Cannabis business insurance options weak despite thriving marketplace

Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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The Differences Between State Funded and Competitive Workers’ Comp

Competitive Workers' Comp

As a business owner, the last thing you would want is for an employee to get hurt at work. However, if you run a business long enough, an accident is bound to happen eventually, especially if you work in a high-risk industry. When an employee is injured on the job, they’ll have medical expenses that need to be paid, they may not be able to work while they recover, and in worst-case scenarios, they may sue you for a settlement. Fortunately, this is where workers’ compensation insurance comes into play.…

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22 million unemployment insurance claims were filed in a 4-week span

Unemployment insurance - Closed Business Sign

As businesses continue to remain closed because of the pandemic, workers are steadily laid off. The steady stream of layoffs resulting from businesses temporarily closing due to the coronavirus pandemic has led to millions of additional unemployment insurance claims. In April’s first full week, an additional 5.2 million workers submitted their first week’s filing for benefits. US Department of Labor data showed that the total number of Americans who have filed their first unemployment insurance claims is 22 million in four weeks following March 14. This represents approximately 13.5 percent…

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California Insurance Commissioner orders premiums returned to businesses

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

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Business insurance policyholders covered by Farmers to receive added relief

Business insurance policyholders - server in empty restaurant

The insurer said it would be offering added relief to 115,000 customers in certain sectors. Farmers has announced its intention to provide relief to over 115,000 of its business insurance policyholders. The insurer is using its Farmers Cares initiative to provide added support to customers facing struggles from COVID-19. The Farmers Cares initiative is focused on business insurance policyholders in the office, retail, restaurant and service sectors. Those are among the areas most powerfully hit by the COVID-19 outbreak. To boost relief to those companies, the insurer will be providing…

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Bicycle repair business insurance for shops protects your financial future

Bicycle Repair Business Insurance - Man repairing bike

These types of store typically offer a wide variety of different kinds of products and services. Bicycle repair business insurance can look a lot like other types of store coverage. That said, it’s important to make sure your policies are fitted to your unique needs. Clearly, this may not be the same as those of a bookstore or hair cutter’s salon. Your company may offer repairs, product sales, as well as safety courses and other types of training. As a result, there are various types of bicycle repair business insurance…

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