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The legal requirements for worker's compensation insurance can be confusing. Most businesses must take out these policies by law whenever they hire someone but there are differences between states, sectors, and companies. 

This post looks at state-specific requirements, penalties for non-compliance, and when you don’t need a policy. Here’s what you need to know: 

State-specific requirements 

States requiring coverage for all employees include California, New Jersey, Hawaii, Pennsylvania, and New York. These don’t consider the number of employees you have, so insurance applies immediately. 

Other states require businesses to carry worker’s compensation insurance when they reach an employee threshold number. For example, Florida, Georgia, Mississippi, Rhode Island, and South Carolina demand that employers get worker’s comp when they hire four or more employees. For Alabama, Arkansas, Louisiana, Tennessee, and Virginia, it’s three or more, and for North Carolina and Wisconsin, it’s two or more. 

Some states have industry-specific requirements for worker’s compensation insurance that depend on the sector in which you operate. For instance, Michigan and Tennessee require construction worker’s compensation insurance regardless of the number of employees. 

Penalties for non-compliance

The penalties for non-compliance with worker’s compensation insurance regulations also vary considerably by state. Most have fines in place, and some threaten jail time. 

For instance, in California, it is a criminal offense to fail to provide worker’s compensation insurance. The state punishes people with up to a year in jail and fines between $10,000 and $100,000. 

New York also takes a tough stance. The state considers breaking the rules a misdemeanor or felony, depending on the violation. Fines go from $1,000 to $50,000 plus an additional $2,000 for each day without coverage. 

Pennsylvania has some of the strictest rules in the union and considers non-compliance with worker’s comp to be a felony of the third degree. The state imposes fines of up to $15,000 and up to seven years in jail. 

Florida takes a slightly different tack. It institutes a Stop-Work Order on companies found to be non-compliant and requires businesses to cease operations until they pay a fine and put proper insurance in place. Fines are usually twice the amount the employer would have spent on premiums over the preceding two years.

Lastly, in Illinois, employers who willfully fail to provide worker’s compensation insurance according to the rules face fines of $500 daily for non-compliance, with minimum penalties of $10,000. Furthermore, officers at companies failing to arrange insurance for their employees can be held personally liable. 

Exemptions

Despite the tough penalties for worker’s comp non-compliance, many states have exceptions. These include: 

• Sole proprietors and partners who don’t hire anyone and who aren’t official employees of the firm
• Workers who do not meet the definitional requirements of “employees” in some states
• Domestic workers and housekeepers without contracts or working undefined hours
• Independent contractors who aren’t employees (in some states)
• Businesses with less than the minimum employee threshold (as discussed)

Contact us For the Best Pricing on Worker's Compensation Insurance!

If you want guidance on the legal requirements for worker’s compensation insurance, contact our team. As independent brokers, we shop the market to find you the best deal on quality insurance!

So call us today at  (610) 775-3848 or contact us online to start saving.

Landlord insurance is essential for anyone who rents out property. 

But how much does it cost? That’s the big question. 

Fortunately, this article provides answers. We explore how insurers calculate premiums and the factors that influence how much you will ultimately pay. By the end, you should understand what you can afford. 

Premium calculation

Premium calculations begin with a thorough property assessment. Insurers inspect structures to determine how much rebuilding will cost in case of serious damage or a fire. 

Next, they ask you the amount of coverage you need. Some landlords require more than others, so it is always a personal decision. If you go to an insurance broker, they will give you quotes from assorted carriers. You can use these to determine insurers offering the best risk-reward. 

During this process, insurance companies calculate the effect of deductibles (discussed below). Usually, you have a choice of how much you want to contribute to the cost of repairs (should they become necessary). 

The last step is to review the policy terms and decide if you are happy with them. If you are, sign on the dotted line. 

The average cost is around $1,895 annually. However, you may pay more, depending on your circumstances.

Influencing factors

Numerous behind-the-scenes actors determine the cost of landlord insurance (similar to other insurance policies), including: 

• Property Location

Property location is one aspect that can affect insurance costs substantially. Areas prone to natural diseases (like flooding or wildfires) usually command a higher premium than those in safer regions. Other factors, like crime, can also play a role. 

• Property Value

The value of the property can also affect the cost of landlord insurance. The costlier it is, the higher the premiums (similar to car insurance). 

