Monthly Archive July 9, 2021

A Short Guide To High Net Worth Insurance

If you are an individual with a high net worth, you may have struggled to find a home insurance policy that can adequately meet your unique needs. Typical home insurance policies generally have coverage that is targeted at medium-sized or smaller households and don’t have adequate coverage for those with larger, more valuable estates. Luckily, there are options that can fulfill your needs.

Is High Net Worth Insurance Your Best Option?

If typical home insurance policies don’t seem to offer what you need, high net worth insurance may be your best bet. High net worth insurance provides coverage for properties that are valued at $750,000 or higher. This type of insurance has special coverage for your expensive assets and has higher coverage limits.

What Types Of Coverage Are Available Under A High Net Worth Policy?

High net worth insurance typically offers expanded coverage limits as well as additional benefits and services that standard home insurance does not offer. One important feature of many high net worth policies is the option to obtain coverage for your valuable items. Things covered can include artwork, jewelry, collectibles, and fine wine.

High net worth insurance also offers many options for protection that typical home insurance policies don’t cover. These protection options include identity theft coverage and kidnap/ransom coverage.

Having a high net worth comes with a lot more risk and responsibility.  High net worth insurance can provide you with more peace of mind.

3 Types of Disasters That Require a Crisis Communication Plan

Smart business owners try to predict the future as best they can, but even the most meticulous planners can’t foresee it all. It’s important to have a system in place for the unexpected, and that includes a crisis communication plan to quickly and effectively communicate to employees, vendors, and clients in the event of a sudden catastrophe.

Natural Disaster

Natural disasters can strike any business at any time. During a natural disaster, it’s vital to execute your plan to provide necessary information to continue business operations if possible or to advise when things will be up and running again. Communicating that information effectively is vital.

Manmade Disaster

Acts of terrorism or civil unrest can also cause an interruption to your business and require a crisis communication plan. Constructing an overarching message and cohesive flow of the chain of command before any disruption will help get your company through whatever may occur.

Local Situation

Plan for what to do if something happens to your business like a fire or flood. Creating a template to handle any company-specific situations will help you can focus on the task at hand rather than how to disseminate information when the time comes.

Crisis communications is a necessary risk management component since most businesses will face a disaster at one time or another. Being prepared in advance will take the guesswork out of at least one component of your disaster response.

A Short Guide To Condo Board Insurance

If you are a director or officer of a condominium board, your top priority is likely to ensure that everything runs smoothly in your neighborhood. As a member of the community, you choose to volunteer your time to help your neighbors and friends live in a well-run community.

Unfortunately, working on a condo board comes with a certain amount of risk. Directors and officers of condo boards can be sued at any time for alleged wrongdoing on the part of the organization. These lawsuits can easily end up being tens of thousands of dollars and are not things to be taken lightly. Luckily, you can purchase condo board insurance to help cover your back.

Directors’ and Officers’ Insurance

Directors’ and Officers’ insurance can go a long way towards protecting the assets of members of condo boards. It can pay for things like defense fees, damages, and settlements if you are found to be at fault.

What Could You Be Sued For as a Condo Board Member?

There are many things that could lead to a lawsuit for directors and officers of a condominium board. Some of the most common reasons are:

  • Discrimination
  • Harassment
  • Negligence
  • Misuse of funds

Being on a condo board is not always easy and can come with a certain amount of risk.  Condo board insurance can make all the difference.

 

Understanding Kidnap and Ransom Insurance

The crime of kidnapping is on the rise and poses a risk to both individuals and businesses alike. It is estimated that kidnappers make over $500 million each year in worldwide ransoms. Depending on your personal or business situation, it’s worth considering purchasing kidnap & ransom insurance coverage to help protect your financial interests. While you never hope to need such protections, the reality is that they not only help cover your losses but also give you a greater sense of control.

Getting the Details

Kidnap and ransom insurance policies are usually indemnity policies, meaning that you or your business are reimbursed once a ransom has been paid. A ransom payout may be fatal when it comes to your bottom line. Kidnap and ransom coverages offer some peace of mind as you’re not having to bear the cost alone. Other possible benefits of this policy include the following:

  • Death and dismemberment
  • Medical expenses
  • Crisis management professionals and other related services

As with many types of coverage, there are other factors that the proper insurance products can address.

Protecting Yourselves

Think carefully about yourself or your organization. You’ll see that kidnap and ransom insurance is a crucial element when it comes to remaining protected. Look for an insurer that can help you explore this risk and come up with real solutions that you can use.

A Short Guide To Restaurant Insurance

If you own and run a restaurant, it is important to make sure you have all the necessary protection measures in place. A big part of this is having the right insurance coverage.  Restaurant package insurance, otherwise known as a restaurant business owners’ policy, can give you many types of insurance to ensure all your bases are covered.

Liability Insurance

All restaurants need liability insurance to cover any possible legal claims. These claims are often made regarding bodily injury (slips and falls) or property damage claims.

However, there are also other liability risks you should consider. You may need product liability to protect yourself from foodborne illness related claims. If your restaurant serves alcohol, liquor liability insurance can protect you from alcohol-related claims. Finally, employment practices liability insurance can cover you against any claims made against you by your employees.

Commercial Property Insurance

Protecting your restaurant’s property is the other big piece of the insurance equation.  There are many types of property insurance for restaurants. Some of the more common types of property coverage are:

  • Sewer coverage
  • Business income coverage
  • Utility interruption coverage
  • Spoilage coverage
  • Equipment breakdown coverage
  • Employee theft coverage

Running a restaurant comes with a certain amount of risk. Having the right insurance coverage can make all the difference.