Tag: coverage

Personal Umbrella Coverage

What Exactly is Personal Umbrella Coverage

No one wants to deal with liability lawsuits, but as a homeowner, they can happen at any time. Though your homeowners’ and car insurance policies will help cover the cost of the lawsuit and any settlement amounts you have to pay, it’s not always enough to cover the damages. Personal umbrella coverage can help fill in the gaps.

What Is Personal Umbrella Insurance

Personal umbrella insurance is a supplemental insurance policy that’s designed to fill in the gaps left by the liability coverage in your home and auto insurance policies. During a lawsuit, your insurance will only cover your liability fees up to your policy’s coverage limits. If the legal fees or settlement fees exceed that amount, you’ll have to pay the remainder some other way.

With personal umbrella insurance, the supplemental policy will kick in to cover the difference. This means your out-of-pocket expenses will be lower and you’ll be able to keep your savings intact to cover life’s other expenses.

How To Get Coverage

The best place to start looking for personal umbrella insurance is to speak with your insurance agent. Let them know that you’re interested in the policy and ask for their recommendations based on the coverage that your current home or auto insurance policies provide.

Investing in personal umbrella coverage is a simple way to protect your savings for the long term. Look for a policy that complements your existing insurance and fills in the gaps completely.

Homeowners Insurance

3 Perils That Are Often Excluded From Homeowners Insurance

Owning a home is fraught with worry about all of the ways it is exposed to damage. Most homeowners insurance policies cover events like fire, windstorm, hail, and other perils. However, it’s important to know about the three perils that are often not covered under a standard policy.

Landslide

You may think landslide would be covered because it often follows other natural disasters, yet it is frequently a named exclusion. You can and should purchase landslide insurance if you live in an area prone to such occurrences, including houses built on steep slopes and in areas with heavy yearly rainfall.

Flood

One of the most devastating events to happen to a home is a flood. While water damage from appliances or pipes breaking apart is typically covered, any water that comes into the home from outside and causes damages is considered a flood. Flood coverage is required in some geographic areas based on historical flood maps, but you don’t have to be in a designated zone to experience a loss or purchase coverage.

Vermin

Termites, carpenter ants, and rodents can all cause significant damage to the structural integrity of the home. Despite the fact that it is due to a force of nature in a roundabout way, vermin infestation is still not covered.

Knowing what may not be covered under a homeowners policy can help you determine additional coverages to purchase. In addition, you’ll also understand which risks you are required to take on yourself.

High-Value Home

Protect Your High-Value Home

If your home is pricier than the average home, basic home insurance may not entirely meet your needs. This is where high-value insurance comes in. It offers extended coverage for more expensive homes.

Is My Home High Value?

Generally speaking, homes nearing or over $750,000 are considered high value. Dealing with damage, theft or even replacement is extraordinarily difficult with homes in this price range, so these homes should be insured properly.

What’s Covered?

Every provider is different, but most companies that offer high-value insurance policies offer a variety of additional coverages. Some additional perks of a policy such as this could include:

  • Jewelry theft coverage
  • Watercraft theft coverage
  • Sewer and pipe backup coverage
  • Identity theft coverage
  • Coverage for additional living expenses
  • High liability limits
  • Flood insurance

What Are Umbrella Policies?

Many companies that offer insurance to high-value homeowners also offer umbrella policies to protect personal assets. This is considered excess liability coverage and is only utilized after the liability limits of the initial policy are met or exceeded.

If you own an expensive home, you should ensure that your property and assets are adequately protected. You can do so by finding a reputable company that offers quality insurance, so you can rest easy knowing your assets are covered.

Insurance

What Kinds of Insurance Does Your Business Need?

New business owners often find themselves at a loss when it comes time to shop for insurance. That’s because most new business owners don’t have enough experience to anticipate every possible avenue of risk they’re likely to encounter. Even seasoned professionals who have opened several companies in an industry often need the help of insurance professionals to figure it out, because slightly different businesses within an industry could have profoundly different insurance needs depending on their size, location, and other factors.

Comprehensive Coverage Packages by Business Model

One of the easiest ways to make sure you have complete coverage is to look for a comprehensive provider who makes a point of understanding the range of needs that companies in an industry have. This puts them in a position to adequately interview you about your operation in order to build a coverage plan. As a result, providers of tailored insurance for breweries and other industries make it easy to find the right insurance package and to perform simple evaluations of your coverage needs each year. Bundling worker’s compensation, general liability, equipment, and property coverage with specific professional insurance provisions like additional public liability and dram shop coverage often saves you money on a coverage when compared to individual policies. On top of that, the fast review process and lack of coverage redundancies also help you save. Check out the options for your industry today.

