SUMMARY We work with different insurance companies to get different skills and knowledge about having insurance in normal life and their benefits.
We educate our clients about any kind of insurance concepts before they decide and make sure they fully understand what they want to engage in their life insurance process.
We share with our clients the skills and knowledge in wealth management, protecting what you have, growing wealth( welfare), and living well in retirement. we also help our clients to know the path to achieve a good life, health, happiness, and success in general life.
Definition of Insurance concepts:
A. LIFE INSURANCE
Definition and Benefit of Life Insurance Life insurance is a long-term agreement between you and an insurance company. Whether you are single, married, starting a family or a business, it can provide money to your beneficiaries after you're gone. It serves to protect your beneficiaries and legacies with our term, permanent and final expense life insurance.
Life insurance offers coverage for a set time period or lifetime. Different types offer a variety of features, some of which allow you to access money while you are living solutions.
Term Life Policy : Means a policy with life coverage at a fixed premium amount for a specified period. Permanent Life Policy: Means a Universal Life Policy or Whole Life Policy, based on cash value. Replacement – means changing policies within the same product type (e.g., Term-to-Term or Permanent-to-Permanent). Universal Life Policy: Means a type of permanent life insurance that is guaranteed for the life of the insured provided enough premium is paid to offset the cost of the insurance. This product allows for flexible premium payments as long as there is enough to cover the monthly charges. Whole Life Policy: Means a type of permanent life insurance that is guaranteed for the life of the insured provided fixed premium amounts are paid as required. The policy typically accumulates cash value the longer it remains in force. Final Expenses Life insurance: Get peace of mind and guaranteed protection for seniors to help cover funeral expense, credit card and other bills.
Index Universal Life : It is a form of permanent life insurance that offers a cash value component along with a death benefit. The cash value account can earn interest through tracking an equity index selected by the insurer, and can also usually be partially allocated to a fixed-rate account. An indexed universal life insurance policy includes a death benefit, as well as component that is tied to a stock market index. The cash value of the policy rises or falls, depending on the performance of that index.
Conversion : Means changing policies from one product type to another as provided by the provisions of the policy being converted. (e.g., Term Life Policy to a Permanent Life Policy).
ANNUITY
Definition of Annuity An annuity is a long-term contract between you and an insurance company. You put some of your savings into the annuity, and the insurance company promises to provide you with an income stream that can last for life. Benefit of Annuities An annuity allows assets to grow tax deferred. This means earnings are not taxed until you withdraw them, so you can save more while you’re still working and enjoy guaranteed income for life when you retire. Types of Annuities 1. Index Annuities Protect your principal from market downturns, earn potential interest based partly on the returns of an index and guarantee income for life. 2. Variable Annuities Invest for growth opportunities while providing for your beneficiaries and securing income you can’t outlive. 3. Fixed Annuities Guarantee growth at a fixed rate with no market risk and protected income for life.
B. HEALTH INSURANCE 1. Short Term Plans: This plan helps the have a medical insurance for 1 to 6 months as the customer wants to have.
2.Health Protector Guard: This plan helps the customer to have a full package of benefits in 12 months continuous. They don`t have an expiration time until the customer should stop it.
2. Dental Plans: This plan helps the consumer to have the dental benefits as he or she wants see the dentist.
4. Vision Plans: This plan helps the consumer to have benefits in case he or she needs to see the eyes Doctor.
5. Accident ProGuard: This plan helps in case of incidents coming to the customer as he or she had this protection.
6. CriticalGuard: This plan helps the consumer to get benefits in case he or she suffers the critical illness.
7. Hospital SafeGuard GI: This plan helps the patient to pay his medical bills, visit doctors, pharmacy, and other medical expenses related.
8. Hospital Guard GI: This plan offers benefits to patient who has it and it supports the customer to get the benefits as patient in case he or she went to hospital to ask services.
9. Telehealth: This is online service using zoom, television, and other online platform to serve the patient at his residency or in another so far away location.
10. Healthlest you: This helps the patient with a bad health condition or living with health issue but need to take the medication regularly.
11. Mental Health Complete Plus: This plan helps the patient with a mental issue and need more attention specifically on mental area.
