Auto Insurance

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:

  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

Homeowners Insurance

Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.

Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

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Renters Insurance

Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.

However, renters insurance does not cover floods, earthquakes or routine wear and tear. You can, however, buy separate policies for flood and earthquake damage.

Renters insurance pays the reasonable additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, temporary rentals, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company.

Renters insurance also covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.

Motorcycle Insurance

You’ll enjoy being out on the open road even more when you’re not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:

  • If you’re in an accident or your motorcycle is stolen, it costs money, often a lot of money, to fix or replace it.
  • If you or a passenger is injured in an accident, medical costs can be extremely expensive.
  • If your motorcycle is responsible for damage or injury to others, you may be sued for much more than you’re worth.
  • Your motorcycle may be one of your most prized possessions. It deserves special protection.

Commercial Auto Insurance

As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

General Liability

If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.

Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.

General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.

Broad Range of General Liability Protection

  • Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
  • Property Damage coverage for the physical damage to property of others or the loss of use of that property
  • Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
  • Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
  • Contractual Liability extends to any liability you may assume by entering into a variety of contracts
  • Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types

Workers Compensation Insurance

Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.

Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job.

In most states, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.

Recreational Vehicle Insurance

Recreational vehicles do more than just carry you from one place to another; they transport you with an eye toward maximum fun and/or comfort along the way. Just because some of these vehicles are associated with playtime, that doesn’t mean they don’t need the same insurance protection as any other piece of expensive property you own. In fact, they may need more insurance since they also create a potential for liabilities.

Your recreational vehicle is, just like an automobile, a moving vehicle that can cause bodily injury and property damage to others. In order to help pay for any damage you inadvertently inflict, you should secure liability insurance. This policy can also help cover the cost of environmental cleanup after an accident that causes the spillage of a toxic chemical or other pollutant.

After you’ve considered the potential liabilities you are exposed to while operating a recreational vehicle, it’s time to secure coverage for the value of the vehicle itself. Recreational vehicle coverage can include financial compensation in the event of physical damage, vandalism, theft and collision. In addition, your policy may allow for reimbursement of personal effects stored on a vehicle such as an RV, boat or snowmobile.

In some cases, you may want to consider adding specialized coverage for additional risks including the loss or damage of awnings and custom equipment.

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