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What Flood Insurance Doesn’t Cover

What Flood Insurance Doesn’t Cover

As most everyone knows, flood insurance is not covered by the typical homeowners or business insurance property policy. The solution for getting flood insurance is usually to obtain a policy through the National Flood Insurance Program (NFIP). NFIP attempted to fill a significant gap in coverage for property owners when property insurance carriers began to exclude flood coverage. Unfortunately, NFIP doesn’t cover everything. It Doesn’t Cover All Flooding NFIP has a specific defintion of a flood. It is as follows: A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (one of which is your property) from: a. Overflow of inland or tidal waters b. Unusual and rapid accumulation or runoff of surface waters from any source c. Mudflow. Per this definition, if your bathtub or toilet overflows and makes a mess of your house, there is no coverage under your flood insurance policy. If your washing machine floods the garage while you’re out running errands there is no coverage. This type of water damage may be covered under your homeowners policy, but it depends on the type of damage and how it occurred. Talk to your broker about what types of water damage may be covered by your policy. It Doesn’t Cover Everything You Own The NFIP policies do limit the amount of coverage you can purchase for your home or business. These limits are as follows: TypeBuilding LimitContents LimitOne to Four Family Residential$250,000$100,000Other Residential (Non-Condo)$500,000$100,000Non-Residential Business$500,000$500,000 It is important to note that if the replacement cost of the structure is less...
Five Insurance Basics for Businesses

Five Insurance Basics for Businesses

Whether you are starting a new business, or your company is well-established, protecting that business should be one of your main concerns. Locked doors, security personnel and a well-padded bank account are all nice things to have, but they can only do so much. Business insurance can be a hassle, but at Hayes Brokers we like to do our best to take the sting out of it. Here are the insurance basics for businesses, whether new or old. 1. General Liability A general liability policy should be at the top of the insurance list for any business owner. This policy can cover the business premises, the business operations off premises, and a host of other issues that may crop up related to advertising injury, products and completed operations and more. General liability insurance can cover both personal injury to customers and property damage to their property. Some might even call this policy “prepaid legal” since it will provide legal representation in the event of a claim or lawsuit related to the business operations. 2. Property Insurance Whether you own a building or just the contents, property insurance is a must. Property insurance is versatile enough to cover not only your structure and your company contents, but also business income or business interruption coverage in the event of a loss that leaves your business unable to operate for a period of time. There are many options available with property policies, such as equipment breakdown (boiler & machinery) coverage, ordinance or law, sinkhole collapse and more. Talk to your broker to find out which options are right for your business. 3....
Is It Insured? Pets in the Office

Is It Insured? Pets in the Office

In this world of impossible deadlines and never-ending stress, employers are looking for ways to make the work environment more pleasant for workers. One way that is becoming increasingly common is by allowing pets in the office. A study by Virginia Commonwealth University finds that office dogs actually reduce stress. The question is, what does your insurance say about dogs or other pets in the workplace? Let’s find out. FUN FACT: Take Your Dog To Work Day is an actual holiday! This year it falls on Friday, June 21, 2019. Things To Consider Before allowing dogs in your workplace, there are a few things to consider: Do you own a business that would be affected by dogs? Restaurants and other food-related operations may find themselves up against health violations by having a pet in the workplace.Does your landlord allow animals in the building? Some buildings may prohibit animals of any kind.Are any of your employees allergic to or afraid of certain animals? Assuming you are ok on all of the above, it’s important to make sure that the pet you are bringing in is clean, housebroken and properly trained. Does Your Policy Cover It? Most business insurance applications don’t even ask if you allow animals in the workplace. As it becomes more common, this may change. The Commercial General Liability coverage form (CG 00 01 04 13) does not have a specific exclusion that addresses animals. However, the Insuring Agreement does include this gem: The insurance company asserts they will have “no duty to defend” for any suit against which “this insurance does not apply”. What does that mean...
Cannabis Insurance Get-Started Guide

Cannabis Insurance Get-Started Guide

The new year brings new opportunities in many parts of the country where cannabis has finally been legalized. Whether it was medical, recreational, or both, the ability to legally sell and obtain marijuana has many dreaming of starting new businesses. Finding a location and product suppliers are important. Getting the proper licensing is a must. Learn all you can about the business before you get started. And don’t forget about insurance. Hayes Brokers has been insuring cannabis businesses since 1996, when it all began in California. In fact, we wrote the book on it. Now, we can insure cannabis operations in every state where it is legal. Here’s how we can help you. Liability Insurance for Cannabis Businesses If you own a retail operation such as a dispensary, you’re going to need general liability insurance. Your landlord may require it, but even if you don’t have a landlord, this coverage will protect you in many other ways.   Premises liability will protect against the odd bodily injury (slip and fall) claim made by customers and visitors. It will also protect against property damage claims by those same visitors. This coverage works like prepaid legal. Should someone threaten to sue for bodily injury or property damage, the coverage will provide legal representation for your business. If your business is found liable, the policy will pay the claim (indemnify you) up to the policy limit. This is the most important coverage you can purchase as a business owner. One thing not covered under most standard Commercial General Liability policies for cannabis businesses is products liability insurance. This coverage can and should...

More Insurance Coverage Than Ever

We’ve been busy upgrading our website with new and updated content about insurance coverage, risk management services, testimonials and more. There’s great info now available to you – or to anyone who is considering commercial insurance coverage. We’ve included links to some of the most popular new and updated pages below: Notary Services Offered free of charge to our valued clients Workers Compensation Insurance Updated with information about California and beyond Pollution Insurance Covering the two types of pollution liabilities International Coverage For businesses that have dealings or operations overseas Cargo Insurance Updated with information about when Cargo Insurance is a must-have Risk Management Explaining our services, and the importance of risk management for small and medium business Earthquake Insurance The latest updates on the California Earthquake Insurance market   If you are looking to learn about a topic not covered on our website, please use the Search function above or contact us directly....