841574382In today’s increasingly litigious society, business owners operate under the constant threat of lawsuits from employees, on a variety of issues. The proliferation of federal, state, and local employment laws has created a plethora of exposures that can leave your business vulnerable to costly litigation. Businesses of all sizes are at risk: whether you are the head of a large corporation or the owner of a small neighborhood company, once you hire your first employee, you expose your company to the possibility of a lawsuit.

An Employment Practices Liability Insurance Policy provides necessary protection for your business.

Employment Practices Liability Insurance (EPLI) protects your business, its directors, officers, and employees, providing coverage for the legal costs and damages associated with claims by current, former, and potential employees for a number of employment-related allegations, including:

  • Wrongful dismissal
  • Sexual harassment
  • Hostile work environment
  • Invasion of privacy
  • Denial of promotion
  • Failure to make partner
  • Age, race, gender, or sexual orientation discrimination
  • Failure to accommodate the needs of the disabled

The number of employment related lawsuits filed each year is rising.

Cases against employers are on the rise. According to the best industry estimate, 3 out of 5 businesses will be sued by an employee. Companies are now vulnerable from the first contact with a potential employee, from the pre-hiring process through the exit interview, even if the potential employee was never hired or was only with the company for a few days.

A single employee can sink your entire company.

No matter how vigilant you are, you cannot monitor every hire, termination, and conversation that takes place in your offices. Any misbehavior by your employees - a careless remark, inappropriate joke, or slightly mishandled termination – can be the basis of a lawsuit with the potential to bankrupt your business. There are steps you can take to minimize exposure, such as requiring attendance at workplace relations training sessions, implementing a zero-tolerance policy for sexual harassment, and establishing formal procedures for hiring, firing, and disciplining employees, but there is no way to ensure your company’s safety.

Defending against discrimination lawsuits, even groundless ones, is expensive.

Legal costs accrue at an incredibly fast rate during business litigation. The average cost to have a meritless lawsuit dismissed is between $10,000 and $15,000. If a slight concern about your company’s possible culpability causes you to agree to a quick settlement, expect expenses of $10,000 to $50,000. Costs rise sharply if there is any merit to the case against your company, with the costs of settlement and defense soaring to $150,000, $200,000, or more. Should your company be served with this type of lawsuit, your EPLI coverage reacts with legal defenses that may be included within or outside of the policy limits and would react to settlements and judgments awarded to the accuser.

Now that you have a better understanding of the many reasons why business owners should consider an Employment Practices Liability Insurance Policy, you can rely on MHG Insurance Brokers to ensure that you and your business are fully protected. The Insurance Specialists at MHG understand that every business is unique. We have the experience and resources to assemble a complete insurance plan that includes all the business insurance policies your company should have, including Commercial Property Insurance, Workers’ Compensation, Business and General Liability Insurance, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com, and let our Insurance Specialists show you how to protect your business from the expense of costly lawsuits and other risks.  

Businesses of all sizes are at risk: whether you are the head of a large corporation or the owner of a small neighborhood company, once you hire your first employee, you expose your company to the possibility of a lawsuit.

173803671No matter what type of business you have, every company has unique needs when it comes to liability protection. Especially if your business is conducted near or on the water, such as marinas and shipyards. Marine general liability coverage is necessary for businesses of this nature, however there are some business owners who aren’t aware of the difference between Marine General Liability and Commercial General Liability. So, let’s look at a few reasons why you might need a Marine General Liability policy (MGL) over a Commercial General Liability policy (CGL).

Define the Difference

One easy way to understand what type of policy best suits your business is by defining the different types of insurance.

Commercial General Liability policies protect business owners against third party claims for bodily injury, property damage, damage to premises, fire damage to premises caused by negligence of the insured, and personal and advertising injury (slander and false advertising). These policies are designed for business that conduct their operations on land only. Most contain specific exclusions for work done on watercraft and any work done over water. The standard Commercial General Liability policy will also not extend liability for anyone operating a watercraft or for damage to a watercraft that is in the insured’s care, custody, or control.