ACN MEDICAIRE WITH UHCEXCHANGE & ANTHEM
12. Medicaid:
13. Medicare:
14. Dental:
15. Vision:
C. AUTO INSURANCE
Bodily Injury Liability : pays for the injuries you, the policyholder, or the designated driver, cause to another person. If you do not carry enough liability insurance and cause a serious accident, you can end up paying large sums of money after your insurance limit is exhausted. Your liability limit is a very important number to pay attention to when it comes to protecting your assets. Property Damage Liability: pays for damage you cause to someone else's car or other property. Medical Payments: pays for medical expenses of the driver and passengers of the policyholder's car. Uninsured and Underinsured Motorist: reimburses you, a designated driver, or a member of your family if one of you is hit by an uninsured or underinsured driver. Coverage is also available if you are injured as a pedestrian. This limit should always be the same as your bodily injury limit. Do not lower this limit to save dollars on your premium. Collision : reimburses you for damage to your automobile if it is upset or impacted by another vehicle or object. This is where the cost to repair your vehicle comes from if you are at fault or if you get hit by an uninsured driver. Increasing your collision deductible is one way to decrease your premium. Comprehensive (Other Than Collision) : Reimburses you for damage to your auto caused by fire, theft, explosion, earthquake, falling objects, windstorm, hail, water, flood, vandalism, riot or civil commotion, glass breakage, or contact with a bird or animal. Think of this as protection for damages not caused by a collision. Increasing your comprehensive deductible is one way to decrease your premium. Additional CoveragesAvailable : Towing expense, rental car coverage, lease/loan gap coverage, extended non-owned, named non-owned, custom equipment, or electronic equipment.
D. HOME INSURANCE
How Does Remodeling My House Affect My Homeowners Insurance? Envision your house transformed into a welcoming space with fresh updates and extra room for the things you enjoy. With a remodeling project, you can open up walls, add lighting or upgrade the flooring to create a stylish look and improve the efficiency of your home.
Renovating your home can be exciting and overwhelming, and the last thing you may consider during the process is your homeowner's insurance policy.
If you didn’t think about this, you’re not alone! Communicating with us when modifications are made will help prevent your house from being underinsured and policy limits from not being enough to cover your house in the event of a loss. In order to ensure your home is properly insured, our agency utilizes a replacement cost estimator (RCE). The RCE is a tool used to assess the cost to rebuild your home with similar materials if it is damaged or destroyed. When adjustments are made that may impact the replacement value, it’s the homeowner’s responsibility to inform us so we can adjust the estimate. The replacement value of the home cannot be calculated correctly without us knowing about added features. Keep in mind some updates can save you money on your homeowner's insurance. For instance, replacing the roof, installing security features, sprinkler systems, water shut-off devices or a backup generator may lower your rates or even offer a discount on your premium. If you anticipate making renovations to your home, whether it’s adding a new deck or remodeling your kitchen, ask us how this could impact your insurance policy to ensure you are protected financially during and after the project.
Renting Out Your Home?
Have you tried to sell your home, but decided to rent it out instead? Or did you recently inherit your parents’ house and now your sibling or child are temporarily living in it? Whatever your situation may be, if you own a home and do not live in it, your homeowner's policy may not cover damage from a claim. Homeowner's insurance policies are intended to cover residential homes that are occupied by the owner. If you own a home and you do not live in that home, the house, personal belongings and your personal liability on that location will not be protected under a homeowner's policy. However, you can purchase coverage for these types of situations with a dwelling fire policy.
Each type of insurance policy is designed to cover a specific kind of exposure. If a claim occurs at a location with the wrong type of policy in force, you may not have the coverage you need. A person wouldn’t expect an automobile policy to contain the proper coverage for a house. Similarly, a homeowner's policy does not contain the proper coverage for a rental house solely occupied by someone other than the owner.
A dwelling fire policy is similar to a homeowner's policy in that it will cover damage to the house, other structures like a pole barn, and your liability if somebody is injured on your property. However, a dwelling fire policy also covers your liability as a landlord, as well as reimbursement for lost rental income in the event a claim occurs where the home cannot be occupied for a period of time. If you decide to rent out a home and become a landlord, or if you have experienced other life circumstances where a house you own is now occupied by someone other than yourself, ask about a dwelling fire policy to ensure you have the coverage needed when a claim occurs. Renters InsuranceHow Renters Insurance Can Save Money Now and Later Unlike car insurance or homeowners insurance policies, renters insurance is less expensive than many people realize. Plus, having a renters policy can allow you to get the auto and home discount on your auto policy. This discount can be savings of up to 20% off your automobile insurance.
Renters face many of the same risks as property owners when disaster strikes. Although your landlord probably has insurance, this only protects the building, not your belongings in it. A fire or thief could take away the personal contents you have spent years accumulating. If the unexpected happened, could you afford to replace everything? A renters policy covers clothing, furniture, appliances and many other personal belongings. Common Misconceptions About Renters Insurance Myth 1: I don't have enough stuff to justify insurance coverage. A common reason individuals avoid renters insurance is that they don't think their belongings are worth that much. However, take an inventory of all of your belongings. What would it cost you if you had to replace all your furniture, clothes, and electronics? It adds up to much more than you think. Myth 2: My landlord will cover my property. Many incorrectly assume that their landlord's insurance policy will cover their belongings in the event of a fire. The landlord's insurance policy covers the structure, not the content or any of the tenants' belongings. Myth 3: Renters insurance only covers my personal belongings. Renter’s insurance also includes liability protection, so if someone was injured at your home and sued you, your legal expenses and any court award would be covered. Coverage is also provided for additional living expenses should you have to move out of your apartment due to a natural disaster or fire. Myth 4: I take safety precautions; I don't need renters’ insurance. You may do a great job protecting your belongings; however, accidents happen. If your next-door neighbor is careless and starts a fire, your entire apartment could also be damaged. You can't always predict the actions of the people around you. Accidents, such as a burst pipe in your apartment may damage property and can be costly. Renters insurance can protect you from these situations and help cover those unexpected costs.
