Navigating the world of commercial insurance can be bewildering for a business owner. Two terms you will often encounter are business interruption insurance and business income insurance. It’s essential to know the differences between these policies so you can determine which best suits your business. Making the correct choice ensures robust protection, enabling your business to thrive, even in challenging situations.

Property vs. Income

These two policy types are occasionally used interchangeably, although they are distinct. Business interruption insurance focuses on property-related losses, such as those concerning equipment, inventory, and the commercial building itself. Conversely, business income insurance pertains to lost income when a business shuts down temporarily. To ensure comprehensive protection, you may want to consider including both policies in your commercial insurance package.

Business Assets

In the event of unforeseen circumstances, such as a crime, natural disaster, or any other incident beyond your control, maintaining payments on your commercial property and protecting your business assets is crucial. This scenario underscores the importance of business interruption insurance. It ensures you can continue meeting your business obligations and restart operations promptly.

Salaries

Employees’ salaries can suffer a significant blow in the face of the unexpected. Thanks to business income insurance, you can continue remunerating your employees and prevent them from seeking employment elsewhere. This coverage protects more than wages; it allows you to retain quality staff who contribute immensely to your business’s success.

If you’re based in the Milwaukee, WI, area and need guidance about commercial insurance, our team at Dern & Company is ready to assist.

For landlords and their tenants in Milwaukee, WI, our team of insurance professionals at Dern & Company ensures that we recommend the right type of insurance for their situation. Although some folks may get confused about whether they should have renter’s or landlord’s insurance, determining which you want to have can be simple once you figure out the differences between them. Additionally, knowing what each policy might cover can make it easier to tell whether it makes sense for you to file a claim with your insurance or for your landlord or tenant to file a claim for a specific circumstance.

What Is Renter’s Insurance?

Renter’s insurance is a type of insurance policy that covers valuable belongings, liability, and more on behalf of a renter. The person who holds this policy will be a tenant in a rental property like an apartment or rented home. Sometimes, all renters in a home or apartment unit will share a policy, while individual renters in a property who live as roommates may prefer holding separate policies.

What Is Landlord Insurance?

Landlord insurance covers property that a person owns and rents out. As a result, a person must be a landlord to hold it. While every policy is unique, some examples of things that landlord insurance may cover include the structure of the dwelling, liability for which the landlord is legally responsible, and personal property for rentals that include items you own, like furniture or household items in short-term rentals.

How to Tell Which One You Need

As you can imagine, it’s easy to tell what you need when you know what they are. Tenants need renter’s insurance. Landlords, on the other hand, need landlord insurance.

For more information, call Dern & Company in Milwaukee, WI!

When you own a boat, it’s essential that you have boat insurance to cover it. There are a number of types of coverage that you need to have to protect yourself against a wide range of incidents that can happen both on and off the water. The types of coverage offered by boat policies are very much like the coverage you get in an auto policy. Call us today at Dern & Company in Milwaukee, WI if you need boat insurance.

Liability Coverage Types

The bare minimum that you should have in your boat policy is two types of liability coverage. These are property damage liability and bodily injury liability. Both types protect you against costs you can incur when you’re judged to be at fault for a boating accident. Many boaters don’t think much about boating accidents, but they are a common problem that can leave financial devastation in their wake. They each protect you against different types of costs, but both work similarly. If there are injuries, your bodily injury liability coverage will handle those charges. If someone else’s property is damaged, your property damage coverage will cover those costs. 

Comprehensive and Collision Coverage

Collision coverage is what you need to pay for your own property damage after an accident or other incident. Because liability doesn’t pay for your damages, you need this coverage for your repair or replacement bills. You also need comprehensive coverage to pay for incidents that happen when the boat is on land. There are a lot of things that can happen there, and you should be covered just in case of a problem. 

Get Boat Insurance 

If your boat isn’t covered, you aren’t protected. To get your boat policy, call Dern & Company in Milwaukee, WI.

