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Business Insurance to Protect Your Veteran-Owned Company

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Veterans entering the business world have access to a number of resources. These include the Small Business Administration, Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative, and American Corporate Partners (ACP).

One essential aspect of running a business is having adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran-owned company will depend in part on the nature of the business you are operating.

Protections for Veteran-Owned Businesses

The types of protection your business needs will depend on your operations and the risks you are facing. A veteran-owned business may need coverage for:

Assets of the business

This may include buildings, equipment, inventory, and supplies. Commercial property insurance can help protect your business assets against damage from fire, theft, vandalism, and other covered perils.

Liability protection

Accidents can happen in a growing business, onsite or offsite. If a customer or other third party is injured, your business may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal fees if a lawsuit is filed against your company.

Errors and omissions

You may need protection in case you or one of your employees makes a mistake in providing professional services that causes a client to lose money, or in case you are sued for negligence. Professional liability insurance, also known as errors and omission (E&O) insurance, can help protect your business in such a situation.

Vehicles used in the business

Whether you use your own car to conduct business, have employees who use their own vehicles to perform job duties, or have a fleet of company-owned vehicles, you need commercial auto insurance protection. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily injury or property damage caused to others.

Employee on-the-job injuries and illnesses

If your business employs workers, you probably need workers compensation insurance protection in case an employee is injured on the job or develops a work-related illness. This coverage is legally required in most cases. It pays for employees’ medical expenses and partial replacement of lost wages. Workers comp insurance also protects employers from being sued by their workers for injury or illness related to their employment.

Data breaches

Most businesses today use technology to store personal information for customers or clients and employees. Cybercrime is on the rise, and attacks on small and medium-sized businesses are increasing. A data breach can be extremely costly in terms of liability and lost business. Data breach insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims, and hiring a public relations firm to help repair your company image.

Package Your Veteran-Owned Business Insurance

You can save money by purchasing different types of business insurance in a packaged policy. A packaged business owner’s policy (BOP) can give you a good start toward protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.

Safeguard Your Property During the Holidays

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The holidays are a time for celebration and getting together with family and friends. They can also mean a greater risk for your property if you are hosting parties or traveling away from home to other holiday celebrations. This is where your homeowners insurance policy comes in.

Common Holiday Homeowners Insurance Claims

Your homeowners policy will likely cover a range of holiday-related losses, including the following.

Property Damage and Injuries

Guests can get rowdy at holiday parties. This could result in damage to a neighbor’s or someone else’s property, or someone getting hurt. Homeowners insurance provides personal liability coverage in case you are held liable for property damage or personal injury.

Theft

If you travel over the holidays, leaving your house empty, burglars and thieves may see it as an opportunity. Your homeowners personal property insurance should cover the loss if something is stolen from your home, after your deductible is met. However, it is important to ensure you have adequate coverage. You may want to purchase a separate policy for high-value items, such as diamond jewelry or expensive paintings.

Fire

House fires are common during the holidays. Between 2014 and 2018, fire departments in the U.S. responded to an average of 160 home fires that started with Christmas trees each year, as stated by the National Fire Protection Association (NFPA). Cooking fires also increase during the holidays. Make sure you have enough homeowners insurance coverage to rebuild your home if it should burn to the ground.

Credit Card Theft

If your credit card is stolen over the holidays, your homeowners insurance may offer some protection. Most standard policies include approximately $500 in coverage for purchases made with a stolen credit card. Our agent can help you determine how much your policy will cover for credit card theft.

Types of Protection Provided By a Homeowners Policy

Most standard homeowners insurance policies include these types of coverage to protect you during the holidays:

  • Dwelling: This coverage protects your living space and attached structures, such as a carport or garage. It should provide protection for damage caused by fire, lightning, sleet, snow, explosions, theft, or vandalism.
  • Personal liability: This applies to incidents in which you are held liable for personal injury or property damage sustained on the premises by someone other than a member of your household, or caused by your child or pet.
  • Medical: This coverage included in your homeowners policy pays for medical expenses of an injured guest, regardless of fault.
  • Personal property: Personal property coverage protects you from loss of your home’s contents, including clothing, furniture, electronics, and appliances.
  • Additional living expense: If a disaster such as a fire forces you to move to another residence temporarily, this coverage helps pay for your living expenses.

