What are the Risks of Operating a Warehouse? (Part Two)

What are the Risks of Operating a Warehouse (Part Two)In our previous post, we discussed some of the risks involved with Operating a Warehouse. As there are multiple exposures and many different facets to warehouse procedures, we are going to discuss four more risks with warehouse processes. Obtaining an Orlando Warehouse Insurance policy can help safeguard your business against potential damages and loss as a result of these injuries.

  1. Hazardous Substances- Direct contact with bleach and other cleaning fluids can cause skin irritation while the vapors may cause breathing difficulties and eye annoyance. Vehicle exhaust fumes have similar effects and also cause damage via smoke inhalation if the vehicle is running inside the warehouse without proper ventilation. Another potential hazard to be mindful comes into play from recharging forklift batteries. Acid spillage and explosions could occur and seriously injure the operator if not careful. Making sure your employees are informed on handling these substances, educated on safety procedures, and wear protective gear including gloves and glasses can decrease these risks.
  2. Slips & Falls- Employees can endure sprains or fractures if they slip on the floor. Health and Safety Executive reminds you to ensure your walkways are clear, the floor is dry and clean, pallets and materials are stored properly, and good housekeeping standards are maintained.
  3. Injuries from Machinery- Fingers, hands, and arms have the potential risk of getting trapped and even crushed in the machines during use. Be sure your machines are up to date, complete with instructions, and maintained regularly. Further, it is imperative your staff is trained on the proper use of these machines and that an emergency stop button is provided in the event of an emergency.
  4. Traffic Incidents- Although this risk might be overlooked, traffic injuries can pose a serious threat. This includes staff and visitors being hit my trucks or objects falling off of a vehicle and landing on a staff member. Requiring staff to wear highly visible clothing and use a guide to reverse can help prevent these injuries.

At Newman Crane, we understand the inevitable risks that are associated with warehouses. We have provided customized insurance solutions for warehouses and other commercial businesses like yours for over twenty years. To learn more about our offerings, give us a call today at (407) 859-3691.

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What are the Risks of Operating a Warehouse? (Part One)

What are the Risks of Operating a Warehouse (Part One)As most warehouse owners are aware, operating their facility comes with inherent safety risks.  In addition to following strict safety regulations for your facility, it is imperative you insure your storeroom with Orlando Warehouse Insurance to protect against claims resulting from damaged property or bodily injury. Let’s examine the top five safety risks warehouses pose.

  1. Heavy Equipment Accidents- Although familiarity with operating machinery is natural for those who use it daily, it is important to educate your employees on the potential dangers and proper safety procedures. It is critical not to underestimate the power of the machinery and the danger that comes along with it.
  2. Fires- A fire can devastate your warehouse. Premier Handling Solutions claims that this is among the most preventable accidents if you obtain appropriate building permits, have clearly marked exits, exit strategies, and have adequate fire extinguishers. A few more helpful tips: Avoid leaking flammable liquids, make sure there are no worn, exposed wires, and never run electrical cords under carpeting.
  3. Moving Parts- Observe warning labels of machines with moving parts. These machines are incredibly heavy and can cause severe injury or death when not used correctly.
  4. Falling Objects- Although it is commonplace to stack materials and products highly on shelves, this poses a significant falling threat. Neatly organizing materials can help to prevent a shifting load to fall and can deter round or cylindrical objects from falling, as well.
  5. Ergonomics- Employees should be advised to take care of their bodies and follow safety regulations to prevent injury. This includes lifting heavy equipment properly and wearing appropriate shoes for back and foot support.

Bear in mind that these are just a few of the risks involved with operating a warehouse. In our next post we’ll look at a few more. Also, depending on the nature of your facility, more exposures may be involved. For example, a clothing warehouse poses significantly less risk than a warehouse used for food storage. Lastly, products manufactured overseas have higher liability risks depending on what they are, as well.

These are just a few basic risks involved with owning and operating a warehouse. In our next post, we will dive deeper into a few more concerns, as well. Newman Crane is here to provide you with quality warehouse insurance to protect your property and assets in the event of an accident. For more information on how we can serve you, contact us today at (407) 859-3691.

