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Business Interruption Coverage Could Save Your Business

Sara Arthur | January 30, 2023

Business interruption insurance is a type of coverage that can offer peace of mind if your business has to close due to a catastrophic event.

Although it’s not a policy that can be purchased separately, it can be added to your property insurance or business owners policy.

Planning for the unexpected

2 AM, the phone rings, a fire has erupted at your place of business. As you drive to the scene of the event, your mind is racing and your heart is thumping. Oh, that sinking feeling. Four years of investing and non-stop working to make that business into something good, and now this happens! Just as you’ve landed the biggest order of your career.

It’s disastrous, sure, but that disaster doesn’t have to spell the end of your business. That’s why you need to plan for the unexpected.

Your commercial property insurance or business owners policy will work wonders, by fixing the damage and replacing the lost property in record time. By record time, think in terms of weeks, not days, hours or minutes. Any major disaster will make it impossible for you and your employees to remain on the premises as the repairs are underway. To stay in business, to pay your bills and your employees, you’ll need to get (or make sure you have) business interruption insurance.

Disaster recovered

Property insurance primarily covers your building and the assets within it. What you need right now is to cover your missing revenue and your other business related expenses.

Business interruption insurance covers:

Lost Income: Profits you would’ve earned during the interruption
Rent or lease payments: Payments owed to your landlord on your damaged location
Temporary relocation: Costs associated with moving to and renting a new location
Employee payroll: Wages for your workers
Taxes: Federal or local taxes that are due
Loan payments: Outstanding payments due to creditors
Losses caused by damage that prevents access to your building: Missing income due to authorities imposing curfews or evacuations in the area where your business is located

Without business interruption insurance, you could be faced with the difficult decision to rent a temporary worksite or permanently close your doors. 40% of businesses don’t reopen after a disaster, and another 25% fail within a year according to the Federal Emergency Management Agency (FEMA.)

Coverage eligibility

There are factors that can impact your eligibility for a business interruption policy. If your business is strictly home based, you may not qualify for coverage. The following can also impact eligibility:

Industry or classification
Previous claims
Location

You’ve invested so much into building your business. It’s important to protect your investment and business interruption insurance can give you that added security to keep your business running for many years to come.

Don’t forget to review your policies periodically with your insurance broker as your business evolves to ensure you always have the right coverages in place.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Supporting Veterans

Sara Arthur | January 17, 2023

OneGroup participates in The IVMF’s Community Navigator Pilot Program

This past November, OneGroup spotlighted the D’Aniello Institute for Veterans and Military Families as part of their OneCommunity Campaign.

Founded in 2011, the D’Aniello Institute for Veterans and Military Families empowers service members, veterans, and their families through research, community programs, and analytics. IVMF works closely with communities and non-profits across the country to amplify service delivery for the 19 million veterans throughout the United States and their families.

Proud National Member Community Navigator FB

As part of their campaign, employees at OneGroup were able to spotlight family members, friends, and themselves who are active or retired service people on our company’s intranet. Employees submitted a picture of their veteran, as well as the branch they served in and a little blurb about them. These spotlight efforts ran the entire month of November.

We’re happy to participate in IVMF’s Community Navigator Pilot Program, funded by the U.S. Small Business Administration. OneGroup was selected to help support this grant in serving military communities with entrepreneurship training, small business technical assistance, loan preparation, capital readiness, corporate and federal contracting, and networking.

Learn more about the IVMF here.

IVMF Representatives cutting ceremonial rope — Source: IVMF.com

Three veterans standing together and smiling — Source: IVMF.com

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

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15 Tips for Driving on Snow and Ice

Sara Arthur | January 3, 2023

As the weather gets colder, driving conditions become difficult. Follow these tips to stay safe while you’re driving on ice and snow this winter season.

Driving in snow and ice requires quick reflexes, patience and a little bit of know-how.

If you can’t avoid driving in wintry conditions, make sure you and your vehicle are both ready for the challenge. Also, try to time your trip so that you follow snowplows and ice/sand trucks rather than leading the way.

