Insurance Coverage That Could Save Your Business - Part 3

Some types of insurance are required to operate legally, while others are optional

Of course, the coverage a business needs depends on the type of company you run and the number of employees who work there. There are also  some optional insurance coverage business owners should always consider.

Here is the third of three "optional" insurance coverages that business owners often leave out of their insurance package which could literally save the business in a time of crisis.

Key Person Insurance

No one wants to consider the disability or death of a colleague. But if such a tragedy could lead to your company’s demise, then it’s worthwhile to consider key person insurance.

Typically, key person insurance covers the owner, the founders or one or two key employees. It is life or disability insurance purchased by the business and is payable to the business. It is beneficial when a company’s survival relies heavily on the role of one or two people.  When the "key person" dies or becomes disabled, insurance can help make up for lost sales or earnings or cover the cost of finding or training a replacement.

Sometimes one of the business owners can be replaced easily, but there may be an individual who has a specialized skill or who contributes largely to the company's growth. For example, there may be someone who specializes in a skill that only few people in the country have. Now an organization has to make a huge offer to get someone to move from half way across the country to work for them.

Whether you are an executive or not, take a look around and see what would happen to the business if a certain employee would pass away, or become unable to work.

Often times these optional coverages are assumed to be in the business owners policy but in fact they are not. Review your business insurance policy to make sure everything important in your business is protected (not just the building and liability).

Contact us for a free policy review and we’ll ensure your business is properly protected.


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Insurance Coverage That Could Save Your Business - Part 2

Some types of insurance are required to operate legally, while others are optional

Of course, the coverage a business needs depends on the type of company you run and the number of employees who work there. There are also  some optional insurance coverage business owners should always consider.

Here is the second of three "optional" insurance coverages that business owners often leave out of their insurance package which could literally save the business in a time of crisis.

# 2 - Equipment Breakdown Coverage

Take a walk through your business and look at all the big pieces of equipment that you would not like to replace out of pocket. All it takes is one person misusing the equipment, improper maintenance or a power surge that could wipe out your entire computer system.

You might mistakenly believe that your business property/casualty insurance will cover the damage.  However, business property/casualty policies only cover damage to your equipment from "external" causes, such as a fire, a flood or a tree falling on your roof. Those policies do not cover damage from "internal" causes such as mechanical failure, electrical short circuit or "arcing" (faulty wiring or motor burnout).

Losses related to equipment breakdowns are covered by aptly named "equipment breakdown" insurance. Equipment breakdown insurance (sometimes sold under the name of "boiler and machinery insurance") is an increasingly important part of any sound small-business insurance package for several reasons:

• New technology, such as fragile electronic and computerized equipment, is subject to breakdowns that can be more frequent and costly than traditional mechanical equipment.
• New business practices, such as Internet marketing and "just in time" inventory, make all businesses more dependent than ever on computer systems.
• Critical business information often exists only on the Internet, or in online databases, that cannot be access during periods of equipment breakdown.
• Employees are now traveling with many types of equipment that were once permanently attached to a fixed location, so breakdowns often occur in places other than the ones insured under traditional property/casualty policies.

Equipment breakdown coverage pays the cost to repair or replace equipment damaged by a covered accident. It can also cover business income losses that stem from an equipment breakdown and the additional costs you incur to speed restoration of business operations.

Most insurers are building equipment breakdown coverage into their commercial property packages. If you have an older policy, however, you may have to review it with your insurance agent to make sure it covers the high-tech equipment upon which your business now relies. If it doesn't, maybe it's time for an upgrade.

Call us for more on Equipment Breakdown insurance

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Insurance Coverage That Could Save Your Business - Part 1

Some types of insurance are required to operate legally, while others are optional

Of course, the coverage a business needs depends on the type of company you run and the number of employees who work there. There are also  some optional insurance coverage business owners should always consider.


Here is the first of three "optional" insurance coverages that business owners often leave out of their insurance package which could literally save the business in a time of crisis.

#1 - Business Income Insurance 

Business income insurance (also known as business interruption insurance) is an important but often misunderstood coverage. It is designed to replace income lost as a result of a disaster. This insurance policy is designed to supplement the resulting lost income as well as provide much needed dollars to pay continuing expenses such as salaries, rent and utilities.

According to the Institute for Business Home and Safety, 25% of businesses never reopen after a disaster or business interruption.  Business income coverage increases a business’ ability to survive a substantial loss.  So if your business has to close because of disastrous weather, national security threat, or because a tornado ripped half of your business apart, your business will still have income coming in.

While commercial property insurance protects your real estate and contents, business income insurance protects your business against loss to your firm’s profit-and-loss statement by covering continuing expenses, helping your firm preserve contractual obligations and retaining personnel.

Business income insurance will continually pay your business while it is down, allowing your business to be one of the businesses on the block to reopen their doors.


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Business Interruption Insurance

Watch and listen to this Florida business owner's experience with the need for business interruption insurance.

Call to discuss your business's exposures and need for protection before that "what if" happens.

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To Important To Eliminate

A disturbing observation – People are dropping uninsured motorist coverage to make staying with their current auto insurance carrier more affordable. The better alternative – shop with an “independent agent” that make protecting you the priority. Florida has more uninsured/under-insured motorist than any other state. This coverage is to important to eliminate. Do you have this important coverage?

 

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Home-based Businesses

The United States has experienced a rapid growth in home-based businesses in the last decade. The U.S. Census Bureau reports that there are now more than 11 million home-based businesses in the country, a figure that is expected to rise in the coming years.

But if you run a home business, losses associated with that business may not be covered under your homeowners policy unless special coverage endorsements are added. Some insurers sell an endorsement that covers losses associated with a home-based business. We can quickly find out if such an option is available.

Call us for a risk assessment of your home-based business.

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Your Car is Totaled - How Much Will Insurance Pay?

A vehicle is considered a total loss if the insurance company determines that the total cost to repair your car to pre-accident condition, plus fees for storage, salvage and a replacement rental car (if included in your policy), is more than a certain percentage of car's retail value. Insurers set their own allowable percentage, within state-mandated guidelines (typically around 60 to 75 percent), and use their own formulas to determine a car's value and estimated repair costs.

Thus, if your $4,500-valued 2002 Honda Civic sustains $1,800 worth of damage -- moderate bodywork and repainting these days -- it might be deemed totaled, even though the engine still runs fine. On the other hand, a late-model Mercedes could sustain far greater damage and still be considered salvageable.

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Rate Sucker! Your Driving Habits Can Save You Money

How it works

A little device from Progressive Insurance is the key to saving

• Plug.Day 1
  The Snapshot device fits right into a little port in your car, generally located below the steering wheel.
  
• Drive.Days 1-30
  Progressive  looks at your driving habits to see if you could be saving more. You can track your projected savings online.
  
• Save.Day 31
  Now your rate is fully personalized; any discount you earned is in full effect. Simple! (And these FAQs cover the little details.)

Contact us to get started with personalizing your insurance premium.

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Do You Have Enough Coverage To Replace Your Home If Destroyed?

If the you have lived in your home over ten years, and the coverage level in your homeowner's insurance policy have not changed during that time, you may be underinsured.

Think about all the upgrades you've made to your home (floors, kitchen, bathrooms, etc.). Well the Coverage A (Dwelling) amount in your homeowner's policy doesn't take those upgrades into consideration.  That amount also doesn't take into consideration the cost to rebuild your home in today's dollars (unless your policy  has an endorsement for inflation). 


Construction costs increase over time, and the cost to rebuild your home with similar materials and workmanship could be higher than the amount that you could currently sell your home for.  



For a free no obligation review of your current policy and the replacement value of your home, call us.
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What is An Insurance Score?

Your insurance score is a number that is calculated based on your credit score and claim history by insurance companies. It’s used to determine the probability that a policyholder will file a claim in the future.

Insurance companies use Comprehensive Loss Underwriting Exchange (CLUE), and the Automated Property Loss Underwriting System (A-PLUS) to research a person’s claim history. 

Studies show that people with poor credit ratings are more likely to file insurance claims. Many insurance companies believe the higher your credit score is the lower the chance of you filling a claim, thus the higher insurance score. Insurance scores range from 200 to 997, a good score is usually 770 or higher. A poor score is typically anything under 500.

The insurance score is important because it is how insurance companies assess the risk of loss with a policy holder. Because of this it is important to be vigilant in maintaining, or improving your credit rating. 


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Message To Millennials: You May Want To Start Considering Life Insurance

You're young. Many of you are just at the cusp of your adult life. Others have been in the work force for a short time, and are beginning to learn the ropes of this whole thing called adulthood. During this time you have a lot of things on your mind; one of those things probably not being the possible need for life insurance. 

