Insuring, Protecting Your Wine Collection

Are you a wine aficionado? Do you have a collection of fine and rare wines? If you fit the bill, you are surely storing the wine properly. But what if you had a major power outage in the summer that lasted for days and your collection simmered in the high heat? What if a hurricane, tornado or earthquake struck, breaking hundreds of bottles of wine in the process? Although broken thermostats and electrical power outages may not be avoidable, there are still risk management measures that can be put in place to help prevent or reduce the loss. While there are a number of measures you can take to protect your wine, in the end, your best efforts could be 

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Cyber Insurance and Why Your Business Needs It

If you’re reading this blog, you’re concerned about protecting your business from cyber attacks and you should be. Cyber liability is no longer nice to have. It is a must have for businesses. Many businesses do not understand just how important cyber insurance is or why they need it. One of the most common targets for cyber thieves is big law firms. Experts say that these firms have large amounts of the personal data that cyber criminals want. In addition to this, large firms typically store plenty of corporate data, trade secrets and other protected information. What Does Cyber Insurance Cover? There are several inclusions in a cyber insurance policy. Any business that stores trade secrets and protected personal information 

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Insuring Your Home – Replacement Cost vs. Market Value

Unfortunately, disaster can strike at any time. No one is immune to the threat of losing his or her home due to any number of possible hazards. But a recent survey found that most homeowners are seriously underinsured. ¬†Marshall & Swift/Boekh, a leading insurance data services company, found ¬†that 66 percent of homeowners had inadequate coverage by an average of 18 percent. That works out to $36,000 for a typical $200,000 home. While few people would willingly choose a policy with a $36,000 deductible, that is the net result of being underinsured by that much on what may well be their most valuable asset. Market Value vs. Replacement Cost The market value of what your home would sell for today 

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What Renters Need To Know About Insurance

Since most homeowners are also mortgage holders, they are required to have home insurance. However, most renters are not required to purchase renter’s insurance according to the terms of a lease. They face many of the same risks as homeowners. Although renters do not have to pay for the actual structure that is rented, they are responsible for covering their personal belongings that they bring into the structure. Most renters do not purchase insurance because they feel that it is too expensive. Average policies range between $10 and $30 per month. In comparison with the cost of replacing expensive belongings, the monthly premium is a good deal. This is especially true since renters have no control over the actions of 

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General Liability vs. Professional Liability Insurance

A consultant recommends that a client purchase and implement software to automate certain manufacturing processes. An update to the software causes it to crash repeatedly, forcing the client to shut down its production lines for 10 days until a fix is available. The client sues the consultant for giving bad advice. A new commercial building develops a roof leak following heavy rains. An investigation shows that the roof structure is insufficient for handling torrential rains common to the area. The owner sues the architect over the design error. An accountant performing an audit for a town government does not notice a questionable pattern of expenditures. Later, it is discovered that an employee in the town clerk’s office embezzled more than 

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Auto Insurance Rates Are Going Up

Get ready to pay more for auto insurance. A combination of factors is pushing car insurance premiums up across the country. The reasons are varied, but they all combine to result in higher premiums for car owners from coast to coast. Here’s what’s behind the coming rate hikes – and some tips on how you can minimize the pain. More accidents First, the number of fatal traffic incidents has spiked recently. According to information from the National Traffic and Safety Administration, fatal accidents increased nationally last year by 10 percent. That far outpaces inflation and population growth, and reflects the biggest year-over-year increase in traffic fatalities since the 1960s.   More distractions The likely culprit: Texting and driving. Distracted driving 

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4 Types of Insurance for Small Business

There are four types of insurance that most small businesses purchase. The first is property insurance. This type of coverage provides compensation if business property is damaged, stolen or lost. In addition to covering the physical business structure, property insurance covers personal property. This includes inventory, office furnishings, raw materials, computers, machinery and other items that are part of business operations. Property insurance coverage doesn’t end with protecting physical assets. It also affords operating funds when business owners must take steps to get their business back on track following major loss. Property insurance may provide coverage for broken equipment in some cases. It may also provide coverage for water damage, debris removal following a fire and several other specific items. 

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Are your Workers Employees or Independent Contractors?

Before classifying a worker as an independent contractor, it is important for a business owner to do his or her homework carefully. Employment laws today are very strict, so discuss any concerns with an agent. The United States Department of Labor and the Internal Revenue Service have combined their efforts to help various states share resources and information that will expose worker classification violations. Employers found to be in violation could face paying back taxes, back pay to workers, missed overtime, retroactive benefits, interest, fines, staff effort charges and legal fees. With situations where there are multiple violations or willful negative intent, the penalties and fines are worse. In addition to the money a violation would cost, employers would also 

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How to Prepare for a Workers’ Compensation Audit

Just the mention of a workers’ compensation audit causes fear to some. If you are scheduled for a workers’ compensation audit, there is no need to dread it or be fearful. A small amount of preparation and common sense can save you a lot of aggravation and money. Devoting a few hours of your attention now can save you a lot of time in the future. You need to give your full attention to the auditor and remain with him/her throughout the entire process. The process may take a couple of hours to complete. so make sure that the time and date of the scheduled audit is convenient for you. Call to reschedule the audit if it has been scheduled 

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Insurance for Tattoo & Body Piercing Parlors

Richmond, Virginia loves ink! Richmond has the 3rd most tattooed residents in the U.S. next to only Las Vegas and Miami. The last thing on most people’s mind when selecting a tattoo is insurance but before applying permanent ink, make sure the tattoo parlor and artist have insurance. Insurance Coverage General Liability Professional Liability Property Inland Marine Molestation or Abuse Assault or Battery Tattoo parlors often have General Liability insurance, which provides coverage if you trip and fall in their store, but General Liability does not provide coverage if the artist makes a mistake. Ask for a Certificate of Insurance Ask your tattoo artist for a Certificate of Insurance. This document will show which type of insurance they have and 

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