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5 Things You Need to Know About Insuring Your Business

5 Things You Need to Know About Insuring Your Business

Just about the last thing on anyone’s mind when starting a new business is insurance. When you do think about it, the words “expensive” and “complicated” probably come to mind. Who needs that hassle? In short: you do. Protecting yourself and your investors should be at the top of your list! Here is some handy, yet simple information that will help you understand what insurance is and why you need it. Premises Liability Any time anyone steps out of their vehicle in your parking lot or walks through the doors of your establishment, you run the risk of being sued. Slips and falls can occur on the most well-kept of premises. Injured patrons of your establishment might consult a lawyer to determine how much they can get for their medical bills, pain and suffering. Personal injury claims are expensive: from the legal fees (their and yours) to the awards (if any). A premises liability policy offers compensation for legal expenses and awards that might otherwise come out of your own pocket. If you are leasing the premises, your landlord will most likely require that you have this coverage before you can even move in. He might even require that your policy name him as additional insured. This will provide coverage to the landlord in the event someone is injured on the property that you occupy and are required to maintain. Another good reason to purchase this coverage is that your landlord’s insurance policy, if he has one, isn’t going to cover you. Contents/Property Coverage Property insurance is something you are probably considering, if only for the coverage it provides...
Three Reasons You Should Buy Flood Insurance NOW

Three Reasons You Should Buy Flood Insurance NOW

Drought conditions in the west and warmer than average winter temperatures across the country have forecasters in a tailspin as to how to predict exactly what weather event is coming next. Heavier than average rainfall has affected the Mississippi River Valley with St. Louis area residents experiencing a very wet Christmas due to flooding. When there hasn’t been much rain, home and business owners tend to drop the insurance policy that could help them most: flood insurance.  And those who haven’t purchased it don’t see the need. In order for flood insurance to work for you in a flooding event, you have to purchase it NOW.  Here are three reasons why you should buy flood insurance now: 1. There Is A Waiting Period. The National Flood Insurance Program (NFIP) policy is designed to be purchased before you need flood coverage, and not during a storm or flood event. To prevent such on-the-spot purchases NFIP instituted a 30-day mandatory waiting period to purchase flood insurance. The policy you purchase today won’t start covering you until 30 days from now.  If it is raining now and flooding is likely, you won’t be able to get flood insurance until at least 30 days later, too late to help you when you need it now. There are no exceptions to this rule except for loan closings. If flood insurance is required for closing, the policy can be purchased and started on the same day, subject to program guidelines. Private insurers are beginning to provide quotes for flood insurance independent of NFIP which would alleviate the waiting period. However, insurance companies still will not...