Multi-family homes and larger developments are at risk of higher costs because of the valuation effect. However, insurers sometimes charge more for older properties if they believe they have a higher risk of damage or liability. 

• Deductible

You can occasionally lower your monthly insurance premiums by raising your deductible. The more you are willing to contribute, the lower the perceived risk by the insurer. However, if you make a claim, you have to pay more. And that can increase overall costs. 

• Coverage Amount

Coverage amount also affects landlord insurance premiums. The more protection you want, the higher the premium. 

For example, expect to pay extra for things like loss of rental income or liability coverage. 

• Tenant Type 

Lastly, insurance premiums can sometimes vary by tenant type. Insurers often view renting to students and short-term renters as risky because they have reduced incentives to avoid property damage. 

By contrast, long-term renters (with professional qualifications) often have lower risk profiles. These individuals are less likely to cause damage, keeping costs down. 

Once insurers have these details, they can enter them into the actuarial tables and calculate the risk you pose. Then, they can use this information to calculate a suitable premium. 

Contact us to Save on Landlord Insurance

If you are looking for a great price on landlord insurance, contact our team today! As independent brokers, we shop the market to find you the best deal on quality insurance!

So call American Insuring Group today at  (610) 775-3848 or contact us online to start saving.

Builder’s risk cover is a type of contractor insurance that applies during construction. It’s essential for builders wanting to avoid on-site losses. 

However, it can be confusing. Therefore, this post explores what builder’s risk insurance covers, how lenders package it, and the exclusions/limitations you can expect when taking out a policy. 

What it covers

Builder’s risk insurance covers various losses and damages that can occur on construction sites during projects. However, policies can vary significantly. Some are comprehensive (meaning they cover nearly all losses), while others are more specific. 

Items builder’s risk insurance can cover include: 

• Theft
• Property damage
• Arson
• Damage to materials in transit to the building site
• Removal of debris
• Backed-up sewers and drainage systems
• Damage by hail or wind
• Collapse risk

However, don’t take this list as gospel. Always check the policy wording to see if the insurer includes all the coverage you want. Sometimes, you can ask them for additional coverage in exchange for higher premiums. 

Project-specific coverage

Some builder’s risk insurance policies provide blanket protection throughout the year. These are helpful for contractors involved in numerous residential and commercial projects (i.e. 25 or more annually), reducing paperwork and streamlining applications. 

However, you can get a “single policy” for new construction and remodeling projects. These are helpful when you want builder’s risk insurance as a one-off and only want to cover a single site. 

Builder’s risk insurers will cover several project types, depending on your requirements. However, you must provide them with this information upfront.

Most contractors opt for builder’s risk insurance to cover new constructions. These can include home and apartment developments, condo buildings, and duplexes. It is also available on commercial projects. 

Another type, remodeling builder’s risk insurance, applies when changing a building’s function or structure. For example, you could get insurance if you add a mezzanine level to a living area or extend a building. 

Lastly, you can sometimes get installation-related builder’s risk insurance. Unlike a complete remodel, this covers single fixtures and fittings, like cabinets or awnings. 

Exclusions and limitations

Unfortunately, builder’s risk insurance won’t protect you against everything. As such, you may need to add other insurance products to your stack. 

Like most insurance offerings, builder’s risk insurance doesn’t protect against force majeure. It won’t pay out for acts of war, terrorism, or other government actions (like property confiscation). 

It also doesn’t cover contractor or employee injuries – one of the most common building site claims. For this, you will need workers' compensation and public liability insurance. 

Other exclusions can include: 

• Extreme geological events, like earthquakes
• Intentional acts of destruction
• Damage due to preventable design flaws or plans
• Vehicle damage 
• Depreciation

Contact Us Today to Save on Builder's Risk Insurance!

Still confused? Contact American Insuring Group for the best rates on builder’s risk insurance. As independent brokers, we shop the market to find you the best deal on quality insurance! So call us today at (610) 775-3848 or click here to start saving. 

There are many types of Contractors’ Insurance designed to protect your business from unforeseen circumstances. However, one type of insurance that is somewhat unique to the construction industry is Builders Risk Insurance. 

What is Builders Risk Insurance?

Builders’ Risk Insurance - also called Course of Construction Insurance or Inland Marine coverage – is a temporary insurance policy that helps protect a renovation or new building while under construction. It typically covers a building, structure, materials, tools, and equipment on a job site, in transit, or stored elsewhere during construction or renovation. 

