5 Types of Insurance for Joisted Masonry

Every Masonry Business should have consider the follow types of insurance

What is joisted masonry construction in insurance? Joisted Masonry is a specific type of niche within the construction industry that deals with the exterior walls of materials including adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile, or similar materials. These materials have combustible floor and roof that insurance carriers assign a specific code that indicates the ranking of the fire restrictiveness of the material. The rankings are determined by Insurance Services Office, Inc. (ISO) on a scale of 1-6. Because masonry businesses have elevated risks, insurance carriers charge more for several different types of commercial insurance. Because of this cost, business owners in the Joisted Masonry Niche need to make sure they have precisely the right mix of insurance policies for their unique business. Here are five types of insurance all business owners operating in this should consider.

General Liability

A General Liability Insurance Policy covers bodily injury and property damage to outside third parties. These damages include customer injuries, customer property damage, and lawsuits related to these claims. The GL Policy will pay expenses related to third-party injuries and property damage up to the limits of the policy. This type of insurance is frequently required for leases and other contracts.

Workers Compensation

Workers’ compensation insurance helps protect masons, contractors, carpenters, roofers, electricians, deck builders, siding installers, and other construction workers. This specific type of insurance covers construction businesses by providing medical, disability, survivor, burial, and rehabilitation benefits to employees who are hurt on the job or die in a work-related accident.

Commercial Auto

Commercial Automobile Insurance is different from a personal auto policy.
Commercial auto policies tend to have higher coverage limits compared to personal policies, because business vehicles need more protection in case of accidents. A Commercial Auto Policy provides coverage for vehicles used by a business and covers damage to the businesses vehicle, driver injury, injury to outside third parties, and damage to other people’s property. An additional Hired and Non-Owned Auto Policy can be added if a business has employees who drive their own car for business purposes.

Inland Marine

An Inland Marine Insurance Policy is a specialized type of property insurance. ALso referred to as ‘Equipment Coverage’, Inland Marine covers property that is likely to be moved or in transit. It also can be used for highly specialized property. The most commoon types of equipment that need inland marine coverage are construction equipment, transportation cargo, mobile medical equipment, cameras and movie equipment, musical instruments, fine arts, solar panels and other related equipment.

Surety Bond

A Surety Bond is a Contractual Agreement between three parties, the principal (business), the surety (the insurance carrier), and the oblige (the party requiring the bond). Bonds are usually issued between two businesses or a business and a contractor. The Surety Bond protects against financial loss due to the principals’ failure to complete a project or failure to meet contract specifications. The bond guarantees the principal performs in accordance to the contract obligations and if they do not, the bond pays up to the limits of the policy.

Cable Installers

Necessary Insurance Policies for Cable Installation Businesses

Cable television and internet services are a regular part of the lives of most people in 2019. Cable installers provide a service that installs programming over both fiber optic and coaxial cables. The services can be sent both digitally or by satellite. Cable installers may lay lines or cables throughout a property. Because the work is done primarily on third party locations and the properties vary greatly, there is a lot of risk involved in the industry. Business that operate in this industry need to take insuring the business seriously. Taking an additional amount of time to think about the risks the business face, thinking about what could go wrong, and how leadership might prevent these risks from taking place are strongly recommended for any cable installation business. Speaking with an independent insurance agent can help make the purchasing decision easier. Here are five policies all cable installers should strongly consider.

Recommended Insurance Programs for Cable Installation

Minimum recommended coverage:

General Liability
Workers Compensation
Inland Marine Coverage
Commercial Auto Insurance
Business Personal Property

General Liability

General Liability Insurance is the first line of defense for cable installers looking to protect themselves from the liability faced to outside third parties. This policy covers basic liability, but is not all encompassing. It is important to take an adequate amount of time to discuss with an insurance agent what exactly the employees of a business do and do not partake in on a daily basis. There are more than likely additional policies any business will need in addition to general liability insurance.

Workers Compensation

Workers Compensation Insurance is required by law for most businesses in most states. The policy protects injured employees with coverage for medical costs and some lost wages while they are hurt and not able to work. Many contracts require a business to provide a certificate of insurance proving they have both GL and WC insurance. There are some states that have exclusions depending upon the number of employees and the annual revenue of the business. If the business is owned by one person and that person is the only employee, there is a ghost policy that is much cheaper to purchase and will meet the demands of most contracts.

