Posted by Rey Renolds
Saturday, August 8, 2009
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The event was the COMDEX convention held at the Georgia World Congress Center in Atlanta. COMDEX was the annual global IT convention, featuring the newest computers, electronics and gadgets. This was the biggest convention held in Atlanta each year. 200,000 people would attend the convention over four days.
Two days before the convention opened, a category 3 tornado struck downtown Atlanta. The twister tore off 100,000 square feet of roof from the Convention Center and dumped hundreds of thousands of gallons of rainwater inside. Local news footage showed water cascading down a big stairway like a waterfall.
COMDEX was cancelled. The financial losses for the event planners fairly boggle the mind.*
What if the show can't go on? The consequences — particularly for a corporation staking big bucks on a marketing event or for an association that gains most of its revenue from an annual conference — can be dire. One safety net is event cancellation insurance, which can protect your event investment against catastrophes, strikes, earthquakes and snowstorms.
Event Cancellation Insurance has been around for decades, and has a long history of protecting special events from conventions, to trade shows, to exhibitions, entertainment or sporting events.
An insured may have incurred expenses all year long preparing for an event but can't afford for an unpredictable event to cause its cancellation. Think of the costs for travel, venue deposits, rescheduling costs, as well as other costs including planning.
Often the kinds of problems that can lead to postponement, cancellation or relocation of an event are out of the planner's control. Look to Event Cancellation Insurance for the kind of coverage needed to protect that financial exposure.
Whether planners should invest in cancellation insurance depends upon how important an event is to an association or corporation financially and what kind of risk it is assuming. If your group event is planned for 50 people, you’d probably not buy this policy. But if 500 or 5,000 people were expected to attend, event cancellation insurance could be crucial to your bottom line.
Sometimes, event planners don’t think about event cancellation insurance. They either are unaware that such coverage exists, or mistakenly rely on the insurance of the event venue...like a convention hall. The venue’s insurance will help them rebuild or repair. But it won’t help the event planners find another venue, or compensate them for the costs they incur or income they lose from cancellation.
Coverage and Cost
The rule of thumb is that cancellation insurance covers perils that are beyond the control of a planner, such as inclement weather, strikes, outbreaks of disease and so on. You can also purchase coverage for “Non-Appearance,” in case your event relies on the appearance of a person or group (speaker, performers, player, invited guest). The policy also covers things such as extra expenses for trucks and workers in case an exhibitor doesn’t break down his exhibits. What is not covered are lack of planning, low attendance from a lack of interest or poor marketing, or bankruptcy of the planner.
Coverage begins as soon as the premium is paid and usually extends for five days after the event. Coverage purchased well before an event can be a godsend if something happens to the facility where you’re booked, as the coverage would cover costs of relocation and notifying attendees.
The cost of this coverage is calculated on a policy-by-policy basis. Every event is different and each has unique risk exposures. The standard costs of this coverage run about fifty cents per $100 of coverage. However, variables like location (areas susceptible to hurricane or earthquake) or season (winter is higher than spring, summer or fall) can push the price up towards $1 per $100 of coverage. So, a $1 million policy might cost up to $10,000 or more.
When To Buy
Event cancellation insurance is usually less expensive if purchased far in advance. Insurers increase the premium rate, theorizing that the closer the event is, the more desperate the planner must be for coverage.
We recommend that you get at least two price quotes before making a buying decision. We also recommend that you review a sample copy of any policy before purchase to determine what is covered and what is excluded.
Posted by Rey Renolds
Thursday, August 6, 2009
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If you are a General Contractor (GC), you most assuredly carry Comprehensive General Liability insurance for your business. If you’ve spent any time reading your policy (fat chance), you may remember that the terms and conditions of the policy require you to protect yourself and your insurer.
