Who Is Responsible for Damage on the Property Line?

There has just been a storm, and a tree fell right on the property line you share with your neighbor. Who pays? That depends on numerous factors. Most homeowners insurance policies will cover hauling away debris if the mess is associated with damage.

What happens first?

The first thing to do is call your insurance provider. The likelihood is they will be able to help you make the right decision without worrying too much about it. In most cases, the insurance provider will pay to restore your property and will then decide whether to get reimbursed by the other side.

Is my neighbor in the wrong?

If a tree on your neighbor’s side of your border falls on the property line, they are responsible if you can prove your neighbor was aware the tree was a hazard and refused to fix the problem. If your neighbor was indeed negligent, your insurance provider will look at reimbursement from their side.

What to do if your tree falls

It’s always a good idea to regularly maintain your trees, including regular trimming and assessing the health and sturdiness of the foliage. But if the worst were to happen and your tree falls in your neighbor’s yard, do nothing until their insurance company contacts you. If you pay someone to maintain your trees, always keep the receipts.

Before the tree falls

If you are worried about a neighbor’s tree that looks like it’s seen better days, write a letter to them outlining your concerns. The letter should include a description of the issue, photographs and a request for action. Keep a copy of the letter so that there is a paper trail if the worst were to happen.

If you’re unsure about whether your insurance covers falling foliage, get in touch. We’ll be happy to walk you through your policy.

The Ins and Outs of Umbrella Insurance

Umbrella insurance is not about covering you if you get wet. It’s a useful policy that can protect you and your home against all types of claims when homeowners insurance fails. It could protect you in the case of a lawsuit if a neighbor trips over a loose pavestone or you slip in the bathtub. Here’s a breakdown of what umbrella insurance is and if you need it.

What does umbrella insurance cover?

Umbrella insurance is there for when homeowners liability insurance can’t protect you. It offers the advantage of extending liability on your homeowners and auto policies. Umbrella insurance can cover things such as personal injury or property damage caused by you, your family or hazards on your property and personal liability for occurrences that happen off your property, such as protection against slander, libel or false arrest.

What does umbrella insurance not cover?

It’s important to note umbrella insurance isn’t a magic policy that protects you from everything. It can’t help with liability for vehicles such as jet skis or boats, damage by others to your own property or damages intended by the insured, or business activities.

Do you need umbrella insurance?

Most homeowners insurance comes with liability protection, but it’s usually capped. The best thing to do is take stock of your belongings and lifestyle and decide if you’ll need an extra policy. If you have more possessions, you may need to take out an extra policy.

Unsure whether you need umbrella policy? Call or email us today and we’ll help you decide.

Why You Should Supplement Employer-Sponsored Life Insurance

Many of us receive our life insurance through our employers, and for good reason. Buying life insurance this way is often cheaper than buying it on the open market (and is sometimes free). But there may be reasons to buy life insurance on the open market. Here are three.

Your employer may not offer enough life insurance.  If your death hurts your loved ones financially as well as emotionally, we recommend you obtain coverage. How much? Five to 10 times your annual salary is a good guide. And be sure you include any “extra” income in your calculations, such as bonuses and freelance work.

Your coverage could disappear. When you get a new employer, you typically lose your life insurance coverage as well. Your new job, if you have one, may or may not offer coverage. This lack of portability is particularly problematic as we age and we’re less likely to be healthy enough to qualify for an individual life insurance policy at an affordable price.

You don’t get to choose the insurance provider.  It’s possible that the insurance carrier your company has chosen is rated lower than you’d like and the insurance you paid for won’t be there when you need it. Your carrier’s AM Best rating will tell you whether the company is financially stable or not.

While it’s certainly wise to take advantage of free or inexpensive life insurance offered by your employer, you may want to supplement that insurance with insurance from other sources. Just be sure you purchase enough supplemental insurance to ensure that you’re covered if the worst happens and you lose your employer-sponsored insurance at a bad time, such as when your health is declining.

We can help you navigate your life insurance options and choose what is right for you given your individual financial circumstances and goals. Call or email us today.

