Counsel Insurance

Blanket Insurance For Businesses

Blanket Insurance is an insurance policy under which more than one property can be insured in more than one location. When you purchase a blanket insurance policy, you need not to specify the items covered under the insurance, as everything under a property is covered. Blanket insurance is not used to insure just property, but also things like the health of employees, theft in a particular establishment etc.

How to Get Blanket Insurance:

There are some basic requirements that you have to fulfill before you ca opt for Blanket Insurance.

1) List the Items

You need to draw up a Statement of Values stating the value and name of the items that are going to be covered by the Blanket Insurance. The SOV states the name of the item and its location.

2) Coinsurance

If you have insured property at various locations, one major problem arises at the time of payment for any accident or damage to the property. The limit of the property under Blanket Insurance needs to be looked into. If the value of the damaged property is more than what is offered under the terms of blanket insurance, then you will suffer a loss. You must remember that insurance companies keep in mind the cumulative value of the properties and items you are insuring, not the value of one single item.

What You Must Know Before You Opt for Blanket Insurance:

1) Agreed Value

Agreed value is the value that both insurer and the insurance company agree on while drawing up a blanket insurance plan. You must be very careful while stating an agreed value, as you cannot invoke the coinsurance penalty and get the insurance limit changes at the time of payment.

2) Varying Rules

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Business Property Insurance: Protect Your Business from Disasters

No matter how detailed your business plans are, tragedies come unannounced. If you are not prepared, chances are that a natural disaster or unforeseen legal or financial trouble will threaten to sink your business. In order to avoid disasters, you should have business property insurance coverage for fixed and moveable assets related to your business. Business interruption insurance will help you recover from calamities, and help you recover the losses.

Types of Business Property Insurance:

When opting for insurance coverage for your business, you can either get a combined protection policy or opt for separate insurance policies. The type of coverage varies depending on what is being covered.

1) Floods:

If your business is located in a flood prone area, then you need to get business property insurance that will cover it against flood damage. For this, you will need to find out how many times the area has been flooded.

2) Earthquake:

Earthquakes can strike at any time and there is no way to predict them. For this reason, many insurance companies do not offer earthquake insurance as part of standard business property insurance package. To get earthquake insurance, you will probably have to buy a separate policy and pay a separate deductible. In addition, earthquake insurance typically does not protect businesses against loss of profits caused by damage to property; it simply covers the actual value of the property.

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