Workers Compensation Claim

Calculating Your Workers Compensation Claim

When you’ve been injured at your job, you’ll want to know how much a worker’s comp claim is worth before you file. Not all employers have workers comp insurance coverage, so first check their policy and what it covers. Once you know that, you can begin to add up the total worth of your injury so that you know how much to ask for in a claim. Here are expenses that you can factor in your claim.

What to Claim

You should keep all medical bills related to your injury in an organized file. Since they already have monetary values, they are easy to include in a claim. You may also include wages that you’ve lost because of time away from work. Those who require temporary or permanent disability may make special claims for that. If you have lost a loved one in a work accident, you can file for funeral expense coverage.

How to Calculate a Claim

You can calculate how much to ask for in a claim in a number of different ways. There are tools you can use, like a worker’s compensation overpayment calculator online, or you can reach out to legal sources. Talking to a lawyer may help you understand state laws surrounding your claim and give you a better idea of how much your claim is worth.

Volunteer Driver

Coverage for Driving While Volunteering

As with anyone who drives, volunteers that operate vehicles for nonprofit organizations should have some form of auto insurance in accordance with state law and regulations. Such coverage may be sufficient for personal driving, but it is generally inadequate to cover volunteer work. Most personal auto insurance policies don’t offer enough coverage for either property damage liability or body injury liability, especially since an accident on company business may result in significantly more damage than your typical accident. Organizations need to have policies that protect their organization and its helpers.

Managing Risk

It’s incumbent on your organization to consider volunteer driver risk. Consider these following best practices in determining an organizational policy and approach to managing volunteer driving:

  • Staff a position to oversee drivers and assign and/or terminate as necessary.
  • Require volunteers to submit a copy of their motor vehicle records annually.
  • Document proof of personal auto insurance policies for each driver and require proof of renewal after coverage expires.
  • Clearly define responsibilities and requirements for everyone driving on behalf of the nonprofit.
  • Require proof of passage of annual vehicle safety inspections when personal vehicles are involved.

Having a formal plan that covers vehicle operation better equips your nonprofit to handle accidents and issues.

Covering Your Volunteers

Your organization was established to help people. It also provides an opportunity for others to contribute to the benefit of others. While nobody plans to be involved in an accident, you owe it the community you serve as well as those that support you to have adequate insurance for vehicular accidents.

Daniels Insurance

Covering Unique Risk in the Energy Industry

Operations within the gas and oil industry are fraught with risks, regardless of whether your company is a provider of supporting services, a transportation provider, or in the midst of the drilling fields. The expert advice coming from Daniels Insurance cautions that there are both highly-noticeable and subtle liabilities lurking in each company. To help protect against the financial costs of the exposures, an insurance policy tailored to address oil and gas industry liability is strongly advised.

Common Coverages for Loss

There are dangers unique to the industry, with the most common claims filed after incidents that included fire, explosion, machinery breakdown or failure, CBI loss, and blowouts. Because these incidents cover significant areas of operation within the industry, any of the following areas of coverage are applicable.

  • General Liability
  • Property
  • Professional Liability
  • Pollution
  • Well Control
  • Inland Marine
  • Commercial Auto
  • Cyber Liability
  • Directors and Officers Liability
  • Surety Bonding
  • Group Health Benefits
  • Workers Compensation

The Potential Risks

Any business in the oil and gas industry faces risks with employee injury, property damage due to fire, or commercial automobile accidents. These aren`t that different from the risks that other businesses operating in other industries experience, but there are additional risks with hazardous waste, environmental spills, theft, regulatory compliance, and cybersecurity. Meeting with the right insurance agent can make sure a plan is tailored to each area of risk.

Fuel Distributor Insurance

What Counts as a Fuel Distributor Business?

Fuel dealers go beyond the large corporations such as ExxonMobile. While these companies need fuel distributor insurance, there are nearly 8,000 companies in the United States. These companies distribute a variety of fuel to power the economy.

Business Details

Both homes and businesses use fuel to power their buildings from heating to running large machinery. A fuel distributor sells and delivers the necessary fuel. This fuel includes standard gasoline but also propane, natural gas, fuel oil, and kerosene.

Fuel Delivery

Companies deliver fuel in large tanker trucks traveling across towns, states and the country. Some fuel is delivered via pipes and ships. Natural gas, in particular, is often transported through steel pipers on a network similar to the highway system. Distribution businesses are often found online showcasing their pricing, location, and availability.

Exposure Coverage

As seen on https://www.tangramins.com/, this niche has specific risks needing tailored insurance products to address those exposures. A disaster can cause a significant problem for a fuel distributor making insurance necessary for protecting the financial assets of the business. Standard policies include contents coverage, auto insurance, and building coverage.

Fuel distributor insurance needs to cover the variety of risks facing these companies from the environmental impact of a spill to the economic loss of income following a disaster. The right insurance carrier delivers the coverage you need to keep your business growing.