http://www.smi-insurance.com/blog/View SMI AGENCY LLC's Website Blogen-uspostmaster@www.smi-insurance.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:6635b514-6303-4eb4-88ab-675afb74305eurn:uuid:b10d8d3c-8d52-475d-b328-9ed7ca14a48e<img src='http://www.smins.com/img/%7Ewww.smi-insurance.com/vacant-dwelling.jpg' align='left' />The challenging economy has resulted in higher vacancy rates for all types of commercial real estate, from office, retail and apartment, to industrial. With higher vacancy rates, there are also higher levels of risk for commercial property owners. Th...Wed, 01 Jun 2011 14:06:23 -0500<img alt="" style="float: right;" src="http://www.smins.com/img/%7Ewww.smi-insurance.com/vacant-dwelling.jpg" />The challenging economy has resulted in higher vacancy rates for all types of commercial real estate, from office, retail and apartment, to industrial. With higher vacancy rates, there are also higher levels of risk for commercial property owners. This higher level of risk affects property insurance costs. There are measures that property owners can take to reduce their risk and control their insurance costs in the face<br /> of vacancy, however.<br /> <br /> Insurance companies have their own definition of vacancy, so as a property owner you will want to make sure to understand your policy. In the insurance world, a building can be considered vacant if less than 13 percent of the total square footage is rented or leased. Buildings under construction or renovation are not considered to be vacant. If a building is deemed vacant for insurance purposes, it could potentially create changes in the owner&rsquo;s insurance coverage. The ISO or Insurance Services Office property form found in most commercial property polices will outline the provisions for these changes in coverage.<br /> <br /> For instance, a building vacant for more than 60 consecutive days before a loss occurs will have no<br /> coverage if that loss is due to vandalism, glass breakage, water damage (including sprinkler leakage),<br /> theft, or attempted theft. There is also a 15 percent reduction in payments made for losses due to other<br /> causes such as fire or wind.<br /> <br /> There are steps you can take to protect yourself, however. If a vacancy occurs at your property, notify<br /> the insurance company immediately to make sure you have the proper coverage. A vacant building may<br /> cost more to insure than one which is rented because of an increased exposure to losses. The increased<br /> risks to a vacant property include fire, mold, water damage or leakage, crime, theft, weather damage,<br /> damages due to a lack of maintenance or supervision, and environmental risks.<br /> <br /> Because of these increased risks, an additional premium may be required to continue full insurance<br /> coverage. For example, you may want to consider a property insurance endorsement that suspends all<br /> or some of the coverage restrictions that apply to buildings vacant for more than 60 days. Other ways to<br /> protect your interests in the event of vacancy include:<br /> <br /> <ul> <li>Letting local law enforcement authorities know that your property is vacant and may be at risk of vandalism or break-ins. Add increased security measures of your own if necessary, and assign someone to check the property and supervise it regularly.</li> </ul> <ul> <li>Installation of low temperature alarms, thermostats, or other devices to maintain temperature or notify you of water leakage or heat and air conditioning loss. Turn off any unnecessary utilities and let the utility company know the property is vacant.</li> </ul> <ul> <li>Making sure the building is maintained and inspected for possible risk factors such as inclement weather, leaks, fire, or other disasters. Fix any potential problems. If possible, make the building appear occupied by keeping it in good condition by cutting grass, clearing snow, or having timer controlled lights to deter criminals or vandals.</li> </ul> <p><a href="http://www.smins.com/homeowners/vacant_property_insurance_request_form.aspx">Get a Quote on Vacant Property Insurance</a></p>urn:uuid:478061ec-8056-46fc-9a61-e9d7789c9092<img src='http://www.smi-insurance.com/img/%7Ewww.smi-insurance.com/iStock_000006080713XSmall.jpg' align='left' />Business insurance is a must for tech businesses. The technology business is constantly changing. With that comes an ever changing level of risk for businesses as well. Whether your company&rsquo;s operations include software development, programming...Sat, 05 Mar 2011 16:29:02 -0600<img alt="" width="318" height="211" style="float: right; border: 1px solid #000000;" src="/img/%7Ewww.smi-insurance.com/iStock_000006080713XSmall.jpg" />Business insurance is a must for tech businesses. The technology business is constantly changing. With that comes an ever changing level of risk for businesses as well. Whether your company&rsquo;s operations include software development, programming, systems integration, IT consulting, or communication and consulting services, insurance coverage can provide you with the ability to protect your business and remain competitive in today&rsquo;s marketplace.<br /> <br /> <strong>Types of Technology Business Insurance</strong><br /> <br /> The types of coverage for tech businesses are comprehensive and varied.<br /> <br /> One type of tech business insurance you may want to look into is <strong>Technology Errors and Omissions<br /> Coverage</strong>. This protects your company from claims if your client holds you responsible for programming<br /> errors, software performance, or the failure of your work to perform as promised in your contract. The<br /> coverage includes legal defense costs, and will pay for any resulting judgments against you, including<br /> court costs, up to the coverage limit on your policy. Another, Information Risk and Media Liability<br /> endorsement, can be bundled with this coverage, protecting you against claims arising out of the<br /> gathering and communication of information. Liability Insurance provides valuable coverage against<br /> defamation and invasion of privacy claims, as well as copyright and trademark infringement.<br /> <br /> Other types of technology business insurance coverage to consider include: <strong>Business Personal Property</strong>,<br /> <strong>Business Income</strong>, and <strong>Utility Services and Direct Damage</strong>. Business Personal Property Insurance<br /> permits a business owner to cover all of the buildings, fixtures, machinery and equipment, and<br /> personal property used in business and the personal property of others for which the business owner<br /> is responsible. Coverage also can be extended to insure newly acquired property, valuable papers and<br /> records, property temporarily off the business premises, and outdoor property. On the other hand,<br /> Business Income insurance is intended to compensate the insured for income lost during a &ldquo;period of<br /> restoration,&rdquo; if a business is physically damaged and can no longer operate. It begins when the direct<br /> physical damage occurs, and ends on the date that the damaged property should be repaired, rebuilt,<br /> or replaced. As for Utility Services and Direct Damage coverage, tech business owners can expect to be<br /> compensated for losses due to an interruption in water, power, communication, or other utility services.<br /> <br /> Tech businesses may also want to look into <strong>Advertising Injury coverage</strong>. This is typically designed to<br /> cover offenses such as defamation, invasion of privacy, misappropriation of advertising ideas or style<br /> of doing business, and infringement of copyright, title, or slogan. Additional types of coverage include<br /> <strong>Primary Non-Contributory Coverage</strong>. This term is commonly used with contract insurance requirements<br /> to stipulate the order in which multiple policies triggered by the same loss respond. For example, a tech<br /> contractor may be required to provide liability insurance that is primary and non-contributory. This<br /> means that the contractor's policy must pay before any other applicable policies (primary) and without<br /> seeking contribution from other policies that also claim to be primary (non-contributory).<br /> <br /> Lastly, one other type of technology business insurance to investigate is for Additional Insured or a<br /> person or organization that enjoys the benefits of being insured under your insurance policy in addition<br /> to yourself. The term generally applies to liability insurance and property insurance, but can include an<br /> element of other business technology policies as well.<br /> <br /> <a href="http://www.smins.com/business/default.aspx">Get a Quote on Business Insurance</a>