Can commercial insurance cover lost income?

Your business operations in Newport Beach, CA have been closed until further notice. Customers are willing to wait until you can once again patronize clients. Your revenue, however, suffers in the process. Commercial insurance offered by Murvay Insurance can cover your company’s financial loss. 

What is business interruption insurance?

Business interruption insurance is indemnity coverage that replaces income lost by a covered incident. This type of commercial insurance may also pay for additional expenses that are necessary to get the establishment back in operation. 

What does business interruption insurance cover?

A qualified incident for business interruption insurance coverage may include theft, fire, violent winds, and lightning. You may also receive coverage for large objects that cause damage to your establishment by falling on the structure’s rooftop. 

You may need additional insurance to reap the benefits of business interruption coverage when the cause is a natural disaster in Newport Beach, CA. An agent at Murvay Insurance can help you better understand how fires and inclement weather are handled. 

How do you receive compensation?

Business interruption insurance coverage can reimburse you for lost income as well as extra expenses. Lost income includes the amount you would have received for destroyed merchandise minus the cost of shipping. 

Additional expenses covered by business interruption insurance may include compensation for temporarily relocating until your primary location is again inhabitable. You should keep evidence (i.e., receipts and bank statements) to provide proof of the additional costs. 

Is there a deadline?

Business interruption insurance typically comes with a “restoration period.” This period, usually a maximum of 12 months, restricts the amount of time compensation is provided for a covered incident. 

It is important to fully understand your commercial insurance policy. Call Murvay Insurance today to schedule a consultation or receive a quote for coverage.

Why is home insurance important?

Ever wonder why you need home insurance and why it’s important? Put simply, a home insurance policy can cover the cost of loss or damages for your home. Home insurance helps with the cost of those repairs, which may be from natural disasters, vandalism, or theft. A home insurance policy can also cover property liability and guest injuries, depending on the plan you choose based on your personal wants and needs.

Home insurance policies can include fire insurance, renter’s insurance, as well as coverage in case of a flood and tornado, or other natural disasters. There are a variety of home insurance policies that you can combine depending on your home type and where you live. Natural disaster coverage and liabilities vary by state, so make sure to get in touch with an agent in your area. If you are in the Newport Beach, CA area, Murvay Insurance can put together the perfect policy for you and your insurance needs and customize your coverage based on your needs.

Having a full-coverage home insurance policy equals peace of mind for you and your loved ones. Proper home coverage takes the “what-if” out of many real-life situations, meaning you can get back to enjoying your life. Thinking ahead is always important, especially when it comes to your and your family’s wellbeing and belongings. Home insurance policies can potentially help you with legal fees, as well as cover your expensive and irreplaceable keepsakes and items, so they are worth considering.

Murvay Insurance is serving the Newport Beach, CA area, and are prepared to cover all of your home insurance needs and questions. Give the office a call to find out more about your home insurance policies and options!

What is basic auto insurance in California

Like most states, California has minimum basic insurance requirements. You must show you are financially responsible in the event of an auto accident where you’re at fault. You can post a deposit of $35,000 with the DMV if you prefer not to carry auto insurance. Most people find having auto insurance is the easier option. At Murvay Insurance in Newport Beach, CA, our goal is to create a personal relationship with all of our customers. We will customize your insurance coverage to your needs.  

The minimum liability insurance requirements in California are very low. Surprisingly it is a 15/30/5 state. In the event of an accident where you are at fault, you need to carry $15,000 for bodily injury for a single person injured with a total of $30,000 for an accident. Damage to property is $5,000. Given the cost of a vehicle these days and a hospital stay, you could quickly find the basic amount is woefully inadequate. If the damages went beyond the basic, you would have to pay the excess out of your own pocket if you have basic insurance. Talk to your insurance agent about your coverage if you are considering having the basic liability coverage. The risk of losing everything you have worked so hard to accumulate is not worth saving a few bucks on the premium. 

If you are leasing a vehicle or if you have a car loan, you will be required to carry additional insurance, not just liability. You will need to protect the car from any potential damage. This requires collision and comprehensive coverage. If you have a car you own outright, with cash value, collision and comprehensive is the coverage you probably also need. If your car is stolen or damaged, you will be able to get it replaced or repaired. 

Contact Murvay Insurance in Newport Beach, CA with all your insurance questions and needs. 

How does commercial insurance protect a business in California?

The Newport Beach, CA area is a densely-populated area of southern California that brings in many tourists each year. When you are in this area, the high consistent population base makes it an ideal place to own a company. While there is a lot of opportunity in this area of business owners, there are risks as well. One way that you can protect your company against these risks is by getting commercial coverage. 

