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1 week ago · by · 0 comments

What is Important for a Business to Know About General Liability Insurance

Business Liability Insurance is also known as General Liability Insurance (GLI). It is designed to help a business be protected from advertising injury claims as well as property damage claims, bodily injury claims and more. GLI will provide coverage for a business against lawsuits and customer injuries. It could be used to pay for legal costs, medical expenses if there is an incident resulting in a lawsuit.

Companies Need General Liability Policy

Businesses will invest a lot of time and effort in creating and growing their company. They will need a general liability policy to protect their investment from some type of incident that could result in devastating costs caused by a successful liability claim. Many of these can occur during common business situations. It includes employees or others who visit and represent client companies. GLI will be able to protect a company’s property as well as its business activities that take place at third-party locations.

How General Liability Insurance Works

It is designed to work like many other insurance plans. The policy will list the highest amount an insurance company will pay in a liability claim. Smaller businesses may get $300,000 for costs resulting from an injury occurring at a worksite. It may also provide an additional $100,000 for legal fees. This means the most a company will get from the policy is $400,000. Anything over that amount will be the responsibility of the company to pay.

Types Of Claims

*Advertising Errors – This will protect a business owner against claims of alleged advertisements that infringe on a copyright as well as false advertising and more.

*Rental Property Damage – A business owner will be protected from damage caused by lightning, explosion, fire and more for any property they rent.

*Property Damage Or Bodily Injury – This could protect a business owner against claims of damage to property or bodily harm caused by the business.

*Medical Payments – If a person experiences an injury at a business, this will help with the costs associated with their medical treatment.

*Reputational Harm – This will cover slander, malicious prosecution, libel as well as a violation to the right of privacy, wrongful eviction and more.

General Liability Insurance Rates

The cost of a general liability policy will be determined by using a number of different factors. A major factor will be the type of business. A restaurant business has a higher exposure for risk than a consulting company. The amount of time a company has been in business is a factor. Experience often results in lower premiums. The location, size as well as the condition of a company’s premises will also influence GLI rates. A company’s history of insurance claims against them will also be a factor. There are also policy specific details that will impact the cost of a policy. These are such things as preferred coverage limits, amount of the policy’s deductible and more.

Filing General Liability Insurance Claim

When a company has an incident that could result in a claim being filed against them, they should immediately notify their insurance agent or the insurance company directly. The insurance company will want to know the details of what happened. It is important to be able to tell the insurance company the date and time of the incident. They will also want to know if there are any witnesses, their names and how to contact them. All other information that could be pertinent to the claim should be provided to the insurance company.

Research

When choosing which insurance company that would be a good fit, businesses should do some industry research. There are some insurance companies that focus on providing coverage for specific industries. Speaking with similar companies will help a business owner realize what type of coverage is necessary and what type of premiums are appropriate.

It is unwise for a business at any level to not have a GLI policy in place. It will pay for liability costs and more when a company needs to meet these types of obligations. A GLI policy is designed to protect a company’s assets. It can protect a company if they are successfully sued. It will cover any award or settlement involving losses suffered by an injured party. GLI policies can protect against damage from natural disasters, criminal activity and more. It is an important way for a company to experience a bad incident and still continue operating.

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2 weeks ago · by · 0 comments

6 Reasons You Need to Get Renters’ Insurance

If you’re renting an apartment, condo, or home, then you’ll need an additional renters’ insurance policy to cover your personal belongings. Even if you feel like you don’t need insurance, here are some reasons why you should get such a policy.

It Protects Your Personal Property

It can cover your personal property in the event of a flood or a fire. Certain things like your television set, laptop, or furniture are often not covered under your landlord’s policy. Renters’ insurance allows you to cover the costs of your personal belongings.

Determine the actual cash value of your belongings. The Actual Cash Value or Replacement Cost can help you fix or replace some of your belongings. The Actual Cash Value will reimburse you for the things that got lost or damaged.

It Creates a Safety Net For Liability Costs

You might think you’ll never get sued. What happens if you get into an altercation with a neighbor over a noise complaint? What happens if you accidentally leave the oven on and it causes a fire to spread to the other apartments?

