Business Insurance Basics

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1 Business Insurance Basics How to disaster-proof your organization Disaster Recovery Services Coalition April 13, 2010 Presenter: Lynne McChristian, Florida Representative for the Insurance Information Institute

2 Agenda Understanding your business insurance coverage Understanding the risks. What s covered and what s not. Important coverage options. Business income and extra expense coverage. Additional optional coverage. How to file a claim. Steps to bounce back from disaster. 2

3 Total Value of Insured Coastal Exposure (2007, $ Billions) Florida New York Texas Massachusetts New Jersey Connecticut Louisiana S. Carolina Virginia Maine North Carolina Alabama Georgia Delaware New Hampshire Mississippi Rhode Island Maryland $895.1 $772.8 $635.5 $479.9 $224.4 $191.9 $158.8 $146.9 $132.8 $92.5 $85.6 $60.6 $55.7 $51.8 $54.1 $14.9 $2,458.6 $2,378.9 $522B Increase Since 2004, Up 27% In 2007, Florida still ranked as the #1 Most Exposed State to hurricane loss, with $2.459 trillion exposure, an increase of $522B or 27% from $1.937 trillion in The insured value of all coastal property was $8.9 trillion in 2007, up 24% from $7.2 trillion in $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Source: AIR Worldwide 3

4 What are the risks? Hurricanes and tornadoes are biggest threats. 4

5 Top 12 Most Costly Disasters in U.S. History (Insured Losses, 2008, $ Billions) $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 $4.2 Jeanne (2004) In 2008, Ike became the 4th most expensive insurance event and 3rd most expensive hurricane in U.S. history, with approx 1.35 million claims. $5.2 Frances (2004) $6.2 Rita (2005) $7.3 Hugo (1989) $8.1 Ivan (2004) $8.5 Charley (2004) $11.3 $11.3 $12.5 Wilma (2005) Northridge (1994) Ike (2008)* $22.8 $23.8 9/11 Attacks (2001) Andrew (1992) $45.3 Katrina (2005) 8 of the 12 most expensive disasters in U.S. history have occurred since 2004; 8 of the top 12 disasters affected Florida and 10 of the costliest disasters were hurricanes. * PCS estimate as of August 1, Sources: PCS; Insurance Information Institute inflation adjustments. 5

6 What a business policy covers Building and contents owned by the company. Standard form is basic; special form is more comprehensive. Business interruption insurance. Covers loss of income and extra expenses of operating from temporary location. Liability protection. Covers legal responsibility for harm caused to others. 6

7 Business interruption insurance Coverage is sold as part of the property insurance policy. Find out when coverage kicks in. Usually, there is a 48- to 72-hour waiting period. Price of the policy is related to the risk. Location affects costs, along with the type of business operation. How easy is it for you to operate at another location? Are policy limits sufficient? Are you covered for a few days or a few months? 7

8 Coverage requirements Triggers for business interruption coverage: There must be physical damage to the property. The damage must be caused by one of named perils in the policy. Damage must directly result in an interruption of operations. If damage occurs to a neighboring property that restricts access to your business, the policy may not provide coverage. 8

9 Other types of business interruption coverage Contingent business interruption. Extends coverage to include income losses incurred as a result of property loss at a key supplier or vendor. Service interruption coverage. Protects against losses due to a disruption of utilities. Civil authority coverage. Protects against instances where the government denies access due to damage at a neighboring property. Extra expense coverage. For additional expenses, such as rent for a temporary location or the cost of expediting replacement equipment. 9

10 Policy adjustments to consider Extended period of indemnity. Lengthens the timeframe beyond the basic coverage, which is usually 30 days. Coinsurance provision. Insured pays a share of loss if it is much higher than the estimated income established when policy was purchased. Ordinary payroll exclusion. Excludes employee payroll other than officers and executives, dept. managers or contract employees. 10

11 What is not covered? Some of the perils property insurance policies for businesses do not cover include: Flood damage or water backup and sump overflow. Power failure or computer failure. Personal effects owned by employees. Robbery and burglary. Outdoor signage. Building code changes required for rebuilding. Terrorist attack. 11

12 Tips for business Have a plan to reach employees in an emergency. Tips: Send an annual message to update contact information. Tell them how to check on operations following a disaster. Run practice drills. Know how you ll contact vendors and suppliers. Tips: Update contact information for insurer, bank, etc.. How easy is it for you to operate at another location Involve your insurer in your risk management efforts. Tips: Have an annual policy review, arrange onsite visit, update critical operational functions. 12

13 Tips for business Top Tip #1: Review your insurance policy once a year! Top Tip #2: Talk with your insurance agent annually, and get answers. 13

14 Current State of Preparedness This is the good news about disaster preparedness! 14

15 Current State of Preparedness I.I.I. s national Insurance Pulse Poll showed a drop in the percentage of people with an inventory of their possession from a year ago. Pulse Poll question: Do you have a video or photographic inventory of your possessions to document losses to your insurer in case of a disaster? May 2009 May 2008 Yes 47% 54% No 52% 45% Higher percentage with an inventory in the South: 53% However, there s still a long way to go 15

16 Current State of Preparedness Fewer people now have a flood insurance policy than a year ago, especially in the Northeast and the West About 25% of Americans still believe their homeowners policy covers damage from flooding. 16

17 Current State of Preparedness About 60 percent of Americans say that the government will not pay for damage to their homes that is not covered by their home insurance policy, the same as a year ago. Pulse Poll question: Will the government pay for damage to your home that is not covered in your homeowners policy? 17

18 Filing a business insurance claim Contact insurance company and agent immediately. For business interruption insurance, you need to document income generated before and after the loss. Protect your property from further damage. Make temporary repairs. Save damaged parts in case the claims adjuster needs to examine them. Get at least 2 bids on repair or replacement costs. e visit, update critical operational functions. 18

19 I.I.I. Resources 19

20 Social Media: I.I.I. on Facebook and Twitter Reach individuals, trade press, consumers and general media 20

21 Prioritize, plan and prepare Critical operational functions may change each year, so your existing disaster plan must be reviewed annually. Ask these questions: What are the critical functions that must be maintained? What is needed to fulfill legal or regulatory obligations? Prioritize each function. How much downtime can you handle? Where would you operate if your facility is destroyed? 21

22 Resources 22

23 Insurance Information Institute Online: Institute for Business & Home Safety Online:

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