Loss Of Business Income Insurance Coverage

June 27, 2011 by Leave a comment

In the event of a large loss, it is most likely a business will not be able to do daily operations. Sometimes a business is shut down due to a claim. This can be a couple of days, of even sometimes up to a year. Sometimes a loss can result from another loss. This is called an indirect loss. Such indirect loss could be losing business income from a big loss.  Since your business can no longer operate, it is only natural for this to happen.

What is business income loss insurance?

This coverage supplements your business income from an indirect loss, when a direct loss occurs and effects your revenue. This coverage is usually good for up to 12 months of lost income. Business income can be considered any type of revenue from daily operations. The insurance company has to indemnify all losses, but no profit can be gained from the insurance company. This unless it is apart of daily operations income.

Why is this so important to have on my insurance policy?

Incidents that result in business losses, can be unforeseen. If your operations are stopped due to an insurance loss, it is a must you  protect the businesses income. This simply can be done, by buying a business owners policy, that has loss of business income, included in it. Always make sure that this coverage is good for 1 full year.

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Renting A Car? Things You Need To Know About Insurance Before You Do

June 26, 2011 by Leave a comment

I get a lot of questions in my agency, when it comes to renting a car. In this blog I am going to cover what you need to know about insurance, before renting a car. I am going to use a Q & A format, to clear up questions.

  • Will my insurance, follow me to the rental car?

Yes it will, if you already have insurance, you don’t need to buy the rental car insurance. There are coverages you need to make sure you have before doing this. If you have just liability, you need to make a temporary endorsement, and add physical damage coverage. If you don’t have insurance and don’t have a regular car, it is probably best to buy their insurance.

  • What coverages do I need for the rental car.

All rental car rental places will require you to have, state required auto liability insurance, and also physical damage coverage. Most rental car outlets, will require you to carry no higher than a 1000 dollar deductible for both Comprehensive and Collison. If the car gets in an accident, you will be responsible for the deductible.

  • Is there anything else I need to know?

If your rental car is an accident, the rental car place, could technically go after you for loss of use. The loss of use is either while the car is getting replaced or repaired. At this time the car is not operable, and the rental car place can’t rent it out. So technically they can go after you for loss of use. Sometimes your car insurance company will include this in there policies. But some don’t. It is best to check your policy for this. Some credit card companies give you this coverage free, as long as you use the credit card, to rent the car.

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Negligent Fire Works On 4th July Fires Up Millions In Property Damage And Bodily Injury Each Year

June 25, 2011 by 1 Comment

Independence Day is one of my most favorite days of the year. We celebrate our great Country. We get together with friends and family, enjoy that out doors and bar-b-que. We enjoy the All Star GAme on TV, and sit back relax and drink beer. But there is one thing we all forget. The fact that millions of dollars of property damage and bodily injury occurs each year due to fire works.

According Rocky Mountain Insurance Information , In 2009, fireworks started an estimated 18,000 reported fires, including 1,300 structure fires, 400 car fires, and 16,300 outside and other fires. These fires resulted in one death, 30 injuries and $38 million in property damage (National Fire Protection Association latest data).

On the 4th of July, there are more reported fires then any other day. This makes it difficult for fire and police departments, to respond to emergencies.

Our advice at Denvers Insurance Agency and The Ahbe Group is to leave it up to the professional’s. Keep in mind that the most commonly injured person from fire works, are young children, usually from a sparkler. Sparklers can burn up to 1200 degrees.

Our advice for the fourth of July is to be safe, and leave the fireworks to the pros. Here is a list in Colorado of upcoming fire work displays for 2011, courtesy, The Denver Channel.

 

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Why Buying Insurance Online is A Bad Idea

June 24, 2011 by Leave a comment

It seems like very day, we see tons of TV ads for auto insurance companies. This either can involve a cartoon, a little lizard, or even a perky little brunette. All of them advertise how you can buy a policy online. They advertise how you can get discounts for buying online. They advertise it like gold and glitter. In this blog, I am gonna go past all the excitement about buying a policy online, and actually tell you why its a bad idea.

