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Commercial Insurance: Protection Against Lawsuits

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If an unexpected accident takes place at your facility or office, or a lawsuit related to a product or service is filed against your business, the general liability insurance you have in place should cover your losses, including the legal costs involved in defending against it. A general business insurance policy should cover you against injury lawsuits, false or misleading advertising lawsuits, accusations of slander, and copyright infringement, as well as property damage to your place of business if you are tenant rather than the owner of the property.

Do You Have The Right Level Of Protection?

The level of coverage you have in place will determine whether you are actually fully protected against financial losses. Many business owners have a policy in which property insurance and liability insurance are bundled into one contract called a “BOP” or Business Owners Policy. The actual coverage for liability in these policies is often less than what is needed should the unexpected occur. As with any insurance policy, you will be forced to pay the shortfall once you reach the limits of your coverage. If you have concerns about your actual protection against risk, our local commercial insurance agents can review your policy, your facility, and your level of risk based upon your industry.

Business Insurance In Your Area

Creating a custom insurance policy might be the right choice for your business. This policy would be created based upon your level of risk with a focus on affordability. You need the coverage, but the price must be reasonable. Our entire team lives and works in the area, and as a local agency, we will make it easy for you to get the service and assistance you need in this important matter.

We can review your existing policies and offer simple suggestions on risk protection that are based upon a real-world understanding of your operation, your facility, and the level of risk that may exist. There are a range of strategies that may work for you, and since we are business owners ourselves, we know the importance of the bottom line. We will go the distance for you in finding an affordable policy that will best protect you and your business.

Contact us today if you’re interested in learning more about the commercial insurance policies we offer, or if it is time to review your existing coverage.

3 Key Differences Between Whole Life Insurance & Term Life Insurance

Written by admin on . Posted in Life Insurance. No Comments on 3 Key Differences Between Whole Life Insurance & Term Life Insurance

Insurance can be a confusing subject, and at our local agency, we want to clear up some basic questions for you. Most families put some type of life insurance in place, and figuring out whether they should buy “whole life insurance” or “term insurance” is the big question. These are very different insurance products, each with pros and cons.

1. Term life insurance is cheaper, but doesn’t build up an asset you can borrow from or access for illness or disability. Most young families live on a carefully managed budget, and may not yet have the capacity to purchase whole life insurance. The premiums you pay for term life insurance cover you for a period of time (the term) and in many cases, can later be converted to whole life insurance, which can create a valuable asset for you.

2. Whole life insurance protects you for your lifetime, whereas term life is only for a period of time, usually 10 years. A whole life insurance policy builds up value over the years you pay into it and has a guaranteed cash value. Some whole life insurance policies will give you benefits beyond life insurance; these benefits are known as living benefits. You can borrow out of your own insurance policy if you need to, as well as access payments if you face a terminal illness or disability. Each policy provides different benefits, and you need to find the one that is best for you. Generally, whole life insurance is a much better investment (as it builds up value for you), but if you have limited funds, term is a great interim solution to protect your family.

3. Term life insurance will have increasing premium payments if you renew, while whole life insurance will have level payments, often with the premium payments at a guaranteed level for the entire life of the policy. Making a decision about what type of insurance to buy will be based on your financial situation and your overall savings plan.

Our local agency would be happy to meet with you and show you the various types of options available that could suit your situation. New types of plans come on the market now and again, and it is worth getting us to do the work to find the best deal currently available. As we are located right here in your community, it is easy to connect with us and we are always happy to answer your questions. Let us know what you need!

Need Motorcycle Insurance?

Written by admin on . Posted in Auto Insurance. No Comments on Need Motorcycle Insurance?

If you have recently purchased a motorcycle or are searching for a better option for motorcycle insurance in the area, we are here to help. The team at our agency lives and works in the local area, and we are committed to serving our community of motorcycle riders. We know you need coverage that gives you the highest level of protection at the lowest cost, and we can show you what is available to best suit your specific needs. You may have more than one motorcycle, or own an extremely valuable motorcycle, but no matter what your situation is, we will help you to find the best possible policy.

