Blog Page 19
What Is Extra Expense Coverage?
Most business continuity insurance (also called business income insurance) involves extra expense insurance. This coverage can be found within the commercial property insurance policy and is triggered by a direct physical loss to either your business' contents or building. Extra expense coverage pays for actual, reasonable, and necessary operating expenses you incur during the period of restoration. The coverage specifies that payment is made only for expenses that would not have been incurred if there had been no damage.
What Is Time Element Insurance Coverage?
Time element coverage insurance refers to claims of monetary loss due to the inability to use a property as a result of damage. The amount of money lost is directly correlated with the time your property cannot be used, hence the "time element."
Business Interruption Insurance - What's Covered?
Business interruption insurance is the most important property insurance a small business can buy. In the event of a business interruption event, there are two important coverages that you will utilize: business income and extra expense. Each coverage plays a critical role in reopening your doors and keeping your business solvent during these hard (and expensive) times.
What Is Excess Insurance?
The majority of business liability insurance policies come with liability limits of $1,000,000 per occurrence - but is this enough? $1,000,000 is not enough coverage for a business when the average business negligence lawsuit is $1.5 million, and the average product liability lawsuit is $7,000,000+. There is a way to cover yourself and your business, though..
What Is Premises Liability Insurance?
If you have a business location, whether it be an office or a storefront, the chances are that you have some premises liability risk. From customers tripping in your parking lot to an item falling on a customer - things happen.. and they occur in unforeseen ways. The good news is that these unforeseen events don't have to keep you up at night. It is most likely covered under your commercial general liability (CGL) insurance policy.
What is a Risk Management Consultant?
A risk management consultant is an advisor who helps organizations and individuals assess their risk and develop a plan to minimize their exposure to loss. A risk management consultant can help you prepare your organization from the damage any single adverse event could cause. Whether it is developing a strategy to avoid, mitigate, or transfer any risk; creating the plan, and implementing it is critical.
Commercial Risk Management - Why Your Business Needs It
Commercial risk management is a strategy that organizations use to secure their assets, minimize liabilities, and protect the cash flow of their organization. A good risk commercial management plan will increase your business's stability and give you the tools to succeed in a marketplace that your competitors can't.
Business Insurance Coverage - An Overview
Every business, large and small, has unique exposures to risks. Although there are many ways to handle your business vulnerabilities, the most popular method is through insurance contracts (known as "the transfer of risk"). If you don't know if you want to get insurance for particular business risks, ask yourself these questions.
What Are Risk Mitigation Strategies?
As a business owner, you are surely aware of how your business runs and what goals you need to meet for your business to grow and thrive. But, have you considered how your risk mitigation plan and controls fit into your growth plan? Risk mitigation is critical to lowering your liabilities so that you can use your cash for what matters most -- growth.
Workers Compensation Experience Modifiers: What You Need To Know
The workers compensation experience modifier can drastically affect the pricing of your insurance program. Here is what the experience modifier is, how it works, and how you can leverage it to benefit your business.