  • The information they ask can be very hard to understand. Most of the time consumers enter in information incorrectly, which will give you an inaccurate quote.
  • Most companies, shows the lowest price. This usually means the lowest coverages.
  • Most quotes you get off the internet, are the bare minimum liability coverages. This is bad, because if you get in a bad enough accident, you personal assets could be at stake.
  • Most companies don’t include coverages such as uninsured motorists property damage, and also uninsured or under insured motorists coverage. With a lot of drivers uninsured or under insured, this coverage is a must.
  • If you have a newer car and has a lien or lease on it and its needs comp and collision coverage, a computer can’t understand this.
  • An online quoting system might not know if towing and rental car reimbursement is something you should or shouldn’t have on your policy.
  • Most consumers don’t understand what some coverages mean and what it does. When a consumer doesn’t understand a coverage, they don’t buy it. This could be costly, because a consumer might need it.

I could continue on with many points, but in conclusion, a computer can’t think, and counsel you into the right policy. Only a human can. When it comes to insurance, every person is different in needs. Only an experienced  broker like us, can give you advice and steer you in the right direction. A computer can’t give you advice on how much coverage you should buy, if its ideal to carry a 1000 dollar deductible or a 500 dollar deductible. It can”t answer questions such as, what if I drive my friends car, will my policy follow me to that policy?

Please feel free to leave a comment. We can write insurance in 45 states.

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Understanding An Indirect Loss On An Insurance Policy

June 22, 2011 by Leave a comment

When a loss occurs, and a claim is filed, the is more underneath the problem than first understood. That loss could be a pipe breaking in your house, a fire in the kitchen or any other type of occurrence. During this time all that is on the policyholders mind, is the loss at hand. But there is another loss creeping up on them, most of the time realizing it at the last second.  This is known as an indirect loss.

What is an indirect loss?

An indirect loss is a loss that occurs because of another loss.  It is an underlying loss that takes place because of a larger loss.   On a homeowners, loss of use of a home would be an indirect loss.    An example of this is, Johnny’s house catches on fire, because of the smoke, Johnny cannot stay in the house.  Johnny has to rent a hotel room because of the smoke in his home.  This is an indirect loss.

An example on an auto insurance policy is when Judy crashes her car and has to have it repaired.  She rents an auto to use while her car is being repaired because she doesn’t have a car to drive back and forth to work.   The expense of the rental car is an indirect loss.

An example of an indirect loss for a business is lack of business income.  Because of a loss, the business can no longer gain income and therefore profits are hurt.

In conclusion, an indirect loss comes from a bigger loss.

 

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Seasonal Property Insurance

June 22, 2011 by Leave a comment

If you live in more than one location, you should have your properties covered for any type of unexpected loss.  For example if you have a home in Colorado and one in Florida, both homes should be covered fully for all unexpected events.  There are many reasons for setting up insurance on your seasonal property which is a DP-3. 

A Seasonal Property is set up on a DP-3 which is a Special Form where the dwelling and other structures are covered for all direct physical damage (open peril), except for perils specifically excluded.  Theft of property that is part of the dwelling or other structures is covered as long as the dwelling or other structures are not under construction. 

Personal property or contents are covered under Form (DP-3) perils.  Losses to the dwelling and other structures are paid on a replacement cost basis, and losses to contents are paid on an actual cash basis to the insured.

Don’t let an unexpected event ruin your financial situation.

Call us at Denvers Insurance for a quote contact us. We will research and find the best rate for you.

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Ordinance And Law Coverage On A Home Owners Insurance Policy

June 20, 2011 by Leave a comment

home-insurance-homeowners-condo-insuranceHaving an older home or property, is almost sometimes like owning a beautiful antique. This could be your primary dwelling, seasonal property, rental condo or home. As newer homes are being built, your house keeps its individuality.  As we know, new code laws are either being updated or made to help try to improve, energy, safety, and other purposes. As a homeowner with your old house, this doesn’t effect you, because its most likely grand fathered in. Or Does it?

Most of the time it doesn’t effect the average homeowner. But when it comes to the possibility of a  insurance loss on your home or property, everyone can become vulnerable to new code laws. The chances are the older your home or structure, the less compliant they are with current codes. In the event of a total or partial loss of your property, for example due to a fire, when it is re-built it has to be compliant with all new county, city, city, state, federal and association codes.

This will cover you three ways:

  1. Loss to undamaged part of building or dwelling. (Example: The part of the undamaged building has to be demolished and rebuilt due to code.)
  2. Increased Demolition Cost: (Due to having to demolish and undamaged part of the building or dwelling)
  3. Increased Cost Of Construction. (Due to higher cost for compliance for new law codes)

Coverage is usually built in at, %10 of the structure/dwelling insurance amount. This can be increased with an endorsement or when a policy is started.

If you have any questions about your current policy, please contact us.

Feel free to leave a comment.

