With every commercial liability and property policy, regulations require that the option to purchase terrorism be offered. Business owners are increasingly in need of advanced insurance products for protection in today's digital world. One of the ways you can protect your company is with the use of terrorism insurance. This type of business insurance can provide you with financial protection from losses you suffer as a result of terrorist activity. Take a good look at these policies. They differ significantly from each other because they are a newer form of protection. Nevertheless, they are becoming more vital than ever.
What Does Terrorism Insurance Cover?
Terrorism coverage is a type of public and private risk-sharing partnership that allows the insurance industry and the federal government to share in the losses when a terrorist attack happens. It was put into place through the Terrorism Risk Insurance Act in 2002. In short, it allows a business to recover losses and rebuild after such an event occurs.
This type of commercial business insurance can cover both destroyed and damaged property such as your building, its furnishings, its equipment and its inventory. It may also cover a long-term interruption of your business. In some cases, it can also provide a level of liability protection from claims made against your business in relation to terrorism.
These policies do have exclusions, and they differ from one state to the next. They may exclude coverage for a fire after such events, as well as chemical, biological, nuclear and radiological attacks. In addition, you should have specific cyber insurance to protect against cyberterrorism
Do You Need It?
Not all businesses need to have this type and level of coverage, but more do now than have in the past. The cost for this coverage tends to be inexpensive in most areas, and those who live in a rural or residential area may be less likely to need this coverage than those businesses operating in a city center. If you operate in or near airports, government buildings or other busy traffic areas, you are at an increased risk.
All types of business insurance are important. Talk to your agent about the benefits of adding terrorism insurance to your policies and take advantage of the protection available to you.
Call Emerge Insurance Agency 904-677-5884 for more information on Florida business insurance
Home based business opportunities are everywhere: There are 38 million home-based businesses in the U.S. and home-based companies are generating significant dollars — with total annual revenue of $427 billion per year. And 20 percent of home-based businesses make $100K-$500K per year. However 44% of home-based businesses have $5,000 or less in revenue.
If you own a home-based business, you want to be sure to put some sort of home-based business insurance in place. Do not make the mistake that many small business owners have made: do not assume that your homeowners insurance will cover your business claims.
Most homeowner’s policies do not cover business-related losses unless you have negotiated a rider with your insurer which changes that. Keep in mind, however, that a rider will only be effective if you have a very simple business, such as one which uses just a computer or a phone.
But if you are manufacturing products or doing repair work of some sorts it is likely that you will need something more substantial, such as specific commercial insurance. And, of course, unless you live and work in Texas, you may need workers compensation insurance.
Think for a moment about the risks a home-based business has: theft, natural disaster, damage or perceived damage to a client, and, of course an accident involving your vehicle. Most importantly without commercial/business insurance a home-based business owner it personally responsibility for attorney’s fee, court costs, and financial damages if a judgment are levied against them.
If you have a home-based business, you should contact a licensed commercial insurance professional as soon as possible. You will want to work with that professional to determine which insurances you need.
EMERGE INSURANCE AGENCY
When you’re driving down the road and a vehicle in front of you kicks up a rock or other debris, do they have to pay for the damage to your vehicle?
Rocks and other types of road debris break windshields, damage vehicles and injure people every day. An AAA Foundation for Traffic Safety reports over a period of four years road debris caused over 200,000 accidents resulting in 500 deaths and 39,000 injuries, with 2/3 of the accidents caused by debris falling off vehicles and 1/3 of accidents caused by debris kicked up from the road.
Since road debris and falling objects cause so many accidents, as precaution you should:
To reduce your financial loss from debris hitting your vehicle, purchase Comprehensive coverage (physical damage other than from a collision). Comprehensive coverage includes glass coverage, and in many States you have the option for no or a lower deductible for glass damage.
EMERGE INSURANCE AGENCY
Fuel from a gas station damaged my engine who pays for the damage?
What are the signs of diesel fuel in a gas engine?
What are the signs of gas fuel in a diesel engine?