If you’re negligent or at fault, then you may have to pay up. Liability coverage can help cover some of those costs and any additional expenses for which you’re held accountable for.

It Creates Peace of Mind in Emergencies

If there’s a natural disaster in your area that makes conditions unliveable, your insurance may be able to cover the costs of additional living expenses for when you need a temporary place to stay. If your apartment costs less per month than your temporary location, then your insurance company will make up for the difference. It gives you peace of mind, knowing that you’ll have a temporary place to stay when needed.

It Covers Your Possessions Anywhere in the World

Renters’ insurance can also cover your personal belongings when you’re traveling. It doesn’t matter if your belongings are in your home, your vehicle, or in your luggage. Your possessions lost from theft can still get covered. Check your insurance policy to find out these “other covered losses.”

It Can Help Cover Additional Expenses

It can help you cover additional expenses such as temporary living, food, and other items. Check with your insurance policy to find out what “additional living expenses” it covers and for how long. Find out if there’s a cap that the insurance company will only pay.

Your Landlord Requires You to Have It

Your landlord’s policy may only cover the apartment and the grounds. As mentioned before, it’s not going to cover your property. Landlords are now requiring their tenants to have renters’ insurance policies. If you don’t know where to find the right coverage, your landlord can help you out.

Now you know why it’s so important to have this type of insurance. Ask your agent how you can save money when choosing a new policy. You may get a discount if you purchase renters’ and auto insurance through the same company. Speak with your local insurance agent for more information.

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1 month ago · by · 0 comments

How to Insure Your Home Business

Congratulations on pursuing your passion and taking the leap to become a home-based business owner! Starting your own home business can be an exciting albeit nerve-wracking time. The good news is the odds of success are in your favor.

Today, there are approximately 38 million home-based businesses being run throughout the US alone, and 70 percent of these have managed to stay in operation for at least three years. Even more inspiring is the fact that these same home businesses generate over $400 billion each year, making them a vital part of the overall economy.

With so much at stake, home businesses need to be protected just like any other business entity. Whether you plan on working for yourself around the clock or only a few hours a day, proper insurance coverage is a must in order to protect your business and assets should anything unexpected occur.

If you’re running a home-based business, the type of business you’re operating, the amount of inventory you have, and your sales volume are just a few of the many factors that will affect which home business insurance coverage is best for you.

However, with so many intangibles to account for and insurance options out there to choose from, how do you select the right coverage for you and your home business? Fortunately, we’ve broken the selection process down to three simple steps.

Keeping reading to learn how to choose the right coverage, insure your home business, and begin protecting your bottom line today.

Step One – Understand Your Home Business Insurance Options

Many insurance carriers provide several different insurance options for home-based businesses. Your coverage needs will vary depending on the type of home-based business you’re running.

For example, if you’re a freelance writer or graphic designer with no tangible goods other than a computer and software, the amount of coverage you will need will differ from someone selling custom t-shirts with a room full of inventory.

A simple home owner policy endorsement may do the job, or you may need several individual business insurance policies. Perhaps a businessowners package policy is a better fit?

Here’s a look at each of these options and how they apply to home businesses like yours.

Homeowner’s Insurance Endorsement

While homeowner’s insurance is designed to cover homes and not businesses, it may be suitable for your home business needs if you only need a small amount of coverage for business property. More than likely, incidental business property is already covered under your base policy. However, it provides zero business liability coverage. A business endorsement can solve this dilemma.

There are generally two types of home business endorsements:
• Endorsements that cover inventory, tools, computers, and so on
• Endorsements that cover liability

Basic business-related property endorsements typically provide up to $3,000 of coverage for business property in the home and only $250 of coverage when away from the home.

Liability endorsements only provide coverage in the event someone is injured on your property, and they are usually only available to home-based businesses with very few business-related visitors.

Unfortunately, neither provide professional liability coverage and offer protection in the event of a lawsuit. There is also no comprehensive coverage option for loss or damage to off-site business property, loss of records, and loss of income due to extensive damage to your home resulting in an unusable space.

With loss of income coverage, if a covered home event like flooding or a tornado forces you to pause in-home operations, you will receive funds to pay employees and bills for up to 12 months. If you need this or even more coverage to fully insure your home business, a businessowner’s policy may be a better option.

