Three Essential Business Insurance Tips

Most business owners don’t necessarily think about their insurance coverage until a loss occurs and they need to file a claim. However, the time to analyze your insurance is before you need to file a claim: Preview is always nicer than review.

If you do suffer an insured loss, you need to be very familiar with certain aspects of your claim. Here are the three areas that cause the biggest business insurance disputes with insurers.

Period of Restoration – This is the duration of time your loss will be based upon. The period of restoration begins 72 hours after the physical loss or damage occurs. This is sometimes referred to as a time deductible since coverage does not start until after the 72 hours expire. This period can be reduced or eliminated with various endorsements.

The end of the period of restoration can be difficult to calculate because it’s subjective. The date theoretically ends at the earlier of when the property should reasonably be repaired or replaced, or when the business is resumed at a new permanent location.

The insured may be given additional time to replace stock or supplies, or for a manufacturer, time is given to bring production back to the pre-loss point. But what’s a reasonable period of time to repair or replace the property? With no hard date for when the period ends, disputes arise. If you’re a tenant and your lease requires the landlord to repair the property, then you’re at the landlord’s mercy. Your claim can be adversely affected if the landlord is slow. These days, it’s quite possible the landlord doesn’t have the financial ability to make those repairs. In this case, it may be best to relocate, fast.

After the property is repaired, it’s very likely to take months before you return to your pre-loss sales volumes. Unfortunately, this is outside the period of restoration and your coverage may be history. That’s why we recommend adding an “Extended Period of Restoration” endorsement to your policy to provide coverage in 30-day increments.

Extra Expense Coverage – Any expense incurred to mitigate your loss is considered an extra expense. If your business had to relocate to resume operations in order to retain your customers, then the costs of doing so would be considered extra expenses. Be sure your policy provides an adequate amount of extra expense coverage.

Proving the expenses incurred relate to mitigating your loss can be another area of contention. Be sure to keep the insurer aware of all expenses you are incurring. Get written confirmation from the insurer that it will pay for those extra expenses.

Calculating the Amount of Loss -

Your policy should provide coverage for the amount of net profit you would have earned had no loss occurred, as well as continuing normal expenses. Determining the profit you would have earned can be challenging. No wishful thinking allowed.

Two key components in determining what you would have earned are your sales forecast and your previous year’s results. If you happen to suffer a loss during a seasonal peak period of time but your business was not meeting its current year sales projections, then you may find yourself in the middle of a dispute.

Will you be able to prove you would have met your sales forecasts during your period of restoration even though you had not met them prior to the loss? If your business is seasonal in nature, you will need to work diligently to keep from losing your key customers as you may not have another opportunity to get them back until the following year. Can you prove you lost them as a result of the insured event?

If you suffer an insured loss, you should focus all of your attention on mitigating your loss and returning to normal operations as quickly as possible. It may be prudent to hire a professional public insurance adjuster – a third party expert so you’re not forced to rely on your insurance claims agent – to assist you in the preparation and calculation of your loss. That way you can focus on your business.

by Ron Reitz, President of San Diego-based Quality Claims Management Corp

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When negotiating a total loss insurance claim, it’s important to have already filed the report immediately after the accident. Discover how a total loss settlement is up to a claims adjuster with information from a licensed insurance agent in this free video on insurance agents and insurance companies.

Here is the video on Youtube:

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Unemployment insurance replaces part of the income you lose when you become unemployed. It is a benefit available to workers out of work through no fault of their own. Unemployment insurance softens the impact job losses have on communities by maintaining the purchasing power in the area where workers live. The money for benefits comes from employers. No contributions for unemployment insurance come from employee wages. The fastest, easiest way to apply for UI is online.

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Insurance companies are in business to make a profit. Generally, the insurance company’s profit is the difference between what it collects in premiums and what it pays out in claims. Therefore, the insurance adjuster’s job is to settle your claim for as little as possible to maximize the company’s profit. Your lawyer’s job is to settle your claim for its maximum value.

