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5 Common Misconceptions About Commercial Business Insurance in Lisbon

5 Common Misconceptions About Commercial Business Insurance in Lisbon

As a small business owner, you have to wear many hats to make sure your business runs smoothly and efficiently. And that includes ensuring that your business is properly insured against damages. Many business owners find that myths about coverage cloud their judgment when making important decisions. Today we’re dispelling some of the most common myths about commercial business insurance in Lisbon.

Knowledge is power, and when it comes to insurance coverage, knowledge means making informed decisions to make sure that your business is properly protected.

5 Common Myths About Commercial Business Insurance in Lisbon

Myth #1: If you’re named in a lawsuit, you can simply close your business.

In the end, shutting down your business doesn’t automatically protect you against a lawsuit. Our judicial system often proceeds even if your business is no longer operating. Also, if you were found responsible and ordered to pay a settlement or judgment, you could be found personally financially liable. Having a commercial general liability policy can protect you against lawsuits.

Myth #2: Homeowners insurance covers claims for home-based businesses.

If you run your business out of your home or work from home, you may be surprised to know that your homeowner’s policy doesn’t protect you against business-related damages. It’s imperative that you safeguard your business equipment, computers, inventory, and other property, which requires a separate policy for commercial business insurance in Lisbon. The good news is that you have different coverage options to choose from that guarantee that your business is covered.

Myth #3: If you only offer advice, you don’t need errors & omissions insurance.

If you offer advice and your clients consider you to be an expert, you are essentially exposed to possible lawsuits if your client feels that your advice impacted them in a negative way. In an Errors & Omissions (E&O) lawsuit, legal defense expenses are usually the most expensive element which is why having an E&O insurance policy is particularly important.

Myth #4: Commercial business insurance in Lisbon provides coverage for privacy breach/hacks.

Your general business insurance doesn’t automatically guarantee that you are covered for expenses related to a data/privacy breach/hack. To properly protect your business from cyber risk, it’s important that you purchase cyber insurance.

Myth #5: Personal auto insurance covers the cost of claims during business activities.

The truth is that a personal auto insurance policy doesn’t provide coverage for business use. So if you are using your personal vehicle for business reasons and get into an accident, your claim could possibly be rejected. This depends on how you mainly use your vehicle, so you need to be honest with your insurance broker so they can explain the possible risks to you.

It’s crucial that you are aware of both the importance of commercial business insurance in Lisbon and that your particular coverage is suitable for your business needs. We don’t want you to feel overwhelmed when buying your business insurance, so contact us today to discuss your unique needs.

What You Don’t Know About Personal Auto Insurance Policies in Lisbon Can Hurt You

What You Don’t Know About Personal Auto Insurance Policies in Lisbon Can Hurt You

If you’re like most people, you don’t pay attention to the intricate details of your car insurance until you’re involved in an accident. If you’re not sure what your policy covers, you could be paying more for insurance than you should. You could also be unpleasantly surprised if you need to file a claim for damages from a collision. Following are some things you need to know about personal auto insurance policies in Lisbon.

When Medical Coverage Begins: Medical coverage is typically included in Personal Injury Protection (PIP) policies. It covers missed work, medical bills, and many of the other items that can be expensive after an accident. The coverage also takes effect when a person needs to miss a great deal of work or needs treatment for an extended period of time.

What Comprehensive Insurance Really Covers: When you buy comprehensive personal auto insurance policies in Lisbon, you are buying protection for anything that happens to your car that is not the result of an accident with another vehicle. It will reimburse you for damage caused by theft, fire, flood, or other natural disasters.

It’s Not Hard to Switch Insurance Providers: Switching providers is not complicated; in fact, most insurance companies will let you terminate your policy at any time as long as you submit a request in writing.

The Importance Gap Insurance: Simply put, gap coverage fills the gap between what your vehicle is worth and what you still owe on it. Since most cars start depreciating as soon as they leave the lot, the gap between actual value and owed value can sometimes be very expensive. Gap coverage allows you to pay off the damaged car so that you can afford to buy a new one.

Choosing the Right Parts for Repair: Your personal auto insurance policies in Lisbon will typically only cover particular types of repair parts. The auto body shop will need to know whether you want to use original manufacturer equipment (OEM), or aftermarket parts in the repair work.