Businessowner’s Policy

A businessowner’s policy, or BOP, is designed for home-based businesses of a larger scale. If you need to protect $10,000 or more of business property or have multiple types of liability coverage, you should consider a BOP.

Aside from the added protection, one of the main advantages of a BOP policy is the ability to have specific liability coverage for your type of business. However, it’s important to note that a BOP typically only covers any damages caused to others as a result of your product or service. It doesn’t cover the actual product or work itself.

It’s also worth pointing out that BOPs don’t provide any health, life, disability, or worker’s compensation coverage. So, if you have employees and want to cover your bases, it may be worth looking into these types of coverage as well.

Commercial Auto Coverage

Similar to homeowner’s insurance, personal auto insurance is not designed to provide coverage for business use. Therefore, if you have a company-owned vehicle, you need commercial auto insurance.

With commercial auto insurance, you can protect both company-owned vehicles and personal vehicles used for business. Commercial auto policies also generally cover coverage gaps between personal auto and business liability policies.

Whether you travel daily for your business to and from job sites or once a week to mail documents and packages, a commercial auto policy can make sure you’re covered in the event of theft or an accident.

Step Two – Find an Independent Insurance Agent

Independent insurance agents specialize in helping people just like you find the right home business insurance coverage. So, if you don’t already have one for your home or auto, find one.

Your independent agent will help you secure the best coverage at the best rates available. However, no ordinary agent will do. To get the right coverage for your needs, it’s important to work with an agent with experience insuring your specific type of home business.

Step Three – Regularly Review Your Coverage as You Grow

Whichever agent or type of home business coverage you choose, it’s a good idea to regularly review your policy and discuss any changes with your agent. Similar to the way you would review your homeowner’s policy when adding a bathroom or addition, you’ll want to increase your home business coverage as you increase your inventory, add additional work vehicles, and so on.

You may also want to discuss umbrella policies with your agent. The right agent will offer the right advice to provide you with superior protection both now and in the future.

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2 months ago · by · 0 comments

How to Protect Yourself in an Accident with an Uninsured or Underinsured Driver

It is a requirement in most states for anyone who owns a vehicle to have at least liability insurance on their vehicle. Many people work to get around this requirement. In many cases, people will purchase insurance for their vehicle and maintain it long enough to have their vehicle legally registered. Once this is done, they will cancel the insurance policy. In a bad economy, the number of people driving without insurance increases significantly.

Uninsured Driver Study

A study conducted by the Insurance Research Council shows that approximately one out of every seven drivers on the road does not have insurance on their vehicle. On a national scale, this represents 14 percent of drivers operating vehicles without insurance. The state with the highest number of uninsured drivers is Mississippi and next is Tennessee and then Florida. The states with the lowest rate of uninsured drivers are New York, Maine, and Massachusetts.

Minimize Financial Impact

There are things a driver can do to minimize their financial losses after being in an accident with an uninsured or underinsured driver. It is possible to purchase insurance coverage designed to protect against accidents with an uninsured or underinsured driver. This insurance will provide protection if a driver is in an accident with someone who has no insurance or too little insurance. It can also protect against a driver who is a hit-and-run driver and leaves the scene of an accident.

Coverage

When a vehicle owner purchases uninsured coverage, it will cover the driver as well as relatives residing in the driver’s home. It will also apply to passengers in their vehicle at the time of an accident. It will provide compensation for any of these individuals who are injured when in an accident with an uninsured driver as well as a hit and run driver. Underinsured motorist coverage will cover the driver as well as relatives residing in the driver’s home. It will also apply to passengers in their vehicle at the time of an accident. This provides protection against being in an accident with a driver who does not have sufficient coverage to pay an accident claim. Uninsured and underinsured coverage will not pay for any property damage caused by the accident.

Suing Uninsured Or Underinsured Driver

When a person is in an accident with an uninsured or underinsured driver, it is possible to sue them for losses resulting from a vehicle accident. The only way this is effective is if the driver who is uninsured or underinsured has enough personal assets to reimburse an accident victim’s for their loss. In most situations, a driver who is uninsured or underinsured won’t have financial assets sufficient to compensate an accident victim. This means litigation may not be a viable way to obtain compensation for losses from this type of vehicle accident.

