FIRE INSURANCE

1. You can add other perils-such as windstorm, hail, smoke, explosion, vandalism and malicious mischief - to your basic fire insurance at a relatively small additional fee.

2. If you need comprehensive coverage, your best buy may be one of the all-risk contracts that offer the broadest available protection for the money.

3. The insurance company may indemnify you - that is, compensate you for your losses in any one of several ways: (1) It may pay actual cash value of the property at the time of loss. (2) It may repair or replace the property with material of like kind and quality. (3) It may take all the property at the agreed or appraised value and reimburse you for your loss.

4. You can insure property you don't own. You must have an insurable interest - a financial interest - in the property when a loss occurs but not necessarily at the time the insurance contract is made. For instance, a repair shop or dry-cleaning plant may carry insurance on customers' property in the shop, or you may hold a mortgage on a building and insure the building although you don't own it.

5. When you sell property, you cannot assign the insurance policy along with the property unless you have permission from the insurance company.

6. Even if you have several policies on your property, you can still collect only the amount of your actual cash loss. All the insurers share the payment proportionately. Suppose, for example, that you are carrying two policies one for $20,000 and one for $30,000 - on a $40,000 building, and fire causes damage to the building amounting to $12,000. The $20,000 policy will pay $4,800, The $30,000 policy will pay $7,200;

7. Special protection other than the standard fire insurance policy is needed to cover the loss by fire of accounts, bills, currency, deeds, evidence of debt and money and securities.

8. If an insured building is vacant or unoccupied for more than 60 consecutive days, coverage is suspended unless you have a special endorsement to your policy canceling this provision.

9. If, either before or after a loss, you conceal or misrepresent to the insurer any material fact or circumstance concerning your insurance or the interest of the insured, the policy may be voided.

l0. If you increase the hazard of fire the insurance company may suspend your coverage even for losses not originating from the increased hazard. (An example of such a hazard might be renting part of your building to a cleaning plant.)

11. After a loss, you must use all reasonable means to protect the property from further loss or run the risk of having your coverage canceled.

12. To recover your loss, you must furnish within 60 days (unless an extension is granted by the insurance company) a complete inventory of the damaged, destroyed and undamaged property showing in detail quantities, costs, actual cash value and amount of loss claimed.

13. If you and the insurer disagree on the amount of loss, the question may be resolved through special appraisal procedures provided for in the fire-insurance policy.

14 You may cancel your policy without notice at any time and get part of the premium returned. The insurance company also may cancel at any time with a 5-day written notice to you.

15. By accepting a coinsurance clause in your policy, you get a substantial reduction in premiums. A coinsurance clause states that you must carry insurance equal to 80 or 90 percent of the value of the insured property. If you carry less than this, you cannot collect the full amount of your loss, even if the loss is small. What percent of your loss you can collect will depend on what percent of the full value of the property you have insured it for.

16. If your loss is caused by someone else's negligence, the insurer has the right to sue this negligent third party for the amount it has paid you under the policy. This is known as the insurer's right of subrogation. However, the insurer will usually waive this right upon request. For example, if you have leased your insured building to someone and have waived your right to recover from the tenant for any insured damages to your property, you should have your agent request the insurer to waive the subrogation clause in the fire policy on your leased building.

17. A building under construction can be insured for fire, lightning, extended coverage, vandalism and malicious mischief.

Liability

1. Legal liability limits of $1 million are not considered high or unreasonable even for a small business.

2. Most liability policies require you to notify the insurer immediately after an incident on your property that might cause a future claim. This holds true no matter how unimportant the incident may seem at the time it happens.

3. Most liability policies, in addition to bodily injuries, may now cover personal injuries (libel, slander and so on) if these are specifically insured.

4. Under certain conditions, your business may be subject to damage claims even from trespassers.

5. You may be legally liable for damages even in cases where you used "reasonable care."

6. Even if the suit against you is false or fraudulent, the liability insurer pays court costs, legal fees and interest on judgments in addition to the liability judgments themselves.

7. You can be liable for the acts of others under contracts you have signed with them. This liability is insurable.

8. In some cases you may be held liable for fire loss to property of others in your care. Yet, this property would normally not be covered by your fire or general liability insurance. This risk can be covered by fire legal liability insurance or through requesting subrogation waivers from insurers of owners of the property.

Automobile Insurance

1. When an employee or a subcontractor uses a car on your behalf, you can be legally liable even though you don't own the car or truck.

2. Five or more automobiles or motorcycles under one ownership and operated as a fleet for business purposes can generally be insured under a low-cost fleet policy against both material damage to your vehicle and liability to others for property damage or personal injury.

3. You can often get deductibles of almost any amount and thereby reduce your premiums.

4. Automobile medical-payments insurance pays for medical claims, including your own, arising from automobile accidents regardless of the question of negligence.

5. In most States, you must carry liability insurance or be prepared to provide other proof (surety bond) of financial responsibility when you are involved in an accident.

