We LOVE Pembroke, North Carolina!

In a month that celebrates love, we don’t want to forget the citizens of our beautiful community! Where we come from is important to us and every smiling face, every small business, and every town landmark holds a special place in our hearts. Here are just a few of the things that make Pembroke so very special:

• Pembroke was previously known as Raleigh.
• Pembroke is the tribal seat of the Lumbee Indian Tribe of North Carolina, the largest state-recognized Native American tribe east of the Mississippi River. It is the largest state-recognized tribe that does not have a reservation.
• Archaeological excavations in the area recently uncovered artifacts that suggest that Native American settlements along the river were part of an extensive trade network with other regions of what is now the Southeast of the United States.

Throughout our community, we strive to be partners, helpers, and friends. Our neighbors and citizens mean the world to us and we are honored to be a part of Pembroke. We would LOVE to start building a bond with you and become your hometown’s trusted insurance provider.

Call Dial Insurance at 910-521-9090 or visit https://dialinsurancenc.com/ for your free insurance quote, and you’ll be feeling the love as well.

Construction Insurance 101

Contractors_Insurance_101

What is construction insurance?

There are many types of construction insurances (also known as contractors insurance) intended to protect a property developer and other stakeholders throughout the stages of a construction project.

Contractors insurance, which is basically insurance for a construction project, is a wide classification of coverage that relates to the erection of buildings, roads, bridges or any other types of structures.

The following is a list of the most common types of contractors insurance and how they protect those involved in the stages of construction.

Builder’s Risk Insurance

Builder’s risk insurance (all risk insurance) is coverage for buildings and other structures during construction.

This policy should be prioritized even where policies such as commercial property insurance and homeowner’s insurance have been purchased, since the policies do not cover structures under construction.

Builder’s risk insurance covers residential new construction and remodeling projects, commercial property construction, building materials, foundations, scaffolding, fencing, paving, outdoor fixtures, and lawns fitted by the contractor.

In most cases, all risk insurance covers damages caused by fire, vandalism, and weather, although some construction insurance companies can offer special coverage for unique projects.

Construction bonds

Construction (contract) bonds are intended to guarantee that a project will be completed if accepted, and if failed an entity will be made to pay for the damage.

There are several types of construction bonds, including:

  • Bid bonds – which guarantee that bid proposals are serious and that the bidder is capable of undertaking the project.
  • Payment bonds – which assure that the builder can provide payments to suppliers, subcontractors, and site workers.
  • Supply bonds – which guarantee that suppliers will deliver building materials and other supplies as per the contract.
  • Performance bonds – which compel the contractor to follow the quality guidelines set out in the project’s contract.
  • Maintenance (warranty) bonds – which protect the project owner from poor workmanship for a period of time after the work is done.

Contractor license bonds

This is an agreement – similar to construction insurance policies – which assures that a contractor will obey the rules that pertain to their contractor license.

It is designed to protect members of the public and the people who will work or do business with the contractor.

Contractor license bonds are offered by insurance companies and the cost usually varies depending on the contractor’s historical track-record of income and credit score. The better the track-record the cheaper the bond.

Workman’s Compensation

This type of construction insurance is designed to protect businesses and contractors from any liability in the event their worker is injured while on duty.

It covers medical expenses as a result of a covered incident, ongoing recovery expenses related to an injury, missed wages, legal fees if the policy holder is taken to court, as well as funeral costs and death benefits.

General liability insurance

Also known as commercial general liability insurance, this type of insurance for construction offers a liability protection to businesses in the event of property damage or bodily harm in the course of business.

General liability insurance policies for construction companies usually cover damages relating to defective workmanship, work-related injuries, and defamation.

Like in other types of construction insurances, general liability insurance outlines certain exclusions to protect insurers from having to cover certain risks.

Construction equipment insurance

Also known as tool and equipment insurance, this type of insurance is designed to cover the tools and equipment used by construction professionals, including:

  • Computers and data – desktops, laptops, tablets, and project data.
  • Owner’s equipment – forklifts, cranes, loaders, excavators, etc.
  • Contractor’s tools and equipment – generators, drills, hammers, saws, etc.
  • Leased equipment – leased equipment and tools.

This policy typically covers items at either replacement cost or at the fair market value of the stolen or damaged items.

Coverage of this nature includes equipment stolen from a construction site as well as those damaged in a fire or natural disaster at a jobsite.

Professional liability insurance

Also known as errors and omissions (E&O) insurance, this type of coverage offers protection for a business against claims resulting from errors and mistakes that occur during normal business operations.

