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Posts Tagged ‘ commercial insurance Fargo ’

Commercial Insurance Considerations for Machine Shops

Thursday, October 1st, 2020

Do you own a machine shop in the Fargo-Moorhead area? As you know, you have special insurance needs, and today we’re going to share some important commercial insurance considerations to keep in mind. 

What is a machine shop?

A machine shop is the location or business where machinists use machine tools and cutting tools to make parts out of metal or plastic for a number of purposes. 

A number of industries utilize machine shops, including oil and gas, agriculture, automotive, and aircraft. In some cases, machine shops are small entities, and other times, they’re large divisions within factories or companies. 

Machine shops can provide a number of important services, including:

  • Pattern manufacturing
  • Sheet metal work
  • Tool manufacturing
  • Live tooling
  • CNC turning and milling

Insurance risks at machine shops

There are a number of risks machine shop owners or employees may face on the job.

Here are just a few:

  • Equipment breakdowns
  • Third-party injuries
  • Employee injuries
  • Business interruption
  • Structural damage to the shop property

Choosing the best commercial insurance for machine shops

Depending on the specific services your machine shop provides, there are a number of commercial insurance options that might be right for you.

For example, it’s worth looking into tool and equipment insurance. Although some coverage for tools and equipment could be included in your business property insurance, it usually excludes equipment breakdowns or internal malfunctions.

In the event your tools or machinery need repairs or they’re out of service for an extended period of time, specialized equipment coverage will be a game-changer. 

Another type of commercial insurance machine shops should consider is product liability coverage. If a client claims your machine shop was negligent in the manufacturing of a particular product or did not meet their expectations, they could involve you in a lawsuit. With product liability insurance, it could help you cover the associated legal fees. 

Other useful types of commercial insurance could include workers compensation insurance, commercial vehicle insurance, commercial general liability (CGL), and property insurance. 
Would you like to talk more about the commercial insurance options for your machine shop? Call us today so we can help!

Understanding Equipment Insurance vs. Equipment Breakdown Insurance

Tuesday, September 1st, 2020

No matter what kind of business you own, you probably use at least one piece of equipment to do your job each day. 

Maybe you own a landscaping company and your arsenal of tools includes lawnmowers, leaf blowers, hedge trimmers, and a variety of other equipment. Or maybe you’re a wedding photographer with cameras and camera equipment totaling tens of thousands of dollars.

Whatever your business is, you need to make sure it’s adequately protected. And usually, that includes having both equipment insurance AND equipment breakdown insurance. The problem is, business owners often conflate these two terms and they don’t realize they’re without important coverage until it’s too late.

To make sure this doesn’t happen to you, let’s talk about what both of these insurance terms mean.

Equipment insurance

Your commercial property insurance policy is responsible for providing the actual structure of your business with coverage, but also a lot of your equipment! So, if your business property (AKA equipment) is damaged by a covered peril, like a fire or theft, then this coverage could be used to replace it.

But what if your business equipment breaks down suddenly and accidentally? Does commercial property insurance cover equipment breakdowns? No–not usually! Instead, you’ll need what’s known as equipment breakdown insurance. 

Equipment breakdown insurance

If your equipment has been properly maintained but still breaks down, equipment breakdown insurance can be a gamechanger! While equipment insurance under your commercial property insurance policy can cover damage from external forces, equipment breakdown insurance can cover repair costs for breakdowns from internal causes. 

So, ask yourself if you could cover the cost of repairs for equipment breakdowns out of pocket? If not, this insurance is a great choice. 

By the way, in addition to equipment breakdown insurance, another insurance option you need to consider is flood insurance for businesses. We discuss commercial flood insurance FAQs in this post.

Commercial Insurance in Fargo-Moorhead 

For all of your commercial insurance needs in Fargo-Moorhead, give Fargo-Moorhead Insurance a call! In addition to our business insurance services, we offer comprehensive solutions for home, auto, life and health insurance, and much more.

What You Need to Know About Commercial insurance If You Work From Home

Tuesday, November 12th, 2019

If you work from home, insurance for your business is still just as important as it would be if you operated from a separate location. Every business operates with a certain level of risk. When you appropriately prepare for these risks with business insurance, you help protect yourself from costly liability claims and so much more.

Here are some essential things you should know about business insurance if you work from home. 

Your home insurance isn’t enough 

Many business owners who work from their homes assume their home insurance covers anything in their home — including their business operations. But the truth is, a standard homeowners insurance policy will not include coverage for business activities. 

Business property insurance

Let’s say a fire destroyed a large part of your home, including some of your business supplies. Your home insurance could cover the cost of repairing or replacing your personal property, but business property is another story. For that to be covered, you’ll want to have a business property insurance policy in place. 

Liability insurance for home businesses

A commercial general liability policy can be incredibly useful for a home-based business. With this policy in place, you can have coverage if you are found liable for third-party injuries or damages. If you and your staff conduct business away from your home too, this coverage can also come in handy then.

