The Importance of Business Interruption Insurance (BII)

Here is an excerpt from a new blog post at GreggMarcus.com:

One of the most fundamental types of insurance that you can carry as a business is business interruption insurance, commonly referred to as BII. Business interruption insurance is purchased to reimburse loss of income if a covered event occurs that makes it impossible to carry out your normal business operations. It is not commonly sold as an individual policy, but may be a clause that you can add to your business property insurance. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of Business Interruption Insurance for any business.

Business owners frequently receive quotes for liability, casualty and property insurance, but often neglect to look into business interruption insurance. Property insurance covers your business against damage from fire or flood, casualty insurance can cover against general loss and liability coverage can protect your business against negligence claims. Worker’s compensation coverage protects your employees when they are injured on the job.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

5 Ways for Teenage Drivers to Find Low Insurance Rates

Here is an excerpt from a new blog post at GreggMarcus.com:

Auto insurance companies typically feel that teenage drivers pose a higher risk because of their young age and lack of driving experience. This higher risk generally leads to increased car insurance rates for teens. In this post, Long Island Insurance Executive, Gregg S. Marcus, lists 5 ways teenage drivers can take to find lower car insurance rates.

1. Consider a higher deductible
Increasing the deductible to $500 or $1,000 can save you 10-20 percent on your premium. You will want to decide if you can afford the out-of-pocket costs in the event that your teenager gets into an accident.

2. Student and course discounts
If you have a B or better grade point average, let your insurance company know. Insurers will often offer good-student discounts, which typically range from 5-10 percent.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: Why Add an ‘Additional Insured’ on Your Business Insurance Policy

Here is an excerpt from a new blog post at GreggMarcus.com:

Businesses must work with other businesses to operate on a daily basis. For example, when a contractor builds a home, they must use the work of sub-contractors for materials or labor for the project. These businesses sign contracts or agreements prior to any work being completed. The different companies may be at the same place at the same time, and they all need to be covered against risk. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains why a business will add an additional insured on their commercial policy.

Additional insured endorsements are added to protect the mutual customer of each individual business. One party will add the other on their commercial liability business insurance policy as an “additional insured.” By adding an entity to your policy as an additional insured you are protecting that entity against your company’s negligence. By having another entity add your business as an additional insured that company is protecting you against their negligence. This most commonly occurs between event promoters, commercial landlords, construction contractors or another business that involves independent contractors or sub-contractors.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Running on Silent: Hybrid Vehicle Safety Concerns

Here is an excerpt from a new blog post at GreggMarcus.com:

The Insurance Institute for Highway Safety released a study that found that a driver of a hybrid vehicle is 25 percent less likely to be injured in a crash than driver of a conventional vehicle. Couple these statistics with the money drivers save on gasoline and a hybrid seems like the best choice. While hybrids are by far the safer choice for drivers, they're far more dangerous for the greenest travelers of all, pedestrians and cyclists. In this post, Gregg S. Marcus, a Long Island Insurance Executive looks into the hidden dangers of hybrid vehicles.

When hybrid cars are in electric mode, they are near silent and can’t be heard coming. Visually impaired pedestrians or those who step into the street without taking a look for cars first are in much more danger of being struck than with louder, standard vehicles. In fact, fuel-efficient vehicles are 20 percent more likely to be involved in an accident with a pedestrian than a standard car. The National Federation for the Blind has called for quiet vehicles to emit a continuous sound and for additional research on the subject.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: How is the Value of a Totaled Car Calculated?

Here is an excerpt from a new blog post at GreggMarcus.com:

You’ve been in a bad car accident. Your car is a mangled mess. Now what? A car is considered totaled when the cost of repairing it exceeds the cost of replacing the vehicle. Understanding what you will get from totaled car insurance is essential to know what will happen in the event that an accident writes off your vehicle. In this post, Long Island Insurance Executive, Gregg S. Marcus, explains how your insurance company calculates the value of a totaled car.

