How to Find Good Cheap Car Insurance
Whether shopping for electronics, furniture or a new car, we all love getting the most bang for our buck. The same is true for cheap car insurance. Insurance companies know drivers are looking for bargains. That’s why many insurers advertise low monthly rates to convince customers they’re getting a great deal. But in the event […]
Common Benefits Of Commercial Property Insurance
Owning commercial property carries significant risks, which is one reason many businesses elect to lease rather than own. Fire, theft, and natural disasters such as tornadoes and hurricanes can have a heavy financial impact. Commercial property insurance is designed to help mitigate the risk of owning commercial property.
What Types Of Protection Does Commercial Property Insurance Provide?
When a commercial property is leased or rented, the owner, rather than the tenant, may be responsible for certain types of losses, depending on the specific terms of the lease or rental agreement. When things go wrong on your property while it is occupied by a tenant, your commercial property insurance policy can provide protection in several different ways. However, your policy will have a specified time frame, beginning from the date a loss occurred, during which claims can be made and benefits are payable.
- Natural disasters: When a commercial property lies in the path of a tornado or hurricane, the owner is usually responsible for expenses such as demolition, debris removal, and rebuilding. Commercial property insurance can help cover these costs.
- Bodily injury liability: If a visitor on your property slips or trips and falls and sues you for damages, your commercial property insurance policy can help cover your legal expenses and any settlement or damages you are required to pay.
- Breaking and entering: If someone breaks into your building, steals inventory or equipment, and causes damage to the property, commercial property insurance can help cover your losses.
- Lawsuits against tenants: If your commercial tenant is not paying rent or is maliciously destroying your property, commercial property insurance may cover the cost of suing to recover damages from that tenant.
Are There Tax Benefits With Commercial Property Insurance?
Your commercial property insurance premiums are tax deductible. You can write them off as a business expense to reduce your net profits and taxable income. Furthermore, if your commercial property is damaged in a natural disaster, such as a tornado or a hurricane, you are eligible for a tax deduction for all or part of the resulting losses.
How Much Does Commercial Property Insurance Cost?
The cost of a commercial property insurance policy can depend on several factors, including:
- Value: The overall worth of your building and total business assets
- Location of the property: Is it in an area prone to hurricanes, tornadoes, or other natural disasters?
- Construction of buildings: Was the building constructed with fireproof materials. Are the electrical, plumbing, and HVAC upgraded?
- Fire and theft protection: Does the property have a fire alarm, sprinkler system, and security system? How close is it to a fire hydrant and a fire station?
- Occupancy: What type of industry is the property housing? Some businesses carry more risk than others.
Commercial property insurance can help protect you against financial loss when things go wrong, such as theft, vandalism, burst pipes, fires, explosions, and storms. Our knowledgeable agent can help you find the best available rates for a commercial property insurance policy that suits your needs.
Will My Auto Insurance Cover Me If I Drive Across The U.S. Border?
Your personal auto insurance policy provides protection against liability, bodily injury, and property damage in case you are involved in an accident in the U.S. But what happens if your travels take you into Canada, Mexico, or beyond? Are you still covered once you cross the U.S. border? The answer depends on which country you are driving to. Yes, if your trip is to Canada. No, if you are driving to Mexico or beyond.
U.S. Auto Insurance Coverage Is Recognized In Canada
The U.S. and Canada have reciprocal auto insurance laws, meaning each country recognizes the other’s car insurance policies. The same auto insurance you have in the U.S. will protect you in Canada, with the same coverage and policy limits.
However, this depends on your status as a tourist. You can remain in Canada for days, weeks, or even months without a visa and still have auto insurance coverage, but you must leave the country within 180 days. If you stay for more than six months, you lose your tourist status and are considered to be driving in the country illegally, at which point reciprocal insurance laws will no longer apply to you.
Additional Coverage Is Needed In Mexico
If you drive across the border into Mexico, although your driver’s license remains valid, your car insurance will not cover you until you return to the U.S. If you are planning such a trip, please contact us to discuss your insurance needs so that we may present your options.
Depending on your insurance provider, Mexico tourist insurance coverage may help protect your from:
- Liability for bodily injury and property damage
- Physical damage to your vehicle
- Theft or vandalism
- Medical payments for policyholder and passengers
- Medical evacuation after an accident
- Vehicle loan or lease payoff
- Roadside assistance
- Legal assistance after a collision
Expect Different Auto Insurance Requirements In Different Latin American Countries
Travelers can take the Pan American Highway from Alaska to Argentina. When you are traveling south from Mexico, some countries along the way do not require vehicle insurance for international drivers, while others do. Among the ones that do are Costa Rica, Panama, Columbia, Peru, and Chile. When auto insurance is required, in many cases, you can buy it right at the border as you are entering the country.
Talk With An Experienced Agent Before Taking A Trip Across The Border
You can drive anywhere in the U.S. and still have the same coverage under your auto insurance policy. But things may be different if you cross the border into another country. If you are planning a trip to Canada, your car insurance policy will remain in effect, provided you return to the U.S. within 180 days. On the other hand, if you are planning to travel south into Mexico or South America, speak with our knowledgeable agent in advance of your trip for assistance and advice on getting the coverage you need.
