business insurance
Do you own a business in the New Orleans area? Is your business insurance covering wind and hail damage?
I have a small business in New Orleans. I got a letter from Allstate tthat when I renew my business policy in October, they will not longer be covering any damages from windstorms or hail. That is real depresing. Has anyone else gotten any notice of this? If we have another hurricane, this policy change will essentially put the city out of business. Small businesses wil not be able to recover from that type of loss as many of us already have SBA loans from Katrina. I plan on contacting the insurance commissioner. Please feel free to email me if you have gotten notice that your insurance company will do this. If we all contact the insurance commissioner together, maybe we will be heard.
I have a friend who owns a business and had similar insurance issues and found the only way to be completely covered was the insurance offered through the state itself. At first was not very happy at his limited options but when all was said and done they ended up saving money and were apparently had the same level of coverage as they did before.
Small Business Insurance
Business Insurance â the Frequently Asked Questions
Setting up your business insurance whether it’s a new policy or renewing an old one can be quite a daunting task. Insuring your company is exceptionally important and so it is necessary to obtain the right insurance for your business. Everyone has many questions when sorting out their business insurance, here are some of the most frequently asked questions and their answers.
Q. What is professional indemnity business insurance?
A. Professional indemnity business insurance provides protection against potential claims of breach of professional duty. It protects the business and their employees, and can sometimes lend to cover consultants who are acting on behalf of the business in question. In some business professional indemnity business insurance is compulsory such as accountants. It covers the business in case of negligence (perhaps giving incorrect information or making a mistake when working on the clients behalf), or loss of professional documents or data and so on.Â
Q. What is Business Interruption Insurance?
A. Business Interruption Insurance (sometimes called Business Income Insurance) covers your business for any loss of profits due to your business not being able to run normally for example if the premises become untenable or if the office needs to close down due to legal proceedings if a claim is made.
Q. What information do I need to give in order to obtain a quote for my business insurance?
A. When setting up your business insurance it is recommend to obtain a few different quotes from a few different insurance companies. In order for insurance companies to give you an accurate price regarding your business insurance you will need to answer a series of questions, these may include:
• your profession and industry
• the level of cover you need
• annual turnover, annual gross income, and annual fee income. If the business is new you’ll need to give your first years estimatesÂ
• business name, contact name and email address
• a few things about your business activities
• previous claims history
• the date you want cover to beginÂ
• bank details
These questions will differ slightly from company to company.
Q. What is an Excess and why do you have to pay it with business insurance?
A. An Excess is the amount you have pay if you make a claim through your business insurance. The amount of Excess you will need to pay is stated in the policy and is a set price; this can be anything from £50 to £1000. The amount of excess you pay is set by the insurer and so it is necessary to check this before committing to a policy.
