Regardless of industry, all businesses must carry several types of insurance. This coverage protects the owners of the organization, its employees and even its customers. Some insurance covers the wares that the company sells and the equipment that is used to manufacture it. Other professionals need insurance to protect them based on the services that they provide. Insurance may even protect a worksite, a building or the surrounding environment.
Such insurance is just as important for accountants as it is for physicians. For certain high-risk companies, the right insurance coverage is even more critical. Insurance providers look closely at the goods or services provided by the organization before deciding if they will offer a policy. Companies in the following industries may find that they have difficulty securing the necessary coverage:
- Liquor Sales
- Certain recreation operations such as skydiving, scuba diving and bungee jumping
The operations of other businesses may not be considered high risk, yet insurers still may be reluctant to offer them coverage. This may be because the business is located in a dangerous location or because of an excessive number of past claims. Entrepreneurs with little experience in running a business similarly may run into problems when they try to obtain insurance. When any of these difficulties arise, it can be incredibly difficult for businesses to get the insurance coverage that they need.
This is one of the best reasons for working with an experienced insurance broker like NXG Insurance Group. Our extensive connections with dozens of insurers mean that we can find the coverage that your business needs at a price that you're willing to pay. Let us do the hard work for you so that you can focus on running your company.
Whether your organization involves a single location or multiple locations spread across numerous states or countries, NXG Insurance Group has the knowledge and resources that you need to protect yourself, your company, your employees and your clients. We provide fully customized solutions that are tailored to your business and your specific needs. This gives you better asset protection, which in turn protects your bottom line.
With solutions crafted by NXG Insurance Group, you'll be able to prevent employee injuries, which means better productivity. A loss-control specialist can guide you toward best practices that keep your workers safer on the job. We can even comprehensively review your operations to analyze where and when injuries are occurring so that we can develop a safety plan to avoid those problems in the future.
As a full-service risk management firm, we help our clients to minimize the expenses that come with a product recall. This also means minimizing damage to the firm's reputation by acting swiftly and appropriately to ensure consumer safety. With our help, your business can have a better recall process in place before it's ever necessary, saving you time and money.
Organizations and consumers are increasingly relying on technology to store data and make transactions. Accordingly, the security of your computers, data systems and other technology is of paramount importance. Not only must you protect your sensitive internal information, but also the private data of your clients must be preserved. With security, cyber and privacy liability policies from some of the best insurance companies in the business, it's possible for any organization to protect sensitive information.
NXG Insurance Group even helps to manage the risk that may be caused by an environmental hazard. With environmental risk management services and support for environmental claims and litigation, you'll know that you're covered no matter what happens.
Regardless of which industry you're in, NXG Insurance Group is prepared to find the insurance coverage that you need at surprisingly affordable prices.
Real Estate Development
When it comes to real estate development, prominent exposures are part of the territory. From construction to real estate brokering and property management, NXG Insurance Group looks for a better standard of coverage to ensure that your business is protected.
Whether it’s a new residential neighborhood or the public works required to make that neighborhood functional, real estate developers often put everything on the line to come out ahead of the competition.
A general liability policy is an excellent place to start for developers. However, even the broadest of these policies may not be enough. As an example, a general liability policy may not cover your property in the event of a loss even if the bodily injury and property damage claims of third parties are protected.
Examples of other insurance policies that a developer may want to explore include professional liability insurance, environmental insurance, a first-party builder's risk policy and an Owner-Controlled Insurance Policy.
Professional liability insurance offers protection against wrongful acts committed by any member of the development team during any part of the development process. This is critical because it can take years to complete a project. Several employees and directors may be involved, and errors may happen at any stage. This policy protects you from inadvertent or deliberate errors made by those employees and directors.
Environmental insurance may be critical when a developer is engaged with remediating a site. At the beginning of the project, it's difficult to know what sort of contamination may be present. Plus, it may be necessary to protect natural resources, and government regulation may add to the problems with additional remediation requirements. Umbrella and excess policies may protect you in some of these instances, but environmental insurance fills in the gaps.
Construction schedules are notoriously tricky, so the builder's risk policy is designed to offer a swift resolution when property claims arise. Accordingly, delays are minimized, and these policies also may protect against damage or accidental loss as a result of contractors' work.
The Owner-Controlled Insurance Policy, or OCIP, is purchased by the developer as extra coverage for all general contractors, architects and engineers that may be involved with the project. All of these professionals should have their own coverage, but the OCIP protects against any gaps in that coverage.
