Carve-outs can help organizations better manage their property and liability exposures by “carving out” specific risks and insuring them separately. The technique might also save money. As insurance prices continue to increase and coverage becomes more restrictive, business owners and CFOs are looking for alternative ways to manage their risks. Some are turning to carve-outs,...
Read more
Why Empty Buildings Are Full of Risk
Vacancies create a host of problems for owners besides lost income. Here’s a list of some problems to be aware of, and what you can do to mitigate them. Vandalism Empty buildings practically call out to vandals. Although your commercial property policy covers property damage due to vandalism, most policies severely limit coverage once a...
Read more
Are You Guilty of Copyright Violation?
U.S. copyright law protects both published and unpublished original works, including music. Violating another’s copyrights can result in fines from $750 to $150,000 per violation, or each song illegally played. Did you know that U.S. copyright law might consider you a “performer” if you play music, live or recorded, at your place of business? If...
Read more
Why You Might Need Contingent Business Interruption Coverage
No man is an island, they say. And neither is a business. As Hurricane Sandy and Winter Storm Nemo demonstrated, businesses today are increasingly interdependent. Contingent business interruption insurance can protect you when a covered loss affects a “contingent business location.” Most businesses have some business income (also known as “business interruption”) insurance. If you...
Read more
When To Make Sure Your Business Auto Policy Covers Employees With Their Own Cars
Just because an employee uses a personal auto does not relieve the employer of liability if he or she injures someone while on the job. In many companies, employees drive during the course of their jobs — whether for deliveries, calling on clients or picking up supplies. They use their personal car rather than company...
Read more
How Umbrella Liability Insurance Protects Your Cash Flow
The typical small or mid-sized business has liability limits of between $500,000 and $2 million on either a business owner policy (BOP) or commercial general liability policy. In addition to your BOP, you might also have liability coverage under other policies. Typical, these would be an automobile liability policy or employers liability policy. So why...
Read more
Debris Removal Insurance and Other Risks You Might Have Overlooked
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...
Read more
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...
Read more
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...
Read more
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...
Read more