I'm just getting my business started. Do I need insurance immediately?

Yes, because the chance of suffering a loss begins with the first day of business. You can't get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything your insurance agent can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.

Many states and local jurisdictions require that businesses be insured to begin operating. And if you rent space for your business, your landlord probably requires that you be adequately insured as well.

I don't have any major business assets. Why do I need insurance.

Every business has some property. And, when you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income.

Generally, there are two types of insurance - property and liability. Property insurance covers damage to or loss of the policyholder's property. If somebody sued for damages caused by you or your possessions, the cost of the suit -- both defending it and settling it if necessary -- would be covered up to your Liability coverage limit.

Does insurance coverage vary for different businesses?

It can. Many small businesses are now insured under package policies that cover the major property and liability exposures as well as loss of income. A common package policy used by small businesses us called the Businessowners Policy (BOP).

Generally, these package policies provide the small-business owner more complete coverage at a lower price than separate policies for each type of insurance needed. We can help you decide which policy or policies are right for your business. Additional coverage for property, liability or perils or conditions otherwise excluded (e.g., flood protection) can be purchased as endorsements to a standard policy or as a separate, second policy called a difference-in-conditions (DIC) policy.

Because businesses vary, it is impossible to have a standard policy to cover all contingencies. Some businesses, regardless of their size, do not fit the profile of a standard businessowners policy. For example, restaurants, wholesalers and garages have special liability needs that are not met in the standard businessowners policy. We can advise you of the best policy (or policies) to protect you and your business.


Auto
How does where I live affect my premium?

Where your car is kept directly affects your chances of having an accident or becoming a victim of theft or vandalism. The likelihood of encountering these problems increases in larger, more populated cities, while such incidents remain relatively low in rural areas.

Regional insurance rates are affected by time and efficiency of police response and law enforcement, local road and traffic conditions and the quality of local medical services. Insurance companies even factor in the litigation rates in a given area (how many lawsuits are filed, go to trial, are settled out of court and for how much.)


Home & Renters
What exactly does a homeowners policy cover?

Exact" coverage is tricky to define because there are different policies and about 900 insurance companies writing most of the property/casualty business in the United States. However, 80 percent of the homeowners policies are based in a standard form. All homeowners policies cover two important areas: property and liability.

These cover your structures and possessions - property insurance - and protect against personal liability. Personal liability, as it's name implies, means you are legally obligated to pay money to another person for actions caused by you, your family, or your property. That liability extends to medical payments to others for injuries caused by you or your family.

Are floods, earthquakes, and other natural disasters covered?

Most catastrophes are covered; flood and earthquake damage, however, are not covered by a standard policy and both are more common than many people realize. Check with us about special catastrophic policies for normally excluded conditions like floods and earthquakes.

How expensive is renters insurance?

Renters insurance is typically available for as little as $100 a year.

Does my landlord's insurance protect me?

Generally NO. The property owner's insurance covers the building itself and seldom a tenant's possessions. Clarify this with your landlord before signing a lease.

Is my landlord liable if someone trips in my apartment and gets injured?

Again, the owner's policy may specifically exclude liability for something that occurs within your rented residence. You could be held liable for injury to another person or damage to another person's property if the incident occurred within your rented residence.

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