Flood Insurance
Flood Damage is More Common Than You Think Flood insurance is not just for homes on the coast. According to the National Flood Insurance Program, 31 percent of the properties damaged by floods are located outside of a special flood hazard area designed by FEMA. Floods also occur in all 50 states and are the second most common cause of property damage behind the fire. Floods often result from torrential rainstorms and hurricanes. Flood can also result from melting snow. Protecting Your Property If you are moving into a new home, apartment or business location, make sure you have adequate insurance coverage. Your bank, local officials or an insurance representative can inform you if your location is at risk of flooding. Flood insurance is excluded under homeowners and renters policies, but it is covered under the comprehensive section of standard automobile insurance policies and some coverage is available for floods under special commercial insurance policies. Flood insurance covers direct physical losses from floods and losses resulting from flood-related erosion. This damage can be caused by waves or currents of water exceeding anticipated cyclical levels and accompanied by a severe storm, flash flood, abnormal tide surge or a similar situation which results in flooding. Flood insurance also may cover mudslides. Coverage for the structure and contents of the home are sold separately. Buildings are covered for replacement cost but contents coverage is available on an actual cash value basis only. Flood insurance for homeowners, renters and businesses is administered through the federal government and can be purchased from the Insurance Agency under contract with the Federal Insurance Administration (FIA), part of the Federal Emergency Management Agency (FEMA). Do I Need Flood Insurance? If you live in a 100-year floodplain and have a mortgage, you don’t have to wonder if you need flood insurance, it is required as a condition of your loan. If flood insurance is not required as a condition of your mortgage, you’re not obligated to carry it. However, there are a few things that you should know: Flooding can happen anywhere and anytime. Even a minimal amount of flooding can have disastrous financial consequences. According to the National Flood Insurance Program, one foot of water can cause $27,150 of damage to a 1,000-square-foot home, and the average flood claim is more than $38,000. If you think a regular home hazard insurance policy covers losses caused by a flood or heavy rains, think again. You need a separate flood insurance policy to cover flood damage caused by a storm, hurricane, heavy rain or ineffective levee. No matter how well you plan for a flood, the costs may be more than you anticipate. If you are not on a solid financial footing with money set aside for emergencies, it may be better to get coverage. Flood policies in moderate to low-risk areas could cost less than your monthly cellphone bill, and could save you a bundle if your home sustains damage. For more information about your flood risk and the potential cost of a flood to your home, go to https://www.floodsmart.gov/floodsmart/. Flood Myth: If my property is hit by a flood, disaster assistance will bail me out. Truth: Maybe, if the President declares it a disaster, which doesn't always happen. But even if it does, federal assistance is usually a loan that you must pay back in addition to your existing mortgage. Business owner policy
A business owner package or BOP policy is designed to offer businesses most of the insurance coverage they need in one convenient product by combining liability and property coverages. This provides not only cost savings to the client but also coverage enhancements above a standard commercial package policy. For example, BOP policies include business interruption insurance on an actual loss-sustained basis. This is a coverage that, when purchased separately on a standard commercial package policy, is sometimes too costly for businesses.
The insurance industry created the BOP policy to meet the needs of smaller businesses. However, in recent years this policy has expanded its reach to now include medium to large businesses. To see if your business qualifies for a BOP, please contact our office today. You’ll be pleasantly surprised at the cost savings and coverage offerings. The Convenience of BOP Insurance A BOP provides the core insurance that most small businesses need all in one single package. This includes: Property Insurance: Protection for your building or office space, as well as property owned by your business, such as equipment and inventory. Liability Insurance: Coverage for costs that arise if someone is injured at your business or by using your products or services. Business Interruption Insurance: Also known as business income insurance, this coverage replaces lost revenues if your business has to shut down due to fire, wind damage or other covered losses. Fore more information on a business owner package that is right for you please contact our office today on 937 546 7821.