Certain risks to your property can increase substantially during the holiday season. These risks include (but are not limited to) fire, theft, injury to visitors, and damage to the property of others. Our agent can help ensure you have the homeowners insurance coverage you need to be fully protected.

Standard vs. Hybrid Life Insurance: Which Is Better?

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Standard life insurance has a single purpose – to provide death benefits to your beneficiaries. Hybrid life insurance combines long-term care insurance and life insurance in a single policy. If you become disabled and unable to live independently, it covers the costs of your care, at home or in a facility. It will not cover medical expenses, such as doctor visits, surgical procedures, or prescription drugs, that are normally covered by your health insurance.

How Does Hybrid Life Insurance Work?

A hybrid policy combines elements of permanent life insurance with long-term care protection. If you purchase a hybrid policy with, for example, $200,000 in benefits and die without needing long-term care, the full benefit amount of $200,000 is paid out to your beneficiaries. If, on the other hand, you need long-term care at some point, death benefits in your hybrid policy can be converted to cash to pay for your long-term care expenses. The death benefit your beneficiaries receive will be reduced accordingly, dollar for dollar.

What Are the Pros of Hybrid Life Insurance?

Many people are buying hybrid life insurance because it solves a major problem with long-term care insurance – if you never need long-term care, the money you spent on premiums is wasted. With a hybrid policy, if you die without needing long-term care, your beneficiaries get the full benefit amount. At the same time, you have some protection in case you become disabled and need care. This type of policy offers tax-free reimbursement for qualified long-term care expenses, as well as tax-free death benefits.

Advantages of hybrid life insurance policies include:

  • No use-it-or-lose-it risk
  • Locked in premium rates
  • Less stringent medical underwriting requirements in some cases
  • Cash indemnity benefits are still offered by some plans (unlike new traditional long-term care policies)
  • Prevents your estate from being depleted by costs of long-term care

What Are the Cons of Hybrid Life Insurance?

There are some disadvantages with hybrid life insurance:

  • You may need more money upfront to pay your premiums.
  • You get fewer benefits for your policy premiums than with standard life insurance or long-term care insurance.
  • Long-term care payouts reduce the policy’s cash value and death benefit amount. If you require long-term care for an extended time, this could leave your beneficiaries with no death benefit.
  • You must meet long-term care eligibility requirements to receive benefits. This means a licensed healthcare practitioner must certify that you are cognitively impaired or unable to perform two or more of the six activities of daily living for 90 days or more. These activities are eating, bathing, dressing oneself, using the toilet, walking from one place to another, and maintaining bowel and bladder continence.
  • You must complete an elimination period (usually 90 days) before long-term care benefits begin.
  • You are only covered for the first five years of assisted living care.

There may be a number of factors to consider in choosing between standard and hybrid life insurance. Our agent is happy to review the pros and cons of both types of policies with you.

A Savvy Business Owner’s Checklist for Cyber Insurance Coverage

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Any business that uses computer technology today has to deal with cyber risk. Ransomware attacks are on the rise, and small and medium businesses are being targeted more than ever. With the shift to more people working from home in 2020, cybercriminals are taking advantage of the opportunity to exploit remote workers.

Cyber insurance may be essential for a business of any size. The following checklist can help savvy business owners secure the right coverage for protection against cyber-attacks.

Decide Whether Your Business Needs Cyber Insurance

It is likely you need cyber insurance coverage if your business:

  • Handles sensitive information: This can include a lot more than health information, Social Security numbers, bank accounts, etc. Even the most seemingly harmless information can be used by cyber attackers.
  • Has staff who use their own devices: Cell phones, laptops, and other electronic devices can be lost or stolen. If this occurs, it can give criminals access to important company information, including confidential data.
  • Hosts a public website: If your website interacts with clients or customers and stores their login data, you are vulnerable to cyber theft.
  • Uses a third-party vendor: If your company has a third-party vendor supplying goods you sell, providing an online shopping facility, or managing your database, you may be vulnerable to cybercrime. You don’t control the level of security provided by a third party.
  • Relies heavily on confidentiality (for example, a dating website).
  • Gather information that, if lost, could result in embarrassment, invasion of privacy, or bullying.

