A general liability policy most often has a professional services exclusion. Professions ranging from marketing consultants, web designers to software developers need to eliminate this coverage gap by having professional liability insurance in place. The bottom line is Professional Liability Insurance, also known as “Errors & Omissions” insurance, will protect you and your company from claims your clients may make against you due to errors your business has made, as well as failures with regards to the performance of the services you have contracted for.
The costs of defending a law suit can be significant. Professional liability insurance policies usually include coverage for defense costs, even if a suit proves to have no merit. The cost of professional liability coverage will vary depending on many factors, some of the factors include:
- Your industry and the type of services you provide
- Your annual revenues
- The limit of liability requested
- The deductible requested
Regardless of the costs for professional liability insurance, this is the policy you need to protect yourself from the unknowns that could occur with the clients you service. Please contact our office at 503-296-0077 for more information to obtain an insurance review for your professional liability risks.
Did you know that flooding can occur anytime and anywhere in Oregon. Floods can arrive within minutes or over a period of time. They can roll boulders the size of cars, destroy buildings and bridges, and take human lives.
To acknowledge National Flood Safety Awareness, which runs from March 12 through the 16th, we want consumers to know that while personal and commercial insurance won’t cover them against flooding, they can protect their home and business by purchasing a flood insurance policy separately through us, your local Portland insurance broker. Per Floodsmart.gov, flooding is the United States’ #1 natural hazard.
Many people are under the misconception that they are ineligible for flood insurance because of where they live, their mortgage status, or where their business is situated. The truth is, as long as your hometown is an NFIP community, most homeowners, business owners and renters can get flood insurance. We urge consumers to remember the flood insurance basics:
- You CAN get flood insurance in Oregon.
- You CAN get flood insurance if you live in a floodplain or high-flood-risk area.
- You CAN get flood insurance if you live outside a floodplain, or a low-to-moderate flood-risk area – and at lower cost.
- You CAN get flood insurance if your property has been flooded before.
- You CAN get flood insurance even if your mortgage broker doesn’t require it.
Here are a few safety tips:
- If flooding occurs, move to higher ground immediately.
- Do not allow children to play near high water, storm drains or ditches. Hidden dangers often lie beneath the water.
- Flooded roadways can have significant damage hidden by flood waters. Never drive on a flooded road.
- Do not camp or park your vehicle along streams or washes, particularly when threatening weather conditions exist.
- Be especially cautious at night when it is harder to recognize flood dangers.
Additional information about Flood Safety Awareness Week is available at:
www.weather.gov/floodsafety
Please contact us at 503-296-0077 if you would like us to provide you with a flood insurance review.
One of the painful aftermaths of fires and tornadoes that decimate homes may be the crushing realization that the home is dramatically under-insured. According to one of the largest residential building cost data companies, Marshall & Swift/Boeckh, 64 percent of U.S. homes are undervalued by an average of 19 percent. If this figure is applied to a home with a replacement cost of $400,000, it might be insured for only $324,000, a shortfall of $76,000.
This under-insurance results in a potentially huge coverage gap, particularly if the home is not insured with a guaranteed replacement cost provision. A survey by United Policyholders, a consumer advocacy group, said 75 percent of California home owners affected by the 2007 San Diego wildfires were under-insured by an average of $240,000.
Here are some general tips to consider to reduce the likelihood of your home being under-insured:
- Make sure your home has been physically inspected. This will increase the likelihood that it is insured for its replacement cost value. Ask for periodic re-inspections of your home (particularly high-end ones) to ascertain whether the dwelling limits are adequate.
- Consider guaranteed replacement cost (or guaranteed rebuild) coverage; an alternative would be to procure coverage that offers a 30 to 50 percent cushion above the dwelling limit (extended replacement cost coverage).
- Increase the ordinance or law coverage (10 percent of dwelling limit for many homeowners policies) to a higher percentage of coverage. Note that this recommendation is particularly important if you have an older home.
- Keep the insurance company informed about any remodeling at your home, since remodeling can dramatically increase the need for higher dwelling limits. Americans spend more than $170 million annually on home improvement projects, according to the National Association of the Remodeling Industry.
- If building costs are rising rapidly, an inflation guard endorsement is worthy of consideration. This endorsement increases the dwelling limit of insurance (along with other coverages) to reflect increases in values due to inflation.
The information provided is general in nature and not intended as legal, consulting, or other professional advice. If you would like one of our agents to provide you with an insurance replacement cost of your home please contact us at 503-296-0077 or request a quote here.
Copyright 2012
International Risk Management Institute, Inc.
Come learn how to prepare for an earthquake emergency and make certain that your house is as safe as it can be for you and your family at the Architectural Heritage Center”s presentation of Shake, Rattle, & Roll.
Mark Strauss, an independent agent with Leonard Adams Insurance, will cover earthquake options for homeowners. Scott Burns, Professor of Geology at PSU, is the guy who is on every local newscast following an earthquake. Scott will explain the complex seismic fault lines that run through the Portland area and surroundings, and how buildings behave in an earthquake. Steve Gemmell, owner of Earthquake Tech, will describe the step-by-step procedure for bolting your house and other improvements that can help your house ride the big one.
The date is Saturday, March 10, 2012, the presentation begins at 10:00 am and ends at 12:00 pm. The cost is $8 for members and $15 for the general public. The address is 701 SE Grand Avenue Portland, OR 97214.
Tickets can be purchased here.
In short, yes!
How is this even a question? While reading the Oregonian paper on Friday, I noticed the headline “Tofu Explosion leaves tenant in $6,000 bind”. Ok, I was interested and read on. I had heard about the Portland woman that was cooking Tofu and it exploded!! I, just like everyone else, chuckled a bit. But now this is serious, someone is asking for money.
Due to the explosion, the sprinkler system in her rented apartment was activated. According to the Oregonian, the sprinkler system dumped an estimated 15 gallons of water a minute for 30 minutes in her apartment. Um, that’s ALOT of water.
No surprise, but due to the explosion and sprinklers, there was substantial damage to her apartment. As the story goes her Landlord is charging her $6,000 in damages. $6,000 is pretty steep for someone that appears to be a college student or just starting out in a career.
How could our Tofu girl have protected herself? For as low as $150 a year, she could have carried a renters policy with liability. Since her landlord feels that she is liable for the explosion that resulted in the damages, he is demanding that she pay up. In this situation her insurance company would have paid up. In addition, her insurance company would have given her money to rent another apartment while the water was being drained out of hers. I bet if she had a REALLY good insurance agent like Leonard Adams Insurance, she could have gotten money for the exploded Tofu and the damaged pan she was cooking it in!!!
Exploding Tofu doesn’t happen every day, but lots of other cooking and bizarre accidents happen. Call Leonard Adams Insurance at 503-296-0077 to make sure you don’t get stuck with a $6,000 Tofu bill!! Only in Portland, right?
Speaking of Tofu, does anyone have any good Tofu recipes?
