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Identity Theft Insurance

November 27, 2011
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INSURANCE INFORMATION INSTITUTE

Identity theft is the act of taking someone’s personal information and using it to impersonate a victim, steal from bank accounts, establish phony insurance policies, open unauthorized credit cards or obtain unauthorized bank loans. In some more elaborate schemes, criminals use the stolen personal information to get a job, rent a home or take out a mortgage in the victim’s name.

Close to half of identity theft cases are the result of a lost or stolen wallet, checkbook, credit card or other physical document. But as online shopping becomes increasing popular, it can also pose an identity risk. Read More

 

Holiday Party Etiquette: A Good Host Is a Responsible Host When It Comes to Serving Alcohol

November 27, 2011
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Homeowners Can Be Subject to Social Host Liability Laws When Serving Liquor


INSURANCE INFORMATION INSTITUTE

NEW YORK, November 22, 2011 — Thanksgiving marks the beginning of holiday season and for many that means party time. But hosts who serve alcohol should take steps to limit their liquor liability and make sure they have the proper insurance, according to the Insurance Information Institute (I.I.I.).

Social host liability, the legal term for the criminal and civil responsibility of a person who furnishes liquor to a guest, can have a serious impact on party throwers. Social host liability, also known as “Dram Shop Liability” laws vary widely from state to state, but 43 states have them on the books. Most of these laws also offer an injured person, such as the victim of a drunk driver, a method to sue the person who served the alcohol. There are circumstances under these laws where criminal charges may also apply. Read More

 

How to Budget for Business Insurance

March 9, 2011
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Having business insurance is vital, but how much coverage do you really need? This guide will help you decide and plan for the cost.
Written by Lou Dubois Inc.

David Levesque has had an entrepreneurial spirit since his days in college, when he managed the vending machine service at Johnson & Wales University – a business that did $380,000 annually in sales. When he opened his first coffee shop nearly fifteen years ago in Rhode Island, his dream of self-employment became a reality. He now has five shops under the Brewed Awakenings name in the Providence area. But when a water main broke recently near one of the shops and flooded the entire store within 20 minutes, panic set in. To read the complete article, please click here

(AIC) Term of the Week

March 9, 2011
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ACCELERATED DEATH BENEFITS
A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.

What are Umbrella Insurance Policies?

March 9, 2011
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As the name implies, an umbrella liability policy provides coverage over and above your other liability coverage’s. It is designed to protect against unusually high losses, when the policy limits of one of the underlying policies have been used up. For the typical business, the umbrella policy would provide protection over and above general liability and auto liability policies. If you have Employment Practices Liability Insurance, Directors and Officers Liability or other types of liability insurance, the umbrella could provide protection over and above those policy limits as well.

What is Directors and Officers Liability Insurance?

March 9, 2011
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Directors and Officers Liability. Most small corporations don’t need it: Their leadership is unlikely to be sued, and when litigation does arise, it’s usually covered by another liability policy. D&O begins to matter when companies have outside investors — according to one survey, nearly a third of private companies reported D&O claims from shareholders in the past decade.

What is and Omissions Insurance?

March 9, 2011
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Errors and Omissions Insurance, or professional liability coverage, is product liability when the product is a service. (Medical malpractice, for example, is a form of errors and omissions.) “If you hold yourself out as an expert giving advice, and someone could be financially damaged in taking that advice, you want to think about professional liability insurance,” says Jeff Perlman, an agent in Lawrenceville, New Jersey. Again, the cost of litigation is at least as great as the claims paid out, so make sure the legal defense costs coverage is ample.

This article was excerpted from Entrepreneur Magazine’s

What is Key Person Insurance?

March 9, 2011
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Key Person Insurance pays out when an invaluable team member dies or, more commonly, becomes disabled. For many small businesses, the only truly indispensable person is the owner — in which case it may merely duplicate individual life and disability policies. The exceptions include partnerships, for which these policies are often used to buy out a member or his heirs, and companies in which a particular employee possesses technical or highly specialized skills or knowledge that can’t be easily replaced. When you buy it, buy enough to cover the cost of finding a replacement and maintaining support staff and facilities until the new person begins to earn his keep. Key man disability is separate from key man life and usually limited to a percentage of the person’s income.

What is Business interruption insurance?

March 9, 2011
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Business interruption insurance. Hurricane Katrina taught small companies that it’s not just the catastrophe you need to worry about; it’s what comes after. Business interruption insurance can solve the problem of seeing you through while you rebuild your business by replacing lost income and paying normal expenses. It will also cover extra expenses you incur in getting back into the market quickly. In practice, however, insurers have successfully defended narrow interpretations of these policies. Among the terms you must negotiate with your agent are the waiting period before you can collect (akin to a deductible, it can be measured in either hours or days) and the period for which you’ll be covered after business resumes but before it regains full strength. Most important, unless otherwise agreed, basic business interruption kicks in only after a physical loss of property shuts you down. A business owner’s policy usually includes business interruption coverage.

What is Business Auto Insurance?

March 9, 2011
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Business vehicle insurance can be configured to cover cars and trucks your company owns, leases, rents, or simply uses. Experts recommend this coverage even when an owner or employee uses a personal car for work, because while personal auto insurance normally permits some business use, when an accident occurs, the insurer will defend only the car owner, not the business. And, Smith says, “any lawyer worth his salt will find out they were driving on company time and drag you into the lawsuit.” (And if you drive a company car on your off hours, you’ll need a rider to cover that.)

This article was excerpted from Entrepreneur Magazine’s

What is General Liability Insurance?

March 9, 2011
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General liability coverage is less common than property insurance among small companies but arguably more important, because a claim for serious injury could easily wipe you out. Liability (a.k.a. casualty) insurance covers any injury or damage your company might cause other people, their reputation, or their property. Any company with premises that other people (customers, suppliers, etc.) can enter, or with a product whose failure could hurt or destroy, should have it. Most standard policies provide $1 million of coverage per claim. You may need more to do business with certain companies, and that’s typically purchased under an umbrella policy. An umbrella will often lump together other types of coverage. Insurers price liability premiums according to a variety of measures; revenue and retail square footage are common ones.

What is Workers’ Compensation Insurance ?

March 9, 2011
By

If you have employees, you need workers’ comp insurance. We’ll help you wrap your head around what you need to do to ensure your business is covered.

Almost every business in the United States that has employees has to handle the problem of workers’ compensation. Most states (with a few important exceptions) essentially require employers to purchase an insurance policy to handle their statutory obligations to workers who are injured or made ill due to a workplace exposure. Whether your business is small or large, handling the expense and effort of meeting those statutory obligations is an ever-present challenge.

This article was excerpted from Entrepreneur Magazine’s Ultimate Guide to Workers’ Compensation Insurance.

What is Home Insurance ?

March 9, 2011
By

Home insurance provides coverage for damage or destruction of the policyholder’s home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowner’s responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.

What is Auto insurance ?

March 9, 2011
By

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.
Coverage typically includes:
1. Property coverage, for damage to or theft of the car;
2. Liability coverage, for the legal responsibility to others for bodily injury or property damage;
3. Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

What is Business Insurance ?

February 26, 2011
By

“Business Insurance” is a broad name for different coverage available to the business owner to protect against losses and to insure the continuing operation of the business.

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