Protection After an Accident or Theft

You may need to insure custom parts for your motorcycle or get the right coverage for a vintage bike that would be extremely expensive to replace. Motorcyclists are at much higher risk than other drivers, even when traveling at slow speeds. The most common situation for an accident is an inattentive driver who fails to observe that he or she is sharing the road with a rider when changing lanes or making a turn. Not only is the rider at risk of serious injury, the motorcycle is often severely damaged as well and can be very expensive to repair. Having adequate coverage in place can allow you to get your bike fully replaced when necessary.

Whether you own a cruiser, sports bike, motocross bike, dirt bike, moped, or a classic motorcycle, we have a range of policies to cover you against bodily injury, property damage, collision, theft, and vandalism. We will also ensure you are protected against an underinsured or uninsured driver. Our team will explain your options so you can make a decision that makes sense based upon your individual situation. As we are local, we are easy to contact for any questions about motorcycle insurance.

We invite you to call us or contact us by email for information. We care about our clients and want to provide motorcycle insurance to protect against negligent drivers. You can count on us to be responsive and to be focused on finding you the policy you need at the lowest cost possible.

Commercial Auto Insurance: What Is The Best Coverage?

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Your company has specific needs for commercial auto insurance coverage. How much coverage should you have in place for liability, comprehensive coverage, collision coverage, and medical payments? Your company may rent certain vehicles from time to time, or you may have employees who use their personal cars or trucks for company business. Regardless of the type of coverage, you need to protect yourself and your business against both uninsured and underinsured drivers.

We can help you find the right policy at the right price. As a commercial auto insurance agency, we can provide your company with easy access to information, support, and service.

The Right Commercial Auto Insurance for Your Company

We can negotiate with the insurance company for reasonable rates and work to keep the costs as low as possible without sacrificing the coverage you need to stay protected. We cover all types of vehicles for business owners and companies of all sizes, and we will do our best to help you find equal or better protection at a lower price. We care about your company’s bottom line.

It’s important to have the right insurances in place to protect the assets of your company. One aspect of safeguarding the financial health of a business is to have sufficient commercial auto insurance coverage. It may be the right time to look into an umbrella policy that covers your business in case a lawsuit against you is successful and the award is higher than your current liability coverage will pay. We can explore the various options for you so that you can make an informed decision on which policy suits your commercial auto insurance needs.

Our goal is to help you manage your commercial auto insurance and to protect your company against lawsuits or claims. We serve all of the local area, so contact us today to find out more about our commercial auto insurance policies.

Save Cash With These Summer Home Tips

Written by admin on . Posted in Home Insurance. No Comments on Save Cash With These Summer Home Tips

Summer is here, and with hot weather comes rising electric bills and other costly household expenses. None of these money-saving tips are particularly costly, but each of them can contribute to turning your home into a more comfortable place to escape the blazing summer sun.

  • Replace your air filters in your air conditioner and vents. Accumulated dust, dirt, and other allergens can all cause your system to work less efficiently.
  • Clean out debris from your outside air conditioning unit and water heating unit.
  • Inspect and make repairs to any leaking ducts. In many cases, your homeowners insurance policy will cover this type of repair.
  • If you do not have one already, get a programmable thermostat and set it to 78 degrees Fahrenheit when you are at home and higher when you are away.
  • Check for sources of phantom power, as these can drive up electrical costs. Disconnect electronics, appliances, and tools when they are not in use. Leaving these plugged in will continue to cause a drain in power.
  • Clean your ceiling fans and window fans, then make sure they are operational. Using a fan to circulate air can significantly cut down costs during the summer months.
  • Check windows and doors for leaks. Make necessary adjustments so that hot air does not seep in and cooler air stays inside.
  • Turn your water heater down to the warm setting. There is no reason to heat up your water as much over the summer months as the water will have time to warm up on its own while sitting in the tank and pipes.
  • Set a schedule so that you only run your dishwasher, washing machine, and other key appliances during off peak hours and when you have a full load. Use cold water settings. Let the sun dry your laundry if possible, as this will not only save money, but also make your items smell fresh and clean.

Having the right insurance policy can also prevent you from having to incur costly repair expenses during the hottest time of the year. One of the final steps you should take to prepare your home for hot weather is to review your homeowners insurance policy, renters insurance policy, health insurance policy, and any other personal insurance policy to ensure that you are covered in the event of a breakdown, accident, injury, or natural disaster. Heat-related injuries and deaths increase substantially during the hot summer months.