Marine General Liability policies will respond to a third party claim for liability in the same way as a Commercial General Liability policy and they will also include coverages designed specifically for those who work at sea. These policies include coverage for marine contractors and others who work on or near water. They provide coverage for the typical liability risks that businesses incur, which are covered in a standard commercial general liability policy, and may be endorsed to offer additional, more specific protection that addresses the more unique needs and potential risks associated with maritime operation, such as:

  • Liability when renting or leasing a boat or watercraft. Protection includes property damage to the vessel, as well as pier damage;
  • Liability and hazards faced by marina operators, and includes property and structure damage protection;
  • Liability met by terminal operators against loss or damage of cargo;
  • Liability met by operators and owners of piers or wharves, covering damage to property of others while in their custody, including tugs, tows, cargo and equipment.

Many are Uninsured or Underinsured

Companies may try to save money by choosing a policy with a lower premium. The problem they often face is that they may be purchasing a policy that specifically excludes the work they do on a daily basis. Even if you spend the majority of your time working on land, one project on a ship or over water might lead to a claim that is not covered by a standard Commercial General Liability policy. Your insurance broker should consider your risks, as working around water means specific coverages are needed.

Custom Plans are Available

Marine General Liability coverage can be tailored to include hull and P&I, international liability, contractor’s equipment, and more.  It is essential to seek the advice and information from a trusted, knowledgeable broker, such as MHG Insurance Brokers. The team at MHG Insurance Brokers is well versed in the risks and coverage requirements of those who work in the industry. MHG Insurance Brokers works with you to determine your specific needs and budget, and will create a comprehensive liability package that will meet every one of those needs.

Having the proper insurance coverage is crucial for the success of any business, and every business needs coverage specific for its characteristics. For more on some popular marine general liability claims, read our previous blog, “3 Common Marine General Liability Claims.” Or if you would like more information on the differences of marine general liability, read our previous blog, “Marine General Liability vs. General Liability.” If you have any more questions, would like further explanation, want to change your general liability policy to a marine general liability policy, or are interested in any other form of business insurance, please contact us by calling 954-828-1819 or visiting mhginsurance.com. We look forward to assisting you with all your insurance needs.

Let’s look at a few reasons why you might need a Marine General Liability policy, over a Commercial General Liability policy.

512703822Many people consider life insurance a luxury. They don’t see it as being important because they can’t use it while they are alive. However, that doesn’t make it any less important. Do you care about your loved ones? Do you want to leave them responsible for your debts, funeral costs, and other expenses? There is also a chance you may leave your family with a reduced income which could make things very difficult for them. These are common reasons why everyone should consider purchasing a life insurance policy. But one reason you may not have considered is to protect your business.

Are You a Business Owner?

Owning a business is a great accomplishment for any individual or family. You get to be your own boss, make your own rules, and hopefully reap most of the rewards from your company’s endeavors. While there are many positives to owning a business, there also comes many obligations as well. Do you have a lot of overhead? As you know operating a business requires increases expenses, which is why you should consider protecting them with life insurance.

Most people that open a business or are working to grow and expand take on debt to do so. Taking out a life insurance policy can help payoff that debt in the event of your death. One important thing to note, if you are a sole proprietor, your business and all its debts will be left to your family. So, whether your business will be kept or sold, your loved ones will be able to reap more of the proceeds.

Do You Have Business Partners?

If you have business partners, it would be ideal for all of them to get a life insurance policy as well. Many smaller businesses have agreements in place that organize the transfer of ownership from the deceased to the surviving partner(s). The loss of a business partner could leave you and the reaming partners left with more financial obligations which could hurt the company, and even force it to close. When a partner purchases a life insurance policy, they will need to leave the death benefit for the other business owners so that the benefit goes to the business.

Do You Rely on Key Employees?