A good example of E&O coverage is the case of an engineer who miscalculates the structural requirements of a house – causing the owner to make expensive repairs.

The homeowner may sue the engineer for damages caused by his mistakes. In this case, the E&O policy in the engineer’s insurance policy might cover the claim.

However, unlike other policies that cover property damage or bodily injuries suffered in the line of duty, E&O policies only cover financial losses.

Source: https://www.constructionkenya.com/10113/construction-insurance/

Whole Life Insurance vs. Term Life Insurance

Shopping for life insurance may not be as fun as reading a good novel, but it is something everyone should do – sooner rather than later. There are two popular types of life insurance: term life insurance and whole life insurance. While the death benefits from both can be similar, there are a few key differences between them.

Term life insurance is perhaps the easiest to understand. This straightforward insurance is purchased for the simple promise of a death benefit for your beneficiary should you pass away while it’s in force. Term life insurance only lasts for a certain period of time, whether it is 10, 20 or 30 years. After the term is up, the policy expires. One benefit of term life insurance is it tends to be the most affordable option. If all you seek from a life insurance policy is the ability to protect your loved ones when you die, term life insurance is likely the best fit for you. Basic protection is better than no protection at all.

Whole life insurance is a form of permanent life insurance. Meaning that if you keep making your premium payments, it will never expire. Whole life insurance also provides some “cash value”, which can be a source of funds for future needs. Your premiums are split in two ways. One part of your payment goes to the insurance component, while the other part helps build your cash value, which will grow over time. At a later date you can borrow or withdrawal from your cash value amount for things such as your child’s college tuition or repairs to your home. However, should you withdrawal or borrow from your policy, your death benefits will go down by a corresponding amount if you don’t pay it back.

Source: https://www.investopedia.com/term-life-vs-whole-life-5075430

Restaurant Kitchen Safety

Owning a restaurant can be very rewarding, but it is hard work. Safety is very important not only for your customers but for your staff as well. The main cause of injury and illness in the hospitality industry is an unsafe work environment. Working in any commercial kitchen is a dangerous job. If you own a restaurant, don’t forget these safety features in your kitchen.

  1. Proper Attire: Kitchen staff uniforms are often mandatory. They designate rank and keep the chef clean and comfortable during service. However, footwear is often times overlooked. You should encourage all employees to wear heavy-duty, close-toed shoes that are waterproof and slip-resistant.
  2. Non-Slip Mats: In addition to slip-resistant shoes, you should have non-slip mats and flooring. During service, a kitchen floor can become greasy and wet. Fast-moving workers can potentially slip and fall. Non-slip mats and flooring can provide the necessary traction for workers to continue their fast pace without worrying about slipping.
  3. Ventilation: Without proper ventilation, a kitchen becomes hot, smoky, and unbearable. Employees who are required to spend a long period of time in unventilated kitchens are at higher risk of heat-related illnesses. Proper ventilation systems are essential for the safety and comfort of your employees.
  4. Fire Safety Equipment: Commercial kitchens are in constant danger of fires. Having a fire suppression system is essential for keeping your kitchen safe. Training your employees on how to use your fire suppression system is just as important as having the system! You should also have an evacuation plan in place and practice regular fire drills.
  5. Equipment Guards: Having commercial-grade equipment is essential for your kitchen to run quickly and efficiently. Employees may state that safety guards on the equipment get in the way and slow down production, but they are there for a reason! Safety guards are an effective way to prevent amputations and lacerations from poor equipment handling.
  6. Signage: Slips and falls are often times caused by undisclosed hazards such as a recently cleaned spill. It pays to have adequate signage in the kitchen to draw attention to potential hazards. Signs should be placed in visible areas and in high-contrast colors.
  7. Occupational Health and Safety Training: While this is important for workers across all industries, there are some hospitality-specific hazards you need to address with your staff. A safety seminar will address issues such as proper food storage and handling, how to avoid repetitive stress, how to remove or avoid potential hazards in the kitchen, and more.
  8. Correct Cleaning Techniques: All kitchen staff members should be trained in proper cleaning and food handling techniques. Poor kitchen hygiene is not only dangerous to your customers, but also to the kitchen staff handling the food. Food-borne illnesses are one of the top reasons cited for missed work days.

Whether you own the restaurant, work there, or you’re a paying customer, you want to remain safe and healthy. Flames and fuel in close proximity, hazardous cleaning chemicals, and sharp food prep equipment make a commercial kitchen, by far, the most hazardous environment to work in. Kitchen safety should be a priority to protect your employees and your customers.

Dial Insurance

Source: https://pos.toasttab.com/blog/on-the-line/restaurant-kitchen-safety-tips