Specifically, when you hire sub-contractors, you are supposed to require that the “sub” execute a Hold Harmless agreement as part of the contract, in which the sub agrees to protect the general contractor from liability for acts of which the sub is found legally liable. Further, the sub is supposed to name the general contactor as an Additional Named Insured, which provides a legal defense to the GC. At that point, the GC’s policy becomes excess over the sub’s coverage.
I used to be a General Contractor, and I know GCs pretty well. They, being a somewhat independent bunch, frequently do business with subs on little more than a handshake or a phone call. These subs are people they’ve used repeatedly, and a high level of trust is in place. The idea of getting all that contract paperwork executed before the first hammer is lifted or spade turned is just a pain in the backside. So, it regularly gets ignored.
Unfortunately for GCs, the insurance companies have been taking it in the wallet as they have absorbed liability for the GCs when they fail to get that Hold Harmless in place. So, the risk management efforts that the GCs are supposed to do aren’t getting done. And that has the affect of transferring the risk to the insurance companies.
They get to pay when the GC’s contract fails to contain a Hold Harmless Clause.
They get to pay when the GC doesn’t require his subs to maintain their own insurance.
They get to pay when the GC doesn’t get himself listed as an Additional Named Insured on the sub’s policy.
So, the insurance companies have begun to issue policy endorsements that deny coverage when there is a loss due to the sub’s operations and the GC did not get the Hold Harmless Clause into his contract and proof that the sub named the GC as an Additional Insured. The insurers are figuring that the only way to get the attention of the General Contractors is to put some of the GCs’ assets on the table.
On August 4, 2009, the California Court of Appeals issued the ruling in North American Capacity Ins. Co. v. Claremont Liability Insurance Company. The ruling upheld this Contractors Warranty Endorsement, and stated that the insurance company could take an excess position even if the subcontractor had no insurance, simply because it was their duty to have insurance. Therefore, the endorsement and coverage could proceed AS THOUGH the subcontractor had the coverage in place.
To quote the ruling:
“We find the “clear and explicit” meaning of the contractors warranty endorsements, as used in their “ordinary and popular sense” by a layperson establishes a precondition of coverage as to work done by subcontractors for whom (the GC) failed to secure both a written hold harmless agreement and a certificate of insurance. The trial court therefore did not err in finding the contractors warranty endorsement enforceable under the facts of this case.”
Now that the insurance companies have a favorable court decision in their back pockets, you should expect your insurance carrier to play for keeps. A potential liability claim denial will bring a new discipline to the business life of the General Contractor.
Posted by Rey Renolds
Monday, June 22, 2009
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Insurance quotes are a terrific way to help lower your monthly expenditures. I used a quote service earlier this year and saved $590 on my homeowners and car insurance package.
In today’s economy millions of people have lost their jobs. Millions more will lose jobs as the economy worsens. Millions of unemployed persons have stopped looking for new jobs, which skews the national unemployment figures, and makes the unemployment rate appear smaller than it actually is.
Some people have had to accept pay cuts just to keep their jobs. Add to that the number of unemployed people who just closed an economy-sensitive business.
I have a good friend who is a home designer. She has been in business for over 25 years, and was a nationally-renowned designer. In 2008, her business stopped like turning off a water faucet. She has just gone out of business. Will her business ever come back? No one knows.
Colleges and universities across America just finished commencement ceremonies, where tens of thousands of young graduates got their degree and a handshake. However, job prospects look bleak for this graduating class. According to an ABC News story, last year over 51% of graduates had a job when they left school. This year, the number is only 20%. But they still live in homes and drive cars every day.
An increasing number of people are allowing their insurance policies to lapse, or they are cancelling them outright. They simply made a decision that they cannot pay the premiums anymore.
What a horrible and tragic decision! Cancel your cell phone...your cable TV...your internet connection...your gym membership...your electrical service. But don’t go without insurance!
“Cancel my home’s electrical service??” I hear you sputter. “Have you lost your mind?”
