A strong insurance program will protect your business property from loss due to fire, theft, vandalism and more. But without certain important coverages, your property coverage could leave you short of the funds needed to rebuild and recover. Increased Cost of Construction Do you own your business premises? Any building more than a few years...
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How a Business Income Worksheet Helps You Rebuild after Disaster
An estimated 70 percent of companies that undergo a major loss eventually go out of business because they failed to plan for the disaster. Proper planning includes completing a business income worksheet. This worksheet can help you get all the funds you’re entitled to after a disaster—here’s how. Business property policies usually include business income...
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Business Income Coverage: The Survival Plan for Small Business
At least 30 percent of small businesses in the U.S. have been closed 24 hours or longer in the last three years due to a natural disaster, reports the National Federation of Independent Business (NFIB). FEMA, the Federal Emergency Management Agency, estimates that almost 40 percent of small businesses never reopen their doors following a...
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Five Tips for Buying Business Insurance
Use these tips to assess what types of business insurance you need for your business and how to get the best combination of protection and price. Assess Your Risks and Costs. Insurance companies determine the level of risk they’ll accept when issuing policies. Through a process is called underwriting, the insurance company reviews your application...
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Understanding Surplus Lines
When model Heidi Klum insured her legs for $2.2 million and guitarist Jeff Beck insured each of his fingers for $1 million, you can bet a standard insurer didn’t cover those risks. These celebrities turned to the surplus lines market. Although your organization probably won’t need to insure body parts, you might need the services...
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Don’t Toss Those Expired Insurance Policies
Especially your expired liability insurance policies. Imagine the worst-case scenario: a customer sues you for injuries allegedly caused by one of your products. It’s not clear when it happened or over what period of time. Then make it worse: you can’t find the policy that might cover that claim. Most liability policies today are written...
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When Cupid Strikes in the Office
Is it love or sexual harassment? In a CareerBuilder poll released in 2013, 39 percent of workers said they have dated a co-worker at least once over the course of their career. Thirty percent of those who have dated a co-worker said their office romance led them to the altar. It’s the ones that don’t...
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Letters of Recommendation: Employment Practices Liability Do’s and Don’ts
References and letters of recommendation can be a damned-if-you-do and damned-if-you-don’t situation for employers. Damned if you do… Fear of defamation lawsuits brought by former employees has altered the way employers provide job references. Companies have no legal obligation to provide prospective employers with information on their former employees. Because employers have been found liable...
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Data Loss: Do You Have Insurance?
Data. You store it on company computers and networks. Employees can access it at home or on the road. You might even have data “in the cloud,” in facilities you don’t own or control. And it’s the lifeblood of your organization. How good is your data loss prevention? As with most things, insurance should be...
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Professional Liability Insurance Versus Errors & Omissions
What do an ice sculptor and a real estate agent have in common? If they have insurance to protect themselves from the costs of mistakes they make in the course of providing their services, they likely have errors and omissions (E&O) coverage. The commercial general liability policy does not cover professional liability. So your doctor...
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