When settling Building Insurance claims, it can be tough to determine the real cost of replacing or restoring damaged property. Unfortunately, the methods that policyholders, insurance companies, and agents usually use to set the right amount of coverage all have their weaknesses; according to insurance experts, this means some buildings might be underinsured by up to 40%!
This shouldn’t be a surprise. Basing the amount of coverage on the purchase price of a building doesn’t factor in possibly significant changes in the value of the location. The same problem applies with using real estate appraisals, which are based on the sale price.
Although setting coverage by estimating square footage and material costs can be fairly accurate, these methods depend on the validity of the data plugged into the formulas. What’s more, changes in zoning or building regulations can have a significant impact of the value of the building.
As a construction professional, you can’t afford to “guestimate” the cost of building repair or restoration after a loss. For example, you probably have a strong grasp of arcane and complex zoning and building ordinances in your everyday work.
We’d be happy to provide a complimentary review of the valuation of your buildings for coverage purposes and recommend any needed changes. We can then explore opportunities to improve the accuracy of building valuations for your clients — and ours, so that we can help close that 40% “underinsurance gap.”
Now that the harsh winter weather has ended, it’s time to spruce up your commercial property. Here are several spring maintenance tips that reduce your liability and prep your property for warmer weather.
March gives your family the perfect opportunity to talk about love and improve your heart health. Involve your entire family in making positive changes when you take several small heart-healthy steps.
Cyber breaches that affect big businesses make the news, but over 60 percent of all cyber breaches target small and medium-sized businesses. Because you must protect your business, no matter what its size, purchase adequate cyber liability insurance.
Your company’s website shares information about your business and promotes sales. Hackers can access your website and wreak havoc on your business, though, as they steal customer data, post negative messages to customers or destroy records. As you lock your company’s doors every day, implement several tips as you protect your website, your reputation and business.
Before visiting a business, 90 percent of consumers read 
Spring officially starts on March 20. In addition to rising temperatures and longer daylight hours, melting ice, snow and the ground produce a winter thaw. Take several steps as you prevent water damage to your home.
Your home’s pipes deliver water to the kitchen and bathrooms. These pipes could freeze during harsh cold winter weather, though, and leave you without water for meals, showers and other activities, which affects your health and wellbeing. Take several steps to prevent frozen pipes, and know how to thaw frozen pipes properly as you protect your home and family this winter.
Your customers entrust their personal data to you and your company. Your employees may easily share information, though, particularly if you operate an open office with little privacy. Protect your customers’ information and identities when you follow several tips.
With a virtual payment terminal, you can take payments over the internet. Not only will you boost sales, but you’ll also offer convenience to your customers. Your virtual payment terminal may be vulnerable to security risks, though, so follow several tips as you reduce liability and protect your customers and business.
