How much does business interruption insurance cost?

Costs depend on factors like business size, industry, revenue, location, and risk level. Premiums are often bundled with commercial property insurance and may range from a few hundred to thousands of dollars annually.

Can surrender value increase over time?

Yes, the longer a policy is held, the higher its surrender value, as accumulated cash value and bonuses contribute to the payout after deductions.

Can businesses use E&S insurance as a temporary solution?

Yes, businesses may use E&S insurance temporarily until they qualify for standard coverage after improving risk management.

What is cyber insurance, and why is it important?

Cyber insurance protects businesses and individuals from financial losses due to cyberattacks, data breaches, and online fraud. It covers expenses such as legal fees, notification costs, and recovery efforts, making it crucial in today’s digital world where cyber threats are increasing.

What is subrogation in insurance claims?

Subrogation occurs when your insurer seeks reimbursement from a third party responsible for your loss. This can help recover your deductible or costs.

How do I file a claim under employer liability insurance?

To file a claim, notify your insurer immediately, provide details of the incident, submit necessary documents, and cooperate with any investigations. Your insurer will assess the claim and handle legal proceedings if necessary.

What happens if the policy’s cash value is not enough to cover the cost of insurance?

If the cash value is insufficient, you may need to pay additional premiums or risk having the policy lapse. Some policies have a "no-lapse" guarantee to ensure coverage for a certain period, regardless of cash value performance.

How does product liability insurance work?

It protects businesses from claims related to injuries or damages caused by defective or unsafe products they manufacture, distribute, or sell.