Duane Myers

Let's face it. Launching and running a business takes capital, motivation and yes, even physical stamina to handle the stress and demands of a new or growing venture. And it's risky. In fact, one out of every five businesses fails within the first five years of opening.

Handling inventory, scheduling time, purchasing supplies, handling payroll -- there are a myriad of procedures every home or small business entrepreneur needs to know, but one of the most critical and often neglected is buying proper insurance coverage.

Taking Your Business Inventory

What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what's worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business' income tax return and help you purchase the correct amount of insurance.

Start by making a list of personal business property, describing each item and noting where you bought it and its make and model. Clip to your list any sales, purchase contracts, and appraisals you have.

What's the Right Coverage for You?

Then there's the question of what types of coverages you'll need. Aside from personal business property, there is liability insurance, business income, insurance for the building, boiler and machinery, human failure, employee protection and management protection, among others. The type of coverage you need depends on a number of factors including what kind of business you operate.

How to Keep Costs Down

Start your search for a policy with trade associations or business groups. In many cases, these organizations are able to provide reduced insurance rates based on the volume of business they can offer the insurance company. They've also negotiated coverage specific to your type of business, which can save you significant time in determining what you should cover. Also make sure that you are working with an agent that understands your type of business.

www.MandCinsurance.com

Serving, New Jersey, Pennsylvania and Delaware

Boats, jet skis, ATVs and recreational vehicles are exciting modes of transportation. They provide a great means of escape on weekends and vacations, but ownership of these comes with some risks.

While all recreational-type vehicles can be protected by the same basic coverages, each one has its own special requirements and restrictions.

Basic Coverages

At a minimum, boats, jet skis, ATVs and recreational vehicles need "liability" and "comprehensive" insurance coverage. Liability protects you if your vehicle injures someone or damages someone else's property, and comprehensive insurance protects your property in case of vandalism, damage or destruction caused by theft or fire. Depending on the age and value of your investment, you may want to purchase collision insurance, which provides coverage for damage you cause to your own property.

Boats

The amount you pay for your boat insurance will depend on many factors including the boat's value and the value of your boating equipment, the engine's horsepower and whether it's inboard or outboard, and the length of the boat.

You may purchase additional coverages for such things as such as Fuel and Other Spillage Liability, your boat trailer, medical payments, personal effects and liability to protect you from an uninsured boater. You may be eligible to receive lower rates if you hold a captain's license or have completed safety courses provided by the U.S. Coast Guard Auxiliary or Power Squadron Courses. You may also receive discounts for having safety equipment on board or providing protective storage for your boat during non-use or off-season.

Jet Skis

The price of insuring a jet ski varies depending on its engine power and value. Your insurance costs will typically be higher for a jet ski with more than 500 cc. You also may obtain insurance to protect your trailer or to pay you for medical payments if you're in an accident.

Recreational Vehicles

You may want to purchase an auto insurance policy to cover this type of vehicle. This policy will provide you with liability, medical payments and physical damage coverage for your motorhome and can be endorsed to include coverage for rental to others. Other coverages you may want to consider are:

• Replacement Cost/Purchase Price - In the event of a total loss, you will receive a new unit equal to the model, class, body type and equipment of your previous one. You will be compensated for the actual purchase price of the vehicle.
• Personal Effects - Your valuables (clothing, jewelry, etc.) may be covered against most hazards.

Other coverages you may want to discuss with your insurance agent are Towing and Labor or Emergency Expense Allocation insurance. Special rates may apply if you are more than 45 years old and have a good driving record.

A Final Note

All recreational-type vehicles can be protected by the same basic policy. We can provide you with more details about this special insurance and guide you in purchasing the best coverage to maximize your enjoyment and meet the insurance needs for your recreation equipment.

www.MandCinsurance.com

Serving, New Jersey, Pennsylvania and Delaware

No one plans to lose their valuables and other belongings in a burglary, a fire or a natural disaster. If one of these unfortunate events destroyed your home, would you be able to report exactly what you lost to the police, to the Internal Revenue Service or to your independent insurance agent?

Start Today

Write down any valuable items with their serial numbers (usually found on the bottom or back of major appliances) along with the method of acquisition (purchased, inherited or received as a gift), date purchased and price or approximate value. Attach receipts, if possible.