Won’t Exceed Primary Coverage

It is important for people to realize that uninsured and underinsured coverage won’t be more than the amount of a person’s primary coverage. Should someone have $150,000 in coverage for any vehicle accident they may cause, then their uninsured and underinsured coverage cannot exceed $150,000. With most vehicle insurance policies, this coverage is reasonable when compared to minimum liability coverage. It is better than dealing with not having coverage.

Filing A Claim

When a person is in an accident with someone who is uninsured or underinsured, they should contact their insurance company as soon as possible. It’s important to let them know they intend to file a claim. Many insurance companies have strict deadlines when it comes to filing an uninsured or underinsured claim. Often insurance companies require a claim to be submitted within 30 days after the accident. It’s important to tell the insurance company the other driver did not have insurance or refused to provide their insurance information. These claims usually require a little longer to settle.

An uninsured and underinsured insurance claim will follow the same process as any other vehicle accident claims. In this case, it will be the accident victim’s insurance company that will pay the claim. There will be an investigation, review of various records, police reports, depositions of witnesses as well as a review of medical records and more. It will often provide compensation in situations where there would not be any type of payment without this coverage.

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2 months ago · by · 0 comments

Is Flood Damage Covered by My Home Insurance?

If your home suffers damage in a flood, don’t count on homeowners insurance being enough to protect you. A standard home insurance policy does not cover flooding that originates outside your home, although some types of water damage may be covered. To get coverage against flooding, you will need a separate flood insurance policy. Here’s what you should understand.

Homeowners Insurance and Flooding

Regular homeowners insurance won’t cover flooding, which is defined as flooding that originates outside of your home. This means your policy generally won’t cover flood damage due to:

  • Spring thaw flooding
  • Hurricane-related flooding
  • Overflowing and surging ponds, lakes, and rivers
  • Over-saturated ground
  • Flash floods
  • Backed-up sewers
  • Generalized flooding

Your homeowners insurance policy will help cover other types of water damage that are accidental and sudden, however. This can include a burst pipe, a leaking water heater, or a broken washing machine, for example, which can all flood your home with water. The distinction is these sources of water come from inside your home — not outside. Your policy still won’t cover the damage if it’s a result of poor maintenance such as failing to repair a leaking pipe.

The Importance of Flood Insurance

To cover your home against flooding, you will need to buy a flood insurance policy separate from your home insurance. Don’t assume that you don’t need flood insurance just because your home has never flooded, you don’t live near a body of water, or you aren’t in a flood zone. After all, floods don’t pay any attention to flood zones and they can occur anywhere. Hurricane Harvey left widespread flood damage in 2017 yet a whopping 70-80% of homeowners did not have flood insurance.

Don’t rely on flood zones alone when deciding whether you should buy flood insurance. Twenty percent of all claims to the National Flood Insurance Program (NFIP) occur outside flood zones and people in these areas receive one-third of flood-related federal disaster assistance. The average flood damage claim is more than $62,000. Just five inches of water may cause at least $11,000 in damage to your home, according to FEMA. This is certainly not a cost you want to face out-of-pocket after a disaster. Flood maps in many areas are outdated and too conservative, especially in areas with significant new construction.

Flood insurance is required in high-risk designated flood zones but you have the option to purchase it even if you do not live in a flood zone.

Federal vs Private Flood Insurance

Flood insurance comes in two forms: you can buy a policy directly through NFIP, a federal program, or you can buy a private flood insurance policy through an insurance agent. A NFIP policy offers coverage up to $250,000 for your home and $100,000 for the home’s contents. It’s important to note that the NFIP only provides replacement cost coverage for your home itself. This means an NFIP policy will cover the amount needed to rebuild your home. Only actual cash value coverage is offered for your belongings. This means you only get the current value of your belongings, not the cost to replace the items.

A private policy can give you a higher coverage limit to supplement a federal policy or as a standalone policy. If you are outside of a designated flood zone or a federal policy would be too expensive, you can likely save a substantial amount with a private policy. Private flood insurance also offers more coverage for belongings with the option to schedule personal property like collectibles and high-value belongings.

