Do I need Liability Insurance for my business?
Absolutely, businesses of all sizes need insurance. Whether you are working from home and are the only employee or you have a company with thousands of employees you should have insurance. Nobody is ever 100% insulated from being sued, burglarized, or just having a bad day. Now-a-days, with the ever increasing hacking of businesses for sensitive information. All businesses should consider having cyber liability protection to protect your business from litigation resulting from a hacking incident. We have access to some of the best insurance carriers and insurance products to ensure you are protected from a bad day.
With Combined Experience of 47 years by all Partners, we have seen virtually every insurance question. We are here to assist you in ensuring that you have the coverage you need.
Should I take the cheapest insurance option?
Not all companies or coverage are the same. Make sure that when you are comparing insurance that you look at all aspects of your policy. The second thing you need to consider is your risk. Here are a few things you should think of when looking at insurance. Make sure you ask questions if you do not understand something. There are not any stupid questions when your financial well being is in play.
1) How will my insurance policy protect me against the acts of others?
2) How will my insurance policy protect me if you are sue?
3) How will my insurance policy protect me against acts of God?
When I rent a car, do I need to buy insurance sold by the rental company?
This depends on the coverage you have on your vehicle and the company you are with. Typically if you have Collision and Other then Collision coverage along rental reimbursement and Bodily Injury rates of $100,000/$300,000 or greater most likely you will not need to purchase the insurance sold by the rental company. As your policy should protect you. Insurance carriers are moving more and more towards the insurance policies following the person rather then the vehicle.
Why do I need liability insurance on my home?
Pets are the number one reason for claims on homeowner liability insurance. This is due to the unpredictable nature of pets. According to ASPCA dogs bites average to about 4.7 million bites each year. Having a pet is a solid reason to increase your liability insurance on your home as high as you can. It would also be a good idea to have a personal umbrella policy to provide additional coverage. Another big culprit of liability claims on homeowner policies are known as attractive nuisances. What is an attractive nuisance? An attractive nuisance is a hazardous object/condition on your property that is likely to attract children who are unable to appreciate the risk posed by the hazardous object/condition. An example of an attractive nuisance are Pools and Trampolines. Liability insurance purpose is to cover you in the event you are sued from an unintentional act.
Why would I need a personal umbrella policy (PUP)?
There are several reasons to consider adding an umbrella. It change range from your occupation, carpooling, and lifestyle habits. The most common claim on umbrella policies result from automobile accidents. With medical costs today it does not take long for the bills and lost wages to rack up. Umbrella policies are key in protecting your assets from lawsuits.
Besides accidents, there are several occupations that have higher tendency to result in lawsuits, making it wise to add a personal umbrella policy. For example, Teachers, Nurses, STNAs, CNAs, Police Officers, EMTs, Fire Fighters, Volunteers, are just a few types of occupations that need umbrella policies.
Do you hold a conceal carry license? If the answer is yes, the next thing you should do after reading this is ask for the highest umbrella policy you can. Although most individuals exercising their rights will never have to use their weapon, if you do the result can be financially stressful. Make sure you are protected in the event you do have to use your weapon.
Umbrella policies may provide extra protection for the following
International Coverage – For incidents that happen abroad
Vacation Rental Liability – For rented boats & jet skis
Defense Coverage – Legal defense when the primary auto or home carrier does not have a duty to defend
Personal Injury – For liability due to libel, slander, and/or defamation of character
SL & Associates
Private Client Insurance Advisory Firm