As a parent, several important considerations come into play when your child moves out to attend college. Depending on whether your child commutes to class from home or shifts to a dorm, apartment, or shared living space, you may need to think about renters insurance. Here’s an overview of why renters insurance is crucial and how ‘Dern & Company Insurance’ of Milwaukee, WI, can help.

Landlords Don’t Cover Student’s Personal Possessions

While a landlord may have insurance to shield their own property, they don’t insure the personal belongings of their tenants. It’s the tenant’s responsibility to secure their personal assets.

Renters Insurance Can Be a Lease Obligation

A growing number of property management firms and landlords are mandating tenants to carry renters’ insurance as part of the rental agreement. However, where to buy renters insurance lies within the tenant’s discretion.

Liability Claims Get Covered Under Renters Insurance

Renters insurance is not just about personal property; it also includes liability protection. The tenant (listed on the lease) could be held accountable if anyone gets hurt in a rental property.

Replace Lost Items Through Renters Insurance

Students may possess personal property worth thousands of dollars, from furniture to electronics to clothing. Renters’ insurance safeguards these items from losses stemming from vandalism, theft, fire, or other unexpected events.

Enjoy Added Perks

Renters insurance protects a tenant’s possessions at the rented property and while they are on the road – a hidden benefit worth considering.

Contact Dern & Company

At Dern & Company, our goal is to help families in the Milwaukee, WI area protect their interests through a diverse array of insurance products – including renters’ insurance. To learn more, give us a call at Dern & Company Insurance. We look forward to assisting you.

Only commercial fishing boats are legally required to carry insurance in Milwaukee, WI. However, you may still want to consider adding this protection seriously. If you do not have boat insurance, you will not have protection from any boat-related incidents, including vandalism and theft. Dern & Company can help you explore policies to find one that best suits your needs.

Basic Boat Insurance

Most people who are considering boat insurance look at liability insurance first because that is where they have the highest risks. When you are out enjoying your boat, it can be challenging to remember that accidents happen and that people can get hurt. If your boat accidentally runs into someone else’s, liability insurance could protect you by covering the victim’s property damage and medical bills.

Coverage for Theft and Vandalism

There are several other kinds of protection you can get for your boat. One of the most important kinds of protection you can get is coverage if your boat is the victim of theft or vandalism. If you have an old boat with little value, you may not care, but if your boat is valuable, you should have this protection. Otherwise, you will have to repair or replace your boat on your own.

Contact Dern & Company for All Your Insurance Needs

Protecting your property is important. If you are involved in an accident with your boat, your other assets are at risk, too. If your boat is stolen and you have no insurance, you will need to pay out of pocket for a replacement. If you want to discuss different kinds of protection or compare policies, please contact Dern & Company in Milwaukee, WI, today.

Only commercial fishing boats are legally required to carry insurance in Milwaukee, WI. However, you may still want to consider adding this protection seriously. If you do not have boat insurance, you will not have protection from any boat-related incidents, including vandalism and theft. Dern & Company can help you explore policies to find one that best suits your needs.

Basic Boat Insurance

Most people who are considering boat insurance look at liability insurance first because that is where they have the highest risks. When you are out enjoying your boat, it can be challenging to remember that accidents happen and that people can get hurt. If your boat accidentally runs into someone else’s, liability insurance could protect you by covering the victim’s property damage and medical bills.

Coverage for Theft and Vandalism

There are several other kinds of protection you can get for your boat. One of the most important kinds of protection you can get is coverage if your boat is the victim of theft or vandalism. If you have an old boat with little value, you may not care, but if your boat is valuable, you should have this protection. Otherwise, you will have to repair or replace your boat on your own.

Contact Dern & Company for All Your Insurance Needs

Protecting your property is important. If you are involved in an accident with your boat, your other assets are at risk, too. If your boat is stolen and you have no insurance, you will need to pay out of pocket for a replacement. If you want to discuss different kinds of protection or compare policies, please contact Dern & Company in Milwaukee, WI, today.