General Liability
Commercial general liability insurance protects your business against liability claims for bodily injury and property damage arising out of premises, operations, products, completed operations, advertising, and personal injury liability. That is a pretty long list! Think of it as insurance coverage for what could go wrong in operating your business. This includes not only your actions as the business owner but also the actions of your employees while working on your behalf. One of the most important coverages that is often overlooked in general liability is the cost to defend you and your business. You might be 100% in the right, however, you still have to show up to court with an attorney to defend yourself. This is paid for by the insurance company and is typically paid in addition to the liability limits of the policy.
This means the million-dollar general liability policy you purchase also comes with legal defense coverage. Even if you think the operations of your business are low risk, you can still find yourself in a position where you are being sued and have to hire an attorney to defend yourself.
What Does General Liability Cover?
Commercial General Liability (CGL) insurance is a fundamental type of insurance coverage that provides protection for businesses against a wide range of risks. It's designed to help cover the costs associated with legal claims and lawsuits brought against your business by third parties. Here's what commercial general liability insurance typically covers: 1. Bodily Injury: CGL insurance covers medical expenses, legal fees, and compensation for injuries to third parties (such as customers, visitors, or vendors) caused by your business operations or premises. For example, if a customer slips and falls in your store, CGL would help cover their medical bills and your legal defense costs if they sue. 2. Property Damage: It covers the cost of repairing or replacing property belonging to others that your business damages or destroys. This could include damage caused by your employees or operations, such as accidentally damaging a client's computer while providing IT services. 3. Personal and Advertising Injury: CGL insurance can cover claims related to personal and advertising injuries, such as defamation, slander, copyright infringement, or invasion of privacy in your business's advertising or promotional activities. 4. Legal Defense Costs: CGL policies typically cover the costs of defending your business in lawsuits, including attorney fees, court costs, and settlement or judgment expenses. This coverage is crucial even if a lawsuit is groundless, as legal defense costs can be substantial. 5. Products and Completed Operations: CGL insurance can cover claims related to products your business manufactures, sells, or distributes (product liability) and services you provide (completed operations liability). For example, if a customer is injured by a defective product your company produced, CGL would provide coverage. 6. Contractual Liability: Some CGL policies include coverage for certain liabilities assumed under contracts. This can be important if your business signs agreements that require you to take on additional liability. 7. Premises Liability: This aspect of CGL insurance covers accidents or injuries that occur on your business premises, such as a customer slipping on a wet floor in your store. 8. Additional Coverages: CGL policies may include additional coverages or endorsements for specific risks or industries. For example, you can add coverage for liquor liability if your business serves alcohol or coverage for damage caused by pollution. It's important to note that commercial general liability insurance has limits, and deductibles, and may not cover certain types of claims, such as intentional acts or employee injuries (covered separately by workers' compensation insurance). What Does General Liability Cost? No two businesses are alike and no two exposures are alike. General liability insurance is priced based on the size of your organization and operations. Depending on your type of business, it is typically rated based on your payroll or gross receipts.
That means a small carpentry operation with two employees is not going to pay the same as a large general contractor. Knowing this cost allows you to bid work at a profit and make informed business decisions. We like to educate our clients on their options and the costs associated with those options so they can make informed business decisions. Commercial Property Insurance
Commercial property coverage can help in the following ways: Aid in Recovery After a Loss: Whether your business suffers winter storms, fire, hail, tornados, water damage, or any other type of loss, the quickness at with your company gets back up and running can mean all the difference in its long-term recovery. Minimizing downtime is critical for maintaining business continuity and keeping customer relationships. Replace Damaged Building & Contents: A damaged building or equipment, furnishings, material goods, supplies, and product inventory need to not only be replaced in order for you to maintain your operation, but they need to be replaced quickly. Relief From Lost Business Income and Extraordinary Recovery Costs: During any downtime, your business may not be making any income. Even if you do make money while recovering, there may be extraordinary costs to keep your operation running.
Equipment Breakdown Coverage
The equipment breakdown endorsement is specialized coverage for those who have commercial property insurance. The endorsement pays for the cost to repair or replace most pressure, electrical or mechanical equipment that breaks down. Additional coverages are also included. One of the goals of DFIS Agency is to deliver high-quality products and services to all of our customers. This is one reason we offer equipment breakdown coverage for both business owner packages and commercial property policies.
The equipment breakdown endorsement adds coverage for the perils of mechanical, electrical, and pressure equipment breakdown. These breakdowns are excluded from coverage in the standard policy. Equipment breakdown losses can be very costly and can cause significant hardship for a business. Ask us about equipment breakdown coverage to add this specialized coverage to your commercial property or business owner package policy. Protect your business with the correct commercial property coverages. Why Business Income or Business Interruption Insurance? In the event of a loss to your property, you may suffer a large business income or business interruption claim. In many instances, the business income loss can exceed the direct loss to the building, equipment, or contents. Imagine a suspension of operation at your business that would inhibit your ability to earn income.
