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All About IronClad Family Protection Tips: Insurance & Financial Advisors, Employee Benefits

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Insurance & Financial Advisors, Employee Benefits

6 Steps to Protect your Home Business

According to the U.S. Census Bureau, the number of people primarily working from home tripled between 2019 and 2021.  That is 27.6 million Americans.  Don't think that hackers haven't noticed this, and don't think that you don't have anything to protect.  Your home business is more at risk than you probably imagined, but it doesn't have to be that way.  Here are 5 steps to make it more secure and ensure that your hard work doesn't get lost or stolen.

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Estate Planning - What do you really need?

Estate Planning - What do you really need?

Search on the internet for "estate planning" and you'll literally find millions of results telling you what you need.  (855,000,000 when I searched on Bing!)  Do you really need an "Indexed Universal annually-adjusting Life Insurance policy with a tertiary dependent rider?" (I made that up, BTW.)  Maybe you do, but maybe you don't.  What do you really need?  What are the basics that you should consider and how much time and money will it take you to get those?  Well...I'm here to answer that! 
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Legacy Planning Simplified: Effortless Wills, Trusts, and Estate Management

Legacy Planning Simplified: Effortless Wills, Trusts, and Estate Management

As a professional getting closer to retirement, creating a will, trust, and estate plan might feel increasingly urgent. But where do you begin? And who has the time? It might feel overwhelming to create and collect documents with all the different professionals required to protect your estate, including financial planners, lawyers, and insurance agents.

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What Is Business Interruption Insurance?

What Is Business Interruption Insurance?

2020 has been an exceptionally uncertain year, impacting both individuals and businesses. Countless businesses faced interruptions, leading owners to make tough decisions, including closing their doors to the public. These challenges weren't solely attributed to COVID-19 but also resulted from civil unrest, natural disasters, and unforeseen events.

In such times, the significance of business insurance, particularly business interruption insurance or business income insurance, becomes paramount. This discussion delves into the crucial role this insurance plays in ensuring business continuity and effectively responding to potential losses.

Business Interruption Insurance – What Is It?

Business interruption insurance is a coverage type that activates when a business experiences income loss due to unforeseen circumstances, particularly unexpected disasters like flooding, hurricane damage, fires, or events such as the COVID-19 pandemic.

It's essential to note that this insurance isn't typically sold as a standalone product but is usually included in a comprehensive package, as an add-on, or rider. A typical business interruption clause might read:

"The Insurer shall pay for actual business income loss the insured sustains due to the necessary suspension of 'operations' during the period of 'restoration.' Suspension must be a result of direct physical loss, damage, or destruction to the insured party’s property and result from a covered cause."

Several key conditions need fulfillment for business interruption insurance to be applicable. Key elements include:

Actual Business Income Loss

Coverage is limited to the actual loss a business sustains due to an unforeseen disaster leading to a business interruption. The insurer pays based on the business's past performance or the policy limit.

Business Income

Business income encompasses net income and operating expenses, including salaries and overheads that must be paid despite the suspension of operations.

Restoration Period

The insurer is liable to pay for income lost during the restoration period—the time needed to bring the damaged or destroyed property back into operation. This period begins at the occurrence of the loss or damage and extends until the property is reasonably repaired or rebuilt. The coverage persists until the limit is reached or the restoration period is complete, even if the policy expires during this time.

Contingent Business Interruption (CBI)

This is an insurance extension covering the loss of business income due to damage to assets or property owned by a third party, including suppliers, receivers, manufacturers, and lessees.

Civil or Military Authority Business Interruptions

This clause covers actual loss of business income due to civil or military prohibitions, with coverage extending up to 30 consecutive days unless otherwise specified.

If you'd like to learn more about business interruption insurance or are looking for ways to protect your business against uncertainties, get in touch with us via call or email. We'll help you keep your business safe and ensure continuity, all while helping you maintain your legacy!

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Posts about Insurance & Financial Advisors, Employee Benefits

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