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Surety Bonds: Top 5 Common Misconceptions

Surety Bonds Top 5 Common Misconceptions If you’re in the construction industry, it’s very likely you’ve used a surety bond at one point or another. Obtaining one of these bonds promotes efficient business practice and creates a reputable image for your company. Before starting your next project, don’t forget to obtain a Florida Surety Bond Insurance policy to secure a positive working relationship and a proficient outcome.

A surety bond is a contractual agreement between a project owner or business guaranteeing that the project will be completed or business regulations will be followed, as defined by SuretyBonds.com. They are put in place to ensure the job is completed satisfactorily and that the principal doesn’t suffer damages from theft or job incompletion. Without further ado, let’s take a look at the top five misconceptions associated with surety bonds.

  1. They are Very Expensive- This is a widely spread rumor but it is highly inaccurate. Surety bond rates are typically between 1-3% of the total contract budget. This amount is often paid in full and reimburses the winning bidder by the first payment from the project owner.
  2. Sureties are All Created Equal- Make sure you research lenders and rates to see which option suits your needs best. Experts recommend a two-step authentication process in which you check the authority of the bond and verify the U.S. Department of Treasury approves your surety.
  3. Surety Companies Don’t Have Losses- In an eleven year span from 2002-2013, surety companies paid out an estimated $13 billion in claims. What’s more, surety bonds are known to help out contractors in times of financial difficulty if their relationship is in good standing and are also responsible for covering borrowed costs in the event of a bankruptcy.
  4. Only Small Companies Need Surety Bonds- Although bigger companies tend to have more income, that doesn’t mean they are impermeable to failure. Large companies are still susceptible to financial struggle and in such caliber, surety bonds would be required to compensate for substantial losses.
  5. Other Insurance Products will Cover Me Instead- Surety bonds are the only type of products that gives comprehensive coverage. Subcontractor Default Insurance or a letter of credit is not the same thing as a bond and only secures a portion of the contract amount. There is no comparable option if you want to completely protect your construction business.

At Newman Crane, we specialize in servicing the construction industry. We have a deep understanding of the unique risk exposures involved with operating a construction business and offer custom insurance policies to protect your assets. To learn more, contact our specialists today at (407) 859-3691.

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How to Shop for Florida Business Insurance

How to Shop for Florida Business InsuranceAs an informed business owner, you know business insurance is an essential component to running your company smoothly.  Although many business owners know to cover their basic needs with a General Liability Insurance Florida plan, comprehensive business insurance goes beyond this. When shopping for the perfect solution for your business, familiarize yourself with the common questions that your insurance agent will ask you, as well as the questions you should have prepared for your agent.

The questions that your agent will ask of you are to determine what exactly your needs are. The items you sell could affect how much of a liability risk you are. The materials your building is made of could determine how much property liability coverage you require, so on and so forth.

Questions for You:

-What type of business do you own?

-What do you sell?

-Who do you distribute to?

-How long have you been in business & how old is the business?

-Do you currently have insurance coverage?

-What class is your business? (Corporate, LLC, etc.)

-What is the square footage of your facility? What materials are the building made of? Are there fire alarms/sprinklers?

Questions for your Agent:

What exactly is business insurance and what does it cover? Legal Zoom defines business insurance as encompassing all the different types of coverage available to protect business owners from losses. These policies cover your property, insure against claims, and provide perks for your employees.

Why do I need business insurance? Business insurance protects your property, process, and assets. It is an essential element to ensuring your business thrives. This policy will safeguard you against potential claims and even lawsuits to ensure one mishap doesn’t cause your business to fail.

What types are business insurance are available to me? We offer a variety of commercial insurance packages including but not limited to general liability, errors and omissions, workers compensation, and umbrella policies.

Can I combine different types into one policy? Yes, you can. In addition to general liability, we can provide you with umbrella coverage within your policy where you seem fit. For example, extra coverage for bodily injury, property damage, etc. can be added depending on your particular business and the assets you wish to protect. Also, ask about multi-policy discounts.