Could you still afford to pay your rent, your employees, or your utilities? 40% of businesses do not re-open their doors after a loss and another 25% fail in the first year after a major mishap. Don’t let your business become one of these statistics.
Most businesses don’t have the liquid capital to support an extended outage or reduction in normal operations and may fail as a result. You can help avoid this by discussing your sales, expenses, and revenue with people in our agency. Together, we can formulate a plan and select the appropriate business income coverage to meet your needs. Make sure your risk management strategy includes appropriate insurance products for all your exposures, including business income.
Errors and Omissions
Professionals & Service Providers Need Errors & Omissions Insurance Coverage We provide tailored errors & omissions coverage to reduce your risk when a client accuses your business of inadequate work, negligence, or the failure to perform your professional services. Professionals & service providers can get sued for negligence even if the omission was made by mistake. E&O Coverage is Recommended For: If you are in the business of providing a service to your client for a fee, you have an E&O exposure. Doctors, lawyers, financial planners, accountants, architects, engineers, IT professionals, veterinarians, stylists, contractors, mechanics, advertising agencies, commercial printers, event planners, and others. Just to name a few!
How to reduce the E&O Exposure?
Have a detailed written contract that defines what will be done, what will not be done, and what the fees will be. Communicate with your client throughout the job and keep the project expectations realistic. Managing your client's expectations is crucial. Use internal and exterior quality control audits to check on the quality control procedures in place.
SPECIALITY INSURANCE Small Business InsuranceSmall Business Insurance Packages Do Not Have to Be Overwhelming If you have a small to medium-sized business, you may feel overwhelmed with the number of risks you face and unsure where to even start when it comes to your business insurance. We can help! The risks you face as a business owner are very different than the risks you face in your personal life. An experienced commercial insurance agent can assist you in identifying and transferring the risks your business faces. We’d love to sit down with you, understand your operations and custom tailor an insurance program to meet your distinct needs. Small Business Tips: As a small business owner, your “To-Do” list and your “To-Have” list are never-ending. We are here to give you advice from trusted professionals to protect not only your business but your wallet too. Read our top 5 tips, preferably before, you get your small business insured. Find an agent you know, like, and trust: Our recommendation would be an independent agent because they have more products, markets, and flexibility. In fairness, there are also great captive agents, but they will be tied to a small number of insurance companies. The bottom line is If you know, like, and trust your agent, anything that comes up (claims, accidents or lawsuits) your agent will have your back and advocate for you throughout the process.
Tell your agent all about your business operations: Don’t hold back because you’re afraid they won’t cover you if you drive elderly people around or deliver pizzas after hours. It is far worse to find out after a loss that something wasn’t covered because it wasn’t disclosed up-front. We are a counselor and advisor to our clients, but we can't properly protect what we don't know about.
Set up your business properly: Form that LLC and get good legal advice on what contracts, if any, you should be using. Don’t risk exposing your home, cars, and life savings because you want to save a few dollars. If you haven’t done this yet, it’s not too late.
Start with commercial general liability: This protects you from all manner of liability, personal injury, and property damage such as if someone slips and falls, someone gets injured by your product or someone claims you slandered them. The best part about liability coverage is the insurance company must defend you against claims involving a covered loss. They hire an attorney and pay for it. If you are giving professional advice or doing consulting, look for a policy that can wrap professional liability and commercial general liability together for cost savings, most will. If you occupy spacesuch as retail, restaurant, or manufacturing,make sure you’ve got business income coverage. You may already have building and content coverage to recover your inventory and rebuild after a fire. But can your business survive for 3, 6, or even 12 months with no revenue coming in during that rebuilding time?
Tell your insurance agent what’s going on throughout the year. Did you just hire your first employee? Congrats on your success! Now let’s talk about employee-related coverage, such as employment practices, employee theft, stopgap, and hired an employee non-owned auto. The more information you give, the better we are able to protect your business.
Insurance for ContractorsInsurance to cover the liability of your operations, equipment, property, and commercial autos.
General Liability Coverage: covers bodily injury and property damage that you or your employees may cause. This is the coverage that general contractors and project managers will ask to see if you are working as a subcontractor on a job. Tool & Equipment Coverage: covers not only your large equipment, but also your small tools whether they are on your truck or at a job site. Leased & Rented Equipment Coverage: allows you to rent equipment to get the work done. Installation Coverage: covers items you leave at a job site that you are currently working on, such as a furnace, lumber, or copper pipes. When you are starting your contracting business, it can be hard to decipher which coverages are important to purchase and which coverages you can wait on.
