UNDERSTANDING MISCELLANEOUS BUSINESS INSURANCE

Typical coverage includes:

• Ocean Marine / Hull & Cargo
• Boiler & Machinery / Equipment Breakdown
• Crime
• Credit
• Libel & Slander
• Special Events
• Transit

Ocean Marine / Cargo & Hull -- Provides coverage for your international cargo shipments by sea or air, as well as for your hulls.

Boiler & Machinery/Equipment Breakdown -- Covers sudden and accidental breakdowns of steam and hot water boilers, pressure vessels, air conditioning equipment, turbines, electrical apparatus, and various other mechanical and electrical objects. Coverage extends not only to insured object itself but also to other property damaged by an accident to an object. Endorsements are available to cover loss of income, extra expense, utility services, consequential loss (spoilage).

Crime/Employee Dishonesty -- Crime insurance can cover money and securities against burglary, robbery, theft, destruction, disappearance, computer fraud, extortion, and employee dishonesty. Crime insurance can also cover property other than money and securities.

Credit Insurance -- Covers your accounts receivable against payment default on the part of one of your customers.

Libel & Slander -- Provides coverage for liability arising from libel and slander.

Special Event Insurance -- Provides coverage when your company participates in shows, exhibitions, hole-in-one events and other such activities. Coverage may include liability, including liquor liability, protection of property, and event cancellation costs.

Transit -- Provides protection for property while in transit. Property covered can be owned or property of others in your care, custody, control. Types of transit coverage include ocean cargo, motor truck cargo, contractor's equipment floater.

Let's face it. Launching and running a business takes capital, motivation and yes, even physical stamina to handle the stress and demands of a new or growing venture. And it's risky. In fact, one out of every five businesses fails within the first five years of opening.

Handling inventory, scheduling time, purchasing supplies, handling payroll -- there are a myriad of procedures every home or small business entrepreneur needs to know, but one of the most critical and often neglected is buying proper insurance coverage.

What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what's worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business' income tax return and help you purchase the correct amount of insurance.

Start by making a list of personal business property, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have.