We will be more than happy to review your existing personal insurance policy or present you with options you can afford. As each of our agents are local to the community, we are able to offer a level of service and convenience not regularly found in the insurance industry. Appointments can be scheduled at a time most convenient to you.

We hope that you will never find reason to use your personal insurance, but it is important to plan for the unexpected. Having inadequate or no personal insurance coverage can lead to paying thousands out-of-pocket. Our agents are committed to doing everything we can to help you obtain the highest level of coverage at the lowest possible price. Contact us and schedule an appointment to discuss your needs today.

Should You Insure While You’re Young?

Written by admin on . Posted in Life Insurance. No Comments on Should You Insure While You’re Young?

Regardless of your age, if you are married or have children, the benefits of life insurance are obvious: you want to continue to provide for your loved ones should the unexpected occur. If you’re young, healthy, and single with no dependents, getting life insurance may be the furthest thing from your mind. No one likes considering their own mortality, especially in their twenties, when this reality appears to be decades away. A lot of young people believe that life insurance policies are far more expensive than they actually are, and you may be surprised at some of the benefits in investing now while you’re young.

Now or Later: Reasons Not to Wait

Of course, we all hope to live a long and healthy life and when we’re in our prime, the possibility of something happening to us seems distant and unlikely. But choosing a life insurance policy now can benefit you substantially, no matter how many years of life lie ahead of you.

Lock in lower premiums. As you get older and your health declines, insurance rates go up. If you’re in your mid-twenties or thirties, the same insurance plan you purchase today could triple in price by the time you turn fifty. As long as you pay your premiums on time and abide by the terms of your policy, you may be able to secure the same lower rates over your lifetime.

Have freedom to change your policy later. There are many different options in life insurance, and purchasing one policy now doesn’t preclude you from switching to another later. Term policies only cover you for a certain time period, and whole life insurance policies are intended to continue for the course of your life, and many options exist in between. Depending on your income and other factors, the policy that makes the most sense for you now could change in a few years.

Ensure coverage regardless of your employer. While many employers still offer life insurance in addition to health insurance, the practice is becoming less common than in the past. Even if your employer does provide you with life insurance coverage, it may be insufficient. You may want to supplement it with an additional plan. Furthermore, many young people are becoming more comfortable with purchasing life insurance through a separate entity, even when offered by an employer to ensure continued coverage when employment changes.

Don’t leave your family to pay off your debts. If you don’t have a spouse or any dependents, it can be difficult to imagine why you would need life insurance. Many plans help pay for expensive funeral costs, and also assist with paying any debts upon death. Some loans, including federal student loans, are dischargeable on death, but others may simply transfer to a parent or cosigner. Worse, some loans require that the whole amount due be paid immediately at death.

A Policy That Is Right for You.

Many of us feel invincible when we’re young and healthy, but the reality is that it’s never too early to start planning ahead. Depending on your circumstances, income, and responsibilities, any of a wide variety of life insurance options may be the right fit for you. Even if you decide that you don’t need life insurance at this point in your life, a conversation with an experienced insurance agent can help you to better understand the options available to you and empower you to make an informed decision. We are happy to help. Give us a call today so we can discuss your options. We focus on finding the most affordable rates for our local customers and are happy to review an existing policy, as there may be new options on the market that better suit you. Call today and speak with us — we are here to help.

Are You Underestimating Your Need for Disability Insurance?

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If you don’t place a high priority on disability insurance, you are not alone. Although most people underestimate their chances of disability, the risk is higher than you might think. Approximately one-third of the population will experience a disability before 65, as reported on Kiplinger. Underestimating the odds of needing disability insurance could be a big mistake.

According to TMA Insurance Trust:

  • Approximately one in four 20-year-olds today will become disabled before retirement.
  • One in eight workers will become disabled for five or more years of their lifetimes.
  • Approximately 12% of the total American population (37 million) are classified as disabled.
  • 90% of disabilities are caused by illness, as opposed to accidents.
  • The average length of group long-term disability claims is 34.6 months.
  • Medical issues contribute to 62% of all bankruptcies filed in the U.S.

Do Older People Have a Greater Need for Disability Insurance?

This type of coverage is not just for older people. People in their 20s, 30s, and 40s can become injured in accidents or develop chronic illnesses. The longer you wait to purchase a policy, the higher your premiums are likely to be. Age is a factor in disability insurance rates.

What Types of Disability Coverage Are Available?

