Insurance

Does Your Business Need Flood Insurance?

Posted on by McGriff Williams in Insurance, Tips |

 Natural disasters can be devastating to businesses. While damage caused by some types of natural events—such as lightning or wind—will usually be covered by commercial property insurance, you need a special policy if you want protection from flood damage.

What is the definition of a flood?

A simple definition of a flood is an accumulation of water on normally dry land. The NFIP has a technical definition of a flood, which is as follows: A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from any of the following:

  • Overflow of inland or tidal waters
  • Unusual and rapid accumulation or runoff of surface waters from any source
  • Mudflow, which is defined as “A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water. Other earth movements such as landslide, slope failure, or a saturated soil mass moving by liquidity down a slope, are not mudflows.”
  • Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above

What are the common causes of flooding?

Floods can have a variety of causes, and floods can occur even in areas that don’t typically flood. Some of the common causes of flood include:

  • Storm surges after hurricanes
  • Heavy rain causing flash-flooding
  • Overflowing rivers or streams
  • Broken dams or levees
  • Mudslides due to heavy rain on hills or mountainsides
  • Fast melting snow, which can cause floods when the ground is frozen and unable to absorb water
  • Blocked storm drains, which may cause a flood even with moderate rainfall
  • New urban development which changes natural runoff patterns and reduces the ability of the land to drain properly

Does My Commercial Property Insurance Include Coverage for Flooding?

No. Damage from flooding, including flooding generated by hurricane-generated storm surge, typically is not covered under a standard commercial policy, including a Commercial Package Policy (CPP) or a Business Owners Policy (BOP)

Is Flood Insurance REQUIRED for my business?

Flood Insurance is not a requirement. However, if you own a business inside or outside of the high-risk flood area, you own a building or lease an office, you should consider purchasing flood insurance for the protection and peace of mind it brings. Many business owners, particularly those in high-risk flood areas, may be required to have flood insurance. If you have a mortgage from a federally regulated or insured lender you may be required to obtain flood coverage.

Whether your business is located in an area of common flooding or not, commercial flood insurance is worth exploring. Contact our agents at (352) 371-7977 or contact us so we can help you get started.

Sources:

https://www.iii.org/article/does-my-business-need-flood-insurance

https://disb.dc.gov/page/business-commercial-flood-insurance-coverage-faqs

The Importance of Conducting a Home Inventory for Renters Insurance

Posted on by McGriff Williams in Insurance, Tips |

Renters insurance is an essential investment that can protect your personal belongings and provide liability coverage in case of accidents or damages. But to ensure you receive the compensation you’re entitled to, conducting a home inventory is important. Here’s why a home inventory is essential for renters insurance.

  1. Helps determine the right coverage amount.

A home inventory can help you determine the right coverage amount for your renters insurance policy. By creating a list of all your personal belongings and their value, you can ensure you have enough coverage to replace them in case of damages or theft.

  1. Provides proof of ownership.

A home inventory can provide proof of ownership for your personal belongings in case of a claim. It can help you provide evidence of the damaged, lost, or stolen items and their value. This can make the claims process smoother and ensure you receive the compensation you’re entitled to.

  1. Saves time and reduces stress.

Creating a home inventory may seem like a daunting task, but it can save you time and reduce stress in case of a claim. By having a comprehensive list of your personal belongings and their value, you can quickly provide the information your insurance provider needs to process your claim.

  1. Makes updating your policy easier.

A home inventory can also make updating your renters insurance policy easier. If you acquire new personal belongings or sell or donate items, you can update your inventory and ensure you have the right coverage amount for your policy.

  1. Helps you prioritize safety.

A home inventory can also help you prioritize safety in your rental unit. By creating a list of your personal belongings, you can identify potential hazards, such as overloaded electrical outlets or unstable furniture, and take steps to address them.

In conclusion, conducting a home inventory is essential for renters insurance. It can help you determine the right coverage amount, provide proof of ownership, save time and reduce stress, make updating your policy easier, and help you prioritize safety in your rental unit. Take the time to create a home inventory and ensure you have the protection you need for your personal belongings.

What exactly is MFA and why is it important?

Posted on by McGriff Williams in Insurance, McGriff-Williams News |

Although you’ve heard all the talk about cyber security and data breaches in the past, have you ever really thought about it happening to you? It’s no surprise but cyber crime has grown to the highest cost in the 17 year history of reporting, according to IBM. Currently, data breach costs are upwards of $4 million.

These attacks are happening more frequently and costing individuals and business owners more money. It could be that we have more work-from-home opportunities than ever before, better cyber technology making cyber criminals more efficient, or more vulnerability in the health and finance sector. It’s been predicted that right now, a cyber attack could occur ever 11 seconds, which is nearly four times the frequency recorded just five years ago.

There are several ways you can protect yourself but one of the most simple and important methods is unfortunately overlooked. As if we insurance folks didn’t have enough acronyms to talk about, here’s another one: MFA. Multi-Factor Authorization. MFA is a security method that requires the use of two or more authentication factors to verify a user’s identity. This is most commonly used for users accessing an organization’s network or using a personal or work email remotely. MFA just provides assurance that the user tapping in to private information is who they say they are and that they deserve access. This keeps data safe even if one set of a username and password is compromised. The use of MFA can stop cyber attacks in their tracks, blocking 99.9% of account-compromising attacks.