How do I buy business insurance? Contact your local agent to ask the important questions, help navigate you through the process, and guide you to the best policy for the best rate.

Insuring your business can be a daunting task. At Newman Crane, we’re here to help you and provide you with quality coverage as we have specialized in customizing personal and business insurance policies for more than twenty years. For more information, contact one of our specialists today at (407) 859-3691.

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Common Orlando Workers Compensation Myths

Common Orlando Workers Compensation MythsAlthough workers compensation isn’t required in every state for every company, it is recommended your business has a policy in place. These solutions are intended to safeguard your business from overwhelming medical expenses, protect you from being sued, and defend you from paying immense damages that could potentially bankrupt your business. Implementing Commercial Insurance Orlando FL will better protect your business and ensure its success. Here are a couple myths about workers compensation that need to be debunked.

  1. I Don’t Need Workers Comp- Regardless if you have one or fifty employees, injury on the job is always a probability. Property Casualty 360 reminds you that if the employee feels the company was negligent in any way, your business could be sued for large sums of damages.
  2. My Employees Won’t Sue- It’s always a possibility that your employees could sue to cover medical expenses and fees if a workers compensation policy wasn’t in place. Never say never!
  3. I Can Pay Out of Pocket Expenses for Injury- Biz Journals states that the average cost of a workers compensation claim is $65,000. If you’re like most small business owners, this number seems a bit unfeasible. However, a workers compensation policy would help drastically reduce the cost as well as provide productivity coverage.
  4. My Workplace is Safe- It is nearly impossible to guarantee all workers will be safe each and every day. As the saying goes, accidents happen. Protecting your business against even the smallest claims is vital.
  5. Medical Expenses in Workers Comp are Too Pricey- Although inflation is inevitable in our economy, there have been laws and regulations put into place to regulate the costs.

At Newman Crane, we are expert at providing Orlando Workers Compensation policies to local businesses. Whether your company is a small business or a corporation, we can help customize a plan that’s best suited for your needs. For more information on our offerings, contact one of our specialists today at (407) 859-3691.

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3 Easy Steps to Prepare your Business for Hurricane Season

3 Easy Steps to Prepare your Business for Hurricane SeasonAs mentioned in our previous post, hurricane season is well under way. Because East Coasters have come to experience firsthand the devastating effects of these storms, it is imperative your Orlando Commercial Insurance is in effect and up to date. Now that we’ve discussed how to properly prepare your home for these powerful squalls, we will recommend a few ways to secure your business, as well. Following these simple guidelines can help prevent and manage potential damage to your biggest investment: your business.

  1. Develop a Plan- Go through evacuation steps yearly with all employees so as not to forget how to execute your plan. Keep water, a battery operated radio, first aid kits, flashlights, and other emergency equipment stored at all times. By putting all the essential items on a preparedness checklist, it will be easier to manage and less likely you will forget something. Communicate with family so a centralized location and plan is agreed upon prior to disaster striking.
  2. Protect Important Documents- Keep all insurance documentation, bank statements, employee information, and tax information in a safe place- preferably on higher ground. It is also recommended that you store these specific items in waterproof containers and seal them to avoid destruction in the event of a hurricane.
  3. Protect Property- Commercial grade plywood will better protect doors that might otherwise break and expose your property. Ready.gov reminds you that duct tape does not prevent a window from breaking but rather applying shutters and impact-resisting glaze to your windows is the best method of protection. Don’t forget to sandbag the storefront to deter flooding and anchor any heavy furniture. Having your property assessed before the hurricane season starts is also a great idea. This way any leaky pipes, weak reinforcements or roofs can be fixed ahead of time. Lastly, documenting your assets with photographs makes filing an insurance claim run a lot smoother if necessary.

At Newman Crane, we understand the inherent risks involved with operating a business in hurricane susceptible areas. However, we strive to provide the best quality insurance solutions to protect your most valuable assets and your peace of mind. For more information about our offerings, including Florida Commercial Umbrella Insurance, contact one of our specialists today at (407) 859-3691.

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