Monthly Archives: July 2014

What should I consider when purchasing commercial policy?

Posted on by

Purchasing commercial insurance policy for your business can be a challenging process, especially if you are not sure about the coverage that you need. By taking time to consider specific factors and concerns, it is easier to make the final decision regarding the coverage that you need for your company.

Company Assets

A key factor to consider before you purchase any policy is the assets that your business owns. For example, if you own an office space, then you may need to purchase property insurance. On the other hand, if you are renting a space, then your business may need coverage for rental spaces instead.

Identify all of the assets that the company owns so that you can purchase appropriate coverage for the assets. You may also want to note the rental spaces so that you can obtain the appropriate policy for your situation.

Liability

Every company has liability concerns, but the type of liability coverage that you will need to purchase can vary. Evaluate the situations that may arise and consider if you need to purchase a liability plan to protect your company from losses. Your needs may vary based on the type of services that you provide.

Employee Concerns

You need to consider your employees when you are purchasing any policy. Depending on the number of employees and the work that they provide, you may need a worker’s compensation policy and benefits that you can offer to your employees when they start working.

There are several considerations that you need to evaluate before you make a decision about the policies that are most appropriate for your company. Regardless of the policies that you purchase, the coverage is designed to protect your business. Contact us to speak to an agent to learn more about business insurance options.

Can I add or remove specific coverage in the middle of my commercial insurance policy?

Posted on by

There are times when unexpected situations arise and you no longer need the same coverage that you purchased earlier. Furthermore, you may want to add to a policy if there are changes in the company that require additional coverage in Albertville, MN. You may want to remove commercial insurance policy details and add new changes to the plan, even in the middle of the insured period.

Identify Your Concerns

The first step of adding or removing different parts of your policy is recognizing what you need and what is unnecessary. Make a list if you are not sure about the changes that you want to make so that you know what you need. You can adjust the plan based on the details that you identify as a necessity in your policy.

Talk to Your Insurer

Contact your insurance provider and talk to a representative to find out what options are available. Every insurance company is different, so the ability to remove commercial insurance policy details can vary.

In some cases, you may be able to make changes if you provide proof of the situation and the reason for the changes. For example, you may want to add coverage if your company has purchased new property or you may want to remove coverage from the plan when you sell property. Providing proof that the changes are appropriate can allow you to make adjustments to your policy. Some insurers may also allow you to make adjustments to the plan without major life changes, but the options can vary.

It can be necessary to make changes to your insurance policy, but the details about when and how you can make changes can vary. Contact us to talk to an agent for more details.

Will my auto insurance premiums increase if I file a claim?

Posted on by

"Will my auto insurance premiums increase if I file a claim?" This question is on the lips of nearly anyone who has recently had to file a claim. You may have even been scared to file a necessary claim because you were worried about the potential raise in your auto insurance rates. The good news: Not every claim will result in a raise in your car insurance rates. ‘

Whether or not your car insurance rates go up following a claim depends upon several different factors. Rest assured that your insurance company does not just arbitrarily raise rates, and they raise rates only when it is necessary given the situation. These are the things that might impact your insurance rate after a claim.

How Serious the Accident Was: A major accident that costs the insurance company many thousands or tens of thousands of dollars is more likely to result in a raised rate than a minor claim that involved, for example, a few hundred dollars in damage.

Your Driving History: What is your driving record like? Is this your first claim in years, or do you get into trouble with tickets and claims regularly? The fewer the claims you have and the less traffic violations you have, the less likely you are to experience a hike in rates.

Who Has Liability: Who was liable for the accident? If you have no liability in the accident, or only minor liability, it is unlikely your rates will be impacted. Conversely, if you are completely liable for a major accident it could certainly cause a change in rates.

Every policy is unique, and your insurance provider may offer special things like "accident forgiveness," so that rates are not impacted after a claim. Our agents are here to help you get a policy that will work for you, both in times of claims and in times of smooth driving. Check out our free live quote comparison tool online today!

If a pipe accidentally bursts inside the wall in my house, what factors affect if I can make a claim on my home insurance policy?

Posted on by

Plumbing problems can be a nightmare for a homeowner, and a burst pipe inside a wall is a particularly troublesome and damaging problem. The first question you’re likely to have is "Will my home insurance policy cover this?" The answers in the insurance industry are rarely simple, and this one is no exception.

The key to answering the question of whether or not insurance pays for a burst pipe is to understand the nature of insurance. Home insurance is designed to protect your home from catastrophic events, such as fires, tornados or even burglaries. What home insurance is not designed to do is to pay for regular wear and tear or negligence.

So basically, pipe bursts in your home may be paid for, but only if there’s some defining event that causes it. The good news is that in Albertville, MN, you can bet that when your pipe bursts there is some kind of winter storm or severe weather event behind it. Still, your claim will go much more smoothly if you have plumbing records to prove that your pipes are well-maintained and you have some pictures or other documents to show the effects of the storm on your property. If your pipe damage is covered, your insurance will likely pay for the plumbing repair as well as any water damage caused by the leaking pipe.

Understanding what’s covered by your home insurance policy is tricky, and every policy is different, so you would be wise to talk to an agent. As your independent agent in Minnesota, we are here to answer all of your insurance questions, so call us today!