Courtesy of iii.org Business interruption insurance can be as vital to your survival as a business as fire insurance. Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms. But too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable. Business interruption coverage is not sold separately. It is added to a property insurance policy or included in a package policy. A business that has to close down completely while the premises are being repaired may lose out to competitors. A quick resumption of business after a disaster is essential. Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. Business interruption insurance covers the revenue you would …
Insurance
Renter’s Insurance Guide 2018
Courtesy of iii.org If you rent a house or apartment and experience a fire or other disaster, your landlord’s insurance will only cover the costs of repairing the building. To financially protect yourself you will need to buy renters or tenants insurance. Renters insurance protections Like homeowners insurance, renters insurance includes three key types of financial protection: Coverage for personal possessions Liability protection Additional living expenses (ALE) The big difference is that renters insurance doesn't cover the building or structure of the apartmentthat's the landlord's responsibility. The following questions will help you choose the right coverage when you are shopping around for renters insurance or discussing your needs with an insurance professional. Coverage for personal possessions Coverage for your personal property is a key component of renters coverage, protecting you from theft, fire and a host of other unfortunate events. 1. …
Understand What is a Beneficiary
Courtesy of iii.org A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person Two or more people The trustee of a trust you’ve set up A charity Your estate If you don’t name a beneficiary, the death benefit will be paid to your estate. Two “levels” of beneficiaries Your life insurance policy should have both “primary” and “contingent” beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary can’t be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate. As part of naming beneficiaries, you should identify them as clearly as possible and include their social security numbers. This will make it easier for the life insurance company to find them, and it will make it less likely that disputes will arise regarding …