The Five Types of Insurance Every College Student Needs
Parents face many challenges in preparing a child for college. The process generally starts in the junior year, including monitoring grades, applying for scholarships and grants, and visiting various college campuses. The focus on college can become an all-consuming task. Once a college is chosen, and your child is accepted, a new set of challenges arises.
One neglected area to add to the college “to-do” list is ensuring your son or daughter has the five most important types of insurance in place before leaving the nest.
Health Insurance
Under current law, your child can remain on your health insurance policy until age 26. However, your plan may not have a clinic or hospital near the college campus in your network. Supplement his or her coverage by purchasing a student health insurance policy, which covers visits to the campus clinic and the affiliated hospital in the area.
Car Insurance
Your son or daughter may have a vehicle that is covered under your auto insurance policy. Ensure your local insurance agent reviews your auto insurance policy, as depending on the location of the college, the cost of your insurance may increase or decrease.
Renters Insurance
Your child will live in a dorm or a rented space and bring their toys and tools – including laptop, smartphone, tablet, and other pricey electronics. A renter’s insurance policy can cover damage or loss to these expensive and valuable items.
Life Insurance
The earlier a life insurance policy is established, the greater the benefit. A “whole life” insurance policy builds in value over time and gives the owner the ability to borrow against the policy in the future. These policies can serve as excellent savings plans. Putting life insurance in place for a young person can lock in a better rate, no matter what health issues may arise later. A term life insurance policy typically allows you to upgrade to a whole life policy at some point, but it will not build up equity until then.
Personal Liability Insurance
Your child may be living off-campus in an apartment or shared house. If anyone is injured on the property, your child could be subject to a personal injury claim that would be virtually impossible for them to pay and will likely land on your shoulders. A personal insurance policy provides protection for your child, and ultimately, for you.
Protecting a College-Bound Child
A son or daughter leaving for college is often an emotional time for parents. Concerns about their safety and health are at the top of the list. Ensuring your child has the right insurance policies in place can help ease your mind to some degree. Our friendly, helpful agents can help you through the process. We can show you the most affordable policies with the best coverage. We are local, available, and a resource to our friends and neighbors in the community who have children heading off to college, adulthood, and independent life.
The Four-Day Working Week Is the Future – Here’s Why
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Do I Need Business Insurance for my LLC?
If you established a limited liability company (LLC), you chose that type of entity for the protection it provides to your personal assets, along with the tax benefits. Unfortunately, even an LLC cannot entirely protect you from some risks. While your personal assets are generally protected, in certain situations, you have almost zero protection. For example, without business insurance, a slip and fall injury accident on your business property could result in you being held liable and forced to pay the damages associated with the injuries.
What is the Best Type of Business Insurance for an LLC?
The type of insurance appropriate for your enterprise could be general liability insurance, professional liability insurance, or in many cases, both. Your personal assets are still at risk in several scenarios. If you have personally guaranteed a business loan, a lawsuit filed against your LLC could endanger your personal assets. If you or an employee engaged in an illegal act, even if you were unaware of their actions, your home or other valuable assets could come into play in a lawsuit. Our local agent can help you choose the best business insurance for your LLC.
Lawsuits – A Fact of Life in Business
We live in a litigious society, and over the course of the lifecycle of an LLC, it is not uncommon for a lawsuit to be filed against a business. Even if the legal action against you is unwarranted, you will still incur the cost of defending against a legal threat without a business insurance policy in place.
Professional Liability Insurance for LLCs
Professional liability insurance for an LLC protects your enterprise from legal actions related to mistakes made while doing business. This coverage is also called E&O (errors and omissions) insurance. This is a critical type of insurance for a wide range of professionals.
General Liability Insurance for LLCs
Small businesses established as an LLC may need general liability insurance, which is very affordable and often the best choice for a startup or smaller business. It covers you should you accidentally damage customer property and a range of other basic risks, including property damage, bodily injury, court fees, legal fees, medical payments, damages associated with advertisements, or accusations of slander, libel, or defamation.
This type of business insurance is usually very affordable and is the first insurance for a smaller business. As the business grows, have your policies reviewed every year, as you may need to increase limits or add professional liability insurance.
LLC Business Insurance – Built for LLCs
Our local agent can evaluate your unique situation and advise you about the business insurances you need to protect your assets and the hard work of establishing your company. Various types of insurance are not just a good idea – the state may mandate them. Some of the coverages you may need beyond professional liability insurance or general liability insurance include:
- Workers Compensation Insurance: Depending on the number of employees, you may be required by the state to have workers comp insurance, which will protect you against illnesses or injuries related to your business.