The following perils are typically covered under a Builders’ Risk Insurance policy:

• Theft
• Vandalism
• Fire
• Explosion
• Vehicle accident 
• Weather events, such as hail or lightning

Some Builders’ Risk policies also include the following perils:

• Costs incurred by delayed construction, such as lost rental income or loan interest
• Removal and disposal of pollutants
• Damage to temporary structures
• Changes required to meet environmental standards 

The following perils are typically NOT covered under a Builders’ Risk policy:

• Wind
• Earthquake
• Flood
• Employee theft
• Normal wear and tear
• Mechanical breakdowns
• Terrorism
• Faulty work or materials
• Contractual penalties 

When Does Builders Risk Insurance Coverage End?

Most insurance policies have an insurance policy period that includes an effective and expiration date. Simply stated, those dates indicate when coverage from that policy begins and ends. However, the end date of a Builders’ Risk Insurance policy can be a little more complicated. 

Because the value of a structure being built or renovated increases over time, Builders’ Risk insurance factors this changing value into its pricing. Due to this unique situation, there are times when an expiration date may change. 

1. The owner of the property takes over

If an owner (such as the original property owner, bank, or purchaser) takes over the project (regardless of how complete the project is), the Builders’ Risk Insurance policy you purchased becomes invalid. 

2. The Project Is Abandoned

If the contractor walks away from the site with no intention of completing the project, the Builders’ Risk Insurance policy becomes invalid. 

3. The Property is Being Used for Intended Purpose

If all or part of the property is being used for its intended purpose during construction, the Builders’ Risk Insurance policy becomes invalid. 

4. The Project has been Completed for 30 Days

Once an occupancy permit or other completion confirmation has been issued, the Builders’ Risk Insurance policy becomes invalid. 

Once the Builders’ Risk Insurance policy has expired, other types of insurance are available to protect the property, which are often less expensive. For example, property insurance can be purchased when the property is being used for its intended purpose or when the project has been completed for thirty days, which is typically less expensive than Builders’ Risk Insurance. On the other hand, if a property has been abandoned, there is more risk for damage such as decay, vandalism, break-ins, and arson. Therefore, insurance to cover the property will be higher than Builders’ Risk Insurance.

Need Help With Builders’ Risk Insurance?

If you have questions about Builders’ Risk Insurance or any type of Contractors Insurance, be sure to speak with one of the experienced agents at American Insuring Group.

Not only do we specialize in Contractors Insurance, but as independent agents, we also compare multiple insurance companies to ensure you pay the lowest premium for the coverage you need.

Call today at (800) 947-1270 or (610) 775-3848, or connect with us online.

Savvy restaurant owners purchase Restaurant Insurance to help protect their business, but insurance policies and claims can be complicated. The experienced agents at American Insuring Group can help you navigate your insurance options, policies, and claims.

However, it’s helpful to understand and avoid the most common errors restaurant owners make when filing an insurance claim:

Not Understanding Your Policy

Your insurance policy states explicitly what “perils” it does and does not cover. It can be extremely frustrating to discover something you thought was covered isn’t when you go to make a claim (not to mention the time wasted making a claim while also trying to recover from the incident).

Therefore, you need to read and understand what your policy does and does not cover, so you can either fill the gap or have a plan in place if an uncovered event occurs. Ask your insurance agent to clarify anything you’re unsure of. 

You should also know your policy’s deductible – the amount you must pay before insurance kicks in on a claim. If you decide to increase your deductible to lower your premiums, make sure you have enough available cash to cover that deductible if you need to make a claim. 

Finally, it’s crucial to understand if your policy values damaged property according to an actual cash value (factors in depreciation and normal wear and tear) or the replacement value (does not factor in depreciation and normal wear and tear). If the damaged property is valued according to actual cash value, you need to be prepared to pay the difference out of pocket. 

Not Filing a Claim Promptly

If someone is injured in your restaurant or your oven is damaged by fire, call your insurance company immediately. Waiting to file the claim can make the process more difficult or even lead to having the claim denied. A good rule of thumb is to file a claim within the first 48 hours of an incident, but the sooner, the better.

Not Working with Insurer

Don’t think of your insurance adjuster as the enemy. Be professional, polite, and cooperative, and promptly provide whatever documentation they request. Failure to cooperate may provide grounds to deny a claim. However, don’t be afraid to ask questions or even appeal an estimate if you have reasonable proof that the lost property is undervalued. 

