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?”
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!”
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?”
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.
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?”
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.
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?”
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:
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?”
In today’s economy, it is more important to market then ever before. In order to keep your prospects or customers thinking about your business you need to have your business name in front of them. So let’s go over a few business reminders.
Make sure that you have all of your customers in a database.
Hopefully your sales information has collected their name, address, and email address, and date of birth. If you are not collecting all this information you need to fix it today! Use this database to select the information you need to start your marketing campaign. You can use a database like Microsoft Access, or even Microsoft Excel to achieve this process. If you do not have this data in a database you need to hire someone, a high school student who types 55+ words per minute to accomplish this. There are several of these students looking for part time jobs. Continue reading “Whatever you do, never stop marketing!”
As an paintball field or store 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 paintball insurance coverage’s you should have
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. This provides for coverage for the property that you own or rent for the paintball activities. This will also cover the parking area, pro shop, staging area, and playing fields. This covers the participants and spectators. This coverage provides defense costs for your negligence and that of your employees or volunteers. This is usually required by the property owner also. I am told frequently that they have the person sign 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 “Paintball Insurance – What kind of coverage do I need?”
Event producers have been saying this for years now, purchasing insurance because someone required them to show proof of insurance for an event. Well let’s take a look at the exposures that an Event Producer might have.
First, the producer is a business broker of sorts. You are contacted to provide some sort of entertainment for a corporate event. The client will rely on your professional knowledge to find the correct fit and to handle all the details to get that entertainment to the event. You charge a fee for doing this. You will handle everything from the contract, booking flights and transportation, hotel, staging, lights, props, etc. You are paid the contract amount, and then you pay the entertainment and sub contractors from the proceeds. Your income is what is left. Continue reading “All I need is a certificate of insurance…”