Protect Your Company with Business Interruption Coverage
Business Interruption insurance is like Disability insurance for a business. Disability insurance covers some of a person's lost income when they're sick and unable to work. Business Interruption insurance covers a business's lost income when a fire, explosion, or some other peril causes it to shut down temporarily. A shutdown after a disaster might have more severe consequences for a business than the damage to the property itself. Therefore, it is vital that business owners know whether they need to update their coverage.
There are two reasons why reviewing Business Interruption coverage regularly is important...
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Greetings!
As I type this, I can hear the sound of a chainsaw coming from somewhere outside my building. I have to confess that initially, I was just plain annoyed. It's almost like now that I've noticed it, no matter how hard I try to concentrate on the task at hand, I'm constantly distracted by the commotion. The more I try to put it out of my mind, the louder it seems to become. A quick glance out the  window reveals that the guy cutting up that tree isn't wearing safety goggles, and this only serves to irritate me more (you know I'm in insurance, right?)
Yet if I step back from the immediate scene, I can get some perspective. As an agency that insures various contractors, I'm grateful that the guy has work to do. The reason it's taking him so long is that he's doing a careful job, attacking individual limbs, as opposed to just speeding through the project (although I still wish he had the goggles). The fact that landscaping is being attacked means that winter is behind us and the beauty of spring has come.
Life is all about perspective. We can look at things from a negative standpoint, as I initially viewed Mr. Chainsaw, or we can choose to seek out the positive. Here at M&M, we're not naïve enough to believe the negative will never happen (if we were, we wouldn't be very good at this insurance stuff!), but we do take a positive approach. We seek ways to make sure your business is using safe practices that will protect you from future problems. We examine your unique needs and take steps to get proper coverage in place, in case the worst were to come. We stay on top of the current laws and make sure to notify you of any changes we feel might affect your business. And should you have a claim, we're here working  hard on your behalf to make sure your company receives the compensation it deserves. Many think of insurance as a necessary evil; we think of it as strategic planning. Coach John Wooden once said, "Confidence comes from being prepared." We're honored that you trust us to be an integral part of that process.
Have a great month! Take time to smell the daffodils and listen to the chainsaws birds sing. J David Mason, President Mason & Mason Insurance Agency M&M Assurance Group P.S. Become a fan on FACEBOOK! And don't forget to check out our website! We're at www.mmins.com. Just click the "Clients" tab at the top of the page and enter the site with username: "Client" and password: "INFO4U". Happy browsing! If you have any questions, give us a call at (800) 298-0802. We'd love to hear from you! |
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Does Your Employment Practices Liability Insurance Cover Third Parties?
The purpose of third-party coverage in an Employment Practices Liability (EPLI) policy is to protect an organization and its employees from accusations of wrongful acts committed against customers, clients, vendors, and suppliers. Some EPLI policies also cover wrongful acts committed by third parties against the insured's employees.
Harassment and all forms of discrimination are covered under wrongful acts. Discrimination claims include discriminatory practices against a person based on their race, religion, age, sex, national origin, disability, pregnancy or sexual orientation. Harassment involves unwanted sexual advances or requests for sexual favors. Both verbal and physical conduct, as well as other forms of harassment that create a hostile or offensive work environment, are covered. Some policies also cover accusations of mental anguish, emotional distress, humiliation and assault.
If your organization has a lot of interaction with the public, it is especially vulnerable to third-party claims like those described above. In some cases...
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Review Your Business Insurance Coverage Annually
Every business goes through different cycles of profit and loss. This means that your risks and potential exposures are being affected similarly. At the same time, Commercial insurance coverage is also evolving and changing. Nothing in either your business or the insurance industry remains static. This is why you should re-evaluate your insurance coverage at least once a year. A regular insurance audit will help you plug any coverage holes that might impact your bottom-line severely should an unexpected loss occur.
Ask yourself: How much risk are we prepared to accept for our business? Essentially, anything that you are not prepared to take on needs to be covered by suitable insurance coverage. To measure the amount of risk in evaluating the insurance needs of your company, there are a number of key areas you need to examine -- in conjunction with one of our knowledgeable insurance agents. The primary areas you should re-evaluate annually are...
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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
Sincerely,
David Mason
President
Mason and Mason Insurance
M&M Assurance Group |
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Mason & Mason Insurance M&M Assurance Group
458 South Avenue 3304 White Mountain Hwy
Whitman, MA 02382 North Conway, NH 03860
T (800) 759-1452 T (800) 298-0802
F (781) 447-2832 F (603) 356-9290
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