While owners and partners share an important role in the success of a company, there are also key employees that you may rely on as well. These could be sales people, managers, creative personnel, and even administrators. The sudden death of a key employee could impair the operation of your business. To protect your company from that, you can take out a key employee life insurance policy that will pay your company a benefit if something were to happen to said employee. You will be responsible for the premium, and how much coverage you would like to take out. You may also be allowed to borrow against the policy, and use the benefit any way that would benefit the business.

Keep in mind that life insurance doesn’t replace someone’s income, value, or even an employee. It will only offer a one-time benefit to get you, your loved ones, or your business through a difficult time and situation.

There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out which policy is best for you, read our previous blog, “What Are My Life Insurance Options?” Are you interested in purchasing Life Insurance or International Life Insurance? Would you like some more information regarding Life Insurance options that are available to you? Would you like to ask some questions to a Life Insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in selecting Life Insurance and other coverage to ensure that you and your loved ones have the protection you need at every stage of life.

Many people consider life insurance a luxury. But did you know you can use it to protect your business? Read more!

175545573Many people in the insurance industry work hard to avoid the bad reputation that insurance typically carries. However, people often jump to negative conclusions about anything involving insurance. Time and time again, we come across people who have the wrong idea of what an insurance broker is and why they are actually advantageous to the consumer. We have heard they are a waste of time, waste of money, and only care about making their commission. Being a dedicated group of insurance brokers, we can tell you that those descriptions are often false! Everyone is entitled to their own opinion, but when we hear information that is incorrect, it encourages us to step in. Do you know what an insurance broker does?

If you know the answer to, then you are already aware of all the benefits of using an insurance broker. If not, learn why you should be using one. Take the time to find a quality, reputable broker to work with you in fulfilling your insurance needs. Not only will it be time well spent in the beginning, but it will also serve you well for the entire time that you have insurance needs, whether you are working on a yacht or wherever your travels may take you.

Brokers Can Offer More of a Selection

One benefit of an insurance broker is the selection of policies and plans. Typically, brokers can help you select insurance from a variety of different companies. Different insurance companies offer different plans, so having access to plans from multiple companies can afford you the opportunity to find the coverage that fits you best.

Also, depending on the insurance brokerage they may sell different types of insurance, allowing you to have a one stop solution for all your insurance needs.

Brokers Do Much More Than Sell Insurance

While brokers may act as the middle man between you and the insurance company, they can be so much more than that. An insurance broker will conduct research for you, file and assist you with the claims process, and work to get you the best coverage option for your situation. Often times a broker has direct connections with decision makers at the insurance companies so you may not have to sit on a 1-800 line for a long time, only to learn someone doesn’t have the authority to help you. Brokers also know which carriers provide consistent service, allowing you to avoid companies that may not deliver the level of care that you deserve at time of claim.

We Work for You

As brokers, we do not work for any insurance company, we work for you! Our goals are to please you, and make sure all you questions and concerns are handled. If you think about it, with all the benefits of using an insurance broker, it is certainly better than just going out and buying a policy from an insurance agent. Will an agent fight for you and your best interests?

Having proper insurance is important in every aspect of life. Whether you are at sea needing international coverage, looking for proper life insurance coverage, going on a vacation, etc. MHG is your specialized broker. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about marine crew insurance, travel insurance, U.S. life and health, expatriate insurance, or property and casualty, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on debunking insurance broker myths, read our previous blog, “Debunking 5 Myths About Insurance Brokers”.

Everyone is entitled to their own opinion, but when we hear information that is incorrect, it encourages us to step in. Do you know what an insurance broker does?

517166953She said yes! Have you recently purposed to your significant other? Do you have an engagement ring that is currently uninsured? Hopefully she didn’t say yes to the latter!

Buying an engagement ring is an important step in life. No matter how big or small the ring, it should be considered priceless because of what it represents. That being said, priceless items are irreplaceable, but what would you do if the ring were lost or stolen? Many consider buying an engagement ring an investment as there is a good chance that it won’t lose any value. That is if it’s insured!