Not Documenting Damage and Claim

You will need proof of damage to receive a payout, so immediately record the time and date of the incident and take photos and/or videos of the damage. Also, document your communication with your insurer – keep a record of mailed correspondence and emails along with the time, date, and substance of verbal communications. 

Disposing of Damaged Items

You may think photos will be enough when filing a claim, but you should also keep the damaged property as physical evidence until the claim is closed. 

Admitting Fault

Never admit fault if someone is injured in your restaurant. There are too many frivolous lawsuits, and you may not honestly know the cause of an incident until it is investigated. In addition, accepting responsibility will make it difficult for your insurer to defend you if there is a lawsuit. Plus, some policies don’t allow you to assume fault without the insurer’s consent. With these policies, admitting fault can lead to a breach of contract, denial of a claim, or termination of coverage.

 Paying Claims Out of Pocket

You may be tempted to pay the medical costs of someone injured in your restaurant. However, your insurance policy will not reimburse you for payments made out of pocket and could even result in a denied claim. 

Want to Save on Restaurant Insurance Costs?

Work with one of the experienced independent agents at American Insuring Group. We can answer any of your questions, and – as independent agents – we compare pricing and coverage with multiple insurance companies to make sure that you pay the lowest premium for your insurance coverage!

Call us today at (800) 947-1270 or (610) 775-3848, or connect with us online.

Good communication is key to lowering Workers’ Compensation (WC) Insurance costs. Unfortunately, many business owners are under the false impression that communicating with injured employees can cause WC claims and increase the cost of those claims. Nothing could be further from the truth.

Lack of communication and miscommunication in the claims process can cost your business more. For example, injured employees typically hire a lawyer – not to get more money but because of inadequate communication with their employees. For example, one study found that “46% [of injured employees] said they hired attorneys because they felt the claim had been denied when, in fact, it had not yet been accepted into the process.” And the truth is that WC cases that involve attorneys often cost more. 

An injured employee may be worried about their injury, recovery, and how they will continue to support their family. In addition, they may be in pain or facing unfamiliar medical treatments or medication. Plus, WC claims can be complicated. This can result in a scared, stressed, confused, and possibly angry employee. If the injured employee understands that you are concerned about their well-being and are willing to help them through the WC claims process, you become an ally (rather than an adversary). The only way to accomplish that is through good communication before, during, and after a workplace injury. 

Workers’ Compensation Communication

Good communication should be part of the onboarding process of new employees:

• Foster a Positive Culture of Safety – From the start, you need to create a culture of safety that emphasizes safety as a core value of your business.
• Foster Ongoing Communication – Employees need to know that it is safe for them to report safety concerns and injuries without fear of retaliation.
• Provide WC Information – Employers should provide all employees with information about WC, including how to report an injury, what type of injuries are covered, who to contact if they have questions, a list of designated medical providers, etc.
• Training – All employees should receive ongoing safety training to minimize the risk of injury and to know what to do if an injury occurs. Supervisors should receive training regarding Workers’ Compensation in addition to safety training. CFO advises, “Supervisors are often in the best position to shape workers’ initial expectations about what should happen, post-injury.”

Good communication is also crucial when an injury occurs:

• Seek Appropriate Medical Attention – When an injury occurs, your first priority should be to ensure that the injured employee receives appropriate medical attention.
• Thorough Investigation – Every time an injury occurs, a thorough investigation of the incident should occur. The investigation should include interviews with the injured employee and any co-workers who witnessed the incident.
• Documentation – Every incident should be well-documented while everything is still fresh in everyone’s mind. 

Ongoing communication during the claims process is critical for a timely resolution:

• Designate one employee to be the primary contact point for injured employees. That employee should be patient, kind, understanding, and familiar with the WC claims process.
• Provide written and verbal information about the claims process, what the injured employee should expect, etc.
• Regular communication (at least every other week) throughout the recovery process allows employers to monitor the recovery process, update the injured employee on the progress of the claim, and answer any questions or concerns the injured employee may have.
• Communicate Genuine Empathy and Trust. Regular informal phone and in-person conversations and get-well cards show the employee that you are concerned about their well-being.
• Discuss Return-to-Work Assignments. Communicate to injured employees that you are concerned about their well-being and that you are looking forward to them returning to work when it is medically safe to do so. Discuss the possibility of light-duty or transitional duty opportunities with medical providers and the injured employee. 