Is It Worth It to Get Travel Insurance?

Are you looking at traveling this summer? When you begin to look at all the options and opportunities, is travel insurance something you need? Let us dive into some reasons why it might be worth including in your travel budget.

What is travel insurance? It is a very popular way to protect the investment you made in your travel plans. Imagine your trip is just around the corner, an emergency occurs, and your plans need to change or get cancelled. With travel insurance, you have support for making these changes or assistance in filing claims for reimbursement.

Are there benefits of having travel insurance? You have arrived at your destination but your luggage did not. Now what? Travel insurance can help here. You are not feeling well and have healthcare needs. Travel insurance can provide you with emergency healthcare services, which may include evacuation. When needs arise, there is customer service assistance 24 hours a day.

When should I purchase travel insurance? You have spent time researching your perfect travel destination. Your itinerary is in place and your confirmations have been received. You envision yourself sitting in the sun with a good book, but wait. We have learned from experience that plans can change in an instant. Now is the time to protect your investment by considering adding travel insurance.

Where do I go to purchase travel insurance? Do you have an insurance professional who educates you on your personal or business insurance needs? They are a good place to start. Otherwise, a travel professional may be able to review options while booking your travel. Some credit card providers also include some level of travel coverage.

If you are traveling, call or email us today. We can go over travel insurance options and information with you and help you make a decision that works best for you.

Do You Need Short-Term Health Insurance Options?

Are you between jobs or considering temporary medical coverage? When outside of enrollment periods, are you concerned about emergency coverage for those unexpected needs? Let’s look at the options available so you can make the best decision for your unique situation.

What is short-term insurance? Short-term insurance is a type of health plan. Many select these flexible policies when seeking coverage for a specific period of time. These policies can range from 30 days to 12 months.

How does a short-term policy differ from a long-term policy? You can change short-term policies as your needs change. They are approved quickly and can go into effect the day after you apply. If you have preexisting conditions, you may not be eligible for this type of coverage, though. A long-term policy normally means you are ensuring the life needs of the person. Concerns with specific network providers and keeping those relationships is very important.

Do I need to review benefits on short-term policies? It is always wise to review the benefits to ensure you know how to best utilize your plan. Short-term coverage may not offer all the benefits you are used to. Preventive visits are seldom covered, and maternity benefit needs may be a reason to be denied coverage.

If you are curious to know whether this could be an option for you to consider, call or email us today. We are always here to help you and determine what is best for your personal circumstances.

Protect Your Business with These 5 Insurance Tips

It’s always important to be prepared for what’s ahead. And for business owners, the following five tips related to insurance may be good ideas to consider.

1. Be sure you’re using the right insurance company for your needs. Businesses outgrow insurance companies. Those that are good for a startup business may not be good for a business with greater income and assets.

2. Be sure you have the right business interruption insurance. Be sure to consider the types of events that could interrupt your ability to operate, and confirm those events are included in your policy. As many business owners learned in 2020, pandemics are generally excluded from business interruption coverage.

3. Be sure you have general liability insurance. This type of coverage protects you from claims against you, your business or your employees. You may also need special coverages such as cyber liability insurance.

4. Be sure you have workers’ compensation insurance. Workers’ compensation insurance protects workers when they’re injured on the job, but your needs can vary. For example, if you have a mobile workforce, adequate coverage independent of location is critical.

5. Be sure you have commercial auto insurance if you need it. Depending on your business, you may or may not need commercial auto coverage. For example, contractors and realtors who drive regularly for work should have commercial auto insurance.

Proper insurance coverage is an important part of being prepared. Call or email us today to schedule some time with us to review your policies and make sure you have the right coverage.

The Ins and Outs of Errors and Omissions Insurance

Errors and omissions (E&O) insurance is a type of professional liability insurance. With an E&O policy, your business is protected against claims of mistakes and negligence. Do you need E&O insurance?

What is E&O insurance?