Here is the video on Youtube:

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Taking a holiday or business trip is usually quite straightforward. Most of the time, you buy your tickets, fork out a bit extra for travel insurance (because it’s just what people say you should do) and jump on the plane.

But what happens when something goes wrong, and that safety-net insurance policy you bought actually needs comes in to play?

Many people’s first reaction to realising they have to make a travel insurance claim is slight panic – what evidence and documentation do you need? Does your situation even warrant a claim? What happens if it all falls through? Don’t worry – there are a few basic things you need to remember, and if you can do that, all should work out fine.

Who do I Contact, and When?

Depending on what it is exactly you’re claiming, you have differing amounts of time to act. Before you leave on your trip, you should take two copies of your travel insurance details, packed in separate places. This should contain the full name of the travel insurance company, the policy you chose, the dates you’re covered for, full contact details, and most importantly your unique policy number. More often than not, the company will provide you with a handy wallet-sized card with all of this information. If in doubt, take as much information as possible.

Generally, the sooner you contact your insurance company the better. In cases of medical emergency this is important. In non-life threatening cases, and where you don’t have full details of your policy with you, it might be best to contact the company to see if you’re covered before you opt for whatever insanely expensive treatment you may need. Due to the higher costs involved, your company needs to know ASAP. They will obviously also need to be contacted ASAP if you need to be evacuated home, such as from an area where you may not be able to get quality care.

If, on the other hand, you’ve lost or had something stolen, you generally don’t need to contact anyone from the company until you get home – and you often have up to a month to get around to this. What you do need to do, however, is report all theft to the local police, and obtain a report of the ‘crime’ in question. Be aware, in developing countries with high numbers of foreign tourists, this is seen by many police as a waste of their time – you might have to slip the officer in question a few bills to get anything done. (Incidentally, this won’t be covered.)

If you’re lucky enough to have your luggage lost by an airline, bus company or even hotel, try and obtain a report from them admitting culpability. Without this, your company may dispute your claim. The people who lost your goods may offer a private settlement themselves – get this written down as well.

Where’s the Proof?

Large numbers of people take out travel insurance, and, feeling slightly annoyed that they haven’t been the victim of a mugging or hostel robbery, attempt to claim that aging analogue camera as stolen. To claim, you must present proof of ownership. This is often easily done by showing the receipt for the item, but as many people simply don’t keep receipts that long, other methods are accepted; bank or credit card statements, warranty cards, even photographic evidence can be used to show that you owned a given item. If you can’t provide anything whatsoever, you may not be able to claim. Check your policy. And if they think you’re telling porkies, they might just investigate your case further – you’ve been warned.

In the case of purchases that had to be made (medical treatment, taxis when you missed your connecting bus due to a delayed flight, quick flight home due to civil war unexpectedly breaking out, etc), keep the receipt, and be prepared to present credit card statements and possibly contact details of the organisation in question.

How Long do I Wait?

Generally speaking, a simple claim on a stolen item should not take very long. Companies differ, but most will process a claim in around ten days if they have all the details they need, they will either say no, or send you a cheque. If your claim is, in their eyes, dubious for any reason, it may take longer. In cases where large amounts are to be paid out, such as those which have arisen due to medical expenditure, the gathering of all the relevant proof and information may itself take some time – you might just have to be patient.

This article has been brought to you by Travel Insurance Direct, providers of reliable online Travel Insurance for travelling Australians. Fore more information on seniors travel insurance and cheap travel insurance click the links.

Article Source: http://EzineArticles.com/?expert=Darren_Faulder

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Why does this happen? This happens simply because the law allows it to happen. I guess somewhere in America and across the oceans, someone needs to step in and begin changing our insurance laws so that they begin to benefit the people more than they benefit those large corporations who are making millions and sometimes billions at our expense. We are all supporting those insurance companies and no one likes it any better than you do. Here are some details about different insurance coverages and their red tape system.