Insurance Will Protect Business Investments

A reason that a lot of company owners should get commercial coverage is that it will protect their business investment. Starting a new company will take capital as you will need to purchase inventory and other assets. If you decide to get commercial insurance coverage, it will offer the protection that is needed to ensure you can repair or replace these assets if you do incur a loss.

Insurance Protects Against Liability

There will always be a risk that you could be sued for liability as a business owner. If this happens, it could put your company in jeopardy. However, this risk can be protected if you get commercial coverage. This type of insurance will include a provision for liability insurance coverage. This will come in handy if you are sued in a liability claim. 

Businesses that are in the Newport Beach, CA area will want to know that their company is properly covered and protected by insurance. When you are looking for your next commercial insurance policy, you should reach out to Murvay Insurance. There are a lot of complexities that come with picking an insurance plan for a company. When you call Murvay Insurance, you will get a better understanding of your insurance needs and options, which will help you pick your next policy. 

Who needs to get recreational insurance?

If you live in the Newport Beach, CA area, the warm weather and outdoor recreational options can make it a fun and vibrant place to live. When you are in this area of California, investing in a recreational toy could be a great option as it will provide you with a lot of fun and memories. Along with this, you do need to also assess your insurance needs. There are several situations when someone should get a recreational insurance policy.

Those that Want Liability Protection

One situation when you should get recreational insurance is when you want liability protection. Even if you intend to use your vehicle safely and carefully, there is always a small chance that a mistake you make could lead to an accident. If this does happen, it will be put to you to pay for damages. Fortunately, with a recreational insurance policy, you will get the coverage needed to mitigate this risk.

Those that Want to Protect Asset

You will also want to get a recreational insurance policy to protect your asset. Your recreational vehicle is a very important and major asset that needs to be covered as well as possible. If you invest in a full recreational insurance policy, it will include the protection needed to repair or replace your vehicle. This can help to protect your asset and ensure you can enjoy it for a long time. 

Getting recreational insurance in Newport Beach, CA is a good option. When you are in the market for your next vehicle, you should speak with the team at Murvay Insurance. The insurance professionals with Murvay Insurance understand how important this type of coverage is. They can help you determine if this insurance is right for your situation and give you the support and guidance needed to choose a new policy. 

3 Tips for Buying Flood Insurance in Newport Beach CA

Floods, earthquakes, and possible fires. This is just some of what mother nature can dish out in or around Newport Beach, CA. While your homeowner’s insurance covers fire, it doesn’t cover flooding. You need a separate policy for this. If you are considering purchasing flood insurance, start by following these three simple tips brought to you by Murvay Insurance.

1. Compare Several Quotes

To begin with, compare several flood insurance quotes before making a choice. You’ll want to compare at least three quotes, looking at the fine detail and asking your insurance agent any questions you may have. During the process, make notes of each policy’s coverage amounts and cost and find the best one suited to your needs and budget.

2. Bundle Your Policies

Bundling your policies under one carrier in Newport Beach, CA is a sure way to save money on your monthly premiums. You can add this policy to all the others, including home, life, commercial, auto, RV, and more, to get maximum savings. Shop around among different carriers and make a switch to the one that offers the most savings for the best coverage or bundle under the carrier you already use. Either way, you’ll save money. 

3. Work with a Reputable Agent

To ensure you complete the above two tips to the best of your ability, work with a reputable agent from Murvay Insurance. Our agents are friendly and will go over each policy with you to determine the right one. Having someone you can count on while navigating the insurance industry brings peace of mind and makes what seems to be a daunting task actually enjoyable. To learn more, give us a call today at 949-333-0892.

A Thorough Overview Of Landlord Insurance

Based in Newport Beach, CA, Murvay Insurance assists California residents by offering different types of insurance policies. We strive to help our clients find policies that will specifically help their individual situations. We hope to establish long-lasting relationships with our clients.

Landlord Insurance

Many landlords in the Newport Beach, CA area enjoy renting out their property. However, many make the mistake of not doing their due diligence in regards to covering their property. If you are renting out your property, landlord insurance helps protect you in the event that your property is damaged by a natural disaster. The policy also covers your property if someone vandalizes it. This is especially important if your property has structures attached to it, such as a garage or fence. Also, keep in mind that if someone were to get injured while visiting the property, you may be held responsible instead of the tenant. For that reason, you should inquire about liability coverage.

The policy includes property coverage so that you will be protected if your furnishings are destroyed. You should be able to get those items replaced. You can also receive lost rental coverage in the event that your property becomes uninhabitable because of a serious issue, such as mold or multiple appearances by rodents.

You can also amend your policy to cover you during special circumstances such as getting into a dispute with your tenant. Other special circumstances may include flooding damage or an emergency construction project. Your property may require different protection if it’s a multi-family unit compared to an apartment.

