It’s that time of the year…time for freezing weather & winter storms. Freezing weather can cause pipes to burst & sprinkler systems to malfunction and snow and ice build ups on roof tops can lead to potential roof collapse. Do you know the steps you should be taking in order to save your property from these catastrophes? Places such as the Insurance Institute for Business & Home Safety & PHLY Risk Management Services have some great information on this topic. As an overview here are some of the basic steps that these two resources had to offer:
• Keep the heat on. Even if your building will be closed for the winter it is important to keep it heated to at least 55º.
• Make sure all cracks, or openings in the outside walls are sealed with caulk or insulation to prevent cold from coming in.
• When extreme cold is predicted let all faucets drip & leave sink cupboard doors open.
• Think about getting a generator so even if the electricity goes out you can continue to heat your building.
• Have sprinkler systems monitored by a central station to notify you in the case of a pipe failure.
SNOW BUILD UP ON A ROOF
• Keep your roof maintained
• Have roofs cleared of snow by a contractor. Contractor’s should not use shovels or snow blowers to clear of the roof. They should instead use a heavy duty push broom.
ICE DAMS ON ROOF
• Keep drains and gutters clear.
• Prune trees that are hanging over roofs.
• Increase insulation above ceilings.
Not only is a business plan a good idea for any business to have, but it is also often required to be submitted along with an application for insurance. We get asked all the time: “What is a business plan & how do I write one?” To put it simply, a business plan is just a summary of your current business and what you project your business to be doing in the future. Do you plan to add more equipment? Do you plan to expand your business to more locations? Are you hoping to have twice as many customers in the next 3 years? These are just examples but basically it is whatever you want for your business in the future and how you plan to achieve those goals.
There are many resources on the internet that can give you templates and outlines for your business plan. The most important thing to remember is to keep it simple. This doesn’t have to be a detailed step by step write out of your plans for your business; it just needs to be a summary.
The following resources can help you with writing a successful business plan, and there are a lot more out there!
Most business owners will purchase a general liability policy to protect themselves in case of a lawsuit which is a good first step. What many people fail to realize is that there are a few other coverage’s that they should also include.
General Liability provides defense cost in case of negligence on behalf of you or your employees. This provides coverage for bodily injury or property damage.
Property coverage will protect you from damage or total loss of your equipment or supplies. There are three forms of property coverage we will discuss.
First coverage will be property coverage that provides coverage from fire, theft, wind of your building, equipment, products, inventory, supplies from inside your building. There is no coverage for this for flood. There is flood insurance that can be purchased separately to cover your building and property. This does not provide coverage for your equipment or product that leaves the building. The coverage that provides coverage for your property off premises is called Inland Marine coverage.
The second important coverage is Business Income which is under the property policy and needs to be added. This provides coverage for your ongoing expenses after an insured loss and the loss of sales due to this insured loss.
The third important coverage is Inland Marine coverage. This provides you with coverage for your property that leaves the premises. If you go off premises to a trade show, set up your equipment at a jobsite, you will need this coverage. The perils that are covered are fire, theft, vandalism, water damage.
Since you have made a large financial investment for your business it would be financial ruin if someone stole your property, leaving you without a way to create income. The cost is relatively inexpensive, and provides you the ability to continue operating your business.