Listen to me. You could temporarily live without electrical service in your home and your life would not be destroyed. But just have ONE insurance loss without coverage, and your financial life could easily be destroyed for the rest of your life.
A fire could wipe out your home or business. An auto accident could destroy your vehicle. If the accident is your fault, the claimant could sue you for damages, which could run into the hundreds of thousands of dollars.
In every example shown above, those people have homes, cars and businesses. In the area of auto ownership, every state in the USA and every Canadian province requires auto insurance by law. So, if you cancel your auto insurance, not only are you without coverage, but you are also committing a misdemeanor in most jurisdictions.
In addition, if your home, business or vehicle is financed, your lender requires you keep Property coverage on the property at all times. If the lender finds out that you have cancelled your coverage, they likely have the right to declare you in default on your loan, and require payment of the balance. They could repossess your car, home or business. At the very least, they could purchase coverage on your car, home or business property for the loan balance and charge you for it. This is called “forced-placed coverage,” and is very expensive, inferior coverage.
Before you make a choice to cancel your insurance policy, stop and consider getting insurance quotes that could lower your insurance premiums.
The process of getting insurance quotes is simple and IT COSTS YOU NOTHING! All you have to do is go online and use the search term “Insurance Quotes.” You’ll find hundreds of quote websites, all eager to get that quote for you.
Simply fill out an easy information form, giving the quote services details about what you want to insure and submit the form. Within minutes, you’ll begin receiving contacts from agents and insurance companies who want to compete for your business. Make sure that the coverage quoted are the same, and choose which vendor offers the best deal. Most times, the agent will do all the paperwork for you if you are switching from one company to another. Then, choose your new insurance company and breath easier with YOUR SAVINGS!!
My Insurance Quote website will get you great insurance quotes and also give you valuable claim strategies if you have a loss. You have nothing to lose and everything to gain. Think like a claims adjuster! No other insurance quote website can give you great rates AND claim strategies that WORK EVERY TIME!!
Get Insurance Quotes and Claim Strategies at: http://www.InsuranceQuoteHQ.com
Posted by Rey Renolds
Saturday, May 16, 2009
0 comments
Insider Blows the Whistle and Reveals All!
Former insurance adjuster shares valuable strategies so you don't get ripped off by your insurance company!
For a limited time, get your copy of his book at no cost or obligation!
FROM: Russell D. Longcore
Dear Friends-
Frankly, I am exhausted.
Selling books is hard work. I think that giving books away might be easier.
Wouldn’t you agree?
From now until midnight ET, June 30, 2009, I’m going to give you a free copy of my hot-selling 220-page book “Insurance Claim Secrets REVEALED!” No strings attached...no cost...no obligation. This is a $29.97 value, given to you at no cost whatsoever.
I’ll also give a copy of the book to anyone on planet Earth that you tell about the offer.
Pay It Forward, folks. Pay It Forward. Do good for others and it will return to you.
I accept 100% of the risk. You have 0% risk and you do not spend even one cent.
So please keep reading for all the details!
After many years as an insurance claims adjuster, I had seen insurance companies delay, defend and deny insurance claims. I wanted to help policyholders maximize their insurance claims, not stand by and watch the insurance companies cheat their own policyholders. The more I wrote, the more the book became an insider’s “tell-all” expose´that benefits anyone with an insurance policy.
I knew that the insurance companies will NEVER reveal the TRUE claims process. Why would they? If they tell you ways that you can collect more money in your claim, they make less profit. And, if you have questions about the claims process, who are you going to ask? Most people will ask the insurance company, who controls the claims process. It’s great for the insurance company, but terrible for you.
Most people I’ve ever talked to don’t know the first thing about how to handle an insurance claim. That puts them...YOU...entirely at the mercy of the insurance company and the insurance adjuster.
Many times, people who have had a loss are on the raw edge of emotion. Isn’t is natural to be fearful in a situation where you don’t feel you’re in control…where you don’t know what will happen next, and you’re scared you’ll be “ripped off?” Most everyone has heard a story from a relative or friend about an insurance claim that went badly.