- Commercial Auto Insurance: If you or an employee are involved in an accident while performing work-related duties, you need to have commercial auto insurance in place.
- Business Income Insurance: If your business is shuttered due to various types of covered property damage, these policies can replace the income you lost up to the policy limits.
- Commercial Property Insurance: Your business equipment and the facility where you operate are protected by this type of insurance, whether you rent, lease, or own. If you rent a facility, your landlord’s policy does not cover your LLC’s business equipment.
Set a time to meet with one of our agents. We can guide you to the right policies for your LLC and always seek out the best coverage at the lowest rates.
Before Your Last Summer Road Trip, Check Your Car Insurance
If you are planning a last summer road trip, your insurance matters more than ever. An auto accident is most likely to occur in the summer months, with August and September topping the list, as reported by the NHTSA (National Highway Traffic Safety Administration). The streets, roads, and highways are busy, with drivers operating large RVs who may be unfamiliar with the area or be driving while tired, distracted, or intoxicated.
You, your passengers, and your vehicle should be covered by the right insurance for a late-summer road trip. A personal insurance policy is one way to protect yourself from the risk of a financial disaster.
The Benefits of Personal Insurance
Protecting against legal liability may be necessary after an accident for which you were found partially or wholly responsible. Personal insurance, or “personal liability insurance,” protects you in the following scenarios:
- A lawsuit is filed against you after an accident
- You are found responsible for the costs associated with an injury to another person
- You must pay for property damage after being held liable after an accident
You may have some level of personal liability insurance through your homeowners’ policy, but these policies do not cover you in the event of an auto accident, so supplemental personal insurance is needed to protect against the financial losses of a vehicle crash.
Minimum Car Insurance Coverage May Not Be Enough
Minimum auto insurance coverage does little more than meet your state’s legal requirements for the following:
Bodily injury liability
This coverage is typically much less than necessary if any person is seriously injured. The cost of medical care and treatment can be hundreds of thousands of dollars. Suppose your auto insurance coverage is the minimum required by the state. In that case, if you are found to be responsible for a serious injury accident, you could be subject to a personal injury lawsuit. It happens every day. For better liability protection, ensure you have a personal insurance policy in place.
Property damage liability
The cost of replacing a vehicle totaled in an accident can be much higher than your coverage limits. Ensure you have enough car insurance to pay to replace a vehicle. If you are found liable in an accident, a personal insurance policy could cover the cost of property damage.
If you happen to be driving at the wrong place at the wrong time, even a seasoned driver can be involved in a serious accident or could make an error with severe consequences.
Basic auto coverage will allow you to operate your vehicle legally. Still, the insurance payout is typically much lower than needed if a car is totaled or a person suffers a serious injury. Before you head out on the road, consider purchasing personal insurance, as your auto insurance could be far less than you need if you are found liable in a collision.
The Best Personal Insurance – What’s Right for You?
It can be challenging to determine which personal insurance policy will be the most affordable while providing the best coverage. Our local agents can help you find the policy that offers the best protection at the rate that fits your budget. Rather than just purchasing the cheapest insurance online, talk to a professional who has your best interests at heart.
Insurance companies offer a range of policies and offer deals that could benefit you. We can show you the current best rates, companies, and options, and make the process far less stressful, as we do the heavy lifting for you.
Do I Need Commercial Property Insurance for A Shared Office?
If you work in a shared office space, it is essential to ensure you are protected against specific risks. If your business operates out of a coworking space, a commercial property insurance policy brings added protections. The office furniture and equipment owned by your business will be expensive to replace if a fire or other disaster occurs. Your commercial property insurance policy covers the cost of replacing lost or damaged furniture and equipment.
Coworking Spaces and Insuring Your Business
Your business lease may require you to have specific insurance policies. General liability insurance and commercial property insurance are essential, even if you operate your business in a shared office. While your business is not responsible for maintaining the office space, your business could be held liable if an injury occurs in your area. Ensure you have the protection provided by commercial property insurance and liability insurance policies, wherever your business is located.
Coworking has become one of the most popular choices for small business owners. Coworking spaces offer a range of amenities that are extremely attractive; however, even with all the benefits and advantages, your business can be at risk. As the area is shared, you need protection against the risk of lost, stolen, or damaged property.