Understanding Actual Cash Value: You may be surprised to learn that the actual cash value is less than the amount you reported as the value of your vehicle. That’s because the actual cash value is the amount that the vehicle is worth at the moment after depreciation. It’s a good idea to check on the real value of your vehicle with your insurance company regularly.

The Difference between Underinsured and Uninsured Motorist Coverage: Underinsured motorist (UIM) and uninsured motorist (UM) may sound similar, but they are treated completely differently in the event of an accident. If the person who carries UM insurance is in an accident with a driver who has no insurance coverage at all, the UM insurance will cover all of the costs of the accident and any medical costs.

The Truth About Full Coverage: Full coverage means your personal auto insurance policies in Lisbon meet all of the requirements so you can register the vehicle and renew the tag each year. Every state has a different set of legally required minimum insurance.

What No-Fault Insurance Covers: No-fault coverage means the insurance company will reimburse the driver and passengers regardless of who is found at-fault for the accident. It protects the driver from being left without any insurance coverage under any situation.

Don’t wait until an accident occurs before you pay attention to the details of your personal auto insurance policies in Lisbon. Contact us today to discuss your coverage so you can rest assured that you are properly protected.

6 Things That Can Influence the Cost of Life Insurance Policies in Lisbon

6 Things That Can Influence the Cost of Life Insurance Policies in Lisbon

The cost of life insurance policies in Lisbon differs and depends on several factors.  Sex, medical history, profession, location, and age are a few examples of the factors that are considered. Putting some safeguards in place and eliminating bad habits or improving your lifestyle can result in lower rates.

Common Factors That Can Raise the Cost of Your Life Insurance Policies In Lisbon

Obesity:  On its own, obesity doesn’t result in an increase in premium rates, but because it often results in diabetes and/or heart problems, it is considered a major determining factor when estimating insurance premiums.  If your BMI is even marginally over what is considered to be in a healthy range, the rates for your life insurance policies in Lisbon will reflect this.

Smoking: You may think that you won’t get caught if you lie about smoking when you’re applying for life insurance. However, if you lie to your insurer, your loved ones may be left with nothing. And they don’t typically differentiate – it could be cigarettes, cigars, nicotine-suppression products, or chewing tobacco. An insurer may even consider you a smoker if you use e-cigarettes.

Other medical conditions: Anything that indicates a history of ill health will be negative to your insurance premium.  The appraiser will investigate your family history because some particular ailments like diabetes have been known to pass on through genetic or hereditary means.

Profession: Careers with a higher amount of risk will almost always result in extra fees when purchasing your life insurance policies in Lisbon, but how much will depend on the insurance carrier. An agent can help you select the company that will be most favorable to your career profile. You could also be assigned a table rating, which would elevate your premiums a particular percentage over the standard rate.

Driving records: An individual’s driving record is typically taken into consideration when computing life insurance rates. If the individual has a tendency to violate traffic laws, it is assumed that he or she is a bigger risk in terms of life expectancy and the premium rates will be affected.  The more inoffensive violations (like parking tickets) won’t usually have an effect on your insurance policies in Lisbon, but more serious offenses will.

Extracurricular activities: Many people might question what hobbies and sports have anything to do with life insurance. What we view as enjoyable extracurricular activities, insurers often consider being risk factors. Some hobbies and sports are deemed to be more dangerous than others, and because of this, life insurance companies may take a negative view toward them.

Shopping for insurance can be confusing, but we can help! If you have questions regarding life insurance policies in Lisbon – or would like a quote on new coverage – call us today to schedule a consultation.

Personal Auto Insurance In Alliance: Understanding Your Coverage

Personal Auto Insurance In Alliance: Understanding Your Coverage

Personal auto insurance in Alliance is meant to protect you or another driver in the event of an accident that results in injury or property damage. Choosing the best coverage can be a daunting task, so today we’re discussing the coverage that is mandated by the state, what is often required, and what is optional.

These coverage options are typically priced individually to calculate your monthly premium amount.

Mandatory coverage that is required by nearly every state:

Property Damage Liability: This reimburses other people for damage to a vehicle or property that is caused by you or another person driving your car.

Bodily Injury Liability: This covers costs related to injuries caused by you or another person who is driving your vehicle.

Coverage is typically required.

