April, 2016

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3 Common Types of Specialty Lines Insurance

3 Common Types of Specialty Lines Insurance

There is a segment of the insurance industry market that addresses the needs of individuals who falls into the category types of high-risk and unusual or difficult to insure. These groups qualify for specialty lines insurance, which provides protection for personal property that are not generally covered by auto and homeowners insurance policies. Here are three types of coverage thats available:

  1. Travel Trailers -Specialty insurance offers coverage for a travel trailers personal effects, appliances and accessories. Key policy components also include expenses for towing, travel emergencies, collision and rollover.
  2. Motorcycles -Specialty lines insurance is ideal for touring, sport and unusual bike models. The coverage includes liability and collision as well as protection against things such as theft, fire and windstorms. You can also safeguard unique add-ons, equipment and accessories.
  3. Dwelling -Specialized insurance is available for well-maintained homes that are more than 10 years old and have low value. The policy not only applies to a year-round residence but also rental and seasonal property. Protection ranges from glass breakage and burglary to fire and hail damage.

In addition to these three types of specially lines insurance, there are policies for manufactured homes, occupied dwelling and dwelling fire. Speak with a licensed insurance carrier who can help you find the right coverage solution.

3 Fundamental Types of Insurance

insurance agents champaign

At some point in adult life, you suddenly find yourself searching for insurance agents in Champaign who can cover your assets, but what do you really need? First, youll need to cover your basics with 3 fundamental types of insurance.

  1. Health Insurance -As soon as possible, you should consider health coverage. Especially if your family has a history of illness or you have a chronic condition, medical insurance will help you significantly cover your costs. Even if you dont have a current existing need, you want to be covered in case of an accident or sudden event.
  2. Homeowners or Renters Insurance -When youre looking for insurance agents in Champaign, youll need someone who can cover your furniture and other home valuables in case of weather damage, robbery and similar situations. Carefully consider the unique features of your home and cover potential liabilities.
  3. Car Insurance -Many individuals have a car, motorcycle or some other personal mode of transportation. Like your home and your health, youll want to guard against anything that might happen. From uninsured motorists to medical costs, auto insurance can include a broad range of options and add-ons.

In tough times, insurance provides the support you need to cover the costs of recovery. Dont leave yourself exposed and get a policy thats right for you.

Types of Workers Compensation

Types of Workers Compensation

Getting hurt or injured on the job can be devastating if it means that the employee has to take time off, but Florida workers comp is in place to help protect employees whose ability to work is impacted. There are different types of workers compensation benefits and they cover a variety of situations.

Medical Care

This benefit is probably the most commonly used one. It covers medical and hospital expenses that are needed to diagnose and treat the injury. Things that are generally included include visits to the doctor, medication, and surgeries. In some cases, equipment, pain therapy, acupuncture, and counseling may be covered.

Disability Income

This benefit covers lost wages in the event you need to miss time from work. There are different categories that disabilities can fall into. These include temporary partial, temporary total, permanent partial, and permanent total. The benefits received will be a percentage of what was being earned before the injury.

Rehabilitation

This type of benefit pays for therapeutic care that will help with injury or illness recovery. This also includes training to regain abilities and skills to return to work.

Death

In the unfortunate event that the employee dies due to injuries, this benefit is paid to dependent family members to compensate for financial loss. Those who may be covered under Florida workers comp include spouses, children, siblings, or parents.

Home Healthcare Insurance

Home Healthcare Insurance

Home Healthcare providers and the organizations they represent play a vital role in addressing the daily medical needs of the ill and the elderly. Under contract with hospitals, rehabilitation facilities and physicians in order to provide care, home healthcare organizations must meet numerous regulatory hurdles and require home healthcare insurance to protect themselves and their workers from hazards faced every day.

During the course of duty, home healthcare service providers become responsible for their patients wellbeing, from wound care, to chronic pain management, to managing prescription medications. These personnel can find themselves in circumstances wherein a patient takes a turn for the worse and they face scrutiny. A standard general liability policy for a home health care business should protect you and generally provides for as much as $1 million per claim. Both professional and general liability must be part your home healthcare insurance portfolio.

Other home healthcare insurance lines to consider include:

  • Workers Compensation
  • Non-Owned and Hired Auto
  • Directors & Officers Liability
  • Employment Practices Liability, and
  • Regulatory Audit Insurance

Make sure you receive all necessary policy features to support your business. Find out how responsive their underwriters or representatives may be. When claims are made you need them to display a level of professionalism and support.

Know These Types of Veterinary Liability

Know These Types of Veterinary Liability

As with human medical practices, veterinarians are legally assumed to be professionals of animal care. This opens up animal doctors to potential malpractice suits. While at one time such suits incurred minimal costs, in recent decades the damages awarded have been rising, averaging $5,000 to $10,000 in the 1990’s and even higher now. Veterinary professional liability insurance can protect a clinic or animal hospital from the following general risks.

Malpractice

Incorrectly diagnosing an animal’s condition, or prescribing the wrong treatment strategy, can open a veterinarian up to malpractice, if it can be proved that a vet with reasonable education and experience would have recognized the problem.

Negligence

Related to malpractice, a suit can also be brought against veterinary doctors or staff for general negligence, failing to properly care for an animal entrusted to them. This can include cases of animals being improperly fed or housed, or accidentally letting a pet escape.

Communication Failures

Failing to completely and factually inform pet owners about the conditions of their pets, keeping inaccurate records or misrepresenting the qualifications of a veterinarian or staff can leave a veterinary professional legally liable.

