loss Archives | W3 Insurance

Spring is in the air! Time to clean, get your home in order and take inventory! Wait… take inventory?

That’s right! How will you ever know what you have to lose if you don’t track it? And really, do any of us know what is in our homes? It’s amazing how quickly all that “stuff” accumulates.

What is a Home Inventory?

A home inventory is a complete list of your belongings. The list should include photos and information on the worth of your contents. If you do not have one now, don’t fret. You are not the only one out there that hasn’t started this process yet. A recent Allstate Insurance survey of Atlanta homeowners found that while than more than 90 percent of homeowners are concerned about protecting their homes, only 41 percent had ever documented or valued their contents. Knowing and cataloging these items can be time-consuming, but may save you a lot of time and frustration later on.

Why It’s Important?

If your home is damaged by a storm or other peril, a printout of all your damaged valuables could be quite useful. Documenting your home inventory in advance can help save time and reduce frustration after a disaster. In the event of a loss, an accurate home inventory can make filing a claim much easier. It is also a great way to discover your true net worth and ensure that you have adequate coverage for your belongings.

Working Smarter – Not Harder

Luckily, technology has come a long way. The “legal pad” inventory is a thing of the past! Home inventory programs now help you organize and track your valuables. Smart phones and advanced programming have made it easier to be organized and prepared. There are many programs and applications available. Here are some top-rated options:

Top Home Inventory Apps:

Know Your Stuff by Insurance Information Institute, Free

MyStuff2 by Rick Maddy Productivity, Free – $4.99

Top Home Inventory Programs:

Delicious Library 3, Mac Program, $25.00

Collectify Home Inventory, PC Program, $30.00

These are just a few of the programs and apps available for purchase or use. Please take the time to find what works best for you and your family.

Are you Covered for a Business Interruption?

Recent heavy rainfall reminds us that not all natural disasters are brought on by hurricanes. Due to heavy and constant rains, flooding has damaged much of Florida’s roadways. Last week, Governor Rick Scott declared a state of emergency for five counties. This included three bay area counties; Hillsborough, Pinellas, and Pasco.

Damage like this creates an immediate need for all for all companies to take a closer look at their insurance coverage. Would you be sufficiently covered in case of a natural disaster? States like Florida and other coastal locations are particularly susceptible to devastating losses from flooding, tropical storms, hurricanes.

“75% of businesses suffering major property damage are out of business within three years because they did not have a contingency plan or the proper financing to see them through the period of recovery.”

What is Business Income Insurance?

When it comes to managing your property risk, business owners should be concerned not only with a loss to their tangible property but also to their income. Natural disasters, fires, and other insured perils often result in an interruption of the operations of a business, which typically lead to a loss of income. Business income insurance is designed to cover your economic damages when you experience a covered loss that results in a suspension of your business. A suspension of your business can mean either a slow down or a cessation of your business activities. Loss of income is defined in most policies as your net profit as well as continuing expenses, including payroll. Extra expenses that you incur to recover from a disaster can also be covered. You might think of it as disability insurance for your business!

What is Included in a Business Interruption Insurance Policy?

Compensation for lost income if you are no longer able to operate your business due to a disaster-related damage that is covered by your current property insurance policy.
Profits that would have been earned had the disaster not occurred. These numbers are based on previous financial records.
Operating expenses that must be paid even if the business is temporarily closed. Examples are utilities, rent, etc.
Expenses from a temporary location for you to operate out of while repairs are being made to your permanent location.

Business interruption insurance is one of the most valuable policies a business can have, yet it is often overlooked. Contact us today to learn more about this valuable policy.