Tuesday, September 25, 2012

The Benefits of Business Interruption Insurance

For easily and quickly addressing problems connected to a business’ physical location with a risk of income loss, a certain type of small business insurance is designed, called “Business Interruption Insurance”. Business interruption insurance can help mitigate losses which are not typically covered by standard property insurance policies. Adding this extra coverage can really make a positive impact in the event of the unexpected, and may mean the difference between the life and death of your business.

Feel Comfortable with the Extra Protection

With business interruption insurance, your business will be protected if there is a loss of income. This can occur when it’s become impossible to do business at your existing location. Examples of why this could happen include damages due to storms or other natural disasters, break-ins, or any other circumstances which require you to do business from a different location temporarily. This can really ease the financial burden of any business which is forced to cover expenses for two different physical locations (the original and the temporary) for the short-term.

Costs Coverage

Interruption coverage will often take care of any fixed expenses as well. These are determined by examining your business records to find typical costs of those expenses, such as utilities and rent. The amount of coverage granted by the benefits for income loss is also determined by previous financial records. Extra expenses, such as those incurred by simultaneously operating from a new location while maintaining the old location, may also be covered by a business interruption policy.

Protecting Your Investment

Purchasing business interruption insurance is likely one of the most valuable coverages you can maintain for your business. Unfortunately, it’s also one of the types of business insurance policies which is very typically overlooked by business owners. It’s far too easy to forget that a physical property is needed in order to keep running the business, and take it for granted. Additionally, many business owners may incorrectly assume that property insurance covers loss of income. In reality, a property policy typically only covers physical losses such as the building itself and any inventory. For more comprehensive protection, including business interruption insurance is crucial for anyone who is interested in the longevity of their company.

The Benefits of Business Interruption Insurance

Friday, September 21, 2012

Secret Tips to Saving on Homeowners Insurance

If you’re like most people, your home is probably the largest asset you have, and you have a decent homeowners insurance policy for protecting that asset. However, your insurance premiums shouldn’t come anywhere close to equaling your actual mortgage. If you think you’re spending too much on your insurance policy, here are a few lesser-known tips which can help you save.

Quit Smoking

You might think this tip would only lower health insurance premiums, but it turns out that other insurance can be increased when you’re a smoker as well. Many residential fires are started by cigarettes left burning, so it’s no surprise that nonsmokers can get better homeowners insurance quotes than those who continue smoking. As an added bonus, quitting smoking might lower your health insurance premiums as well.

Pay Your Bills

Those with better credit scores will end up paying less on insurance premiums. This is because a person who makes financially sound decisions is generally considered to be a lower risk, since they are assumed to be more responsible and steady than those with lower credit scores. Pay your bills, pay them on time, and keep your credit card balances low for the best quotes on insurance for your home.

Adjust Your Policy

Raising your deductible is a pretty well-known trick to lowering your monthly premiums. This is a great strategy, but just remember it means you’ll have to pay more out-of-pocket and upfront if you do ever need to file a claim. Keep money set aside which will be accessible in case there is a problem with your home.

Another adjustment you can make to your current policy is to insure the physical structure only, and not the surrounding acreage. Although your landscaping might be damaged by storms, fires or floods, it will repair itself over time. Your house won’t. Make sure your policy will cover your physical home, and don’t worry too much about adding coverage for the dirt where it’s actually sitting.

These three tips alone can really help you save on your premiums. Remember too that it’s a good idea to compare policies before purchasing any type of homeowners insurance, in order to make sure you’re getting the right balance of coverage which is still budget-friendly.

Secret Tips to Saving on Homeowners Insurance