The Key to Lowering Workers’ Compensation Costs

Good communication should begin with your insurance provider. The independent agents at American Insuring Group listen carefully to better understand your needs, so we can ensure that you get the right workers' compensation insurance coverage at a great price!

Get started today by calling (800) 947-1270 or (610) 775-3848, or connect with us online.

Restaurant Insurance can include different types of insurance policies, such as Property, Liability, and Workers' Compensation Insurance. Then there are the specialty coverages, such as Business Interruption Insurance. Each type of insurance is designed to protect your business from a different risk, whether your business is in Philadelphia, Pittsburgh, or points in between.

• Property Insurance typically covers your building, equipment, stock and inventory, and even outdoor signs if they are damaged under a covered event.
  
  
• Liability Insurance typically covers your restaurant for instances of slipping and falling, food sickness and choking, excessive alcohol consumption, delivery accidents, and more.
  
  
• Workers' Compensation Insurance pays medical bills and lost wages if an employee is injured on the job.

The end goal of insurance is to help your business recover from an unexpected disaster, such as a fire or storm. And yet, according to the Federal Emergency Management Agency (FEMA), about 25% of businesses don't reopen following a disaster. That is probably due – in part – to the fact that many business owners don't plan for contingencies to keep their business going if a disaster forces them to close temporarily. That's where Business Interruption Insurance can help.

What is Business Interruption Insurance?

Business Interruption Insurance (Aka Business Income coverage) can help with operating expenses incurred when a business is temporarily closed due to a covered event, such as the following:

• Employee payroll
• Mortgage, rent, and lease payments
• Lost income
• Taxes
• Loan payments 

Business Interruption Insurance usually does not cover the following:

• Broken items
• Undocumented income 
• Utilities

Typically covered events include theft, fire, wind, lightning, or falling objects. However, events such as nuclear accidents, war, and pandemics are not usually covered under a Business Interruption Insurance policy. Bottom line: if there is no physical damage, Business Interruption Insurance will NOT likely kick in. Also, damage caused by floods or earthquakes is typically covered by a separate policy.

Usually, Business Interruption Insurance is not a stand-alone policy but part of a Commercial or Business Owner Policy (BOP). It is generally triggered when a claim is made to a Commercial Property Insurance policy when property damage occurs.

Options and Endorsements to Business Interruption Insurance

You can design a policy that fits your specific needs with additional options and endorsements. Here are some options:

• Contingent Business Interruption – if property owned by someone else - such as a supplier, buyer, provider, or driver – is damaged and causes a reduction or termination in your earnings
  
  
• Extra Expense Insurance - will cover anything beyond the regular day-to-day operating expenses necessary to keep a business solvent after a covered event, such as renting temporary space during restoration, paying overtime, hiring new employees, and leasing equipment
  
  
• Utility Services Endorsement - if the disruption of essential utility services – such as electric, gas, or water – disrupt operations of your restaurant
  
  
• Civil Authority – If a civil authority – such as state, local, or federal government -prohibits access to your restaurant due to physical damage to an adjacent or nearby property owned by someone else
  
  

How Much Wil Business Interruption Insurance Cost?

Business Interruption Insurance's coverage and the cost are unique to every business. The best way to determine the right coverage is to use your restaurant's gross earnings and projections to estimate future profits. In addition to the amount of coverage, the cost depends on factors such as the number of employees, restaurant location, and prior claims experience.

To get the best rate on Business Interruption – or any type of Restaurant Insurance – work with an insurance agent who understands the unique challenges restaurant owners face, such as the agents at American Insuring Group.

As Restaurant Insurance specialists, not only can we ensure you purchase the right insurance to protect your business, but as independent agents, we also compare the cost of that coverage with multiple insurance companies to ensure you pay the lowest premiums.

Call The Insurance Experts Today!

Prepare for the unexpected by by acquiring the right business insurance protection. Call the experts at American Insuring Group today at (800) 947-1270 or (610) 775-3848, or connect with us online.

Sprains and strains – known as musculoskeletal disorders (MSDs) - are costing construction companies millions of dollars every year in higher Contractor Insurance costs, lost workdays, and sometimes the permanent loss of good workers.

MSDs include back, shoulder, knee, and other musculoskeletal problems. They are one of the most common injuries in construction, accounting for one-third of all lost workday injuries and half of all workers' compensation claims, according to Laborers' Health & Safety Fund of North America.