If you are considering buying a flood insurance policy, don’t delay. Flood policies have a 30-day waiting period which means you won’t be covered if you buy coverage shortly before a disaster. If you live in an area that’s considered a low to moderate risk for flooding, you can qualify for very low premiums for flood coverage that can protect you if the unthinkable happens.

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2 months ago · by · 0 comments

You Will Benefit From Reading Your Home Insurance Policy

Most people will sign their home insurance policy, put them away and start living in their home feeling safe they are protected from danger. It is important for a homeowner to know exactly what is in their policy. If they have made improvements to their home, the value of their property has increased or any similar thing has occurred that could change the coverage needed for a property, it could result in a homeowner to being underinsured. Insurance companies estimate over 59 percent of homes in the United States are underinsured. Each policy provides details of what is covered as well as what is excluded.

Declaration Page

It is important to look at the declaration page of an insurance policy to make certain all the personal information it contains is correct. Check to make sure the coverage levels listed are correct and make certain any riders previously added are listed.

Property Coverage

This section will help a homeowner understand the details of the property they have that is covered. This part is divided into sections because each category will have a different coverage limit based on losses.

  • Dwelling. This covers a home used as a primary residence and any structures that are attached to it. This could be a deck, attached garage and more.
  • Personal Property. This will provide descriptions and limits for a homeowner’s personal belongings. This protection extends to any location in the world for covered items. Other people’s personal property may be covered when it is in a policyholder’s home. It could also cover the personal property of an employee or guest and more.
  • Loss Of Use. This describes the expense involved with repairing or rebuilding the property when it is damaged. This includes payment if a homeowner must stay in another place while their house is being repaired or rebuilt. A certain amount of money could also be provided for living expenses. If a property owner lives in a multi-unit building, and a unit in this building is damaged, the owner could be reimbursed for the fair market rental value of the damaged unit.

Liability Coverage

This section will cover all the costs associated with damage to people and property not listed in the policy. This could cover someone accidentally slipping and falling on a homeowner’s property and more.

Personal Liability

In this part of the policy, the insurance company states the circumstances in which it will defend the policyholder against claims as well as pay the claims if the policyholder is found at fault for a person’s injuries on their property.

Medical Payments

This covers medical payments to others. It will cover in detail the limits and types of expenses the insurance company will cover for people not covered by the policy. This could involve such things as surgical expenses, ambulance, hospital stays and more. It will list payments to individuals even if the insured is not at fault for an accident involving their property. If a neighbor breaks a leg during a party at a policyholder’s home, this would provide reimbursement for medical expenses up to the limit stated in the policy.

Riders

It’s also important for a policyholder to review any and all riders they have attached to their policy. They may have some additional items they want to add or some they may want to remove. Insurance riders can cover many different things.

  • Underground Service Line. All homes depend on many different underground service lines. This includes everything from water, heat, cable, internet and more. A homeowner is responsible for maintaining them. This will provide coverage should problems occur with underground service lines.
  • Sewer and Drain Back Ups. A situation could occur that provides a huge coverage gap for many homeowners. This will provide coverage for repairing or replacing a homeowner’s basement if the damage is caused by a sewer or drain backup.
  • Identity Theft Protection. Cybersecurity experts estimate in the United States someone becomes the victim of identity theft every three seconds. This will make it possible for a homeowner to get professional help in restoring their identity. This will involve preparing a case file for creditors and credit bureaus. All necessary information will be provided to law enforcement and more.
  • High-Value Items. Collectibles, jewelry, artwork are often worth more than money to some homeowners. This will cover a high-value item getting stolen or damaged. This will provide compensation.

It is always important to know what is in your home’s insurance policy. An occasional review and update are important. A homeowner’s life never stays the same after initially purchasing their property. They benefit when their home insurance reflects all those changes.

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2 months ago · by · 0 comments

What To Expect During A Premium Audit

All business owners probably understand that it is crucial to insure their business against all sorts of eventualities. The issue comes when they have to pick the right coverage products to cover all their liabilities. This is why most coverage companies will conduct a premium probe. A premium probe is done to calculate the current needs of your business and make sure that you are paying for the appropriate insurance coverage. It is important to have a premium audit conducted when your policy expires or is canceled as this helps to figure out if your business needs have changed.