Get an Appraisal

How do you know how much insurance is needed if you don’t know how much the ring is worth? Most insurance companies will require a current appraisal to confirm that it is being insured for the cost to replace the ring if it were lost or stolen. Some jewelry stores will appraise your ring and present you with a certificate of its value. Keep a copy on file for your records. It should be noted that a thorough appraisal will include the 4 C’s: carat weight, color, cut, and clarity of the stones. If your center stone is approximately half a carat or larger, your jeweler should provide a diamond certificate from an independent laboratory such as Gemological Institute of America (GIA) to prove authenticity.

It's not a good idea for an appraiser to inflate the cost of the ring, as the higher the value, the more your monthly premium will be. Also, there is a chance the insurance company may replace your ring instead of giving you the cash value if lost or stolen, which should discourage you from wanting to pay a higher premium for something that isn’t worth that value.

Reappraise

It’s important to get your ring apprised every two to three years for insurance purposes. You may notice that the value of your ring continues to go up with every appraisal, this shows you that it was a good investment as it appreciates! When going to reappraise, bring a copy of your previous appraisal so they don’t have to start from scratch. This should also help you cut costs.

Types of Coverage

Now that you have your appraisal, it is time to actually insure your ring, or any other valuable jewelry you may have. If you have a homeowners’ or renters’ insurance policy, you can purchase an extension, often referred to as a rider, that specifically extends the coverage limit for your jewelry. This is a popular option in part because it allows people to have all their insurance in one, rather than purchasing separate plan. It is very important to review the covered causes of loss with your agent. Every policy is different and you cannot assume that your ring is covered for EVERY loss. What happens if you just lose a stone or stones? Is there a deductible? Make sure you understand how the insurance will respond.

Another option to insure your ring is to schedule it on a valuable articles or jewelry policy. This type of policy can work very well if you have several items that need to be insured or if the items change throughout the year. Typically, there is a lower deductible and broader coverage. Again, all policies are different and it is very important that you understand exactly what is covered. Ask your agent any questions you might have, so you are not surprised at the time of a claim.

With both options, the cost to insure your ring will mainly depend on the replacement cost of the jewelry you are insuring and the city where you live. Different locations have different rates due to higher or lower theft rates, tax rates, and other factors. Just remember, price is only one factor, we buy insurance to protect us when things go wrong. Before you buy any insurance policy, ask questions and be informed.

Congratulations on popping the question! Now that you know how to properly insure your engagement ring, MHG can be the “go to” for all your insurance needs. Read our blog “What Newlyweds Need to Know About Life Insurance” to learn how to properly cover you and your spouse as you begin your lives together. If you are interested in purchasing life insurance, or have any questions, we’re here to help! MHG has the insurance specialists to assist you in attaining the best coverage for your budget. Please contact us today at 954 828 1819 or visit mhginsurance.com. Congratulations and cheers to many years of wedded bliss!

Many consider buying an engagement ring an investment as there is a good chance that it won’t lose any value. That is if it’s insured!

broker brokerIt seems as if every day we hear myths regarding insurance brokers. We often find ourselves debunking false statements and explaining to clients that they received inaccurate information. Sometimes, people or products get a bad reputation that is unwarranted, for whatever reason. So here are five common myths that may have given the term insurance brokers a bad name.

1. “Insurance brokers are more expensive”

Have you ever heard the saying, “brokers make you broker”? That saying could not be further from the truth. In contrast, working with a broker can actually save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgment of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client.

2. “Insurance brokers work for the insurance company”

There are a lot of people who think that insurance brokers work for the insurance company, however again that is not correct. A broker advocates and works on your behalf. Basically, they work for you! Yes, they work with the insurance company in order to deliver proper coverage to people, however their concern should always be their clients.