E&O insurance protects your company if someone alleges that you made a critical mistake. It may cover errors or oversights in your work, failure to deliver a service or meet a deadline, failure to meet a certain standard of care, or breach of contract.

What does E&O insurance cover?

If someone files a lawsuit against your business, E&O insurance will cover attorney fees (whether or not you are deemed at fault), settlements or judgments owed if you are found at fault, and expenses. Some E&O policies only cover work done in the United States; some cover work done internationally.

What doesn’t E&O insurance cover?

E&O insurance may not cover purposeful wrongdoing and illegal acts. It also doesn’t cover things that are covered by other types of insurance, such as bodily injury (which general liability insurance typically covers), data leaks (which cyber liability insurance typically covers), employee injuries (which workers’ compensation insurance typically covers), and employee discrimination and harassment (which employment practices liability insurance typically covers).

What else do I need to know about E&O coverage?

E&O policies are generally “claims-made policies.” That means coverage must be in place at the time a claim is made in order for the insurer to cover it. So, if your coverage lapses, you will no longer be protected. However, you can ask that E&O policies be retroactive to a specific date defined in the policy, meaning they will cover claims dating back to that point but not before.

Who needs E&O insurance?

Some professionals are required to carry E&O insurance by law or licensing boards. Clients may also decline to work with you if you don’t provide a certificate of E&O insurance. Regardless, if you provide professional services for a fee, you should have E&O insurance. For example, you might need this kind of insurance if you work in architecture, accounting, financial services, insurance, IT, marketing communications, consulting or real estate.

How can you get E&O insurance?

E&O insurance is a common type of coverage. All major commercial insurers offer it. Some insurers will allow you to add E&O insurance to a business owner’s policy, which includes general liability and commercial property insurance. This can help you save money. However, if you operate a home-based business, don’t expect to get E&O insurance under your homeowners’ coverage; you will need a separate policy.

How much does E&O insurance cost?

The cost of E&O insurance varies depending on several things, including whether you’re in a high-risk industry, whether you have a history of liability claims being made against your business, where you do business, how many employees you have and how much coverage you need.

Obtaining E&O insurance can be confusing, so call or email us today and we can help you better understand E&O insurance terms and coverage.

Coverage Add-Ons to Consider for Your Property Insurance Policy

Commercial property insurance is a type of broad coverage that reimburses you for losses and damages to business property (such as fire or flood damage to your office). If it doesn’t meet your unique needs, however, you can purchase additional coverage. Here are a few policies you might want to consider.

Glass insurance may sound overly specific, but it covers a common threat: broken windows. Windows are expensive, and if they’re broken in a robbery or accident, it’s likely your responsibility to foot the bill.

Debris removal insurance is another category that may sound overly specific, but if a fire burns your office building down, you’ll have to remove the remains of the old building before rebuilding. Your property insurance policy will likely only cover rebuilding, not removing the remnants.

Mechanical or equipment breakdown insurance covers the cost of accidental breakdowns of machinery, such as boiler malfunctions or fire damage to computers.

Business interruption insurance covers the expenses incurred (including lost income) when closing your business after an accident of some sort. If a flood (more of a concern with climate change) forces you to stop working for a month, for example, this kind of coverage would reimburse you for salaries, rents and such.

Ordinance insurance covers the costs associated with having to rebuild to code when your building has been partially destroyed. Property insurance will usually cover only the replacement value of the existing building but not the upgrade, even if it’s legally required.

There are many other commercial policy add-ons. Call or email us today and we can go through the options.

Tips for Maximizing Your Health Care Benefits

There is no better time than now to look at your healthcare benefits and see how you can better utilize your plan. If this is your year to focus on healthy habits, here are four key areas to review to make the most of your plan.

Review your summary of benefits. Each health insurance policy has a summary of the benefits, which is an overview of your benefits. Make sure you obtain a copy so you are aware of any deductibles, copays or coinsurance responsibilities when using your plan.

Use in-network providers. Whenever possible, use providers who are in network and accept your policy. This will reduce your cost of services. If your policy is an HMO, the network of providers is based on the primary care doctor you selected.

