A home is one of the most significant purchases most people make and an investment worth protecting. Knowing what your homeowners insurance policy does and doesn’t cover is crucial. Here are a few common misconceptions about homeowners insurance that could be costly.
If your home is burglarized, most policies only cover up to a certain amount, and then additional coverage is required. Also, if you do not have a well-documented home inventory, you will likely receive the minimum payout for stolen items. This is why it is essential to understand what is covered by your homeowners insurance policy and any coverage requirements.
Flood coverage typically requires an additional policy endorsement or a stand-alone flood policy. If you do not know whether you have flood coverage and live in an area vulnerable to flooding, check with your insurance agent.
Homeowners insurance does not cover termites or any other pest damage. Since termite damage happens gradually, it is not covered as a sudden and accidental loss that homeowners insurance was created to protect.
Do not assume your homeowners insurance policy will cover anything that happens to your home. Go through your policy or speak with an agent to better understand your coverage.
In recent years, planned communities and condos have seen a huge boost in popularity. If you are someone who has become a part of a board for a condo group, then you want to make sure you stay mindful of the various ways you can make improvements and keep your community successful. There are plenty of ways to get started on this task, though you will find that focusing on a few key factors can make a huge difference. Review these tips and learn more about your options.
Look at Liability Coverage
One of the biggest and most effective ways to protect your condo community is by taking out insurance that accurately reflects the exposures it is bound to face. The first step to finding the best fit for condo association excess liability insurance is by taking a look at the risks associated with your industry and making a strategy based around these threats. Many of the factors that will influence your decision will be based around where your condo community is located and the type of climate it experiences. Other insurance points to consider include:
- Directors and officers liability
- Excess claims coverage
- Niche options for features like pools
Find a Sensible Policy
There are many ways to go about being a part of a condo association. As long as you give yourself time to understand the basics of insurance, you will be able to do your part and serve your community in a direct way.
Investigators provide essential services to a range of businesses, from law firms to debt collectors. Even bail bondsmen frequently work with them when someone needs to be located. On top of that, they provide public-facing services in support of everything from divorce proceedings to locating lost family members.
As a result, insurance for private investigators can be a complex subject. There are a few types of coverage that are absolutely essential, however.
1. General Liability Coverage
At the very least, your business needs a general liability policy built around its activities. Many PIs also opt for professional liability to supplement the general policy because it provides additional options like assault and battery or trespass insurance.
2. Auto Liability
It is quite difficult to operate without your own vehicle when you work as an investigator because your hours tend to be odd and your need for professional mobility high. As a result, auto liability is often required even when you use a personal vehicle and not one owned by the company.
3. Workers’ Compensation
Most investigators rely on at least one employee, even if the position is only part-time. It can be tough to manage incoming calls and client queries on your own when you need to spend a significant part of your working time out of the office. Workers’ compensation is essential for those businesses and one-person operations that pay the owner as an employee. Luckily trade insurance programs can bundle all this essential coverage for you, simplifying your risk management practices so you can focus on your business.
Marketing for any business is a complicated business. To market to customers effectively, marketers need to know what clients want. One of the best ways to learn how effective a marketing strategy is is through using analytics. In the insurance business, analytics play an even more crucial role.
1. They Save The Marketing Team Time
First, using analytics in insurance marketing saves the marketing team time. When someone monitors an ad campaign’s analytics, a picture begins to form of what direction the market is going. The financial world is always changing, and analytics help a company avoid blunders that cost time.
2. They Save The Company Money
Second, using analytics in marketing helps save the company money. By knowing what ad campaigns are working, a business can shut down the ineffective ones, thus saving revenue. Rather than spending money on ads that aren’t working, a company can employ an analytic service and put their funds into marketing tactics that work.
3. They Give a Clear Picture of What Works
Finally, analytics help show a company what works for them. The marketing strategies that work for one business may not work for another, and marketing analytics will help narrow those metrics down. For any companies that are unsure about what strategies work for them, analytics are a great first step.
Overall, using analytics in insurance marketing gives companies an edge in their advertising strategies.
You may believe that your construction company has all of the insurance that it needs. General Liability and Builders Risk Insurance are must-haves, but do you know about other policies that can protect your business? These are three policies all construction companies should consider carrying to be sure they are fully protected against loss.
1. Installation Floater Insurance
Installation floaters protect you against loss when your building materials are in transit. Once building materials are off your site but not yet at their destination you may not have insurance coverage. This policy protects you against loss while you’re on the road.
2. Commerical Truck Insurance
Different from commercial auto insurance, commercial truck insurance specifically covers large vehicles like dump trucks, cement mixers, semis and the like. You can also purchase policies that offer cargo coverage, general liability coverage and downtime coverage, among other options to fully protect your company.
3. Errors & Omissions Insurance
Errors & Omissions insurance, or E&O, covers you against claims that arise from financial loss due to errors or omissions in your work. Carrying this policy can help you sleep better at night, knowing that if an honest mistake is made your company is protected in the case of financial loss.
All construction companies should consult with their trusted insurance provider to see if these policies could help protect their business.
Driving a truck for a living can have major associated costs. Gasoline, insurance, truck maintenance and food costs can all add up quickly. Here are a few ways to increase the longevity of your commercial truck tires so you can save a little more cash for other things.
