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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