Gas pumps for gas and diesel are different sizes and colors, however if the gas delivery tanker delivers fuel to the wrong underground storage tank you won’t know you’re getting the wrong fuel!
If the wrong type of fuel is added to your tank and you notice right away (at gas station) don’t operate the vehicle, notify the gas station, get the complete name of the person that you report the incident to, ask for a receipt for your purchase and try to get the name of their insurance company or agent then:
Getting a receipt is critical if you paid cash for the gas to document you purchased gas at the station. Bad gas from a gas station usually results in many claims so the insurance company may be aware the station sold bad gas, however you still need to prove your claim, having a receipt will be key in recovering your damages from the gas station
Whenever you pay cash for gas, always get a receipt – it could save you thousands of dollars in engine repairs if you get the wrong type or bad fuel.
EMERGE INSURANCE AGENCY
All caterers need insurance. No matter if you are a full-fledged 7 days a week caterer or a summer time for small local events type caterer. You will need insurance.
You do not simply need insurance because your agent wants you to have it. It is there to protect you from a number of different risks that could destroy the business you love.
This blog post will help you to understand your insurance needs a little better and ultimately help you find the best fit for insurance.
What is at risk for caterers?
Before we get into the actual insurance details, it is important to know what is at risk. You are probably thinking what can really happen? But a number of things can happen, either by accident or by forces out of your control.
Have you ever thought about if a group you served got sick - even if it was not your fault? What if the brand of meat you used had something wrong with it or an employee forgot to wash their hands after handling raw meat in the kitchen?
What if you got your event orders mixed up and both parties refused to pay?
What if you caused an accident on the road with your delivery van? Even worse, what if it was a multiple car accident and people were severely injured?
What if at an event in which you serve alcohol, things get out of hand and a fight breaks out? Property is destroyed, people are injured, the event is ruined and your client claims it was your entire fault?
In all of these scenarios, you will likely find yourself at fault.
Can you afford to come out of pocket if a couple clients refuse to pay because they were not satisfied with your services?
What about covering the costs of damages if someone is too drunk?
Are you prepared to tackle a lawsuit without the help of insurance? This is why insurance for a caterer is a necessity and not just a good idea.
Buying the right insurance
Insurance is going to be different for every caterer. Every caterer runs their business differently. Some caterers run their business from their home as a side income, while some are full blow catering companies that can do multiple events a weekend.
As a caterer you know that everyone's menu and service needs are going to be different. Well insurance is no different. Your insurance policies and the agent's services will need to match your needs as a caterer.
So, when buying insurance you need to think about two things: 1) Do I have confidence I am getting the right insurance I need? 2) Is my agent giving me the service I need?
Let’s explore what that looks like.
1) The right insurance
Here are a few examples of common insurance policies for caterers:
· General liability insurance
· Professional liability insurance
· Business property coverage
· Commercial vehicle insurance
· Workers Compensation
This is a good start as most caterers will need these policies but there are more to consider if your business does anything unique. Here are some examples:
· Liquor liability if you will serve/sell liquor
· Food spoilage for those with a large amount of stored food
· Cyber insurance for the tech savvy caterer or those with an internet presence
You need the right insurance. There is no way to avoid this without the potential for serious regret if something ever happens to your business.
2) Getting the service you need
Every insurance agent runs their agency differently.
· Some are available to talk in the evenings and weekends.
· Some utilize technology which may make your insurance shopping and reviews easier.
· Some provide resources to help you stay compliant and/or to increase profitability.
· Some may provide coverage in multiple states for larger or growing caterers.
· Some are able to give you quotes from multiple companies or help you switch if need be.
You get the idea. Insurance is more than finding the cheapest insurance policy. Insurance does not have to cost you an arm and a leg but it has to match your needs.
Let your agent serve you
With your services, your client is able to sit back and enjoy their event without having to worry about food or beverages for their guests. Well when it comes to insurance, you should be able to do the same.
You may have an idea of what you need (just as your clients have an idea of what they want) but the real value comes from us doing the hard work for you. We know where to go to find everything, and how to put it all together then deliver it in a professional package.
EMERGE INSURANCE AGENCY
Cecil Williams -