Determine What to Look For in a Cyber Insurance Policy

Consider how much cyber insurance you need and how much your business can afford. Evaluate your risks and the types of coverage you need. Decide whether unintentional error should be covered, as well as intentional attack. Determine what your policy can exclude, what data should be covered, and where it is stored. Find out what insurance providers offer, such as legal costs, first responder services, or business interruption coverage.

Custom-Tailor Your Cyber Insurance Policy Outline

This outline should include:

  • The level of risk your business is facing
  • The type of policy (package or standalone) that works best for you
  • Whether coverage includes third parties
  • Types of coverage (network security, privacy liability, media liability)
  • Amount of coverage your business needs

Ask Questions of Potential Providers

With your policy outline in hand, get insurers to answer important questions about the cyber insurance coverage they provide. For example, you should ask about:

  • Policy exclusions
  • Deductible amounts
  • Response time after a data breach
  • Timeframes for coverage
  • Geographical coverage area (is coverage limited to within U.S. borders?)
  • Types of covered incidents (do they include unintentional or non-malicious attacks?)
  • How coverage and policy limits apply to first (policyholder) and third parties
  • Premium increases after claims are made
  • Auditing or compliance obligations
  • How provider handles cyber threats

Finding the right cyber insurance coverage for your business can be a complicated process. Our knowledgeable agent is happy to help.

Millennials and Home Insurance

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More millennials are buying homes these days, as opposed to renting. By the end of 2018, this generation represented 45% of all new home mortgages, as stated in a Housing Wire article. One thing is certain, whether renting or purchasing a condo or a house, millennials need home insurance to protect them against damage to or loss of their property and against liability.

Renters Insurance

Your living space should be insured, whether you rent or own. Renters insurance covers loss or damage to your personal items in your rented space, due to a covered peril. How much coverage you need will depend on how many personal possessions you have and how valuable they are. Your deductible is also a factor – the higher the deductible, the lower your premiums are likely to be.

It is a good idea to create a personal property inventory, which may include photos, as a record of what you own. High-value items, such as an engagement ring, camera equipment, or a drone, need to go on a separate list, as they may be excluded from your general policy. You may need to purchase a personal property rider for such items.

Condo Insurance

Standard condo insurance is known as HO-6 insurance. It provides protection against covered perils for your condo unit. In addition, it provides personal liability protection and living expenses coverage, in case a covered event, such as a fire, makes your condo uninhabitable. This type of home insurance is also known as “walls-in” coverage because it protects individual units. The condominium association’s master policy covers the common areas of the building.

Before purchasing a condo insurance policy, it is a good idea to find out what is covered by the homeowners association or condo association’s master policy. This typically includes all common areas, including the exterior and roof of the building, the hallways, and the elevators. However, some types of master condo insurance policies are more comprehensive than others.

Condo insurance typically covers:

  • The condo unit itself, including the walls and fixtures
  • Personal property contained in the condo, such as electronics, furniture, and any moveable goods
  • Loss of use: Costs of lodging and transportation if your unit has been made uninhabitable
  • Personal liability: This covers legal costs and provides protection in case of lawsuits or claims made against you
  • Loss assessment: Coverage for your individual share of condo association losses

Homeowners Insurance

If you are purchasing a home, you probably already know that homeowners insurance is not just a good thing to have but also required by lenders. In fact, your mortgage payments will likely have an amount tacked on that goes into escrow for your homeowners insurance premiums.

Homeowners insurance provides protection for your dwelling, your personal belongings, and other structures on your property. It also protects you from liability for injuries or damage to someone else’s property.

Whether you need renters insurance, condo insurance, or a homeowners insurance policy, our agent can help you find the coverage you need at the best available rates.

