If you were asked what Business Income and Extra Expense coverage is, would you know? More importantly if your business suffered a major loss would you be protected, or would your business end up in financial ruin and possibly out of business? The first part of this two part series we will discuss Business Income. The second part will focus on Extra Expense. Business Income, also referred to as Business Interruption, is a property coverage that pays for the actual loss of business income (net income and normal continuing operating expenses) that your business sustains due to suspension of operations … Continue reading

When you think about an independent insurance agency in the Upper Peninsula of Michigan, you probably think of a small to medium size office run by a family or a few employees. If you have never visited or been inside VAST, you have not experienced the big picture. Then again, even if you have visited you may still not have seen the entire office. VAST is a large brick building located on Front Street with a front row view of beautiful Lake Superior. With 40 employed professionals (currently seeking additional candidates to join the team) we are one big family … Continue reading

Intimidating was my first thought when I began working at VAST. The first half hour of my first day was spent at that week’s Monday morning staff meeting. The meeting is highly focused around goals and the importance of growth and reaching/exceeding said goals. I thought to myself that this company and the employees never quit, and must work ALL the time (no time for vacation, etc). Long story short, this may be the case with many other companies, however, this certainly is not the case at VAST. As the meeting continued I realized, “Okay, this is not so bad. … Continue reading

As we speak, criminals are out there planning their next cyber liability attack. Unfortunately, we hear statements far too often such as, “Our business is too small to be a target.” “We have coverage under our general liability.” “We are using the latest/best technology and software to protect our business.” Truth of the matter is businesses of all sizes are susceptible to such malicious acts. It is critical that businesses and their staff understand the significance a single loss could have on their company. Take for example the UCCLA Health massive data breach, which compromised medical records of up to … Continue reading