Search CompleteMarkets

Auto shops are consumer’s way of protecting...

..., Railroad Insurance, Commercial Auto Program, Business Auto Monoline Insurance, Maritime Workers ...

Your weekly update on what's happening on CompleteMarkets. Featured Markets | Latest Discussions | Latest Blog Posts | Did You Know?

...roperty & Casualty, Commercial Auto, Personal Lines, Professional Liabilit...

...ut later Miguel's father became an auto mechanic and eventually bought the bus...

...e-deductible workers compensation, automobile liability, general liability and...

...workers to handpick berries. But mechanics, researchers, educators and forklif...

You're facing a deadline to complete work under a major contract - when a voltage spike surges through your electrical lines, burning out computers and telephone equipment. How would you pay for replacing or repairing the damaged equipment, taking the steps needed to get back in production, and replacing lost income? In today's high-tech electronic world, more and more companies are buying Equipment Breakdown policies (formerly known as Boiler & Machinery insurance) to protect themselves against losses from a variety of mishaps that are sometimes unpredictable and often unavoidable: everything from mechanical failure or electrical short circuits to "arcing" (faulty wiring or motor burnout. The rapid growth of Internet marketing and "just in time" inventory make businesses more dependent than ever on computers - while critical data often exists only on the Internet or online databases that can't be accessed when equipment breaks down. Depending on their size and sophistication, some businesses include this coverage in their Property insurance, while other purchase it as an endorsement to the policy. A comprehensive Equipment Breakdown policy should include: Reimbursement for the cost of repairing or replacing damaged equipment (Some policies also cover green construction, disposal and recycling methods) Replacement of income lost from downtime ("Business Interruption" or "Service Interruption" coverage) Assistance from your insurance carrier, ranging from maintenance guidelines and checklists and crisis planning templates to identifying sources for repairs, unusual parts, or replacement equipment that can be obtained quickly. Our Business insurance experts would be happy to help you obtain a cost-effective Equipment policy that's tailored to your needs. Just give us a call.

Three out of five firms that suffer a major disaster go out of business or are sold. Preparing your business to survive a disastrous event involves a multi-step process: assessment, planning, implementation, testing, and documentation. Assessment: Brainstorm and list all potential losses. Then rate them on a 1-10 scale, with 10 being the most disastrous and 1 having the least impact on the business. Planning: Formulate a comprehensive, detailed action plan, using both in-house and outside sources. The plan should include both steps to prevent the loss and remedies to take if the loss occurs. Be as specific as possible. Implementation: Act on the plan. Determine what steps you must take to now insure a positive outcome if disaster strikes; Who will be accountable for taking these steps when and to whom will they report? Testing: For example, if you're planning to deal with a computer crash, data recovery is essential. Test back-up media regularly to ensure that they will be available when needed. All too many businesses lose data due to malware or mechanical breakdown only to find that their backup is either corrupted or unavailable when needed. Documentation: Put the details of the plan (who, what, when, and where) in writing. Keep one copy in the office, another on the computer, a third off premises - and make sure that every manager knows these locations. Finally, review and update the plan every six months. Although nothing is foolproof, implementing these five steps can go far to prevent a disastrous loss, or at least, mitigate its impact. To learn more about developing a disaster plan for your business, feel free to give us a call at any time.