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Commercial Building Insurance
By Laura Davis
Commercial buildings are structures built for businesses to inhabit and create profit from. They can fulfill a variety of functions and structures, such as offices, medical centres, school, shop, restaurant, even a hospital is considered commercial. An overall definition of commercial insurance is any premise that is not residential, used by a business for the intention of creating a profit.
Obtaining insurance for a commercial property is an incremental move for a business to protect themselves in occurrence of something unfortunate and unforeseen happening, such as theft, robbery, or any loss occurring through accident.
There are, however, several different types of commercial building insurance policies available, many of them are specific to the insurance brokers, but broadly speaking they can fall into certain categories. Probably the most important insurance is building and contents insurance which will cover your building for loss arising from fire or damage caused by natural disasters. However, depending on the nature of your company you will need specific insurance to cover various aspects business.
If your business premises consist of a factor you may seriously have to consider boiler and machinery insurance to protect you in the instance that any of the machinery breaks down, similarly shops and retail units with glass shop fronts facing the street may consider glass insurance a worthy investment.
If you are looking for insurance it is worth researching online, there are many insurance resource websites that can help you decide what insurance is most suitable for your premises. An insurance broker can give you one to one advice on the most suitable insurance, again many brokers can be found online.
For commercial insurance contact Hamilton Robertson. |
What You Can Expect From a Buildings Insurance Cover Policy
By David H Thomson 
While an insurance policy can't take away the distress caused by extensive damage to a property, it can take away the potential financial impact. A good buildings insurance cover policy actually covers the whole cost of rebuilding a home from the ground, should it be burnt down, for example. It also protects against a wide variety of other eventualities, which while they may seem unlikely, can be devastating if they do happen and which can be all the more bearable if you know you are covered.
In the UK mortgage providers often impose a condition that somebody has a buildings insurance policy in place before a loan is approved. This means many banks and building societies can try to offer deals at the same time as approving a loan. However, applicants may want to accept the mortgage but turn down the insurance, perhaps finding a better deal elsewhere by shopping around.
Buildings insurance covers the actual structure of the building and the fixtures and fittings within it, normally meaning the roof, walls, and also things like kitchen and bathroom installations and fitted wardrobes. Basically, you can get a fairly accurate idea of what a policy covers by thinking about what will be left behind if you move house. Things you do not take with you are normally covered on a policy. For general belongings, like furniture, jewellery, and electrical appliances and so on, a contents insurance policy, not buildings cover, applies.
Buildings cover normally protects against damage to the home caused by theft, storms, vandalism, fire, flood and subsidence. However, depending on the status of your home and where it is, a policy may not be available which protects against flood or subsidence or, which does cover these eventualities, but for a set extra fee.
There are some common exclusions, and you may not be protected if you damage your home by undertaking DIY work, and for example, attempting a home extension or big kitchen refit yourself.
Some buildings insurance policies also cover a few things which are outside of the home but on its property, such as sheds and greenhouses, against the same things which the structure of the home is protected against. However, this may not be typical across all policies and if you are unsure, it may be worth double checking with the provider. Other things to bear in mind like garages, exterior walls and fences, and driveways and gates.
Normally the amount of cover you can expect will be the equivalent cost of rebuilding your home from scratch. This is often known as the sum insured. It is the absolute maximum a policy will payout, even if the house is absolutely burnt to the ground, and may be higher or lower than the current market value of property. While you yourself can name and work out the sum insured, it can be tricky. Alternatively, you can hire a chartered surveyor to put together a professional assessment of rebuilding costs.
Buildings insurance cover is not just a run of the mill policy - it protects what for many people is their most treasured and valuable asset. Therefore it could pay to put effort into checking the details, particularly if you are unsure of the flood status of the area you live in or in terms of the 'sum insured'.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.
