Insurance Review

An Updated Life Needs Updated Insurance Coverage!

Have you made any changes to your life? They can affect your insurance premium and coverage needs.
You should review you policies once a year. Make sure you have given your agent all of your updated information. You would be surprised how many clients I have had over the years who changed phone numbers and didn't let me know. The ones that always get me are the ones who move and don't think to tell me. A big part of your insurance rates are based on where you live. So if you move, your rates will most likely change. You must tell your agent!
Aside from your contact information, make sure your agent knows if you have had any additions to the family. Have you been married? had a baby? gone back to school? Changed jobs and now have a different commute? These can affect the type of coverage that is best suited for you.
During a review, your agent should go over your coverage to make sure it is still sufficient.

* Home Insurance

     * Dwelling coverage: This covers your actual home in the case of a loss. It is the cost of rebuilding your home -Have you made any additions or updates to the home? This can change the value of the dwelling.
     * Other Structures: This refers to fencing, sheds, pools. Any changes to these need to be disclosed.
     * Contents: This is your personal property. If you could pick up your house, turn it upside down and     shake it, what would fall out? This is your personal property. Have you bought computers or jewelry that may need extra coverage? Always keep receipts. This Home Inventory Log can be useful also.
      * Loss of use: This covers your expenses if you have damage to your home and you have to move out while it is being repaired or rebuilt.
     * Personal Liability: This covers you if something happens to a third party on your property - ie: your dog bites the neighbor's child. If you have  added dogs, a pool or a trampoline, your risk could warrant a higher amount of Liability coverage.
     * Medical Payments: This will cover you if someone has a minor scrape on your property - ie: the UPS person trips on your stairs.

* Auto Insurance

     * Have you changed your commute (possibly because of a new job)? Many carriers will give you better rates for lower annual mileage.

     * Liability: This covers the other party if you are found at fault for an accident. The minimum coverage is mandated by State law. In Texas, that would be $30/60/25. But you can add higher limits without breaking the bank. If you have state minimum, you will have $30k per person/ $60k per accident/$25k property damage that will pay out. If the accident is more costly, it comes out of your pocket.
     * Uninsured Motorist: This covers you if the other party was at fault and they don't have any or enough insurance to coverage the cost.
     * Personal Injury Protection vs. Medical Payments: PIP will cover medical costs plus some lost wages. Medical Payments will only cover medical costs. If you have retired recently, you should have Medical, not PIP. It is less expensive and PIP won't do you much if you have no wages to replace.
     * Comprehensive Coverage: This will cover you if something hits your car. IE: Hail, a fallen tree, flooding, an animal (we see this usually when a dear jumps in front of a car outside of cities). This will cover the cost of repairing your car. You decision here is what kind of deductible do you want? Higher deductible means lower insurance premium, but more out of pocket when there is an accident.
      * Collision Coverage: This will cover you if you hit something. ID: You run into a tree, a house, another car. Again, the decision here is how high a deductible do you want? You may also want to evaluate whether it is worth having the coverage at all. Many people with older cars that are not worth much find it isn't worth the cost of the coverage.
      * You can add Towing and Rental. Is this necessary? If your car is disabled in an accident, could you get around without it? Do you have another car? or can you borrow one? This can save you money on the premium.

* Commercial insurance

    * Have you started a new business? Even if it is just working out of your home, you need commercial coverage to protects your family and your business.
    * Have you bought a new car under the business name? Your personal auto policy won't cover it.
    * Have you hired employees? This needs a whole new level of coverage.

* Toys

    * Have you bought a new boat or motorcycle? Some Home policies will include boat coverage, but not if your agent doesn't know you have it. A motorcycle may be covered on your auto policy, but again, not if your agent doesn't know to add it. In most cases, both boats and motorcycles need to be on their own policy.

* Life Insurance

     * Will your life insurance policy ensure your spouse and kids can continue to live in the same lifestyle until the youngest child is out of college? This is a good basic rule to follow to get started.

