Category: Uncategorized

Business Income Fundamentals

What Every Insurance Professional Needs to Know and Share with Policyholders By Sue Quimby, CPCU, AU, CIC, CPIW, DAE Business income coverage is one of the least understood insurance coverages, but it is also one of the most important. Business income coverage can mean the difference between staying in operation or going out of business…. Read more »

Avoiding Underinsurance Problems

By Sue Quimby, CPCU, AU, CIC, CPIW, DAE Most losses are partial losses. It may be tempting for an insured to try to control costs and only buy enough coverage to pay for the loss they think they could have. This practice could backfire in the event of a loss. The professional insurance agent knows… Read more »

What Is A Micro Business (And Does It Need Insurance)?

The most common way to define a micro business is through the number of employees in the organization. A business with 1 to 9 employees is usually termed as a micro business. Size and scale are also factors used to define micro-businesses. Companies that function as sole proprietorships and earn annual revenue less than $250,000… Read more »

Asbestos: What You Should Know

By Sue Quimby, CPCU, AU, CIC, CPIW, DAE Asbestos is a group of naturally occurring minerals. Mined since the 1800’s, asbestos was long prized for its fire resistance, durability and ability to insulate. Unfortunately, it is also a powerful carcinogen, linked to mesothelioma and other lung cancers. Asbestos-related lawsuits have bankrupted hundreds of companies. Helping… Read more »

A Note for the Small Businesses Killing It as Amazon Sellers

Over 1.9 million US businesses sell their wares on Amazon. In 2019, 58% of Amazon’s total sales were thanks to small and medium-sized businesses. Today, that number must have increased, due to the lockdown imposed by the global pandemic. Small businesses saw a growth of over 50% Y-o-Y on the platform. The number of small… Read more »

Why Cyber Security Insurance is Essential for Small Businesses

Does your small business accept digital payments? Do you use mobile devices for your work? How about computers? If you’ve answered ‘yes’ to any of these questions, you may be vulnerable to a cyber-attack. If you’re a small to medium-sized business, you’re even more vulnerable. The National Cyber Security Alliance found that 70% of all… Read more »

Alternate Valuation Considerations

By Sue Quimby, CPCU, AU, CIC, CPIW, DAE Proper building valuation is a common concern for agents and their insureds. Proper valuation is important both when issuing the policy to determine the correct premium for the exposure, and at the time of the loss so there is enough coverage to restore the property to its… Read more »

Some Cash Flow Management Tips For Small Businesses

Cash flow management questions keep cropping up for small businesses. It’s a fact of life that many small businesses fail to keep enough cash reserves. This hurts them when it comes to dealing with emergencies and unanticipated problems. Many small businesses also do not pay much heed to cash flow projections. Due to this lack… Read more »

A Roof Over Your Head

By Sue Quimby, CPCU, AU, CIC, CPIW, DAE Having a roof over your head is one of life’s basic necessities. While essential, a roof can also be the cause of claims and problems. The roof is often the first defense against the elements, and a key to the structural integrity of the entire building. Regular… Read more »

A Liability Insurance Primer for Small Businesses

Small businesses often tend to ignore the need for insurance due to the associated cost of insurance or a misleading belief in the low probability of major risks impacting their organizations. However, this misplaced confidence can have catastrophic repercussions for small businesses. It is essential to cover and protect all business assets with the appropriate… Read more »