Keep current with preventive care. Every policy has preventive care. These no-cost benefits include routine vaccinations, well-care visits, and many other screenings. Be sure to schedule these critical appointments annually.

Elective procedures. Many of us put elective procedures on the back burner. If this is your year to get that nagging knee surgery done, be sure to review your policy. Does your plan have a deductible before your coinsurance responsibility? Every plan’s out-of-pocket maximum resets at the beginning of the year, so this information may assist you in determining the time frame you select when scheduling this procedure.

When assistance is needed to help you with those healthy habits, call or email us so we can help you get the most out of your healthcare benefits.

When Is the Best Time to Buy Term Life Insurance?

Life insurance doesn’t have to last for life. Some policies last for a shorter period, and they can be very useful for individuals whose needs are not lifelong.

Life insurance that lasts for life is called whole life insurance. Whole life policies stay in effect for as long as you pay the premiums.

Term life insurance policies, on the other hand, stay in effect for a limited period (called a term). For example, if you select a 10-year term, the insurance company will pay a death benefit if you die anytime during the next 10 years.

Why choose term life insurance over whole life insurance? The primary reason is cost. Because a specified term is less risky to an insurer than a lifetime, term life insurance is usually cheaper than whole life insurance.

You might consider term life insurance instead of whole life insurance if you are certain your dependents will not rely on you financially for the remainder of your life. Let’s say you have coverage for your children who will graduate from college and get jobs in five years. In that case, a five-year term policy might make sense (perhaps 10 if you want a cushion to allow your children to get a solid footing in the workforce).

One warning: Term life insurance may present reinsurability problems. Say you have a heart attack during the term of your policy. When the term expires, if you want to continue holding life insurance, you’ll have to reapply for a new policy. Your health condition may make that difficult and expensive (although some policies offer a feature called guaranteed reinsurability to address this problem, so always look into that when purchasing term life insurance).

Call or email us, and we can help you determine what the right fit for you is.

Have You Done Your Homeowners Insurance Annual Checkup?

It’s spring, which means it’s time for your annual checkup. We’re talking homeowners insurance checkups, something to be completed once a year that could leave your policy healthier and you much happier. Homeowners insurance is a necessity. It protects your home and its contents from more than just a potential accident but a liability as well. Checkups are essential, as they assess whether your policy is working for you and that your premium isn’t costing more than it should. So how do you do one?

Make sure you know what coverage you have

Replacement cost is the most common form of contents insurance, which covers what it would take to rebuild and restore should something happen to your home. You can also extend this to give your replacement cost an added boost, most likely up to 20% extra, based on your losses. This covers unexpected expenses or a rise in cost for replacement.

Make sure you know what coverage you need

Once you’re clear on what policy you have, you need to figure out what you’d require. If your house value has increased and it would cost you more to rebuild it, you need to factor this into your policy. Don’t scrimp on your insurance.

Lowering your premiums

The higher your deductible, the amount you pay before coverage kicks in, the lower your premium. Insurance claims are for big problems, not minor inconveniences. Most homeowners will be able to fix a broken window, for example. A high deductible sounds tempting, but if you’re a first-time buyer without a stable income, it’s not worth it. Start low and build.

If the idea of a checkup is making your head spin, call or email us. We can review your policies and help determine what is best for you and your circumstances.

3 Tips for Preventing a Home Burglary

No matter how secure your insurance policy is, a home burglary is something we all hope we never have to go through. Even the idea of strangers rummaging through priceless possessions is enough to send a shiver down the spine. Here are a few tips you can use to prevent a break-in.

Hide your trash

Especially after birthdays or the holidays, don’t leave your expensive boxes, bags or even receipts out in plain sight. That’s basically an advertisement for would-be opportunists to pinpoint your home as a place with items of value. Keep your trash in a secure place until pickup day.

Get steel exterior doors

While wooden doors are much more charming, steel doors are much harder to kick in, especially if the owner isn’t in. Add deadbolts, too, for extra security. The perfect investment for peace of mind.

