Auto Insurance

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:
 

• Property coverage pays for damage to or theft of your car.
• Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
• Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses  

Your auto policy may include six coverage's. Each coverage is priced separately.

 

1. Bodily Injury Liability (BI)

This coverage applies to injuries that you, the designated driver or policyholder, cause to someone else. You and family members listed on the policy are also covered when driving someone else’s car with their permission.

 2. Medical Payments or Personal Injury Protection (PIP)

 

This coverage pays for the treatment of injuries to the driver and passengers of the policyholder's car.

 

3. Property Damage Liability

 

This coverage pays for damage you (or someone driving the car with your permission) may cause to someone else's property.

 

4. Collision

This coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes. Collision coverage is generally sold with a deductible of $250 to $1,000—the higher your deductible, the lower your premium.

5. Comprehensive

This coverage reimburses you for loss due to theft or damage caused by something other than a collision with another car or object, such as fire, falling objects, missiles, explosion, earthquake, windstorm, hail, flood, vandalism, riot, or contact with animals such as birds or deer. Comprehensive insurance will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage with or without a deductible. States do not require that you purchase collision or comprehensive coverage, but if you have a car loan, your lender may insist you carry it until your loan is paid off.

 6. Uninsured and Underinsured Motorist Coverage (UI,UIM) This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver. Underinsured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss. This coverage will also protect you if you are hit as a pedestrian.

There are also other coverage options that you may need for greater protection in case of an accident or loss. Here are some of the other types of coverage that can help meet your special vehicle insurance needs:

• umbrella coverage: lets you extend your homeowners and auto insurance liability coverage up to $1 million or more for greater protection.
• recreational vehicle coverage: for your all-terrain vehicle, motor home, travel trailer and more.
• classic auto coverage: for that high value, older model special vehicle.
• antique auto coverage for your 25 year old or more passenger car that you bring out and show off on special occasions.
• exotic vehicle coverage for that one-of-kind , special edition or limited production car.
• modified vehicle coverage for the unique changes you've made to your vehicle.
• street rods coverage for that replica or older vehicle you take to car shows, events and occasionally drive.
• motorcyles include basic models, high performance, custom bikes, etc.
• watercraft coverage for your motor boat or sail boat, houseboat, jetski, and more. 

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Health insurance

Many people simply can’t afford health insurance in today’s economy. This leaves a lot of people scratching their heads about what to do about insuring their families and themselves. There are programs that can help individuals and families if you make under a certain amount of money each year.

f you make under $20,000 as a family or under $10,000 as an individual then you qualify for federal Medicaid help. If you make over these amounts but still under $40,000 a year there are still programs in many states that can assist you with subsidized health insurance. To find out about these programs you simply need to contact your health and family services office and they will help you determine what health insurance support you qualify for.

If you make more than $40,000 a year but traditional health insurance plans are still too expensive to afford for your family then there still is options for health insurance. The best option in this case is a HSA savings account.    And HSA savings account, or health savings account, is an insurance plan that has a high deductible but a very low premium. These accounts are very affordable for families and can often cost under $100 per month for an individual. The drawback to these plans is the high deductible. Most of them have $5000 to $10,000 deductibles which means the first $5000-$10,000 in medical bills are your responsibility to cover.

We have become very accustomed to being able to go to the doctor whenever we feel a tickle in our throat or notice a slight dark spot on our skin but these convenient little visits can end up costing  $300  a visit when, more than likely, there isn’t anything even wrong with you.

So if you can’t afford insurance you shouldn’t worry so much because there are options to assist you. Use the resources that are available to you and find the best option for your particular circumstance. If you are methodical about your search and keep a level head then you won’t have any problems finding a quality healthcare option for you and your family.

Food insurance

Food insurance has been a term heard a lot recently due to the broadcasting of the various natural disasters to devastate many areas of the world. Watching people waiting or trying to find clean food or water scares most of us and makes us wonder if we are prepared for a disaster.

