Protecting Business Profits

Most families sit down and create budgets. They predict their income to measure how much they can afford now and in the future. Just like families, businesses also rely on predicting their income from sales and production of goods and services they provide. But what if an accident, loss, or disaster occurred that would inhibit their ability to sell their goods or services, or limit the production of goods in their plant? Now what? How will their business survive? There’s still rent and taxes to pay, employees you don’t want to lose, and other ongoing expenses that don’t go away just because your business isn’t running. That’s where something called “Business Interruption Insurance” comes in.

This coverage provides a company with funds to make up the difference between its “normal income” and its income during downtime caused from a fire, storm, water damage, theft, accident, vandalism, or other cause.

A typical policy will cover the cost to repair or replace buildings and equipment, but it does not cover the loss of income the business is likely to experience during its downtime. Business Interruption Insurance will make sure companies have the money for ongoing bills, salaries for key employees, and other expenses. This is certainly one area of protection you don’t want to skimp on.

To find out if you have the coverage, what the cost is, or if your Business Interruption limits need to be reviewed, please contact our office TODAY to discuss it with your Commercial Risk Manager.

Finding the Right Contractor

Now, more than ever, it is so important to choose a good contractor to do work on your home. Whether you’re getting a new roof, deck or garage, or hiring a tree trimmer, you want to find one that offers a fair price and is skilled at their trade. However, in addition to considering their estimates and expertise, you should consider other factors to protect yourself. If you are getting multiple bids, remember that the lowest bid isn’t always best. Here are a few tips to guide you through the process: • Ask friends and neighbors for contractors they have used and would use again. • Ask the contractor for homeowner references, and call them. • Require a “Certificate of Insurance” to show proof of liability insurance. • Require a copy of their Workers Compensation certificate. • Check out the Better Business Bureau for any complaints filed against them. (www.bbb.org) If you need help finding a reputable contractor, give us a call. And please don’t forget: once your project is complete, call The O'Neill Group. Renovations to your home may mean your homeowners policy needs to be updated as well.

Bring Your Umbrella to Spring Activities

The opening of baseball and softball season is shortly upon us. It’s the perfect time to go out and enjoy a youth league, high school, college or professional game… if the spring rain isn’t too bad, that is! Of course, you can always brave the storm under your umbrella.

And speaking of umbrellas… If you happen to coach or assist a youth team, or frequently transport/carpool others kids to and from practices and games, you will definitely want to look into enhancing your protection by purchasing a Personal Umbrella Policy, if you don’t already have one. With its relatively low annual premium, an umbrella policy can save you from financial ruin should you be liable after an accident that inflicts injury to your young passengers on board.

I highly recommend getting a Personal Umbrella Policy to provide an extra $1 million protection on top of your current liability coverage for your home and autos. With the average premium of $12-15 per month, you will quickly see that it’s something you cannot afford to be without. Interested? Call our office to get an exact cost!