Business Interuption Losses Business interruption claims can become more difficult and even contentious when differences of interpretation emerge about the reliability of projections or the meaning of policy provisions. A successful claim entails maneuvering through the gray areas inherent in business interruption, including financial projections, consumer demand and policy interpretation, to reach a number that’s […]
Types of Coverage Business Income Coverage: Designed to replace income that would otherwise have been earned by the business had no loss occurred. Business income is generally defined as the net profit or loss before taxes, plus continuing normal operating expenses, including payroll. This insurance definition contrasts with the accounting definition of net profit (or […]
Insurance FAQ I own a business. What kinds of insurance coverage could I have for claims made against me or my company? Workers’ compensation claims can be brought against you by injured employees or their families for disability and lost wages. Injured visitors or those employees who are exempt from workers’ compensation may have claims […]
Insurance Claims For direct property damage, including collateral damage, and for indirect property damage, including business income losses; extra expenses; and computer, valuable records and data processing losses, you can look to the following types of policies: All risk policies Named peril policies (fire, etc.) Building and personal property policies Business owner property policies Boiler […]
20 Questions to ask your agent If I don’t already have one, am I eligible for a BOP policy? What deductible do I have and how does it apply? Do I have a copayment and/or coinsurance? If I have coinsurance how does it work? (Example) Is my property coverage on an actual cash value basis […]
Why do I need insurance and what types do I need? You’ve worked hard to build your business. You work every day to be successful. You want to be sure that your business is protected. Accidents and disasters can and do happen, and if you aren’t properly insured, it could leave you in financial ruin. […]
Risk Management Resources Risk Management (General) Understanding Risk Management http://www.allbusiness.com/print/820-1-22eeq.html How to Manage Risk in Your Small Business http://www.smallbusinessnotes.com/operating/finmgmt/htrisk.html What Should I Know About Risk Management http://www.iii.org/smallbusiness/riskmanagement/ Risk Identification Risks That Small Businesses Face http://ezinearticles.com/?Risks-That-Small-Businesses-Face&id What OSHA Regulations Apply to Small Business? http://www.allbusiness.com/print/11509-1-22eeq.html Problem Investigation in High-Hazard Industry (academic article) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=305719 Risk […]
Fact Sheet Questions and Answers About State and Federal Disaster Assistance Available For Oklahoma Q: Who is eligible to register for state and federal disaster assistance? A: You may be eligible if you live in a federally designated county and incurred damage from severe storms, flooding and tornadoes May 18 through June 2. The six […]
What You Need To Know If you are a homeowner or renter, FEMA may refer you to SBA. SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation. SBA offers low-interest disaster loans to homeowners, renters, businesses of all sizes […]
Could You Survive a Disaster? Directions: Given the following scenario, please answer the questions below. Scenario: Your building has been totally destroyed, you didn’t get anything out and you can’t go back in. For the purpose of these questions, the reason doesn’t matter. Questions How long would it take to replace your building (or move […]
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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. Full disclosure available here. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact Cindy Ruminer via email or call 580-745-2877 for assistance.