We try to make sure our home, car, health, and lives are insured just in case of a disaster, so why not our food supply? What is food insurance and how can it help you? Would food insurance take care of your immediate food needs or just help you later, after the disaster like your home or car insurance does? What types of food insurance are available? The answers to all of these questions depends on what type of food insurance you are interested in:

4 Main Food Insurance Types:

Homeowners Food Spoilage Insurance

This type of food insurance is available in one's homeowners or renters insurance. Mainly what it covers is food spoilage due to a covered problem under one's policy. Homeowners food spoilage insurance will reimburse the policyholder with money and not food, so this type of insurance would not be helpful is one is wanting protection during a disaster. Also, depending on the homeowners policy, homeowners food spoilage insurance may need to be added to a policy therefore if one is interested in homeowners food spoilage insurance they would need to check with their insurance agent to see if they have this coverage.

Food Insurance Supplies

There are some companies that have came up with a type of food insurance that works different than the above homeowners food spoilage insurance. This type of food insurance is an actual food and water supply one would purchase and store to provide themselves and family with an immediate supply of necessities during a disaster. www.foodinsurance.com is one such company that has become a popular choice for some wanting this type of food insurance.

Food Liability Insurance

This is a type of food insurance that protects a consumer if they were to get sick from food eaten by someone else such as a restaurant or food produced by a company. This insurance is not available to the direct public and is purchased by companies to give them liability protection against problems that may arise from the food they prepare or produce.

Food Insurance Self-Insure

Self-Insuring has become a popular idea among many who want to take a more active role in their insurance needs and not be entirely dependant on a company to cover their losses. Self-insuring has also become popular among many because self-insuring helps one avoid the high costs of insurance premiums. So how do you self-insure yourself with food insurance? Basically, put together a supply of food and water for yourself and/or family. Of course make sure your food and water supplies will keep a long shelf life and are portable just in case you would need to take the supply with you. With some research a good self-insured food supply would be a great and inexpensive way to protect you and your family in case of a disaster.

Business Insurance Logo

Home Based Business

Working from a home office or doing business from your home can be a great way to earn extra income and has a number of intangible benefits: less stress, no commute, time with the kids, etcetera. But it is important to remember that the home business is just that - a business. It needs to be insured like any other business.

Renters' and homeowners' policies do not cover home businesses. Personal auto policies do not cover autos used for business purposes. Many policies have exclusions for "illegal" operations, so it is important to determine if your business is allowed to be a home based business in your community.

If you run a business from your home, it is important to work with an insurance professional and explain all current operations and any potential operations from the home so you can secure appropriate coverage.

What Coverage is needed?

As with any business, the owner must analyze what types of business will be operated and the components of that business. You can consult the checklist on this guide site to help gather the appropriate documents. Consider and answer the following questions:

Will the business supply, manufacture or create a product or foodstuff?

Will a vehicle be used in the business for any purpose?

What electronic equipment will be used AND will that electronic equipment be used for personal, non-business applications?

Will a professional service be provided?

Will business visitors come to the house?

Focusing on these questions will help identify what types of coverage are needed for the home business.

Business Property Insurance

In most instances, your home business will need business property insurance. Business property insurance insures against loss or damage to property used in the business. If, for example, a fire occurs and your home office is destroyed, your computer, fax machine, copier, furniture and printer would not be covered under your homeowners' policy. You need a business property policy to provide that coverage.

Businesses often need to make a decision regarding whether they will buy actual cash value coverage or replacement cost coverage. For the home business, in most cases the business owner should secure replacement cost coverage and verify with their insurance professional that electronics are absolutely covered under the policy. Actual cash value policies may have lower premiums, but most home businesses cannot afford the lower settlement value after a catastrophic loss.

Liability Insurance

Liability insurance protects the business when it is liable for damages caused to another or another's property. This type of business insurance is necessary if business visitors will visit the house. Your homeowners' policy will not protect you from claims made by injured business visitors. Business visitors include delivery people and couriers. If a courier slips and falls on your front steps making a business delivery and you face liability for their injury, the homeowners' policy provides no coverage.

Professional Liability or Acts Coverage

Professionals working from their home still need the same professional liability insurance as professionals working out of an office. As straightforward as this sounds, many professionals do not secure professional liability insurance when they work out of their home. It is important that you try and avoid any gaps in coverage. For example, if you are transitioning from a paid position to a new home business and your prior employer provided professional liability insurance, do your best to secure coverage that will be in place the moment the prior coverage lapses. Even if this means insuring a period where you perform no services (perhaps after a pregnancy) your premiums, in the long run, will be less expensive without a coverage gap.