Construction is a risky industry, but with the right insurance, any company can be covered. We address your company's key areas of risk so that your exposure is minimized. With experience that encompasses general building contractors, specialty trade contractors and heavy construction contractors, NXG Insurance Group is well placed to get you the coverage that your operation requires.
Every construction company, regardless of size, is advised to carry general liability insurance. In fact, laws may forbid contractors from operating without this coverage. When accidents or mishaps occur, it is general liability insurance that protects you from financial liability that could destroy your organization.
Workers compensation insurance is essential if you have employees. This coverage helps to pay for medical costs and a percentage of lost wages when an employee is injured on the job. Another sensible area of coverage that is largely required by law is insurance for construction vehicles. Thanks to our connections with a variety of insurance providers, we're able to find protection no matter what sort of vehicles your company uses. We can find insurance for the following vehicle types, among others:
- Flatbed trucks
- Pickup trucks
- Dump trucks
- Cement mixers
- Bucket trucks
- Pump trucks
Builder's risk insurance may be another critical component of your coverage portfolio. This policy may cover materials, labor costs and the loss of earned profits. Some builder's risk policies even cover debris removal and damages that are caused by poor workmanship or faulty materials.
Most contractors use far more equipment than just vehicles. A contractor's equipment insurance policy can cover everything from small tools to larger pieces of equipment. Most policies stipulate that the equipment to be replaced must have been purchased within a specific time period such as five years. These policies additionally may cover employee-owned tools.
The risks involved in manufacturing are many. The sparks from a cutting torch can cause a fire, a consumer may claim that your product injured her or a worker may break his leg while on the job. Financial liability from any of these situations could be devastating to your company. Without the right coverage, your operation could fold.
However, the right mix of coverages like business property insurance, business liability insurance and workers' compensation insurance can protect you. Whether you're dealing with a product recall or an interruption to service, insurance for manufacturers can help you remain productive.
NXG Insurance Group has found coverage for a broad range of manufacturing businesses. These include:
- Printing and publishing concerns
- Metal manufacturers
- Food and beverage manufacturers
- Plastic manufacturers
Manufacturers need to have adequate insurance. This is because their employees may utilize a range of potentially dangerous tools and equipment on a daily basis. A drill press, band saw or forge, when used incorrectly, can cause devastating injuries or death. These hazards are in addition to the problems that could be encountered by many other types of businesses such as damaged property, data breach or the loss of records.
Insurance coverage such as general liability, commercial property and business income protect you, your workers and your customers in case of almost any loss. Other, more specific insurance policies additionally may be necessary. These include policies related to a data breach or a product recall or employment practices liability insurance. NXG Insurance Group can help you to obtain all of these specialized forms of coverage and more. There's no need to put your company's profits and welfare at risk. A customized portfolio of insurance policies is precisely what you need to protect productivity, profits and longevity.
Even if you are not in the real estate development, construction or manufacturing industries, you still may find it challenging to get the insurance coverage that you need. Perhaps this is because your industry is inherently risky. Alternatively, you may have had sizable or multiple insurance claims in the past, which may make some insurance companies reluctant to cover you. Still other companies are hampered because of where their business is located.
These reasons are precisely why you need to work with an experienced insurance broker like NXG Insurance Group. Our connections within the insurance industry make it possible for us to find coverage for any client. Regardless of how risky your operation is or your organization's past claims, we will strive to find the right coverage for you so that you will be protected no matter what occurs.
At NXG Insurance Group, we've helped clients in the following industries get the coverage that makes it possible for them to operate with far less risk and financial liability:
- Ground transportation
- Wholesale distribution
- Environmental services
- Financial services
- Social services
- Recreation and adventure
- Music and entertainment
Each industry presents its own unique challenges. Addressing these challenges head-on is exactly what your risk management team does. We help you investigate the possibilities of what can go wrong in your specific industry so that you are prepared if the worst should happen.
Insurance may represent a considerable business expense, but it also is an essential component of any successful business. More than one small company has been put out of business because of a single lawsuit, accident or mishap. That is a devastating outcome, particularly when the business owner realizes that an insurance policy could have guaranteed that the company would survive.
Even if you don't think that a policy exists for what you do, contact NXG Insurance Group. With our many partners in the insurance world, we can find the coverage you need at a price you can afford. Considering the risks involved with doing business, no organization can afford to be without adequate coverage in numerous areas.