What is a premium audit?

Tom WallaceLiability Insurance, Product Liability

Premium audit: What is it? Insurance companies conduct premium audits on certain types of policies. Not all policies go through an audit so policies rated on sales, payroll, square footage and units produced go through this process. Policies that have a premium audit? Common policies include General Liability, Product Liability and Workers Compensation. General and product liability use gross sales … Read More

Non-Owned Autos in Your Food & Beverage Business

Daniel FooteAuto Insurance, Liability Insurance, Risk Management

  Use of a non-owned autos in food and beverage businesses is common. Most of the time these vehicles are owned by employees or owners of the business itself because it makes sense. The cost to purchase, maintain and insure commercial vehicles is expensive. In addition to cost, the use of vehicles is secondary to most business models. Consequently, non-owned … Read More

Product Liability Insurance and Exported Products

Daniel FooteExport, Import, Liability Insurance, Product Liability, Risk Management

Product Export The world is getting smaller and smaller. Product export by food and beverage companies is common. Local, state and federal agencies are helping expand borders. If you export products now or are thinking about it be aware of how insurance responds. Below are some essential policy terms to keep in mind. Policy Territory Insurance policies have coverage territories. … Read More

Certificate of Insurance

Daniel FooteContracts, Liability Insurance

What is a Certificate of Liability Insurance (COI) Obtaining a certificate of liability insurance is often a routine administrative transaction. Because this piece of paper is important a quick turnaround time and accuracy matter. As a result of the administrative nature of these requests there is a real lack of understanding of what impacts a certificate of insurance. A certificate … Read More

Product Liability or General Liability?

Daniel FooteLiability Insurance, Product Liability

   Product Liability Insurance Basics Product liability insurance is a must have for specialty food and beverage businesses. A popular question we get is, what is the difference between product liability and general liability? Unfortunately an adequate answer means learning some insurance terminology. Liability policies breakdown in to these categories: General Liability General Liability policy that includes an endorsement for … Read More

Cost of Liability Insurance

Daniel FooteLiability Insurance, Product Liability

  Cost of Liability Insurance How much does liability insurance cost? A common question asked by food and beverage companies. The factors below determine premium. Product Type Product type is a key element. The “higher” the risk, the higher the premium. Higher risk products include products directly imported into the US. An insurance company, insuring an importer, bears more risk … Read More

Liability Insurance Limits

Daniel FooteContracts, General, Liability Insurance, Product Liability

, Why you should know how the liability insurance limits work? The more product you sell the greater the chances of having to deal with contracts. Most, if not all, contracts you will encounter have provisions for insurance coverage. These provisions will stipulate the type of coverage, insurance limits, additional insured status, and perhaps a waiver of subrogation. This post will explain … Read More

Liability Insurance and Contracts

Daniel FooteCommercial Coverage, Contracts, Liability Insurance

The last two posts were general explanations of liability insurance. Liability insurance is often required when entering into a contract with a retailer, wholesaler or distributor. Typically the entity with the most clout will require a contract to be signed. The larger and more sophisticated your client the more sophisticated the contract may be. Larger organizations may have a contract management or … Read More