Product Liability Coverage

Product liability coverage protects the business if the business is liable for damages to a person or property caused by a product supplied, designed or manufactured by the company. If you make or supply something, consult with your insurance professional on the need for this coverage.

Business Auto

Your personal auto policy does not cover a business use of your vehicle. If you will make deliveries, visit clients, pick up packages or use your auto for a business purpose and you get in an accident, your personal auto policy will not cover you. Business auto is relatively inexpensive and an absolute necessity if you use the car for any business reason.

Other Coverages and Considerations

Because of the rise in the number of home businesses, a number of insurers are starting to offer some of these coverages as endorsements and riders on standard homeowners' policies. Other insurers offer specialty policies that cover both home and office. The home business person must compare these coverages to the actual cost of obtaining separate business coverage. The home business owner must compare and contract the coverages available under such products in comparison to purchasing a separate business policy. Sometimes the products offer less coverage and are packaged together solely for convenience.

Finally, the home business must comply with all regulations, health codes, laws, regulations and statutes. A failure to do so may void coverage. Employment laws must be followed. If you will have employees, you will need workers' compensation coverage

Specific Business Examples

Each business is unique and requires an individual business insurance evaluation. But, a good starting point in any analysis is looking at examples of particular businesses. Here we look at some specific business examples.

Planning to Insure Your Business

Your business is unique. Your business needs a business insurance plan that fits your business. Here we look at the preparations and considerations necessary to properly insure your business.


1. Preparation

Preparing to purchase business insurance is a process that requires the business owner to analyze their business and to weigh the risks faced by the business. Preparing beforehand allows the business owner to communicate their needs to the insurance professional and insurer.

Meeting with your agent or broker is critical in proper business insurance planning. Use the checklist below to make sure you have all the information you will need to fill out the various applications, have a meaningful discussion with your insurance professional, and to insure that you purchase the right business insurance for your company.

Information for Every Location Where You Do Business

You will need all of the information for every location where you do business this includes:

• Addresses of all locations
• Copies of relevant leases
• Names and addresses of all landlords
• Names and addresses of any location where your employees operate as contractors
• How each location is constructed (masonry, metal, or wood)
• Whether the location has sprinklers
• Square footage and the type of space
• The number of floors in the structure.
• Information for Every Titled Vehicle Owned By The Business
• You will need:
• Vehicle Identification Number (VIN)
• Model year
• Color and make
• for every titled vehicle owned by your business. Note: this is not limited to automobiles! All titled vehicles include: trailers, watercraft, road equipment, motorcycles, anything that is titled.
• Employee, Owners, and Officer's Information
• You will need all employee, owners, and officer's information and their beneficiary information. This includes:
•  
• Names
• Names of spouses and children
• Addresses
• Birth dates
• Social security numbers
• Note: You may need additional information to secure health insurance.
•  
• Credit, Banking, and Account Information
• Some insurers may offer premium insurance programs to financially secure operations that sign up for longer than usual policy periods. You will also need this information for certain coverages and to set up direct premium withdrawal if desired.
•  
• Financial Records Showing Assets and Liabilities
• Insurance rates are typically based upon financial data. It is imperative that you purchase the correct amount of insurance. If you "under insure," then you will be subject to a large "co-insurance penalty." You will need your most recent records in order for you and your insurance professional to determine the appropriate amount of insurance. Also, in order to purchase business interruption insurance you will need this information.
•  
• Names and Addresses of Additional Insureds
• There may be certain businesses or people that you will want to cover under your policy as additional insureds. For example, if you are a landscaper with a contract with a recurring client, then you may want to add their locations as additional insured locations.
•  
• Copies of All Current Policies and Declarations Pages
• If you are changing carriers or looking to change coverage, you will need copies of your current policies so your insurance professional can have the policies terminated and your new coverage start without a lapse or an overage of coverage.
•  
• With this information your insurance professional can also give you a comparison of available products to what you currently carry.
•  
• Identify Critical or Unusual Equipment
• You may need specialized coverage for equipment that poses an exceptional risk or is so critical to your business that its loss can lead to a lengthy business interruption. So bring these things to the attention of your insurance professional.

Purchasing the Right Business Insurance Policies

Understanding what different policy types cover is important to match your business insurance needs to what policy coverage. Knowing what coverage is mandatory and what business insurance is optional allows the business owner to control the business insurance budget.

