According to the latest surveys by major insurers, small to medium-sized businesses have a number of critical gaps in their insurance coverage. The reasons for gaps vary; not fully understanding how certain coverage applies to their business, buying insurance from a captive agent who can’t provide the coverage, thinking their commercial coverage provides the coverage and finally believing they don’t have the risk.
Here are the coverage’s you should consider to make sure you are adequately protected.
Pollution Liability- Protects against the liability that comes with polluting the environment including restoration and cleanup, liability for injuries and deaths caused by pollution.
Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third-party losses from hackers, theft, and loss of information including sensitive client or individual personal information.
Directors & Officers Liability- Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.
Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.
Professional Liability- Insurance that is designed to cover third-party claims, damages, and claims arising out of providing professional advice. Many firms create legal obligations arising out of a professional's errors, negligent acts, or omissions during the course of providing services to clients.
We are ready to help you better understand your risks. Please call our office today.
The modern world is filled with risks. From car accidents to slip and fall incidents in the home, the possibility of being sued is a real possibility every person needs to take into account. Nearly everyone accounts for this risk by buying insurance. Personal umbrella insurance takes this concept to a new level.
Insurance is a staple of any financial plan these days. There is an inherent weakness with every policy, however. Let’s consider your car insurance. It covers you in case of a collision with another party. A typical policy might payout up to $50,000 per claim with a total payout per year of $100,000 regardless of the number of claims.
Let’s assume you are late to work one morning. You try to make it through a yellow light, but it turns red. Traffic proceeds from the crossroad and you hit someone. Your car insurance will pay up to $50,000 to make them whole, but what if it is going to cost more than $50,000? What if they sue you for $250,000? Now you have a problem.
Every insurance policy has a limit. This “policy limit” defines the maximum amount the insurance company will pay out on claims made against you and the policy. Claims can often exceed these limits in worse-case situations, leaving you on the hook for any additional amounts due.
Personal umbrella policies are designed to address the shortcomings of policy limits. Umbrella policies cover liability claims in excess of the policy limits for your primary insurance. In our car accident example, the umbrella policy would pay any amounts due in excess of the $50,000 covered by your primary car insurance policy.
Umbrella policies let you sleep peacefully at night. It is as simple as that. If you have a child who has just started driving, you can sleep blissfully knowing the umbrella policy will cover any disasters caused by their inexperience behind the wheel. So request an umbrella insurance quote now.
Umbrella policies are typically written in increments of a million dollars of coverage. This means you can purchase one million, two million or more in coverage in addition to your underlying policies. If you purchase a million dollars in coverage, for example, the policy would cover any liability claims in excess of your $50,000 car insurance policy up to $1,050,000.
Umbrella insurance cost: Umbrella insurance policies are surprisingly inexpensive, which makes them a wise choice for most individuals. The premiums are usually shockingly low because your primary insurance policies are usually going to cover any claims. Given this, the insurance company writing the umbrella policy faces a low probability that it will ever have to pay on the policy. In exchange for this low payout risk, the insurance company provides you with low premium costs.
Is purchasing a personal umbrella insurance policy a smart move for you and your family? Absolutely. You gain the peace of mind of knowing you are covered should things go very wrong and at a very low premium cost. Contact us today for a no-obligation quote on a personal umbrella policy for your current situation.
Most of us need home and auto insurance. Others may also need RV, motorcycle, or boat insurance. Sometimes the process of finding the right insurance can be overwhelming.
There seem to be many options, and the ads seem to say insurance is all the same; just buy the low-priced policy. Low-priced insurance might mean it is missing the coverage you need based on your individual needs.
Here are a few tips to help you find the right insurance and the best price possible.
Pick An Agent First.
Agents will shop the market for the most cost-effective coverage for you. Are you aware that some insurers dislike older properties while others prefer them? Do you also know that some insurers give certain discounts that others don’t? We know how to give you the best combination of coverage, price, and service.
Know What You May Need
Talk with your agent about your coverage needs. You may travel frequently, have many toys like ATVs or boats, or you may have expensive jewelry; all these lifestyle choices need to be considered when selecting a homeowner’s insurance.
Ask A Friend or Family Member
Get references from people you trust. Ask what they like about their agent or coverage. Ask if they have had positive or negative claims experiences.
We all want to save money, especially on our home insurance. However, you must know how to get a good rate without compromising on coverage. By talking to us and discussing the coverages needed for your home, you will be able to receive the best possible combination of coverage, price, and service
A Personal Insurance Update
Two thousand nineteen is just around the corner, and it is time for you to update and evaluate your finances and insurance. We recommend everyone do a yearly evaluation of his or her personal insurance needs. As your life changes so should your insurance. We can help you better understand how having the right personal insurance can help protect your family and your most important investments.