Medical Payments or Personal Injury Protection (PIP): This coverage provides repayment for medical expenses incurred by you or your passengers. It also reimburses for lost wages and other expenses that are related to the incident.

Uninsured or Underinsured Motorist Coverage: Underinsured motorist coverage takes over when you’re involved in an accident with a driver who is at fault, but whose liability coverage is too low to cover the damages. Their insurance will usually pay for all damages up to the limits of your policy, and then your coverage will reimburse the excess amount up to the limits you select.
On the other hand, insured motorist coverage provides protection if you’re in an accident with an at-fault driver who doesn’t carry and liability insurance.

Optional coverage options:
Comprehensive: Comprehensive insurance covers damage to your car that is the result of events that are not under your control. This includes vandalism, windshield and glass damage, fire, theft. accidents with animals, etc.

Collision: This coverage helps pay to repair or replace your car when damaged in an accident with an object, such as a fence or a tree, or by another vehicle.

Gap Personal Auto Insurance in Alliance
If your car is stolen or totaled, there may be a difference between what you owe on your vehicle and your auto coverage. To protect yourself, you may want to consider purchasing gap insurance to cover the difference.

Who is covered with personal auto insurance in Alliance, and when?
Whether driving your insured car or someone else’s car, your personal auto policy is designed to cover you and any others who are covered on your policy. It also offers coverage if someone who is not on your policy is driving your car with your permission.

Please note: Your personal auto insurance will not cover you if you use your vehicle for commercial purposes or if you provide transportation through a ride-sharing service.

If you have questions regarding your personal auto insurance in Alliance or would like a quote for new coverage, contact us today to schedule a consultation.

4 Tips For Securing Affordable Term Life Insurance Policies In Columbiana

4 Tips For Securing Affordable Term Life Insurance Policies In Columbiana

Whether you’re buying new shoes, or a new car, or just toothpaste, finding a great deal feels like one of life’s little triumphs. And life insurance is no different. Today we’re sharing four tips to help you get affordable term life insurance policies in Columbiana.

Unlike shoes or toothpaste, when it comes to life insurance, you can’t just focus on price, when your family’s financial future could be at stake. Learning about insurance providers, as well as the various types of life insurance policies in Columbiana can be the key to getting great coverage at an affordable price.

With that in mind, we’ve put together some tips to help you find affordable term life insurance that addresses your needs.

Tip #1: Get it while you’re still healthy. The lowest life insurance rates go to the youngest applicants. As you age, the rates will gradually increase. Health also matters because the healthiest people also enjoy the lowest rates. Insurance providers offer the lowest rates to those they determine to have the lowest risk of dying prematurely. Just like with your age, it’s your current health that will determine your rate for the duration of the policy.

Tip #2: Make sure you’re purchasing the right policy for your needs.
Health and age aren’t the only things that matter when you’re searching for affordable life insurance policies in Columbiana. The type of life insurance policy you purchase can have a substantial impact on not only the cost of your premiums but also how much coverage you’ll receive for that money.

Tip #3: Select the right term length and coverage amount from the beginning.
You shouldn’t purchase $1 million in coverage unless you actually need that much, but you also shouldn’t skimp on coverage that’s meant to be your family’s financial safety net. Life insurance companies offer a variety of benefit options so you can choose what is appropriate for your family.
The policy’s term length should also be taken into consideration when acquiring adequate coverage at the best price. If your children will be grown up and no longer financially dependent 20 years from now, a policy covering that period may be the right amount. On the other hand, if you have a 30-year mortgage, significant student loan debts, and a newborn, a longer-term might be needed.

Tip #4: Pay attention to add-ons (riders). In addition to modifying the amount of your coverage, you can also tailor your policy in the form of riders, which are add-ons that address particular situations and may be offered as part of the policy for an added fee.

Permanent life insurance policies in Columbiana offer an even greater selection of riders such as disability insurance. These add-ons can make permanent life insurance, which is already more costly than term life, even more so.

Are you getting a great price on the coverage you need, or have you found a low price on a policy that will either cost you more in the long run or not provide you with sufficient coverage? If it’s the latter, cheaper life insurance can come at an incredibly high price.

Contact us so we can help you get the life insurance policies in Columbiana that you need to properly protect you and your family. We’ll help you identify your needs, and find the best and most affordable solution.

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