SERVICES
Personal and Commercial Insurance
Homeowner Insurance
Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
A homeowners insurance policy usually covers four kinds of incidents on the insured property—interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property—. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket costs for the insured.
Every homeowners insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur. The standard limits are usually set at $100,000, but the policyholder can opt for a higher limit. In the event that a claim is made, the liability limit stipulates the percentage of the coverage amount that would go toward replacing or repairing damage to the property structures, personal belongings, and costs to live somewhere else while the property is worked on.
A homeowners insurance policy usually covers four kinds of incidents on the insured property—interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that occurs while on the property—. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect is the out-of-pocket costs for the insured.
Every homeowners insurance policy has a liability limit, which determines the amount of coverage the insured has should an unfortunate incident occur. The standard limits are usually set at $100,000, but the policyholder can opt for a higher limit. In the event that a claim is made, the liability limit stipulates the percentage of the coverage amount that would go toward replacing or repairing damage to the property structures, personal belongings, and costs to live somewhere else while the property is worked on.
Flood Insurance
Flood insurance is a type of property insurance that covers a dwelling for losses sustained by water damage specifically due to flooding caused by heavy or prolonged rain, melting snow, coastal storm surges, blocked storm drainage systems, or levee dam failure. In many places, a flood is considered a vis major event, and the damage or destruction it causes are uncovered if you do not get supplemental insurance.
A type of catastrophe insurance, a flood insurance policy is different than the basic hazard insurance coverage contained in a homeowners insurance policy. Standard homeowners insurance covers interior water damage, due, say, to a burst pipe, or weather events like tornadoes and rainstorms. However, it generally doesn’t cover destruction or damage caused by floodwaters.
If the property or its contents are damaged or destroyed by flooding caused by an external event (rain, snow, storms, collapsed or failed infrastructure), the homeowner receives cash for the amount of money required to repair the damage and/or rebuild the structure, up to the policy limit.
A type of catastrophe insurance, a flood insurance policy is different than the basic hazard insurance coverage contained in a homeowners insurance policy. Standard homeowners insurance covers interior water damage, due, say, to a burst pipe, or weather events like tornadoes and rainstorms. However, it generally doesn’t cover destruction or damage caused by floodwaters.
If the property or its contents are damaged or destroyed by flooding caused by an external event (rain, snow, storms, collapsed or failed infrastructure), the homeowner receives cash for the amount of money required to repair the damage and/or rebuild the structure, up to the policy limit.
Renters Insurance
Renter’s insurance is property insurance that provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in case of a loss event. It’s available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft, or townhouse. The policy protects against losses to the tenant’s personal property within the rented property. In addition, a renter’s insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property (in that case the owner’s—not renter’s—policy would apply).
Increasingly, proof of renter’s insurance is required by many landlords. Personal belongings within a rented property are typically not covered under the owner’s or landlord’s property insurance.
Increasingly, proof of renter’s insurance is required by many landlords. Personal belongings within a rented property are typically not covered under the owner’s or landlord’s property insurance.
Auto Insurance
Auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out-of-pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage.
Auto insurance premiums vary depending on age, gender, years of driving experience, accident and moving violation history, and other factors. While not all states require car insurance, most do mandate a minimum amount of auto insurance. That minimum varies by state, but many people purchase additional insurance to protect themselves further. Additionally, if you’re financing a car, the lender may stipulate that you carry certain types of car insurance.
In exchange for paying a premium, the insurance company agrees to pay your losses as outlined in your policy. Coverages include:
Auto insurance premiums vary depending on age, gender, years of driving experience, accident and moving violation history, and other factors. While not all states require car insurance, most do mandate a minimum amount of auto insurance. That minimum varies by state, but many people purchase additional insurance to protect themselves further. Additionally, if you’re financing a car, the lender may stipulate that you carry certain types of car insurance.
In exchange for paying a premium, the insurance company agrees to pay your losses as outlined in your policy. Coverages include:
- Property – damage to or theft of your car
- Liability – legal responsibility to others for bodily injury or property damage
- Medical – costs of treating injuries, rehabilitation, and sometimes, lost wages and funeral expenses
Commercial General Liability (CGL)
Is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.
