Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
Is Your Business Prepared for a Natural Disaster?
While all businesses should have a plan in place to protect their employees and their bottom line when a natural disaster hits, they should also consider their location and the insurance that is necessary to keep their doors open after a catastrophic event.
For a detailed disaster plan you can visit the link: https://www.fema.gov/pdf/library/bizindst.pdf
Reviewing the insurance plan:
Businesses should review their insurance plan to reduce out of pocket expenses. Make sure you have significant coverage to pay for the indirect costs of the disaster, disruption to your business and the cost to repair or rebuild your premises. Most policies do not cover flood or earthquake damage and you may need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits. New additions or improvements should also be reflected in your policy. This includes construction improvement to a property and the addition of new equipment.
For a business, the costs of a disaster can extend beyond the physical damage to the premises, equipment, furniture and other business property. There’s the potential loss of income while the premises are unusable. Your policy should include business interruption insurance and extra expense insurance. Even if your basic policy covers expenses and loss of net business income, it may not cover income interruptions due to damage that occurs away from your premises, such as to your key customer or supplier or to your utility company. You can generally buy this additional coverage and add it to your existing policy.
Basic commercial insurance to consider:
- Building coverage provides coverage up to the insured value of the building if it is destroyed or damaged by wind/hail, or another covered cause of loss. This policy does not cover damage caused by a flood or storm surge nor does it cover losses due to earth movement, such as a landslide or earthquake, unless added by endorsement.
- Business personal property provides coverage for contents and business inventory damaged or destroyed by wind/hail, or another covered cause of loss.
- Tenants improvements and betterments provides coverage for fixtures, alterations, installations, or additions made as part of the building that the insured occupies but does not own, which are acquired and made at the insured’s expense.
- Additional property coverage provides for items such as fences, pools or awnings at the insured location. Coverage limits vary by type of additional property.
- Business income provides coverage for lost revenue and normal operating expenses if the place of business becomes uninhabitable after a loss during the time repairs are being made.
- Extra expense provides coverage for the extra expenses incurred, such as temporary relocation or leasing of business equipment, to avoid or minimize the suspension of operations during the time that repairs are being completed to the normal place of business.
- Ordinance or law provides coverage to rebuild or repair the building in compliance with the most recent local building codes.
5 Things Millennials Should Know About Life Insurance
Regardless of how well prepared you think you are for adult responsibilities, there is always room for improvement – especially when it comes to life insurance. For millennials, life insurance may not feel like a totally immediate concern; however, it is the type of insurance that is too often underestimated and even more complicated than many people anticipate.
Whether or not you think you need it, it’s time to prioritize arranging your coverage. But we know this can be a confusing process, so we’re here to make it easier.
Below are five things that all millennials should understand about life insurance:
- Life insurance can help family avoid bankruptcy. Life insurance is often thought of as money that will be inherited from a parent or guardian once they pass. However, life insurance might also help in covering the expenses that would normally fall to those who are responsible for making arrangements. You could look here for more information.
- Student loans don’t disappear. Believe it or not, your loans don’t go away if you die. If you have Federal student loans, your loans will be discharged and your family will not be responsible for your debt; however, private loans will be inherited by your family. The last thing your family needs are debt collectors harassing them in their moment of grief.
- Life insurance is cheaper the younger you are. At this age, you can buy a quality life insurance policy for less than the cost of a commuter pass – especially if you don’t have big expenses to cover after you’ve died. As you get older and your health risks increase, you’ll pay more.
- Life insurance may be part of your employee benefits. Take some time to assess your benefits package because many employers offers life insurance as part of it. That said, if you plan to switch jobs in the next few years, it will be worthwhile to obtain an individual policy as well.
- There are many different types of life insurances to consider. Millennials should know that there is not one type fits all when it comes to life insurance. At Cleary, we offer a variety of categories under life insurance. These include, Whole Life Insurance, Term Life Insurance, Disability Insurance, Long Term Care, Key Employee Insurance and Buy Sell Insurance.
We are here to answer your questions. Contact us at any time, and we will be happy to assist you.
Questions to ask yourself when assessing your personal insurance needs
In light of the recent natural disasters happening around the globe, we are unfortunately reminded of the importance of obtaining proper personal insurance. If you are a homeowner, it is pertinent to routinely assess your personal insurance policy’s coverage. Unforeseen events (knock on wood) happen, and at that time you will be relieved of one less stress with the proper policy.
Personal insurance can range from home to auto, and rental to expensive items like jewelry and electronics. If you have something of value that is not yet covered by insurance, there is no harm in learning about your options.
We’re here to help with the legwork. Below are a few questions you can ask yourself when evaluating your personal insurance policy.
- How much coverage is enough for my home?
- What would it cost to replace my belongings?
- Do I need or have reimbursement for additional living expenses if I can’t live in my home due to loss?
- How much would it cost to repair the inside of my home if it were damaged?
- Should I get insurance in the case of natural disasters (i.e. flood, earthquake, hurricane, etc.)?
The goal of personal insurance is to guarantee your family is secure, financially and emotionally. At Cleary, we believe a solid insurance policy is a necessary step in order for your family to live life to the fullest. Contact us with any questions.