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Business property insurance is designed to replace business property damaged as a result of a covered peril. A “peril” refers to what caused the damage to happen in the first place. Some losses are obviously covered, such as fires or vandalism. Other causes may not be. Are you covered if you lose power due to a car accident two blocks down from you? Are you covered if the sprinkler in your office leaks overnight? Some policies cover these types of risks and others do not. Be sure to consider all the possible risks your business may face.

Should you be accused of or charged with an error or omission, a jury or judge will be the make the final decision. An error can broadly be characterized as an inaccuracy, a mistaken action, miscalculation in writing or math, a wrong statement that was relied upon or misrepresentation, commonly, a blunder, misdeed, fault or oversight may be easier to grasp. An omission is something left out, not done or neglect. There is a wide range of business and professional matters or situations where you could be placed in a position to defend yourself. In particular, rightly or wrongly, should the party to whom you are advising or consulting have a financial lose for what every reason, they will look to all those in the process for monetary relief.

Once you have determined what coverages you want , valuation and co-insurance are important insurance terms you want to understand in case of a claim. Brief explanation:

Valuation – There are three basic valuation coverages to know.

  • Replacement Cost, the cost to replace with like kind and quality.
  • Actual Cash Value, cost new less depreciation.
  • Functional Replacement Cost, cost to rebuild with a functional building.

Co-insurance – A type of insurance in which the insurer and the insured split risks with each other. It often lowers the initial cost of insurance for the insured, but you will be responsible for a portion of the loss.

Analyze your risks & business coverage requirements carefully. Protect financial interest with proper insurance.

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