We can walk you through your options and provide you with a policy that will grow with you as your business grows. We’ve been insuring contractors for 60 years, so we’ve got lots of options and solutions to help you maintain and grow your business. Permanently Attached Equipment & Custom Paint Jobs on Your Commercial Vehicles Have you recently added any permanently attached equipment or enhancements to your vehicles like a snowplow, ladder rack, or cleaning equipment? Or did you recently get a custom paint job or vehicle wrap to advertise your business If you have answered “yes” to either of those questions, it is important to contact your insurance agency. In addition, we recommend that you maintain a record of the permanently attached equipment or vehicle enhancements by taking photos and saving your receipts. In the event of a loss, these may help to assist in settling a claim.
MANUFACTURING & DISTRIBUTION
Manufacturing and Distribution Insurance Protecting Your Business With the Right Insurance Coverage As a manufacturer and business owner, your company provides tremendous value to the economy and to your community. That is why it is important to know that your business and your reputation are protected with the right insurance. Our Agency provides coverages that are tailored to meet many of the needs specific to your manufacturing business. Manufacturing insurance is a type of commercial insurance that is designed to provide protection for businesses that are involved in the manufacturing or production of goods. This type of insurance provides coverage for a variety of risks and exposures that are unique to the manufacturing industry. Manufacturing insurance must include property insurance, which covers damages or losses to your manufacturing facility, equipment, and inventory. This can include coverage for damage caused by fire, theft, or natural disasters. In addition, manufacturing insurance also needs to provide coverage for business interruption, which can help your business recover lost income if you are unable to operate due to a covered loss. Manufacturing insurance must also include liability insurance, which covers damages or injuries caused by the products or operations of your manufacturing business. This can include coverage for bodily injury, property damage, and product liability. Manufacturing insurance is an important type of coverage for businesses that are involved in the manufacturing industry. It can help protect your business from financial losses resulting from property damage, liability claims, and other risks and exposures that are common in the manufacturing industry. It is our goal to determine your specific insurance needs and ensure that you have the right coverage to protect your assets and operations. Manufacturing and Distribution Insurance Coverages May Include: Brands and Labels: If you have branded or labeled merchandise that is damaged by a covered cause of loss, this coverage allows you to remove the labels or stamp “salvage” on the merchandise to help protect your company’s reputation and that of your products. By removing these labels or stamping them as salvaged, it will allow you to dissociate yourself from these products. Manufacturers Selling Price: We will determine the value of the finished stock you manufacture in the event of a loss or damage at the selling price. This coverage protects you against the loss of profit that otherwise would have been earned from the sale of the finished stock, had it not been damaged by an insured peril. Manufacturers Consequential Loss Assumption: In the event of a direct physical loss to your stock, this coverage pays for the reduction in the value of the remaining part of stock in process, if the direct physical damage resulting from a covered cause of loss. Manufacturing and distribution companies have special insurance needs.
RENTALS & APARTMENTSRisks Faced by Apartment Building Owners
The primary concern for apartment building owners is the protection of the property from catastrophic events. Property insurance alone is complicated; your coverage and how much it costs vary depending on the building’s location, type of construction, and a number of other factors.
Your apartment complex insurance also needs to protect you from liability claims and other, less obvious things, like lost rent after a covered loss. We can help you determine the coverage you need to make sure you are fully protected.
Commercial property coverage protects against the loss of your apartment building or buildings within a complex, as well as other structures on the property, like garages, office space, common areas, fences, swimming pools, and storage buildings. Your apartment building property insurance should also cover any additions or improvements that are completed or under construction, as well as any business personal property that is kept on the premises and used to maintain or service the building and grounds.
The amount of coverage you need and the cost of coverage depending on a variety of factors including the following: Age of your roof and mechanical systems Age of the building Location of your building or complex Type of building (e.g., high-rise, duplex, multifamily, etc.) Type of construction Presence of a swimming pool, fitness center or clubhouse Presence of up-to-date security and fire protection systems Commercial general liability insurance protects against claims of actual or alleged property damage or bodily injury by third parties (tenants, visitors, repairpersons, delivery persons, etc.). This is the type of coverage you need to protect you from lawsuits if a tenant or visitor is injured at the property’s pool or gym, or suffers a minor event like a slip, trip, or fall on the premises.
Risks Apartment Building Owners Have to Deal With Include: Fire, storms, and other catastrophic damage to the property Liability for tenant, employee and visitor injuries Theft or vandalism Loss of rental income Invading the right to privacy Discrimination lawsuits filed by disgruntled tenants or employees Allegations of fraud, misrepresentation, and other intentional acts by employees. Bottom Line These risks can all be addressed with just a few insurance policies tailored to your needs; that’s why we’re here. To help walk you through the coverages you need to properly protect yourself. We’ll shop multiple companies, bring you more options than anyone else, and make sure you get the price you’re looking for.
AUTO REPAIR $ BODY SHOPS
Are You Properly Covering Customer Vehicles?
