Liability Plans for Commercial Projects

open office spaced filled with people working at their latops

Don’t start a project without robust coverage! Commercial general liability can protect you from the risks that come with commercial projects. From delayed timelines to inclement weather and injury, there are simply too many risks to count when a major project is on the line. All project managers know that it only takes a single incident to throw off a well-laid plan. That’s where commercial general liability comes in.

Avoiding Commercial Risks

Of course, the best way to avoid risk is to plan ahead. You can’t avoid natural disasters with good planning, but you can prevent lots of painful and expensive problems with diligent preparation. Insurance should be there to catch you if you fall, but good planning is the best way to avoid commercial risks. Make sure that workplace safety regulations are clear to everyone involved. Guidelines should be prominently displayed, and team members should be required to be present at a meeting at least once per week to review regulations. It’s also wise to create a culture where people feel safe reporting potential risks. If they feel like they’ll get in trouble because a flaw could kill the timeline, then you won’t hear about problems until it’s too late.

Downtown Denver
Cover the important things with a commercial general liability policy.

Tips to Follow When Choosing Commercial General Liability

To protect your project, it’s equally important that you follow up a great plan with great coverage. You’ll need a policy that offers you protection from the unique threats that your project faces. This could be weather-related to the time of year, or specific risks associated with your industry or the type of project. You have some options to choose from when it comes to the financial limit of coverage and who will be covered. Go for as much business coverage as you can afford. If you need to make the case to developers, explain what could happen in terms of being liable if anything goes wrong. Great coverage could save the day for your commercial project.

Contact our team at Prince Insurance for help putting together a comprehensive commercial general liability package.

Risk Management Options for Large Businesses

Managing risk is a daily task for owners of large businesses. You’re in a constant balancing act, trying to meet the needs of your clients, while also growing your company and taking care of your team. Risk is that pesky, unpredictable element that can throw off your well-laid plans. That’s why it’s extra important for large businesses — with large teams and bigger assets — to explore risk management solutions.

Definition and Benefits of Risk Management

Although you can ward off some disasters by planning ahead, there are still some events that you can’t predict. Inclement weather could destroy your office building. Employees could have a freak accident on the job. Crops could fail, and your brand new equipment could give out unexpectedly. How will you manage your risk in these situations?

The definition of risk management is forecasting possible risks and then taking steps to avoid them and protect yourself. The right suite of insurance coverage is one of the best risk management solutions. You can carefully evaluate the risks you face in your industry and then protect your most important business assets.

office team
Protect the people who keep your business going—that’s smart risk management.

The Importance of Coverage

If you’re a business owner, then you know that your people are the most important asset in your business. After all, they operate the software, they interface with clients, and they show up to work each day with the skills and the mindset to support your growing business. If you’re looking for risk management solutions, make sure you pick the coverage that helps your staff be protected. In risky industries, this coverage is especially important for hiring and retaining quality employees. When you give them great protection while on the job, you will also benefit as a business owner. You can rest easy, knowing that your people are protected.

Keep your business competitive with the right risk management solutions. Ready to protect your business assets? Get a quote from Prince Insurance and see how easy it can be to grow your business with confidence.

Why You Need Workers Compensation for your Business

man holding a saw smiling

Regardless of the type of business you run, there’s always the risk of injury – whether it’s physical, mental, or otherwise. With this in mind, you want to be prepared in the unfortunate event that one of your employees is injured.

One of the best ways to prepare yourself for such a situation is by offering Workers Compensation to your employees.

What is Workers Compensation and How Does it Benefit Your Business?

First and foremost, Workers Compensation gives the assurance your workers need to perform at their best, particularly in work settings where the risk of injury is high, such as at construction sites. More specifically, a Workers Compensation policy assures workers that they’ll get the support and compensation they need to be able to maintain their standard of living if they ever get injured.

From a business owner’s perspective, this type of compensation can help your workforce stay strong and productive (even in the face of adversity), maintain worker morale, and even attract more top-tier talent to your business.

In terms of what Workers Compensation can actually cover, it can account for employee and employer-related costs, such as:

doctor wrapping a foot with a cast
Make sure your employees are covered if they have a bad day on the job.
  • Medical expenses
  • Lost wages
  • Death benefits
  • Injury claims
  • Employee-initiated lawsuits

These are just some of the more common costs covered by Workers Compensation. Covered costs will naturally change from business to business.

Finding the Right Workers Compensation Policies

If maintaining daily operations and healthy, compensated employees are important to you, then Workers Compensation is a necessary investment (it’s also legally required in most states). Setting up your employees with the right policies starts with choosing an insurance company with a proven track record.

That’s why choosing Prince Insurance Group is the right choice, as we have spent over 40 years connecting businesses across all industries with tailor-made Workers Compensation policies.

Contact us to learn more about how Prince Insurance Group can provide your business with the Workers Compensation it needs.

What Is BOP and How Does It Work?

Business owner’s policy (BOP) refers to a suite of insurance coverage. It’s a smart way for business owners to ensure that every aspect of their liability is covered. By grouping their coverage into a single package, they can often access a better price, too. BOP is not available to all businesses, however. You may need to speak with an agent to understand if your business can qualify. It will depend on the business’s needs, operations, and risks. But you should definitely inquire about a business owner’s policy (BOP) because it could bring you huge benefits.

Business owners should bundle their insurance to get the lowest premium for the most coverage.

BOP popular plans

Some of the most popular plans for BOP include premises liability, business income insurance, crime insurance, and coverage for inventory loss. You need to be protected in case an unforeseen event occurs that disrupts your business for weeks or even months. For instance, a crime onsite could make it impossible for you to do business. A flood could destroy your inventory and interrupt hundreds of customer orders. Your BOP could cover these types of situations, lending protection to you and your business against disasters.

Selecting the best policies & finding an agent

You should only get the coverage that you need, of course. Work with a great agent that can help you select the policies that make sense for your business. If you don’t work near water, then you shouldn’t be sold any marine insurance. But your agent should remind you that anyone can fall victim to a fire or onsite medical disaster. Remember, insurance is there to cover you when the unexpected happens. You do need to exercise some judgement when it comes to selecting policies for your business. Make sure that you select coverages and amounts that will actually protect you for any possible event. There’s no sense in having a policy that doesn’t cover the full amount of damage.

To speak with an agent about your options, contact our office. Our friendly team of professionals can help you understand what’s available, so you make the best choice for your business.