Terrorism Insurance

As we approach the 10th anniversary of the 9/11 attacks many reflections have surfaced.  We can all remember where we were and what we were doing then, but I have to ask myself, “Has it really made a difference in how we do business?”  The immediate answer is to those who travel, yes.  At that time, my job required me to travel by air 2-3 weeks out of a month.  I had to make many changes regarding how I packed and my arrival time at airports.  Most importantly, I made a change to my life insurance which I had not thought about in a very long time.  I do not travel anymore so now I am wondering about the rest of us who only travel from work to home, then back again only to repeat it all over the next day.  I am asking what changes have been made in how 9/11 has affected most business coverage.  For the most part, little thought to terrorism is given when selecting insurance coverage.

 

Terrorism coverage is offered by most insurance companies, if not all.  However, very few business owners have selected any amount and much less, even adequate amounts.  Most small business owners believe they are not at risk of terrorist attack.  Yet many businesses suffered a major loss even though miles from The World Trade Center.  Homeland Security consistently reminds us the threats are increasing.  Because I was in Oklahoma at the time of the 1995 bombing, I am acutely aware how vast the damage can be and how devastating months a business can not longer operate due to ordinances and property damage.  Threats of terrorism may come in many forms.  If you have questions about your insurance, please contact your agent or one of ours.

Get a Quote

 

 Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Certificates Of Insurance

Certificates of Insurance have long been a sort of discord for agents and companies.  Certificates used to be a quick way a company could verify a contractor in possession of a liability policy.  In short, it listed the carrier, policy number and dates.  However, as years went on and companies became more demanding of certain coverage, the naming of additional insureds, and hold harmless clauses, it became increasingly difficult for agents to supply certificates.  Some companies even delegated certificate authority to agents.  This has created an even more confusing issue regarding certificates because of lack of communication between client, agent and company.  No longer can client, agent or company rely upon a certificate to reflect insurance coverage.

 

A more accurate disclosure of coverage comes direct from the insurance company.  Only an insurance company has the power and authority to make changes within their own policy.  Agents may request a change, but does not guarantee the change.  It is my belief insurance companies will soon issue an evidence of insurance that reflects coverages an insured has purchased.  The internet and technology is in place for these to issued in a 24/7 time frame.  Because these come direct from the insurance company, these will reflect the most accurate, timely information possible.  As always, please contact your agent for questions regarding your insurance policy or one of ours.

Get a Quote

 

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Classification of General Liability Insurance

In this economy many businesses add new products and services to their existing accounts.  Most are not thinking about their insurance when doing so.  However, it should be one of the top priorities when making changes to their existing operations.  When an agent works with a client, we are asking questions regarding the business operations.  We are looking for everything that pertains to the operation for the purpose of classifying the risk properly to determine proper premium.  When the risks change within the operations, premium needs to be determined also to cover claims which may arise out of those risks.

 

Agents and companies understand there must be changes within and operation due to economy, market and needs.  Classification is one of the necessary changes within an operation for insurance coverage to apply.  New forms of the Commercial General Liability may or may not apply to operations of which we have no knowledge.  Therefore it is imperative to keep your agent and company informed.  If you have questions regarding your policy, please talk with your agent or one of ours.

Get a Quote

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular

Contractor Bonds

Contractors bidding on government or municipalities in particular, are required to put up a surety bond.  While there are many types of bonds, the most common is the bid bond and performance bond.  These are purchased through companies to guarantee the type of contracting work to be done which most often requested is to complete the work on time.

 

While there have been fewer bond companies willing to issue these bonds, there are still some willing to take on new clients.  The underwriting is extensive and somewhat financially invasive due to the requirements.  Yet the company is looking at the contractor’s ability to complete the work to specification requirements, contractor’s financial ability, and past actions.  Sometimes there are credits to be considered when acquiring a rating for a bond.  If you have questions regarding bonds, please contact your agent or one of ours.

Get a Quote

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

 

Floater Policies For Contractors

Most contractors understand the need for a “floater” policy often referred to as inland marine for their equipment.  This is coverage for equipment to and from worksite as well as upon worksite.  Specific perils are generally named for this coverage, but some may elect an “open peril” policy.  However, many do not consider hired and non-owned equipment when purchasing this policy.

 

Many times a contractor will lease or borrow equipment to do small portions of a job when owning it does not make sense.  If the contractor or sub-contractor causes damage to the borrowed or non-owned piece of equipment they may become legally liable for that damage.  Under the inland marine policy, this equipment may or may not be covered depending on the wording within the policy and whether the agent was advised beforehand.  If you have questions regarding your business, please talk with your agent or one of ours.

Get a Quote

 

 Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Distracted Driving On Company Business

Labor Day is celebrated tomorrow and many people will be returning home from the 3 day weekend.  As it approaches, I am reminded the number one cause of fatalities in the workplace comes from automobile accidents.  The majority of those accidents have been determined as being caused by distracted driving.  Some states have passed laws regarding texting while driving.  A few states have actually made it illegal to use cell phones or other electronics while driving.  However, these are not the only cause contributing to an accident.  Other causes are eating, drinking, grooming, using GPS devices, checking email and surfing the internet.

 

Public and private companies often have employees drive upon their behalf.  Each should be aware if their insurance policy not only covers the business while an employee is driving but should implement a distracted policy of their own.  Educating and following up with employees is essential to risk management.  Distracted driving has always been an exposure, but with new technology it is greater than ever.  If you have questions about your insurance coverage, please talk with your agent or one of ours.

Get a Quote

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.