Crime Insurance: Phantom Vendor
Last week we showed how susceptible small businesses are to employee-related crimes like theft and forgery. With an average loss amount of over $200,000, we recommend that restoration contractors purchase some sort of crime insurance policy. We have found one of the best ways to explain the need for crime insurance to talk about some […]
Protecting Personal Items Left in Your Car
Protecting your personal items People leave stuff in their cars every day. We drop our cell phones in the cup holder, leave a bag on the floor, and throw our golf clubs in the back seat. We’re human, so we forget about this stuff, park, and go inside. It happens. The thing is, sometimes when […]
What is Electronic Data Protection Insurance?
What Does Electronic Data Loss Insurance Cover? 1. Lost or damaged electronic data EDP coverage as it is commonly known provides insurance to replace or restore your electronic data that is lost as a result of a covered claim. For example, if a fire to your building destroys your computers, then your standard property policy […]
Avoiding Flood-damaged Cars
CARFAX reports that 271,404 once-flooded cars are now back on American roads—and that’s only counting the ones on file with insurers and state regulators. Most dealers will disclose previous water damage, but there are operators who omit mentioning such history, sending cars out for sale across the country. How can you check what you can’t […]
Should companies check MVRs?
Automobile liability poses a significant potential loss exposure to all business entities. Not just from a claims standpoint, but that a circumstance could arise that could exhaust all insurance limits and further put the assets of the company at risk. Because all drivers carry with then the name and therefore the identity of the company, […]
What is an installation floater?
So what exactly is Builder’s Risk insurance and where does an installation floater come in? Well, put simply…builder’s risk protects a contractor from a loss during a construction project due to weather, fire, accidents, material defects and poor installation or workmanship. Builder’s risk will provide funding to repair, repurchase or reconstruct the covered loss for […]
Homeowners Insurance: What is loss of use coverage?
What is Loss of Use insurance coverage? Loss of use coverage pays to maintain your standard of living while your residence is being repaired or rebuilt in the event of a covered claim. In most cases, loss of use covers the excess of what you normally spend for certain things. For instance, let’s say your […]
Understanding your workers comp experience mod (part 2).
Last week’s post briefly what your workers comp experience mod is and how it affects your premiums. This week we will discuss the importance of understanding the time period over which your experience mod is calculated, how NCCI evaluates your prior losses, and tips for keeping your experience mod low. What is the experience rating […]
Benefits of an Insurance Rider
There are a number of benefits to adding a rider to your homeowners insurance policy. Increased coverage: Most home insurance policies contain “sublimits.” A sublimit is essentially a limit within a limit. For example, you may have a $100,000 limit in personal property coverage for your belongings. But your limit on jewelry may be $2,500. That […]
Understanding your workers comp experience mod (part 1).
The experience modification factor is a key component of your workers compensation premium. Understanding where this number comes from and how it is calculated is a very powerful tool to help restoration contractors minimize their workers compensation premiums. The majority of states work with the NCCI (National Council on Compensation Insurance) for determining the calculation […]