Don’t Let These Common Myths Scare You Away from Life Insurance

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Most people need life insurance. Not having it could be devastating to your family’s financial future in case the worst should happen. Life insurance is a complex, frequently misunderstood subject, surrounded by a multitude of myths. These myths can be dangerous if they scare you away from purchasing the life insurance coverage you need.

Common Life Insurance Myths Debunked

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

As a general rule, the younger you are when you purchase a policy, the less you pay for life insurance. Buying a policy at a younger age can lock you into lower rates. If you decide to marry and start a family in the future, it may be important to have coverage to provide for your spouse and dependent children. Even if you remain single with no dependents forever, there would still be funeral expenses in the event of your death.

Life Insurance Through Your Employer Is All You Need

Employer-sponsored life insurance is a valuable addition to an employee benefits package. But it is not likely to provide all the coverage you need. Most plans through work offer accidental death or small-term policies with low limits. The coverage may not be enough. Typically, these plans are not portable – if you left your employment for any reason, you could find yourself without coverage. At that point, to continue having life insurance, you would need to apply for a new policy based on your current age and health status.

You’re Better Off Investing Than Buying Life Insurance

Investments can be risky. If you rely on them solely and something goes wrong, there may be no way to provide for your family if you die. Having a life insurance policy in addition to your investments can help ensure your beneficiaries will have cash death benefits if something should happen to you.

I Can’t Get Life Insurance With Diabetes

Many life insurance companies will cover a range of health conditions. Some insurers specialize in high-risk cases. If you have diabetes and can demonstrate that you have it under control, you may qualify for life insurance at better rates than you might have suspected.

Life Insurance Is Too Expensive

In a recent study, researchers found that the majority of people surveyed overestimated the cost of life insurance, as reported on Forbes. Individual quotes depend on risk factors, such as age, lifestyle, and health condition. In 2021, the monthly cost of a $500,000 20-year term life insurance policy for a person 35 years of age is approximately $30 for males and $25 for females.

You Get a Better Deal If You Buy Life Insurance Online

Going online is a great way to research life insurance and a good way to find an agent. But it won’t get you lower rates. Life insurance costs are the same whether you buy online or in person. And you don’t get the same service when you shop online. Our agent can explain the terms on the application, help you determine how much coverage you need, and help you find the best available rates based on your age and health condition.

Do I Need Business Insurance for My Side Gig?

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A side gig is a great way to earn extra cash. It is an opportunity to branch out on your own, and it could even grow into a full-time business that allows you to “quit your day job.” One thing to keep in mind while running a side hustle is the importance of protecting your business and yourself in case something goes wrong. To be fully protected, you may need business insurance.

Does Every Side Gig Need Business Insurance?

Whether or not you need business insurance depends on the level of risk associated with your side gig. If you are working on someone else’s house, you need insurance for protection against liability. On the other hand, if you are working from home as a writer, there is not much risk involved, and you may not need the protection. Consider the following to help you decide if you need business insurance for a side hustle:

  • Are business packages delivered to your home?
  • Do customers or clients come to your home?
  • Do you use your vehicle for work?
  • Do you handle any sensitive material or process payment information?
  • Do you work with children or animals?
  • Could anyone be injured or become ill as a result of your business?
  • Could a major inventory loss or lawsuit wipe you out?

The main question to ask yourself is what happens if something goes wrong. If you stand to lose everything you have built, then you may need business insurance.

What Types of Gig Insurance Do I Need?

Each side business is different, and so are its insurance needs. A Business Owner’s Policy (BOP) may be a good place to start. This is a customized, packaged policy including different types of coverage you may need. A BOP generally includes property, liability, vehicle, business interruption, and crime insurance. Our agent can help you tailor a BOP to meet your specific requirements.

General Liability Insurance

General liability is basic coverage most businesses require. It protects you and your business from liability for bodily injury or damage to someone else’s property. Most BOPs include general liability coverage, plus property protections.

Professional Liability Insurance

Professional liability insurance is also known as errors and omissions (E&O) insurance. It provides protection against lawsuits and claims against your business based on alleged errors, negligence, or failure to perform. Typically, these policies cover legal costs associated with claims and any settlements or awards, up to policy limits.