Inland Marine Coverage

Inland Marine covers tools and specialized equipment that is frequently in transit. If the tools are damaged while working or being stored at a third party location, the inland marine policy will cover to repair or replace the tools.

Commercial Auto Insurance

Commercial Auto Insurance is needed if the business has employees who operate vehicles that the business owns. If the employees use their personal vehicle for business purposes, a hired and non-owned auto needs to be purchased either instead of or in addition to a commercial auto insurance policy. When an employee causes a wreck while on company time, the business is liable for the damages to outside third parties. The employee is not liable. Failing to secure the proper type of commercial auto insurance can result in a large loss the business is responsible for.

Business Income with Extra Expense

Business Income with Extra Expense Coverage is designed to cover expenses during a time when the business is interrupted or fully shut down as a result of a covered loss. It is important to remember the underlying loss has to be covered. If the loss is caused by a flood, earthquake, or tornado; and the business does not have proper coverage in place; the business income policy is not triggered. This is another reason why it is so crucial to speak long and honestly with your insurance agent and not base your purchasing decision solely on price.

Additional Policies to consider:
Building, Equipment Breakdown, Contractors Equipment, Cyber Liability, Employment Practices Liability, and Umbrella Coverage.

Cable Installation Liability Classification Codes

Commercial insurance companies use various liability classification systems in order to classify and rate coverage premiums for Cable Installation. Here are the most common business insurance classifications for Cable Installers:

Business Liability Category: TV and Media Installation

SIC Business Insurance Codes:

4841: Cable and Other Pay TV Services

NAICS Liability Classifications:

517110: Wired Telecommunications Carriers
515210: Cable and Other Subscription Programming

Business ISO General Liability:

91315: Cable and Subscription TV Companies

Common Workers Compensation Class Codes:

7536: Cable Installation and Construction
8901: Cable and Telecommunications—Office Employees
7600: Cable TV or Satellite—Other Employees and Drivers
6325: Conduit Construction—for Cables or Wires
8742: Outside Sales Persons

When does a Business need Hired and Non Owned Auto Insurance?

Hired and Non Owned Auto Insurance is a type of insurance policy that many businesses need and far too many fail to secure. According to the International Risk Management Institute, Hired and Non Owned Auto Insurance is defined as; ‘an auto that is used in connection with the named insured’s business but that is not owned, leased, hired, rented, or borrowed by the named insured’. In layman’s terms this is an insurance policy for a business when an employee of that business uses a vehicle for business purposes that is not owned by that business. This could be an employee driving their personal car for business purposes or it could be an employee driving a rental car while travelling to a conference representing the business. The insurance policy will cover bodily injury and property damage to third parties damaged by an accident that is the fault of your employee. This policy can be purchased as a standalone policy or as an add on to your commercial auto or general liability insurance policies. Here are some things you need to know about this coverage if you own a small business and have employees who use vehicles the business does not own.

You can purchase it as a standalone policy, or you can add it on as a rider to your General Liability Insurance.

What exactly does Hired and Non Owned Auto Insurance Cover?

Hired and Non Owned Auto Insurance covers some damages for cars that employees of your business use but the business does not own those cars. These vehicles include rental vehicles, leased vehicles, and employee personal vehicles. The policy covers specifically the damage caused to third parties, but not always the damage to the vehicle your employee is driving.

Examples of when you need this coverage

You send an employee on an errand to pick up supplies in their own vehicle.
An employee rents a vehicle on a business trip.
You send a limo to the airport to pick up an important client.
An employee runs out to get coffee or pick up lunch for everyone in the office.

What is not covered under a Hired and Non Owned Auto Insurance Policy?

A Hired and Non Owned Auto Insurance Policy does not pay for physical damage to your employees vehicle. That damage would be covered by the employees personal auto insurance policy. It also will not pay for the repair of a rental vehicle that is damaged by in an accident that is caused by your employee. It does not cover accidents that occur during a commute to work, unless the employee is using a vehicle rented by the business. Another scenario that is not covered by a Hired and Non Owned Auto Insurance Policy is when an employee is running a personal errand during work hours, but they are not doing business operations.

