There is a certain art to getting the right combination of business insurance, coverage, price, and service. Not all business insurance companies are created equal; they offer different kinds of coverage, have different limitations, and offer different services. Our job is to match your business with the insurer that can offer you the coverage you need at the right price.
Sometimes, a business owner or manager can forget about their business insurance. This can be a big mistake. If you do not review your business insurance annually, your business may be lacking the best business insurance possible. Here are a few reasons why your business insurance may be lacking.
Has Your Business Changed? If you offer new products, have hired more staff, use subcontractors, or purchased new and/or additional equipment, your business insurance will need to be updated. It is important to update your coverage, or you may have less insurance than you need at the time of a loss.
Are You Providing a New Service? If your business offers a new service to customers, you may need a different kind of insurance. For example, if you are a contractor and now provide design services, you will need professional liability insurance.
Are There New Laws or Statutes? Often laws are passed that can affect your business. For example, new laws have been created relating to using independent contractors. Often employers may use independent contractors to get around hiring additional employees. There are standards that your business must follow.
Have You Made Changes In Ownership? If your ownership or management team has changed, it is possible you need to review certain aspects of your insurance coverage.
Changes in Revenue. Your business insurance premium is tied to revenue. One of the policies this will greatly affect is Business Interruption Insurance, as this covers you for loss of profits while your business is out of action
In the next few weeks, many students will be leaving their summer jobs and heading off to college. For many kids, this will be their first time away from home. Did you know that theft and burglaries make up over fifty percent of campus crime? The right kind of personal insurance, a bit of prevention, and good safety precautions can provide a measure of comfort for families and their children.
As you and your child start to prepare for this upcoming school year, it is important to have a thorough personal insurance review in order to make sure you have the best possible combination of coverage, price, and service. We also recommend that you communicate with your child about what they can do to create as safe an environment as possible. All these things will help make their college experience both safe and enjoyable.
It is always best to consult with a licensed insurance professional regarding your need for competitive personal insurance, health insurance, identity theft insurance, and even personal umbrella insurance.
Personal Insurance Issues for College Students
There may be cases where your homeowner's insurance will provide some level of coverage while your child is away at college. Here are some of the issues we would like to review with you to determine if you have the right kind of personal insurance.
- Personal Property. Most homeowner’s insurance policies provide some limited coverage for personal property away from your premises. This limit is usually less than $1,500 per policy. If your child is taking any computers, electronics, household goods, and clothing, this amount may not be enough. You may want to add additional coverage to cover any theft or covered claim. If you have a high deductible, a renter’s insurance policy might be an option.
- Identity Theft. Identity theft is a major issue on college campuses. We would recommend that you add this coverage to your homeowner’s insurance policy, or at least have us complete a review to determine if you have the right kind of coverage at the best price.
- Renting. Some college students rent an apartment with friends. Many rental companies now require a separate renter’s policy. Some rental companies may offer renters insurance as part of their package. Frequently, you end up paying much more for their coverage versus having us review your options and providing a quote for competitive renters insurance.
- Auto Insurance. If your student takes a car to college, you will need to notify your auto insurance company to make sure the vehicle's location is reclassified. This may cause your auto insurance to go down, especially if the college is in a small town. Auto insurance rates are based on the garage location, and smaller cities often have lower rates. We always recommend keeping your child on your auto policy, even if they do not have a car at college.
- Health Insurance. Children may remain on your health coverage until the age of 26. If you have a high health insurance deductible you may want to consider utilizing special health coverage offered by the college or university. Many colleges will offer student health insurance at a very reasonable cost.
Your life and circumstances can change on a regular basis, so you want and deserve insurance products that will respond to your changing needs. Personal insurance policies can change with your circumstances, but it is important to make updates and your circumstances situation requires it.
We offer a wide range of personal insurance at competitive prices. We can sit down with you and complete a review of your personal insurance program. Our goal is always to find you the best possible combination of coverage, price, and service.
Reasons To Review Your Personal Insurance
Changes in Your Circumstances. This can include a move, remodel of your home, marital status, or purchase of a boat or other high value item.
New Insurers and Discounts. Often, you make changes and if we know about them, we can offer discounts. For example, if you install a home security system there are discounts for that. In addition, new insurers frequently come on the market offering competitive homeowner insurance options. If we review your insurance, we can offer different options to you that may save you money.
Personal Insurance Products We Offer
· Identity Theft
· Personal umbrella
Homeowners need to be aware of their home’s replacement cost, as this value is what will determine any claim settlement. Replacement cost is the actual cost to replace any personal property or structure to its pre-loss condition. Replacement cost can change from year to year, regardless of real estate trends.
How To Determine Your Replacement Cost
The most important thing you can do to determine the replacement values of your personal property is to create a home inventory.
- Create a digital record of every room. While you are videoing, describe each item and identify a replacement cost.
- It may be useful to categorize clothing. For example, 10 pairs of men’s pants, 12 tee-shirts, 6 pairs of Nike shoes, etc.
- Make sure you focus on high-end items like jewelry, guns, computers and artwork.
- If you have expensive art, guns or collections, it would be good to have it appraised.
- Update the inventory from time to time.
- Keep the inventory in a safe or at a secondary location.
- Having an accurate replacement cost is critical in having the right amount of insurance.
- Get an estimate or appraisal of the replacement cost of your home.
- Talk to a new home builder in your area.
- Determine the square foot construction cost (new) in your area and multiply by your home’s square footage.
- Your insurance agent will have resources for you.
A Business and Risk Update
A traditional liquor liability policy, like all commercial insurance policies, has limitation and coverage terms and conditions. We thought it might be good to provide a brief overview of this coverage by answering some common questions. Remember, we can provide a review of your business insurance needs. Please call our agency to set up a meeting.
Common Questions Regarding Liquor Liability
“My business (a manufacturer) is not in the business of selling alcohol. However, we do offer alcohol at parties or events at no cost. Do I need liquor liability insurance?”
Answer: In most cases, you do not need to purchase liquor liability if you are not in the business of selling or serving alcohol. However, it is always a good idea to have us review your individual commercial insurance coverage to make that determination.
“Our nonprofit is holding a fundraiser where we are selling wine to raise money. Do I need liquor liability insurance?”
Answer: Yes, if you are selling alcohol, you will need liquor liability insurance, or hire a bartender who has it. The standard liquor liability exclusion in your commercial insurance applies to any business that is in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages.
If your business is holding an event at a hotel or other venue where alcohol is served, we recommend you request confirmation that they have liquor liability insurance.
In many states, every bar or business in which an intoxicated person drank can be pulled into a lawsuit if the person causes bodily injury to a third party. The business must prove that the patron was not intoxicated while at their event.
All liquor liability insurance policies exclude the selling of alcohol illegally, which includes selling liquor to a minor.