How To Handle A Hit-And-Run Accident
Getting in a car accident is enough to ruin anyone’s day. But if you’re involved in a hit-and-run, the experience can be especially disorienting. You realize that your vehicle’s been hit and before you can step out to get the other driver’s information, their car is taking off into the distance. As overwhelming as the […]
Does Workers’ Comp Cover Work-Related Accidents Outside The Workplace?
Most states in the U.S. require all employers to carry workers’ compensation insurance to cover employees in case of work-related injuries. What if a worker is injured in an accident that occurs at a location other than the job site or workplace? Generally, if the employee was acting in the course of his or her employment when the accident occurred, the incident will be covered by workers’ comp.
When Are Accidents Work-Related?
Was The Employee On The Clock?
If a company employee driving to visit a client on the clock was injured in an automobile accident en route, that employee would likely have a workers’ compensation claim. On the other hand, a worker who was injured in a traffic crash while driving to the factory before clocking in the morning probably would not have a valid claim, because he or she was not carrying out job duties at the time of the accident. Commuting to or from work is not considered to be in the course of employment.
The same principle would apply if an office worker slipped and fell on a patch of ice on a city sidewalk while walking to a restaurant during her lunch hour. However, if she was injured when returning to the office after running an errand that was requested by her employer, her injuries are likely to be covered by workers’ comp. As a rule of thumb, if an employee is being paid for what he or she is doing and is injured while performing those duties, workers’ compensation coverage applies.
Employer-Sponsored Events
Employers often sponsor company holiday parties, picnics, softball or volleyball games, and other team-building events. In some, but not all, states, an employee injury that occurs at such an event is considered work-related and covered by workers’ comp. The accident may be covered if the event was company-sponsored and employees were expected to attend.
Areas Outside The Main Workplace
Workers can be injured after leaving or before arriving at the main workplace in areas that are under the control of their employers. These areas often include parking lots and walkways for which the employer is responsible. If the company owns or pays taxes on the area, or pays a third-party to maintain it, the area is considered employer-controlled. An employee injured in such an area would likely have a workers’ compensation claim.
Exceptions To The Rule
Although workers’ compensation rules vary from state to state, certain situations are typically not covered by workers’ comp insurance, even when they occur on the job and in the workplace. These exceptions include injuries caused by drug or alcohol use. They also include worker injuries sustained because of horseplay or fighting.
Workers’ comp rules are complex and not simple for the average person to understand. Our knowledgeable agent can help you gain a better understanding of the workers’ compensation coverage available to you, if you are an employee, or to your workers, if you are an employer.
Planning Your Driving Route For Maximum Efficiency
Whether you are taking a vacation road trip or commuting from home to work and back, it is smart to plan your route. Careful planning can help you minimize fuel costs and driving time and maximize enjoyment, safety, and efficiency.
How To Find The Most Efficient Driving Route
Avoid Left Turns
The best route to travel is not always “as the crow flies,” or the shortest distance from point A to point B. For example, it may be a good idea to avoid left-hand turns whenever possible, even when this leads to a slightly longer route. Many accidents at intersections involve drivers executing left-hand turns against oncoming traffic. Turning left often includes waiting for a safe gap in the traffic, leading to higher fuel consumption and expense. More importantly, right turns are significantly safer to execute than left turns.
Plan For Multiple Stops
On a road trip, there may be multiple locations you plan to visit along the way. If you are commuting from work to home, there may be other stops you need to make en route, such as the grocery store, the dry cleaners, or a gas station. Every stop you plan to make should be factored into planning your route. To decrease your drive time, cluster your destinations, and plan the most efficient route, including all points from departure to the final destination.
Avoid Road Construction
Work zones are common on our roadways, particularly in the spring and summer months. Typically, each state’s transportation department lists construction projects and road conditions on its website. If you are commuting to and from work, check your state’s site frequently for forewarning of possible delays. If you are planning a road trip, check the websites of every state through which your route will take you.
Steer Clear Of Heavy Traffic
Routes that involve congested traffic can add significant driving time and run up your fuel expenses, not to mention your blood pressure! Whenever possible, plan your trip to avoid rush hour traffic. If you must travel during rush hour, choose alternative routes to help avoid being caught in a traffic jam. Listen to the radio for live traffic updates to help you choose the best route. You can also install a navigation app on your phone that can analyze traffic in real-time and calculate the fastest route available under the circumstances.
Make Sure You Have The Right Auto Insurance Coverage
It is a fact of life in the 21st century that car accidents are a common occurrence on America’s roadways. According to the Insurance Information Institute (III), 6,734,000 traffic crashes occurred in the U.S. in a recent year. Of these accidents, 33,654 were fatal, and 1,894,000 involved nonfatal injuries. Whether you are commuting to and from work or planning a trip that involves crossing state lines, it is vital to safeguard your investment in your vehicle and protect yourself against liability or harm coming to you or your passengers. Our experienced agent can help ensure you are protected with the auto insurance coverage you need.
