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July | August | 2015 CCIM.com
benef ts to dependents of an employee whose
death is work related.
Employment practices liability. This
insurance provides coverage if an employee
sues the company for wrongful termina-
tion, job discrimination, or any other claim
involving employment practices.
Professional liability. T is insurance cov-
ers you for negligent acts that occur in pro-
viding professional services.
Directors and of cers. If you have a sit-
ting board of directors, those individuals will
look to the company to provide them with
coverage should they be sued for their actions
on behalf of the company.
Key persons. T is type of policy should be
considered if you or any other individual in
the company is critical to the operation of the
business. It may be required by banks when
obtaining loans and can be used to provide
continuity during a period of ownership
transition.
Home of ce coverage. If you or any of
your employees have a home of ce, update
the respective homeowner's policy to include
coverage for of ce equipment and business
liability as it is generally not included in a
standard policy.
Cyber risk. T is is a new area of exposure
and, depending on your business and the
activities you engage in, you may wish to
inquire about this coverage.
Basic commercial property forms protect
a business against causes of loss such as f re
and extended coverage such as lightning,
windstorm or hail, smoke, vandalism, and
sprinkler leakage. A broad commercial prop-
erty form of en adds breakage of glass, dam-
age from falling objects, and water damage
resulting from a broken water system.
An "all risk" policy includes basic and
broad form coverage and other perils. Some
coverage is specifically excluded such as
earthquake, war, and nuclear accidents.
Endorsements can be included to add cov-
erage as needed.
When evaluating your insurance needs,
it's always advantageous to work with an
insurance professional who can assess cov-
erage needs and identify insurance carriers
for each policy selected.
Mary Stark-Hood, JD, CFP, is president of the
Hood Group, Inc., and serves as a consul-
tant to the CCIM Foundation. Contact her at
maryshood@comcast.net.
This article is
sponsored by the
CCIM Foundation
@ www.ccimef.org.
Interested in making a donation to the event? Contact Susan Groeneveld, CCIM, Executive Director, at
susan@ccimef.org to learn more.
Did you know?
THE CCIM FOUNDATION AWARDS MORE THAN 100 SCHOLARSHIPS TO DESERVING
STUDENTS EACH YEAR.
Half of the funds needed to support these annual scholarships comes from the proceeds of our silent auction.
Please help us keep this program going by making a donation.
The CCIM Foundation is a 501(c)(3) nonprofit organization.
s stays at vacation homes
s tickets to sporting events
s artwork
s gift certificates, and more.
Previously donated items include: