How To Improve Your Commercial Property Insurance

Business Insurance Coverage That You Might Be Missing

Insuring your —- building is one of the most important decisions you make as an owner. In the event of a loss, having the right kind of insurance will be critical in recovery and resuming your business operations. Over 40% of businesses that suffer a total loss never resume operations. If these businesses had purchased the right insurance they might have been able to resume operation.

No two businesses are alike. We can offer coverage options and tailor coverage specifically for your business’s unique needs. Companies frequently purchase commercial property insurance as a part of a Business Owner’s Policy.

We wanted to provide you with a few coverage options that you may not have considered.

Having enough business income and extra expense coverage. In the event of a covered loss, your commercial property insurance can provide funds for lost income, and extra expenses to help in the recovery. All too often, these are not reviewed on a regular basis.

Property managers need to make sure all tenants have provided proof of commercial insurance. Check these annually.

Increased cost of construction for building codes is often overlooked. If your commercial building is over five years old, you may have a risk due to new building codes that might increase the value of your building.

Requesting your property policy to have 100% agreed amount valuation. Having an agreed amount will eliminate any coinsurance.

We specialize in providing insurance for office building owners, apartment owners and commercial building properties. Our experienced staff understands the challenges and concerns that building owners face every day, and work with you to provide the best coverage at the best possible price with the best service.

 

Business Insurance For Which You Will Be Thankful For

A Business Insurance Update

One of the best things a business owner can do to protect his or her business is to have a business insurance program that covers your business in the best way possible.  Your business insurance program should include Employment Practice Liability, and Directors and Officers Liability insurance.  These coverages can often be bundled together through a management liability policy.

Employment Practices Liability (EPLI)

EPLI insurance provides coverage for claims involving employment harassment and discrimination in the employee/employer relationship.  Examples of these kinds of claims are wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment-related libel, slander, defamation, and invasion of privacy, wrongful failure to employ or promote, and retaliation.

Directors and Officers Liability

Directors and Officers Liability insurance protects your business, owners, executives, and managers, if individuals, competitors, or third parties make a claim for damages.  If your business causes financial loss to a third party, your directors can be sued.  Directors and Officers insurance is an effective solution for the risks facing organizations.  Directors and Officers Liability Insurance will cover administrative, civil, and regulatory proceedings based on actual or alleged acts, errors, omissions, misstatements, neglect, or breach of duty committed by, or allegedly committed by, a director or officer while acting within the scope of their duties.

Good Reasons To Call Your Insurance Agent

Home and Auto Insurance Update

Let’s face it, you buy home and auto insurance to protect you when and or if an accident happens. And when you have an accident, you want your personal insurance to respond.  If it has been a while since you updated your personal insurance coverage, you may want to call us today.

When to Call Your Agent

When you buy or sell a car

If you started a home-based business

If you are thinking about putting in a pool

When you purchased any high-end jewelry, guns or other items

If your home replacement value has gone up

Did you get a company car?

If you have remolded any part of your home

When you install a security system in your home

If you get married or divorced

If your commute distance has changed

When your children go away to college

Having the right auto coverage is not as easy as it sounds, and choosing the wrong coverages and limits could lead to financial disaster.  Our team is prepared to help you find the right combination of coverage, price and service.

A New Year… Let’s Get Your Insurance Right

A New Year… Let’s Get Your Insurance Right

As we move into a new year, I hope that every insurance agent and insurance buyer thinks about how they view their relationships.  Let us get away from the clever insurance advertisement’s attempts to bring our products and services down to the lowest common denominator, price, and commodity.  Insurance products and services are used to build our local economies, we allow people to dream, and we help rebuild in the event of a disaster.

Therefore, here are my resolutions for 2020; I hope other agents and insurance buyers will embrace these as well.

Agents

  • I will always put the needs of my client above mine.
  • I will strive to educate rather than sell.
  • It will be valuable to provide my clients with options.
  • Insurance is a complex transaction, and I need to help my clients understand what they are buying.
  • Risk management should always be part of every conversation. Identify risk, assess the risk, manage the risk, and review again.

Insurance buyers

  • I will select an agent who values relationships.
  • Price is not an indicator of quality.
  • Buying local is like the “farm to table” of insurance.
  • I will seek an agent who is qualified to manage my risks.

 

Save On Your Next Business Insurance Renewal

Business Insurance Renewal

Your business insurance should be an important part of your overall risk management program. It is important to have the best possible insurance coverage, competitive pricing and the right insurer. We have found a number of factors that could be important to manage when renewing your business insurance program. Give one of our professionals a call today, we can help you find the best possible combination of coverage, price and service.

Business Insurance

A business insurance program should generally include commercial property, auto liability, professional liability commercial general liability, employment practices liability, workers’ compensation, flood insurance, and excess or umbrella liability.

Insurance Renewal Tips

Provide complete information about your operation to your agent and insurer.

Consider increasing your deductibles to save money.

Use an independent agent like us. We are equipped and prepared to provide you with the best combination of coverage, price, and service.

Let us market your program to a number of different insurers.

Combine your business property, auto, and liability with one insurer into a package or business owners package. You will receive package additional premium discounts.

Develop a safety program.

Provide safety incentives for having no losses over time.

Follow all OSHA regulations.

Putting a little extra effort into your next business insurance renewal can offer many rewards that include better coverage and lower premiums. We hope you and your team will join us on this risk and insurance journey, and in the end know that there is a better way to buy commercial insurance and have true peace of mind.

 

Why Business Insurance?

