Buyer Beware Insurance for supplements requires more knowledge. If you have purchased, or are thinking of purchasing, insurance for supplement products, read on. Especially if your purchase or quote did not include an explanation. Insurance purchases for supplement companies seem to fall into two categories: Proper insurance product but no understanding of key policy features. Inexpensive insurance that will likely … Read More
Life and Disability Insurance
Life and Disability: The Problem Life and disability insurance is underutilized by business owners and they have more of a need than the average person. Death or disability has family consequences and business consequences that can magnify an already trying situation. Unless required to purchase either life or disability insurance, most business owners do what is the typical response, not … Read More
Rise of Functional Foods & Beverages
Background The variety of food and beverage options continues to advance. Functional foods and beverages are very hot right now. For us, in insurance, functional foods and beverages seem to fall in between traditional insurance underwriting guidelines. Before we jump in, what are traditional underwriting guidelines? The more “science” ingredients a product has the more “standard” insurers are not interested … Read More
What is a premium audit?
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
Homeowners Insurance to cover Business Property, Read On?
It is without fail that small business (and sometimes medium size as well) owners store business property at their homes. Homeowners insurance can provide some coverage but not much. Homeowners insurance coverage disputes can end up in court when it comes to covering business property. Case law exists but with mixed results for the policyholder. Using a residence to store … Read More
Non-Owned Autos in Your Food & Beverage Business
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 autos … Read More
Product Liability Insurance and Exported Products
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. Need insurance for exporting food or beverage … Read More
Certificate of 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
Insuring Property for New Companies
The Problem When a new specialty food or specialty beverage entrepreneur calls about insurance the conversation is usually about liability insurance because a certificate of liability insurance is the priority. Seems like insuring inventory and other property is not a consideration. Budget is a concern for sure. Amount to insure is a factor. Location of the property may be problematic. … Read More
Product Liability or General 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 designated … Read More