For example, a family member goes to the emergency room for a serious emergency. The last thing that you are thinking of is to go to a payphone and hold on while you listen to recordings from your insurance company and hope that a human being answers the phone. For most emergency rooms encounters, you or the patient can be in the emergency room hours and even sometimes days before you all calm down and relax if that happens at all. When you think about all the emergencies that happen in our country, you know that these insurance companies are receiving thousands of claims each day and one way they stop claims is by insisting that you notify them within a certain number of hours.

Here is a way to protect yourself from being kicked out of your insurance claim right now.

Right now, write or call your insurance company and insist on their mailing address so that you can notify them in case you need to notify them that you or a family member needs to be in the hospital. If they give you a hard time, just ask for their corporate address in your city or near your city. Here is what to do ahead of time– address an envelope to your insurance company and put stamps on it. Type a letter stating that a person (leave their name blank but put a space there) has been taken to the emergency room and you are not sure yet what the admission diagnosis is. Tell them in this letter that you are notifying them because you are unable to get to a phone and this letter will serve as their pre-certification notice or notice that someone has been admitted. Place that letter, envelope into a safe spot in your home (perhaps on your desk).

Now IF an emergency happens, simply fill in your name or the name of the patient, and fill in your insurance numbers and mail it off certified or with certificate of mailing. If you do not have time to send it by waiting on line at the post office, then mail it through one of their electronic mail machines or mail it through Office Max or Staples where you will have a receipt for mailing it.

Keep all your receipts. Then at a later date when you are able to do so, you can call your insurance company and let them know that you have notified them by mail.

That is one way that you might be able to protect yourself. Even if the company does not like your idea, at least you have written, postmarked proof that you have notified the insurance company.

Other insurance red tape is all about home ownership and home ownership policies. So many times insurance companies are eager to sell a policy to you and then they are not eager to pay out your claims. Check this link for information regarding home-owner’s insurance red tape.

By Linda A. Perry

Certified television producer, artist, writer, collage-artist, and creative individual with many years photography, press and publicity experience. She has covered national and International events as an independent journalist and artist. She writes about almost every topic from apples to wildlife conservation centers and most subjects in between those. You are invited to write to her about any topic. thereallinda@live.com

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Farmers Insurance advises its customers suffering damage from the Stockton, Indians Wildlands, Sacramento, Oroville, and Lafayette wildfires to immediately contact Farmers’ 24 hour claims hotline, 800-HelpPoint (1-800-435-7764) for immediate assistance.

“We hope these fires are contained quickly and with little damage,” said Kirk Tweedy State Executive Director of Farmers in California. “However, we all know how fast these fires can spread and we are monitoring the situation closely and carefully. We will bring in as many resources as necessary to assist our customers.”

Farmers Group, Inc. is a wholly owned subsidiary of Zurich Financial Services.

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The focus of this article will be on the claim’s process, specifically, workers compensation, general liability, auto and property claims. In the interest of brevity, I’ll only elaborate on workers compensation and automobile claims. It is important to note that no two claims are exactly alike, and that each and every claim has its own set of circumstances.

The claims adjuster is the central figure in any claim. Simply stated, their job is to apply the applicable policy provisions and to make sure the claim is handled promptly and without prejudice. Claims departments are a highly specialized business unit of every insurance company. Auto claims are handled by auto adjusters, workers compensation claims are handled by workers compensation adjusters, etc.

Let’s run through a workers compensation claim. First, the insured calls in the claim and the adjuster takes all of the information. Second, the adjuster contacts the injured employee to get his/her story (on tape), and they corroborate their story with any witnesses to the accident. Thirdly, if needed, the adjuster will contact the medical provider to get an idea on the extent of injuries. Next, the adjuster will coordinate care and act as a liaison between the injured employee and the insured. Lastly, if it appears that the claim is questionable, they will do everything in their power to fight the claim. Usually, by this stage, the injured employee has hired an attorney.