Don’t post on social media when on vacation

Sometimes we forget that our social media isn’t just visible to our friends or family. Some burglars are trained to scour the web for homeowners on trips who may have just left all their stuff completely unguarded. Set your profile to private or limit the amount you post. You never know who could be watching.

Even with all the precautions, you can’t always stop the worst from happening. Make sure your contents insurance policy is up to date and covers a break-in. If you’re not sure, call or email us. We are always here to help.

How to Get the “Steal Me” Sticker off Your Car

No one wants to attract the attention of thieves. Yet the actions of many vehicle owners practically beg thieves to take a crack at their cars. What are you doing that might tempt thieves? And just as important, what are you doing to deter them? Vehicle owners can easily reduce the risk of car theft and resulting insurance claims with a few simple steps. To properly protect your asset, consider the following list of dos and don’ts.

Do:

Lock your vehicle at all times, even when you’re in it. When choosing their prey, car thieves look for the easiest mark. It doesn’t get much easier than an open car. If necessary, take a longer route to avoid high-crime areas. It’s worth the extra few minutes to protect yourself and your car.

Park in well-lit areas. This removes the dark and shadowy atmosphere that thieves prefer for their work.

Install an anti-theft system. Good options include steering wheel locks, ignition cut-off systems, alarms, and police-signaling systems. Check with us to see which systems might make you eligible for a discount on your premium.

Don’t:

Leave your keys in your car, and never leave it running unattended. This seems obvious, but many car owners are guilty of this one.

Leave valuables visible in your vehicle. Nothing says “Smash my window for some quick cash” like a purse, electronic device, or other potential prize sitting out in plain view.

Leave ownership information in your car. If a thief steals your vehicle, you don’t want him or her to also have “proof” that they own it.

Call or email us with any questions you may have about protecting your vehicle. We can also look over your auto insurance policy and make sure you have the coverage you need.

First-Time Home Buyer? We Have Your Insurance Answers

There are a lot of things to consider when buying your first home, and unfortunately, the ins and outs of homeowners insurance is definitely one of them. Navigating what to put on your first policy can be confusing, so we’re here to answer a few questions you may have.

What should I consider when choosing insurance?

Make sure your insurance covers not only you and your home but also the things you own. Homeowners insurance is unique. There is not a one-size-fits-all policy. For example, your policy can change if you have a large collection of priceless items, you’ve bought an antique house or you’re moving into an apartment.

How do I make a claim?

One of the pros of homeowners insurance is it helps you prepare for the unexpected. It can’t protect your house from a fire, but it can help you recover the damages if one occurs. If you need to make a claim, speak to your insurance agent, who will help you through the process.

Is there anything not typically covered by homeowners insurance?

Flooding and earthquakes are usually not covered by most policies, so if you live in an area prone to these dangers, it’s worth talking to your insurance agent. Also, look out for water backup from drainage. There may be ways to extend your coverage.

If you’re confused or having trouble deciding which coverage works best for you, get in touch with us. We’re happy to walk you through the best policy for you.

Should You Convert a Term Life Policy to Permanent?

If you’re looking for life insurance, you’ll probably know there are several options, including term life insurance and permanent life insurance. Which of these is right for you?

Term life insurance provides coverage for a certain number of years, such as 10 or 30 years. When that period ends, the insurance expires. On the other hand, permanent life insurance provides coverage until you die.

Which you choose will depend on several factors. Term life insurance may be appealing because it is often the most affordable. You might consider it if you’re trying to ensure you’ve provided for a specific event, such as the payoff of your mortgage. Permanent life insurance typically costs more. However, it ensures that your beneficiary’s needs will be covered for your entire life. You might consider this type of life insurance if you don’t have a limited event you’re providing for.

While term and permanent life insurance are two major options, they aren’t the only options. For example, with “convertible” policies, it’s possible to convert term life insurance into permanent life insurance later; this may be useful if you develop a chronic health condition that makes it difficult to qualify for new coverage after your term expires.

