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Suitable for a business with multiple locations, this sole policy covers all insurable property of a certain type at all locations of a given insured business. Various types of reporting forms are available to cover businesses with different exposures to risk.
Insurance Industry News from ProgramBusiness.com
Urban Business Growth & Terrorism Leads To Educational ProgramThe increased growth of small businesses in urban areas, combined with the commercial insurance affects of Sept. 11, has led the Urban Insurance Partners Institute to introduce a program to educate business owners about insurance. The program will help small business owners better manage their risk by providing basic information about commercial insurance.
The educational presentation was developed at the request of community development organizations, insurers and Lawrence Mirel, commissioner of the District of Columbia Department of Insurance and Securities Regulation. The program was unveiled at the institute's national urban affairs workshop today in Chicago.
"There has never been a more important time for small business owners to be informed about insurance," Mirel said. "I credit UIPI with creating a significant program to help small business owners with a critical, but often overlooked segment, of their business plan." Mirel is the nation's only insurance commissioner with a totally urban territory. The institute plans to introduce the program in several cities, including Washington, D.C.
There have been about 22,000 commercial insurance claims from the terrorist attacks, including property damage, business interruption and workers compensation. The new UIPI program does not focus on this event, but instead provides general details small business owners need to manage their overall risk. This includes advice on how to make their business a better insurance risk and ways to reduce costs.
Development of the small business owners education program began following UIPI's first national urban affairs workshop last fall, where the idea was first presented. "We're seeing a lot of small business growth in many urban areas," notes Sue Johnson, chairman of UIPI, and a vice president with General Cologne Re. "Community groups emphasized at the workshop that insurance plays a critical role in helping business owners expand their operations. We are grateful for Commissioner Mirel's leadership on commercial insurance education."
For more information about the commercial insurance education contact UIPI President Suzanne Reade at (773) 880-8780, or see www.uipi.org.
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