like a customer getting injured on the property, someone trying to sue you for medical costs, if your products cause injury, if copyright infringement, and so forth.

General liability insurance is offered by some contractors as a stand-alone coverage through some insurance companies, although it is often combined with property insurance in Business Owner Policies, or BOPs.

Here are a few tips for choosing commercial insurance:

• The best insurance for your business won’t be the same for every business, because each company is unique. It’s best to go through a company that offers tailored solutions, so you won’t have to worry about paying for coverage that you don’t even need.

• Learn about the laws in your area. Where your business is located plays a role in how much money you’ll have to pay. The risks are greater in some areas. What is the minimum requirement for companies in your city and state? How big is your commercial property?

More Tips for Finding Good Commercial Insurance

• One thing to look for is a company that will offer ways to reduce the cost of commercial insurance to ensure that you are getting a competitive price. Some providers actually offer discounts for home-based businesses. You might also be rewarded if you employ good risk management, such a keeping the commercial property clean and hazard-free.

• Keep the terms “named perils” and “open perils” in mind. Open perils coverage refers to protection against nearly every potential loss, except for losses specifically excluded in the commercial insurance policy. Named perils policy, on the other hand, only provides coverage for losses that are specifically INCLUDED in the policy, such as theft, wind, fire, vandalism, etc…

• If you are looking for an insurance broker, make sure that individual knows your industry. The more knowledgeable they are about your specific needs and requirements, the better able they will be to help you get the best possible coverage at a reasonable price. Also, look into a broker’s geographical licensing and operations. Do they align with the regions or states your company operates in?

A good place to begin your search for a good commercial insurance policy is the Hiscox Business Insurance Group. Hiscox Inc is financially strong and offers affordable, tailored coverage in all 50 states.