In an automobile claim, you could have four different people handling the claim. Depending on the damage/injuries, you could have a front line adjuster, an appraiser, a PIP adjuster and a bodily injury adjuster. It’s the front line adjusters’ job to act as the quarterback and to coordinate the claim with all of the other adjusters. The adjusters and appraisers are highly trained in their specific area of expertise. I only mention this because, as we know, there are people out there who put in fraudulent claims. Trust me, if the claims looks as though it’s fraudulent, they will know, and the repercussions are severe.

When it comes to claims, speed is of the essence. The quicker the insurer gets the claim, the better the claim will be handled. Insurance companies want to be the first to contact the injured party (or parties). I always recommend that the insured report all claims, no matter how small or seemingly insignificant. The insured isn’t the one to make the determination as to whether the claim is legitimate or not, the insurer is. It’s important to note the policy provisions when a claim occurs. Ideally, you would have read the policy before a loss occurs, but I know that’s not always the case. Among other things, it states: “Give us prompt notice of the loss or damage.” So, not only is it wise to report claims promptly, it’s a condition in your policy to do so.

In addition to prompt reporting of claims, you must “take all reasonable steps to protect the covered property from further damage, and keep a record of your expenses necessary to protect the covered property.” For instance, if a tree falls on your building and exposes your personal property to the elements, the insurer expects you to minimize further damage by any means possible. This could include moving your property to another location, or having the building damage temporarily fixed to prevent further damage until the adjuster can make a determination of damages.

It is the adjuster’s job to set the reserve. A reserve is the probable ultimate exposure. In other words, it’s the amount the carrier expects to pay for the claim. The better the information they get, the more accurate the reserve. Reserves do change from time to time that is why it’s imperative to pay close attention to your loss runs. For the difficult claims, your agent should be scheduling (and attending) claims reviews with you and the adjuster. This gives you the opportunity to question how the claim is being handled and have the adjuster justify the reserve.

Hopefully you’ve done your best to prevent claims from happening, but we know they do occur. It’s what you do when a claim occurs that determines the final payout. It all starts with reporting all claims in a timely manner. A good agent, and insurance company, will guide you through the process, and do all they can to make sure the process goes smoothly. If they can’t, find someone who can.

By Chris Sheppard

Chris Sheppard, CPCU, AFSB is VP & Partner for Smith Buckley & Hunt Insurance Agency in Brockton, MA. To learn more please visit http://www.sbhins.com You may also contact Chris directly at chris@sbhins.com

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If you have a landlord and the property that you live on is infested with mold, getting the landlord’s attention and getting him to remedy the problem is sometimes a big problem by itself, even though the property does not belong to you.

Some landlords and insurance claims adjusters will tell you that mold is not as big of a problem as some media stations and remediation companies are making it out to be, but the fact is that the proof is there. All you have to do is research for yourself and the Centers for Disease Control and even the Holy Bible itself says that mold is a serious health threat. You do not have to look very far into the Bible to see its account of what mold infested homes used to go through.

Leviticus 14:37-49 says if you suspected that your home was infested with mold you were to do what anyone else who lived during that time would do for almost any problem occurring in their lives: you would visit the rabbi. The rabbi would come to your house, inspect it, and deem it either diseased or clean. If it was deemed to be diseased or “plagued”, everything was removed from the household. These items were taken far away from town to what the Bible calls an “unclean place” The house was closed for seven days and the rabbi returned at the end of that period to see if the infection remained.

If it did, the house was torn down, the building materials taken to that unclean place, and the home re-built. Clothing deemed contaminated by the rabbi was also thrown away.

So, no matter what any landlord or insurance claims adjuster might tell you, mold is a dangerous threat to yourself and has been a problem since ancient times. Do not agree with them when they tell you that the mold is not a health threat or that the contamination is somehow your fault. Remain consistent in your effort to file your claim or to get your landlord to fix the problem.

Author Description
Jim Corkern is a write and promoter of quality water damage restoration companies and mold remediation companies across the united states.

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