Adapting Your Insurance Practices to Address COVID-19 Concerns

The coronavirus has had a significant impact on the insurance industry, with COVID-19 creating economic hardship and serious health concerns for businesses, consumers, and entire communities. Insurance companies are generally where people turn in the event of a crisis, as coverage plans help homes and companies address the risks and provide a cushion against severe losses. However, the pandemic has shown how insurance companies can also be impacted by economic distress and volatility in the financial sector.

Crisis Management and Response

As an insurance company, you can address the needs of your consumers more easily with insurance resources focused on the COVID-19. There are a number of concerns that you will face over the next few months. These include:

  • Adequate communication with policyholders, prospective consumers, and employees
  • Thorough sanitation measures for employees and policyholders
  • Compliance with local and federal safety requirements
  • Cybersecurity protection during the crisis

Consistent Operations and Service

In addition to worrying about the economy and how the state of the financial sector will impact your company’s bottom line, you need to make sure you can deliver consistent service through a crisis. With COVID-19 concerns, you may need to explore increased delivery of services through digital measures and upgrade your self-service options for policyholders. You may also need to establish payment or delinquency policies to help consumers navigate the next months of financial hardship more successfully.

What Is the Right Nightclub Insurance Coverage?

There are unique risks in the nightlife industry. After all, your patrons are in your establishment to have a good time. They may be dancing and drinking and while most have nothing but good intentions, accidents can happen and your club is liable.

Therefore it is important to have customized insurance options for nightclubs and bars.

Nightclub Coverage Options

Nightclub and bar coverage options may include:

  • Event liability
  • Liquor liability
  • Assault liability
  • General liability

A general liability policy covers a lot of what happens inside your club. Accidents do happen. Slip-and-fall cases, for instance, are common within a club setting. Not only do you have people drinking, but you have people engaging in dancing and other activities. In addition to general liability, liquor liability covers the unique risks of serving alcohol in a club. When under the influence of alcohol, people make reckless decisions.

Nightclub Covered Assets

You may be wondering what types of assets your policy will protect. You can have policies to protect your employment costs, your building, and your costs if you ever have to interrupt business as usual. For instance, if you have to close the club temporarily, then your insurance may pay you to stay afloat.

When it comes to the club industry, you have unique risks over other companies. Hence why nightclub insurance options are so crucial.

Insuring a Mobile or Manufactured Home

Many owners of traditional homes recognize the vital importance of maintaining comprehensive home insurance to protect themselves in the event of damage. Mobile and manufactured homes are becoming an increasingly popular form of homeownership throughout many regions of the country. Mobile homeownership provides people with the opportunity to build equity in an affordable home rather than continuously pay rent for an apartment without building any equity. It’s extremely important for all homeowners to carry insurance regardless of whether they own a traditional home or a mobile home.

What Types of Damage Does Mobile Home Insurance Cover?

Mobile home insurance can protect you against many different types of damage that could affect your home. Policies can insure you against damage caused by weather events such as lightning, windstorms, and hail. They can also help to address losses resulting from the acts of third parties such as theft or vandalism. In addition, your policy can cover losses due to fire, water damage, and falling objects.

What Will Your Policy Safeguard?

The primary purpose of a mobile insurance policy is to cover damage caused to the physical structure of your mobile home; this may include flooring, windows, or your home’s tie-down anchoring system. Additionally, your policy’s coverage can also protect against damage to your personal belongings inside of your mobile home.

Top 3 Places Mold Shows Up in Your Home

Mold is an issue for any homeowner because it can get into the air you and your family breathe, causing various respiratory problems. Sometimes, mold can hide behind the drywall in your home, especially in places that get a lot of moisture. For effective mold prevention in your home, you need to know these common areas where mold can show up.

  1. Ambient Steam

Any room in your home that produces steam can become a breeding ground for mold. Water in the air can be tricky since it moves away from its source and can settle as moisture in other places. Make sure any spaces with steam are properly ventilated.

  1. Wet Appliances

Any appliance that uses water, such as your coffee maker or washing machine, can contribute to mold in your home. Keep all such appliances dry when not in use for better mold prevention.

  1. Pooled Water

Sinks are another place water can accumulate, leading to issues with mold. Keep your sinks and tub well-drained to prevent mold.

What To Do About Mold

Mold prevention is an important part of being a homeowner. However, if mold does start to grow, you need to handle it quickly. With on your side, you are covered in case mold does develop in your home. Hire a cleaning crew and keep an eye out for future buildup.

How To Protect Your Heavy Machinery From Financial Loss

When it comes to heavy machinery, unforeseen overhead costs can be troubling, adding up in myriad ways. As explained by the Hilb Group, even heavy rental equipment can end up costing a business extra, as any damage to the machinery while on loan will not be covered with a typical lease agreement. This can result in a loss of current and potential business, leaving you liable for any diminished value to rented equipment.

Be Prepared

Heavy equipment insurance can help your business by covering what the average leasing contract does not. It may or may not include a small but manageable deductible as well. The coverage you can expect to receive with this type of insurance includes the following:

  • Replacement of lost or stolen items missing either on the job or in transit
  • Substitute parts for possible equipment failure or breakdown
  • Coverage concerning potential electrical damage

Know What Isn’t Covered

While insured heavy machinery can help to reduce overhead costs and the stress of potential mishaps, there are some areas not covered. This includes any interruption in your business that could occur without working equipment that may result in a loss of income and the costs accrued from further equipment rentals.

While it is always a good idea to expect the best out of your business, unanticipated setbacks can be costly and time-consuming. Making an effort to stay prepared is the best way to alleviate the hassles that come when working with heavy machinery.