It’s always a good idea to seek professional guidance when looking into life insurance. The quality of the life insurance policy is often connected to the quality of the life insurance company, and a financial advisor can help you check rates and ratings. Of course, he or she can also help you choose the policy that is best for you, given your individual circumstances and goals.

We can review your circumstances and goals and help you choose the term or permanent policy that works best for you. Call or email us for more information.

Knee Replacement Surgery Pain with Newer Pre-Surgical Treatment

Did you know that physicians perform about 600,000 total knee replacement surgeries annually in the U.S.? Remarkably successful, the total knee arthroplasty (TKA) replaces a patient’s knee joint with a prosthesis that acts like the patient’s own knee. The downside? Post-operative pain can be significant. High pain levels post-TKA surgery can complicate healing. Today, there are new treatments pre-surgery that can significantly reduce post-surgical knee replacement pain.

One treatment uses a cold application that freezes the peripheral nerve and helps to block post-surgical pain. A physician performs this treatment in the office without anesthesia.

Pre-surgical peripheral nerve blocks are another way to help with pain after the procedure. Patients who underwent these procedures report reduced use of opioids, decreased pain and shorter hospital stays than those who did not undergo this procedure, according to a study cited by Global News Wire. Additionally, some surgeons use the femoral block; however, this may offer a shorter-term solution to TKA pain management. Because not all surgeons use the same methods to control post-surgical pain, it may be best for you to consult with several physicians to decide which surgeon is right for you.

Today, doctors are hesitant to prescribe opioids for pain control for several reasons. Bowel strictures can occur with the use of opioids. Physicians grow concerned about possible drug dependency when prescribing opioids. Relying on these newer pre-surgical methods of pain control are quickly gaining popularity with patients and physicians.

Before undergoing these pre-surgical treatments, check with your health insurance provider to determine if your health insurer covers your chosen procedure.

With less post-surgical pain, you can more comfortably begin physical therapy. Increased mobilization through physical therapy can offer better outcomes.

How to Keep Health Insurance If You Lose Your Job

Have you been considering a career change? Did you just learn your employment is ending? Many of us get our health insurance from our employers. What do you need to know when a change happens?

Continue with your current coverage via COBRA.

Based on your employer’s size, continuation coverage through your current group plan may be an option. Your cost will change because you will be responsible for the entire portion of your coverage. This can be the smarter route if you have paid toward your deductible or maximum out of pocket and want to keep your existing doctors.

Consider purchasing your own individual or family policy.

When you know your coverage will be ending, begin looking at options. Apply before your coverage ends to ensure no lapse in coverage. Go online and review options through your state marketplace or exchange. You may qualify for a subsidy based on income. Even if you do not qualify for subsidy assistance, an individual or family plan may be less expensive.

Is Medicare in your future?

If you are eligible for Medicare soon, you will have the opportunity to leave your COBRA or individual plan when your Medicare is effective. Even if you are years away, you will not be left uninsured. All plans are month to month and have open enrollment periods to make changes each year.

Call or email us if your job is changing, and we can help you navigate what works best for you.

10 Factors to Consider When Buying Business Insurance

Every small business owner needs to manage risk, and obtaining insurance is one of the simplest ways to do that. However, your insurance needs will vary based on a number of factors, including your industry and assets. Here are 10 factors to consider to ensure you get the right policies for your needs (thereby meeting legal requirements and minimizing your business risks).

1. Research business insurance categories.  Your insurance needs will vary, but policies you may want to consider include liability insurance, commercial property insurance, business interruption insurance, workers’ compensation insurance and commercial auto insurance (or hired and non-owned auto insurance).

2. Consider the legal requirements.  Obtaining commercial insurance may be a legal requirement, depending on your state and industry and even your lenders and clients. For example, businesses with employees generally must carry workers’ compensation insurance. Your clients may also ask you to carry certain coverage before they hire you.

3. Think about the unique risks of your industry.  An accountant worries about making a mistake when preparing a client’s tax return, which would require errors and omissions insurance. But a restaurant owner is likely more concerned about a customer contracting salmonella poisoning after eating a meal at his or her establishment, which would require liability coverage.