Even in the best-maintained businesses, mistakes such as these can happen. With veterinary professional liability insurance, veterinarians and staff have the legal and financial protection to carry out their duties.

Why Manufacturers Need All Types of Coverage

Why Manufacturers Need All Types of Coverage

There’s no doubt about it those who are in the manufacturing business are doing brisk business (to the tune of more than $239 billion in 2013) and helping to fuel California’s economy. According to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, such firms in the state represent slightly more than 10 percent of California’s total output, and 8 percent of the states labor force with more than 1.25 million employees in the sector based on 2014 reports. These numbers all point to the growing need for manufacturers insurance in Long Beach to keep pace with the growth of the industry and the variety of risks and sources of liability to which these companies are exposed in the course of their daily operations.

Core coverage includes the basics

Most companies that fabricate and manufacture (especially small firms) will have programs that include policies that cover the essentials business liability, business property, and business income in many cases, bundled into a business owners policy that can offer savings by combining the protection into a single instrument. From there, a firms program can be rounded out with one or more other coverages based on addressing the risks that the company faces, such as equipment breakdown; workers compensation; commercial automobile; manufacturers errors and omissions; executive liability; or even foreign liability, kidnap and ransom.

A la carte, anyone?

You can add these standalone coverages as needed. The question of whether you need them or not, though, may not be obvious. That’s why it is a good idea to work with a professional insurance agent who is skilled in comprehending the often complex language that is often found in these policies, because he or she can analyze the terminology to help you recognize where gaps in your coverage exist between one policy and another, and close them handily. The agent can also identify duplications in coverage, and obtain quotes from top-rated providers to make certain that not only are you getting what you paid for, you are paying a reasonable amount for it and the company from which you’re buying it has the strength and ability to make good on any claims that may arise. Talk to a professional agent today to learn more about manufacturers insurance in Long Beach.

Options on Purchasing New Mexico Auto Insurance

Options on Purchasing New Mexico Auto Insurance

Auto insurance is required in New Mexico as it is everywhere else in the US. Since it is the law for New Mexico drivers to carry auto liability insurance, all drivers should have access to affordable and dependable New Mexico Insurance coverage.

The state requires that all drivers carry at least these minimum coverage amounts:

  • $25,000 in bodily injury coverage per person, per accident
  • $50,000 in bodily injury coverage per accident
  • $10,000 in property damage per accident

While these numbers show what the minimum requirements are to comply with state law, most drivers, particularly those with newer or more expensive vehicles, should carry higher liability limits and add additional coverage that provides much more protection for drivers and vehicle owners. The most common policy options available are:

  • Collision coverage, which protects the policyholder’s car against the cost of damages sustained in an automobile accident
  • Comprehensive coverage, which protects the insured vehicle from damages not caused by an auto accident (for example weather, collisions with wildlife, theft, vandalism)
  • Medical payments coverage to help pay the cost of driver and passenger medical bills that may result from a covered accident, and
  • Uninsured/Underinsured (UM/UIM) Motorist coverage, which provides protection from at-fault drivers who have no or insufficient bodily injury or property damage liability coverage limits

New Mexico has one of the highest percentages of uninsured drivers in the country

At nearly 22%, New Mexico has quite the lions share of uninsured motorists. This is why its so important for drivers to consider adding UM/UIM coverage to their New Mexico Insurance policies for their automobiles. Without it, drivers who get involved in an accident with an uninsured motorist (or are involved in a hit-and-run accident) may be forced to bear the financial burden of any damages caused by an uninsured, at-fault party. This can quickly become expensive, especially when injuries and property damages are part of the equation.

Take advantage of any available discounts

Some local insurers are willing to provide you with affordable discount auto insurance. By, applying discounts, choosing the right coverage amounts, and adjusting deductibles, you can save on coverage expenses in New Mexico and get the coverage you need at a price you can afford.

How a Business Owners Policy Can Save You Money

How a Business Owners Policy Can Save You Money

When looking into buying insurance for your company the first thing you need to do is assess your risks. Through underwriting, insurance companies determine the level of risk they’ll accept when issuing policies. Theyll review your application and thereby determine whether they will provide all, or a portion of the coverage being requested.

Premiums that are paid for insurance vary among different insurance companies, and they also depend on a number of risk factors, including the location of your business, the type of building in use, availability of local fire protection services, along with the amount of insurance being purchased. Purchasing a business owner’s policy can also help you to reduce the price you pay for your separate insurance policies.

Why you should consider a Business Owner’s Policy (BOP)

Insurance can be purchased either separately or in a package called a BOP. Purchasing separate policies from different insurers will often result in higher total premiums. A BOP combines typical coverage options into a standard package, and is offered at a premium. Typically BOP’s consist of combining property, general liability, vehicles, business interruption and other types of coverage common to many similarly modeled types of companies (although companies doing a different sort of business altogether can also find the BOP useful).

BOP’s help to simplify the insurance buying process while saving you money. However, not every type of insurance is included in a BOP, so if your business has unique risks, you may require additional coverage. In other words, make sure you understand the extent of coverage in any BOP you may be considering.

Over time your company will grow and perhaps change, so assess your insurance coverage on an annual basis. Also, as your business grows, chances are your liabilities do as well. The last thing you want to happen is that you end up being underinsured at the worst possible time, and thats when a disaster strikes.

If you end up purchasing or replacing equipment or decide to expand your operations, it would be a good idea to contact your insurance broker to discuss these changes in your business and how they affect your current coverage on your business owner’s policy.