So we clarified that MFA is just a method of double checking one’s identity. In real-life terms, that just means that before one can access your accounts or email, they have to take an extra step so that at least two of the following three categories is confirmed:

  • Knowledge – something only that user knows like a password, answer to a personalized security question, or PIN
  • Possession – typically the device the user is on like a smartphone, laptop, or software token
  • Biometric – something unique to the user such as a fingerprint or face scan

Why is MFA also important for a business?

  • Strengthen your existing security system – Firewalls & antivirus protection is only as strong as the authentication steps that protect them
  • Protect high-value targets such as Administrative or Executive accounts – these typically have sensitive information, broader access and confidential personal/business information
  • Limit digital credential theft – even if a hacker obtained username and password information, they are unlikely to have the device or access to the backup MFA such as a personal email with verification code sent
  • Stop cyber exploitation – cyber crimes are more than just stealing private information. Hackers can also destroy such data, deploy ransomware, change programs or transmit spam/malicious code

MFA is just one added layer of protection that you can implement in your email or other account specific systems that you use to stay cyber safe.

Vehicle Telematics: the tattletales of driving habits

Posted on by McGriff Williams in Auto Insurance, Business Insurance, Insurance |

The words Fleet Management may make some business owners’ skin crawl but it’s one of those things they just can’t ignore. For most companies, this is a key aspect of their overall operations and something that needs constant attention.

Some commercial insurance companies are providing Fleet Monitoring premium discounts for the use of telematics, with the hopes that it will reduce the amount of claims and incidents within their commercial auto fleet.

Telematics refers to technology such as front facing cameras, sensors, GPS, and vehicle engine diagnostics. These devices can effectively monitor driving behaviors such as location, hard braking, rapid acceleration, speeding and hard cornering. Identifying these habits is an important element of commercial auto insurance, especially given the increasing rates lately.

The results of these telematics can help determine the risk, along with appropriate pricing and proactive loss control. Some of the technology can even alert the driver itself in real-time of any unacceptable driving behaviors to prevent an accident or injury. Vehicle engine diagnostics also helps tremendously with monitoring things like the health of the vehicle, for example: oil life, fuel efficiency, tire pressure, engine or fluid needs, etc. This is yet another part of fleet management that can be very time consuming and stressful on a business owner/manager.

According to the Federal Motor Carrier Safety Administration, the amount of fatal crashes involving large trucks and/or buses has increased by 42% since 2009. Ironically, technology such as cell phones could have contributed to that and here we are, talking about technology of other forms to help prevent it. But isn’t that our reality now All things technology? But shouldn’t we be open to anything that can get that number back down? While telematics are optional for now, it could be very soon that they are actually required and that may not be a bad thing.

 

Additional auto insurance carriers are issuing premium refunds

Posted on by McGriff Williams in Auto Insurance, Blog, Insurance, McGriff-Williams News |

 

Some people may think insurance companies are only there for them when they need to file a claim. Well, we are pleased to share some good news that shows how much auto insurance carriers across the board really do care.

These are challenging times and your insurance company wants to help! Many drivers are using their vehicles less as they abide by our current stay-at-home orders. Therefore, the following companies will all be issuing a one-time premium refund for personal auto policies during the COVID-19 pandemic. Each company is handling it slightly different so we’ve included the details below. This only applies to motor vehicle policies (not including golf cart, motorcycle, ATV or boat). This is still awaiting final regulatory approval but is headed in the right direction.

The best part about this is that policyholders don’t need to do anything! Refunds will automatically be either credited to their policy account or refunded.

 

*Nationwide: $50 per policy active as of March 31, 2020

*Safeco: 15% of premium as of April 7, 2020 for 2 months

*Auto Owners: 15% of premium for April and May, 2020

*Mercury: 15% of premium for April and May, 2020

*Progressive: 20% of April premium (refunded in May) and 20% of May premium (refunded in June)

*Chubb: 35% of premium for April and May, 2020 upon annual renewal

*Travelers: 15% of premium for April and May, 2020

*MetLife: 15% of premium for April and May, 2020

*AAA: 20% of auto premium for April and May, 2020

Geico: 15% of premium as the policy comes up for renewal between April 8-October 7, 2020. The credit will also apply to any new policies purchased during this period.

Allstate: 15% of premium for April and May, 2020

USAA: 20% of premium as of March 31, 2020 for 2 months

State Farm: 25% of premium for policies in-force between March 20-May 31, 2020

Hartford: 15% of premium for April and May, 2020

Liberty Mutual: 15% of premium as of April 7, 2020 for 2 months

Florida Fam Bureau: 15% of premium for April and May, 2020

 

*The companies with an * are the carriers in which we, at McGriff-Williams, represent and received this data directly from. Information regarding the other companies listed here was collected from their individual websites.