3. “Insurance brokers are just a middle man”

While brokers may act as the middle man between you and the insurance company, they are so much more than just a middle man. In many cases, an insurance broker will conduct research for you, file and assist you with claims through the entire process, and work to get you the best coverage option for your situation. Often times a broker has direct connections with decision makers at insurance companies so you don’t have to sit on a 1-800 line for 20 minutes to talk to someone that doesn’t have the authority to help you.

4. “Insurance brokers can’t offer the best plans”

Insurance brokers can offer the same plans that an insurance company does, for the same premium as going straight to the insurance company. In fact, going through an insurance broker shouldy give you more value for your dollar simply because of all the added benefits that an insurance broker will perform for you.

5. “Insurance brokers aren’t as knowledgeable”

Insurance brokers are very knowledgeable. They spend all day, every day dealing with insurance. They know the industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Having proper insurance is important whether you are at sea, or docked at a shipyard. MHG is your specialized broker when it comes to crew insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. For more information on preparing to work on a yacht, read our previous blog, “Yacht Crew Insurance Terms 101”.

Sometimes, people or products get a bad reputation that is unwarranted, for whatever reason. Insurance brokers are one of them, read more.

hurricane tipsHurricane season is here! Even though the past few hurricane seasons have been quiet, all it takes is one serious storm to cause enough damage to shut your business down. Now is the perfect time for you to begin preparing your business for a natural disaster. Don’t be one of those who are scrambling to get ready at the last minute. While preparing your family and your house for a hurricane may be something you can do in the days leading up to a storm, preparing your business should be met with a bit more urgency. After all, chances are you, along with your employees, rely on the business in order to support your lives. Start preparing your business now by following these 5 steps.

1. Take Before Pictures

Prior to the start of hurricane season we suggest taking pictures of your property and building. In the event your business sustains damage and you need to make a claim, it may make the process easier. Pictures help keep our memory fresh, and offer proof of damage that may have occurred during the storm.

2. Have Enough Money Stashed Away for Payroll 

Hurricanes can easily shut down business for a couple of weeks, with loss of electricity, road closures, and flooding. Your employees may not be able to come to work for weeks. Even worse, your entire business may be shut down until repairs are done and everyday life gets back to normal. If your company is unable to make money for a period of time, does it have enough money in the reserves to continue paying employees? It’s a good idea to have the ability to pay your employees without 2 weeks’ worth of revenue.

3. Paperless Record Keeping

Many times hurricanes bring record breaking winds, and sometimes over a foot of rainfall. Both of which can easily ruin any paperwork you might have stashed around your office, warehouse, building, etc. To cover yourself, keep a digital copy of all important documents.

4. Keep Valuable Information at an Off-site Location

After making digital copies of all important records and documents, make more copies to store at an accessible, off site location. Store your licenses, contracts, operational records, proof of ownership, and of course any insurance paperwork. Also, try to keep them stored somewhere that is not in the path of the storm.

5. Make Sure You Have Proper Insurance Coverage

It is very important for business owners to understand their insurance policies, before a storm shows up on the radar. We recommend that you review your policy annually, and make sure that your policy still fits your needs. For example, your company could have grown over the last year, and now you may need coverage for areas that you didn’t need coverage for last year, such as new equipment or updated property. Also, if you have property that is covered, you can purchase “Business Interruption” which can cover the loss of income you may experience while your business is shut down.

Be prepared this hurricane season by performing all of these tasks before a hurricane is heading your way. Hopefully this will be a light season, but better to be safe than sorry.  If you own a business, and are looking for protection and would like more information on what you do to prepare your business for a hurricane, MHG Insurance Brokers would be happy to assist you. Also, if you are looking to purchase business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of your needs. Contact MHG Insurance Brokers today at +1 954-828-1819 or visit us online at mhginsurance.com

Hurricane season is here! Now is the time to prepare your business, read more.

risk managementIn many cases, business owners and decision makers see insurance as something they need only because a law makes it mandatory for them to remain in business. However, that couldn’t be further from the truth. Insurance is here to protect your business, it’s employees, the equipment, etc. We have also found that some aren’t aware what insurance is protecting them from, and don’t know what their exposures are. While recognizing certain buzzwords such as general liability, and workers’ compensation is great, we want people to understand why they have to have these insurance policies. After all, accidents happen, but there is no need for an accident to ruin your business.

