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What is “hole-in-one insurance?”
If the organizers of an event wish to offer a prize but would rather not give out that prize, they can purchase an insurance policy called “hole-in-one Insurance.” In this way they can add excitement to their tournament or event without the risk of a payout. Continue reading Hole-in-One Insurance
Whenever a tenant moves into a new office, there is almost always an insurance provision on the lease that mandates the amount of liability insurance you must purchase.
Leases almost always contain requirements that your insurance policy cover the landlord as well as yourself. This is because if someone slips and injures themselves in your unit, they will likely sue both the tenant and the landlord who owns the property in which the incident occurred. Continue reading How Much Liability Insurance Does Your Lease Require You to Buy?
Don’t assume that simply because you pay for liability and property insurance every month, you’re covered in all instances of damage. Policies vary, but many have exclusions that will not allow you to receive compensation under certain circumstances.
Most people assume that when they pay for coverage under an insurance policy, they should be taken care of in the event of virtually any problem. Unfortunately, it does not work that way. Sometimes even insured individuals and businesses suffer damages which are not covered by their particular policies.
A recent example I came across involved a contractor who performs cleaning and maintenance services for homes and businesses. There was an accident in which a part of the property being worked on was damaged, and a claim was filed with the property owner’s liability insurance carrier to cover the costs of repair.
Continue reading Are You Covered for Defective Work Performed on Your Home or Business?
Don’t assume that it can never happen to you.
As the owner of a business and an employer, you have to be careful to safeguard what you’ve worked so hard to build, not just from those members of the public that might like to take advantage, but from your own employees as well. While surely most of your workers are honest and would never steal from you, all it takes is one bad apple to potentially bankrupt your company. And it’s often the one you never suspected that proves to be the culprit.
Employee theft is on the rise and it currently costs American businesses an estimated $40 billion a year. This is why it is a good idea to consider purchasing employee dishonesty insurance.
Many companies have no protection at all against this type of harm, and of those that do, a high percentage are woefully underfunded. Many policies will only cover up to $50,000 in damages, while the average claim filed for this type of loss is almost $1 million. A nonessential employee who steals a small amount of petty cash is unlikely to cause a claim to be filed anyway – it is the trusted higher-level managers who can loot the business that you as an owner need to be particularly worried about.
Continue reading Is Your Business Covered Against Employee Theft?
With the high price of insurance nowadays, the natural tendency of most policy owners is to file any and all claims that they can. The general attitude is “since I’m paying so much in premiums, I had better get every last dollar that I deserve out of my insurance company.” However, there are good reasons to avoid taking this approach, and in fact, it is usually smart not to file a claim for relatively minor or inexpensive damage. Here’s why:
Continue reading When to Avoid Filing a Valid Insurance Claim
Many people are growing unhappy with the rising costs of their insurance coverage. This common complaint raises an interesting question: How exactly do insurance companies decide how much to charge their customers for their individual policies?
Listed below are some of the major factors considered for disaster and accident coverage:
For years, residents of coastal areas within the U.S. have been paying relatively little in flood insurance premiums, considering the catastrophic nature of the threat they face. The low premium rates were partly due to the federal government’s subsidizing of this type of insurance, through the National Flood Insurance Program.
Since Hurricane Sandy and the extreme financial losses it caused, there has been a reevaluation of the system. Last year, Congress passed the Biggert-Waters Flood Insurance Reform Act. The bill will, in incremental stages, remove government subsidies that have historically kept flood insurance premiums artificially low for over a million policyholders nationwide.
Many small business owners and renters put paying their property and casualty insurance at the bottom of their To-Do list. They make the dangerous assumption that they don’t need insurance based on two common misconceptions.
It’s not worth paying for insurance that will never be used.
These are both assumptions that can close a business’ doors forever.
In standard commercial leases, the tenant is required to have liability insurance. If someone injures him or herself in your business, and goes on to sue you, that will cost far more than a yearly insurance premium. Most insurance policies also cover your legal defense and fees. Continue reading Think You Don’t Need Insurance On Your Office or Apartment? Think Again!
Welcome to our new blog: 3 times a month (every 10 days or so), we will publish a new article about a related insurance topic. Generally speaking, Jay Silverman will write about health insurance; Tomer Dicturel about life insurance; and Seth Jonas will write about property & casualty insurance. If you have specific questions, you may contact them privately (see each author’s About page), or comment publicly below each post.
We look forward to your questions & comments. Please also connect with the authors via their respective social media – also found on each About page.
The Insurance Pro 