Monday, June 29, 2009

SUMMER 2009

diversity, investment, property, casualty

Are all your eggs in one basket?

While diversity may be the way to go when investing, it is not necessarily the most practical course of action when buying commercial property and casualty insurance.

The following is from firms who have combined multiple lines of insurance with one commercial carrier:
89 percent of the firms who saw savings were able to cut the overall cost of their risk management program by a minimum of 4 percent.
Approximately 35 percent realized savings of 7 to 10 percent.

By combining all of your commercial insurance with one company, you receive a more cost-effective policy than if you were to purchase each product individually from different companies. Not only is it a matter of cost savings and convenience, but having your coverage with one company can also simplify the claims process should a loss occur. So, unlike an investment portfolio where it is better to spread the risk around, your commercial insurance policies are most effective when you keep them all in the same place. If some of your policies are not combined, work with your independent agent to evaluate all of your exposures and the most effective company for your business insurance needs.

insurance, workers compensation, liability, property



Taking a Closer Look at Business Insurance

insurance, business, loss, hazard
There are many hazards businesses face that aren’t covered under a typical insurance policy. However, you can offset significant financial losses by securing extra protection through comprehensive business insurance. Consider the following coverages:

Company vehicle contents:
Do you operate a business with employees on the road making service calls to customers? Chances are there is valuable equipment contained in the company vehicles. A typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment is lost or stolen.

Tenant property improvement insurance: Do you rent space to conduct your business? Have you made interior improvements to accommodate your business needs? Many property insurance policies don’t include the value of the improvements made by a tenant to the existing structure. If you’ve invested in improvements, it’s worth considering the coverage to protect your investment.

Home-based business equipment: An increasing number of people are working from home at least part time, even if they maintain an office or site elsewhere. Homeowner’s insurance generally does not cover business equipment. If you have expensive business equipment at home, you may want to consider purchasing additional protection.

Key person insurance: In many companies, the knowledge and skills of a single person or a top few are absolutely essential to the enterprise’s success. Key person insurance can help a company recover if an essential employee dies or becomes disabled for a lengthy time. The coverage can provide needed funds that allow the company to continue operating during a search for a successor or until the key employee returns.

Business interruption insurance: Remember the series of hurricanes that hit Florida? The wild fires that damaged cities and towns in California? The flooding that disrupted life in the Midwest? These types of disasters can bring businesses to a standstill for weeks or even months. Business interruption insurance can provide a way to get back on your feet.

insurance, benefits, personal, commercial