As business owners you must always be working hard to protect yourselves. One aspect of this is your risk management practices. The risk management philosophy of your company will determine the amount of risk the company holds in house vs. the amount that you transfer to an insurance company. The key to successful risk management …
Insurance companies take vacancy of buildings very seriously. The experiences with vacant buildings historically have not been good so the rules in this situation are quite stringent. We are talking about properties such as a house, barn or office building. We are not talking about an empty machine shed or grain bin. These are typically …
Are you protected from the devastation of Hail and Fire to your crop? With Private Crop Hail Insurance you automatically get Hail and Fire coverage and both pay on a “spot loss” basis. Also, with Crop Hail insurance in place you are provided with immediate cash flow relief, this is something that no revenue program …
What do you do when you have an accident with your tractor or air seeder? What if your combine is damaged by a rock or it catches on fire. You cannot afford to be without any of these pieces of machinery so you will rent a replacement. Does your insurance policy pay for these extra …
Livestock Insurance and Business Interruption Insurance varies extremely depending on the form you choose and the insurance company you purchase it from. A quick definition for each of these: Livestock Insurance: Insurance coverage designed to insure livestock for death resulting or made necessary from a variety of causes. Business Interruption Insurance: Insurance against business expenses …
With the decline in economic activity, it is expected to see more and more legal action taken against Directors & Officers of corporations for wrong doing that causes financial losses. When we hit hard times we tend to blame others more and we are also more willing to take those we blame to task for …
There are a number of examples that come to mind from the past year that we can learn from. One day when discussing limits of coverage with an insurance company representative he told me that it is common for the limit of coverage to be too low. One example is a barn fire, the cost …
There are 2 main types of coverage available; they are Replacement Cost and Actual Cash Value. Replacement cost coverage is the preferred kind of coverage. This covers the amount it would cost to replace damaged or lost property with a similar one at today’s current costs including the cost of debris removal. If you have …
Below is a check list for the next time you review your insurance program. Deductible: Consider increasing your insurance deductibles to the next highest option or higher. The higher the deductible, the lower the premium. Tidiness: Always keep your property in good condition, from grass to roof. Insurance companies inspect your buildings considering strongly maintenance …
There has been a dramatic rise in both the number of claims and settlement amounts for slip-and-fall incidents over the last 20 years. Did you know one major insurance companies’ loss experience due to slip and fall claims equals to almost half of their liability claims. This increase in claims will affect all business owners …