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When businesses think about protecting themselves from risk, they often focus on propertydamage, natural disasters, or customer lawsuits. However, one of the most damaging and often overlooked threats comes from within: employee theft.
Imagine a scenario where a contractor accidentally damages your property or a worker gets injured while working on your home. Let’s explore why verifying contractor insurance matters and how it shields your property during renovations or repairs. Without proper insurance, you could be held liable.
American Guarantee and Liability Insurance Company , the United States District Court for the District of Massachusetts held that a loose bolt or fitting that could be remedied simply by tightening it did not constitute “direct physical loss of or damage” to equipment covered under an all-riskproperty insurance policy. [1]
So, lets break it down: what exactly is liability only auto insurance, and what risks are you signing up for if you roll with it? Liability only auto insurance steps in to cover the damage youve done to the other guys car or their medical bills if theyre hurt. What About Other Kinds of Damage? Pretty straightforward, right?
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Brick commercial office building by Binyamin Mellish Expanding your business to a new location is an exciting step toward growth, but it also introduces new risks. From property protection to liability coverage, ensuring your business insurance policies align with your expansion is critical.
A luxury home that had been on the verge of tumbling into Cape Cod Bay due to erosion has been demolished. A potential collapse of the 5,100-square-foot home threatened oyster beds in nearby Wellfleet Harbor, but a dispute over its …
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March 11, 2024), the Court determined that the plaintiff property owner, as an additional insured, was not entitled to the same insurance coverage as the named insured where the builder’s risk policy limited the scope of recovery for soft costs and rental income.
However, affordable housing developers focused on rehabilitating, or rehabbing, older properties face many challenges beyond the risks associated with new construction. If heavy machinery is used in proximity to the existing apartment buildings, it raises the potential for accidents or propertydamage.
of residents Colorado is a great place to own landlord-managed properties. Although cities like Denver, Boulder, and Colorado Springs have thriving real estate markets, owning rental properties still comes with risks, making rental property insurance essential.
The insureds suffered propertydamage caused by a tornado and subsequently submitted a claim to their insurer. The insurer paid only a portion of the claim because it maintained that the tornado that struck and damaged the property was a “windstorm” and, therefore, the claim was subject to the policy’s “Windstorm or Hail Deductible.”
At TGS Insurance, were here to help you understand the risks of driving uninsured and why securing the right coverage is a smart move for every Florida driver. 10,000 in PropertyDamage Liability (PDL): Pays for damage you cause to someone elses property in an accident.
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In this guide, well break down how Distinguisheds restaurant insurance addresses the specific risks faced by Charlottes restaurant owners. Contaminated food: Even the most diligent restaurants run the risk of food contamination leading to customer illness, which can leave them vulnerable to lawsuits.
Imagine a property owner in Chicago is facing a burst pipe in the middle of winter. The damage is extensive, and tenants are forced to relocate while repairs are underway. Properties near major rivers also face flooding risks. Sewer and drain backup: Protects against water damage from plumbing backups.
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From hurricanes on the Gulf Coast to rapid urban development in cities like Birmingham and Huntsville, the need for comprehensive Builder’s Risk Insurance has never been more critical. To address these diverse risks, Distinguished’s Builder’s Risk Program offers tailored solutions for Alabama’s construction needs.
Each year, hurricane season presents a significant risk to homeowners. Not limited to coastal areas, hurricanes are dangerous and can cause major propertydamage due to storm surge, wind damage and flooding. Download these helpful Hurricane Preparedness Resources.
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These drivers are often seen as higher risk by insurers, which can lead to higher premiums even before the 2025 hike. On January 1, 2025, California raised its minimum liability insurance requirements, nearly doubling the mandatory coverage for bodily injury and propertydamage.
. – Renewed Confidence : Knowing that they have a secure income stream increases landlords confidence in their property investments, allowing them to make informed decisions about future expansions or renovations. – Pest Infestations : Infestations can bring about serious disruptions and health risks.
PropertyDamage : Traditional cyber policies typically don’t cover physical damage caused by cyber events. General Liability Insurance: to help cover claims your business caused propertydamage or bodily injury. This can be a critical gap for tech companies with significant physical assets.
Small Insurance Claims Can Raise Premiums Small insurance claims, such as those for minor propertydamage, may seem like a hassle to deal with. Many policyholders may be tempted to file a claim for every little incident in the belief that their insurance policy will cover all damages.
Investing in commercial property in California can be a lucrative venture, but it also comes with its unique set of risks and responsibilities. One of the most crucial aspects to consider is commercial property insurance. This is crucial if someone is injured on your property.
It’s not hard to understand why — the risk of unruly equipment and product mishaps are both common and completely tangible. It’s a newer risk that exists behind screens, not wet floor signs. But the financial and reputational repercussions from cyberattacks are just as real as propertydamage, and hurt businesses of all sizes.
For residents of both communities, this news comes as no surprise; their flood-resistant infrastructure and solar panel power systems have helped them survive several storms and hurricanes with only minor damages, demonstrating the utility of disaster resilience planning. Such planning is expensive to implement.
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It covers you against claims of propertydamage, personal injury, or negligence. This type of insurance is designed to cover you if a member of the public suffers an injury or their property is damaged because of your business activities. Assessing Business Risks Every business is unique and so are its risks.
While your business may only operate for part of the year, risks like propertydamage, liability claims, or equipment theft don’t follow a calendar. Start by evaluating your specific risks. Failing to update your policy can leave gaps in coverage that expose your business to unnecessary risk.
At its simplest, therefore, a home is a home, whilst let property is a business asset. Essentially, insurance is about risk and a calculation of the probability of loss or damage being suffered by the insured item or items. Home insurance is designed for owner-occupied properties, which generally have fewer risks.
Sustained losses inflicted by natural disasters spurred some insurance companies to pull out of the homeowners insurance market in high-risk areas, such as California and Florida, leaving residents with fewer options and higher prices. Reduce liability risks. billion each.
How to Protect your Business Against Frozen Pipes and Sprinkler Systems In the winter season, businesses encounter unique property challenges, notably the potential for frozen pipes and sprinkler systems. These issues can lead to expensive damage, operational disruptions, and potential safety hazards.
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