Did you know that, according to the Small Business Administration, more than half of all businesses in the United States are based out of the owners’ home?
Many of these entrepreneurs assume their homeowners insurance will step in if they ever experience a property loss to their business equipment or a liability claim.
Unfortunately, that simply is not the case.
For example, did you know that if a delivery person was injured at your residence while dropping off a business package, that he or she would most likely be excluded from coverage on your homeowners policy? Or that if customer information was stolen or destroyed from your home computer that you would not receive assistance from your homeowners insurance company to recover the data?
Below is some insight in determining if your home-based business needs insurance coverage and where to properly obtain it.
If you have any questions at all on coverages, options or pricing, please don’t hesitate to reach out to our office.
Do I Need Coverage?
Determining whether or not you need coverage is the first step in properly protecting your business. The following questions will provide some insight into whether or not you need additional insurance coverage:
- Does your homeowners policy limit coverage of any business equipment? Most homeowners policies will either provide a small sub-limit for business equipment or exclude coverage completely.
- Do you have an office, but work from home regularly? If you regularly work from your home, you may need additional coverage for protection against work-related incidents that could occur in your home.
- Do clients, vendors, or employees visit your home, or do you visit other people’s homes as part of your operations? Injuries to a third-party at your residence for business purposes are surprisingly not covered by most homeowners insurance policies.
- Do you store vital data or customer information electronically at your home? Most homeowners insurance policies do not cover lost business data, so if you have a disaster at your residence, you may be forced to recover that information on your own.
How Do I Obtain Coverage?
Home-based business owners typically have three types of business insurance options to consider. The policy you choose will depend on your business’ size and type, how often you have business visitors to your home and your exposure to liability, among other factors. The three types are:
Rider or endorsement to your homeowners insurance policy. Some insurance companies will allow you to add coverage for a minimal cost to your homeowners policy. However, it should be noted that the coverage provided is extremely limited for property coverage and liability protection. While it may be appropriate for a small one-person operations with limited risks, keep in mind that you could still be on the hook for a large liability loss.
In-home business policy. This type of policy typically combines the homeowners and business coverages into a single policy. While the policy does provide some additional protection for lost income, they are still usually pretty limited with liability protection and exclude any errors and omissions coverage.
Business owner’s policy. This type of policy is by far the most comprehensive for business owners. In addition to higher liability limits (usually $1,000,000 per occurrence), they provide much better coverage for claims like loss of business equipment, loss of records and data, lost income due to a claim, and even some secondary auto coverage (non-owned and hired vehicles). Depending upon your type of business, the coverage can be fairly inexpensive as well. Most policies start at $500 in annual premium.
Ensuring Your College Students have Proper Insurance Coverage
Arvada Insurance, Blog, Denver Metro InsuranceWith most college students living in a dorm or off-campus housing, it’s imperative they review their family’s insurance policies to ensure they have insurance coverage for their possessions.
With expensive electronics, sports equipment, and furniture inside of many student apartments, it’s important to make sure you have coverage for those items.
Unfortunately, for many of these students, they will not have any insurance coverage under their parents’ homeowners or renters policies.
The Insurance Information Institute recommends doing the following before your child goes to college:
As you can see there are many insurance considerations with any kid that will be attending college. If you have any questions in regards to ensuring you and your college student are protected, please don’t hesitate to give our office a call.
What to do if your vehicle is stolen
Arvada Insurance, Blog, Denver Metro InsuranceThere is no worse feeling than walking out, keys in hand, only to find your vehicle is missing. Did you know that according to the National Highway Traffic Safety Administration, a vehicle is stolen every 44 seconds?
While auto theft is an extremely frustrating experience, we have some tips to help you deal with the situation:
Assess the Situation
The first thing is to make sure the vehicle was actually stolen and not towed or repossessed. Basically, you just want to make sure you have no other explanation for the absence of your car.
Call the Police
If you know there is no other explanation, immediately contact the police to file a report. You’ll want to make sure you can provide a detailed description of the car, your license plate number, and VIN.
Leverage Technology
Many vehicles now include GPS locator systems like General Motors’ OnStar, Toyota’s Safety Connect, and Hyundai’s Blue Link, that can help authorities locate the vehicle. If you auto is equipped with such technology, be sure to let the police know.
Contact your Insurance Agent
After you have contacted police, contact your insurance agent. Provide any additional information that will help expedite the claims process like photos of the vehicle and a description of its contents at the time of the theft. As long as your vehicle as comprehensive coverage, you will receive reimbursement for the vehicle. How that reimbursement will be determined depends upon your specific policy and coverage.
Stopping Theft Before it Happens
About half of all auto thefts are a result of oversight from the vehicle’s owner. Make sure to always lock your vehicle and take your keys with you. Also, avoid leaving your car running, even if it’s just to warm up the vehicle in the winter. It also helps to park in well-lit areas with valuables kept out of sight.
Personal Liability Insurance Coverage
Arvada Insurance, Blog, Denver Metro InsuranceWe are often asked about what coverage is specifically provided by the liability portion of a homeowners insurance policy. We want to spend this post explaining what the coverage is and how it helps protect you. (Please keep in mind that every policy is different and that you should always refer to your specific policy to find out what coverage is provided.)