INTRODUCTION

Business Insurance examines how today's reinsurance market is changing in response to recent technological advances in catastrophe modeling.

Its also a broad description that can be broken down into a list of nine types of insurance policies and here I will briefly explain the coverage and expand on these as individual topics. For now, these are general descriptions so that we are talking about the same thing.

Property insurance

Property insurance insures against loss or damage to the location of the business and its contents. It can also insure the property of others in your control when the loss occurs. Property insurance can be for a specific risk. For example, a fire insurance policy insures only against a fire loss to the location. A tornado is not a fire and, therefore, that loss would not be covered. The insured location can be owned, leased or rented.

Casualty Insurance

Some insurers will lump property and casualty insurance together and refer to the coverage as property and casualty insurance. In fact, packaged policies of property and casualty are often the best purchase a business owner can make. However, to have an understanding of the difference between the coverage, I will discuss this as a separate type of insurance. Casualty insurance insures against loss or damage to the business.

Liability Insurance

Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or its employees. Put another way, it protects your business when the business is sued for negligence.

Commercial Auto

Your personal automobile policy does NOT cover vehicles used by your business. If your business uses vehicles or anything that is required to be titled by your state, then you need a commercial auto policy. Commercial auto coverage insures against property damage to vehicles and damage caused to others by those vehicles.

Workers Compensation

You will need to insure your employees against on-the-job injuries. Every state is different. But, most states have put into place some form of workers' compensation system. Workers' compensation is a system where the employee is not allowed, by statute, to sue their employer for on-the-job injuries; but, in return, the employer must participate in a system that provides nearly automatic payment to the employee in case of injury for medical bills and damages. There are many options for workers' compensation coverage. Some states allow an employer to opt-out of the system if the employer is self insured, some run the system through private insurers while others use state agencies.

Business Interruption

Business interruption insurance insures against loss or damage to the cash flow and profit of a business caused by the business being unable to operate because of interruption. The easiest example is to think about a critical piece of machinery being struck by lightning. The repairs to the machine may be covered by other coverage such as property or casualty insurance. But, if you can not make widgets for three months, than there is no replacement of that income without this coverage.

Health Insurance

To be competitive, most businesses need to offer their workers health insurance. This insurance offers a health coverage benefit to your employees (and you).

Life and Disability Insurance

Life and disability insurance protects the business against the death or disability of key employees. For example, one partner carries a life insurance policy naming the partnership as a beneficiary. If that partner dies, and the business has planned properly, the proceeds of the policy can be used by the business to buy out the share of the decedent's partnership interest from the estate.


Other Insurance or Scripted Policies
It could very well be that your business is so unique to have need for coverage that is a mixture of some of the coverage listed above or something written specifically for your particular risk. One can think of some actresses, actors, or sports stars that have had legs insured at some point in there careers. This would be an example of a scripted policy.

Insurance

Insurance

Insurance is a financial product that is designed to protect people against financial and property losses. It is based on an exchange between you and your agent. Each month you pay your insurance agent a premium which is used to purchase a certain amount of coverage during the coming month.f you experience a covered loss during that month then your insurance policy will pay for your loss according to your agreement, however, if you don't experience a loss during the month then your premium is used simply to keep your policy active.

Life Insurance

One of the most important insurance policies to have, especially if you are married or have children is a life insurance policy. This policy is not intended to provide you with financial security, but it is instead intended to provide your beneficiaries with financial security. Life insurance is usually taken out in modules of $10,000. Generally you need to take out enough life insurance coverage to pay off your current debts, to provide a living allowance to your beneficiary and to cover other costs that you may incur at the end of your life like burial and legal fees. If you sell life insurance then you can either use the business card template provided by the company you are affiliated with, or you can design your own.

Health Insurance

Health insurance is another type of insurance that is important to have. However, millions of people don't have it because they can't afford it or because they don't know how to get it. If you are an insurance agent that offers a great health insurance product then you can use your business card to attract new clients and to help educate more people about the products that you offer.

Auto Insurance

If you drive a car then you need to have auto insurance. Because of this, if you sell auto insurance you have a lot of people that need your product. However, there are a lot of insurance agents out there that you have to compete with. In order to get your piece of the pie you need to have a business card that is memorable, that is easy to read and that has all the information a person needs to get a hold of you to buy a policy.