People like that need solid advice and a strategy on what to do to get their claim paid IN FULL.
They need to understand the claims process completely so that they are not at the mercy of the insurance company, the claims adjuster and the claims examiner.
They need to be paid every dollar that they are entitled to collect.
They need to have peace of mind knowing that their claim was handled correctly.
So I wrote a book. I guess I struck a responsive chord with policyholders.
I wrote the book “Insurance Claim Secrets REVEALED!” (ICSR) and released it in June of 2007. By October of 2007, the book had rocketed to NUMBER ONE in two search categories at Amazon.com, the world’s largest bookseller. The book has STAYED NUMBER ONE continuously ever since!
Even if you enter the most general keyword possible, “insurance,” into the Search box, Amazon will show you over 350,000 books. ICSR is ALWAYS in the top 100, and its highest daily ranking was #21 back in April 2009.
ICSR has sold all over the world at $29.97. I’ve sold it on every continent. Policyholders from America to England to Ireland to Singapore to Thailand have bought this book and used my strategies to collect more money in their insurance claims.
In this book, you will learn: • The games and scams insurance companies use to cut costs and keep claim payments at the lowest amounts possible • When it's the right time to use an attorney • How you can take control of your claim, and not allow the insurance company or claims adjuster to control YOU • What a Public Adjuster is, and the valuable help you can get from them • That the insurance adjuster is NOT there to help you • How to handle insurance adjusters and get paid all you are entitled to collect • and much more
You will learn: • What to do when you have a car accident...BEFORE you open the car door or talk to anyone. This one strategy could save you hundreds of thousands of $$$ • How much MORE money I collected (thousands!) in the two little claims I had while writing this book, and how you can do the same things I did • About Diminished Value on automobiles, and how it can cost you THOUSANDS if you don't fight • About cheap aftermarket auto parts that insurance companies LOVE, but leave you less safe • How insurance companies use depreciation to cheat their policyholders, and how to fight back and WIN • What you MUST do after a loss like a hurricane, flood or fire • And so much more
Get this book before something bad happens to you!
Get this book after something bad happens to you to keep it from getting worse!
Here is what our readers have said about this book!
“Thanks for writing your book. It explains things so the rest of us can understand.” Dawn A., Houston, TX
* * * *
“I was really glad when I came across your book. I wish we had come across it sooner. Thank you for writing a book and making yourself available for questions.” Marie R., Warren, NJ
* * * *
“Hey Russ, Great book! I am sure I will give your books away as gifts too...” Andy S., Westminster, MA
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“I heard the DJ on the local radio station talking about Russell's book, so I immediately downloaded it when I got to work. It has been a great help to me. Not only does it talk about vehicle accidents but property damage and more, as well. I would recommend anyone dealing with an insurance company to buy this book. Well worth the knowledge you gain to determine if the insurance company is treating you fairly. Knowledge is power when dealing with insurance companies.” Lisa W., Winston, GA
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“Russell D. Longcore deals with this head-on, and in terms that you and I can easily understand. His honest, direct, straight-forward approach is excellent.
It's not a question of "if" you're going to need to know and understand the facts about which Longcore writes in this book - but "when." Longcore addresses those things which the insurance industry would just as soon you never knew, and certainly won't tell you, until after-the-fact. Based on personal experience, I hope it's not too late for you.
If you're considering the purchase of a new policy, or are about to renew a policy - regardless of the type - READ THIS BOOK FIRST.
