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IF YOUR SCORE WAS:
5 ....You know enough about business insurance to be proud.
4 ....It's clear you know some information on business insurance.
3 ....Not bad ... but there's room for improvement.
Less than 3 ....You better brush up! Read over the correct answers to learn
more about business insurance and peruse our business insurance articles.
THE CORRECT ANSWERS ARE:
1. Over the past decade, workers' compensation premiums have...
b) Increased by 25%
Many factors are responsible including rising medical costs, an aging workforce,
and a rising number of injuries have increased the cost to insure workers'
compensation.
2. Using the latest data, how many office and industrial fires were there in the United States during 1996?
d) 45,000+
There were over 45,000 fires in offices, stores, and industrial occupancies in the United States during 1996. These fires resulted
in nearly $1.4 billion in direct property loss.
3. According to the Federal Bureau of Investigation, there are approximately
how many vandalism arrests per year in the U.S.?
d) 233,000
There were 233,000 arrests for vandalism. This statistic doesn't even account
for the high number of incidents that have gone unreported, nor those in
which the vandal was never caught. It is clear from this high frequency of
vandalism, that it is important that all businesses have some level of
protection. Losses incurred by vandalism or malicious mischief are covered
under a commercial special form property policy. This policy covers such
things as fires, explosions, and damages from changes in temperature or
power interruption.
4. A typical homeowners policy generally covers what amount of
your business equipment used at home?
b) $2500
A typical homeowner's policy only covers a small amount of business equipment.
If you work at home, you may want to increase your limits on business
equipment with an endorsement of your homeowners policy.
5. A good way to insure your business above and beyond the liability
coverage you currently have is through what kind of policy:
b) Umbrella Policy
A commercial umbrella liability policy can protect a business from those
unexpected lawsuits that are becoming as unpredictable as the weather. This
policy provides coverage in million-dollar increments above the required
liability limits of your current policies. Before you are able to purchase
an umbrella policy, you may be required to carry certain minimum amounts of
insurance in your underlying policies. However, the cost for your umbrella
coverage will be lower if your primary deductibles and limits are higher.
Keep in mind that some insurance carriers will only provide umbrella
protection if some or all of your basic insurance is written by that same
carrier.
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Plapp Insurance Services, Inc. is a licensed insurance producer in Illinois and Wisconsin. |
Copyright 1999, Plapp Insurance Services, Inc. The content of this web site is taken from sources which are reliable but are not guaranteed to completely state the available information. This web site is not intended as a substitute for legal, financial, or professional counsel. |
