What is building insurance? Building insurance covers owners of physical structures, including office buildings, retail buildings, and residential properties for lease, from damage and destruction due to fire, flood, earthquake, and other forms of natural and man-made disasters.  As the specific policy options vary with each specific situation, you should pay careful attention to the policy particulars as you begin the building insurance comparison process. Two types of building insurance coverage There are two main categories of building insurance policy options. Replacement value building insurance. In this policy option, you are insured for the amount of money the insurance company estimates to be the replacement cost of your building or other property.  This option accounts for the cost of demolishing and removing the wreckage from your property after a disaster, then constructing a similar structure from the ground up. Cash value building insurance. A cash value policy pays you the approximate market value your structure would have been appraised at in the current market. Which of these options is best for you?  It depends on a number of factors.  While cash value may be a bit cheaper coverage in some circumstances, it may not provide sufficient funds to replace your structure in the event of a catastrophe.  Likewise, if you’re insured for replacement cost in a market with a high cash value compared to construction costs, you might be leaving money on the table. Unfortunately, it’s impossible to predict how the real estate and construction markets will move in relation to each other in any given year, so it’s best to assess the long-term trends in your particular market.  Understand that construction costs and real estate cash valuations go hand-in-hand.  When the market is up, construction companies can charge more, and vice versa. A simple building insurance approach If you don’t want to continuously assess the real estate and construction markets in your area, and you don’t want the hassle of adjusting your policy type to reflect current conditions, a reasonable and conservative approach is to choose replacement value building insurance.  This will help insure that your building can be restored to its full operating condition (or replaced entirely) after a disaster. Health and wellness resources: Diets that work – Clean eating – Fat burning foods – Weight loss tips – How to lose belly fat – Reduce weight naturally – Quickest way to lose weight – Low calorie recipes – Lose weight in 2 weeks – Best exercise to lose weight – Tips to lose weight Business and insurance resources: Over 50 life insurance – Commercial insurance – Redundancy insurance – Building insurance – No exam life insurance – Life insurance over 50 Private medical insurance Travel resources: A2B transfers – Cancellation holidays – Vacation packages – Broadway travel – Travel insurance over 70 – Global late deals – Holiday insurance – Holiday villas – Travel insurance for pre existing medical ... Read More

What is commercial insurance? If you’re a budding entrepreneur getting ready to set out on your own in the business world, it’s important to know that there’s much more to setting up a business than just having a great idea or product and a lot of energy and passion.  Those elements are essential to success, but there are practicalities associated with business set-up that you should address early rather than late. Commercial insurance is one of those areas.  It provides three basic types of coverage for your business in case unforeseen circumstances generate extra expenses, loss, or damages. Three main types of commercial insurance. There are three main types of expenses that commercial insurance brokers can help you find coverage for.  They are property insurance, liability insurance, and worker’s compensation insurance.  We’ll break them down a bit more. Commercial property insurance. This covers losses or damages to real or personal property, such as if a fire destroyed your offices.  You can specify additional coverage items that you’d like included, such as special equipment your business uses, glass insurance if your building has many windows, business interruption insurance in case of lost income due to a reason covered by another insurance clause (such as a fire), crime insurance, tenant insurance, and many other varieties of special commercial insurance riders.  Your commercial insurance quote will contain many of these items, provided you’ve given a clear picture of your business needs to your broker. Commercial liability insurance. This type of commercial insurance covers you for the cost of damages that you cause to other parties.  While a general liability policy provides coverage for many situations, such as a customer hurting themselves on your premises, but your business needs may dictate that you purchase other types as well.  Some available liability insurance clauses to ask your commercial insurance brokers about are errors and omissions (different from negligence by legal definition), malpractice, automobile (if your business uses cars, trucks, or vans regularly), and finally, insurance for officers or directors of your company.  Sometimes high-profile businesspeople are personally sued over situations that arise as a result of their corporate duties, and officers’ liability insurance covers these circumstances. Workers compensation insurance. “Worker’s comp” covers you for an employee’s injury, if it occurs while on the job.  State laws influence the types and amounts of workers compensation insurance you need to carry.  On the bright side, worker’s comp laws prevent employees from suing you for negligence if they’re injured on the job. Those are the major aspects of commercial insurance to investigate with your broker.  Make sure your commercial insurance quote contains all the elements of coverage that your business will need.  Lawsuits and injuries are financially crippling if you’re not covered properly. Health and wellness resources: Diets that work – Clean eating – Fat burning foods – Weight loss tips – How to lose belly fat – Reduce weight naturally – Quickest way to lose weight – Low calorie recipes – Lose weight in 2 weeks – Best exercise to lose weight – Tips to lose weight Business and insurance resources: Over 50 life insurance – Commercial insurance – Redundancy insurance – Building insurance – No exam life insurance – Life insurance over 50 Private medical insurance Travel resources: A2B transfers – Cancellation holidays – Vacation packages – Broadway travel – Travel insurance over 70 – Global late deals – Holiday insurance – Holiday villas – Travel insurance for pre existing medical ... Read More