INSURANCE CLAIM SECRETS REVEALED! is a book deserving of a FIVE STAR rating, because it will guide you in your thought process, and protect you in ways that you've never suspected, nor imagined. Pass it up at your own peril.” Sanders H., Atlanta, GA
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“At the end of Feb. 2008 a tornado went through our neighborhood. Fortunately the damage we sustained was inconvenient damage. We had several trees down, one unfortunately hit the back of our car, and lots of debris, and the top of our neighbor's pine tree was dropped onto our roof. We called our insurance agent to report and started the clean-up. The weekend after the storm I was listening to the radio and heard Russell Longcore being interview by Ilyce Glink. I was so impressed, I immediately got online to his website and bought the E-book. It downloaded right away and I started to read. Fortunately our house is now back together and we are only out of pocket the amount of our deductible. There is so much information in this book and it's easy to read and understand. No one should be without it.” Dee K, Atlanta, GA * * * * * * * *
Bookselling is tough.
I published this book myself instead of going begging for a publisher. I’m OK with that, but when you self-publish, you also assume the role of Marketing Director.
Don’t believe the hype that you can write a popular book and the money just rolls in. Hundreds of thousands of book titles are published each year. Most authors who write a book, no matter what kind of book, never sell 1,000 copies...EVER! The big mega-selling books are so scarce it’s ridiculous. No wonder publishers are going out of business at record numbers.
Selling books is exhilarating, though. You can’t imagine how rewarding it is to have readers tell stories of how my strategies have helped them collect all the money they were entitled to collect! I’ve been blessed to change lives the world over!
But What’s In It For YOU?
Simple. I want to give YOU a copy of my book as a marketing experiment to jump-start my other business.
I’ve found that another very effective use for ICSR is to give them as a business introduction gift. I use the books to introduce my business to others. I give such a large amount of value UP FRONT to prospective customers that they will do business with ME, rather than my competitors. Everybody wins.
This is the best website on the Internet for getting no-cost insurance quotes for any kind of insurance imaginable.
How can I say that?
Simple. No one else in the insurance quote business can do for you what I can do.
To receive your Ebook copy of my hot-selling 220-page book, click on “Insurance Claim Secrets REVEALED!” and leave your name and email address. We will instantly send you an email reply confirming your request, and a page with your link where you can download your copy of the Ebook.
What’s in it for Russ Longcore?
When you give me your email address, I will send you a confirmation email to make absolutely certain that you have requested the book. Once you confirm the email, we send you a link where you can download the book. We do not send spam to anyone. And, when you are a part of my email membership, you may unsubscribe at any time for any reason or for no reason at all. We never share our email list with anyone, ever.
As a member of my email list, you will receive emails from me that will offer you terrific information, a regular newsletter about insurance and money, interesting offers and terrific value. My strategies can save you thousands of dollars!
When you use my insurance quote service, I earn a commission, even though you have not spent one single cent. How does that work?
Most successful insurance agents are using some type of prospecting service, in which special companies provide the agents with lists of people (prospects) that have requested rate quotes. These prospects are called “leads.”
Whenever a person goes to my website, completes the easy quote request form and submits it, the lead company pays me a small commission. Then the agents of top companies compete for your business.
You, the “prospect,” pay nothing. Quotes are free. It’s the agent or insurance company that are paying for the leads and paying my commission.
So, the more leads I send them, the more commission I earn. Simple as that.
Don’t Be Misled By Internet Ad Copy
The Internet has made it very easy to get the most competitive rate quotes for all kinds of insurance. And, naturally, it makes sense to shop for the best rates combined with the best coverage, which makes the best insurance value.
There are hundreds of websites where you can get insurance quotes. Some of them are good, some not so good. I have visited scores of these websites, and I noticed a common flaw.
They don’t think like a claims adjuster. They think like sales people.
The other quote websites seem to be all about the lowest cost insurance quotes. Now, don’t get me wrong. I like low prices as much as the next guy.
But, isn’t there usually a difference between lowest price and best value?
Insurance is a service, not really a product. So, great customer service should be near the top of your list of benefits for buying insurance.
But don’t be fixated on great customer service when you’re BUYING your policy. That will only give you a false sense of security.
You should be MOSTLY concerned with the service you get when you have a loss. After all, insurance is all about keeping promises.
