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Coinsurance Explained -What you need to know
Most Business Insurance policies include a coinsurance clause for building and business personal property coverage. Coinsurance creates an agreement between the policy owner and insurance company on the value of the insured property and the amount of insurance purchased.
The benefit is that coinsurance allows for lower insurance policy costs. But what you need to know is that IF the insurance purchased is less than the agreed percentage, the insured will be required to pay a portion of any losses.
Here is a simplified example: If a business is valued at $100,000 and there is an 80% coinsurance clause, the insured is required to purchase at least $80,000 of insurance. If instead, the insured purchased $40,000, (half of what should have been purchased), the company will only pay half on losses.
Awareness of the percentage of your coinsurance clause, along with knowing the value of your building and property will provide the information needed to make the best decision to fit your needs.
Let the experienced professionals at Cobb-Hall eliminate confusion and provide solutions designed specifically for your needs.
What to do in Case of a Business Loss
At the time of a loss, sometimes it is difficult to know what steps to take. Your insurance contract requires that you report all claims promptly, so be sure to contact them as soon as possible after a loss. Once the insurance company assigns an adjuster, you will be able to deal directly with the adjuster to settle your claim.Your agent is there to help you, so if you have any delay or problem settling your claim, be sure to contact your agent.
Here are some tips to assist you in case of loss.
- Contact proper authorities. (Fire Department, Police, Etc.)
- Protect property from further damage.Contact: Utilities (gas, electric), Contractor (board windows, cover hole in roof)
- If possible, take photos of damage before emergency repairs are made.
- Call your agent/insurance company to report the loss. An adjuster will be assigned.
- Discuss the next steps with your adjuster. (what contractor to call, when to schedule repairs, etc.)
- Be sure to keep a record of costs and retain receipts.
- Contact the police.
- Stay safe and out of traffic. Warn oncoming traffic if needed.
- Check if medical assistance is needed. Call an ambulance if necessary.
- Collect information: vehicles, drivers, address & phone numbers, license & plate numbers, insurance policy numbers, police report number, witness contact information, etc.
- Call your agent/insurance company to report the loss.
- If vehicle is not drivable, have it towed to a repair shop.
- Discuss the next steps with your adjuster. Do not authorize repairs before the adjuster gives authorization.
Liability Claim- In the event of injury or property damage you allegedly cause
- If injury is involved, provide assistance and call an ambulance and/or the police if necessary.
- Obtain details: name, address, contact information for those involved, witnesses, description of event, etc.
- Call your agent/insurance company to report the incident.
- Forward all correspondence, including attorney summons and court documents to the insurance company.
- Refer all claim questions to your adjuster, including from the other party’s attorney.
Workers’ Compensation Claim
- If injury is involved, provide assistance and call ambulance and/or police if necessary.
- Obtain details: name, address, contact information of those involved, witnesses, description of event, etc.
- Complete state-mandated accident reporting form (form 100). Contact your insurance company/agent to obtain this form.
- Contact your Workers’ Compensation Insurance company or agent to report the incident.
- Forward all correspondence, including attorney summons & court documents to the insurance company..
- Follow instructions from your adjuster and refer all claim questions to your insurance adjuster.
Contact the professionals at Cobb-Hall Insurance to provide solutions for your business insurance needs.
Reasons you need Business Interruption Insurance
As a business owner, you understand that active business operations generate a profit. If your business shuts down, so does the cash flow. Do you have enough resources in the bank to weather a prolonged closure?
Common causes of financial hardship for business owners include:
- Fire: Even if it only destroys a part of your building, you man need to close for a few weeks.
- Hail: Broken windows, damaged roof and water clean-up can take longer than you think.
- Windstorm: Replacing roofing or siding while your business is open can place customers in danger, increasing your liability.
- Vandalism: Depending on the extent of the damage, you may find yourself with complicated equipment replacement problems.
- Equipment damage; Even the most reliable machine breaks down. It could take weeks to get the right part to be back on schedule.
How Business Interruption Insurance can help
If your business must close due to a covered loss, Business Interruption Insurance will reimburse you for the revenue that you could have earned during the closure. It also provides coverage for expenses like rent or electricity and can keep your employees on the payroll while your doors are closed.
Make sure your insurance takes care of your needs and see if the options offered by Business Interruption Coverage would benefit you. Call the experienced professionals at Cobb-Hall Insurance to provide solutions designed specifically for your needs.
Excerpts from Trusted Choice/Independent Insurance Agents