Disability coverage can help protect your income and safeguard your finances. If you become too ill or too severely injured to work, it will pay for a portion of your regular income. The two types of disability insurance are:

  • Short-term disability: This type of insurance serves people who need income coverage for a short time. It can cover you for up to two years.
  • Long-term disability: This insurance kicks in where short-term disability leaves off. It can provide coverage for an extended period. Coverage typically lasts until the insured reaches age 65 to 70.

What Are the Categories of Disability Coverage?

Your ability to collect benefits will depend on how “disability” is defined under your policy. The two main categories of coverage are “own occupation” and “any occupation.” Under an “own occupation” disability insurance policy, you are entitled to benefits if you cannot perform the duties of your occupation. “Any occupation” policies only payout if you are unable to work in any gainful occupation.

What Is the Cost of Disability Insurance and How Much Does It Pay Out?

Your premiums for disability insurance will depend on several factors, including your age and health at the time of purchase. The earlier you buy a policy, the lower your rates will be. Generally, you can expect to pay between 1% and 3% of your income in disability insurance premiums. If you become disabled, policy benefits should replace approximately 60% to 80% of your pre-tax wages.

The amount you collect should be roughly equivalent to your take-home pay.
If you are considering purchasing disability insurance, speak with our friendly agent. We can help you find the lowest available rates for the coverage you need.

5 Medical Malpractice Insurance Myths

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If you are practicing medicine, malpractice insurance is a must. Myths and misunderstandings surrounding professional liability insurance for doctors make the subject more complicated than it is. Here are some common medical malpractice insurance myths, followed by the facts:

You Cannot Be Sued for More Than Your Policy Limits

This statement is false. You are the one being sued for malpractice. If a jury awards a plaintiff an amount that exceeds the limits of your medical malpractice coverage, your assets may be at risk for the balance. Judgments can be placed against your assets for the amount beyond your coverage limits.

It is vital to have policy coverage to match your practice. Many medical malpractice policies provide coverage ranging from $100,000 to $300,000 per claim and from $1 million to $3 million per policy period (typically one year). You are personally responsible for any damages that exceed policy limits.

Only Doctors Need Medical Malpractice Insurance

Medical providers other than doctors are exposed to medical malpractice risks. Nurses, PAs, and other healthcare providers face liability exposure. Medical malpractice insurance can help protect a range of medical professionals, including Nurse Practitioners, Registered Nurses, Clinical Nurse Specialists, medical students, residents, and others. Any healthcare services provider, and anyone who provides direct or indirect patient care, needs medical malpractice insurance.

If You Are Covered Under Your Employer, You Don’t Need Your Own Malpractice Insurance

Although most medical employers provide some malpractice insurance for their employees, you may need personal, professional liability insurance to be fully protected. Personal coverage is portable from job to job. It can protect your assets, your license, and your financial future wherever you go. A malpractice claim may be filed up to two years after treatment, at which point you may have moved on, and the previous practice may have closed or merged into another practice or hospital.

Having Personal Malpractice Insurance Makes You a More Likely Target for a Lawsuit

This is also false. When a medical malpractice lawsuit is filed, lawyers for the plaintiff name every provider involved in the patient’s care who may be liable, as they only have one opportunity to present their case in court. They have no way of initially knowing who has personal malpractice coverage or their policy limits. Public registries of private insurance contracts do not exist. Information about medical malpractice coverage comes later, in the discovery phase of the litigation process.

Doctors No Longer Need Medical Malpractice Insurance Once They Retire

Exposure to malpractice claims continues for some time after you have stopped actively practicing medicine. Claims-made medical malpractice insurance provides coverage for incidents that occurred and were reported while you were insured with a carrier. If retirement is impending, consider purchasing a tail. This is an extension of a claims-made insurance policy to cover the window of liability after you terminate your practice. Our agent can help you weigh risk against cost to find the most affordable option.

5 Boat Safety Tips for the Summer

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When people are out boating in the summer, safety can sometimes take a backseat to pleasure. This could be a tragic mistake. In 2020, there were 5,265 boating accidents in the U.S., causing 767 fatalities and 3,191 injuries, as reported by the U.S. Coast Guard (USCG). Enjoy the sun and the water but keep the following boat safety tips in mind.

