GT Insurance Blog

Insurance problems and cures

Posts Tagged ‘Small Business

After the disaster – Commercial Property Insurance

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When you have a large property loss, do you have enough insurance to clean up and prepare your site as well as to replace the building?  Will your business survive the event?  Here are some steps to help y0u prepare, and to increase your change of coming back from disaster.

  1. Local laws, ordinances, and building codes can affect your ability to repair or rebuild. 
  2. The laws may require you to tear down the remainder of the building if it is significantly damaged.
  3. Debris from an older building may be regulated by hazardous waste laws.
  4. If the building is more than a few years old, new building codes can force you to spend more than simple replacement cost.   As examples: interior and exterior doors may have to be changed;  hallway widths may have to be altered; stairway requirements may have changed; fire suppression systems may have to be upgraded, or installed if you did not have them before.  
  5. In the event of a widespread disaster, a hurricane for example, prices for building materials and labor usually rise because so many building owners are trying to rebuild at the same time.
  6. Even if your building sustains little damage, what insurance coverage do you have if damage to buildings near your business blocks access? 
  7. What coverage do you have for power failures?

Most of these questions can be addressed in advance by talking with your local municipality as well as with your insurance advisor.  Call us at 800-548-2329 for advice or click here for more detailed disaster planning advice from our web site. 

On the topic of disaster recovery, here’s an IT provider (IT Radix) who we think does a great job for their clients.  They were taken down by a goose flying into their power lines!  Click here for their story.

Cyber Liability

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For small and mid-size business, think of two big problems from cyber attacks.

On one side you have the possibility that a cyber attack will steal your business assets. If you don’t know that you have insurance protection against that, you don’t.

The Wall Street Journal recently published an article about one attack on one company.  Over $1M gone because the hackers got into a funds transfer process with weak security.

Another major exposure, and actually larger for most small companies,  is damage to your clients or others where you have collected private information.  Insurance for cyber liability due to release of that information is more complex and relatively uncommon.  It’s out there and if you need advice, give us a call at 1-800-548-2329.

Cyber Liability

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What’s your business cyber liability?

This may not be obvious: If you’re a small retail operation (think of your local bakery), and you capture clients’ kids’ birthdays to send out discounts or other contacts, you have an exposure.

If you capture credit card info, the exposure is obvious.

For advice, information, comparisons, call us at 1-800-548-2329.

For a survey of other businesses’ responses, connect here: Risk and Insurance TV

Workers Compensation – claims trends –

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Our thanks to the Insurance Information Institute for much of this information.

A National Council on Compensation Insurance study on the cost of claims filed by workers who are obese had findings similar to those to a 2007 Duke University study. From the Duke study:

* Workers who were morbidly obese filed 45 percent more claims and their medical costs were more than five times higher than those of nonobese workers.

* Workers who were overweight filed 9 percent more claims. Their costs were 1.5 times as high as people with “normal weights”. (I’m in trouble.)

Workplace injuries and death were down in 2009 vs 2008.  The drops are significant enough that many experts attribute them to economic change rather than entirely to safety improvement.

For much more detail, follow this link to the III.   Insurance Information Institute

Tax Credit for Employee Health Insurance Expenses of Small Employers

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Go to and Bulletin Notice 2010-44.
This provides step by step guidance to see if your small business can get tax credits to offset part of its Health Insurance costs.

Basics: Less than 10 full-time equivalent employees, averaging less than $25,000 annual wages. Phases out between 10 and 25 employees and between $25,000 and $50,000 average annual wages.
Credit: up to 35% of the business’ Health Insurance premium costs in 2010 and up to 50% in 2014.

For more information, call us at 1-800-548-2329.

Written by gbwinsurance

July 10, 2010 at 10:14 am