Why you need an audit

When an insurance company is offering coverage for the first time, they look into an estimated exposure basis and multiply it by a rate. This is just a general estimate of how much risk your business carries and is in no way accurate. When the premium probe is done, the right classification and codes will be used to determine your final premium and this way, you will be paying the amount that you should for the coverage that you need. Besides, the process of carrying out a premium probe also gives you some important information about the operations of your business. Normally, your insurer contacts you about getting a premium probe just before the term expires or before it is canceled.

Getting ready for the audit

When the auditor contacts you, they will give you a form to complete and also indicate the date that they will be coming around for the audit. There are some policies that are audited every year while others are audited less frequently. For instance, a worker’s compensation policy will most likely be audited annually, but general liability policies will be audited less frequently. When the auditor is coming around for the audit, make sure that you have the following records ready for them:

  • Payroll reports
  • 941s
  • Quarterly state unemployment filings
  • Income statements and sales journals
  • Disbursement ledgers such as check registers and others
  • Coverage certificates

The auditor will most likely have given you a checklist of items that you should fulfill before the actual visit and you should make sure that you do before they get to the business.

Understanding the results of the audit

After they have conducted the audit, they will leave and go create an audit report that will be mailed to you. The report will give details about how your policy and premium will change if it will change. There are two things that can happen after an audit. The first is that you could end up owing the coverage company some credit, which will mean that you have to pay them some more. On the other hand, you may end up with some credit, meaning that you have been paying the insurer more than what was needed. It is, therefore advisable to be ready for both scenarios.

Getting your data ready

The audit process will be smooth if you can offer accurate figures related to your coverage. Before you engage an insurer, make sure that you have an exact premium rate so that when the audit is taking place, you do not have to keep using rough estimates. In most cases, when the underwriters are not getting accurate information, they might end up charging you a higher premium than you should pay to cover the uncertainty.

Different requirements for different audits

As stated, there are some policies that will attract audits more frequently than others. For instance:

  • Workers Compensation coverage premiums are based on payroll data, which means that regular payroll audits will have to be conducted by the insurer.
  • Commercial liability audits normally depend on sales levels. Audits will be conducted when you expand floor space and will be based on payroll data.
  • Liquor liability premium audits are calculated as a ratio between the alcoholic beverage and non-alcoholic beverage sales.

All these are the important tips to have in mind when going into a premium audit. On the day of the audit, make sure that you have all the records ready for the company and also have a responsible person or yourself on site. Your presence ensures that any questions which the auditor may have are correctly answered.

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2 months ago · by · 0 comments

Insurance Terms 101: Speak Like an Insurance Agent!

The terminology used by an insurance agent can be daunting. Most of us have heard the terms numerous times, but cannot explain what they really mean. Not fully comprehending these terms can be problematic for the average consumer. These terms indicate the type of coverage the policy issues. If you choose the wrong one based on ignorance, your entire future could be at stake. The good news is that you don’t have to stay in the dark. Learn the parlance of an insurance agent to get the best policy for yourself.

In the World of Auto Insurance

The first car insurance distinction to know is the difference between insurer and insured. Although this seems fairly intuitive, it is easy to confuse. The insurer is the insurance agency that issues the policy. The insured is the named party on the policy. It can also refer to other parties that the policy covers.

Another often used, but misunderstood term is deductible. In insurance-talk, the deductible is a sum of money the insured will pay to activate the policy coverage. For example, when you are in an accident, you’ll pay a deductible before the policy will pick up the rest of the tab. The deductible is set in the insurance contract. When you sign up for a new policy, you will likely have the choice of several deductible options. The of the deductible will affect your monthly insurance payment.

Since we mentioned monthly payments we should discuss the premium. This term is just a fancy word for the money you must pay monthly or annually to maintain the policy. Premiums differ from agency to agency, and according to the type of coverage.

The term coverage can refer to a few different things. What the coverage means depends on which word it is paired with. Collision coverage means that the policy covers damage to your vehicle following an accident. Comprehensive coverage covers damage to your vehicle that occurs outside of a car accident.