Your first resolution is to get “insurance fit” in 2022. Remember a little planning now may help if you have a claim in the future.
Set up a personal insurance meeting with one of our agents.
We like to review your insurance needs to make sure you have the best possible combination of coverage, price, and service. Your personal needs tend to change over time, and your insurance should keep up with these changes. We will sit down with you and ask questions about your life and activities. We can then offer a personal insurance program designed just for you. Often this includes new insurance discounts offered by insurers. You may qualify for discounts, and we can point out ways to help you save money—like getting a multi-policy discount!
Make sure your life insurance is up to date.
Life insurance is one of those things that tend to be neglected. However, life insurance is critical, especially for families. If you have a change in marital status or had a child, your life insurance may need to be adjusted.
Often, you can get a term life insurance policy for $50 a month or less, depending on policy limits, your age, and health status.
Make sure your current auto insurance ID card is placed in all vehicles.
People often forget to make sure their current auto ID card is placed in their vehicles. There are significant fines for not having proof of auto insurance.
Keep your insurance documents organized.
We recommend keeping a copy of all your personal insurance policies. It also is a good idea to photo the cover pages of each policy and keep them in an electronic file.
Create a home inventory.
After a fire or other loss, it can be challenging to remember all the personal property you have. Making a list of items in your home before a disaster occurs helps guarantee you will not forget to claim anything. It is helpful to use your smartphone to create a video with a description of major items.
The best way to get the best rate on your life insurance is to stop smoking and get healthy.
Communicate with your family regarding your insurance and financial plan.
Familiarize key family members with your financial and insurance plan. Let them know where your policies are located and who the beneficiaries are on your life insurance policy.
Use Insurer and agent apps.
There are many good apps offered by personal insurance companies. In California, you can also show proof of auto insurance through an electronic format.
Make sure you have the necessary personal insurance coverage.
We offer many different kinds of personal insurance products that you may need, including:
• Renters Insurance
• Earthquake Insurance
• Flood Insurance
• Personal Umbrella Insurance
• Insurance for Ride-Share Drivers
• Insurance for Rental Homes
• Boat Insurance
• Watercraft Insurance
• Classic Car Insurance
• Motorcycle Insurance
• Snowmobile Insurance
• Travel Insurance
• ATV Insurance
• Mobile Home Insurance
• RV Insurance
Have you considered long-term care insurance?
Part of any solid financial plan is dealing with end-of-life issues including the need for long-term care insurance. Selecting long-term care insurance is an important decision that is often overlooked due to the unpleasant nature of the topic.
Ask about your billing options.
Many insurers offer insurance payment options online. If you bundle your insurance, you may be eligible for other discounts as well. You may want to pay your premiums in advance to receive greater discounts.
Add a personal umbrella policy.
A personal umbrella policy is very cost-effective and can provide added protection for you and your family. A personal umbrella policy provides additional limits over your home, renters, auto and other personal insurance policies. A $1,000,000 umbrella policy usually ranges from $150-$300 for the year.
Protect your identity.
Millions of people have their identities stolen each year. Let us provide you with identity theft options that can be added to your personal insurance products. Change your passwords on a regular basis, back-up your computer, and update the antivirus and malware programs on your computer.
Let us help you find gaps in your personal insurance.
One experience you do not want is to be told you do not have coverage for a loss but you could have if you had bought the right kind of insurance. As part of our insurance review, we can help you identify any insurance coverage gaps and recommend coverage to fill those gaps. If you have certain high-value items such as art, coins, jewelry, or collectibles, they may not be fully insured under a homeowner’s policy, despite coverage being available elsewhere under an add-on called a “personal articles floater.”
Contractors insurance provides insurance and risk services to the construction industry. Insurance can play an important role in; on time and on budget projects. If your insurance coverage is not written correctly, your business may not survive financially. Your success depends on proper planning, whether you're estimating a project, hiring good people, protecting your business with comprehensive commercial insurance, or selecting your insurance agent.
You can depend on our team of construction professionals to design, build, negotiate, and implement an insurance program that fits your individual needs. As your insurance partner, we will create and deliver insurance solutions today to keep you in business tomorrow.
Our insurance agency has created and developed strategic partnerships with many highly rated insurance companies. Our goal is to create the right combination of coverage, price, and service that exceed your expectations.
Over the years our construction professionals have worked with many different kinds of construction firms, including:
Having the right insurance coverage and the right agent is an important part of managing construction risks. As a contractor, your insurance needs can change quickly. You need an insurance agency partnering with you to make sure your company’s unique needs are addressed.
Protect what matters most to you and your family with Car, Home, Health, Life & Business insurance. We offer the best combination of competitive rates, coverage and personal service in St. Louis Park.