The owners or managers of a shared office will have business and liability insurance, but your business assets are not covered. If a disaster occurs, privately-owned equipment and furniture must be replaced. If your business operates in a shared office space, it is wise to invest in a commercial property insurance policy, which can be very affordable and a lifesaver if a disaster occurs.
Protect Your Business Assets in a Shared Office Space
Your business-owned equipment, including laptops, computers, business files, private customer data, and products in a shared office space must be protected against the risk of loss. These items are not covered by the insurance policies of an owner or manager. The cost of replacement could be in the range of tens of thousands of dollars. If a natural disaster, theft, or other situation leads to the loss of your business assets, you can recover the cost of replacement through your commercial property insurance policy.
What Type of Commercial Property Insurance is Right for a Shared Office?
A small business can be protected against losses with various types of policies. The types of policies available include:
- BOP (business owners package) Insurance: Many small businesses qualify for a bundled BOP policy, which combines general liability insurance and commercial property insurance. BOP is often the best choice for companies operating out of shared office space, as the cost is lower than buying general liability insurance and commercial property insurance separately.
- Professional Liability Insurance: This type of insurance covers a business against claims related to errors in professional services. Often called E&O, or errors and omissions insurance, the insurance protects against claims for negligence, malpractice, or misrepresentation.
- Commercial Property Insurance: These policies protect against the cost of replacing your business furniture and equipment, which is not covered by the coworking space policies.
Is Your Business Covered?
Get help from an experienced insurance agent when purchasing commercial property insurance. Not all carriers offer insurance coverage for businesses operating in coworking spaces.
5 Tips to Keep Your Car Safe and Protected
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| 5 Tips to Keep Your Car Safe and Protected |
| With summer here and remote “weekend getaways” on the rise, it’s important to remember that even the quaintest of towns experience crime. Prevent a crime that can happen within mere seconds by taking a few of your own to quickly double-check that your car is tucked in for the night, safe and secure:
Lock it down. While it might be tempting to leave your windows cracked on a hot day, make sure that your windows are completely rolled up and the doors are locked. Don’t forget the sunroof, too. Hide valuables. As a general rule, never leave your valuables in the car. Hide sunglasses, electronics and any other “shiny objects” in your glove box or center console. Purses and shopping bags should always be tucked away in the trunk. Always take your garage door remote inside with you. Park smart. Keep visibility in mind when selecting your parking spot. Parking on well-lit streets and under bright street lights is always ideal. Anti-theft devices. Car alarms are the best deterrent. Consider the addition of a tracking device, such as LoJack® or OnStar®, which could also qualify you for an extra discount on your auto insurance. Minimize appeal. Overall, the best way to keep your car safe and protected is to lower the appeal of what treasures could be inside and to make it more difficult, risky and noisy for a thief to gain access to your vehicle. Let’s have a check-up to review other safety tips and see what discounts we can discover for your policy. |
Do I Need Insurance for Undeveloped Property?
If you own undeveloped property, does it need to be protected with a separate insurance policy? The personal insurance section of your homeowners policy may cover vacant land up to a specific limit. If a lawsuit is filed against you for personal injury on the property, the policy limit may be too low.
Personal insurance can be purchased separately or is one section of your homeowners policy – up to a specific limit. If you own undeveloped property, it is in your best interest to have your insurance policies reviewed and ensure you have coverage that offers enough protection against liability.
Claims and Lawsuits: Undeveloped Property Cases
Your vacant property may be accessed by hunters, fishermen, hikers, children, or others. If a person is injured while on your property, you could be held liable. You may plan to sell the property in the future, build a summer home or a retirement home, or use the land for hunting, fishing, or hiking. Whatever your reasons for owning vacant land, you need to be protected from the risk of claims and lawsuits. The policy limits on your personal insurance should be reviewed to ensure your coverage is adequate should another person be injured or die while on your property.
Do You Need Personal Insurance for Undeveloped Property?
Insuring your undeveloped property should reflect how the property is used. If it is accessed by hunters and fisherman, you could be held liable if a hunter or fisherman is injured. You may not be aware that hunters are using your property – but lack of knowledge does not protect you. Undeveloped land can be accessed by dirt bike riders and ATV riders, bringing added risks. Meet with one of our local agents to review your current policies to evaluate the need for additional coverage.
What Does Personal Liability Insurance Cover?
Personal liability insurance protects against several risks, including:
- Bodily Injury: If a person is injured on the undeveloped property, this insurance provides coverage. The damages pursued by an injured person may include the cost of medical care, lost wages, and pain and suffering.