Article Source: http://EzineArticles.com/?expert=David_H_Thomson
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Commercial Flood Insurance
By Mac Rousinburg
No matter where you live in the country, flooding is a very real and very damaging possibility. In the Midwest, rivers like the Mississippi overflow into the streets on a regular basis. Easterners live with flooding caused by nor'easters, rapid melting snow, and the tail end of tropic storms. The south's flooding is brought on by tropic storms. Western states have an intense flooding season each year from November through March that causes millions of dollars of damage. For these reasons, we strongly suggest you consider purchasing commercial flood insurance.
Most home and business owners are insured against ice and snow, fire, and theft, as part of their building's general insurance. However, this policy does not cover damage caused by flooding. With the high probability of flooding across the country, the piece of mind you get from having business flood insurance will add to its value.
The National Flood Insurance Program (NFIP) exists to make sure you get the coverage you need at a reasonable rate. All flood insurance agents for businesses have to answer to this organization, which ensures you get a fair price when purchasing your flood insurance.
What does commercial flood insurance cover?
" Building coverage: This pays to fix any damage to your building, fixtures, machinery, or building contents. This is beneficial because literally anything that is damaged by a flood is covered, something you won't find with many other insurance policies.
" Sandbagging: Sandbagging is a preventative step to help protect against flood damage. With flood insurance, you will be reimbursed for the cost of sandbagging, essentially protecting yourself for free.
" Cleanup: Any cleanup required after a flood, such as removing debris or cleaning your building, is also covered by this insurance. You initially pay for the cost out of pocket, but are reimbursed once you've made a claim to your insurance agency.
Call your local flood insurance agent to find out about coverage options and premiums. Your insurance agent can also offer suggestions on preventative measures to decrease the severity of flood damage. With knowledge of what to do in case of a flood combined with commercial flood insurance, you can protect your financial investments from what could otherwise be a disastrous situation.
When Mac Rousinburg researched commercial flood insurance for his business property, AM Flood agents were very helpful. He was able to get flood insurance quotes over the phone for both his home and business. Mac found a flood insurance company that could protect his assets for the best rate possible.
Article Source: http://EzineArticles.com/?expert=Mac_Rousinburg
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Building Contractors - 5 Tips For Getting the Best Insurance Policy Audit Results
By Wake Clinard
All building contractors working in North Carolina who carry either a NC general liability insurance policy or a NC workers compensation insurance policy, or both, probably know that these insurance policies are subject to an annual audit. What few contractors understand is that they have the power to stack the deck in their favor when it comes to that audit. And since some of the audit process is subjective, this can mean money in your pocket if you are a building contractor. Here are 5 tips that will put you on the road to more successful insurance audits.
Let me start by emphasizing that insurance auditors are people just like any other. If you grease the path for them and make their job easier, then they are much more likely to cut you some slack in the audit process and this can end up saving you a lot of money. So, what are those 5 tips?
Tip # 1 - Have Those Insurance Certificates Ready. I just can't preach this enough. Do not allow any subcontractors on to your job site until they have provided you with a current certificate of insurance. And more than that, be sure that the limits on their general liability insurance policy are at least equal to your own policy limits. And if you have a workers compensation policy, make sure that their certificate shows that they have one as well. Last of all, check the policy dates on the certificate to be sure that they are current and active. If any policies will run out while these subs are still on the job, make sure that you also obtain an updated certificate. Put copies of all of these certs in your audit file. If the auditor shows up at your office and you don't have your certs ready, he will charge you for the subcontractor payroll and leave it up to you to fix it later. And usually, fixing it later takes a lot more of your time.
Tip #2 - Take Some Time To Study Your Classifications. First of all, take the time with your agent to understand all of the classifications on your general liability insurance policy and your workers compensation insurance policy. Make sure that you understand the nuances of each class code and that your policy is set up accurately. If you are going to fudge the gray area between two similar classifications, understand that you might not get it past the auditor and you should have funds ready should you fail.
Tip #3 - Have The Audit Done and Ready To Hand Over. Once you have done your homework on your classifications, set up a spreadsheet to dump the payroll for each employee each week into the correct classification. You will want to keep a spreadsheet for both the workers compensation and the general liability policies. If you have done this correctly, you will be able to hand that spreadsheet over to the auditor and essentially all of the auditor's work is done. This is more likely to keep them from digging around in your books to find new problems to share with the underwriters that can cost you in increased premiums.
Tip #4 - Keep The Overtime Payroll Separate. The NC workers compensation insurance policy allows you to avoid paying premiums on the extra overtime pay. But, to keep from paying work comp rates on this payroll, you must have it segregated. I suggest that you add a column on the work comp spreadsheet that you are keeping to show the amount of payroll that is overtime bonus and deduct it from the total payroll for each classification.
Tip #5 - Always Schedule the Audit for Friday Afternoons. This one may sound a little goofy but it works. If the auditor shows up at your office on Friday afternoon, and you can put all the information in his hands with up to date spreadsheets and copies of all subcontractor certificates, then he is more likely to accept your figures and get on home for the weekend. The less time he spends digging around in your books and your operations, the less likely he is to find a surprise that the underwriter doesn't like which means higher insurance costs for you.
Most building contractors have a vague idea of when their audit is coming up and some even have a general idea of whether they should be expecting a refund or an additional premium due after the audit. But those that prepare carefully for the audit process, can turn it to their advantage to reduce their overall insurance costs and have their own cross check against the insurance company's audit report. Don't let the insurance company sweep you along; be actively engaged in the audit process by being prepared and proactive. In the long run, this will save you money on your insurance costs.
Wake Clinard, CPCU, is an insurance professional operating and living in North Carolina. He is the owner and president of Clinard Insurance Group Inc. He is dedicated to taking the time to help small contractors with their insurance needs. To visit him on the web go to http://www.thecontractorshelper.com
Article Source: http://EzineArticles.com/?expert=Wake_Clinard
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Buildings and Contents Insurance
By David H Thomson
You need two types of insurance to effectively protect your property - buildings and contents insurance.
Buildings insurance looks after the costs of repairing or rebuilding your home - including the fixtures and fittings like kitchen units, built-in wardrobes, sinks and baths.
Contents insurance looks after your personal possessions - these are the items you can pack up and move to another home, like carpets, furniture and curtains.
Buildings insurance
The key factor about buildings insurance is making sure you have sufficient cover to rebuild your home from the foundations upwards if disaster strikes.
The rebuilding cost is not the market value of your home and has nothing to do with the value assessed for Council Tax.
Insurance companies use a formula to work out the rebuilding cost - but generally, it's lower than the market value because if your home is damaged beyond repair and requires rebuilding, the land beneath is still intact.
The land is about a third of the value of your home, so the rebuilding cost is often less than the price of a new home.
If you have a mortgage, most lenders make taking out adequate buildings insurance a condition of the loan.
Many will try to sell their own product to you, but don't take up the offer without considering other options that may offer better or cheaper cover.
Contents insurance
The key factor for contents insurance is the 'sum insured' - this is the top line your insurer will pay out.
If you set the sum insured too high, the insurer pays out the value of your possessions and you will pay too much for your policy.
If you give the insurance company a sum insured that's too low to keep your premium down, the insurer will pay out less than your possessions are worth if you make a claim.
It's important you take a long, hard look at your possessions and give them a fair value so you set your sum insured at the right level.
Buildings and contents insurance conditions
Understanding exactly what you insurance covers is important.
Some basics are covered by every policy - like settling claims for fire or theft. Depending on where you live, you ought to consider how much cover is offered for events like flooding and subsidence as well.
You should also regularly review your rebuilding cost and sum insured to make sure the cover still meets your requirements.
Avoiding rejected claims
Don't forget to look after your home and possessions. If the insurance company can wriggle out of settling your claim because they consider you have not maintained your home and this has contributed to damage or you have not guarded against loss or damage to your possessions, they will.
Set up a maintenance regime for your home, like cleaning gutters and dealing with slipped roof tiles.
Protect your possessions by fitting insurance company approved locks - especially to your garage, shed and ground floor windows and doors.
Combined buildings and contents insurance
There could be discounts available for taking both buildings and contents insurance policies out with the same insurer.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.
Article Source: http://EzineArticles.com/?expert=David_H_Thomson
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