Seeing your business swept away by floodwaters or burned to the ground by a wildfire would be devastating. Having the right insurance coverage based on your specific risks and business needs can make the difference between getting back in business in a few days, versus weeks, months, or possibly never. But many small businesses discover they aren’t adequately insured only after they’ve suffered a loss.
Terrorists attack a power plant that supplies electricity to a data center. The center houses numerous servers hosting hundreds of Web sites. A small business's site goes down, shutting off 80 percent of its revenue flow.
Identity thieves steal in countless ways from their victims. Victims may discover that identity thieves have made charges on or withdrawals from their accounts, opened new credit cards or taken out loans in their names, or even filed for bankruptcy using the stolen identity. Victims may find that their social security number has been used on a thief's job application, or that their name was given to police during an arrest. Identity theft victims will spend money and time-probably large amounts of each-in uncovering the extent of the damage and in repairing it, in order to restore their good name.
Our Downtime Loss and Rental Reimbursement & Towing Coverage endorsement offers unique features that best meet the needs of customers who rely on their trucks to generate an income. It provides up to $100 per day, subject to a 7-day waiting period and a maximum of $3,000 per loss, for either:
What would you say the fastest growing crime in the United States is today? If identity theft came to mind, then you're exactly right. Statistics by the Federal Trade Commission show that over 20% of all identity theft cases involve the internet and telecommunications. While you might think identify theft scams are easy to spot and avoid, the criminals behind such scams devote themselves to putting together emails, phone calls, and websites that appear enticingly legitimate.
When life circumstances change, insurance needs change with them. This is why agents across the country encourage Americans to review their insurance policies every year to update coverage for such changes. These are 10 important questions to consider when updating coverage.
Did marital status change? When a person gets married, it is important to add a spouse to home and auto policies. Merging two established households means adding more valuables, and these should also be properly insured. If there are a lot of new expensive valuables, they may need separate coverage. Married couples should also have adequate enough life insurance to compensate for the loss of a partner. When getting divorced, couples must update their home insurance policies to reflect who owns what and auto policies to reflect who drives each vehicle. Life insurance beneficiaries should be updated as well.
How much Umbrella Coverage do I Need?
The minimum amount of coverage for umbrella policies is $1 million. Policies are typically offered in larger amounts, but the amounts umbrella policies come in are always in increments of millions. Companies targeting individuals with a high net worth may offer policies that cover as much as $50 million or more. The majority of individuals who purchase umbrella policies pick the standard amount of $1 million, but there is a growing number of people choosing at least $2 million or more. For a policy of just $1 million, the annual premium is between $200 and $250. However, that amount may be higher if the insured has young drivers on the policy, more than two cars or points on a driving record. Each amount more than $1 millions costs slightly less to insure, but the increments become significantly more expensive after the $10 million threshold.
Keeping in mind that there are many types of coverage and each consumer will have different specific insurance needs, there may be several reasons to consider consolidating your various policies with a single carrier. For most people, the pros of consolidation usually outweigh the cons, but here are some points from both sides:
Determine and Proving who is at Fault in an Accident
Unfortunately, accidents do happen even to the most cautious drivers. Mishaps on the road can sometimes be prevented, but every driver needs to be prepared for the possibility of an accident. It is important to determine who is at fault and to call the police to establish a record of the occurrence to be used later when filing a claim.
Through common sense, it is typically easy to figure out who was the careless driver, but beyond a verbal agreement, you will have to secure a written police report to support your insurance claim. Take note of the following steps to ensure fault is appropriately established.
Money is still tight for many Americans, meaning most are still looking to save when and where they can. Some people have even turned to the their insurance policies as a place to cut costs. Insurance can be expensive, but consumers need to carefully ask themselves where and how they can really save money in this area without jeopardizing the protections offered by their coverages.