Commercial Insurance Coverage for Your Laundromat

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Commercial Insurance Coverage

Running a coin-op laundromat can be a very worthwhile venture. Laundromat operators face a unique set of risks regarding potential liability claims as well as damage to their property or equipment. They need to choose their insurance coverage carefully in order to fully protect their businesses.

Coverage Elections

Laundry insurance coverage needs will vary depending on a business’s assets and services. The value of its equipment and physical premises will be a significant factor in determining coverage needs. In addition, a laundromat that offers pickup and drop-off services will need extra policy coverage.

Liability Considerations

A laundromat can face many different types of liability scenarios. A customer can bring a claim for an item that is damaged or lost. Alternatively, a customer could sustain an injury at a laundromat and bring a claim for property damage. Likewise, an employee could sustain an injury and need to utilize worker’s compensation benefits.

A comprehensive commercial insurance package should address the full scope of your laundromat’s risk exposure so that your business will be protected in the event of a loss or liability claim. It’s advisable to work with an insurance company that is experienced in serving clients in your industry and has a strong understanding of the nuts and bolts of managing a laundromat.

Risk Assessment in Cannabis-Related Industries

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Cannabis

Since the passing of regulation across the nation that allows for both medical and recreational use of marijuana, there has been an increase in the number of marijuana-based businesses operating across the country to meet the demand. There are numerous steps in the process to get to the final product, and hemp harvesters are often most important in the initial growth and reaping stages.  Despite being a third-party participant in the industry, these workers and operations have just as much liability as those who dispense hemp products.

Various Liability Concerns

Within the harvesting process, there are concerns over crop loss, equipment failure, and product spoilage. For large operations, the standard commercial concerns of general liability, workers’ compensation, and automotive liability are also present. Comprehensive insurance services that are uniquely written for the cannabis and industry-related businesses are a way to protect from the financial and legal fallout of a claim.

Risk Management Options

Hemp opens new doors for the farming industry, and given the new economic opportunities, the U.S. Department of Agriculture has announced two programs that will help protect the crops of hemp producers in the event of natural disasters. Risk management strategies, in addition to insurance, include knowing the compliance regulations for growing a product, conducting risk assessment audits over operations, and keeping employees well-trained and aware of risk concerns.

New regulations will continue to affect the hemp and cannabis production industry. Make sure your company has the right protections in place.

Is There a Tax Deduction for Spoiled Food?

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Tax Deduction of Spoiled Food

All food, including bottled water, has an expiration date. Because owners of restaurants, grocery stores, and convenience stores spend up to 30% of their annual budgets on food, they are always in a race against time to sell their inventory before it expires. Learn how much they stand to lose by throwing food away and whether there is a food spoilage tax deduction they can claim.

Spoiled Food 

There is no special tax deduction for spoiled or expired food. Deductions are rather based on the total cost of food purchased in the first place. The ultimate destination of the food and the amount for which it is sold does not affect this credit. Donating–rather than tossing–the food, however, does affect the tax rate.

Donated Food

A business that donates food before it expires can deduct the value of the food’s selling price. In this way, C-corporations can deduct up to 10% of their taxable income, and other businesses can deduct up to 30%. The Protecting Americans from Tax Hikes Act of 2015 allows all businesses, including C-corporations, to deduct up to 15% of their taxable income if their donations meet certain criteria. They are allowed to deduct either two times the value of the food or its value plus half its profit margin.

Using Benefits to Promote Employee Engagement and Satisfaction

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Employee Engagement and Satisfaction

As companies seek ways to differentiate themselves from their competitors in recruiting and retaining talent, many look to benefits offerings as a way to do so. Not too long-ago employees were courted with in-office perks such as pool tables, concierge service, and unlimited snacks. However, as much as those fringe benefits are enjoyed, employees still turn to core benefits as the main factor in keeping them engaged.

Core Benefits

Core benefits insurance usually refers to health and welfare-related benefits paid for by the company, including health and dental insurance. Core benefits may also include company paid income protection programs like life insurance and short and long-term disability coverage. Also considered core benefits are reimbursement accounts that the company contributes to on behalf of the employee, such as health savings and health reimbursement accounts.

Voluntary Benefits

Voluntary benefits are optional plans that fill a need the core benefits do not. For instance, a company may pay for an employee’s life insurance up to two times the employee’s salary but offer the option for the employee to purchase additional coverage on a voluntary basis.

Offering a comprehensive benefits program that includes both core and voluntary benefits allows a company to reaffirm its commitment to its employees, helps drive employee satisfaction and retain top talent.

What Is Maritime Employers Liability Insurance?

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Employers Liability Insurance

Owners of commercial ships are responsible for the safety of both their vessels and their workers. However, they are not liable for injuries that occur to employees of other organizations while they work on their ships. If you are an employer planning to station staff on a boat you do not own, you may need Maritime Employers Liability Insurance.

What Is MEL Coverage? 

MEL is a type of policy that protects you and your employees while they work on a ship owned by someone else, including workers whose positions are not those of captain or crew member.  For example, if one of your workers gets hurt on the way to an oil platform, MEL insurance would cover the costs. It also covers employees stationed temporarily on a boat you own.

Do I Need MEL Insurance?

Having MEL insurance can save you from having to pay devastatingly large sums of money for personal damages. Here are a few examples of employee activities that might require you to have this type of coverage:

  • Building along the shoreline
  • Drilling
  • Surveying for seismic activity
  • Conducting scientific studies
  • Observing national fisheries

Any type of watercraft, including a pontoon, ship, or dredge, can be included under marine insurance. Most insurance companies sell MEL as a stand-alone policy.

Why Auto Mechanics Are at Risk for Asbestos Exposure

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auto mechanics

Asbestos is a naturally-occurring mineral made of long, thin, crystallized pieces of silica running parallel to each other. Most people know it is used in insulation, but not everyone is aware of the risk it poses to auto mechanics.

Exposure Risks

Auto mechanics often suffer asbestos exposure when performing routine procedures such as using an air hose to clean off brake surfaces. Even though manufacturers have moved away from using it, asbestos is still found in older-model cars. The following other car parts also potentially contain asbestos:

  • Hood liners
  • Thread seal tape
  • Valve rings
  • Gaskets
  • Flywheels
  • Clutch disks
  • Pressure plates
  • Seals

Health Effects

Inhaling microscopic particles of silica dust released from asbestos causes the sharp particles to become lodged inside the lungs and respiratory tract. The body can remove some of them, but the majority remain embedded in the epithelial tissue for the rest of a person’s life. One or more of the following serious health problems then occur:

  • Benign pleural disease
  • Asbestosis
  • Lung cancer
  • Mesothelioma

It is virtually impossible to tell whether a car part contains asbestos, so there is always a possibility for exposure. Autoworkers’ risks should thus be minimized by following OSHA guidelines for keeping garages well-ventilated. Furthermore, a comprehensive workers’ compensation policy offers additional protection in the case of accidental inhalation.

Don’t Go Looking for Trouble: Why You Should Fix Warped Floors in Your Home

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warped floors

As a homeowner, you are liable for injuries that happen on your property. If those injuries are the result of negligence on your part, such as by not fencing in a pool or leaving a hazardous situation in place, then you may be responsible for damages and medical costs. Warped floors are one of those hazards.

How Are Warped Floors Dangerous?

Because warped flooring can be a sign of serious foundation damage, it should always be addressed. Failure to do so can result in more than a stubbed toe or fall. It could compromise the structural integrity of your home, resulting in a serious injury.

Also, when the flooring has low or raised spots (i.e. it is warped) it becomes a trip hazard. You may be used to the distortion, but visitors can easily get caught or lose their balance, resulting in an accident and injury. This could be especially dangerous for older and frail adults.

What Can You Do To Reduce Liability?

Research into warped floors shows that repairing the damage can be more cost-effective than many homeowners believe. It is best to address the damage when it is small since, at that stage, repairs are easier and more affordable. Always carry appropriate insurance coverage on your home. This can help reduce your liability and cover costs associated with any claims against you.

Don’t let a small problem turn into financial devastation. Be proactive and discover the cause of your flooring defects. Then take steps to fix the underlying problem and reduce your liability.

What To Know About Non-Profit Revenues During COVID-19

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non-profit-revenues

Many organizations are faced with revenue concerns as the COVID-19 pandemic continues. It is critical to identify cash-flow exposures and to limit the severity of the risk. Due to the nature of the current crisis, assessments and prioritization of expenses should be done on a consistent basis. Budget adjustments are critical to operations and can be implemented quickly, as changes to revenue and organizational needs develop.

Interpret On-Going Expenditures

The key to meeting the pandemic head-on is to look ahead. While non-profits are skilled at planful budget management, this situation presents an array of new challenges. Particularly, there is a need to continually parse budget items to see where costs can be reduced. As seen in the research on COVID-19 non-profit revenues, reducing insurance costs can be one way of effectively trimming expenses.

Develop A Risk Plan

Another important management task is to take a risk plan. It is imperative to monitor changes with income inflows and outflows. Some expenses can be delayed, but fixed costs become a concern as revenue tightens. Organizations can determine effective controls by having an evolving idea of where cuts can occur to minimize changes to daily functions.

Non-profits have a unique difficulty in managing budget issues during COVID-19. It’s important to consistently address financial risk, along with a plan to secure the bottom line.

Benefits of ADA Accessibility for Your Business Website

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ADA

ADA stands for the Americans With Disabilities Act. It became law in 1990. Since that time, it has been in place to ensure equal access to goods and services to people with physical and mental impairments. This not only applies to your physical place of business, but it also applies to your website. Special features and functionalities are available to allow people with visual disabilities to access the site.

While the law requires ADA-compliant websites, the CEO of Neilson Marketing explains how it can benefit you and your business.

1. Reaching Previously Untapped Audiences

Two million Americans are legally blind, while an additional six million experience other visual impairments. Making your business website ADA accessible allows you to reach a customer base that was previously cut off from your business, at least from a virtual point of view.

2. Receiving Tax Incentives

Improving your website for ADA accessibility may make you eligible for certain tax incentives. Not only do you potentially stand to make more money from reaching a wider audience, but you could also pay lower taxes on it.

3. Protecting Your Company From Liability

Customers who are unable to access your website due to a lack of ADA compliance could have grounds for a discrimination lawsuit. Being proactive in making your site accessible could protect you from legal action.

ADA accessibility requirements are reasonable. Complying with them helps your customers and benefits you as well.

Learning About Vicarious Liability in Real Estate Industry

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Liability plays an integral part in your company’s security. Without a comprehensive policy, you stand to incur serious financial and legal penalties when a problem arises. Luckily, there are ways to keep yourself protected at all times. In the real estate industry, this means taking a closer look at liability options. Vicarious liability for real estate is a type of secondary insurance that can be useful in the event of legal battles involving misconduct.

Overview of Agency Options 

As reported by professionals at HighlandRisk, there are a few key points of which to keep aware of regarding vicarious liability policies. For one, you’ll need to determine what agency works best for you. An agreement involving a single agency, for example, contains an agreement of express agency between two distinct parties. However, a dual agency can be a useful arrangement in a scenario where the two parties involved have conflicting interests and require external mediation or assistance. Additional points to consider include:

  • Subagency options where sellers allow brokers extra responsibilities
  • Disclosures describing the specific nature of the arrangement
  • In-depth guidance from professionals with industry experience

Determine Your Insurance Needs

To help your business stay successful, you need to take time to review your current insurance plan. Look into the options available to you and determine whether you might be able to benefit from making a few key adjustments to how the policy is organized.

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