Let’s say, for example, you own a tree cutting business that’s based from your home. When one of your employees is on a job, they cut a tree that falls and breaks a neighboring window. With CGL coverage, the cost of repairing the damage could be covered.

Workers compensation insurance for home businesses

Workers compensation is almost always required for businesses that employ people. So, if you have employees, even if they work from your home with you, workers compensation insurance is still important. Your employee could be injured at your home or away at a job site. With workers compensation insurance, you’ll have the means to pay for their lost wages and other costs associated with the injury. 

Business interruption insurance

When something catastrophic happens in your business/home, business interruption insurance can mean the difference between your business coming through relatively unscathed or not surviving the interruption. 

Perhaps there’s a flood in your home office where you conduct your business and where all operations take place. If you’re unable to operate your business and earn income until the situation is taken care of, business interruption insurance can help you cover wages, utilities, and other bills that come up during this time. 

Commercial auto insurance

If you use a vehicle for your business, commercial auto insurance is an important part of your business insurance policy. Even if you use your personal vehicle for work, it’s important to have separate business coverage for commercial use — the same regular home insurance won’t cover business operations conducted in the home. 

Whether you operate your business from home or a separate location, there are great business insurance options that can protect you from insurance risks. Give us a call today to learn more!

Does Your Business Need Commercial Umbrella Insurance?

Friday, October 18th, 2019

When you hear the term “commercial umbrella insurance,” what comes to mind? Many business owners aren’t entirely aware of what this type of coverage entails, or even what it means. Today, we are going to give you the answers to your most pressing questions on the topic!

What is commercial umbrella insurance?

Commercial umbrella insurance is a way of giving business owners added liability coverage when their basic policy limits are reached. 

What does commercial umbrella insurance cover?

There are different types of business insurance policies that umbrella insurance can be used with. 

This includes: 

  1. Commercial general liability (CGL) insurance
  2. Commercial auto insurance
  3. Other types of liability coverage not included in a CGL policy

How does commercial umbrella insurance work? 

Let’s say your commercial auto insurance policy has a $75,000 limit. 

One of your drivers is involved in a multi-vehicle collision for which they’re at fault, and the damage totals more than $200,000 in damage.

Because your business auto insurance caps out at $75,000, how will you cover the additional $125,000? 

If you have a commercial umbrella insurance policy, this can be used to go toward this gap in coverage once your limits are reached.

Who needs a commercial umbrella insurance policy? 

Most small business can benefit from a commercial umbrella insurance policy. This can depend on the specific risks your business faces, how high your existing coverage limits are, and many other factors. 

A business that regularly faces public exposure is more likely to experience costly third-party liability claims. In that case, a commercial umbrella insurance policy is a wise choice.

Commercial umbrella insurance policies often cost business owners less than $1000 per year, and with that comes a great deal of peace of mind and protection.

If you’d like to learn more about what a commercial umbrella policy might look like or cost for your business, get in touch with Fargo Moorhead Insurance today!

Are you a business owner in Casselton, Fargo, West Fargo or other areas of North Dakota?

Thursday, January 10th, 2019

Fargo Moorhead Insurance offers business owners a variety of unique commercial insurance options to protect yourself, your business, your property, and your employees.

Our commercial insurance options include:

General liability: This is an incredibly valuable form of insurance for any business to ensure you’re protected from losses associated with injury and property damage.  

Professional liability: If you’re in a business that provides services or advice to your client, you are at risk for errors and omission cases and other claims of negligence made against you. That’s where professional liability insurance comes in to protect you from damages and legal fees that come with these claims.  

Mechanic and body shop: If you’re a mechanic or you own a body shop, you likely have plenty of valuable equipment in your possession, as well as some employees under your command. Mechanic and body shop commercial insurance helps cover the costs that arise from property damage, theft, and more in your business.  

Cabs and limousines: If you own or operate one or a fleet of cabs or limousines, you’ll need a specific form of commercial insurance to protect business and your automobiles. These policies help offset the costs that arise after accidents, injury, theft, and other damages.

These are just a few of the types of commercial insurance we are pleased to offer. If you’d like to learn more about insuring your business in North Dakota, call us today! 

Did you know North Dakota is the country’s biggest sunflower seed producer? Whether you grow sunflowers or you operate any other kind of farm, it’s important you have the right insurance policy.

At Fargo Moorhead Insurance, we offer comprehensive farm insurance plan to protect you, your livestock, and your farm from whatever happens.

This can include:   

  1. Machinery and Equipment If your farming equipment or machinery is lost, stolen, or damaged, your farm insurance can help cover the cost of repairing or replacing these tools that are essential to your business operations.
  2. Livestock Most farm insurance policies include coverage for livestock losses associated with storms, theft, vandalism, fire, and more. But did you know you can also purchase additional livestock insurance to help when your livestock is injured, ill, or dies from unexpected medical events?   
  3. Liability Farms can be dangerous places, and you, your family, or guests at your property are at risk of injury or even death. With liability insurance, you’ll have protection to cover the cost of medical expenses and legal damages if someone is injured on your property.

Want to learn more about the right farm insurance policy for your property? Contact us today!