As a repair facility, your customers leave their vehicles in your care, custody, and control for service or repair. If their vehicles are damaged while in your care, perhaps by vandalism or theft, you may be liable. Your liability for this exposure can be covered by adding garage keepers coverage to your garage liability policy.
There are different garage keepers options available depending on what is best for your business. You can choose to provide coverage only if your business is determined to be legally liable (Legal Liability), or you can choose to provide coverage regardless of liability (Direct Primary). You should discuss the available options and which ones are most appropriate for your business with our agency.
Interested in Garage Keepers?
You will need to provide us with the maximum value of customer vehicles on your premises at any one time to ensure that you are covered in the case of a major catastrophe, such as fire or flood. The limit shown on your policy declarations is the most that will be paid at the time of loss.
This limit must be reviewed annually. As your business grows, so may the value of customer vehicles in your care. If there is a chance you may exceed the expected maximum limit, you may consider choosing to cover all loss, regardless of the expected maximum (Actual Loss Sustained).
Is Your Repair Shop Adequately Covered?
You spend the majority of your time servicing customers’ vehicles. The cost of the parts you install in those vehicles, coupled with the time and money invested in your mechanics servicing these vehicles, can be significant.
When your mechanic installs a part in a vehicle such as brakes and rotors, and that part fails causing your customer to drive off the road and damaging the undercarriage of their car, how will your garage liability policy respond?
Your policy probably covers the resulting damage to the undercarriage of the customer’s vehicle, but does it also cover the cost of the brakes and rotors you installed? Will your garage liability policy also cover the costs associated with your mechanic repairing the issue? If not, you will bear the cost of the new brakes and rotors along with the time and money spent on your mechanic to repair the brakes and rotors a second time.
Additional coverage can help at a time like this. Our agency has an optional auto repair insurance coverage package available, Broad Form Products and Completed Operations, that will cover property damage to the part you installed as well as the time and money required to fix the problem again.
RESTAURANT & BARS
Do You Have the Insurance for Your Restaurant ?
From food spoilage caused by your refrigerators failing, to fire damage or customer injuries, our agency can custom design a business insurance program to protect you and the risks you face as a restaurant owner.
Liability Insurance for Restaurants
General Liability: This includes operations and premise liability. If a customer is injured in your restaurant or even your parking lot and it can be proved that you are responsible due to negligence in your upkeep or the actions of one of your employees, you can be held responsible. General liability insurance is designed to provide coverage for medical costs and damages.
Product Liability: As a restaurant owner, your product is the food you serve. If customers become sickened by food poisoning or other food-borne illnesses, such as hepatitis or salmonella, and it can be proven that this occurred because of food served in your restaurant you may find yourself sued for medical costs and punitive damages. Product liability insurance will shield you from the high costs associated with such a lawsuit.
Liquor Liability: If your restaurant serves alcoholic beverages and as a result a customer becomes intoxicated, your business can be liable for the intoxicated patron’s ensuing actions, including acts of violence and property destruction. Liquor liability insurance can help to protect you from financial losses if you are sued.
Hired and Non-Owned Vehicle Liability: If your restaurant offers food delivery service but your employees use their own vehicles, this will provide you with coverage against potential liability lawsuits if they are involved in an accident while making a delivery for you.
Property Coverage for Restaurants
Building Coverage : This provides reimbursement for damages to the structure of your building. Contents Coverage : This includes coverage for your property, including furniture, artwork, computers and kitchen equipment. it also provides coverage for your tenants’ improvements and betterments to a building you lease.
Equipment Breakdown Coverage : Equipment such as freezers, stoves, dishwashers and air-conditioning units are vital when running a restaurant. This coverage will provide you with reimbursement for your losses so that you can get your business up and running again.
Food Spoilage Coverage : If a power outage, mechanical failure or other covered event results in spoiled food that must be thrown away, this coverage will cover the replacement costs.
Loss of Income Coverage : If your restaurant must temporarily close due to a covered event, this insurance will provide you with the funds necessary to continue operations.
Coverage Against Employee Crimes: If an employee steals from you, this coverage will compensate you for your financial loss. Employee theft is a crime coverage option.
Coverage for restaurants and bars is different from other retail businesses.
RETAILS BUSINESS
Retail Business Insurance to Protect Your Company.
From inventory theft, business income losses, and customer injuries on-site, you need to have the proper coverage when the unexpected happens. Retail insurance is a type of commercial insurance that is designed to protect businesses that operate in the retail industry.
It covers a range of risks and exposures that are unique to the retail industry and can help businesses avoid financial losses resulting from accidents, liability claims, and other events.
The importance of retail insurance lies in the fact that your retail business is exposed to a variety of risks and liabilities that can be costly to you. For example, your retail businesses may be held liable for injuries or property damage caused by a slip and fall in your store, or for injuries caused by defective products you sell. You may also face theft, vandalism, or other property damage, which can result in significant financial losses.