- Property Damage: You can be protected against certain perils on your personal insurance, such as a falling tree damaging an adjoining structure or fence.
Personal Liability Insurance and Vacant Land
Your undeveloped land may be covered by your current homeowners policy, but you need to be aware of the limits. You can increase the levels of personal liability coverage on your existing policy, or purchase a separate policy, based on your situation and budget.
You may need to post “no trespassing” signs on your property, or if you allow others access, warning signs for cliffs, ponds, rivers, or other dangerous areas. One of our helpful agents can speak with you about your undeveloped property and advise you about the coverage that makes sense for you. We always look for the best deal at the lowest rate with your budget in mind.
What Does Commercial Umbrella Insurance Cover?
Your business is protected by your business insurance – but is it enough? A commercial umbrella insurance policy provides coverage when a claim exceeds the limits of your other policies. This type of policy is typically quite affordable and offers a critical level of protection against losses from substantial claims or lawsuits.
Do You Need Commercial Umbrella Insurance?
A liability claim filed against your business can be expensive and could be far higher than the limits on your general liability insurance. Not every business needs an umbrella policy, but if you want to increase your insurance coverage, an umbrella policy is typically more affordable than raising the limits on your existing policies. An umbrella insurance policy protects against several types of claims after your other policy limits are exhausted, including:
- Claims for Libel, Slander, and Reputation Damage
- Vehicle Accidents in Non-Commercial Vehicle Accidents
- Product Liability Claims
- Customer Injury Claims
You do not need commercial umbrella insurance for permits or licensing. However, if your policy limits are lower than required, it may be more affordable to add umbrella insurance rather than raising the limits on your current policies. A commercial umbrella insurance policy cannot be purchased separately and is only available if your business is covered by liability insurance.
How Much Does Commercial Umbrella Insurance Cost?
Several factors play into the cost of a commercial umbrella insurance policy. Some of the factors to evaluate include:
- The level of risk inherent in your industry
- The size of your business
- The type of product or service your business provides customers
Generally, the cost of a commercial umbrella insurance policy will be in the range of $500 to $1500 per year. These policies provide expanded protection in $1 million increments.
Is a Commercial Umbrella Insurance All We Need?
Depending on your business’ activities, you may need to put several other policies in place, as general liability insurance or business umbrella insurance does not cover all business risks. Some of the other coverage a business needs could include:
- Auto Liability Insurance: This type of insurance is for rented vehicles or the use of employee-owned vehicles for company work.
- EPLI (Employment Practices Liability Insurance): If an employee sues your business for wrongful termination, discrimination, or other issues, this insurance keeps your business covered.
- D&O Insurance: If a director or officer in your company becomes the target of a lawsuit, this type of insurance pays the cost of legal representation and damages.
- Fire Liability Insurance: If you rent or lease a facility and a fire occurs, the owner may accuse your business of being responsible for the building’s damage. Fire liability insurance protects against this eventuality.
- Liquor Liability Insurance: This type of insurance is crucial for owners of restaurants, bars, or other venues serving alcoholic beverages.
The Risks of Doing Business
In the USA, doing business comes with many risks, including lawsuits. Your insurance can help you keep your business up and running through challenging times. A commercial umbrella insurance policy can bring you peace of mind, allowing you to focus on increasing sales, promoting, and delivering goods or services without concerns about the repercussions of legal action. For more information, meet with one of our experienced business insurance agents for assistance in choosing the best policy for your budget and needs.
Do I Need Boat Insurance for a Non-Motorized Boat?
Depending on where you live, you may not be legally required by the state to carry boat insurance for a non-motorized boat, but that is not the only reason to insure your boat. If you have invested in a sailboat, kayak, canoe, or RIB (rigid inflatable boat), boat insurance will protect your investment if the watercraft is damaged during an accident. It should also protect you if a claim or lawsuit is filed against you.
Do I Need Boat Insurance?
A non-motorized boat can be involved in an accident, just like any other watercraft. If a boat is involved in an accident that causes injury or property damage, your boat insurance protects you against financial losses. The cost of a claim or lawsuit could lead to extreme economic damage. Make sure your canoe, kayak, or RIB is covered.
Liability Coverage for Boat Insurance: Why it Matters.
Boat insurance can be purchased to cover physical damage and protect against liability. Liability coverage can be critical in cases of bodily injury or loss of life. If you are sued by another party claiming you are responsible for an injury or death, the cost of defending against the claim can be paid through your policy.
