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Business Interruption Insurance
Business interruption insurance (also known as business income insurance) is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred. This type of coverage can be added onto the business's property insurance policy or comprehensive package policy such as a business owner's policy (BOP) or as part of a standalone policy in some jurisdictions. Since business interruption is included as part o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disaster
A disaster is an event that causes serious harm to people, buildings, economies, or the environment, and the affected community cannot handle it alone. '' Natural disasters'' like avalanches, floods, earthquakes, and wildfires are caused by natural hazards. ''Human-made disasters'' like oil spills, terrorist attacks and power outages are caused by people. Nowadays, it is hard to separate natural and human-made disasters because human actions can make natural disasters worse. Climate change also affects how often disasters due to extreme weather hazards happen. Disasters usually hit people in developing countries harder than people in wealthy countries. Over 95% of deaths from disasters happen in low-income countries, and those countries lose a lot more money compared to richer countries. For example, the damage from natural disasters is 20 times greater in developing countries than in industrialized countries. This is because low-income countries often do not have well-bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Owner's Policy
A business owner's policy (also businessowner's policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. BOPs are cost-effective and convenient for business owners, as they provide comprehensive protection against common risks like property damage, lawsuits, and income loss due to unforeseen events. By bundling general liability insurance and property insurance into a single policy, BOPs typically offer a reduced premium, often making them a more cost-effective option than separately purchased policies. Specific coverage included in a business owner's policy varies among insurance providers, but most policies require that businesses meet eligibility criteria to qualify. Standard Coverage A typical business owner's policy includes property and liability insurance. The property insurance portion of a BOP is available most often as named-peril coverage, which provides compensation only for damage caused by e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity reports on the changes in equity of the company over a stated period. # A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operating Expense
An operating expense (opex) is an ongoing cost for running a product, business, or system. Its counterpart, a '' capital expenditure'' (capex), is the cost of developing or providing non-consumable parts for the product or system. For example, the purchase of a photocopier involves capex, and the annual paper, toner, power and maintenance costs represents opex. For larger systems like businesses, opex may also include the cost of workers and facility expenses such as rent and utilities. Overview In business, an operating expense is a day-to-day expense such as sales and administration, or research & development, as opposed to production. In short, this is the money the business spends in order to turn inventory into throughput. On an income statement, "operating expenses" is the sum of a business's operating expenses for a period of time, such as a month or year. In throughput accounting, the cost accounting aspect of the theory of constraints (TOC), operating expense is th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Authority
Civil authority or civil government is the practical implementation of a state on behalf of its citizens, other than through military units (martial law), that enforces law and order and that is distinguished from religious authority (for example, canon law) and secular authority. The enforcement of law and order is typically the role of the police in modern states. History Among the first modern experiments in civil government took place in 1636 when Roger Williams, a Christian minister, founded the colony of Rhode Island and Providence Plantations. He sought to create a " wall of separation" between church and state to prevent corruption of the church and maintain civil order as expounded upon in his 1644 book, '' Bloudy Tenent of Persecution''.James Emanuel Ernst, Roger Williams, ''New England Firebrand'' (Macmillan Co., Rhode Island, 1932), pg. 24/ref> Types of authority Thus four forms of authority may be seen: *Civil authority * Military government, Military authority *Rel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Curfew
A curfew is an order that imposes certain regulations during specified hours. Typically, curfews order all people affected by them to remain indoors during the evening and nighttime hours. Such an order is most often issued by public authorities, but may also be given by the owner of a house to those living in the household. For instance, children are often given curfews by their parents, and an au pair is traditionally given a curfew by which time they must return to their host family's home. Some jurisdictions have juvenile curfews which affect all persons under a certain age not accompanied by an adult or engaged in certain approved activities. Curfews have been used as a control measure in martial law, as well as for public safety in the event of a disaster, epidemic, or crisis. Various countries have implemented such measures throughout history, including during World War II and the Gulf War. The enforcement of curfews has been found to disproportionately affect margina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Disaster
A natural disaster is the very harmful impact on a society or community brought by natural phenomenon or Hazard#Natural hazard, hazard. Some examples of natural hazards include avalanches, droughts, earthquakes, floods, heat waves, landslides - including submarine landslides, tropical cyclones, volcanism, volcanic activity and wildfires. Additional natural hazards include blizzards, dust storms, firestorms, hails, ice storms, sinkholes, thunderstorms, tornadoes and tsunamis. A natural disaster can cause list of natural disasters by death toll, loss of life or property damage, damage property. It typically causes economic damage. How bad the damage is depends on how well people are Emergency management, prepared for disasters and how strong the buildings, roads, and other Infrastructure, structures are. Scholars have argued the term "natural disaster" is unsuitable and should be abandoned. Instead, the simpler term ''disaster'' could be used. At the same time, the type of haz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Types Of Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
