SFS: Small. Fast. Smart.

Understanding your Homeowners Policy

Guy Hatfield, CPCU is the President of Hatfield Insurance Agency in Fairfield, CT.

The homeowners (HO) policy is probably the most ubiquitous insurance contract around. Yet, few understand what is provided-or not provided in the document.  The homeowners policy is a "packaged" contract that insures your home, contents, detached buildings on your property such as garages and barns, and expenses necessary if you have to live elsewhere because of a loss.  The perils insured against include the most likely losses such as fire, wind, smoke, explosion, water damage from busting pipes, theft, as well as others.  The policy does not insure against flood.  The latter policy can be purchased through the government.  In addition, the HO policy insures against injuries and property damage due to your negligence such as when someone slips on that doorstep you didn't get around to shoveling or when your semi vicious dog bites the mailman.

Insurance Tips for Small Business Owners

James A. Benson, CPCU, is the Executive Vice President and Managing Partner of Merit Insurance. 

In today's economic environment, every business, big or small, is trying to find ways to cut costs.  One area that businesses naturally look at is their property and casualty insurance program, because this represents a sizable expense for many businesses.  The trick, however, is to manage the expense of insurance, without jeopardizing coverages that are crucial to properly protecting a business.

There are five basic coverage areas that a small business must evaluate when managing their insurance program:

1.  Liability

Virtually every small business should carry third party liability insurance.  This coverage protects businesses against law suits resulting from bodily injury and/or property damage to a third party.  This includes claims that could simply result from a slip and fall on the business premises.  We recommend at least $500,000 in basic liability coverage, but most small businesses can, and many times should, increase that protection to $1M at a minimal cost.