Some types of insurance are required to operate legally, while others are optional
Of course, the coverage a business needs depends on the type of company you run and the number of employees who work there. There are also some optional insurance coverage business owners should always consider.
Here is the first of three "optional" insurance coverages that business owners often leave out of their insurance package which could literally save the business in a time of crisis.
#1 - Business Income Insurance
Business income insurance (also known as business interruption insurance) is an important but often misunderstood coverage. It is designed to replace income lost as a result of a disaster. This insurance policy is designed to supplement the resulting lost income as well as provide much needed dollars to pay continuing expenses such as salaries, rent and utilities.
According to the Institute for Business Home and Safety, 25% of businesses never reopen after a disaster or business interruption. Business income coverage increases a business’ ability to survive a substantial loss. So if your business has to close because of disastrous weather, national security threat, or because a tornado ripped half of your business apart, your business will still have income coming in.
While commercial property insurance protects your real estate and contents, business income insurance protects your business against loss to your firm’s profit-and-loss statement by covering continuing expenses, helping your firm preserve contractual obligations and retaining personnel.
Business income insurance will continually pay your business while it is down, allowing your business to be one of the businesses on the block to reopen their doors.
EMERGE INSURANCE AGENCY
Fava is a bean’s bean – big, meaty, and toothsome. And so I like to use strong bold flavors when I cook with them. This dish is savory and saucy with lots of garlic, thyme and lemon.
I use canned fava beans, which can be purchased at most Middle Eastern markets and I highly recommend use the smaller size beans (remember to rinse and drain the beans)
If you can’t find cremini mushroom, substitute baby portabella mushrooms (but if you have never had cremini mushrooms, they're worth searching for) .
Most of my friends find that with the meatiness of the fava beans and the mushrooms in this dish, they don’t miss not have animal protein.
This dish is great paired with wild rice. I love eating this dish with or over coconut quinoa.
GARLIC LEMON FAVA BEANS & MUSHROOMS - Serves 4
Recipe from - Post Punk Kitchen
Total time: 30 minutes || Active time: 30 minutes
To play up the earthiness of this dish, I love to serve this with a wild rice blend. A roasted veggie like cauliflower or broccoli is perfect here, too.
2 teaspoons olive oil
1 small red onion, cut into thin half moons
3 cloves garlic, minced
1 tablespoon fresh chopped thyme
8 oz cremini mushrooms, sliced in half
2 tablespoons breadcrumbs (plain or seasoned)
2 cups vegetable broth
1/2 teaspoon salt
Juice and zest of 1/2 a lemon
Lots of fresh black pepper
3 cups cooked fava beans (or two 15 oz cans, rinsed and drained)
Optional: Slivered green onions for garnish
Preheat a large pan over medium heat. Saute onion in oil with a pinch of salt for 5 to 7 minutes, until slightly browned. Add garlic and thyme, and saute one minute. Add mushrooms and cook to release moisture, about 5 minutes.
Add bread crumbs, toss to coat everything and toast crumbs for 3 to 5 minutes. Add veg broth, black pepper, salt, lemon zest and juice and fava beans. Bring to a boil. Let reduce and thicken, 7 minutes or so. Taste for salt and seasoning and serve, topped with green onions.
Let me know what you think.
Cecil Williams Owner/Agent
EMERGE INSURANCE AGENCY
If you own a dog, companies offering homeowner’s insurance may charge you a higher rate, exclude your dog from liability coverage or turn you down completely based on your dog's breed, history of claims or the dog bite history or all of the above.
Most companies will have a strict guideline to not write a policy for homeowners with certain breeds of dogs.
Why? According to the Insurance Information Institute, dog bites account for one-third of all homeowners insurance liability claim dollars paid out in 2013, costing more than $483 million. The average cost paid out for dog bite claims nationwide was $27,862 in 2013.
Here is a list of the most common dog breeds that are seen as high-risk to many homeowners insurance companies:
If your dog bites someone, respond to the incident promptly. Restrain or confine your dog immediately. Then do whatever you can to help the victim, whether that means calling 911 or driving them to the emergency room.
Once the victim is taken care of, it may need to contact the local authorities to report the dog bite. Call your homeowners insurance company, especially if there are medical costs involved. Be sure to cooperate with your insurance company. The claims adjuster will want to investigate the circumstances surrounding the incident.
You should take steps to make sure a similar incident doesn't happen in the future. That might mean building a fence around your yard or sending your dog to obedience school. Your may also want to consider a certified animal trainer if all else fails.
EMERGE INSURANCE AGENCY
If you don't have any assets to protect, stop reading.
Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future. It does this in two ways: Provides additional liability coverage above the limits of your homeowners, auto, and boat insurance policies.
Here are some answers to more of your questions:
An umbrella insurance policy is an excess policy, so it is more affordable than you might think.
EMERGE INSURANCE AGENCY
College is expensive enough without finding out too late that an accident or theft isn’t covered under your current policies. So, as you get your children ready to head off to school in the fall, there’s one vital “to-do” to add to your list (other than writing that tuition check): a review of your insurance coverage.
It's important to keep in mind that policy language varies from state to state, and there are never "one-size-fits-all" situations, but below is a guide to the language in Florida policies. If you have questions, or want to go over your insurance needs, don’t hesitate to contact us!
Your Homeowner’s Insurance Policy
Coverage of personal property: Florida homeowner’s policies provide 10 percent of Coverage C (Personal Property) for property owned by an insured that is at a residence other than the insured’s. For example, if the contents of a policyholder’s home are insured for $100,000, a student’s property up to $10,000 would be covered if living in a dormitory – provided the damage is caused by a covered peril and the student meets the definition of an insured.
For apartments or houses off-campus, the same coverage applies. Certain items, such as jewelry or expensive electronics, may require special coverage, or a “rider.” Renters insurance is strongly recommended if a particular policy does not cover a student’s personal property.
Liability coverage: There is an exclusion for damage to property rented to an insured, so damage to a dorm room or apartment would not be covered.
Ensuring adequate coverage: Contact us to get specific answers and information about your coverages. Also, it’s a great idea to create an inventory of the items your student is taking to school, as is keeping photos of and receipts for the items.
Renters insurance: If your student’s needs can't be met under your current policy, don't forget renters insurance. Landlords’ policies generally only cover the structure, not the possessions of renters.
Your Auto Insurance Policy
Coverage without a car at school: If your student will continue to drive while at home on school breaks, they should continue to be listed on your auto policy. If they are attending school more than 100 miles from home, and are not taking a vehicle with them, the policy may qualify for a distant-student discount.
Coverage with a car at school: A car registered to parents and listed on their policy will be covered if used by a listed student away at school. But you should make sure that your insurance carrier writes coverage in the college’s state and location. And note that a change to the principal location of the vehicle could result in a change in premium.
Driving a friend’s car at school: Students would be covered while driving a friend’s car if the students are listed on their parents’ policy and do not have regular use of the vehicle. The coverage would likely be secondary in this case, as the carrier for the friend’s vehicle likely would be the primary coverage.
Coverage discounts: In addition to the possible distant-student discount, students may qualify for a good-student discount. To qualify, most insurance companies require that a student must be enrolled in at least four courses per term as a full-time student at an accredited college or university and meet certain academic qualifications. Also, drivers under the age of 21 who complete a driver education course may be eligible for a policy discount.
Going away to school is an exciting and challenging time for both students and their parents. Making sure you have the right insurance coverage to protect your assets as you invest in your child’s future. We’re happy to discuss your coverage and options, so just give us a call or come by.
EMERGE INSURANCE AGENCY
Cecil Williams -