> Weather The impact of weather on businesses is more complex than you might think. Weather obviously affects outdoor operations that depend on fair weather — for example, events like fairs, festivals, concerts, sporting events or filming.
> Foreign-product liability This coverage applies to losses that occur because of difficulties involved in distributing or acquiring items that are manufactured by foreign suppliers.
> Destroyed or damaged records If your business records are destroyed or damaged by a covered peril, this insurance will compensate you for the inability to collect income and for the cost of reproducing the records.
Hurricane Insurance Claims Paid in Mississippi Approaching $3 Billion Mark
Jackson –Commissioner of Insurance George Dale announced today that insurance companies have paid out nearly $3 billion in hurricane related claims. Over $1.9 billion of that is for Hurricane Katrina claims, $845 million in flood insurance claims, with claims paid for Hurricane Rita nearing $5 million. The approximate total for claims now stands at $2,883,096,865. Those numbers are expected to rise as the Mississippi Insurance Department (MID) continues to work with companies and consumers on hurricane related issues. As of today there have been some 384,277 claims filed on Hurricane Katrina and 3,476 claims filed on Hurricane Rita.
Dale daily reiterates his message to insurance companies,”Pay more claims and pay them faster. We are still taking over 500 to 1,000 calls a week and are devoting the majority of our time in assisting people with hurricane related issues, and we’ll continue to do so as long as it takes, “ he said.
MID has recently issued two bulletins to further assist consumers in hurricane affected areas. Read more at doi.state.ms.us
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Did You Know?
There are several areas of risk that you should consider if you operate a business in your home.
These include: Business-related personal property coverage (computers, furniture, etc.) Inventory Off-premises coverage for business-related personal property Business property of others accounts receivable (up to a specified limit) Liability coverage may include personal injury, products and completed operations, incidental contractual liability, and general commercial liability. Electronic data processing coverage Valuable papers Business interruption and extra expense
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