4. Learn what might affect your rates.  Your company location, size and insurable assets will affect your premium and are out of your control. But you can help keep costs down by taking some steps, such as installing fire suppression systems and security alarms, creating a safe work environment and only allowing employees with good driving records to operate your business vehicles.

5. Balance coverage with cost. Once you know what type of insurance you need, you will naturally ask how much you need. Use reputable insurance providers and obtain the most coverage you can afford.

6. Decide on a deductible.  The higher your deductible, the lower your premiums. While you might be tempted to choose a high deductible, you also need to be able to pay the deductible when you need to file a claim. It’s a balancing act.

7. Overestimate your needs.  Because the situations you insure against can be devastating, it’s better to buy more than the minimum insurance coverage if you can.

8. Work with top-rated providers.  When evaluating insurance companies, we can look together at their ratings to find the most reputable ones. Insurance providers with a high rating (usually A) are recognized for their financial stability. You can generally assume they offer reliable coverage and prompt payouts.

9. Read the policies thoroughly.  Insurance policies are different from insurer to insurer. Be sure you understand what is covered (and what is not covered) under a policy before you sign on the dotted line.

10. Ask for help.  As you might have gathered, insurance contracts are complex legal documents, and it is best to have assistance when entering into one.

Obtaining business insurance can be confusing. Call or email us today so we can give you guidance regarding the best insurance products for your business (or if you simply want a better understanding of insurance terms and coverage).

Common Commercial Insurance Policies and What They Cover

As a small business owner, your insurance needs will undoubtedly vary based on a number of factors, including your industry. But regardless of your type of business, there are some business insurance policies you will want to consider.

Liability Insurance. There are several types of liability insurance. General liability insurance covers liability lawsuits over injuries and property damage sustained by third parties; it also covers defamation (libel and slander). Professional liability insurance, also known as errors and omissions insurance (E&O), covers lawsuits over errors made when working. Cyber liability insurance helps cover the costs of a data breach or other cyber incident at your business.

Commercial Property Insurance.  This type of insurance pays to repair or replace stolen, lost or damaged business property, including your office or workspace, inventory, equipment and furnishings.

Business Owner’s Policy (BOP).  This type of insurance combines general liability insurance with commercial property insurance and does so at a lower cost than when the policies are purchased separately. Business interruption insurance, which covers operating costs if your business is forced to temporarily close due to a storm, fire or other event, may be included in a BOP policy.

Other Types of Insurance.  You might also want to consider workers’ compensation insurance, which pays medical expenses and lost wages for work-related injuries, and commercial auto insurance, which covers various expenses if your business vehicle causes an accident.

Is Gold and Money Covered by Homeowners Insurance?

Not all of us have everything in the bank. Especially in these times of financial instability, more and more citizens are investing in cash and gold rather than keeping everything in one place. But whether it’s stuffed under the mattress, buried six feet under in the backyard or locked tightly away in a vault, are you insured if someone manages to break in and steal it?

Most standard home insurance policies will only cover up to $200 worth of money, notes, medals, coins, bullion, silverware and gold. If your belongings add up to much more than that, you may need to alter your insurance to match.

Floater policy

Floater policies cover any kind of loss. This means even things your homeowners policy won’t cover, such as a gold bar or an antique coin. Any items that fall under a floater must be professionally appraised, which gives you a higher coverage limit.

Scheduled personal property insurance

This is a policy that extends coverage beyond the standard protection provided by a homeowners’ insurance policy. You can even take this out on items stored in a safe deposit box at the bank. By purchasing a scheduled personal property policy, owners can ensure full coverage of expensive items, such as silver and gold, in the event of a claim.

Use a safe

Of course, this isn’t the only thing you should do to protect your valuables. However, if you insist on keeping items such as gold bars in your home, invest in a vault. You can also use an authorized depository at companies such as HSBC Bank and JPMorgan Chase.

If you’re still unsure about what option works best for you, get in touch with us. We can talk you through your options and help you make the decision that’s best for you.