What To Do When Your Car Overheats
As outside temperatures climb during the warm summer months, temperatures inside your vehicle’s engine bay can near 200 degrees. In that type of heat, it’s important to keep your engine cool. Your car’s cooling system is usually up to the task. But if the needle of your temperature gauge rises or you spot steam coming […]
Is My Small Business Big Enough For Key Person Insurance?
Any business, large or small, may need key person (key man) insurance. If you are starting with a small business, your focus is likely to be on pressing matters, such as getting your product or service out, hiring the right people, managing your expenses, and paying the bills. Buying key person insurance may not be the most urgent item on your agenda, but it can help save your company from bankruptcy if you face certain tragic situations.
How Do I Know If My Business Needs Key Person Insurance?
Regardless of your company’s size, you may need key person insurance if the success of your business depends on a few key people. Your company may need key person coverage on its founders, owners, individual key employees, or any person who is crucial to the success of the business. Banks and Small Business Administration lenders may require key person insurance as a condition for a loan. This coverage may also be required for mergers and other transactions.
If you or any other person is irreplaceable to your company in the short term, key person insurance may be a wise choice. This type of policy should be purchased on any person whose knowledge, skills, or connections are so necessary that their absence would have a significant effect on or even sink the business. Key person insurance may be essential to protect the future of your company, whether it is small, medium, or large.
How Does Key Person Insurance Work?
Key person insurance is not to be confused with personal life insurance. It does not pay out benefits to the family of the deceased. The company buys a life insurance policy on a key person. The company is the policyholder and the beneficiary in case of the death or disability of the key person. This insurance is designed to help the business survive the loss of a key person who is essential to its success until a replacement can be found to take over those duties. If necessary, the proceeds can be used to settle debts, pay employee severance, and distribute money to investors. It provides an alternative to bankruptcy after the crushing loss of a key person.
How Much Key Person Insurance Will My Business Need?
The amount of key person insurance you need will depend on the type and size of your business and how crucial the key person is to its success. As a general rule, you should shop around for the best available rates and buy as much key man insurance as your company can afford. Term life insurance is available at lower premiums than whole or variable life insurance, which makes it a good choice for a key man policy.
Compare the cost of policies ranging from $100,000 to $1 million. Consider how much your company would need to survive and get back on its feet after the unexpected loss of a key person. Our friendly agent will be happy to assist you with the process and help you find the best quote for the key person insurance to suit your business needs.
Does My Auto Insurance Cover My Trailer?
Naturally, you have personal car insurance coverage to protect your investment in your vehicle and to shield you from liability in case of a crash. But what about car accessories such as utility or travel trailers? If you own a trailer, is it automatically covered under the same policy?
The answer, generally speaking, is that most auto insurance policies will provide liability coverage for a trailer you own if it is being pulled by the insured vehicle when an accident occurs. However, this can vary among different policies and in different states. For comprehensive and collision insurance on a trailer, you may need to purchase separate coverage and list the trailer on the declarations page of your policy.
How Are Trailers Covered Under Personal Auto Insurance Policies?
Most insurers will extend liability coverage for a trailer in tow if an accident should occur. This is because personal injury and property damage caused by a towed trailer is considered to be the result of the actions of the driver in the lead car. This extended coverage is typically limited to third-party liability. It only kicks in if the trailer is owned and registered in the name of the insured, and the trailer is attached to the insured vehicle when the accident occurs. Personal car insurance liability coverage does not extend to any vehicle with its own motor.
What If You Are Towing A Trailer Out Of State?
If you are towing a trailer you own out of state, and it causes bodily injury to a third party or damage to someone else’s property, your auto insurance policy should provide liability coverage up to your policy limits. If the state you are traveling in has higher liability requirements than your home state, your out-of-state liability limits will increase to meet those requirements. The same applies when you are not towing a trailer if you cross state lines and become involved in an accident for which you are determined to be at fault.
Different Coverage For Different Types Of Trailers
The type of coverage you need can also depend on the type of trailer you own. If you are towing a utility trailer to haul a car, an ATV, or a boat, you may have extended coverage for the trailer itself – not necessarily the contents. On the other hand, you may need a separate policy to cover a travel trailer. If your trailer is covered under your personal auto insurance, you need to find out if you need an endorsement to ensure that the contents are covered under your policy. Our knowledgeable agent can help provide an answer to that question.
Insurance Coverage for Rented Trailers
In most cases, a personal auto insurance policy will not cover a rented trailer. Neither will the coverage extended by some credit card companies when you are driving a rental car. If you rent a U-Haul trailer, for example, you will need the coverage offered by the company, as the trailer is not likely to be covered under your personal car insurance.
Safe Driving Tips For Hauling Your Outdoor Gear
Between the winter weather and a global pandemic, your family has likely spent a lot of time indoors over the past few months. So as summer approaches, many are eager to get outdoors and practice social distancing in the fresh air and sunshine. Whether your favorite outdoor activity is biking, camping, or boating, you’ll need […]