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IRM Insurance Blog

Business Owner’s Insurance

Business Insurance If you own or run a business, especially a small-sized or medium-sized one, it is of absolute significance that you buy a Business Owner’s Insurance policy. Does this Insurance not only protects you against unforeseen monetary losses in your business but also gives you the confidence and help to focus on making your business improved.

Business Owner’s Insurance ensures that the coverage it provides protects all your major business property and the liability risks that it comes with so that your business runs smoothly. In today’s time where businesses are slowly rising, it has become almost a necessity to avail Business Owner’s Insurance and protecting your business from future events.

How it works?

Business Insurance runs on the system of you paying methodical fixed monetary amounts every month, and in turn, you get the facility of making claims and getting coverage at times of unfortunate disasters. These details and further terms and conditions are noted down in your Insurance Policy, a legal document that is proof of your Insurance bond.

You can only make claims and get compensated if the claim is made during your policy period. If you make a claim after your policy period (mentioned clearly on the Insurance Policy) has ended, the company will not entertain it. Business Owner’s insurance provides you with all the basic coverage that are essential for business owners in one bundle and at a lower cost as compared to paying for all the various insurances separately.

Different types of Business Insurance

Business InsuranceThere are different types of coverage that the business owner’s insurance includes depending on the policy that you choose. A typical business owner’s policy includes; property insurance, business interruption insurance and liability protection.

Property insurance, also called peril coverage, provides coverage mainly for the loss or damage to the business site caused by fire, explosions, smoke damage, vandalism and wind damage. This coverage is provided to the insured business’s site, owned or rented. It will also cover all items owned by the business or kept within a 100 feet radius with the purpose to the business itself.

The business interruption insurance provides coverage for the loss of income that is due to disasters like fire and others that may halt the business proceedings. It also covers the extra expense of operating in a temporary location in case of the original on being unavailable. Lastly, liability protection is the name given to the protection that covers the damage that accidents may cause such as injuries, inside the business and outside.

How much will a Business Insurance cost me

The cost of your business owner’s insurance varies according to the policy you choose for your business. If it is likely to provide higher coverage, taking into consideration all kinds of losses and damage, then you will probably pay a higher premium. This premium can depend on other things too. Such as the kind of business you run, your previous claim history, your business’s size etc.

If your business involves high-risk manufacturing work such as a factory where chemicals are used, then accidents are more likely to happen and the premium will rise. One convenient way of lowering premiums is by choosing your deductible amounts wisely.

Should I opt for a higher deductible or not?

Deductibles are amounts of money that you agree to pay at the time of damage and are not covered under your policy. They go from your own pocket. Choosing to pay a higher deductible significantly lowers your premium cost and thus should always be given consideration.

Contact IRM Insurance in Knoxville, TN for the best business owner’s insurance rates available – (865) 234-9177 or email us.

Apartment Insurance – What is it?

Apartment Insurance

Unforeseen circumstances and unfortunate events are often not uncommon in household settings like an Apartment’s. These situations often leave the family with immense loss and damage that is difficult to make up for later.  Thus, it becomes very important to avail Apartment Insurance and keeping your apartment safe from the un-recoverable losses.

Apartment Insurance – What it is?

apartment insuranceWhen you rent an apartment and buy apartment insurance, you are ensuring the security and safety of your property, belongings, liabilities and possibly the living expenses as well.  In case of damage to personal belongings inside your apartment such as your furniture and valuable items from disasters such as theft, break-ins, floods, earthquakes, fire and other natural disasters.

It also covers liability and protection against it. This means that is there is any bodily injury property damage that is caused by the family living in the apartment and this result in a lawsuit being filed; Apartment Insurance will protect you against it. It also covers the expenses that result from someone being injured in the form of medical bills.

Lastly, Apartment insurance also provides coverage in situations where the family is required to live in another makeshift house until the damage done to their apartment is repaired. It covers any hotel bill, temporary rentals, restaurant meal and any other relevant expense.

How does it work?

The Apartment Insurance you buy will be a binding contract between you and your insurance company, evident by an insurance policy. This insurance policy will stay with you and will contain all details relevant to your chosen insurance policy that includes the various terms and conditions, your policy period, the coverage limit and lastly information on the premium. It is essential that you provide truthful information about yourself and your apartment so that the Apartment Insurance’s policy holds valor.

 

How are premiums decided?

Premiums for Apartments Insurance are decided after taking into account various factors, which may include; how big your apartment is, how safe it is, how many people will live in it, and the risk involved (i.e. how susceptible your apartment is to unforeseen disasters)

Can Premium amounts change and how can I lower mine?

apartment insurancePremiums are decided after the risk is evaluated in your apartment. It is a fixed payment amount but can be changed in certain situations. One of these is when the risk involved is reduced. You can achieve this by taking steps that will reduce the risk of damage being caused, such as installing burglar alarms and lock systems that will prevent theft and break-ins in your apartment making it safer and thus lowering the premium cost for you Apartment Insurance.

Another way of paying a lower premium is simply by agreeing to pay a higher deductible amount if and when the loss and damage occurs. This means that you would be expected to pay some amount of monetary compensation from your pocket when the damage occurs in your apartment. The higher the deductible you pay, the lower your premium is.

Contact IRM Insurance in Knoxville, TN for the best apartment insurance rates available – (865) 579-0500 or email us.