Archive for the ‘Property’ Category
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9
Mar
2011
Harsh Weather Could Cause Damage to your business – Do You Have Business Interruption Insurance?
We have seen the reports of the harsh winter weather hitting different places around the world. There has been snow, floods and high speed winds – just to name a few. What happens when this harsh weather or some sort of disaster interrupts your ability to do business and temporarily closes your location? You need business interruption insurance.
What is business interruption insurance?
Business interruption insurance is not sold separately but can be added into your property insurance policy. It will help protect you from losing out to competitors if your business must be closed down temporarily due to a covered physical disaster or damage. It covers the following:
- Compensation for lost profits you would have earned, if your business was able to continue as usual based on past financial records
- Compensation for operating expenses
The price of the coverage depends on the type of business and risk. It can take around 48 hours for business interruption policy to start. Make sure you talk to your insurance broker to get the right amount of coverage for you.
12
Jan
2011
Unique Internet Business Insurance
Source: ImageShack
Running a business over the internet is unique in the different aspects of business. This includes the returns as well as the risks. There is a vulnerability in your security as well as your client’s security that comes with internet business. The vast reach causes more exposure to attacks against important database information. As the internet continues to change and grow, the insurance industry has evolved with it. Thus, having coverage helps manage that liability. E-commerce insurance related coverage can be covered in property insurance, and liability insurance.
Property Insurance
According to Insurance Information Institute, internet businesses can include two basic policies within the traditional property insurance. One policy is called Computer Operations Interruption coverage. This covers lost income and extra expenses as a result of computer problems. The other policy is called Electronic Data Loss coverage which includes the cost to replace or fix electronic data that is destroyed or damaged from computer viruses or other harmful codes.
Liability Insurance
Liability insurance is important to protect against the possibility and likelihood of system breach. There is a risk that private information will be stolen or compromised. Thus, an additional liability policy is Electronic Data Liability Endorsement.
It is important to select policies that fit your unique internet business, as there are different levels of insurance. An insurance broker can help you get coverage you need. Remember we are here to help you. Contact us today!
5
Apr
2010
Earthquake Preparedness
It seems of late that places all over the world are moving and shaking and yesterday’s 7.2 earthquake in Mexico was a little too close to our own backyards for comfort. Being in one of the most active areas of the country for earthquakes, we wanted to take a moment to address this important subject.
While homeowners insurers are required to offer earthquake insurance every couple years, commercial insurers have no such duty. Commercial earthquake insurance is costly in California and the Pacific Northwest and, for many of our clients, the deductible you would have on a policy would be as high if not higher than the value of your property.
While we are happy to provide quotes for earthquake insurance if you should wish to analyze the coverage in relation to the costs, you should look first and foremost toward risk mitigation to avoid the potential for serious losses following an earthquake. There are companies in California that sell EQ safety products, such as fasteners for securing large pieces of furniture and equipment. One such company is Q-Safety products in Southern California. The vast array of products for office and home are intended to protect your property from damage, as well as your staff from injury due to falling objects.
We encourage all our clients and blog readers to embrace a pro-active, risk mitigation plan and do whatever is possible to prevent loss that at this point is not insured. For most companies, the costs involved to secure your property via products available are most certainly going to be less than purchasing an insurance policy.
The protection of your assets and safety of your employees is important to us. If you have any questions or wish to discuss earthquake disaster planning in greater detail, please contact us. We are here to serve you.