Commercial general liability policies have different levels of coverage. A policy may include premises coverage, which protects the business from claims that occur on the business’s physical location during regular business operations. It may also include coverage for bodily injury and property damage that is the result of a finished product or service done on another location. Excess liability coverage can be purchased in order to cover claims that exceed the limit of the CGL policy.
Commercial general liability policies have different levels of coverage. A policy may include premises coverage, which protects the business from claims that occur on the business’s physical location during regular business operations. It may also include coverage for bodily injury and property damage that is the result of a finished product or service done on another location. Excess liability coverage can be purchased in order to cover claims that exceed the limit of the CGL policy.
Workers' Compensation Insurance
Refers to an insurance policy that protects employees under state laws and provides medical care, death, disability, and rehabilitation benefits for workers who are injured or killed while on the job. The insurer agrees to pay all compensation and benefits related to the insured employer’s state’s workers’ compensation laws without any regard to liability. Workers’ compensation coverage premiums are based on the employer’s payroll and the type of duties its employees perform.
When an employee is injured, disabled, or dies while on the job, the employee or their survivors are entitled to Workers’ compensation coverage benefits. Under this type of insurance, the employer pays certain benefits such as medical care, lost wages, and rehabilitation costs.
Many workers’ compensation incidents provide partial reimbursement of lost wages, and survivor benefits in the event the worker is killed while on the job.
When an employee is injured, disabled, or dies while on the job, the employee or their survivors are entitled to Workers’ compensation coverage benefits. Under this type of insurance, the employer pays certain benefits such as medical care, lost wages, and rehabilitation costs.
Many workers’ compensation incidents provide partial reimbursement of lost wages, and survivor benefits in the event the worker is killed while on the job.
Umbrella Insurance
Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations.
Umbrella insurance is a type of personal liability insurance that can be indispensable when you find yourself liable for a claim larger than your homeowner’s insurance or auto insurance will cover. Umbrella insurance even covers certain liability claims those policies may not, such as libel, slander, and false imprisonment. And if you own rental property, umbrella insurance provides liability coverage beyond what your renter’s policy covers.
Umbrella insurance is a type of personal liability insurance that can be indispensable when you find yourself liable for a claim larger than your homeowner’s insurance or auto insurance will cover. Umbrella insurance even covers certain liability claims those policies may not, such as libel, slander, and false imprisonment. And if you own rental property, umbrella insurance provides liability coverage beyond what your renter’s policy covers.
Buy and Sell Agreement Insurance
A buy and sell agreement is a legally binding contract that stipulates how a partner’s share of a business may be reassigned if that partner dies or otherwise leaves the business. Most often, the buy and sell agreement stipulates that the available share be sold to the remaining partners or to the partnership.
Buy and sell agreements are commonly used by sole proprietorships, partnerships, and closed corporations in an attempt to smooth transitions in ownership when each partner dies, retires, or decides to exit the business.
The buy and sell agreement requires that the business share be sold to the company or the remaining members of the business according to a predetermined formula.
Buy and sell agreements are commonly used by sole proprietorships, partnerships, and closed corporations in an attempt to smooth transitions in ownership when each partner dies, retires, or decides to exit the business.
The buy and sell agreement requires that the business share be sold to the company or the remaining members of the business according to a predetermined formula.
Key Person Insurance
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business–the ones whose absence would sink the company.
A company purchases a life insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy. If that person unexpectedly dies, the company receives the insurance payoff. The reason this coverage is important is because the death of a key person in a small company can cause the immediate death of that company. The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work.
The company can use the insurance proceeds for expenses until it can find a replacement person, or, if necessary, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key person insurance gives the company some options other than immediate bankruptcy.
A company purchases a life insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy. If that person unexpectedly dies, the company receives the insurance payoff. The reason this coverage is important is because the death of a key person in a small company can cause the immediate death of that company. The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work.
The company can use the insurance proceeds for expenses until it can find a replacement person, or, if necessary, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key person insurance gives the company some options other than immediate bankruptcy.