Medical Bills
In the even that a visitor is injured within your home or on your property, your homeowners insurance policy will typically pay for the reasonable medical bills to the injured part. Even if the person has health benefits, you could sill be held responsible if the injury is deemed as being caused by your negligence.
Pain and Suffering
Loss of Wages
Death Benefits
Legal Costs
Coverage Away From Home
How Much Auto Insurance Coverage Do I Really Need?
Arvada Insurance, Blog, Denver Metro InsuranceWill my insurance cover renting a car after an accident?
Arvada Insurance, Blog, Denver Metro InsuranceWill my insurance cover renting a car after an accident?
Insuring a Home-Based Business
Arvada Insurance, Blog, Denver Metro InsuranceDid you know that, according to the Small Business Administration, more than half of all businesses in the United States are based out of the owners’ home?
Many of these entrepreneurs assume their homeowners insurance will step in if they ever experience a property loss to their business equipment or a liability claim.
Unfortunately, that simply is not the case.
For example, did you know that if a delivery person was injured at your residence while dropping off a business package, that he or she would most likely be excluded from coverage on your homeowners policy? Or that if customer information was stolen or destroyed from your home computer that you would not receive assistance from your homeowners insurance company to recover the data?
Below is some insight in determining if your home-based business needs insurance coverage and where to properly obtain it.
If you have any questions at all on coverages, options or pricing, please don’t hesitate to reach out to our office.
Do I Need Coverage?
Determining whether or not you need coverage is the first step in properly protecting your business. The following questions will provide some insight into whether or not you need additional insurance coverage:
How Do I Obtain Coverage?
Home-based business owners typically have three types of business insurance options to consider. The policy you choose will depend on your business’ size and type, how often you have business visitors to your home and your exposure to liability, among other factors. The three types are:
Rider or endorsement to your homeowners insurance policy. Some insurance companies will allow you to add coverage for a minimal cost to your homeowners policy. However, it should be noted that the coverage provided is extremely limited for property coverage and liability protection. While it may be appropriate for a small one-person operations with limited risks, keep in mind that you could still be on the hook for a large liability loss.
In-home business policy. This type of policy typically combines the homeowners and business coverages into a single policy. While the policy does provide some additional protection for lost income, they are still usually pretty limited with liability protection and exclude any errors and omissions coverage.
Business owner’s policy. This type of policy is by far the most comprehensive for business owners. In addition to higher liability limits (usually $1,000,000 per occurrence), they provide much better coverage for claims like loss of business equipment, loss of records and data, lost income due to a claim, and even some secondary auto coverage (non-owned and hired vehicles). Depending upon your type of business, the coverage can be fairly inexpensive as well. Most policies start at $500 in annual premium.
Auto Insurance Discounts Available to Arvada and Denver Metro Residents
Arvada Insurance, Blog, Denver Metro InsuranceBoat Insurance
Arvada Insurance, Blog, Denver Metro InsuranceBoat Insurance
Boat insurance also covers:
Most companies offer liability limits that start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. Higher limits may be available. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.
Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered and verify that towing coverage is included in the policy.
Boat owners should also inquire about discounts for the following:
If you would like to receive an insurance quote on your boat, please fee free to contact our office.
Pool Safety
Arvada Insurance, Blog, Denver Metro InsuranceWith summer quickly coming upon us, this means it’s time to lay out next to a pool, take in some sun, and just relax.
Not to put a damper on that, but did you know that according to The Pool Safety Resource drowning is still the second-leading cause of death for children under age 14?
So while we certainly hope you’re able to spend some time swimming and barbecuing with the family, we want to make sure you’re aware of the safety precautions you should take in and around swimming pools.
We have compiled a list of the top safety measures you can take from Pool Safely, American Academy of Pediatrics, and The Pool Safety Resource. Below you will find both an infographic and list of pool safety tips to help keep you safe.
Hope you have a fantastic summer!
Pool Safety Infogrpahic
Pool Safety Tips
Earthquake Insurance Coverage
Blog, Insurance Coverage TipsTHE TOPIC
With the recent earthquake in California, we through we would share some insight into earthquakes and insurance. Earthquake, at least for insurance purposes, is defined as a sudden and rapid shaking of the earth caused by the shifting of rock below the earth’s surface.
Earthquakes are not covered by a standard homeowners insurance policy. Coverage must usually be purchased via an endorsement or on a separate policy. Also, according to the U.S. Geological Survey the U.S. experiences approximately 20,000 earthquakes a year.
As development increases in seismically active areas so does the risk for loss when an earthquake hits. In July 2014 the U.S. Geological Survey updated its U.S. National Seismic Hazard Maps. The new maps reflect the best and most current understanding of where future earthquakes will occur, how often they will occur, and how hard the ground will likely shake as a result.
The new maps show that 42 states are at risk, with 16 states that have experienced earthquakes with a magnitude 6 or greater and which are considered at high risk.
Earthquake hazard is especially high on the West Coast, the intermountain west and in several active regions of the central and eastern U.S.
EARTHQUAKE INSURANCE COVERAGE
As there are no national earthquake programs, coverage is usually purchased through a private insurance company. (However, some states, like California, have put together state programs.)
Items to Note:
If you would like to find out more about earthquake insurance, please contact our office.