You see, friends, it’s not good enough just to get a great low premium on your insurance policy. When you buy an insurance policy, all you have is a bunch of pages stapled together with writing on them.
Your policy ONLY comes to life when you have a loss and submit a claim.
You enter into a contract with the insurance company. You promise certain things, like paying your premium. They promise to pay your claim if your loss is covered.
Every insurance policy will have a section that tells you what you must do when you have a loss and want to file a claim. But, the policy NEVER tells you about the “claims process.”
The “devil is in the details” of the claims process. The insurance companies all rely on the fact that their policyholders don’t know the claims process. That lack of knowledge helps the insurance companies hold down claim settlement amounts. That increases their profits...but at your expense.
So, What Can You Do To Win?
You MUST become more “claims-conscious” than price-conscious.
Saving a few hundred dollars in premiums is great, but it won’t change your life. However, your life could be permanently altered if you have a big claim and don’t collect every dollar you are entitled to collect. Or, not having enough insurance could ruin your finances forever if you are sued in a liability issue.
So FIRST, let me help you become claims-conscious! When you read my book, you’ll become familiar with the claims process and the super-valuable strategies that help YOU take control of your insurance claims.
Then go ahead and confidently get the best insurance quote and lowest price on your insurance...at NO COST TO YOU!
I recommend a four-step strategy:
1. Get a free copy of my book at “Insurance Claim Secrets REVEALED!” to get the strategies you’ll need to add hundreds or even thousands more dollars to your claim settlements. You’ll also learn crucial things you should do to protect yourself BEFORE you have a claim.
2. While you are reading the book, go to: www.InsuranceQuoteHQ.com and fill out the simple form so that we can get you the quotes you need. This service is also without cost or obligation. Not a penny do you spend!
3. Compare the insurance quotes carefully and make sure that the quotes have the same coverage.
4. Buy the coverage you need at the most competitive rates.
CHECK OUT THIS AMAZING LIMITED-TIME SPECIAL OFFER!!
Between today and midnight ET, June 30, 2009, I’m going to make the book “Insurance Claim Secrets REVEALED!” available to anyone and everyone with a valid email address and an Internet connection. I’m giving a FREE Ebook copy of the NUMBER ONE BOOK IN THE WORLD about insurance claims to anyone who gives me their valid email address!
Then, if you agree with me that shopping for the best rate on the insurance you need makes total good sense, go to www.InsuranceQuoteHQ.com and click through and get a FREE QUOTE! But if you don’t agree with me, and don’t use my website to get your insurance quotes, you still get the f*ree copy of my Ebook...a $29.97 value!
Just LOOK at the vast array of insurance policies we quote:
• Auto • Home • Renters • Term Life • Pet Insurance • Health • Disability • Long Term Care (LTC) • Cancer • Burial • Annuity • Business • General Liability • Commercial Auto • Commercial Property • Professional Liability (E&O) • Business Owners Package Policy (BOP) • Workers Compensation • Commercial Crime • Group Health Insurance • Group Life Insurance • 401K/Retirement Plans • Supplemental Plans/AFLAC • Keyman Life Insurance • Keyman Disability Insurance • Deferred Compensation • UK and European Quotes Coming Very Soon • And the list just keeps growing every week!
Your quotes will come from the top insurers in America today. And when you make a quote request, you’ll get quotes from multiple companies so you can truly compare rates and find your best deal.
SAVINGS ALERT!!
I used this exact quote service in April, and got quotes from eight different companies. I switched insurance companies for my Auto and Homeowners policies and saved $590.00 per year! I was shocked at that kind of savings, since I watch my premiums very closely from year to year. My new policies also have better coverage than I had before.
Could YOU get that kind of savings? You’ll never know until you get the quotes!
By making this stunning book offer, I am showing my trust in you. I am sowing good seeds in good ground, and I expect a good harvest. I’m betting that the majority of people who receive a free copy of the book will use my insurance quote service to get the best insurance rates possible. It only makes common sense.
