Now that we have reviewed the basics and importance of business income coverage, we will now cover extra expense.  Equally as important as business income coverage and often an enhancement to the business income coverage, extra expense coverage is designed to cover necessary expenses (in excess of normal operating expenses) that a business incurs to continue operations after a covered loss. Extra expense coverage is most valuable for those businesses that cannot afford to suspend operations while their damaged property is being repaired or replaced, and are able to continue operations from a temporary location. If your business provides continuous … Continue reading

There are several things to consider when deciding to purchase a rental property. You need to have money or the ability to obtain financing to purchase it. You’ll need to able to accurately project your rental income and expenses to ensure that you aren’t losing money on your investment. You also need to purchase insurance to protect your investment. While insurance may not be the first thing that you think of when deciding to purchase, it should not be the last. There is information an insurance company wants to review before deciding to offer a quote. The list below includes … Continue reading

The holidays are upon us and that means we are busy with company parties and fundraisers.  I often get asked the question from organizations that don’t serve alcohol as part of their normal operation, do I need liquor liability? The answer is usually yes; if you are selling alcohol you need liquor liability. If your business is having a holiday party for your employees and alcohol is being provided but not sold, your commercial liability policy usually has host liquor liability and you would not need to purchase a liquor liability policy. If you are a non-profit and are hosting … Continue reading

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

I love this time of year when the leaves start to change color. The air is cool and crisp and everything comes in the flavor of pumpkin. I also enjoy all of the events that begin from now through December.  Fall fests, haunted walks, Christmas tree farms with Santa, and kid’s activities start to pop up everywhere.  If you put on one of these amazing events and are concerned about what happens if a spectator gets injured, or you damage someone else’s property, then you need to consider special event insurance.  This is a policy that can provide commercial general … Continue reading

Summer is coming to a close and the cool fall air is creeping in.  For some, business is slowing down, and for others, it is about to ramp up.  Regardless, the change of seasons is a good reminder to review at least one area of your business, your website. This is one main area that is often neglected.  Did you have someone design a basic website quickly, so people could find you, but haven’t updated or done anything with it since?  Have you expanded or changed what you do [services or products] but haven’t updated your website to reflect that? … Continue reading

Winter is over!  This means time for “spring cleaning.”  Winter can wreak havoc on many things [as we know all too well!] and one item that is often overlooked by businesses when the snow has melted away is the condition of the sidewalks on the premises. Pedestrian falls on sidewalks are often a result of the sidewalk not being maintained in a reasonably safe condition. Regular sidewalk inspections are important for identifying unsafe conditions throughout the entire year.  Following are several different areas to be on the lookout for when inspecting existing sidewalks for safety concerns: Are there large cracks, … Continue reading

OSHA and the federal government are turning up the heat on contractors and it’s about to get really expensive.  On Nov 2nd 2015, President Obama signed a new amendment to the Federal Civil Penalties Inflation Adjustment Act of 1990. This Act directly affects what OSHA charges for its fines.  There has not been an increase in fines since 1990. But on August 1st, 2016 the increase will take affect and it is large. In certain instances the fines will increase by 80%. There are four types of fines that OSHA can implement:                                                    Current Structure                                 After August 1, … Continue reading

Martin Luther King Jr. Day is Monday, January 18th. Doctor King had a dream, and his inspiring words and actions have helped many people fulfill their own dreams. Maybe yours is to start your own business? This is exciting and challenging when getting started. The first year is ironing out the details of the business, and two of the items that need to be considered are who will insure your business and what are your insurance needs? The top 5 things to consider when purchasing business insurance are as follows: Does the agent understand your business? This is important to … Continue reading

Imagine this scenario; you allow an employee to drive your truck to a job site, and on the way he strikes and injures a pedestrian. The pedestrian is now looking to sue you personally, and the business. Now what? Who is going to pay? Your personal auto policy could deny the claim since the employee was driving for business purposes. Now your personal assets could be at risk as these claims can get quite costly considering the cost of medical care continues to rise, and defense costs can add up quickly. Can’t you just add incidental business use to your … Continue reading