Tires tend to wear out unevenly across the outer or inner edges. Rotate your tires regularly to spread the wear and tear out over the entire surface of the tire. This is a major way to increase the longevity of your rubber.
Go Below the Speed Limit
Driving fast means you are placing a higher degree of friction on your tires, especially when stopping or turning. Driving slowly means your tires will be exposed to less friction and therefore less wear and tear. Whenever possible, drive below the speed limit and your tires will last that much longer.
Overinflating or underinflating your tires will result in uneven wear across the tread. Make sure to inflate your tires to the proper amount so the tread wears down in an even manner. Remember, if the tires wear out unevenly, you can always rotate them to even out the wear pattern.
There are other ways to increase the lifespan of your tires. These are just a few obvious pointers for making commercial truck tires last longer.
Most people are under the impression that homeowners insurance is all they need to adequately protect themselves from paying out of pocket for any damage to their property. While this is true in most cases, there are some exceptions to the coverage provided by homeowners insurance, like earthquakes. While they are not extremely common, earthquakes can be devastating and often cause hundreds of thousands of dollars in damage. If an earthquake damages your home or possessions, you will have to cover the repairs out of pocket unless you have earthquake insurance.
What Is Earthquake Insurance?
Earthquake insurance protects homeowners from financial damages resulting from an earthquake. It can pay for home repairs, possession replacements and even temporary lodging if your home is too destroyed to live in.
How Much Does Earthquake Insurance Cost?
The cost of earthquake insurance can vary a lot. Many different factors play into how much you will have to pay, including the following:
- Your location
- Your home’s value
- Your claim history
- Your proximity to fault lines
Earthquakes do not occur often, but they can be very costly for everyone who is affected by them when they do occur. You can make sure you do not get caught off guard by adding earthquake insurance to your homeowners package.
A 20 pay whole life insurance policy is one where 20 annual payments are made to the life insurance company, and your policy covers you your entire life. Your payments will be the same every year for 20 years, but the interest on the principal continues to grow. You’ve also got a cash investment with whole life insurance.
How Does 20 Pay Whole Life Insurance Work?
When you purchase a 20 pay whole life insurance policy, you’re agreeing to pay a higher, but still predictable premium for the next 20 years — making it a great way to avoid having to make payments once you’ve retired. The policy offers guaranteed coverage for your whole life unless loan amounts exceed the stated value in your contract. Check with your insurance agent if you’re unsure about the loan amounts allowed under your policy.
Whole life policies allow for loans and withdrawals over the lifetime of the insured. This makes it an investment vehicle, not just an insurance policy. The money grows tax-deferred, meaning there aren’t any taxes to pay unless money is withdrawn, at which time you’d pay income tax on the amount you took a payment.
A 20 pay whole life insurance policy lets you invest while you’re working and stop after 20 years. It has the great savings component of whole life insurance while insuring you for the rest of your life. Ask your financial advisor if a 20 pay whole life policy might be a good investment for you.
What would happen if someone sustained an injury in your apartment building’s elevator or a resident destroyed the workout room? To be sure, there are numerous liability and property risks that apartment complex owners face. As such, understanding apartment complex insurance coverage options is essential if you want to protect your investment.
1. General Liability
For a wide variety of liability claims that can result from an injury or property damage that occurs in an apartment complex, general liability is necessary. With this coverage, you can protect your building’s halls, lobby, staircases, reception area, elevators and parking lot.
2. Property Insurance
When you own an apartment complex, maintenance costs are one of the most expensive yet necessary expenses. Because of this, having property coverage is another smart idea because it can cover the costs of repairs and renovation. Additionally, it can also protect your property against perils like fire, vandalism, and lightning damage.
3. Business Income Insurance
Sometimes, tenants need to vacate their apartments before the end of their lease and there is no prior notice. When this happens, having solid business income insurance can help you recover the substantial amount of lost funds that can result from this scenario.
Understanding apartment complex coverage options can help you protect your investment, and it can also help keep residents safer. An insurance agent can help you figure out what kind of policy is best for you.
Contractors like you understand that the business of building comes with several operational risks. Active work zones can be dangerous due to the presence of heavy machinery, power tools and difficult conditions. You manage these risks proactively through safety planning and insurance policies that address these exposures. Common coverages include workers’ compensation and general liability. While you might think these policies are sufficient, there are other hazards to consider, such as pollution and exposure to harmful chemicals.
Understanding Pollution Liability
With most construction projects, there’s some risk related to pollution. General liability policies usually exclude pollution and workers’ compensation plans only cover employees. An environmental spill could pose harm to owners’ representatives, third parties and other personnel. A policy for pollution liability offers these protections:
- Third-party injury or property damage due to a spill or exposure
- Costs associated with cleanup
- Defense against lawsuits
- Exposure to contaminants
- Coverage of work by subcontractors
Pollution liability for contractors should be a part of your overall approach, not an afterthought.
Coming Up With a Plan
When it comes to exposure to toxic substances and pollution, you need to have a plan in advance. Some clients have strict contractual requirements when it comes to pollution. A comprehensive plan protects you, your people and your business.