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All Nations Insurance

1314 Union Ave, NE #1
Renton, WA 98059

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11335 NE 122nd Way Suite 105
Kirkland, WA 98034

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Insurance Blog

What You Should Know About Business Interruption Insurance

Business insurance usually covers the damage when your business is affected by a fire, storm, or other covered events. However, your bottom line is significantly impacted while your property is repaired. One way to protect your bottom line is to invest in business interruption insurance coverage. Many businesses in Renton, WA are unaware of this coverage, and because of this, we here at All Nations Insurance want to provide you with more information on business interruption coverage.

What Exactly Is Business Interruption Insurance?

While your business insurance is designed to protect your inventory, tools, and other assets, business interruption insurance is designed to replace any income that you lose as a result of a covered event. For instance, if a fire occurs in your building, business interruption insurance will compensate you for the sales that you would potentially receive while your property is undergoing the necessary repairs to become operational again.

Why Is This Coverage So Important?

It is not uncommon for businesses that shut down due to a fire or other disaster to never reopen their doors. The primary reason for this is because business owners do not have the funds to continue paying payroll, rent, and other expenses without a steady flow of income. Thankfully, business interruption insurance fills that gap and allows you to have the money necessary to pay your bills until your business doors can be reopened to the public.

What Kind of Events Are Typically Covered?

Since business interruption insurance is an add-on to your standard business or property insurance, the same events are generally covered, such as storms, fires, and possibly criminal activity. However, unless additional coverage has been purchased, you should not expect flooding to be covered.

If you would like to have your individual risk level assessed for your Renton, WA business, contact us at All Nations Insurance. We would love to sit down with you to ensure that you have the proper level of protection for your business.

Five Tips to Get the Most Out of Your Home Insurance Policy

It can be so rewarding to be a homeowner, but the life of a homeowner can be full of unknowns. The good news is that your property investment can be protected by homeowner’s insurance, even if something unexpected occurs. If you are a new property owner in Renton, WA, or are concerned about the coverage of your current policy, here are five tips to help ensure you get the most out of your home insurance policy.

1. Review the Covered Risks

Whether you are obtaining a new insurance policy or your existing policy is up for renewal, you need to take the time to review the specific risks that are covered. Ultimately, it is important to ensure that your policy covers all of the standard perils like storm damage, fire, theft, and vandalism. In the event that you live in an area that faces unique dangers like floods and earthquakes, you should speak to All Nations Insurance about policy add-ons to ensure you are properly covered.

2. Update Your Personal Belongings Regularly

There are belongings inside of your home like furniture and electronics that your policy will pay for if damaged—up to a certain limit. However, you need to ensure that you keep an updated inventory of your personal property. After all, you never know when damage may strike, and you will want to ensure that newly purchased piece of art is covered.

3. Check Out Potential Discounts

While reducing coverage is a way you can save money on your home insurance premium, there are other more sensible ways to do so. Speak to your All Nations Insurance agent to find out what discounts may be available to you. You may be able to replace your roof, install a security system, or bundle all of your insurance policies together and save a considerable amount of money.

4. Determine the Proper Replacement Cost of Your Home

In the terrible event that your home is unlivable as a result of a covered risk, your homeowner’s insurance policy will pay to replace the property up to a certain amount. If this replacement cost is underestimated, however, your insurance claim check may not be enough to cover the property rebuild or a similar home purchase. Therefore, when determining the replacement cost of your home, do not assume this amount should be how much you paid for the home. Instead, focus on how much it will cost to build a new home.

5. Update Your Policy Before Improving Your Home

Your home can be exposed to a variety of risks that the standard homeowner’s insurance policy will not cover when you perform major repairs and renovations. With that being said, if a renovation is in your future, sit down with your insurer to find out if you need any kind of temporary and additional coverage for the duration of your project.

Serving Renton, WA, All Nations Insurance can help you get the most out of your homeowner’s insurance policy. Contact us today to discuss your insurance needs.

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