In fact, approximately 30% of construction workers report lower back pain. For those workers over 55, that rate increases to 60%. Arthritis and joint pain are also common issues with construction workers – especially as they age. In addition to age, obesity, smoking, and poor physical fitness can increase the risk of an MSD-related injury. Working with the pain of an MSD-related injury reduces productivity and can lead to a disabling injury that permanently ends a construction worker's career.

The high number of MSD-related injuries probably comes as no surprise since construction involves a lot of heavy lifting and carrying of heavy objects. The three main risk factors for MSD-related injuries are excessive force, repetitive motion, and ongoing awkward work position. While you can't eliminate all MSD-related injuries, there are several steps you can take to minimize the risk.

As you know, good drivers aren’t easy to come by, so keeping them as safe as possible on the road should be a top priority. Keeping your drivers safe has the added benefit of lowering Truck Insurance costs and other costs associated with accidents. 

According to CNBC, people who drive for a living – driver/sales workers and truck drivers – are in the sixth most dangerous job in the U.S., with 96 fatal injuries and 78,520 non-fatal injuries in 2018. If you can lower the number of your drivers involved in accidents, you can reduce employee turnover, increase employee morale, and decrease costs, such as insurance premiums, claim payouts, lost workdays, etc. 

Here are three tips to help keep your drivers safe, lower the number of accidents, and improve your company’s bottom line. 

Encourage Defensive Driving

Dictionary.com defines defensive driving as “the practice of using driving strategies that minimize risk and help avoid accidents, as by predicting hazards on the road.” Some of those strategies include the following:

• Looking Ahead – It takes longer for a truck carrying a heavy load to stop than it does a car, so truck drivers need to look ahead to see and anticipate potential hazards, such as stopped traffic. 
• Keeping Eyes Moving – Drivers who are on the road a long time often become complacent to their surroundings. Truck drivers should always be scanning their environment – looking at what is ahead and around them and using side and rearview mirrors to see what is behind them.
• Maintaining a Buffer Zone – It’s impossible to predict what other drivers will do, and trucks have very limited maneuverability, so truck drivers should always establish and maintain a buffer zone around their vehicle. According to the Federal Motor Carrier Safety Administration, “If you are driving below 40 mph, you should leave at least one second for every 10 feet of vehicle length. For a typical tractor-trailer, this results in 4 seconds between you and the leading vehicle. For speeds over 40 mph, you should leave one additional second.”
• Having an Escape Route – Maintaining a buffer zone should minimize the need to swerve; however, sometimes stopping in time just isn’t possible. Drivers should always consider escape routes available to them if they need them.
• Keeping Cool – Driving can be stressful, and there are plenty of inconsiderate drivers on the road. Becoming angry or aggressive while driving doesn’t help. Aggressive driving can include passing where prohibited, following improperly, erratic lane changing, etc. Between 2003 and 2007, aggressive driving played a role in 56 percent of fatal crashes. Truck drivers need to keep their cool at all times and slow down to allow aggressive drivers to get well ahead of them. 

Properly Maintain Vehicles

A poorly maintained tractor-trailer is not only a danger to your drivers; it’s a danger to everyone around the vehicle – other drivers, pedestrians, bikers, etc. A blown tire or a faulty brake can be deadly. Plus, a well-maintained vehicle will last longer. 

Therefore, it is in your best interest to maintain your fleet with a regular maintenance schedule. That schedule should include a plan to prevent brake wear and failure, testing to avoid engine problems, frequent oil changes, replacing parts subject to wear and tear, inflating tires to the right levels (which will also help you save on fuel bills), and more. Here are 14 maintenance tips for trucks. 

Another component of vehicle maintenance is the pre-and post-trip inspections. Federal law requires drivers to submit a Daily Vehicle Inspection Report (DVIR) for each power unit they operate. These inspections include checking the brakes, turn signals, lights, fuel system, and much more. 

Pre- and post-trip inspections help save time, money, and lives. A pre-trip inspection helps ensure drivers are operating a safe vehicle before they hit the road, and post-trip inspections allow time to fix issues before they need to go back on the road.  