Do you have the right tires?

Worn tires are particularly dangerous on slippery roads. You may want to consider winter tires if you live in an area where driving in ice and snow is a regular occurrence rather than simply a once-in-a-while event.

According to Edmunds, winter tires are specially designed to stay pliable and grippy at lower temperatures but need to be replaced far sooner than standard tires: They “have lost almost all of their capability” when they are down to a tread depth of 6/32-inch.

Safety tips

Here are 15 winter driving tips to keep in mind:

Take a few minutes to fully clear your car of ice and snow before starting off. Not only will you have better visibility, but it’s also the law in some places. Motorists have been seriously hurt and even killed in accidents caused by chunks of ice and snow flying off other vehicles at high speeds.
Drive slowly and leave yourself enough room to safely stop. Increase your following distance to six to eight seconds. Also, don’t try to beat out yellow lights.
Use low gears to maintain traction, especially on hills.
Don’t use overdrive or cruise control on icy roads.
Don’t pass snowplows or sand trucks. Take extra care when passing other vehicles on wintry roads.
Keep your windshield clean and make sure your windshield washer system has ample anti-icing fluid. Before you start your trip, make sure the fluid jets aren’t blocked and that your wipers aren’t frozen to the windshield.
Defog the inside of your windows by running your air conditioner. You should choose the fresh-air option rather than recirculated air.
Even during daylight hours, drive with your lights on to increase your visibility. Make sure your headlights and taillights are clean and clear of snow.
Brake carefully to prevent skidding. If you feel your wheels starting to lock up, gently ease off the brakes rather than slamming down on them.
Watch out for black ice — a thin, slippery glaze that can make the road appear merely wet or even totally clear and dry, depending on the light.
Stay in your lane, especially when visibility is poor.
Be especially careful on bridges, overpasses, off-ramps, shady spots and infrequently traveled roads, which tend to freeze first (refer to the black ice warning above).
Train yourself to respond properly to skids: If you begin to slide, turn into the direction your rear wheels are sliding. If the back end of your vehicle is sliding to the right, for example, turn your steering wheel to the right. Don’t overcompensate or attempt sudden swerves.
Keep your gas tank topped up in the wintertime to reduce the amount of water vapor that could potentially condense and sink into your fuel pump and fuel lines. This can block fuel flow to the engine.
Don’t get overconfident. Even if you drive a lot in poor conditions and have a car with 4-wheel drive and snow tires, accidents still happen. Safe winter drivers must remain alert at all times.

Make sure you have the right insurance to protect you and your vehicle

Before you venture out in adverse weather, know the steps you can take to help make sure you arrive at your destination safely. Also, make sure your auto insurance is up to date. Talk to your insurance agent about your current coverage and discuss any recommended changes to help protect your vehicle (and wallet) from winter hazards.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

OneGroup Supports Build-A-Pack

Brooke Fedi | December 28, 2022

Our Florida team gives back

OneGroup is active in supporting our local communities throughout the eastern United States. Florida is no exception! Tom Wienckoski, president of OneGroup Southeast, and his wife Charlotte have spearheaded the gathering of donations to provide the homeless with backpacks for nearly 20 years. These backpacks are loaded with essential survival items, tents, tarps, and much more. This initiative, called Build-A-Pack, also feeds more than 300 people annually and is growing each year. Additionally, it provides no-cost professional haircuts and ensures that there are plenty of toys and gifts for children during the holiday season.

Build-A-Pack cannot be completed alone. With the help of hundreds of families, volunteers and local businesses, this project has come to life. In the past 19 years, more than 10,000 backpacks have successfully been distributed to the homeless. Tom, Charlotte, and the entire OneGroup Florida team epitomize what it means to “give back” to the community. This is something that is at the very core of OneGroup and is demonstrated every day through our ONECommunity program. We are thankful for the opportunity to help out in our community!

“The greatest gift that the holidays can bring is helping those that are less fortunate than ourselves.”

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.