Don’t Drink While Boating

Alcohol consumption is a major contributing factor in fatal boating accidents. It was the leading factor in 18% of boating deaths in 2020. It is well known that drinking and driving is dangerous. Consuming alcohol can be even more hazardous on the water than on land because the marine environment (wind, waves, sun, vibration) can accelerate an operator’s level of impairment.

Additionally, it is illegal in all 50 states to operate a boat under the influence of alcohol. The legal limit is .08% — the same for operating a boat as driving a motor vehicle on land. The Coast Guard enforces a federal law prohibiting boating under the influence (BUI).

Wear a Life Jacket at All Times

Life jackets save lives. As stated by the Coast Guard, 75% of victims who died in fatal boating accidents in 2020 drowned. Although some state laws only require that life jackets be accessible, not worn, it is much safer to wear them. You may not have time to reach for and put on a life jacket before disaster strikes in a sudden boating accident. With the thin, flexible, compact life jackets available today, there is no reason not to wear one on the water.

Watch Out for the Propellers

The Coast Guard reports 247 boating accidents in 2020 in which a propeller struck at least one person. Accidents involving propellers caused 39 deaths and 241 injuries. Before starting the engine, it is essential to ensure all passengers are accounted for and no one is in the water near the boat. Watch children carefully and do not allow them to sit where they could fall near the propellers.

Perform a Boat Safety Check

Before you set out:

  • Do a routine safety check of the boat.
  • Make sure you have a full tank of gas.
  • Check engine oil and transmission fluid levels.
  • Ensure your battery is fully charged and electronic and other components are in good working condition. The boat should be stocked with safety equipment, including a fire extinguisher, boat lights, extra batteries, cell phone, flares, maps, and a first aid kit.

Pay Attention to the Weather

Before you leave the dock, check the local weather and the forecast for your destination. Always have a radio onboard. Keep an eye out for inclement weather, and get off the water as soon as possible if dark skies, wind shifts, choppy water, or lightning appear.
Our agent can help you find the best rates on the boat insurance coverage you need.

5 Life Insurance Myths Debunked

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Buying life insurance may not be an easy decision to make. Planning in case of one’s own death is not a pleasant subject. However, it is a crucial step to protect your loved ones and plan for your financial future. The better you understand it, the more informed your decision will be when you purchase a policy. The following are five myths debunked about life insurance.

A Stay-at-Home Parent Who Does Not Earn an Income Does Not Need Life Insurance

If you are a stay-at-home caregiver and don’t earn a salary, you may think you don’t need life insurance. This couldn’t be further from the truth. The value of your services in caring for children or aging parents and running a household is considerable. Your partner would need to hire help or take time away from work to replace those services. Life insurance can help cover those expenses if something should happen to you.

Beneficiaries of a Life Insurance Policy Must Pay Income Tax on the Proceeds

Life insurance benefits are generally not subject to income tax. Beneficiaries are not required to report the proceeds on their tax returns. Although your beneficiaries will not pay income tax on the death benefits they receive from your life insurance policy, interest paid on the proceeds may be taxable.

You Don’t Need Life Insurance Once the Children are Grown

Life insurance can be an important asset at various stages of life. Once your children have reached adulthood and completed their education, a life insurance policy can still provide advantages. For example, it can relieve the burden of paying for final expenses, estate taxes, or any remaining debts you may leave behind. Life insurance also provides a way to leave your children a non-taxable inheritance that does not have to go through probate.

Employer-Sponsored Life Insurance Is All You Need

Today, many employers offer group life insurance at little or no cost as part of an employee benefits package. Although this is an excellent perk, employer-sponsored life insurance has its limitations. For starters, coverage is usually insufficient. Most employers in the U.S. offer a maximum of $250,000 in coverage. Another disadvantage is losing your life insurance coverage when you leave your job. If you stay with an employer for 10 years, the cost of life insurance may be considerably higher if you decide to purchase an individual policy after you leave.

If You Are Single and Childless, You Don’t Need Life Insurance

You may not be single forever, and you may decide to start a family in the future. The best time to buy life insurance is in your 20s or 30s. You could save money in the long run if you purchase a policy while you are young and healthy, and premiums are lower. If you have student loans or other debt, you may want to consider purchasing some coverage. A family member who co-signed for you could be held legally responsible in the event of your death.

Our agent can help you find the best rates on life insurance coverage to suit your needs.