Thursday, May 28, 2015

Why Is Business Insurance Important?

Personal liability is when a business owner or owners can be held personally responsible for injuries or damages that occur on the business property or during the course of normal business operations. There are business insurance policies that can help protect an owner against such claims.

Business insurance can be a complex subject, with many internal variables that need to be examined before a wise decision can be made. For this reason, anyone considering business insurance should first seek the advice of a reputable broker or agent. This article will detail a few of the many variables that business insurance may contain.

The types of business insurance and the levels of coverage are often determined by the type of business itself, but it can also be influenced by lenders who hold portions of the business as security against loans that may have been made to the business in the past. Lenders who have financed expensive machinery or other types of equipment will often want the business owner to have some form of insurance on the machinery. This use of insurance helps to protect the lender as well as the business owner should loss occur to the insured item.

Business insurance is considered an expense, it is often a tax deductible expense. Anyone who is thinking of starting a new business or buying an existing business should invest the time needed to research the types of insurance they will need for that business.

As with most insurance types, business insurance is used to protect the business and the business owner should unforeseen events happen to the business. The trick is to make sure that your business is covered for those events that are most likely to happen and to never find yourself unprotected, which might lead to the financial collapse of the business.

At the very minimum you want to make sure that your personal liability is covered by some form of business insurance. Ignoring this may cost you everything that you have worked for and earned.

Thursday, May 7, 2015

More than 30,000 policies removed from Citizens Insurance

There has never been a time when it is more important to be working with an insurance broker like Degginer McIntosh and Associates Insurance that has your interests in mind and has a variety of insurance companies that they have access too.  You can see that from this article that discusses the fact that Citizens insurance is letting tens of thousands of their insureds go.

More than 30,000 insurance policies have been approved to move from Citizens Property Insurance to private insurers, bringing the total number of policies approved for being shifted out to 632,286.
The policies will be shifted to Heritage Property & Casualty Insurance Company, which can take up to 20,000 personal residential policies and 50 commercial residential properties, and Southern Oak Insurance Company, approved to take up to 10,000 personal residential policies, according to a news release.
About 110,529 policies have actually been removed this year so far.
The newest set of policies removed from Citizens is part of a larger statewide effort to transition those policies to the private sector.
Citizens dates back to 2002, when it was created by the legislature, and, though intended as a insurer of "last resort," it experienced an influx of policies, peaking at almost 1.5 million in 2012.
The strategy for diminishing the policies became "takeouts", which involve transferring the least risky policies. In March, Citizens hit its lowest number ever, and it's expected to shrink even more, potentially bottoming out at 450,000.
The policies have a takeout period of July 21 for personal residential and July 14 for commercial residential property.
Contact Degginer McIntosh and Associates Insurance for your business and or personal insurance program.