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Summer Journal

Volume 27, Issue 3

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Determining the Best Way to Insure Your Business

Written by  Haig Neville November 19, 2007

There are many different events to insure your business against; some may be unnecessary for your business needs. Finding the right plan and budget is almost as difficult as running the business itself. How do you know the amount to insure against and which events or "catastrophes" you should cover?One of the insurance lessons of Hurricanes Andrew, Hugo and Fran, the California fires and other catastrophes, is that having enough insurance to cover the value of a home or business, is not good enough. You have to consider the costs of tearing down, clearing and the removal of debris before you can start building again. These costs can use up 10 percent to 25 percent of the available coverage before you even begin to rebuild the property!One way to avoid this is to buy more insurance than the property reconstruction value or to inquire into "Guaranteed Replacement Cost" coverage which

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