Workers’ Compensation

A workers’ compensation insurance policy provides wages, medical treatment, disability, and if necessary a death benefit to employees who are injured on the job. While workers’ comp makes up a large portion of many businesses expenses, it is necessary because without it, businesses would liable for any injuries an employee experiences while working. It also protects the business from any lawsuits that could be filed by the injured employee.

General Liability

Commercial general liability policies protect businesses in a lot of ways. Typically, it provides coverage for bodily injury, property damage, and personal and advertising injury which protects the insured from slander and false advertising. General liability may also cover fire damage that is caused by the negligence of the insured.

Marine General Liability

Marine general liability policies are similar to general liability policies except they are designed specifically for those who work at sea, as general liability insurance will not cover those who work near or on the water. These policies include coverage for marine contractors and others who work on or near water.

Professional Liability (PLI or E&O)

Professional liability insurance, also known as errors and omissions (E&O), will cover your business if you provide advice, or provide a service. It will protect you against negligent claims and damages that are awarded from a lawsuit.

Employment Practices Liability Insurance (EPLI)

Employment practices liability insurance protects your business against claims made by your employees. It can protect you from claims alleging discrimination based on sex, race, age, or disability. It can also protect you from claims alleging wrongful termination, harassment, and many other employment-related issues.

United States Longshore and Harbor Workers’ Compensation Act (US L&H)

Thanks to the United States Longshore and Harbor Workers’ Compensation Act (LHWCA also known as USL&H), those who work in the maritime industry and fall into certain categories, will have coverage backed by the federal government, not just the state. The law ensures that workers’ comp benefits are provided to those who work in the maritime industry, which will protect your business from any lawsuits associated with a workplace injury.

Maritime Employers Liability (MEL)

This policy generally covers employees who are working onboard a vessel, whether owned by the company they work for or as a contractor. Think of workers’ compensation insurance for those who work at sea.

Having the necessary insurance policies isn’t all you should be doing to protect yourself. Practicing good risk management also includes taking precautions around your workplace to make it as safe as possible. Read our previous blog, “10 Tips on Creating a Safe Work Environment”, for help in deciding what steps you should take in order to further protect you and your employees. If you have any questions, or are interested in purchasing workers’ compensation insurance, USL&H or other types of business insurance, or group health insurance for your employees, please contact us at954-828-1819 or visit us online at mhginsurance.com. Our insurance specialists have the knowledge and experience to cover your company’s risks appropriately.

Accidents happen, but there is no need for an accident to ruin your business. Risk management is important to protect your business, but first you need to know why.

droneTechnology has come a long way over the past few decades. Remember when the only “remote controlled” thing you saw was a toy car? Now it seems everything can be remote controlled, including drones!

From kids to adults, drones seem to be all the rage today. Walk through most neighborhoods on a Saturday afternoon and you will likely see someone flying a drone around. Companies like Amazon are even testing them to see if they can be used to deliver packages right you your house! And we’ve all heard the horror stories of people having their privacy invaded. They are even being used by the military. While drones are an amazing piece of technology, they still have the potential to cause damage, which is why you should consider getting proper insurance coverage to protect you and/or your business.

Is Insurance Mandatory?

While there is yet to be any mandates for insurance requirements to operate a drone, if you are using it for a commercial purpose, you must assume that at some point clients and others will want to see certifications that you are properly insured for every part of your business, which would include the drones. Not to mention, if any of your drones do cause damage, your company would be responsible for the damages. Part of running a good business is making sure all of your liabilities are covered.

Am I Already Covered in my General Liability Policy?

While general liability policies cover an extensive amount of your business, they typically do not provide coverage for aviation exposures. While many don’t consider drones to be dangerous, or part of the “aviation” community, if damage is caused to property or a person, legal action can be taken.