There are other uses of coverage that are immediately recognizable. Medical payments coverage takes care of any health care bills or funeral costs. This coverage usually applies even if the accident is your fault. Bodily injury coverage is triggered when you are at fault. It covers the medical expenses of other parties. Finally, uninsured motorist coverage pays for the injuries of your vehicle’s occupants when an uninsured driver is at fault.

Learning About Life Insurance

One final area of insurance with confusing terminology is life insurance. This area is rife with unintelligible terms. The face amount is what is payable at death. This is usually the first number people look at when shopping policies.

When it comes to coverage, you may be confronted with term life or whole life terminology. With term life, coverage is effective for a predetermined period of time. If the insured dies within this time, his or her beneficiaries will be entitled to the policy funds. Whole life coverage continues throughout the insured’s lifetime. However, the premiums need to be satisfied to keep the policy active.

Traversing Health Insurance

Health insurance shares some general insurance terms with other types of coverage. When looking at health insurance plans, you’ll see the same references to deductibles and premiums. However, there are a couple of terms that are unique to this field of insurance.

You’ll need to have a good understanding of the co-payment. This is a small payment you’ll make for each visit to the doctor. You should also be aware of the meaning of co-insurance. This term will dictate how much you pay after the deductible is met. Typically policies will require you to pay 20% to 40% of the total medical bill.

Using the Jargon

Now that you understand some of the most commonly used insurance terms, you should have no problem choosing a policy. You can also feel confident speaking to an insurance agent without missing a beat. Knowing the jargon helps you comprehend what you are getting into. It also can help you to customize a policy that meets all of your needs.

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3 months ago · by · 0 comments

How to Stay Safe When It Starts to Hail

Hail can be a common form of precipitation in many parts of the world, it forms during thunderstorms. When the storm has windy updrafts, it can literally carry water droplets and these droplets may be frozen into hard pellets. This freezing process then creates what is known as a hailstone. Hailstones can be large or small. They can also grow as a result of additional frozen water as the added water clings to the hailstone. As this process continues, eventually the stone will grow too large for the winds to hold it up. When they are no longer able to keep it aloft, the stone, along with other stones, can fall to the ground suddenly. This kind of precipitation can be highly dangerous. It may come on quickly and unexpectedly without warning even in areas that rarely have such problems.

When Hail Strikes

As the storm continues, hail can hit an area fast and with great force. It can hit the ground as well as living things such as pets and children. At the first sign of such a storm, it’s best to know how to stay safe when the storm continues outside. All people, even those who live in areas where it is uncommon, should know what to do if they see it and how to respond in order to avoid problems. There’s no need to panic even if you are in the middle of a hailstorm. Fortunately, there many ways to avoid being hurt. Proper precautions and swift reaction can help all members of any party know what to do the instant they feel a hailstorm about to strike their area.

Seek Shelter

The first thing to do is look for shelter. If you’re at the beach or a park of any kind, head to the nearest covered space. Bathrooms and public showers can serve nicely. They will keep the hailstones away from your head. If you’re in an area where storms are common, you may see shelters specifically set up for this purpose. Make a note of them as you head to the beach. If you’re on the road when the storm strikes, it’s best to look for any shelter you can find. Hailstorms are frequently accompanied by heavy rain. Driving in heavy rain is very dangerous so it’s best to slow down as much as you can. If needed, you should pull over as soon as you suspect this kind of precipitation is over your head. Hailstones tend to make the roads slippery and create potholes you might not see immediately. They can also cause unexpected ice as they are frozen. Any covered structure as the storm continues such as a storefront or a hotel lobby is a good choice that can help you stay safe even as the storm continues to pound overhead.

When Inside

Once you’re inside, you may still be danger. Hailstones can shatter glass easily in an instant. You need to stay away from any windows and skylights when you’re inside. If you have window coverings such as shades and shutters, now is the time to put them up. They’ll help keep the hailstones away from the windows. They also help to protect your family and pets from any flying glass as they can catch the stones. These stones can also damage your roof and even create holes Holes allow the hailstones to hit you and hurt you. If possible, your best bet is to stay away from the roof. Heading to the basement or floors away from the roof is a good iea. If you have enough time, think about heading out to remove your vehicles to shelter. Put your cars in the garage. This keeps them safe from hailstones and avoids damage to the body and tires.

