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When I consult with clients about their business insurance, we typically review two main categories of insurance: 1) Protection in case they injure someone else, and must compensate them, and 2) protection of your own assets in case they are damaged/destroyed. In terms of the second category, businesses need to ensure their policies protect their assets.  All businesses have assets, whether tangible or not.  Whether a business’s assets are stock and physical inventory, or just people working in an organization, all businesses need to think about protecting themselves against unfortunate events. Property Insurance – Tangible When a business opens, it should have property insurance to replace tangible assets that can be destroyed by fire, water, or numerous other perils.  Many banks even require such coverage before lending money to businesses to protect loan repayment in case of an accident or loss.  Common tangible assets needed to run a business, such as inventory, computers, desks, and chairs can be very expensive to repair or replace. When looking at tangible assets business owners should think beyond their inventory, as physical assets extend even further.  Property includes the interior build out of an office or retail space, the actual walls, floors, etc.  Landlords may not be bound to rebuild or fix up your office/retail space in the event of disaster or accident, so your insurance needs to cover that just in case. Most property insurance covers loss due to a wide variety of perils including fire, smoke, vandalism, theft, and more.  It can even be structured to fluctuate in value as inventory comes and goes.  When that unforeseen catastrophe happens, property insurance will jump in to restore all that you lost so you can move on with your business. Property Insurance – Intangible Loss:  Business Income The larger gap in coverage is failure to buy coverage for intangibles.  It is so easy to think of fixed items that we can touch and purchase to replace, that one rarely thinks to cover or insure a business’s income. Your business generates income.  Whether you own a greeting card store or you are an attorney running your practice, every month you generate revenue to pay off expenses (rent, wages, taxes) and pay into your own personal net income.  Insurance considers this monthly revenue as “property”.  This revenue or income stream can be lost immediately in the event of a disaster.  If there is a catastrophic event, a store might not be able to open.  A professional’s office might not have computer systems up and running.  Just the absence of not having a place to do business can drive your earnings to a screeching halt. This is the intangible asset many businesses do not consider, and its importance can be greater than the tangible losses. While the value of tangible goods, including desks and computers have finite value, the loss of business income can be infinite, only limited by when a business re-opens.  I’ve seen businesses survive the short-term loss of replacing their goods, only to close

Insurance

Loss of Business Income, Maintaining Business Continuity & Continuing a Business After a Major Loss

When I consult with clients about their business insurance, we typically review two main categories of insurance: 1) Protection in case they injure someone else, and must compensate them, and 2) protection of your own assets in case they are damaged/destroyed. In terms of the second category, businesses need to ensure their policies protect their … Read more

June 5, 2022

Ask the Professionals – Apr 3

Take a look at”Ask the Professionals” this month our principal, Shane Lipson, provides interesting information about Workers Compensation Insurance. Bernie del Hierro Vice President / Escrow Officer Lone Star Title Question: Why is title insurance important? When you purchase real property, title insurance protects you against defects or claims for past occurrences! Any tips on … Read more

April 5, 2022

Ask the professionals- Mar 7

Ask the professionals  We invite you to take a look at our monthly “Ask the Professionals” session where we’ll be talking about our commercial auto. Our agency principal, Shane Lipson, along with Jimmy Garza of Jimmy Garza Emergency Water Disposal, Thomas B. Goldfarb of Goldfarb Financial and Bernie del Hierro of Lone Star Title Company … Read more

March 7, 2022

Ask the professionals

  Ask the professionals  Do not be left wondering…… join us in the El Paso Inc. this month as our agency principal, Shane Lipson, along with Jimmy Garza of Jimmy Garza emergency water removal, Thomas B. Goldfarb of Goldfarb Financial and Bernie del Hierro of Lone Star Title Company answer some very important questions.   … Read more

February 7, 2022

We’re expanding our local service area.

 Mt. Franklin Insurance would like to announce that we are adding new personalized Insurance services in San Antonio, TX. Call now at (830) 360-8660 We are ready to continue to offer our excellent customer service and help you find the best personal and business insurance.

February 1, 2022

Different types of commercial insurance you may need

Different types of commercial insurance you may need                                                                                       Click on following link … Read more

December 15, 2021

Understanding Your BOP’s Interruption Coverage

A business owner’s policy, or BOP, contains several critical elements of business insurance. Among these, you will likely find business interruption insurance—one of the most critical elements of protection any business needs. If you don’t fully understand this coverage, you might not be able to use it to your advantage. Let’s explore the topic a … Read more

November 30, 2021

3 Signs that You’re a Distracted Driver and Don’t Know It

In the last decade, the number of auto insurance claims that arise from distracted driving accidents has increased significantly. By definition, this is an accident caused by the fact that the involved driver wasn’t paying attention to the road.   While the use of mobile devices is a big contributor to the rise in distracted … Read more

November 16, 2021

Daylight Saving Time Ends November 7, 2021

Daylight Saving Time ends this Sunday, November 7 at 2:00 a.m.  As we fall back and turn our clocks back, there is no better time than now to conduct some basic winter home maintenance.          At Mt. Franklin Insurance, we want your winter season to start off on the right foot, which is why … Read more

November 4, 2021

6 Signs Your Brakes Need Repair or Replacement

 When your car brakes, then you are initializing a complex system of mechanical components that will work together to bring your vehicle to a stop. The average car weighs about 3 to 5 tons, and the fact that your brakes help stop this heavy machine within a few meters, countless times per year, is a … Read more

November 4, 2021

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