Cyber Liability Insurance

Even small businesses are at risk for cyber-attacks. Hackers could break into your system and steal your clients’ personal information, which could lead to lawsuits for breach of privacy. Cyber liability insurance covers the cost of legal expenses and settlements associated with lawsuits resulting from cyber-attacks. It may also cover costs of notification, credit monitoring, retrieving data, fines and penalties, and client and personal identity theft loss.

The business insurance package you purchase for your side gig should be tailored to your unique needs. Speak with our agent for knowledgeable advice on how to protect yourself and your business.

The DIY Guide to Winterizing Your Boat

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If your boat is kept in a cold winter weather area without heated storage, you will want to winterize before the first freeze sets in. You can pay someone else to winterize it for you, or save money by doing it yourself in a few simple steps.

Steps for Winterizing an Inboard/Outboard Drive Boat

Gather Your Tools and Supplies

A factory service manual could be an invaluable reference to help you locate all the drain ports and cooling units on your boat. You will also need tools and materials, including:

  • Oil suction pump
  • Lube injection pump
  • Drain plug gaskets
  • Screwdrivers
  • Socket wrenches
  • Combination wrenches
  • RV antifreeze
  • Fogging oil
  • Oil filter
  • Motor oil
  • Bucket

Clean the Carburetor and Change the Engine Oil

First, change the oil and filter. Remove the dipstick and insert the suction hose in the dipstick tube to take out the old oil. Then replace the filter and add fresh oil.

Next, fill the gas tank with non-oxygenated fuel, add a fuel stabilizer, and run your boat to a landing. While the boat is still in the water, take the spark arrestor out of the carburetor and fog the engine. Take the boat out of the water on a trailer to perform the remaining steps.

Drain Off the Coolant

Tip the trailer and place a bucket under the hull drain. Use an open or box-end wrench to remove the hull plug. Get in the boat and start removing drain plugs or hoses near the top of the engine. Make sure to remove plugs or hoses from the oil cooler, block drain plugs, power steering cooler, and exhaust manifolds. Instead of screwing the drains open, you can remove the entire valve, for better drainage and to prevent the wings from breaking off.

When the boat is finished draining, reinstall all the plugs and hoses, except for the block drain plugs. Remove the hose attached to the thermostat housing, or the thermostat itself, and pour in RV antifreeze until it comes out of the block drains. Once it stops draining antifreeze, re-insert the hull and block drain plugs.

Lubricate Lower Unit

Take the bottom drain plug out of the lower unit, allow it to drain for a few minutes, and remove the upper vent plug. When all the old lube has drained out, use a screw-in pump nozzle to refill it with fresh high-performance lube. Put new gaskets in the vent and drain holes and reinstall plugs.

Charge the Battery

As a final step, remove the terminals and fully charge the battery. You can leave the charged battery in the boat or bring it inside and attach it to a maintainer. Now that winterizing is done, you can cover your boat until spring.

Get the Right Insurance Coverage

Boat insurance can help protect you against damage to your boat, new boat replacement, and liability for personal injury, property damage, or fuel spills. Our agent can help you find the right boat insurance policy to protect your investment.

A Parent’s Guide to Teen Driver Safety

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Learning to drive and getting a license is an important step in the process of becoming an adult. But that does not make it any less stressful for the teen’s parents! It is nearly impossible not to worry when you are aware of teen driving accident statistics and know how susceptible that age group can be to driver distraction. If you are a parent of a teen driver, the following guidelines can give you greater peace of mind and help ensure your teenager is safer when behind the wheel.

Set a Good Example

Whether you realize it or not, your teen is watching what you do and hearing what you say. Teenagers make mental notes of their parents’ behavior, and that includes what they do while they are behind the wheel of a car. It is critical that you set a good example while operating a motor vehicle. Buckle your seatbelt, stick to speed limits, drive safely and responsibly, and never drive distracted or impaired.

Teach Your Teen to Slow Down

Speeding or driving too fast for conditions are among the most dangerous driving conduct common in young, inexperienced drivers. Excessive speed is a major contributing factor to traffic crashes nationwide. Explain the laws of physics to your son or daughter. The faster a vehicle is traveling, the more time and distance is required to stop, and the greater the impact in a collision.