Consult With Murvay Insurance

If you would like to learn more information about landlord insurance, visit our website today!

What Does Flood Insurance Cover?

As a homeowner, you may live in an area prone to flooding which may create the need to purchase flood insurance. Flood insurance can provide additional benefits beyond homeowner’s insurance if you’re a homeowner faced with this situation. Our team at Murvay Insurance of Newport Beach, CA understands how devastating flood damage can be. We’re here to help by educating consumers on the benefits of flood insurance.

The ABC’s
Flood insurance is fairly straightforward in that it covers anything in your home or the structure of your home that was damaged as a result of flooding. This can include an overflowing sewer if it occurred as a direct result of a flood. Flood insurance isn’t a part of a homeowner’s insurance policy and must be purchased separately. It is mostly administered through the National Flood Insurance Program/ FEMA and is available in 23,000 participating NFIP communities. 

Flood insurance covers your home or business and its foundation. It will also cover both your electrical and plumbing systems. Your HVAC system is also covered under your flood insurance policy. Damage to appliances is also a covered item. Flood insurance will also cover your furniture, curtains, carpeting, and your personal belongings. Valuables can be covered up to certain limits. You may need to purchase additional insurance or special insurance for coverage if rare or valuable items. Flood insurance also covers the loss of food in your freezers and refrigerators that resulted from water damage to your fridge or freezer. The clearing and cleaning of your property after a flood is also covered.

The Most Common Natural Disaster in the United States
Flooding is a real threat that is fairly common. As a result, flood insurance is a wise investment for anyone who lives in a flood zone or an area that has been known to flood from time to time. Murvay Insurance of Newport Beach, CA understands the importance of educating homeowners about the benefits of flood insurance. Visit us online or give us a call for more information. 

5 Tips for Preparing Your Home for Disasters

With natural disasters on the rise, it’s important homeowners be prepared at all times. Make sure your home insurance is up to date and provides the protection you need against disasters. Here are a few more tips from Murvay Insurance on how to prepare your Newport Beach, CA home for disasters.

Fortify Your Abode

Keep up with home maintenance that will fortify your dwelling against disasters. This includes your roof, windows, exterior doors, and garage door. An old roof or outdated windows increase your risk of interior damage from severe rain, wind, or hailstorms.

Survey Landscaping

Survey your landscaping to see if large trees or other structures pose a threat to your home in a disaster. Find a safe place to store lawn furniture, potted plants, garden decor, and kids’ toys to avoid these becoming projectiles and causing damage to your home.  

Create an Evacuation Plan

Become familiar with potential disasters that can strike your area and create an evacuation plan for handling each. Your plan should include where to meet in the event you get separated from other family members, a safe location where you can stay, and how you’ll stay in touch.

Pack a “Flee Bag”

Sign up for emergency alerts on your cell phone to receive updates on potential disasters. Have a “flee bag” with basic essentials and important documents ready to go to expedite your escape in a disaster.  

Stock Up on Emergency Supplies

If you plan to shelter in place, make sure you have emergency supplies. This includes bottled water, non-perishable foods, medications, first aid kit, flashlight with batteries, and a portable radio. Keep your cell phone fully charged to communicate with emergency crews or family members when needed.

For the home insurance coverage, you need to protect your Newport Beach, CA home against disasters, contact Murvay Insurance today.

What are the benefits of recreational insurance?

Living in the Newport Beach, CA area is a dream for many people. When you are here, you are going to have constant access to recreational activities due to the many nearby beaches. To enjoy the area to the fullest, getting a recreational vehicle or other assets could be a great option. To ensure that your assets are adequately protected, you should acquire recreational insurance policies as it can provide you with a variety of benefits. 

Covers Asset

One of the benefits of getting a recreational insurance policy is that it can cover your asset. Buying any recreational asset will come with a significant investment. If your asset were to be stolen, damaged, or vandalized, you would have to come out of pocket to cover the costs. Fortunately, with a recreational insurance policy, you will have the coverage you need to repair or replace the asset. 

Gives Liability Coverage

You should never underestimate your liability risk when you are going to operate any form of asset. If you are involved in an accident and found to be at fault, you will need to pay for damages. Fortunately, when you get the insurance you need for your asset, you can also receive liability coverage. This will provide you with the protection that you need for liability. 

If you are interested in a new recreational insurance policy in the Newport Beach, CA area, it would be a good idea to speak with the team at Murvay Insurance. Choosing a recreational insurance policy is a big decision and can be complicated. To ensure that you are able to make the best choice possible, Murvay Insurance will help you to identify your risks and help you build a policy that is ideal for your situation.