Business Insurance Forum

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Business involves a lot of perils and businessmen can discuss what problems they are facing in this forum.

i fell on ice after
by Guest »
Guest

i fell on ice after leaving girscouts one day and was knocked unconsiouse and my neck hurt and it felt as if i had a ice pack on it so i went to the hospitaql and had some test run dr. said i had a concussion and nerve damaige who pay the bills

excess insurability usages..
by Guest »
Guest

People with knowledge on 'insurability'...I'm confused if its possible for me to use my excess insurability for donation and charity purposes..

political risk insurance for our business
by Guest »
Guest

Wow! You all seem to be a part of a pretty nice community!

Lets see if you all have the answer to my dilemma-

Does political risk insurance cover overseas business?

What else does it cover for?

:)

Business Insurance to Combat Business Disaster
by Guest »
Guest

You may be extremely enterprising and may have taken your business to great heights. Definitely you do not want any hindrance to your already successful business. But accidents don’t happen with a warning. To be sure you can recover from any problem to your business, getting a business insurance would be a sensible idea.

What coverage can you expect from business insurance?

Business insurance coverage is sold to business owners as a package offering coverage for both major property as well as liability risks. Some companies may also sell you separate policies. The Businessowners Policy (BOP) is a popular package purchased by mid-sized or small companies. Commercial policy packages are usually designed and purchased by bigger businesses. The Businessowners Policy includes:
  1. Property Insurance: The 2 different types are standard and special. This covers for buildings and any content owned by the company. There are, however, exceptions to property insurance. Find out more.

  2. Business Interruption Insurance: This is designed to cover loss of income as a result of disrupted operations of the business caused by fire or any other accident. This policy may sometimes also cover the extra expense that you have to bear in case you need to shift operations to a new location temporarily.

  3. Liability Protection: In the event that your company causes any harm to others, this policy provides protection against such an event. This harm may be bodily injury or property damage caused by defective products, service errors and faults in installation.
The Businessowners Policy, however, does not cover professional liability, workers' compensation, auto insurance, disability insurance or health insurance. These will require you to purchase separate policies.

What can be your plan to combat disaster in office?

You do not know which employee will suffer a chest pain in your office premise, or when there will be a fire threat or any other accident. So that you and your employees may be able to combat the situation, you need to make a plan. The process is ongoing but once organized it can be a very smooth process. Take some time out to make the plan. Learn how from the steps to follow.
  1. Put together the address and contact numbers of local hospitals, Emergency Medical Services EMS, and nearest disaster responders.
  2. Store the location of important documents.
  3. Have the mobile and personal contact numbers of all key personnel in the company.
  4. Keep a list of the contact numbers of the safety contractor, fire fighters (contractors), landlords and others key personnel.
  5. Make a list of employees who may require special help to evacuate the office premise in case of an emergency.
  6. Prepare a list of doctors/nurse (if any) or anybody with special training in such a field.
  7. Test contacts for outdated numbers and update as and when required.
  8. Check whether the representatives listed in the plan respond to calls since they must be available 24x7.
  9. Put all of the information in one place e.g. a binder and put separate tabs for better understanding and quick searches. While doing so, consider the language all of the employees understand, whether anyone has impaired sight and any other condition. These binders must be accessible to all.
  10. Make sure to delegate the right disaster issue to the right person. If one person is given responsibility of all issues, he/she may not be able to attend to the tasks properly.
  11. A step-by-step scenario specific instruction always helps. Prepare a simple plan and test the plan to judge its effectiveness e.g. fire drills, tornado drills, test exit routes. Do not forget to get employee feedback on this.
  12. Get your employees involved in the disaster plan you prepare and encourage them for Red Cross first aid and CPR training. Lessons on disaster planning must be given.
  13. The plan must also be circulated amongst employees. This is to increase the effectiveness of the plan.

How would you insure your home business?

When you are running your business from your home, you may need extra protection for your property since you may not have enough insurance to protect it. Homeowners insurance may only provide partial coverage for your property and you may need extra coverage. There are 3 basic policies that you may choose from, in order to provide protection to your business.
  • Homeowners Policy Endorsement: A simple endorsement added to the homeowners policy you own, may increase your coverage for business equipment to double. A homeowners liability insurance will be essential if there are chances that your clients or any delivery people injure themselves in your premises. This liability insurance is designed for businesses that have few visitors e.g. writers, teachers, piano teachers.

  • In-Home Business Policy/Program: This policy not just provides protection for your business but most of the policies also reimburse you for conditions such as loss of important documents, accounts to receive and off-site property belonging to the business. Some policies pay for loss of income due to damage caused to your home by fire or any other accident. If you need to operate from a temporary location, this will also get compensated.

    This policy may provide a wider coverage like legal responsibilities or lawsuits for injuries that are a result of products or services that you give to others. The policies in home business are available with homeowners insurance companies as well as specialty insurers.

  • Businessowners Policy (BOP): Covers any property that is related to business.

How would you file a claim for business insurance?

There are very simple and easy steps to be followed and kept in mind when filing a claim. In case of theft, fire or any accident:
  • You must get in touch with your insurance company or may be also your agent. The police too, should be informed about the event.

  • Go through your insurance policy to find out how you are covered and what procedures you must follow to get your claim.

  • See that your property does not get further damage from temporary repair works. If your property needs immediate repair, you may do so, but keep the damaged parts for the adjusters to review in case they need to.

  • The cost to repair your property may be huge. So try and get at least 2 quotations/bids for costs that may be needed to repair the damage.

  • The income generated by the business before and after an accident is necessary for filing a claim for business interruption. Keeping a detailed record of the business process always helps. If you need to move to a temporary location, this can determine the cost to be incurred during that period.
For those who are dissatisfied with the process in which your claim was handled, you may:
  • Discuss with your insurance agent or claims manager and get a feasible solution.
  • Contact the consumer affairs or the complaint cell and explain your situation.
  • Get in touch with your state’s department of insurance.
  • Consult an attorney specializing in insurance related issues.
Starting a business requires a lot of planning. There are a lot of aspects involved in establishing a business and taking it to great heights. Insurance is such an important aspect. No matter whether you have a small business or a bigger one, it can get affected from any natural disaster. It is always sensible to get your business insured to protect yourself from unnecessary losses.

What are the things that I should know before applying for business insurance?

Choosing business insurance professional
by Guest »
Guest

Now that I know the difference between an agent and a broker...I'd like to know about the process of choosing one for my business. Any volunteers!

small business insurance professional
by Guest »
Guest

Hi,
I'd like to have the best coverage for my business. Since I have a small business it is all the more important for me to have the coverage for which I'd not need to pay uselessly. Are there any insurance professionals or groups who are professionally trained to offer such advice? Dfreeman

Employment Practices Liability Insurance
by Guest »
Guest

Is anyone here selling EPL Insurance? It is just making its way into Canada (over the past couple of years) but very few Canadian brokers are promoting it - if any at all.

I think it is a valuable product and would love to be one of the first to introduce it.

I'd love to see a discussion here about the product and best ways to sell it. Is anyone using it as a door opener? Or are you just cross selling it to existing clients?

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