Insuring a condominium unit is more complicated than insuring a single-family home, because condo ownership involves laws and contracts that affect the way insurance should be provided. If you own a condominium, here are some tips you can use to be sure your investment is protected. There is no way to arrange insurance on a […]
Question: A customer recently asked us about their building which suffered significant damage in a hail storm. They were contacted by a public adjuster and wanted to know if they needed to hire a public adjuster to deal with the insurance company. When you report a claim to your property insurer, the insurance company assigns […]
If you are planning on acquiring [or merging with] another business, changing your entity name, or changing our organizational structure you need to contact your insurance agent as soon as possible to let them know about these changes. Your insurance policies must be changed before you begin to operate under a new name or legal […]
A customer recently learned that the city building code requires automatic fire sprinklers for their building and asked if their property insurance would pay for installation of a sprinkler system. Your commercial property insurance policy responds only when your building is damaged by a covered cause of loss, so it won’t help pay the cost […]
Are your suppliers and vendors properly insured before they deliver products to you or their employees visit your premises? Are you sure you have limited your company’s liability as much as possible when you sell, use or distribute these products? What kinds of insurance should you require and what documentation is needed to accomplish these […]
Serving on a board of directors presents a number of liability exposures for the individual. You don’t want your personal assets exposed to lawsuits arising out of your service. Corporate directors can be sued individually for acts they perform (or fail to perform) or decisions they make while serving. If someone alleges the corporate leadership […]
If you have commercial insurance, you may have noticed that your rates have increased. The reason why may not be straightforward. Commercial Insurance Companies are Regulated by States Insurance industry regulations in every state must meet the following criteria: The rates must be high enough to keep insurance companies in business, but not so high […]
When creating a small business, many business leaders and entrepreneurs tend to focus on planning for success. How will profits be divided? Who will make decisions that drive business growth? These are excellent questions, but they only account for half of the plan. For small businesses to be truly protected, their owners must plan for […]
Financial services professionals such as CPAs, tax preparers and financial advisors can be exposed to the risk of a lawsuit if they make a mistake (even if it’s an “honest” one), especially if that mistake costs their clients money. These lawsuits and settlements can be incredibly costly, easily bankrupting a company or an individual if […]
When it comes to protecting your business from electrical events, direct lightning strikes may be the least of your concerns. Most property policies include coverage for damage caused by a direct lightning strike, such as power surges and fire. However, they typically do not include coverage for power surge damage due to a nearby strike […]