A Business Insurance Update

Your business insurance can respond to many kinds of risks and losses.  Protecting your business from loss can mean the difference between having a great year, and having to close your doors.  According to the Insurance Information Institute, 30% of businesses that have a fire never re-open.  Therefore, it pays to have the right business insurance and to manage your tops risks.  However, do you know the most common risks faced by most businesses?

Business Risks

Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire. Make sure you have a cyber liability insurance policy.  Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.

Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.

Flood – Your business insurance excludes flood damage. If you are close to water, make sure you consider flood insurance.

Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.

Theft – Develop a system for end of day closure procedures. Keep a light on at night. Burglars are less inclined to break in if they think someone is there.

 

Are Burglars Looking At Your Home?

A Personal Insurance Update

Your homeowner’s insurance may provide protection and help you recover from a loss.  However, it is very important to have the right kind of home insurance to cover these kinds of claims.  Call us for a free review.

Interesting Facts About Burglaries

Burglars do not travel far. The typical burglar lives within two miles of their victims.

Over 90 percent of burglars are male.

Dogs are not the same as a home security system.

95% of burglars are under the age of 25.

A large percent of burglars use an open door or window to enter your home.

Homes that have a security system are not as attractive to burglars.

What Can a Homeowner Do to Prevent Burglaries?

While nothing is 100% guaranteed there are measures you can take to reduce the likelihood of being a victim of a burglary.

Leave lights on when gone.

Have timers on outside lights.

Get a security system.

Never leave a door or window unlocked.

When traveling, do not post vacation pictures or information on social media until you return home.

Reduce landscaping around doors and windows.

Tell your neighbors to watch your home while you are on vacation.

Our agents have access to more carriers and more plans, and that means that they have more options – including multiple policy discounts and preferred premium pricing – to create the best possible combination of coverage to protect your family while lowering your costs.

We Answer Common Home Insurance Questions

We Answer Common Home Insurance Questions

Whether you are a new homeowner or have owned your home for a longer period, there’s no doubt you have any questions about homeowner’s insurance. You want to protect your home, your possessions, and your family. Below are five of the most frequently asked questions about homeowner’s insurance.

As a homeowner, am I required to have insurance? Yes, in most cases, especially if you have a lender. It’s also wise to look into insurance if you are in the process of constructing your home and even renting your home to someone else.

What types of coverage does homeowner insurance provide? Two types casually, which covers the home and contents, and liability, which covers anyone who is injured on your property. With both types, the amount of coverage depends on the policy.

Will the replacement cost be the same as the sale price of my home? No. The replacement cost will cover the amount needed to replace the structure and/or contents. Replacement cost is usually calculated based on the individual policies formula. It’s wise to take inventory and photographs of your home and contents.

Will homeowner insurance cover damage or theft outside of my home? It depends on the policy. Sometimes standard policies offer this kind of coverage, but if not, ask if purchasing the coverage at additional costs is an option.

Are home-based businesses covered under homeowner insurance? No, unless you qualify for an endorsement to your current homeowner insurance policy. Otherwise, look into getting a business owners insurance policy.

Of course, homeowners will have more questions about homeowner insurance particular to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When searching for a homeowner insurance policy, be sure to ask about coverage relevant and beneficial to your own situation.

 

Civil Disobedience Is Newer Civil

A Risk Management Update

There seems to be a growing number of protects and civil disobedience these days. For whatever the reason for the protests, it does create a risk for your business. Your business insurance is designed to protect your business from unknown claims or accidents. Our job is to be your business insurance resource and to provide you with the best combination of coverage, price, and service.  A commercial liability policy can protect your company from actions by yourself and employees if a third party is damaged or injured.

Are Riots A Covered Loss?

Generally speaking, damage to your building and other property due a riot is a covered peril. This would include fire, theft, and vandalism. If you were forced to close your business by civil authority but had no building damage you may be able to collect for lost revenue, depending on how your policy is written. Remember, each policy is unique, so call our office for a review.

What If The Fire Department Refuses To Put Out The Fire?

Insurance companies generally will not deny a claim because the fire department pulled back for safety reasons. If civil authorities limit or restrict access to a burning building, your insurance will not be jeopardized.

Final Thoughts

Business insurance is designed to protect your business from accidents and other unforeseen events. Many of the damaged businesses had insurance, and those that did not will most likely have to close their doors.

We Know And Understand Insurance

The leading trends in insurance today

We live in a new age, and that means insurance professionals need to be prepared to meet the new demands of the insurance buyer.  Home and auto insurance buyers have changed the way they select insurance companies and their agents. One thing that has not changed is that everyone needs home and auto insurance, and business owners need commercial insurance.

We know and understand your needs

Here is what our clients are telling us they need from us in order to meet their changing needs.

We offer coverage for Uber and Lyft drivers.

Our home insurance products can be designed to include coverage if you rent your home to third parties, or if you own a vacation rental.

Our web page is constantly being updated to reflect the buying habits of all generations.

For the environmentally conscious buyers we offer insurance products that include premium discounts for homes that meet stringent efficiency and sustainability standards, discounts for using eco-friendly building materials, and even unique “pay as you go” auto policies so you only pay for the miles you drive.

Filing a claim has never been easier. Most of our insurers have online reporting, but we are always here to help manage your claim if needed.

We understand how the technology of a “connected home” works and the importance of proper homeowner’s coverage.

There is new technology that can be added to your vehicle that monitors your driving and provides discounts for safe drivers.

You want, and deserve, more choices and personalization concerning your insurance program. Our friendly team is always ready to serve you.