Commercial Insurance Archives - Dealers Risk & Insurance Services

Protecting Your Building and Occupants From Vehicle Crashes

Vehicle crashes into buildings can result in severe property damage, which can lead to expensive repairs and business interruptions. In a worst-case scenario, such accidents can cause injuries or even fatalities. As a business owner, it is crucial to take proactive measures to protect your property from these incidents. This article aims to help you understand how to evaluate the risk of vehicle accidents to your property, implement protective measures, ensure regular maintenance and testing of barriers, and educate and train occupants to safeguard your business. [Read more…]

Garagekeepers Liability Coverage

Companies in the business of storing customer vehicles need to be protected. For example, truck drivers who are called to tow cars in the middle of the night frequently must store the cars in their shops for the night. If a few hours later, someone breaks into the shop and vandalizes the customer’s vehicle, the driver can be held liable. [Read more…]

Protecting Your Business From Power Surges

Power surges, which are sudden spikes in electrical voltage, can wreak havoc on business equipment and systems. While they may seem like minor inconveniences, power surges can have a significant impact on a business’s bottom line. This article explores the dangers of power surges, effective strategies to shield businesses from their effects and the crucial role of insurance in safeguarding their assets. [Read more…]

Decoding Weather Forecasts

A Guide to Tropical Storms, Floods, and Hurricanes

Do you really understand the weather forecasts? Whether you’re a resident in a coastal region or seeking to enhance your weather literacy, it’s crucial to understand the various tropical watches and warnings designed to help you make informed decisions and stay safe when facing the unpredictable forces of nature. [Read more…]

2023 Commercial Property Insurance Market Outlook

The past five years have seen the commercial property insurance market progressively harden, evidenced by consistent rate increases since 2017. However, according to industry data, such rate jumps showed some signs of stagnation in early 2022, with average increases staying within single digits. Going into 2023, rates are still on the rise. [Read more…]

5 General Liability Exposures to Know

Almost every organization has commercial liability loss exposures. A commercial liability loss exposure is a condition or situation that presents the possibility that an organization will be held legally or financially responsible for injury, harm or damage to another party. [Read more…]

The Importance of Insurance to Value for Commercial Property Coverage

When purchasing or renewing their commercial property insurance, it’s vital for businesses to ensure such coverage includes correct property valuations. Doing so can make all the difference in providing sufficient protection and preventing coinsurance penalties amid covered property losses. That’s where conducting accurate insurance-to-value (ITV) calculations comes into play. Generally speaking, ITV refers to an approximation of the full cost to replace or restore insured property. [Read more…]

Rising Property Replacement Costs

Commercial property losses and insurance premiums have significantly increased over the past two years due to environmental and economic factors. Undervaluation of the replacement costs for a damaged building or equipment can also be linked to commercial property insurers experiencing high loss costs. To compensate, insurers continue to increase premiums, with rates rising 8.7% in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers. [Read more…]

Commercial Automobile Policy Symbols: What Do They Mean?

Taking the time to understand the language and symbols on your commercial automobile insurance policy may seem like trying to learn a new language, but it is important to fully understand your policy so you know how you’re protected. Here are a few general guidelines that are helpful when deciphering your policy:

Each symbol represents the type of vehicle protected by the applicable liability or physical damage limit.
The symbol may apply to the type of vehicle covered or the vehicle’s ownership status.
The various terms within your policy have specific definitions that you should become familiar with.
The symbols are different on coverage for liability as compared to physical damage coverage.

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