A Plan

Every member of the family should know what to do in case of a hailstorm. You should also have a radio or charged cellphone on hand at all times. This lets you check the weather. You can find out if the storm is stopping or it if will continue for a while. This way, you can figure out if you can head out again or it’s best to stay inside.

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3 months ago · by · 0 comments

Ways to Protect Your Farm Business

Starting a farm business is an exciting experience, especially if you are passionate about farming. There are hundreds of reasons to invest in agriculture. For instance, if you invest wisely in poultry or cattle raring, you will gain good profits every year. However, in order to earn a good profit from your farm, you must maintain it properly and buy the right farming equipment. You should research before launching your farm, which will help you gain adequate farming knowledge. Moreover, it is advisable to install the proper security measures to protect your farm from criminals. For example, if you have hundreds of animals, vehicles and expensive equipment on your farm, you must put advanced security measures to deter burglars. Keeping your farm business secure will make it tough for robbers to steal your farming machinery, livestock and other essential items. This article provides six crucial ways that you can use to safeguard your farm.

1. Talk to an Experienced Farm Insurance Company
Every agricultural business that is profit-oriented requires farm insurance. The insurance will cover the livestock, crops, ranch and farm equipment. Therefore, it is advisable to consult a reputable farm insurance agent in your region. Once you tell your farming needs to a reliable insurance agent, he will recommend the right coverage for you. Some of the factors that the insurance companies consider include the number of livestock reared on your farm, the size of your ranch, type of tools and anticipated profits. Investing in the best coverage will give you peace of mind.

2. Install an Advanced Security System
Installing the best security system is another perfect method that you should use to boost security on your ranch. For instance, you should buy high-quality CCTV cameras and install them on your property. The cameras will help you see every activity on your farm from wherever you are. Furthermore, it is advisable to invest in a good lighting system. If you keep valuable machinery in your stores, you need an alarm to protect your property. In the event of a robbery, the alarm system will inform you and the nearest authorities.

3. Keep Vehicles, Tools and Machinery Safe
As a farm owner, protecting your equipment should be your top priority. Vehicles and farming machinery are expensive. Generators and other crucial tools can be stolen easily. Your stores and commercial structures should be well-built. You should lock away tools and vehicles that are not in use. However, apart from building good structures and fencing your farm, you need to consult a trustworthy insurance agent to recommend the best insurance policy to protect your machinery. With the right cover, even if thieves steal your tools, you will get compensated.

4. Invest in Equipment Breakdown Coverage
Tractors and other farming tools are likely to get damaged after using them for a long time. Even if you maintain and repair them regularly, they can still break down. Once they get damaged, your farming operations may get disrupted, which will affect the level of production. Therefore, it is advisable to consult your insurance agent to help you add the best coverage to your policy. The equipment breakdown coverage will cover your tools. Once they get damaged, you will get compensated. Your farming operations will not come to a halt.

5. Secure Your Livestock
As a farmer, you need to know that robbers can steal your animals, especially if you are grazing them far from your house. You should check the condition of the gates and fences regularly. The gates should remain closed all the time to keep intruders out. Moreover, you need to keep an accurate record of your animals. You can use earmarks, microchips and tattoos to identify your livestock. You can also take videos or photos of the most expensive animals. Your farm insurance should cover your livestock to avoid losses in the event of a robbery.

6. Invest in Product Liability Coverage
Agribusiness is one of the most profitable ventures in the modern society. However, in order to surpass your competitors in the industry, you must invest in the best policies. For instance, you need to invest in product liability coverage to protect your farm business. You need to understand that you are always liable for any service or product you sell or manufacture. As a farmer, you should approach a reliable insurance agent to help you assess the risks associated with your farming business. The insurance company will recommend the best policy to cover all those risks.

Lastly, it is advisable to digitize all your farming operations. You should record every item manufactured and sold by your company. Also, you should hire honest employees to run your ranch. Once you secure your farm and invest in the best equipment, your business will grow.

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Company informations

Cincinnati Family and
Business Insurance
910 Loveland Madeira Road,
Loveland, OH 45140

Contact details

E-mail address:
mike@cincinnatifamilybusinessinsurance.com

513-583-5222

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