The Federal Emergency Management Agency says that if it rains, there is also a risk of flooding. The Federal Emergency Management Agency (FEMA) is recommending that home and business owners purchase flood insurance regardless of whether they live in a high-risk zone. FEMA said flooding is the most common and expensive natural disaster in the United States. According to FEMA, flood insurance is not covered under most standard home and business policies. That said, flooding poses the risk of destroying structures and possessions of a home or business in a…
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When does a business need commercial crime insurance?
This type of policy is designed to protect companies against losses relating to employees or third parties. Commercial crime insurance policies provide businesses with protection against substantial losses resulting from employees or third parties. It covers lost money and other assets in the case of forgery, fraud, theft, burglary and other risks. First-party commercial crime insurance protects a business against its own losses, resulting from a criminal activity of some kind. Third-party coverage, on the other hand, protects the business in case another business or entity claims to have suffered…
Read MoreCoronavirus insurance losses span several industry sectors
COVID-19 is affecting businesses and consumers with various types of coverage to protect them. Coronavirus insurance losses are could prove to be quite high, as the industry starts to take a look at how many of its sectors could be implicated. The illness has already disrupted the lives of millions by infecting tens of thousands of people. China has already experienced significant economic implications from COVID-19 as many large businesses including Disney’s parks in Shanghai and Hong Kong, Starbucks, McDonald’s, Apple, Pizza Hut, and KFC have all closed locations there.…
Read MoreFood truck insurance is more than just commercial auto
These mobile restaurants are hot small businesses but still come with certain liability risks. Consumers looking for a quick place to grab a tasty bite to eat love mobile restaurants, and if you’re aiming to open one, food truck insurance is a must on your list. Whether you’re starting small before growing or a truck is your long-term goal, coverage is vital. Food truck insurance is one of the most important parts of your business planning. Just as you need to think about what foods you’ll be offering, your pricing,…
Read MoreState Farm launches holiday season with small business safety tips
The insurance company created a complete list of recommendations for entrepreneurs during December. A recent release from State Farm placed the focus on small business safety. The company decided to “unwrap” some of the best tips it had to make sure entrepreneurs benefitted from the holidays while staying safe at the same time. The insurer underscored the importance of the right coverage especially during heavy shopping times. State Farm pointed out that at this time of year, there is considerably more foot traffic to contend with. This often also means…
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