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Understanding your business’s insurance needs is imperative to ensure you are properly covered under any circumstances. Commercial insurance is one of the most important investments a business owner can make as it is instrumental in protecting the business from unfortunate circumstances and unforeseen loss.

Commercial insurance provides valuable protection against such things such as property damage, theft, and liability. Coverage can also provide business support during any interruptions due to damage or loss, as well as cover employee and customer injury.

Too Risky To Go Without Insurance

If a business owner chooses to operate without commercial insurance, they are putting themselves, their employees, and their business at risk of losing money or even the business itself in the wake of an unfortunate event. This risk can be compounded by the fact that owners without proper insurance can sometimes be held personally liable for damage that may incur to people or property.

Types of Commercial Insurance

Depending on the type of business you have, there are types of commercial insurance that you may or may not need in order to be fully covered. Having a preliminary review of your business by a reputable agency such as The Nolen Agency Insurance will provide you with the basic understanding of types of policies and coverage you need to conduct your business safely.

There are times when businesses may evolve, changing insurance needs in order to fit their new dynamics. Having an insurance agent that you trust will enable you to easily navigate growth and needs, or even the possibility of needing less insurance than you initially started with.

Is Your Business High Risk?

Most businesses are able to purchase commercial insurance fairly easily as their needs are mostly straightforward. However, depending on the type of business that you are in, securing the right insurance may be difficult. If a business has experienced previous losses, or has had frequent previous claims or is in a high-risk industry, they may be considered to be high risk. In such situations, securing coverage can be complicated, but not impossible.

The Nolen Agency Insurance can work with businesses that are considered to be high risk to find alternate means of securing a commercial insurance policy that meets their needs. Making sure businesses are covered by insurance in the event of an unfortunate situation is the cornerstone of a well respected insurance agency.

Insured With Confidence

Securing the right commercial insurance can be as simple as contacting The Nolen Agency Insurance company, reliable agents who specialize in home, auto, life, and commercial insurance. You should feel that your insurance agent is experienced and well versed in commercial insurance policies, as well as make you comfortable in establishing a relationship so that you can receive the best service possible.

If you own a home, you have homeowner's insurance. While many homeowners accept that fact and sign on the dotted line, many fail to revisit their policies throughout the years to make sure they are receiving the best coverage available. This is typically due to the fact that insurance is just not something people want to delve into, it can be time-consuming and complicated to understand.

However, understanding what is and isn’t covered in your homeowner’s insurance policy can make a huge difference if you are faced with damage. Knowing the details of your insurance policy gives you more control of your coverage, and that knowledge is a powerful tool when it comes to protecting your property and belongings.

Homeowners insurance policies typically cover damage resulting from wind, fire, hail, water damage (excluding flooding), as well as other causes of loss such as by theft. Many of these policies include some sort of cost coverage for having to stay elsewhere while your home is being rebuilt or repaired.

There will also be coverage for any legal liability for any members of your family, pets, or other people hurt while on your property. This usually refers to your property rather than inside your dwelling and is limited in the amount that it will payout.

When you insure your home, you are insuring two things, the structure itself and your belongings. Each policy will have its own structure of coverage that allows for the replacement costs, extended replacement costs, and actual cash value of the insured property.

Insurance that pays the policyholder the cost of replacing the damaged property without deducting depreciation is typically limited to a maximum dollar amount. Whereas if you have a policy that covers extended replacement costs, it may cover costs up to a certain percentage over that limit, giving you protection against such things like increased construction costs.

If the policy covers the cost to replace your home less the depreciation costs for use and age, then it is considered to be actual cash value coverage. Under these terms, your damaged property is subject to the cost of replacing it in today’s marketplace, which can be much higher than its actual cash value.

It is a good idea to look over your existing homeowners insurance policy annually, refreshing your understanding of its terms and giving you an opportunity to decide to seek comparison policy offers. It is always good to consult with an insurance agent to help you understand your policy.

The Nolen Agency is happy to provide consultation of your existing homeowners policy, as well as provide you with options that can give you personalized coverage that can better serve your needs. Taking an active role in your coverage options will give you peace of mind knowing that you are well covered in the event of damage or destruction to your home and property.

Nolen Agency Insurance

Have you heard of umbrella insurance? If so, you may not fully understand what it is or why it is important. This is a type of liability insurance coverage that goes beyond the limit of your watercraft, auto, or home insurance. Essentially, it offers another layer of security for anyone who may be at risk of being sued for damages they caused to someone else’s property or injuries that were caused in an accident.

It also offers protection against invasion of privacy, slander, vandalism, and libel. Having an umbrella insurance policy is extremely beneficial if you are sued and if the amount of money provided by your original policy has been spent. The additional coverage provided by liability insurance will be most beneficial for those who own many assets, who have expensive assets, or who have a higher risk of being sued.

A Breakdown of Umbrella Insurance Policies

The premium you are charged for an umbrella insurance policy is typically less if you purchase it from the same insurer you have used for your other insurance policies. Depending on the actual provider, if you want an umbrella insurance policy, you must also have base coverage of a certain amount in place.

Sometimes, umbrella insurance is called excess liability insurance. It offers a fail-safe for your assets and savings. If you (the policyholder) are sued for damages that exceed the liability on the base policy, an umbrella policy will help to pay what else is owed. It can also provide coverage that isn’t included in the base insurance policy.

Some of the situations when you need umbrella coverage include:

· Landlords

· Sports participation

· Coaching sports

· Posting reviews for businesses and products

· Volunteering

· Individuals on the board for a nonprofit organization

How Does Umbrella Insurance Work?

If you want to fully understand how umbrella insurance works, consider the following. If you run a red light and hit someone, there could be quite a bit of damage to the other vehicle along with injuries. If the car repairs are over $50,000 and injury treatment is more than $500,000, you may have to cover the expenses that go beyond the limits for coverage of your insurance policy. With an umbrella policy, you will have coverage for the liability costs that go beyond the limits of your car insurance policy.

Work with the Right Professional

It’s important to work with the professionals who can provide you with information and who can answer any questions you may have about insurance in general, along with umbrella insurance policies specifically. When you are informed, you can feel confident you are getting the coverage needed and that if an accident occurs, you will have plenty of coverage for the situation. This type of peace of mind is invaluable and can help ensure you are covered for any incident or issue.

Don’t wait to get the coverage you need. Most service providers offer free consultations to help you figure out if there is enough risk that you would need additional coverage from an umbrella policy.

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