Remember to include furniture, appliances, carpeting, jewelry, artwork, toys and the contents of your closets, cabinets and drawers. Contact your independent insurance agent with questions or concerns.

Play It Safe With A Videotape

Videotaping each room of your house can make taking inventories easier. Photographs and a tape recorder can substitute for a video camera.

A complete video inventory should contain verbal descriptions of major assets as well as their value. Remember your garage, attic, basement and the exterior of the house, plus your landscaping and fencing. If possible, make it a family project by having everyone take turns describing the objects in your home.

Store the video or photographs along with this inventory in a safe-deposit box and send a copy to a friend or relative.

Don't Forget Important Documents

Extremely important documents should be photocopied. Keep one copy in your home and the original, where possible, in a safe-deposit box. Important items include, but are not limited to, the following:

• House - Escrow, title, deed, insurance policy.
• Personal - Birth certificates, medical history, passports, insurance certificates, credit card numbers, will.
• Automobile - Certificates of ownership, finance contracts, registrations, insurance policy, driver's licenses.
• Finance - Account numbers for checking and savings accounts, CDs, stocks, bonds, other significant investments.
• Tax - Copies of the first two pages of your state and federal returns for the past five years. Complete returns with appropriate receipts and canceled checks should be kept in a separate file box.

A Final Note

Most policies limit the amount of reimbursement for theft of valuable items, such as jewelry, furs, silverware and guns. If you have some particularly valuable items in these categories, you may need to purchase additional coverage called a "floater." These types of policies cover each item individually and are usually quite inexpensive.

This information will only be beneficial if you make use of it now. By inventorying your personal possessions ahead of time, you will save yourself from frustration should disaster strike. Your independent insurance agent can help you determine whether your property is adequately protected.

"Honesty Is Our Best Policy"

Serving New Jersey, Pennsylvania and Delaware

www.MandCinsurance.com

Did you know...

• Floods and flash floods are the most common natural disaster, occurring in all 50 states.
• Floods cause devastating damage to buildings and personal belongings.
• One in three flood insurance claims are generated outside areas considered "flood-prone."
• Homeowners insurance does not cover flood damage.

Before a flood:

• Make a written, photographic and/or videotaped inventory of household possessions and property, and store it in a safe place (e.g., a relative's home or safe deposit box) with insurance policies, documents and other valuables.
• Take a first aid class from your local American Red Cross chapter.
• Assemble a disaster supplies kit that includes a first aid kit, canned food, non-electric can opener; bottled water (emergency managers recommend 3 gallons per person), rubber boots, rubber gloves, battery-powered radio, flashlight and extra batteries.
• Identify evacuation locations.

During a flood:

• When a warning is issued, listen to local radio and TV stations for information.
• When a watch is issued, move furniture and valuables to higher floors of your home.
• Abandon your car if stalled in rapidly rising waters and climb to higher ground. Do not drive into any large puddles or into water that seems to be moving rapidly.

After a flood:

• Call your insurance agent as soon as possible to see if you need to file a claim.
• Make temporary repairs to prevent further damage. Keep all receipts.
• Delay permanent repairs until your insurer approves reimbursement.
• Get any necessary construction permits from your community.
• Prepare an inventory of all damaged or destroyed personal property. Take photos of damaged areas.
• Save remnants of damaged or destroyed property for your insurance company adjuster.
• Meet with your adjuster before signing anything with contractors, lawyers or public adjuster.
• Let your car dry out before trying to start it.

Protecting yourself is easy!

Flood insurance picks up where your homeowners insurance leaves off. It is not expensive, especially when compared with the monthly payments for disaster loans, and it's easy to get - just call your insurance agent.

What to ask your insurance agent?

• Do I have flood insurance?
• How much flood insurance should I purchase?
• How much contents coverage should I purchase?
• Should I consider a three-year policy to reduce my premiums?
• Do I qualify for a preferred risk policy?
• Can I finance my premiums?

Employment Practices Liability Insurance otherwise known as EPLI is insurance that helps protect you against claims from your employees that result from the general conduct of your business. Common examples of employee related claims include claims relating to:

• Discrimination
• Wrongful Discharge
• Sexual Harassment
• Hostile Working Environment
• Wrongful Termination
• Lack of Advancement