If you do not have sufficient liability coverage in place, you can lose your personal assets, including retirement funds, investment funds, or the value of your property. You have worked to accrue assets that could be lost in a lawsuit, and liability coverage for a non-motorized boat provides an essential form of protection.
Are You Liable?
If you loan your non-motorized boat to another person, you will still be held responsible if an accident occurs. If a friend or associate is injured while using your boat, you may be ordered to pay damages in a claim or lawsuit.
Added Coverages
Every boat insurance policy will vary in what is offered in coverage by the insurance company. You may want a policy that provides emergency towing and assistance coverage. Look for a boat insurance policy that offers a full scope of protection, including emergency towing and assistance.
How Much Boat Insurance Do I Need for a Non-Motorized Boat?
In some cases, a non-motorized boat could be covered under your homeowners policy, but only a review of your existing insurance policy will reveal the policy limits. Make sure you know these limits before an accident happens. The limits are typically low, and it is smart to find out if you need added coverage based on the value of your watercraft. A kayak, small sailboat, RIB, or canoe may have a value far higher than the typical $1,500 limit in a standard homeowners policy.
Evaluate the Risk
Even if you follow the safety rules while on the water, many boaters sharing the water are inexperienced, consuming alcohol, or taking risks that could endanger your health and safety. These boat operators may not have insurance. Rather than taking a risk, you can protect against a range of issues that could arise by insuring your watercraft. These policies are generally very affordable. For peace of mind, we urge you to speak to one of our friendly agents about the boat insurance policies available on the market and the options that fit your budget.
Beginner’s Guide to Business Owners Package (BOP) Insurance
BOP (business owners package) insurance can be the ideal way to protect a small business. The bottom line is that you want the maximum possible coverage at the lowest possible rate, and BOP insurance could be your best option.
The Basics of Business Owners Package Insurance
A BOP insurance policy covers all the major property and liability risks, and is typically the ideal insurance for smaller companies. A BOP policy protects your business against the following risks:
- Commercial Property Insurance: Your facility, equipment, and inventory make it possible to deliver to your customers. Property insurance provides coverage for damage to your building and the contents of your facility. We can evaluate the coverage you need to replace expensive equipment.
- Business Interruption Insurance: If a fire or other disaster has made it impossible to continue doing business, this form of insurance covers your losses and can pay for relocating your operation to another facility while repairs are performed.
- General Liability Insurance: Your company can be the target of a lawsuit or claim if another party was harmed. General liability insurance protects you against claims for personal injury, defective product claims, installation claims, and claims associated with substandard service.
- Crime Insurance: If your business has suffered from fraud, theft, or forgery, a BOP insurance policy protects against the economic losses your business may suffer.
Does Business Owners Package (BOP) Insurance Cover All Risks?
BOP insurance does not cover every type of business risk, but added coverage can be arranged for the following:
- Professional Liability
- Auto Insurance
- Workers’ Compensation
- Disability Insurance
- Cyber Liability
- Advertising Injury
- Rented Vehicle Coverage
- Employment Practices Liability Insurance
- Accounts Receivable Insurance
- Equipment Breakdown Insurance
What Businesses are Right for BOP Insurance?
Is your business right for BOP insurance? Many small businesses are eligible for business owners package (BOP) insurance. As a bundled policy, these policies are more affordable and available to smaller companies that meet specific criteria:
- Your business is considered low risk.
- Your business takes place in a building you own or rent, rather than in your home.
- You have less than 100 employees.
- You have less than $5 million in yearly sales.
- You own property and valuable equipment.
BOP Insurance vs. General Liability Insurance
The main benefit of BOP insurance is the lower cost – an important point for small business owners. The cost of bundled insurance is less than buying insurance policies for property and liability separately. However, for some businesses, general liability insurance will be required. General liability insurance covers bodily injuries, property damage, advertising, and personal injuries such as slander, libel, and copyright infringement claims.
General liability insurance also covers the cost of attorney fees, court costs, and any settlement or judgment up to the policy limits – but not property damage. Some types of business activities may require general liability insurance. If you have a small business, work in a smaller facility in a lower risk industry, and do not require business interruption insurance that extends longer than 12 months, a BOP policy is more affordable and could provide the coverage you need. If you are looking for an affordable BOP insurance policy, contact one of our insurance agents to help you find the best policy at the lowest rate.