When your car is totaled, your insurance company will give you what’s called “fair market value” for your car. The auto insurance company takes the following four factors into consideration when determining the fair market value:

Vehicle Type
The type of vehicle that has been totaled and will be covered by the insurance plays a large part in the determination of value. Classic and luxury cars will be treated in a different way than an average car as they depreciate in value differently.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

HOW TO: Reduce Accidents at Home

Here is an excerpt from a new blog post at GreggMarcus.com:

Accidents and injuries occurring at your home are painful, emotional and stressful and they can be expensive! Accidents that damage your home or property, or injuries that occur there can increase your insurance premiums and initiate your deductible responsibilities. Gregg S. Marcus, a Long Island Insurance Executive lists some simple steps you can take that will help minimize the injuries and accidents that occur in your home, reducing your insurance premiums.

Home Security Systems
Having your home broken into can be emotionally and financially shattering for your entire family. One way to avoid becoming a victim of a burglary is to install a home alarm system. Modern alarm systems are affordable and have a wide range of options, which can include either a centralized monitoring system or even just simple devices that attach to doors and windows.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

The Dangers of Driving Drowsy

Here is an excerpt from a new blog post at GreggMarcus.com:

When you think of driving under the influence, the first thing that normally comes to mind is alcohol and drugs. Drivers under the influence of these substances are more likely to be in fatal car accidents. A lesser-known threat are people driving under the influence of sleepiness. According to the AAA, one in every six fatal accidents in 2010 involved a drowsy driver. In addition to fatal accidents, drowsy driving also was to blame for 13% of car accidents resulting in a hospitalization and 7% of accidents where a vehicle needed to be towed. Unlike intoxication, there is no test to discover if a driver is tired. Driving while drowsy can be prevented. Gregg S. Marcus, a Long Island Insurance Executive shares ways to tell if you are too tired to drive and tips to stay awake on the road.

Are you at risk?
Young drivers (under the age of 24) and men are at higher risk for driving drowsy. According to the AAA, 52% of men reported falling asleep behind the wheel while only 30% of women reported falling asleep.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Preparing Your Home for the Winter Season

Here is an excerpt from a new blog post at GreggMarcus.com:

Winter will be here next week, which means now is the ideal time to take the steps needed to winterize your home. You’d be surprised how much money you will save and how much more comfortable you will be by properly preparing your house for the cold weather. In this post, Long Island Insurance Executive, Gregg S. Marcus, lists some ways to prepare your home for the season ahead. Is your home ready for the winter?

Fireplace Draft
A fireplace can be a wonderful place to relax in the winter but it is also an ideal route for cold air to enter your home. You can seal the opening with an insert or you may also find that putting in a fireplace door is more cost-effective and convenient.

Install Energy-Efficient Windows
Single pane windows let out a great deal of heat. Double pane windows absorb the heat from the outside, while keeping the heat from the inside from escaping.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What is Employment Practices Liability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Any small business that has employees is at risk at litigation. Employment Practices Liability Insurance (EPLI) is a policy that helps protect small business owners from any claim that can arise from employees in relation to how the owners conduct their business. Employees can file a claim for discrimination, wrongful termination, sexual harassment or wrongful discharge. Small business owners need to protect themselves against these types of threats. Gregg S. Marcus, a Long Island Insurance Executive explains the basics on Employment Practices Liability Insurance.

EPLI may be part of a comprehensive directors and officers policy or a stand-alone policy. It can be purchased in amounts from $1 million to $25 million with subsequent deductible levels. Many policies exclude coverage in the event of a merger or major downsize. Deliberate actions such as criminal conduct are also excluded. The policy can provide coverage for employees, independent contractors and even leased employees. Coverage for independent contractors is particularly important, due to the lack of direct supervision associated with performance.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

8 Ways to Cut Your Auto Insurance Costs

Here is an excerpt from a new blog post at GreggMarcus.com:

Car insurance is not a fun bill to pay every month. Every driver must be insured and according to the Insurance Institute, over 96% of Americans overpay for the auto insurance. Gregg S. Marcus, a Long Island Insurance Executive shares 8 ways to save each month on your auto insurance bill, which allows you to have some extra money in your pocket.

