The Right Insurance For You

By: Que Williams

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• First off, what class of insurance do you need?

Commercial Insurance

• Does your business own any buildings or property?

Yes

Commercial Insurance - PropertyIf your business owns any type of property, you will need to purchase commercial property insurance. It protects any building or structure for which a premium is shown in the declarations. It also covers any machinery or tools that are used to service the building (lawnmower, etc.)

Property Coverage represents a vital part of protecting your business, because it covers real, tangible items. You can elect the different valuation limits for the property (replacement cost and actual cash value) and also choose optional coverages (business interruption) to ensure optimal protection.

Commercial Insurance – General Liability

General Liability is a coverage that every business and individual needs. It is the basic coverage of insurance. We all face the common risk that running a business or doing our daily activities subjects us to, which is causing damages to others.

General Liability insurance covers damages that you cause to others, which you are legally liable for. Lawsuits can bankrupt any business or individual, so this is why this coverage is such a crucial part of asset protection and risk management.

Commercial Auto - FleetCommercial Auto is the business version of a standard personal automobile policy. It covers a business’ vehicles that it uses in the course of its’ business. If a company owns a fleet of vehicles (more than 1) it can qualify for the fleet automobile discount, which lowers the total rate for the automobile policy. A commercial auto policy is needed even if a company doesn’t own any autos, because if an employee uses their own car doing business activities, their own personal insurance policy will not respond to the risk.

Commercial Insurance - CyberWith the constant evolution of technology, a new risk is created that insurance companies have had to respond to – cyber liability. Cyber Liability covers damages for the loss of any private information or data.This coverage is crucial because it is not covered by any other type of policy; commercial property does not cover this risk because it does not fit one of the coverage triggers of a standard property policy.Cyber Liability is the least bought but most needed insurance coverage that insureds fail to realize the exposure they face.

Commercial Insurance – Business Income

Business Income is a well needed coverage in addition to commercial property. It covers the indirect losses associated with a property loss such as a loss of income and extra expenses like opening up an temporary store. This is an important coverage because a standard property policy does not cover loss of income.

Personal Insurance

• Do you own an Automobile or a House?

Personal Insurance - AutoAuto insurance is the basic insurance coverage for any road vehicle. This can also include motorcycles, go-carts (Street-Legal) or any vehicle who’s primary use is on public roads.

It covers the physical damage to the vehicle itself and the damages the vehicle can cause to others (wreck). You also have the option to purchase MedPay (Doctors Bills) or PIP (Personal Injury Protection = MedPay + Lost Wages) which is a no-fault coverage that pays for the injuries to any party, regardless or fault.

Automobile coverage is mandatory in all-states to comply with financial responsibility laws, less one can prove they have substantial financial assets to pay for a loss (Bond).

Personal Insurance - HomeHomeowners insurance is the forefront for all insurance marketing campaigns. It is the basic property coverage that protects one’s most substantial life investment – a house. It pays for a loss caused by a covered peril that is described in the declarations.

Homeowners policies come in a variety of types, since there are many different kinds of personal real estate that one can buy like condos, apartments, townhouses, etc. Using the correct Homeowners (H-O) form to cover your property is essential to ensure you have the right coverage.

Truck Insurance

• Do you own any big trucks that weigh over 10,000 pounds? If so, you don’t qualify for a standard automobile policy and must purchase a truckers policy.

Truck Insurance – Physical Damage

Truckers Physical Damage is the trucker version of standard automobile physical damage coverage. It covers the damage that a big truck sustains during a wreck. You can also buy medical payments coverage for those injured, like PIP and MedPay.

Truck Insurance - Liability

Truckers Liability is the most heavily regulated liability coverages that is required by law. With so many big truck accidents that are often fatal to other drivers, trucks must be insured with liability limits of $750,000 or greater.

Truck Insurance - CargoTruckers Cargo insurance is one of the more unique coverages of truckers insurance. Since the primary use of trucks are to transport or haul goods, they bear a risk to damages to the cargo they carry.

Cargo insurance covers any loss to covered cargo being hauled by the truck.