What are the differences between Hired and Non Owned Vehicles

Hired Vehicles refer to car services like a taxi or limousine and rented vehicles your employees use for business purposes. Non Owned Vehicles refer to vehicles that are used by your employees that are not owned by the business. The most common example of this is an employee using their personal car for business related travel.

Auto Repair

5 Insurance Coverages every Auto Repair Business Should Have

Auto Repair Shops offer a wide variety of mechanical services. These services may include from engine repair and tune-ups. Some businesses specialize in a specific type of sales and repair, like tires, transmissions or brakes. Normally, auto repair shops do not specialize in body work or painting operations. These services are typically performed by specialized professionals. Some operations include the retail sales of automobile parts and tools. Some repair shops are a part of a gasoline or diesel fuel sales operation, or part of an automobile dealership. Each type of operation has its own unique risks and its own unique insurance needs. Here are 5 coverages every auto repair shop owner should strongly consider, in order to properly protect their business.

Auto Repair Shop

✓ General Liability Insurance
✓ Garage Keepers Liability
✓ Commercial Auto
✓ Hired and Non-Owned Auto
✓ Workers Compensation Insurance

General Liability

General Liability Exposure can come in many different forms. Like many industries the risk begins with slips, tips and falls by third parties on your premises. This risk starts primarily due to public access to the businesses facility. Risks also arise from having cars parked overnight in the parking lot of the facility. These areas should be well lit and an ongoing relationship with local law enforcement is advisable.

Garage Keepers Liability

Garage Keepers Liability is usually worded as, “a form of bailee liability designed to cover damage to autos belonging to others while in the insured’s care”. In layman’s terms this is an insurance policy for the liability a business might face related to cars that are stored at their facility for multiple days. These are other peoples cars that your business is performing a service on that is not able to be completed in one day.

Commercial Auto

Commercial Auto Insurance is needed if your business owns its own vehicles and employees use the vehicle for business purposes. If you own and operate vehicles at your business, it is important to properly train all people who are going to be operating the vehicles. Collecting and documenting these employees motor vehicle records is recommended. Both the training program you have in place and the vehicle records you collect need to be well documented for when you quote new coverage and when a claim arises.

Hired and Non-Owned Auto

Hired and Non-Owned Auto Risks mainly arrive from employees running errands for the business. If you have employees partaking in these types of activities, all drivers should have valid licenses and their motor vehicle registrations regularly checked. Have these records documented can help you independent insurance agent save you when quoting coverage.

Workers Compensation

Workers Compensation Insurance risks can be significant for auto repair shops. Employees are at risk when performing brake tuning, welding or other repair work. These activities should take place only with appropriate safety equipment. Lifting of a vehicle by hoists, jacks, and other mechanical means can result in injury should the equipment malfunction. Lifting by non-mechanical means can result in back injury, sprains, strains or hernias. Having a documented policy in place for how employees are supposed to do these activities is crucial to prevent injured employees.

Auto Repair Shop Insurance Information at My Insurance Question.

Here are the most common commercial insurance classification codes for auto repair shops.

SIC Business Insurance Codes:

7533: Automotive Exhaust Repair Shops
7538: General Automotive Repair Shops
7532: Body, Paint and Upholstery Repair

NAICS Liability Classifications:

811111: General Automotive Repair
811112: Automotive Exhaust System Repair
811113: Automotive Transmission Repair
811118: Other Automotive Mechanical and Electrical Repair and Maintenance
811121: Automotive Body, Paint and Interior Repair and Maintenance
811122: Automotive Glass Replacement Shops
811198: All Other Automotive Repair and Maintenance

Business ISO General Liability:

10072: Automotive—Quick Lube
10073: Auto Sales, Repair and Service
10075: Automotive Repair Shop—Self Service

Common Workers Compensation Class Codes:

8380: Auto Repair
8393: Auto Body Repair or Paint Shop
9516: Auto Shop—Radio and Equipment

Here is a great video about Auto Repair Shops and Workers Compensation Insurance from our partners at Employers.