An early spring thaw can produce large amounts of runoff in a short amount of time. Because the ground is still frozen, water cannot be reabsorbed. The water runs off the surface and flows into lakes and rivers, causing excess water to spill over the banks.
Floods can happen almost anywhere, so be prepared! According to the National Flood Insurance Program (NFIP), even one inch of water in your home can cause up to $7,800 in damage. Flooding is NOT covered in a standard homeowners, renters or business insurance policy.
NOTE: Flood insurance does not go into effect immediately. Most flood insurance policies have a 30-day waiting period.
What does flood insurance cover?
Flood damage to your home's structure, including damage to the furnace, water heater, air conditioner, etc.
Flood damage to your furniture, rugs, appliances, and clothing.
Expenses you incur to protect your home against imminent flood damage by sandbagging or other measures.
Every state, with the exception of New Hampshire, requires all drivers to carry auto liability insurance. Coverage is flexible. It may be purchased as a separate policy or as part of a package of coverage that can also protect buildings and business property (equipment, furniture, etc.).
What is covered under an automobile insurance policy?
Bodily Injury Liability and Property Damage Liability
Liability Insurance covers the costs of damage that you may do to others, including property damage and bodily harm.
Property Damage Liability coverage compensates to replace or repair property that you destroy (other vehicles, fences, buildings, etc.).
Bodily Injury coverage compensates for medical bills and lost wages.
Collision Coverage - pays to repair your own vehicle after an accident.
Comprehensive Coverage - pays for damages to your car that were not caused by an accident, such as fire, theft, vandalism, natural disasters, hitting an animal, etc.
Medical Payments - compensates for medical expenses for the driver and his/her passengers as a result of an accident, regardless of who was at fault.
Personal Injury Protection and No-Fault Coverage
Pays for medical expenses and lost wages for the driver and his/her passengers who are injured in an accident.
No-fault coverage pays for losses, regardless of who was at-fault in the accident.
Uninsured Motorist (UM) coverage pays for medical bills if you are hit by a driver who does not have automobile insurance or if you are involved in a hit and run accident.
Underinsured Motorist (UIM) coverage takes effect when you are hit by a driver who does not have enough automobile insurance to cover all of your medical bills.
CGL protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.
What Does CGL Cover?
A typical CGL policy provides coverage for claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises, or operations, and can be offered as a package policy with other coverages such as, Property, Crime, Automobile, etc.
As a safeguard against liability, CGL enables you to continue your normal operations while dealing with real or fraudulent claims of negligence or wrongdoing. CGL policies also provide coverage for the cost to defend and settle claims.
How Much Coverage Does Your Business Need?
The amount of coverage that your business needs depends on three factors:
Perceived risk - consider the amount of risk associated with your business operations and functions. For instance, if you manufacture heavy machinery, you would generally need more coverage as compared to another organization that manufactures stuffed animals.
Where you operate your business - if you operate in a state that has a reputation for rewarding high damages, then you may wish to purchase higher limits of liability.
The type of products you manufacture - if you manufacture a dangerous product, you may want to carry higher limits of liability.
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