Tag: damage

Why Every Small Company Should Consider Getting Business Income Coverage

Business Income Coverage

Do you run a small business thats dependent on sustained customer interest or seasonal business to stay afloat? You may want to consider looking into business income coverage. Although its not as common as other types of business insurance, income coverage can help your company account for lost income that may result from unexpected circumstances. Here are some of the main benefits.

You’ll Be Better Prepared for Sudden and Unexpected Business Disasters

Any company thats small and doesnt have significant cash reserves may depend on a steady stream of income to survive, so any interruption to that income can pose serious problems. Unfortunately, many unexpected events can have this negative impact, including:

  • Natural disasters that cause physical damage to your property
  • Serious theft, vandalism or other damaging incidents that may force your facility to close temporarily

You Can Protect Several Aspects Related to Your Business Income

Fortunately, business income coverage helps companies cover expenses related to these events that might otherwise have caused a financial disaster. Some of these aspects include:

  • Loss of profits that you would have otherwise expected
  • Recurring fixed operating costs and other expenses
  • Sudden operation-related expenses needed to stay afloat through the disaster recovery period
  • Moving and temporary relocation costs

Every small business that relies on constant income may want to consider business income coverage to help mitigate the unexpected. Consider whether this crucial insurance would be helpful to your company.

3 Unusual Types of Semitruck Insurance

Semitruck Insurance

If you own a semitruck, then you understand how important it is to carry insurance; however, you may not know how to protect yourself from all the risks you encounter while using it for work. Here are three lesser-known types of semitruck insurance that might be a good fit for your situation.

1. Trailer Insurance

Trailer interchange insurance covers damages you inflict on a trailer that belongs to another party, and with whom you have a written agreement. Non-owned trailer insurance is a similar policy that applies to any borrowed trailer hitched to your truck, regardless of any written contract.

2. Crime Insurance

A motor truck cargo policy pays to replace freight that is stolen or vandalized under certain conditions, such as when it is inside a warehouse. If you are concerned about potential theft by employees, a crime insurance policy is a good supplement.

3. Commercial Property and Equipment Coverage

Commercial property insurance covers damage or loss of a company’s belongings. However, it generally applies only to non-mobile objects. Items that drivers take along in the truck require additional protection by equipment insurance.

Your insurance agent may not have told you about all the unique policies designed to protect your semitruck. Ask which ones are right for you today.

The Exclusions of Homeowners Insurance

Homeowners Insurance

Many homeowners feel that their standard homeowner’s insurance policy will cover all the things they store and keep at their homes. This isn’t always the case, and not realizing the items left unprotected can cause a lot of heartache down the road if something ever happens. Here are some of the things that probably aren’t covered by your policy.

Water Damage and Earthquakes

In many states, damage caused by earthquakes or sinkholes is excluded from a standard policy. In every state except California, a homeowner could add this protection as an endorsement. Flood insurance is also a separate purchase. Other concerns with water damage such as a sewer system, drain, or sump pump back up or overflow are not usually covered either.

Recreational Vehicles

According to the information found at https://www.byrnesagency.com, a homeowner’s recreational vehicles arent covered by a general home insurance policy. Things like ATVs, campers, trailers, or golf carts need a separate coverage plan. Fortunately, a coverage plan that offers golf cart insurance could be included in a well-tailored auto policy.

Maintenance Issues

By using preventative maintenance measures, you can avoid needing to pay for expensive repairs over the course of your homeownership. Damages caused by neglect or a failure to properly take care of the property are not included in insurance coverage.

Your home is one of the most valuable investments you will ever make. However, make sure you have your home’s contents and other personal items insured as well to avoid financial stress.