1. Increase your deductible
A higher deductible on both your collision and comprehensive coverage can lower your car insurance rates. Keep in mind that when you do this, you will have to pay more out of pocket at the time of an accident or other claim.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

HOW TO: Protect Your Home From Burglaries

Here is an excerpt from a new blog post at GreggMarcus.com:

Long Island Insurance Executive, Gregg S. Marcus, lists some easy ways to avoid your home becoming part of this scary statistic.

Secure your home’s property
Walk around the perimeter of your property and assess where the home’s weaknesses are. Adding high walls, fences and thorny hedges will make your property less of a target to intruders. Make sure to keep ladders, bins and garden benches away from your places where someone might use them to get easy access to your home.

Home alarms
If you don’t have a home alarm, it is in your best interest to get one. If you do have an alarm, make sure there is signage on your gate, windows or near your front door to make it known to thieves. Remember, a home alarm can’t stop a thief from gaining access to your home, but it certainly may deter a burglar from trying.

Keep all doors and windows locked

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Understanding Boat Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

Purchasing a boat is exciting but understanding the insurance requirements of that new purchase can be very confusing. Gregg S. Marcus, a Long Island Insurance Executive shares the most important things to remember about boat insurance below. A smart boater can make the right choice on insurance by following these tips:

Know your insurer
There many ways to purchase boat insurance, either as an add-on to a homeowner’s policy, purchased from an independent insurance agent or directly from a marine insurance company. Buying a marine policy directly from the insurer you know or through a marine insurance specialist is best. When it is added on to your homeowner’s insurance policy, there are often limits or no coverage for marine specific risks like salvage recovery. Ask friends who are experienced with marine insurance and check insurance company ratings before making a decision.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Personal vs. Professional Liability Coverage

Here is an excerpt from a new blog post at GreggMarcus.com:

There are different types of liability insurance that can be taken out, depending on the circumstances. If you are a homeowner, most personal liability is covered under your homeowner’s insurance. If you are a business owner, you will need some form of professional liabilty coverage. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the difference between Personal Liability Insurance and Professional Liability Insurance.

Personal Liability Insurance
Personal liability insurance is sometimes referred to as “umbrella coverage” because it adds an extra layer of protection on top of your automobile and homeowner policies. Without this coverage, any liability beyond the limits of your homeowner or auto policies comes out of your pocket. This insurance can protect you financially if someone is injured on your property or if you or a member of your household accidentally hurts somebody or damages another person’s property. A person’s need for personal liability insurance depends on a number of varying factors, such as if your family has a backyard swimming pool, teenage drivers or a potentially harmful dog.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What does ‘Licensed, Bonded and Insured’ Mean?

Here is an excerpt from a new blog post at GreggMarcus.com:

If you’ve ever looked for a business to perform any type of homebuilding, renovation or repair project, you’ve come across the term “licensed, bonded and insured.” In this post, Long Island Insurance Executive, Gregg S. Marcus, explains what it means to be licensed, bonded and insured. The federal government contracts require contractors to be bonded and insured, to reduce the financial risk. House cleaning services, moving companies and pet sitting companies are bonded and insured in case any thievery, accident or other damage caused by the company.

Licensed
For certain professions, a license is necessary to show that you’re competent and permitted to conduct business in the city, municipality, or state in which the license was issued. Generally, to be licensed in a field means that the person has completed a certain amount of education and training, been rigorously tested on this knowledge, and been approved by the state to perform the type of work on which they were tested on. In most cases it also means that the person must keep up with current information and advances within his field through continuing education in order to maintain the license. Consumers can look up a business’ performance history in most states through the Better Business Bureau using their license number.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.