Are there disasters my property insurance won’t cover?Why are some general liability policies rated on area and others on payroll and receipts?What does Commercial Property Insurance cover?How do I know what to carry for limits of coverage?How do I determine if someone is an independent contractor or an employee?
Even though "all risk" property insurance contracts extend to cover a variety of calamities, there are standard exclusions where in some cases, coverage is simply not available. For example, if you think in terms of natural disasters that may occur like floods and earthquakes, there are standard exclusions regarding these perils on most property policies.…Read more
Different rating methods are used to more accurately reflect the exposure. For example, a restaurants exposure is more accurately defined by using receipts rather than area, because it better determines the volume of customers (exposure) that comes into the restaurant. However, an apartment building is rated by units or number of apartments, and an office…Read more
A Commercial Property Insurance policy covers a business for loss to its "real" property - buildings; personal property - contents, equipment, furniture, fixtures, and inventory and business incomes/extra expense coverage. The coverage can be written in a variety of ways, based upon actual cash value, or replacement cost, basic or broad form coverage, specific of blanket…Read more
There is no single answer to this question; however, no business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to…Read more
Most State Labor Departments have written criteria to determine if someone is a contractor or an employee, and they should be specifically checked; however, here are some of the more significant indications that an individual is an employee and not an independent contractor: They have their own federal employer identification number. They have control over…Read more