As a small business owner, you are always on the hunt for ways to save money, especially in a poor economy. Click on the image to download or print the tip sheet for six tips on how to reduce your expenses without compromising your company’s future growth.
Truck drivers face long hours and inclement weather when on the job. If your business employs independently contracted drivers, it’s smart to provide occupational accident coverage to help protect them and your company in the event of injury and accidents. Click on the image to download or print the sheet for more information.
Landscaping can be a very successful business, but the risk exposures can be complex. To keep your landscaping organization running smoothly, you need to address the risks associated with property, injuries, and more. Click on the image to download or print a list of industry risks.
Does your property have a playground? Playgrounds are a great place for families with children of all ages. When owning and maintaining a playground, it is essential that you balance fun and safety in order to mitigate liability for the inevitable playground injuries. Click on the image to download or print the safety sheet.
Cybersecurity risks continue to expand nearly unabated. While it can feel like trying to hold back a tidal wave with a bath towel sometimes, effective tools do exist and can be easily accessed.
What must always be remembered is that a commitment to resilience and pre-emptive mitigation remains imperative. Insurers are well-positioned to serve not only as financial first responders but as partners in managing these evolving hazards, along with their business associates and partners.
According to the Insurance Information Institute, “The first line of defense is creating a robust cybersecurity system, training employees on how to identify a potential attack, encrypting company data, and enabling antivirus protection. With only half of businesses reporting a consistent encryption strategy, and the cost of data breaches continuing to rise, organizations must do more to protect themselves and their customers.”.
Some commonly seen cyber liability risks include:
To extend cyber liability insurance coverage requires the purchase a stand-alone cyber liability policy, customized for your business to cover several types of risk, including:
Contact the professionals at Evergreen for more information and guidance on obtaining the proper level of cyber liability insurance coverage for your situation.
Copyright 2023 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
With heavy spring rains, the risk of flooding is higher this time of year. A flood can be devastating for your home or business, but there are steps you can take before and after the disaster that may minimize the damage. Click on the image to download or print the safety sheet.
Distracted driving is a major cause of accidents and crash-related fatalities. It’s important to keep your attention on the road and minimize distractions. Click on the image to download or print the safety sheet.
As a business owner, navigating the tax code for your business is difficult. Businesses are able to deduct ordinary and necessary business expenses, which include many forms of insurance. What types of business insurance are tax deductible? Click on the image to download or print the information sheet to learn more.
During tax season, criminals utilize tax scams to gain financial information from businesses. With these increasingly sophisticated scams, it can be difficult for your business to spot them. Adjusting your business’ policies and educating your employees can help mitigate the risk of becoming a victim. Click on the image to download or print the safety sheet and learn more about tax scams.
Securing appropriate insurance for your business and property can be enough of a process on its own. So what does the concept of coinsurance represent? Nothing less than protection for both the insured and the insurance provider.
Let’s start with defining our terms. Coinsurance is a property coverage provision set by your insurer that requires you to carry coverage for a certain percent of your property’s value. That way, your insurer can be sure you have adequate coverage if you need to make a claim, and it can ensure that its resources are adequate to cover that claim.
In a typical commercial property insurance policy, a coinsurance clause ensures that you carry adequate coverage to protect your assets. For instance, for an office building valued at $200,000, you would need at least $200,000 in property insurance coverage. If your policy has a clause with a coinsurance percentage of at least 80%, that means you must insure the building for at least $160,000. If you purchase less coverage, the insurance company may not pay out the full value of your damages, even if they fall within the limits of your policy.
Say you file a claim after a fire causes $100,000 worth of property damage. Your property insurance policy has a limit of $150,000 and a $5,000 deductible. Per your coinsurance clause, you were required to purchase at least $160,000 in coverage. Because you failed to meet your coinsurance percentage of 80%, you will face additional costs as determined by the ratio of the amount you carried divided by the amount that was required: $150,000 / $160,000 = 0.937. So if your loss was $100,000, your insurer will pay $93,700 minus your $5,000 deductible. Your total costs will end up being $11,300.
Not every insurance company includes a coinsurance clause in its policies. However, those that do require coinsurance typically have three reasons for doing so:
The bottom line? When you’re required to meet coinsurance limits and do so, you’re more likely to make an accurate assessment of the value of your assets, which protects the insurance provider and you in the long term. Contact the professionals at Evergreen for more information on coinsurance and how it can apply to your business coverage.
Copyright 2023 Evergreen Insurance
Evergreen Insurance provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.