So, I’m not giving you a gift AFTER you make an insurance quote request. That is an “incentive”offer in which you are forced to make a quote request to get the book.
I’m not playing that game.
I’m giving you a no-obligation gift of my book. I’m confident that you’ll see the value that I’m giving you. I’m also confident that, because of that value, you will trust me to get you the best insurance quotes available. But you get the gift whether you make a quote request or not.
To receive your Ebook copy of my hot-selling 220-page book, click on “Insurance Claim Secrets REVEALED!” and leave your email address. We will instantly send you an email reply to confirm your request, and a page with your link where you can download your copy of the Ebook.
Friends Don’t Let Friends Get Ripped Off By Insurance Companies
When you get your copy of the book, why not tell everyone you know how to get a free copy? There’s no downside, only upside. They will get a book that could help them collect thousands more dollars (or Euros, or Pounds, or Pesos, or Bhats, or Yen, or Rupees) in their claims settlements. Your friends will thank you for referring them to this free book offer. They will especially thank you if they ever have an insurance claim!! Then, if they save some money on their insurance premiums, they will REALLY be glad you are their friend!
If you have an email list for your business, send this offer to your list.
Pay It Forward, folks. Pay It Forward. Do good for others and it will return to you.
Send this amazing offer to everyone in your Address book. Don’t leave anyone out. Put this offer on your Facebook page. Twitter a link to this page.
No other insurance quote website in the world can offer you this winning formula for maximizing your insurance claim settlements AND getting the best insurance rates! No matter if your claim is a homeowners, renters, auto, business, etc...THESE STRATEGIES WORK EVERY TIME!
Don’t wait another day! Click Here NOW for your free book!
Thanks for your business!
Russell D. Longcore, Author and owner www.InsuranceQuoteHQ.com www.InsuranceSecrets.com www.WebMarketingHQ.com www.SuperArticleDirectory.com
P.S. I just completed the manuscript for another book. This one is dedicated to claims strategies for businesses and commercial entities. The book’s title is “Commercial Insurance Claim Secrets REVEALED!” . This new book will be available by September 1, 2009 worldwide at $49.97. Watch for it...I might give this book away, too!
Posted by Rey Renolds
Wednesday, December 17, 2008
0 comments
Business insurance is vital for a new business. If you are in the planning stages for starting a new business, you’ll need to plan for your insurance coverage. You likely already have insurance for your home and automobile. But the insurance needs for a business are somewhat different and you must address all of your new business exposures.
Here is a list of the four basic components of a business insurance policy:
1. Property: a. The building you own. If you’re leasing a building, your lease may require you to insure the building. b. Your business personal property, including your furniture, machinery, computers, office equipment, inventory and raw materials. c. Your vehicles.
2. Liability: If your business will be dealing with the public, there is a chance that you will cause a loss to others due to negligence. This covers errors you may make and personal injury or property damage to others.
3. People: If you will have employees, Workers Compensation insurance will be necessary. You might also consider Health Insurance and/or Life Insurance for your employees. “Keyman” life insurance protects the business from loss of a key owner or employee. Worker’s Compensation is mandatory, other coverages are optional.
4. Income: The lifeblood of any business is its income. If that income is interrupted or stopped, the business will likely not survive. Business Interruption coverage provides replacement of the lost income due to a covered peril.
When you are preparing your business plan for your new business, you should be able to generate the information necessary, such as property values, number of employees and anticipated revenue. Share this information with your insurance agent so that together you can design a business insurance policy for you that meets all your needs.
If you have experience a Business Insurance loss, whether property, liability, people or income, you need to know winning insurance claim strategies. The insurance company will not tell you the claims process, but I will. I will show you how to take control of your insurance claim, and add hundreds or even thousands more dollars to your claim settlement. For more information, go to the website listed under my photo.