UG Insurance Brokerage Inc Blog
No matter what type of business you run, you need to protect your interests with the right insurance policy. Every company needs a variety of different types of insurance; some of these policies are the same no matter what kind of business you have, while others might be specific to your industry. One of the coverages that remains the same across the board is general liability coverage.
What is General Liability
There are a number of different types of liability policies you can purchase to protect yourself from potential financial responsibility. General liability is one of the less specific forms of coverage and provides a generalized, overall coverage for liability claims resulting from a wide array of possible incidents. While it will not protect you from everything, a good general liability policy provides you with a solid foundation.
A general liability policy gives you coverage for defense from lawsuits and to pay out financial claims when negligence on your part can be proven. It prevents your company from facing potentially serious financial damage due to property damage, injuries, or any other claim that can be proven to be a result of your company's actions or products.
Choose Your Policy Carefully
When you select a liability policy for your company, you should first make certain that the policy covers you from all angles. If you have specific risks that are not covered by general liability, you may want to purchase additional policies to provide that coverage. It is important to understand what is covered by your general liability policy and what is not; waiting until a claim occurs is not the best time to discover the exclusions in your policy!
Be certain that a few basics are being covered by your general liability policy. You want to be sure that you have good public liability coverage-meaning that members of the general public who might sustain injury or loss as a result of negligence on your company's part can be compensated. You also need to be sure that you have enough coverage to protect yourself properly.
Your general liability policy is one of the most important you will select as a business owner; it takes only a quick look at the news to see the array of claims consumers have made against companies in recent years. Many of these lawsuits ended in favor of the claimant. Without good liability coverage, your company could wind up paying these claims out of pocket. Take the time to make sure you have selected liability coverage that meets all of your needs and potential risks.
The first time you see the value your homeowner's insurance has placed on your home, it might shock you a little. That's because the number is probably nowhere near what you paid for your home, or what it is worth on the market. There is a very good reason for this, and it can be a little confusing at first. Before you panic, take a look at how an insurance company values your home.
Reconstruction Cost Only
Your homeowner's insurance covers the actual physical building that is your home, along with everything that is in it. The purpose of homeowner's insurance is to make sure that if the worst were to happen, your home would be restored to the same level as before the incident. So, if your home were to burn to the ground, homeowner's insurance would pay to completely rebuild the structure and replace everything inside it.
The value that is placed on your home is based on a complicated system of calculations used to determine what it would cost to rebuild your home from the ground up. Things like the price of building materials and cost of labor are all taken into consideration. What isn't included in this amount is the value of your land.
Why Isn't Land Included?
Even if your house were to burn completely to the ground, you would still have your land. You don't lose that, nor do you lose the value of the land. In many cases, the land on which the home sits is more valuable than the structure itself, especially in high in-demand areas. When calculating the value of your home, your insurance company does not add in the cost of purchasing the land, because you don't need to pay for that again.
What About Market Value?
Homeowner's insurance isn't really concerned with market value, because so much of it is wrapped up in things like the land, the location, and the state of the real estate market. All your insurance company is worried about is what it would cost to recreate your home exactly as it was in that same spot. So, market value and reconstruction cost really have very little bearing on each other, except for the connection between pricey areas and the cost of building materials which can be correlated.
The bottom line is, as long as your insurance company has the most accurate information about your home-square footage, building materials used, and all the important features-they can calculate an accurate amount of insurance coverage for you. This reconstruction cost usually also has an extra allowance of about 25%, just in case the calculations are off. In almost all cases, this is more than enough.
It is extremely important that you review your homeowner’s policy with a professional to ensure that the coverage for your home is based on replacement cost and the information provided to the Insurance Company is as accurate as possible.
Auto Insurance bills can be a significant expense every month for most Americans and with many people not receiving a paycheck due to COVID - 19 several Auto Insurance Companies are stepping up to support those affected.
Many of us know the most serious consequence of missing a premium payment is a lapse in the policy or loss of coverage. This can pose a huge problem because if you continue to drive without insurance you will be breaking the law in New York State and you could be setting yourself up for financial failure.
It would be a grave mistake to assume that your Insurance Company is automatically offering relief and even more of a mistake to not know how they are offering this assistance.
For this reason, we have put together a list of Companies with specific links that explain how they are offering support to their clients.
Active policy holders with The Hartford may qualify for their "COVID-19 Personal Auto Payback Plan".
If you are an active Farmers policy holder you may qualify for premium reductions.
Liberty Mutual policy holders who qualify may receive relief in several ways including a Personal Auto Customer Relief Refund & Payment Flexibility Options
If you are an active Travelers policy holder you may qualify for their "Billing Relief" program due to COVID - 19
Current Progressive policy holders may qualify for their "Apron Relief Program"
If you are an active policy holder with Mercury Insurance you may qualify for "The Mercury Giveback Program"
Active Geico policy holders may be entitled to Geico Giveback Credit.
State Farm is offering its Good Neighbor Relief Program to current policy holders.
If you are an active Allstate policy holder you may qualify for their "Shelter-in-Place Payback" program.
It is extremely important that you contact your Insurance Company to get the specific details of these programs especially if you didn't see them on the list above. Visit their website and be sure to look out for announcements. If you are contacting them via phone be prepared to wait longer than normal as they are experiencing a significantly higher call volume.
Lots of criticism and skepticism still surround life insurance. For some people who already know its use and importance, they now include a policy to their personal finances. However, for those individuals who are still not convinced why it matters, the following facts might help:
Most people think of homeowner’s insurance as a policy that is there to protect their house and property. Although this is a major feature of a homeowner’s policy, there is another main coverage that comes with all homeowner’s insurance, and which can really save you in case of a lawsuit directed at you for a negligent act. Your liability insurance will give you coverage for a wide variety of situations you might otherwise find yourself paying for out of pocket.
By Yogesh Singh
Shopping around for auto insurance is the best way to make sure you are getting the best deal. But not every agent or insurance company quotes in the same way. It’s important to be sure you are comparing apples to apples when you compare auto insurance quotes to ensure that you are getting a great deal. That low price may come with lower coverage or higher deductibles and might not be such a great deal after all. Learn how to compare auto insurance quotes for a truly good rate.
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Times are tough and finding ways to save money are always welcome, but often we don’t think of essential expenses such as insurance when considering ways to cut back on those expenses. Here are a few tips for saving money on your home insurance, while still keeping yourself and your home protected – ten things you can do to save money on your home insurance!
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Having the basic coverage of auto insurance is mandatory by most states, as this will not only provide you with protection in case of a car accident, but the people who got hurt in the accident will be covered as well. But would this be enough? What are its options? Learn how the policy works and its basic coverages.
Whether you are alone, married, or just moving to another place, there are a lot of considerations in buying your own house. The location, materials used, price, and environment are some things that the buyer should consider. A newly purchased home needs some protection, which, homeowner insurance can provide. Homeowner insurance protects both property and personal belongings in case of damage and theft. Here are examples of aspect that homeowners insurance covers and some limitations of the coverage: