As a business owner, you often hear horror stories of accidents, lawsuits, and large settlements being awarded. You shudder to think what something similar would cost you, especially knowing your liability insurance limits. You may even have heard of excess liability and umbrella insurance policies.
The two terms are often used interchangeably, and it’s easy to think that they’re one and the same.
As the owner of a transportation business, you know that a good driver helps you build your business, and a bad driver costs you money, time, and reputation. You know that mistakes on the road don’t just cost money, they can cost lives, too.
Your drivers are your company’s biggest asset. Check out these tips to keep them happy, healthy, and alert while on the road – which is good for them and for you.
If you’ve owned a business for more than a few minutes, you’ve had employees that cause problems, upset customers, and make trouble no matter where they go or what they do. They’re a real liability until you can let them go.
Your business is only as good as your worst employee. Customers might not remember when they received good service, but they’ll remember the time something went wrong. When you’ve got an employee who causes the problems through neglect, deceit, or other wrong-doing, you’ve got a risk on your hands.
In 48 states across the country, someone who is 18 years old can receive their commercial drivers license (CDL), assuming that they can past the required tests. Garbage trucks, 18-wheelers, delivery trucks, you name it, they could all potentially have an 18 year old behind the wheel.
What a driver that young cannot do is cross state lines. Drivers must be at least 21 to be an interstate trucker. That is, unless a recently added provision in the six-year highway bill currently being proposed passes into law.
Just a few years ago, drones were solely associated with the military, but now an enterprising business owner or a gadget-loving homeowner can own their very own drone.
For business applications, the possibilities vary. Real estate, film, agriculture, photography, public safety, marketing, shipping – the list of current uses already in place is long. As time goes on, people will find more ways to incorporate the use of drones into their businesses.
Operating any business comes with a certain amount of risk and reward. Working with people of any age, especially those who need medical services, increases both the risks and the rewards.
The biggest reward is knowing that you’ve helped someone. The biggest risk is often from injury-causing accidents.
You didn’t go into the business of helping the elderly to cause any harm. The opposite is true. Whether it’s a nursing home, an assisted living facility, or even a retirement community, you opened your doors to help our aging population.
In 2015, over $300 billion is expected to be spent on global business travel. That number doesn’t factor in what vacation travelers spend. To cash in on all that spending, hotels that want to stay competitive must offer at least a few amenities.
With added hotel amenities comes more risk to your business. Whether you already have all the amenities you want for your hotel, or you’re thinking of adding more, you’ll want to make sure you have the right insurance coverage when something happens. And something will always happen.
You spent countless hours preparing a bid, answering the client’s questions, and understanding their specifications. Beating out dozens of other major construction companies, you were awarded the job. It’s the biggest you’ve ever won. Now you’re hiring new people, finding new subcontractors, and looking forward to adding this project to your list of satisfied clients.
Then disaster strikes. A fire takes out most of the job site. The job is on hold indefinitely as the cause of the fire is investigated. Your clients have determined they don’t have the money to start over.
You may not think of your church or house of worship as a business entity. Why would you? You help worshipers get in touch with their spirituality. You counsel the downtrodden and visit the sick. Your church nursery is filled with precious children who may grow up to join the church as adults. You work with people. Why would you need a special type of insurance?
The fact of the matter is that churches often function as much more than places of worship. Your church may also be a day care, preschool, meeting location, counseling center, and more. Even though your intent is to take care of your community, you still have the same worries and concerns as any other business: damage, theft, destruction, and, unfortunately, potential lawsuits.
The open road, independence on the job, and a second home on 18 wheels – the life of a trucking owner operator isn’t always easy, but for many, it’s worth it. You are your own business, and if something happens to you or your truck, you’re out of work and out of money. Protect yourself, your family, and your business by making sure that you have the right kind of insurance for your truck, your trailer, and you.
TYPES OF INSURANCE COVERAGE FOR OWNER OPERATORS