Retail insurance can help your business manage these risks and avoid financial losses by providing coverage for a range of risks and exposures. This can include property insurance, which covers damage to your physical store or inventory, as well as liability insurance, which covers injuries or property damage caused by your business or its products. In addition to these basic coverages, retail insurance must also include other types of coverage, such as business interruption insurance, which can help your business recover lost income if you are unable to operate due to a covered loss, and should include cyber liability insurance, which can protect your business from losses resulting from data breaches or other cyber-related incidents. Overall, retail insurance is an important type of coverage for your business. It can help protect businesses from financial losses resulting from a range of risks and exposures and provide peace of mind for you as the owner.
Do You Need Retail Insurance Coverage?
Your business works with the public, in a public space that you lease You have inventory that is at risk of theft, damage, or spoilage. Your business has employees. You have employees that use a vehicle to perform business tasks You sell or ship products to customers, in a storefront or online You store customer data Whether you are a retailer of furniture, clothes, or automotive parts, you need to feel confident that your customers, employees, and property are protected.
CYBER LIABILITY
Cyber risk is not just something large Fortune 500 companies need to worry about. It can affect all types of organizations, both large and small. Whether from a highly advanced outside attack on your systems or the simple act of a disgruntled employee stealing a laptop, your business is at risk.
Cyber Insurance Overview
Cyber liability can protect your business from the risk to your tangible and intangible property. It can include customer names, social security numbers, credit card numbers, health information and even the threat of a virus. Cyber liability insurance includes several important coverages that address both first-party and third-party needs. Coverage limits from fifty thousand dollars to one million are offered. Third-Party Coverage
Third-party coverage protects your customers’ information that you have on file. A third-party claim is brought against your insurance from another individual or business.
Types of third-party coverages
Information Risk Liability and Communication Incident Liability: Protects you if the corporate or personal information of others in your care is breached. Examples of this include unauthorized use of a trade name, disclosure of private information, or even the transmission of a virus or malware.
Privacy Administrative Proceedings Defense Expenses : Defends you in a proceeding brought about by a governmental authority due to your violation of a privacy regulation.
First-Party Coverage
First-party cyber coverages are meant to cover claims you make against your insurance. This includes loss of income during a covered business interruption and costs to notify clients of a data breach. Types of first-party coverages
Data Loss Expenses : Allows you to immediately and efficiently respond to a breach of your data. Covered expenses/services include the cost to set up and administer affected individuals with credit monitoring, to notify those whose information was lost, to replace the data that was lost, and the cost of extortion payments if someone is holding your data to collect a reward for its return. Personal Identity Recovery Expenses : Covers the cost to restore control over your own identity caused by a data breach. This includes the cost to notify affected individuals, set up credit monitoring and fraud alerts.
Business Income and Extra Expense : Covers your loss of income due to network interruption, key persons’ inability to access the network, and expenses incurred to minimize the network interruption. Computer and Funds Transfer Fraud : Computer fraud covers the unauthorized use of a computer for the theft of money or property. Funds Transfer Fraud covers the loss of money and securities in your own account.
Telecommunications Theft Expense : Provides coverage for charges incurred in the event that someone has fraudulently gained access to your outgoing long-distance telephone service.
Home Health Care Professionals :We provide insurance protection for all sizes of organizations that offer home companion, home health care, adult day centers, and transportation of the elderly or developmentally disabled. With professional advice from one of our insurance professionals, you can focus on delivering care to your patients while we focus on your specialty insurance program. Policies for Home Health Care Professionals & Adult Day Centers Include.
Commercial General Liability : Covers owners and employees against property damage, claims of bodily injury, and any associated medical costs.
Professional Liability Insurance : Sometimes called E&O Insurance, offers numerous potential benefits, including coverage for negligence, defense costs, bodily injury, personal injury (libel and slander), and property damage.
Sexual Abuse & Molestation : Covers insured individuals and the organization against such allegations and defends innocent parties up to the limit of insurance. Hired & Non-Owned Auto : Covers your risk of non-owned vehicles driving to and from clients' residences and transporting those clients.
Third-Party Crime Bonds/Business Service Bonds :Cover the criminal theft of your client’s property. Commercial Auto Insurance : Covers your risk of owning a commercial vehicle and transporting clients. Property Coverage : Building and/or contents coverage for an office or adult day center you maintain. We offer specialized insurance solutions: designed for the unique needs of home health care, adult day centers, and transportation providers. Are you trying to get set up as a new provider or agency with the Department of Developmental Disabilities (DODD) or Ohio Department of Aging (ODA)? We can assist you in complying with their requirements.
NOTE:
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.
