How Can I Include Business Interruption in My Commercial Insurance Plan?

You may live in an area where flooding, earthquakes or hurricanes sometimes wreak devastating havoc. As if natural disasters weren’t nerve-racking enough, having a business compounds the anxiety over possibly losing your home and possessions. Luckily, business interruption service covers you for business losses due to a natural disaster. Everett Insurance Group agents can help you have one less thing to worry about in Las Vegas, NV.

What Is Business Interruption Insurance?

Business interruption, or business income, insurance covers financial losses to your business due to a disaster. This includes disaster-related closing or rebuilding after a disaster.

Business interruption service varies from property insurance, which just covers physical damage to your facility. In contrast, business interruption insurance pays for what you would have earned. The purpose is to your business back in the same standing as before the accident.  Like all coverage types, it covers perils listed in your policy, so that’s one area you should clarify and customize to the risks in your area.

How Can You Get Business Interruption Insurance?

You can purchase business interruption insurance through your business property insurance or in a bundled package, such as a BOP, or business owner’s policy. In some areas, you can purchase it as an individual policy. Note that business interruption is considered a subset of a primary policy, which will dictate the covered events.

Contact Us

Contact Everett Insurance Group today regarding all your business insurance needs. Business interruption insurance can help you continue to pay salaries and wages and meet business obligations while you’re rebuilding your livelihood. Make an appointment today to ensure that your Las Vegas, NV company is adequately insured.

What Is Hazard Insurance? Is It A Policy I need?

If you are a new or potential homeowner, you must have come across the term Hazard Insurance from your real estate agent or mortgage company. This must be confusing as you are probably more familiar with homeowners insurance. The question that must be running through your head is “do I need to get a separate hazard insurance policy from the standard homeowners’ insurance?” The answer is no! Though technically different, almost all homeowner insurance policies have hazard insurance embedded in them. So, what then is Hazard insurance and why do you need it?

Hazard insurance is designed to protect the homeowner against structural damages caused by natural disaster. These occurrences are known in the insurance world as “hazards” hence the term hazard insurance. Hazard insurance covers only damages that occur from natural perils that affects the actual structure of your home and not your personal belongings in your home. The common perils covered under hazard insurance includes, floods, hurricanes, tornado, hail, and smoke. As a homeowner, you want to protect your building from damages and ensure that when these incidents happen you don’t pay out of pocket. For real estate agents and mortgage companies, their primary focus is on the structure of your building and not the content of it hence the term hazard insurance used more frequently in that industry. Under the hazard insurance, if a flood or tornado blows through your home, the policy will help with the repair or rebuilding costs.

Homeowners insurance, on the other hand, takes care of the structural damages as well as loss to personal property in the home. This policy protects you financially from various types of damage which are usually specified in your policy, as well as theft. Homeowners insurance also covers medical bills if someone is injured at your house and any legal costs if they decide to sue you, in addition to damage caused by fire, windstorms, hail, vandalism, and lightning.

The good news is, you do not need a separate hazard policy. In short, there is no insurance policy sold that is labeled “hazard” alone. Your homeowners’ policy already covers that. The only difference is some mortgage companies will ask you to add specific hazards to your policy based on the location of your home or property. For instance, if you live in an area that is plagued constantly with tornados, chances are your mortgage lender will require you to have tornado coverage on your home.

Remember whenever you are in doubt about your policy, talk to your agent for clarification.

Myth Busters; Red Cars and High Insurance Premiums

There are a lot of myths about insurance and specifically auto insurance. These myths have become something of legends and in a lot of cases makes people wary about insurance.

One of the biggest myth insurance professionals have spent years trying to dispel is the one on the color of your car affects how much premium you pay. This myth says that if you own a red car your insurance premium is pricier than say if you owned a white car. We do not know why this is a thing. According to a study done by insuranceguote.com, “almost half (44 percent) of respondents mistakenly think driving a bright red car increases or decreases the cost of auto insurance. The study also showed that this myth is held among drivers between the ages of 18 to 29. This figure doesn’t come as a surprise as most Americans are not very financially literate and since most insurance shoppers do not take time to learn about their policies and insurance terms some of these myths keep gaining ground.

The fact, however, is that the color of your car does not affect your insurance premium. What insurance writers take into consideration when writing your policy however includes the kind of car you have (for instance,  a high-end import car is likely to cost more to insure than a standard American vehicle), your claim and accident history, the age of the car and the driver’s history.

Now that is a myth buster for you!