10 Tips on Catastrophe Claims

If your property is damaged by a hurricane, tornado, hailstorm or similar disaster, here is what you should do to assure quick handling of your catastrophe insurance claim.

  1. Assess the damage to the best of your ability and be prepared to give an accurate description of the amount and type of damage. Make sure you state whether the premises were rendered inhabitable as a result of the damages. This will allow your company to send out an adjuster with the appropriate level of experience, based on the level of damage.
  2. Notify your insurance agent as soon as possible. The insurance contract requires notification as soon as possible after a loss. Be sure to leave a telephone number where you can be contacted and a complete address of the location so the company can get an adjuster to the scene quickly. Be sure to stay in touch with your adjuster and respond to calls promptly. Catastrophes can generate hundreds of claims, so communication and cooperation is vital for a quick resolution to your claim. Continue reading “10 Tips on Catastrophe Claims”

What does your customer service say about your company?

I had my employee who is a techy guy do some research last year for a great amp and sub for my boat, gotta have my thumpin. He found that JL Audio has one of the best amps and we ordered it online from www.woofersetc.com in California the end of July 2009. I received it a week or so later and have it installed and the amp cuts out after 15 minutes of playing. I call the company back up and describe my challenge and he says that it must be my installation, bad ground, or too small of wire. I explain that the wire kit was from him, and that the installer has 10 years experience. He says to have him recheck everything. Had it rechecked and same results, called them back again and I am told it must be my batteries. I replace both batteries in the boat, same results. I call them back again and am told it might be my speakers, so I replace them, same result. Call rep at Woofersetc.com again and am told that it sounds like the amp is going into protect mode as it its overheating. They still deny it is the amp, it must be the stereo or back to the wiring. Continue reading “What does your customer service say about your company?”

Improve Your Paintball Business!

Improve Your Paintball Business
Improve Your Paintball Business

Most of the fields had an increase in business, most of the stores were flat with no growth. The economy has caused some of you to start marketing and selling your services again. In speaking with field owner’s they are telling me that they are contacting the players in their database and offering discounts to entice them to come back and play again.

Oh, you do not have a database??? Use your waivers to get the information of your customers and put them into a database where you can collect their email addresses so you can do email blasts to stay in contact with them. You should be sending them something once a month to keep your field name in front of them. Offering your field for birthday parties, corporate outings such as team building, church groups for youth ministries, charity fund raisers will create a buzz about your paintball field and keep them coming back. Continue reading “Improve Your Paintball Business!”

Commercial Auto Insurance…Do I really need it?

Commercial Auto Insurance...Do I really need it?
Commercial Auto Insurance…Do I really need it?

Over the years I have reviewed several insurance policies.  One of the most overlooked coverage is the Commercial Auto Coverage because people will assume that they have coverage under their personal auto policy (PAP).  Several people today start their own businesses on the side besides their normal 9-5 job to either provide a better lifestyle or to get away from their current job.  They are using their own personal vehicles in these businesses without reviewing their personal insurance coverage.

Most PAP policies are designed and rated to provide coverage for people that drive to and from work, 5 days per week, leaving their automobile parked outside that job for 8 hours and then go home.  There are exclusions in the PAP and one of them is for business use.  There is an endorsement that can be added that provides business use for professionals like attorney’s, insurance agents, and realtors who use their cars in their business.  There is an extra charge for this and is not included under the normal policy. Continue reading “Commercial Auto Insurance…Do I really need it?”

Safety and Security questions you might not want to hear!

What does safety mean to a family fun center?  Oh­, boy you should not have asked me this question. This could be a two day seminar, not an article. This article is not for the weak, or timid.  The questions below should be read only after taking some Pepto Bismol or something equivalent.  I am not just an insurance broker, I owned a family fun center with paintball, go karts, inflatable’s, soft play, bumper boats, batting cages, arcade, food, birthday party rooms, and a parking lot.  I understand the exposures that you will face in maintenance and repair of all of these exposures and will share with you some of the questions you need to be asking yourself and your staff in the daily operations of your facility.  Put your helmet and seatbelt on, this will be a bouncy ride! Continue reading “Safety and Security questions you might not want to hear!”

Do I need product liability insurance?

Do I need product liability insurance?
Do I need product liability insurance?

Do you need product liability insurance?

Are you a manufacturer, distributor, supplier, or retailer who makes products available to the public?  Then you are held responsible for the injuries those products cause.  Product liability insurance will protect you if you answered yes to the question above.

Product liability refers to the liability of any or all parties along the chain of manufacture of any product for damage caused by that product. This includes the manufacturer of component parts (at the top of the chain), the assembling manufacturer, the distributor, the supplier, and the retail store owner (at the bottom of the chain). Continue reading “Do I need product liability insurance?”

Do I really need Disability Insurance?

Do I really need disability insurance?
Do I really need disability insurance?

A lot of people are hesitant to get disability insurance, because they’re not sure if they’ll ever come across to using the benefits of the coverage. To help better understand the importance of having disability insure, here’s a scenario to help you.

SCENARIO:

You’re on your way to work this morning and somebody runs a stop light and hits you broadside and you find yourself on the way to the hospital in an ambulance. After spending 8 to 10 hours in the emergency room you find out that you will be okay after a few months in a cast as you have a broken foot. To compound issues more you have a broken right collarbone and right ribs. Then for good measure we will add them a broken left thumb. Continue reading “Do I really need Disability Insurance?”

Necessary Property Insurance Coverages

Necessary Property Insurance Coverages
Necessary Property Insurance Coverages

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.

  1. 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.
  2. 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.

Are all insurance agents the same?

Your business insurance is sometimes handled by your local insurance agent who does your personal auto or home insurance.  Usually because you already do business with that person and you feel comfortable with that person.  This is usually not a challenge until you have a claim and find out that part or all of the loss is not covered.

Unfortunately many business owners do not understand that they probably need an insurance broker that specializes in that field to understand all the exposures that the business owner might face.  The difference from an agent and a broker is that an agent represents the company; a broker represents the business owner. Continue reading “Are all insurance agents the same?”

Amusement Rental Insurance – What coverage is needed?

Amusement Rental Insurance - what kind of insurance is needed?
Amusement Rental Insurance

As an equipment rental operator you have several exposures to consider and we will make this the short version of Insurance 101.  I have listed the 11 most important insurance coverage’s you should have:

  1. General liability is a must for operators as this will provide defense coverage in case you are sued for your negligence or your employee’s negligence. I am told frequently that they have the person sign the rental agreement or the waiver and they think that they are protected. Unfortunately we are in a country that allows anyone to sue for anything and attorneys that would take the case and pursue it. Defense costs are much more than the cost of the insurance! Continue reading “Amusement Rental Insurance – What coverage is needed?”