Archive for November, 2009
When Catastrophe Strikes, Will Your Business Insurance Be Enough?
November 18th, 2009. Published under Business, General Liability, Liability Insurance, Liabilty Insurance, Small Business Owner, blogs. No Comments.
There are many coverages on a business policy. Here we will take a look at a few of them:
Business Income-reimbursement for lost income if you can’t operate your business due to a covered loss.
Example: a 4 alarm fire rips through your office building wiping out your office. You have no physical office to see “clients”, no files, etc. While you are restoring your business, business income expense would reimburse you for your loss of income.
Tenant Improvements and Betterments-these are the alterations you make to the space you occupy. They need to be insured if you wnat your store/office to look the same after the fire (or other event). The Owner/Landlord does not usually insure the improvements.
Business Personal Property-supplies, inventory, office furniture,etc. Many business owners never update their policy after they begin their business and are woefully underinsured.
Completed Products and Operations Liability- this applies to businesses such as :
Auto Repair or Contractors
You bring your vehicle in for an oil change and after you leave the shop the vehicle begins to smoke and breaks down. The vehicle is towed to a repair shop where it is discovered that the oil was not replaced during the oil change. The repair shops liability coverage will cover the damages to your vehicle.
The plumber installs a new dishwasher and 2 weeks later you discover there is water leaking and your hardwood floor is ruined. Upon inspection it is discovered that a water line was installed improperly. A claim would be filed against the plumber’s insurance policy for damages.
The small business owner needs to make sure they have enough coverage for a large loss.
How to buy small business liability insurance
November 18th, 2009. Published under Business, Liability Insurance, Liabilty Insurance, Small Business Owner, blogs. No Comments.
When a tenant signs a lease for office/retail space, there is an immediate need for general liability insurance as the landlord requires it in their lease.
Many new small business owners have never purchased business liability insurance before.
There are many types of liability insurance, we will discuss general liability insurance coverages.
General liability insurance covers :
slip and falls
damage to another’s property
The landlord wants any damages to their property to be covered by your liability policy.
To purchase a small business liabilty policy you should consult with a personal agent at your business site as the policy usually includes other coverages such as business property. You want the agent to see the space to insure the policy is written correctly.
The small business owner protects their business assets with proper insurance coverage. If there is inadequate coverage, there may be a lawsuit.
To summarize: small business owners need general liability insurance and the best way to purchase this coverage is through an insurance agent who meets with you in person to assess your insurance needs.
RENEE DARATA
How to save your life!!
November 11th, 2009. Published under Auto Insurance, Insurance Claims, Vehicle Safety, blogs. No Comments.
If you are involved in an auto accident, you will want your vehicle to have the latest safety features:
- Anti-Lock Brakes w/ Brake assist
- Electronic Brake Force Distribution
- Electronic Stability Control
- Traction Control System
- Dual Front Advanced Airbags
- Front Seat Mounted Side Air Bags
- Full Length Curtain Air Bags Front
- Active Headrests
- Tire Pressure Monitoring System
I was t-boned in an accident recently, driving 40 miles an hour, and these features saved my life.
These features also give you a discount on your auto insurance as they reduce bodily injury.
RENEE DARATA- your personal insurance agent
Does Your Insurance Agent Answer the Phone?
November 10th, 2009. Published under Insurance Claims, blogs. No Comments.
When a catastrophe occurs after hours, who do you call? If you decide to call your agent, do they answer the phone or give you a call back? Why is this important?
Not everything is covered by your insurance policy and the most common problem is filing a claim with the company’s 800 # and getting the claim denied.
A much better plan is to run the scenario by your agent and ask if it is covered. Your deductible could exceed the damage or you may have declined or waived that coverage. Happens all the time.
5 Things to Remember in a Parking Lot Accident
November 5th, 2009. Published under Auto Insurance, Business, blogs. No Comments.
- Get out of the car if you are physically able too. Take photos of the collision, the other drivers and close up photos of the damage to each vehicle.
- Since the police have no jurisdiction for accidents happening on private property, they will be unable to take a police report.
- Get statements from any witnesses who may have seen the collision. Remember, the occupants are not credible witnesses.
- Be sure to gather enough information. At a minimum you should get: Driver’s name, License #, Insurance Carrier and Policy #, 2-3 phone numbers, Address, License Plate #, & Make and Model
- Call me so I can help!!