Is There Insurance for Personal Use?

Depending on the language of your policy, your homeowner’s insurance policy may provide coverage for recreational or personal use of a drone. Most homeowner’s insurance policies cover personal property, and since drones aren’t used to fly people or cargo, they may be included in your policy.

A larger cause for concern is the liability for damages that is caused by your drone, such as crashing into a window or a car. Physical damage isn’t the only liability you should be concerned with, as you should also look for coverage to protect yourself in case someone pursues an invasion of privacy claim, which should fall under personal injury. If you took a picture using your drone, and your neighbor felt that their privacy was violated, there is a chance they can file a claim against you.

If you own a business, and are looking for protection and would like more information about business insurance coverage, we would be happy to assist you. Also, if you are looking to purchase various forms of business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. For more information about the importance of umbrella policies, read our previous blog, “Why Business Owners Need an Umbrella Policy.” Contact us today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Drones seem to be all the rage these dyas. But do you know the liabilities that come with them? Read more for drone insurance coverage.

Is Your Food Truck Covered?

food truckOne of the most popular and fastest growing parts of the food industry are food trucks. People seem to have an infatuation with them, that doesn’t seem to be going away anytime soon. As almost every city has a weekly night that residents come and line up to taste the newest and coolest food creations from unique food trucks, many of us don’t think of the work and investments that goes into making a food truck successful. While many decide to go the route of having a food truck rather than opening up a restaurant because it doesn’t require the same costs, it still does require certain insurance coverage. 

 

Breakdown 

It's important to protect your vehicle since you depend on it in order to make a living. There are several different types of insurances you will need in order to ensure that your food truck will have the proper coverage that it needs, and coverage that is required by many locations such as city parks.

General Liability Insurance 

General liability insurance is important for any business to have. It should cover you and your business in areas that may offer a liability issue or products or services that you are liable for. For example, if a guest sits in a bad chair and injures themselves, general liability insurance should offer you protection form a lawsuit.  This insurance will take into consideration the revenue of your business to rate your policy. 

Automobile Insurance 

While you are driving the truck to the location you plan on setting up to serve food, the person driving behind you was texting and driving and rear ended you. No matter how careful you drive, accidents on the road can be unavoidable. Having auto insurance is a necessity by law for any vehicle that is on the road. 

Property Insurance

Property insurance works much as it would if your truck was an office or a building. The coverage will insure anything inside of the truck, including equipment such as refrigerators, fryers, and any tables and chairs needed for guests.

Loss of Income Insurance 

It's important for any business to have a loss of income insurance policy in the event that there is a loss of income. Whether it is a natural disaster or other covered loss that puts your business out of operations, having this insurance will give you the ability to pay bills when you are unable to operate.

Workers' Compensation Insurance 

If you have employees or plan on developing a staff, you need to consider purchasing a workers' compensation insurance policy. There are certain laws depending on the state that you live in regarding workers' comp. Do your research to make sure you are properly covered according to the law. 

Also, working in a food truck may require to work with potentially dangerous tools such as ovens, knives, etc. Accidents happen, so make sure you are properly prepared for them in the event that one of your workers has an accident in the workplace that will keep them from being able to work. 

Other Insurances to Consider 

Some other types of insurance that you may want to consider depending on the type of truck you have include refrigerated truck insurance and commercial van insurance. 

Package Deal

All of these different types of insurances may be a bit overwhelming, but here at MHG we want to make things simple for you. We can put together an insurance package that will properly cover your food truck, so all you will have to worry about is serving up more delicious dishes!

If you own a business, and are looking for protection and would like more information about business insurance coverage, we would be happy to assist you. Also, if you are looking to purchase various forms of business insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. For more information about the importance of umbrella policies, read our previous blog, “Why Business Owners Need an Umbrella Policy.” Contact us today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

Food trucks are very popular. Learn more about insurance coverage for your food truck, so that you can focus on serving more delicious dishes!