6. Even if the suit against you is false or fraudulent, the liability insurer pays court costs, legal fees and interest on judgments in addition to the liability judgments themselves.

7. You can be liable for the acts of others under contracts you have signed with them. This liability is insurable.

8. In some cases you may be held liable for fire loss to property of others in your care. Yet, this property would normally not be covered by your fire or general liability insurance. This risk can be covered by fire legal liability insurance or through requesting subrogation waivers from insurers of owners of the property.

 

 

Since the owner of Your business you deal with issues in an almost daily basis. Getting comfortable with powerful Problem Solving
Techniques can radically alter the development of your small business.

Although you Find answers to your problems, many businessmen and women are not really skilled in the ways of problem solving, and
when solutions fail, they mistake themselves for misjudgment. The issue is usually not misjudgment but instead a lack of skill.

This guide Educates you in a few problem solving techniques. Crucial to the success of a business faced with issues is the
comprehension of what the issues are, setting themfinding answers, and picking the best answers for your scenarios.

What's a problem. A dilemma is a situation that presents trouble or perplexity. Problems come in many shapes and dimensions. For
example, it can be:

Something did Not work as it should and you don't know why or how. Something you need is inaccessible, and something must be found
to take its place. Employees are undermining a new program. The market isn't buying. What should you do to survive? Clients are
complaining. How do you manage their complaints?

Where do Problems come from? Problems arise from each facet of human and mechanical purposes as well as from nature. Some problems
we cause ourselves (e.g., a hasty decision was made and the wrong person was chosen for the job); other problems are brought on by
forces beyond our control (e.g., a warehouse is struck by lightning and burns down).

Problems are a Natural, everyday occurrence of life, and in order to suffer less from the anxieties and frustrations they cause,
we need to learn to manage them in a rational, logical fashion.

If we accept The simple fact that problems will arise on a regular basis, for many different reasons, and from an assortment of
resources, we could: learn how to approach problems from an objective point of view; find out how to expect some of them; and
prevent a number of them from becoming bigger problems.

To accomplish This, you need to learn the procedure for problem solving. Here, we will instruct you in the fundamental procedures
of problem-solving. It's a step-by-step manual that you may easily follow and practice. As you follow this manual, you will come
to develop some strategies of your own that work in concert with all the problem-solving process described within this guide.

Keep in mind, Though, as you read this is not a comprehensive analysis of the artwork of problem-solving but rather a sensible,
systematic, and simplified, yet powerful, method to approach issues contemplating the limited time and information most business
owners and managers possess. Additionally, some issues are so complex that they require the additional help of experts in the
field, so be prepared to accept the fact that some issues are beyond just one individual's ability, skill, and desire to be
successful.

In order to Appropriately recognize the problem and its triggers, you must do some research. To do this, simply list all the
previous questions in checklist form, and keeping the checklist useful, go about gathering as much info as you possibly can. Keep
in mind the relative importance and urgency of the problem, in addition to your own time limitations. Then interview the folks
involved with the problem, asking them the questions on your checklist.

When You've Gathered the data and assessed it, you'll have a fairly clear comprehension of the issue and what the major reasons
for the problem are. Now, you can research the causes further through monitoring and extra interviewing. At this time you should
summarize the issue as briefly as possible, list all the causes you have identified, and list all the regions the issue appears to
be affecting.

At this point, You're prepared to check your understanding of the problem. You have already identified the problem, broken it all
down into each of its aspects, narrowed down it, done research on it, and you're avoiding typical roadblocks. On a large mat,
write down the problem, including each of the variables, the areas it affects, and what the consequences are. To get a better
visual understanding, you might also want to diagram the issue showing cause and effect.

Study what you Have written down or diagrammed. Call on your employees and discuss your analysis together. Based on their
opinions, you may decide to revise. Once you think you completely understand the causes and effects of the problem, outline the
issue as succinctly as simply as possible.

Proceed through your Long list of alternatives and cross-out those that obviously will not work. Those ideas aren't wasted because
they influence on these thoughts that stay. In other words, the best ideas you select may be revised depending on the ideas that
would not work. Together with the rest of the solutions, use what's known as the"Force Field Analysis Technique." This is
basically an analysis technique that divides down the solution into its positive results and negative effects. To do so write each
solution you are contemplating on a separate piece of paper. Beneath the solution, draw a line vertically down the middle of the
paper. Label one column benefits and one column downsides.

Now, some more Analytical thinking comes in to play. Analyzing each facet of this solution and its effect on the issue, list each
of the benefits and disadvantages you can think of.

One way to help You think of the advantages and disadvantages is to role-play each solution. Call in a few of your workers and
perform out each alternative. Ask them for their reactions. Based on what you see and on their opinions, you will have a better
idea of the advantages and disadvantages of each alternative you're considering.

Once you Complete this process for every solution, pick those options that have the Many advantages. At this point, you ought to
be considering only two or three.
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