 

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Thrift Retail Store Insurance | Get A Free Business Insurance Quote

June 20, 2011 by Leave a comment

 Today with the economy being what it is, more and more people are turning to thrift stores to buy clothing and goods for their families.  Thrift stores are finding themselves to be very busy with walk-ins daily averaging much more than two years ago.  That is why having an excellent insurance policy is a must.

At our National Independent Insurance Agency, we will take the time, to work with a business to accommodate its needs. Our agents are fully licensed and knowledgeable to create a comprehensive policy that is best for the client.

Our Business Owners Policy

Our policies are superior in industry standard. We believe cutting corners on an insurance policy, could potentially hurt a business owner if a claim were to occur. We provide superior coverage, all at a competitive rate. Here is a basic break down of coverages we offer.

  • General Liability
  • Building
  • Business Property and Inventory
  • Crime Coverage
  • Employee Dishonesty
  • Loss Of Business Income
  • Excess/Umbrella Liability
  • Workman’s Compensation
  • Commercial Auto Insurance
  • Equipment Break Down
  • Outdoor Signs
  • Accounts Receivable
  • Newly Acquired Building
  • and more!

For more details on our Business Owners Policies, Please Click Here.

Our Companies Claims Process Is Excellent

We only write insurance with companies that have an excellent claims process. A claim can be complicated, but our companies will treat you fair and keep the process as simple as possible.

Personalized Service

Our agency is family based and understands insurance. You will work one-one-one with an experienced agent who will find a policy that best fits your business needs. We believe in “good old-fashioned customer service”.

Get A Business Insurance Quote

Please contact us during normal business hours at 1-888-270-0995. Or use our quick form and we will contact you right away. You will work with a licensed experienced agent, who will work with you, to get a free competitive quote.

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Will my home insurance policy pay to fix a broken sewer line?

June 20, 2011 by Leave a comment

(old broken sewer line, considered to be a maintenance issue)

It s always a devastating experience to have a sewer break take place with your home.  It is not only inconvenient, troublesome, but expensive.  As an insurance agent I get a lot of questions, this is one of the most common questions I get.  Not only is this true of homeowners, it is true with commercial lines as well.  “Will my insurance policy pay for a broken sewer line?”  To give a short answer to this questions, no and yes.

Sewer backup coverage only covers the damage due to a sewer backing up.  For example, the pipe clogs towards the middle or towards the street on your sewer line, causing sewage and water to back up in your house and small flooding, the insurance will pay for the damage caused from the sewer backup.

What decides if a insurance company will pay for a broken sewer line, all depends on the condition of the pipe and how old it is.  If the sewer line breaks due to it being old, and it needs to be replaced, then the insurance company is not going to pay out anything.  Insurance companies don’t pay for maintenance, they only pay for accidental and sudden losses.

The industry rarely pays out on this type of incident. The only time they were to possibly consider, is if its not due to a warranty issue, and the line must be up to date and new. Even then, there is more than likely no coverage. For Example: an insurance company will not pay out on a 50 year old clay line, that broke due to natural wear and tear and its at the end of its life use.

Please contact us with any questions, we can write insurance in 45 states.  Feel free to leave comments.

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Why State Minimum Limits For Auto Insurance, Is Not A Good Idea…

June 19, 2011 by Leave a comment

In my previous blog, I discussed what is required by law in Colorado, for car insurance limits. In this blog, I am going to explain why the state minimum limits are not a good idea to carry. Not only does this information pertain to Colorado consumers, it applies to all consumers in the United States.

The reason why State Minimum limits are a bad idea, is because the policy seriously lacks coverage. In Colorado those limits are 25/50/15. This means your insurance has to pay out a maximum to a potential 3rd party of, $25,000 per person bodily injury, $50,000 total accident bodily injury, and $15,000 dollar property damage.

To put this short, if you got into a bad enough at fault accident, your limits most likely won’t be enough. Chances are the other person is going to have more than 25,000 dollars in hospital bills, and if there was more than one person in the vehicle, chances are $50,000 isn’t going to be enough. On top of that, most cars cost more than $15,000 dollars. If  this was you in the at fault accident, chances are after you policy limits are exhausted, the 3rd party will personally come after you.

The reason that the state laws makes the limits so low, is to make sure car insurance costs stay low enough, so people can afford it. Having something is always better than nothing, especially is this situation.

How you can protect yourself from an under insured motorists, is by making sure you have sufficient limits on you auto insurance policy under insured motorists coverage.

Please contact us with any questions, we can write in 45 states.

 

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