Know your coverage. Know your needs. Make sure they match.
That is the best advice I can give you.
Call The Brockman Agency - we would love to walk you through your policies.  We will make sure you understand your coverage - and we may be able to save you some money while doing it!
Toll Free- 1-877-987-8683

Thanks for reading!
Nancy

Commercial Auto Insurance

Do you own a small business? Do you use a car for your business?

Did you know most Personal auto insurance policies exclude the coverage if the car is used for business?  Most policies exclude the coverage if the auto is used primarily for business, but where is the line? When does occasional use become primary use? Most carriers don't have a set answer for that question.

If you use you car at all for business, you should research and consider purchasing Commercial Insurance. A serious accident can financially ruin a small business. Is that risk greater than the premium? That is what you have to decide.

If you are considering commercial insurance, answer these questions:

* Is the car in your personal name or the business? (if business, personal policies rarely cover the claim)

* Do employees drive the car in the course of business?

* Do you pick up goods or people for a fee?

* Do you visit job sites often?

If you answered "business" to the first one and/or "yes" to any of the other 3, you definitely want to consider commercial insurance.

A commercial auto policy covers you in much the same way a personal auto policy does. There is Liability coverage, Uninsured Motorist, Collision and Comprehensive. You can get towing and rental. There are different types of coverage you can add on as well, such as "non-owned"autos. This covers your employees if they use their personal car to run business errands such as make deposits, get lunch for the office...). Or "hired autos" which cover you if you lease, rent, hire or borrow a car from someone other than an employee.

Your limits can be higher with a commercial auto policy than on a personal auto. Liability can go into the millions, thus protecting your small business. Again, it can save your business from going under after a claim. The premium is no fun, but when are they? Better to pay the premium than lose the business!

If you are considering Commercial Auto, be sure to call an Insurance professional.Ask questions. Know the coverage you need and make sure you get it. 

Don't have an agent you trust? Give us try! Call The Brockman Agency toll free 877-987-8683

Insuring a Home Based Business

Will your Homeowner's insurance policy cover your Home based business?

   In a word, NO! Homeowners insurance was never designed to cover business risks. There is a cap on most home policies, limiting the amount of coverage on computers, tools and office furniture- desks, filing cabinets and such. Your home policy will not provide any type of Liability for your business. Most carriers will ask if there is a home-based business on the application. If there is, they will exclude it - in writing.

   There are said to be over 38 million in the US alone. These at home businesses bring in over $400 billion per year now. 
   If you are one of these at home business owners, you need to be aware of how protect yourself and your business. There are many pieces to the commercial insurance puzzle. They may or may not all apply to you. But you must make sure. Being improperly insured is a risk you cannot afford to take with your business.
1. Business Property Insurance will cover your electronics, office furniture, printer and such. Many policies offer the choice between Actual Cash Value (ACV) or Replacement Cost (RC). The difference  is ACV will take depreciation off of the value of the item. RC will pay out what it costs to actually replace the item today. ACV will be a lower premium, but you will pay much more in the case of a loss and you have to replace your items.
2. Liability will cover you if you are found liable for damages to someone or their property. If you have anyone- customers, vendors or even delivery people- come to your home to conduct business, you need Liability coverage. Your Homeowner's liability will not cover this.
3. Professional Liability or Acts coverage will cover you against any negligence claims made by clients. This is very important for any one providing service or professional advice.
4. Product Liability covers you if you are liable for damages caused by a product you designed, manufactured or supplied.
5. Business Auto will cover you in the case of a claim for your auto while being used for business. Your personal auto policy will not cover claims caused during the course of doing business.

Some companies are beginning to offer some of these coverages as endorsements onto Homeowners policies. Others offer both the Home and the business insurance as a package. Call your agent (that is what we are here for!) and make sure you put the right policy with the right coverage in place for your Home based business.

Thanks for reading!
Nancy Brockman

Please call us with any questions or quoting needs!   toll free 877-987-8683 or click:

The Brockman Agency