While death might be something you may not want to think about it is inevitable, and it's something people should be prepared for. Often money is tight for young adults, and many do not see the benefits of paying for something they won't need until much later in life. Life Insurance however, can be very beneficial for younger people considering the earlier you start a policy the more you can save, and the premiums are cheaper.

Maybe you've been looking for another way to start saving some money. You may want to consider a Permanent Life Insurance Policy, which along with a death benefit has a savings component that can be borrowed against considering the policy.

As independent brokers we are able to scan the market and find the policy that will fit you the best. Give us a call, or visit our site for a free quote. 

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Rental Car Insurance: What To Know Before You Reach The Counter

Okay, we need to rent a car and the person behind the counter is asking what insurance do you want to purchase. Here are some tips to help you make those decisions:

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Understanding Business Insurance

Here is an excellent insurance primer on the basics every business owners should be aware of:

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Is Travel Insurance Worth It?

The summer travel is season has come again. Many are counting down the days now until they are able to take off from work, or their semester has ended to take a vacation, or leaving for that once-in-a-lifetime dream trip. While during this time of year travel peaks, whatever time you may be traveling it is widely known that travel these days can be very pricey.

With the high cost of travel many wonder if they should invest in travel insurance for coverage for themselves and dependents. The short answer is: it depends.

When considering whether to purchase travel insurance it is important to investigate what the policy actually covers. These policies typically cover travel protection, baggage protection, medical, and emergency evacuation.

Travel Protection is probably one of the most popular types of travel coverage. This coverage will cover a fraction of the expenses of a trip that is cancelled or rescheduled. Usually the traveler or the traveler’s companion must be sick or injured to be reimbursed.

Baggage Protection is protection that covers baggage that is lost, stolen, or damaged. Usually airlines automatically extend coverage for the loss or damage of baggage during a flight, but do not assume your airline will cover your possessions. If you travel with jewelry, electronics, and other expensive items this coverage is worth purchasing.

Medical Coverage is coverage you will probably only need if you are travelling internationally. Many think they don’t need additional medical coverage, however many policies only cover in-network. If you are in a place with few in-network providers and have to go to an out-of-network provider there is a good chance your claim will be denied.

Emergency Evacuation this coverage covers expenses for a medically-necessary evacuation; this includes your transportation to medical care. When travelling to remote areas it is wise to purchase this type of coverage.

There are many different policies to choose from when shopping for travel insurance, with many different benefits. With all the different choices in travel coverage, as well as the likely hood your current policies coverage may overlap you travel insurance you should ask you independent insurance agent about your options. 

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How Does An Inquiry Affect Your Credit Score?

Many people believe that every inquiry affects a credit score however, that is not the case. Don’t be fooled certain types of inquiries do affect your credit score. To help keep a good score it is important to know what credit inquiries make an impact, and which ones do not.

The most often inquiry that will not affect your credit report is a soft inquiry. These inquires have nothing to do with a consumer’s attempt to get credit, and are not harmful to the report at all. Inquiries for auto, homeowner's and other insurances fall in this category of "soft inquiries". Also things like credit checks made by potential employers are examples of soft inquiries.

A hard inquiry is used if a person is attempting to get a loan, and it does have an effect on a person’s credit report. This information can be seen in the future by a bank, or any other lender. Whenever a person applies for a mortgage, car loan or credit card they are considered hard inquiries, or an attempt at a loan. Problems can arise if a person attempts a large amount of hard inquiries in a short amount of time. Lenders may think that the consumer is trying to obtain as much credit as possible.

In order to avoid excessive hard inquiries on your credit report it is a good idea for you to run your own credit report to see where you stand before trying to obtain a credit card or loan. It is also a good idea to wait awhile if you are turned down for a credit card before you attempt again.

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Household Inventory Checklist

Home Inventory Checklist
A Record of Your Worth
Your homeowners insurance provides coverage for the contents of your home, up to a limit, which you have selected with your insurance agent. In the event of a total loss, you would be expected to provide a list of all of your personal property that was damaged, along with its estimated value.

If a loss occurred today, would you be able to compile such a list? Would you trust yourself to remember every item in your home, and the approximate value of each item?

If you’re like most people, it would be very difficult. That’s why Emerge Insurance Agency has developed this Home Inventory Checklist. It’s a simple fill-in-the-blank worksheet that takes minutes to complete but could save you hours of frustration if you ever have a loss.

Get Your Free Home Inventory Checklist - Download


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