Your center for insurance and risk management tips, news and trends.

When (and When Not) to File an Insurance Claim

Posted by Parker Beauchamp on Jun 22, 2016

There’s no doubt about it: taking managed risks improves your life. And when it comes to filing personal insurance claims, calculated risks can benefit you financially in the long-run, too.

“Regardless of your situation, minimizing the number of claims you file is the key to protecting your insurance rates from a substantial increase. If your car gets a dent on the bumper or a few shingles blow off of the roof on your house, you may be better off if you take care of the expense on your own.” — Investopedia

In some cases, it may be more profitable to not file a personal claim with your insurance company when an insured event occurs. It may also preserve your access to future discounts offered by insurers to customers with no claims. But deciding when and when not to file a claim is an inexact science. The “right” decision depends on several factors, including:

  • Your insurance company.
  • The policy you bought and your premium rates.
  • Your financial situation and how much liquid capital you have on-hand.
  • The type of insurance event.
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Topics: Personal Insurance

Business Interruption Insurance: What You Need to Know

Posted by Parker Beauchamp on Jun 15, 2016

Forty percent of businesses do not reopen after a disaster, which is often a result of improper planning and lack of strategic disaster recovery.

To protect your business from catastrophic financial loss in the event of a disaster, such as a fire, tornado or hurricane, you must have the necessary planning and protection in place. One way you can provide your business with protection is by investing in business interruption insurance (also known as business income insurance).

Below we overview what business interruption insurance is, what your policy could cover and how to assess the amount of coverage you may need.

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Topics: Business Insurance

What You Need to Know When Insuring an Investment Property

Posted by Parker Beauchamp on Jun 08, 2016

The term “investment property” may bring to mind a summer home or a second residence. Those are examples of investment properties, to be sure. But they’re not the only ones: an investment property is any cash-producing piece of real estate that you invest in with the goal of extracting a return.

Investment properties may be anything from that holiday getaway to a chemical plant or a building full of tech startups. The diverse characteristics of investment properties mean these buildings carry different types of risks. Savvy investors know that gaining a better understanding of these risks and insuring against them is a key way to prevent losses that impact returns.

To do that, consider the following before you walk through your unique complex risks with an insurance professional.

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Topics: Business Insurance

What Property Managers Need to Know About Insurance

Posted by Parker Beauchamp on May 25, 2016

Real estate professionals have plenty to be bullish about in 2016. On the residential side, median home values rose 4.8% from March 2015, according to Zillow.

“A number of factors are driving this growth,” says Zillow. “And many are positive, including strengthening household formation, continued growth in jobs and wages, and general confidence and optimism in the overall value of homeownership, especially among younger generations.”

The commercial side isn’t bad either. CBRE, a major real estate services firm, predicts “moderate economic growth and low interest rates,” as well as a rise in rents across office, industrial and retail properties.

Property managers fulfill a critical role in this ecosystem, keeping investment properties running smoothly, whether those properties are ones they own or ones they manage on behalf of another entity.

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Topics: Business Insurance, Risk Management

How to Protect Company Data From Ransomware and Malware

Posted by Parker Beauchamp on May 18, 2016

Ninety-seven percent of businesses reported being victims to some type of malware attack in 2014. Many people may be familiar with the term malware—harmful software that can damage a system and its sensitive information—but did you know there are specific types of malware that your business should be extra cautious of, such as ransomware?

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Topics: Business Insurance, Insurance News & Trends