Outlaw Texting and Driving

Texting while driving is the most alarming form of driver distraction, as stated by the National Highway Traffic Safety Administration (NHTSA). It requires visual, manual, and cognitive attention and takes the driver’s eyes off the road for five seconds at a time – equivalent to the length of a football field at 55 mph. Consider installing an app, many of which are free and offered by your cell service provider, which silences calls and texts once the speed of the vehicle reaches 15 mph, sends auto-replies, and can alert you if the app is turned off.

Consider a Dash Camera

Dash cameras are video cameras that can be installed in your vehicle to record footage of the exterior and/or the interior of the vehicle. With a two-channel model, one camera records what is in front of the vehicle, and the other records the interior of the vehicle and what is behind it. Parents are able to view this footage after a teen drives the car to monitor safe driving habits and determine if anyone else was in the vehicle. This camera footage also provides evidence of how an accident happened if one should occur.

Keep Your Teen Off the Road at Night

Fatal crashes are more likely to occur after the sun goes down, as stated by the CDC. For the first six months of driving, make it a rule for your teen not to drive after 9:00 p.m. When he or she has six months of experience, go out with your teen and practice night driving.

Make Sure You Have the Right Auto Insurance Coverage

Having a teen driver in the family increases your risk of liability and your need for medical coverage. It can also increase your premiums. Our agent can help you find the car insurance coverage you need at the best available rates.

3 Types of Living Benefits for Life Insurance

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Life insurance is mainly designed to pay out death benefits to beneficiaries. But some life insurance policies also provide living benefits for policyholders. The following are three types of life insurance living benefits.

Accelerated Death Benefits

Most life insurance policies contain a provision known as Accelerated Death Benefit (ADB). It allows the policyholder to receive a portion of the life insurance money while he or she is still living under certain circumstances. Generally, the ADB provision applies when the policyholder has been diagnosed with a terminal illness and has a life expectancy of a specified time (six months to two years, depending on the policy). Certain disabling conditions can also qualify a person, with no requirement as to life expectancy. Although it varies from policy to policy, Accelerated Death Benefit amounts usually range from 50% to 80% of the policy value.

In most cases, no restrictions are imposed on how ADB funds can be used. The policyholder can use this money to cover experimental treatments, medications, or hospital bills. Some people use the funds to pay off a mortgage or provide for their family’s future. Others use them for living expenses or vacations.

Any person with a life insurance policy and a terminal illness may qualify for Accelerated Death Benefits. Depending on the policy and state laws, individuals with organ failure who are not candidates for transplants, people who need artificial life support, and those with Amyotrophic Lateral Sclerosis (ALS) may also qualify.

Long-Term Care Benefits

Long-term care is another living benefit that is usually available with certain permanent life insurance policies. A long-term care (LTC) rider allows the policyholder to receive a portion of the death benefit while still living to cover long-term care expenses.

Qualifications are different for LTC and ADB benefits. A chronic illness that prevents the person from performing activities of daily living, such as eating, bathing, or dressing, can trigger an LTC rider. Examples include cancer, Alzheimer’s, Crohn’s disease, epilepsy, and MS (multiple sclerosis). ADB requires a diagnosis of terminal illness.

Policy Loans

Policy loans are also known as life insurance loans. Life insurance companies issue loans to policyholders, using the cash value of a life insurance policy as collateral. Traditionally, interest rates on policy loans have been very low, but that is no longer always the case.

Insurance companies only issue loans on permanent, whole life, or universal life insurance policies that have accumulated cash value. Borrowers have various options for repayment, including periodic loan payments, or paying only the annual interest on the loan. Should the borrower fail to repay the loan, the insurance company would withdraw payment from the death benefit of the policy.

Life insurance is primarily designed to replace income when a breadwinner dies. But it is also a vehicle for investment and estate planning, and it has living benefits that can be accessed while the person is still alive. Meet with our knowledgeable agent for answers to any life insurance questions you may have.