Tag Archives: insurance

How Important Is Business Interruption Coverage For Your Business?

66% of small businesses do not have or lack business interruption insurance coverage (AKA business income), according to a Nationwide Insurance sponsored survey. Small business want to save money wherever they can but small businesses are the ones that need this coverage more than ever.

What is it?

Business income coverage consists of two factors:

  1. The Net Income that would have been earned or incurred
  2. AND continuing normal operating expenses (including payroll)

This coverage is similar to additional living expense on a homeowners insurance policy or loss of rent on a home rental policy. This coverage helps pay for what you are missing out on because of the claim you incurred,

Why does my business it?

More than half of the respondents from the Nationwide sponsored survey said it would take them at least three months to recover from a disaster. 44% said they don’t have access to a generator if disaster hit.

How much more is it? 

Business interruption coverage is a small increase in premium to be added onto a policy. It all depends on the type of business and the amount of coverage but is a great thing to at least talk with your insurance advisor about.

Does Your Car Insurance Only Cover Aftermarket Parts?

More than likely your car insurance policy is not going to pay for more expensive original equipment manufacturer (OEM) parts if aftermarket parts are available. However, they will let you pay the difference for these more expensive parts if you choose.

 

Well, what if you want your insurance to cover the factory OEM parts? No one can blame you for this. After all it is what was on the car originally. Your best bet to avoid having any issues with your insurance carrier not paying for these OEM parts is to have the “Special Physical damage Coverage” endorsement added onto each vehicle. This optional endorsement will provide damage estimates for “your covered auto” based on available new parts from the original equipment manufacturer.

 

How much is this endorsement going to cost?  It all depends on the vehicle but on average it will be about $3-10 more a month.

 

For more details, contact one of our insurance advisors, info@insurecal.com