Consider the Use of Technology

Consider using technology to help keep your drivers and your fleet safe. Do your research to determine what will work best for your drivers and your fleet. Some technology to consider:

• Electronic Stability Control (ESC) – According to the NHTSA, ESCs are designed to “reduce untripped rollovers and mitigate severe understeer or oversteer conditions that lead to loss of control by using automatic computer-controlled braking and reducing engine torque output.” The NHTSA states, “We believe that ESC systems could prevent 40 to 56 percent of untripped rollover crashes and 14 percent of loss-of-control crashes. By requiring that ESC systems be installed on truck tractors and large buses, this proposal would prevent 1,807 to 2,329 crashes, 649 to 858 injuries, and 49 to 60 fatalities at less than $3 million per equivalent life saved while generating positive net benefits.”
• Eyelid Monitoring – This type of system uses a cabin-mounted camera to monitor drivers’ eyelids and alert the driver if their eyelids droop.
• Automatic Brakes – This type of system uses radars to apply automatic brakes if an imminent crash is detected.
• Continuous Remote Data Feed – Computers can warn drivers if disturbing driving habits, such as swerving, are detected. Safety managers can also use videos.

Doing what you can to keep your drivers safe just makes good business sense. 

Ready to Save on Truck Insurance?

Another thing that makes good business sense is having the right insurance coverage at the lowest price. Because American Insuring Group specializes in Truck Insurance, we can help you determine the right insurance coverage for your business, whether you're in Philadelphia, Pittsburgh, Allentown, or elsewhere in PA and the tri-state area. Because we’re independent agents, we research multiple carriers to ensure that you pay the lowest premium for that great coverage.

So, give us a call today at (800) 947-1270 or (610) 775-3848 or connect with us online.

Contractors face many perils in the course of a job, and Contractors Insurance is crucial to protecting their equipment, materials, supplies, etc., against those perils. Commercial Property Insurance is one type of coverage most contractors purchase, but it is typically limited to losses that occur on the job site. 

Commercial Property Insurance usually provides little or no coverage for materials, equipment, machinery, or supplies in transit or storage. Builders Risk Policies – such as Installation Floater coverage – can fill that gap. 

What is Installation Floater Insurance?

The International Risk Management Institute defines Installation Floater coverage as “inland marine coverage on property (usually equipment) being installed by a contractor. Essentially a specialized type of builders risk coverage that is often written on the same form used to provide builders risk coverage.” 

It is designed to cover property that is being installed or awaiting installation. Every floater is different and is based on the needs of the contractor. Typically, an Installation Floater covers materials, equipment, machinery, supplies, and personal property while it is…

• Stored off-site
• In transit
• Being staged
• Being installed 

Installation Floaters typically cover new construction and remodeling projects and can be written as a single project policy or a blanket policy. Anyone with an insurable interest in a project can purchase this type of insurance. 

Installation Floaters typically cover most risks – fire, theft, traffic accidents, vandalism, etc. – but may exclude perils, such as earthquakes, floods, sewer backups, employee theft, etc. 

What Makes Installation Floaters Different?

Installation Floaters offer tailored protection that can cost less than typical Builders Risk Insurance, making it ideal for some contractors. 

For example, sometimes, standard Builders Risk Insurance does not extend to subcontractors; therefore, Installation Floaters can be beneficial to contractors or subcontractors with a limited scope of work on a project. 

Installation Floaters may also be beneficial to contractors that perform work that is typically excluded from Builders Risk Insurance. The installation of high-value equipment or materials, such as HVAC units, solar panels, windows, doors, roofing, and electrical systems is often excluded from Builders Risk Insurance. If it is included, the contractor is still responsible for deductibles. 

Like most Builders Risk Insurance policies, Installation Floaters typically exclude certain things:

• Trees, shrubs, and plants
• Property while it is in the air or on the water
• Losses during testing
• Some types of temporary structures, such as scaffolding or temporary fencing 

Having Installation Floater Insurance can provide an added layer of protection that fills any gaps in your Commercial Property and/or Builders Risk Insurance. Choosing which coverage – installation floater or builders’ risk – is right for you can be challenging. 

What is Best for Your Needs?

When determining which type of policy or policies are best for your needs, you need to consider the type of project and the coverage you need. Installation Floater Insurance is usually less expensive and offers narrower coverage, which can make it a good choice for smaller projects. 

The best way to determine the right insurance coverage for your business is to work with an experienced agent. American Insuring Group specializes in Contractors Insurance, and as independent agents, we check with multiple insurance companies to ensure you get the lowest cost. Give us a call at (800) 947-1270 or (610) 775-3848 or connect with us online.