Insurance Blog

The moment one has started his or her own small business, the only goal that he or she want to attain is to have the business grow successfully. However, there can really be some times that a certain business success can be affected with some event under our control, and here is where the business insurance will take in place.  Business insurance is an insurance product that is designed to accommodate a small business needs or interest. It also often called as a commercial insurance.

Since designed for small business, each business’ insurance needs still differ from each other. However, there are still series of insurance products that every business needs in common. These insurance products can probably be those that can protect every business from a common risk and these products include:

Commercial property insurance – this is an insurance product that has the ability to provide coverage for the business’ building, contents, stock, and equipment against loss or damage. Aside from the loss because of a certain inevitable incident, this coverage usually is paired up with business interruption coverage, which is on the other hand responsible in compensating for the loss of income incurred while the business is closed.

Comprehensive or commercial general liability (CGL) – this CGL insurance is another business insurance product that is designed to cover the business from any injury or damage to other people. An example of the incident covered by CG is once a client or customer has an injury within the business’ premises or if a company’s employee damages a certain property at the clients’ or customers’ site.

Errors and omissions or the Professional Liability is another insurance product that every business owners commonly need to have. This insurance coverage is important to those who are dealing a business in behalf of their clients. The professional liability insurance will cover anyone dealing with customers on their behalf protecting the person from a customer’s claim of harm or cost of money due to the claimed errors in dealing with the business.

Accounts Receivable Coverage is one of the business insurance products that every small business must have. This product is the one responsible for when business records are destroyed or damage by a covered peril and hinders the company from collecting its collectibles. The collectible amount will then be covered by the accounts receivable coverage and the expense incurred for the reconstruction of records and extra collection fees. One must not though that this coverage does not include the physical value of the record itself, but only the collectible amount.

Crime Coverage and Fidelity bonds are another important insurance product that will help every business owners protects themselves from losses due to crime particularly the crime coverage. Crimes covered include burglary, robbery, or theft. Fidelity bond on the other hand will cover each business owner from theft committed by his or her employees like stealing for some money, equipments, or other assets from him or her also known as first-party fidelity or his or her clients also called as the third-party fidelity.

Each overseas worker knows and understands that one’s travel insurance company will cover them if something unfavorable will take place while abroad. These claims or coverage includes a heart attack, a burning hotel with the workers suitcase inside, a stolen car rental, and much more. However, beyond the knowledge of many of us, insurance companies are also covering some weird claims like if a monkey made its way to one’s window and stole one’s personal belongings. A trip back to origin will also be covered when the hotel where a certain client stayed ends up being infested with fleas. On the other hand, if his or her goat has destroyed one’s documents, the insurance company will also cover for it. Sounds odd though, but these are just a few of the strangest travel insurance claims.

Below are just a few of the strangest situation wherein insurance claims are being paid.

Monkey Madness – there was a couple staying in Malaysia that left their chalet window open as the left out. When they return to their hotel, what they have found out are monkeys entering into their room and stole many of their clothes and some of their personal belongings. In order to give the couple a comfortable stay on the adjacent jungle, their claim was paid.

Sick of the Sea – this is just another odd claim that has been successfully covered by a travel insurance company. There was once an elderly man who is suffering from a terrible seasickness in a cruise ship making him to vomit over the side until his false teeth came out. The elderly man then claimed the cost for his teeth replacement from his travel insurance and was successfully paid.

Toupee or not toupee? – this one of a kind weird claim is just one of the incidents covered by travel insurance companies. Situations under this claim is just like when a traveler had a good chat with a friend on the beach and suddenly a gust of wind carried a several hundred pounds and his insurance company paid toupee. This claim can be a little bit pricey for claims can be at least £50 in excess of the claimant’s policy.

However, despite of the paid odd claims, there can also be some similar incidents that are not being paid.

One great example of it is when a family that stays in a country house in Black Forest in Germany has left their door open when they left. When they came home, they found out a wild goad entered into their home and destroyed their wallets and passports. Surprisingly, their claim was rejected while the situation is just the same as those staying in Malaysia.

Another weird claim is when a family camping in a remote area of Wales and have incurred some cost when a parachutist unexpectedly landed on their tent and had destroyed their equipments. Sadly, the family’s claim for accidental damage to their travel insurance company was not covered.