Does my part time business need insurance?
A recent survey showed that up to one in ten households operate some type of home based business from their home. Many of these same small, part time business owners have not put some sort of part time business insurance in place. In fact, many of these part time business owners mistakenly think their personal insurance will protect them.
Home based business owners are at risk for serious financial losses in the event of theft, accident, damage or perceived damage to a client, natural disaster, vehicle accident or other types of loss or damage. Most homeowners policies won’t cover business related losses. If you‚ are operating from home, not only can you be risking business property, but personal property which won’t be covered with a business incident.
One possibility is a business rider added to your homeowners policy. If you are writing or just using a phone and computer for your part time business a rider may be all that is needed. However, if you are manufacturing or perhaps doing some type of repair work for a client in your basement, garage or even den, there is a good chance you need more commercial insurance coverage. If you hire an employee, you must have workers compensation insurance.
The risk of not having appropriate coverage is formidable. If you have started a small, part time business, contact a licensed commercial insurance professional. Work with them to determine what insurance is needed. Typically, you need some type of general liability insurance coverage, business property insurance, and if you have employees, workers compensation.
Don’t risk all you have worked for up until now by avoiding or neglecting this important component of being a business owner. As an experienced, licensed insurance professional, I will guide you to what coverage is needed today, and more important, how to protect the future as you grow your business.
Steve Ludwig
President/CEO
Select Insurance Group
Saint Peters, Missouri
http://www.selectinsuranceteam.com/selectinsuranceblog.html
Friday, April 22, 2011
Thursday, April 21, 2011
Quick Auto Insurance Quotes
Many motorists take renewal quotes offered to them by their existing auto insurance companies without questioning it at all. They may assume that it will take ages to go through alternative insurers, get quotes and compare them. Furthermore, they may conclude that there would not be much point as rates would be similar anyway. They could be getting it all wrong because they can get quotes real quick on the internet and there could be considerable difference in prices.
Understandably you might not have much free time to spare and when you do checking auto insurance quotes might not be on top of your list. However, we all spend a lot of time online these days and it would not hurt to see what you could save on car insurance. You probably come across many adverts trying to sell vehicle insurance even though you are not looking for them.
You could find all the major auto insurance providers on one website with all their offers and terms nicely laid out. Pick the ones that appeal to you most and get your quotes. You should not have much concern on switching to any of them since they are all prime companies. You should make the most of highly competitive insurance industry.
Quite a few families have several cars in the household that makes savings even larger. You probably know which gas station is the cheapest to fill your gas tank. You have an auto repair garage in your telephone notebook that would not charge you over the odds for regular maintenance. These are the things that took time and effort to find. Are you not glad that you did find them?
In the same way you need to keep checking until you find a decent insurer that fully satisfies your needs. You would be pleased with your efforts when you see much lower insurance premiums. More to the point, you would be truly satisfied when that company makes no fuss about paying if you ever have a claim.
Understandably you might not have much free time to spare and when you do checking auto insurance quotes might not be on top of your list. However, we all spend a lot of time online these days and it would not hurt to see what you could save on car insurance. You probably come across many adverts trying to sell vehicle insurance even though you are not looking for them.
You could find all the major auto insurance providers on one website with all their offers and terms nicely laid out. Pick the ones that appeal to you most and get your quotes. You should not have much concern on switching to any of them since they are all prime companies. You should make the most of highly competitive insurance industry.
Quite a few families have several cars in the household that makes savings even larger. You probably know which gas station is the cheapest to fill your gas tank. You have an auto repair garage in your telephone notebook that would not charge you over the odds for regular maintenance. These are the things that took time and effort to find. Are you not glad that you did find them?
In the same way you need to keep checking until you find a decent insurer that fully satisfies your needs. You would be pleased with your efforts when you see much lower insurance premiums. More to the point, you would be truly satisfied when that company makes no fuss about paying if you ever have a claim.
Would Getting Auto Insurance Quotes Affect Your Credit Score?
These days the importance of credit score is highlighted even more. While providing auto insurance quotes credit rating is one of the key factors in determining applicants’ risk profile. Everyone seems to be interested in your credit worthiness. Mortgage companies, landlords, employers and insurers regularly check credit history of their applicants.
According to many auto insurance companies motorists with better credit ratings are less likely to make a claim. Although there are still few insurers that do not check credit history, most do ask for insurance credit score. Their calculation is not necessarily the same as standard credit check. Therefore, someone with perfect creditworthiness might receive a low insurance rating.
Currently it is almost an undisputed fact that credit habits tell a lot about applicants’ likelihood of making a claim. Insurance providers would naturally use every tool available to predict the profitability of your custom. Several studies have proved a direct link between claims and credit.
Some people might see that an insurance company enquired about their credit rating. They might assume that is the reason for the drop in their rating. This assumption would not be true as this would be considered a soft pull and would not affect your score. Nearly all of the credit checks that are not related to a credit application are considered soft pull.
When you apply for a loan, credit card or mortgage you would have a hard pull on your credit history. The purpose and indications of these two credit enquiries are completely different. The soft enquiry provides valuable information about your credit habits not necessarily needs. But hard pull offers insight to current need of credit.
In conclusion, there is not really much you could do about it. If you want a decent savings on your car insurance you need to compare different quotes. When you do that they will go ahead and check your insurance rating. Simply you could tell them to knock themselves out. It is unlikely that it will hurt you in anyway.
Contact me at 1-855-GET-SELECT (438-7353) for your FREE auto insurance quote
Steve Ludwig
select insurance group
president/ceo
According to many auto insurance companies motorists with better credit ratings are less likely to make a claim. Although there are still few insurers that do not check credit history, most do ask for insurance credit score. Their calculation is not necessarily the same as standard credit check. Therefore, someone with perfect creditworthiness might receive a low insurance rating.
Currently it is almost an undisputed fact that credit habits tell a lot about applicants’ likelihood of making a claim. Insurance providers would naturally use every tool available to predict the profitability of your custom. Several studies have proved a direct link between claims and credit.
Some people might see that an insurance company enquired about their credit rating. They might assume that is the reason for the drop in their rating. This assumption would not be true as this would be considered a soft pull and would not affect your score. Nearly all of the credit checks that are not related to a credit application are considered soft pull.
When you apply for a loan, credit card or mortgage you would have a hard pull on your credit history. The purpose and indications of these two credit enquiries are completely different. The soft enquiry provides valuable information about your credit habits not necessarily needs. But hard pull offers insight to current need of credit.
In conclusion, there is not really much you could do about it. If you want a decent savings on your car insurance you need to compare different quotes. When you do that they will go ahead and check your insurance rating. Simply you could tell them to knock themselves out. It is unlikely that it will hurt you in anyway.
Contact me at 1-855-GET-SELECT (438-7353) for your FREE auto insurance quote
Steve Ludwig
select insurance group
president/ceo
Delivering Pizzas? You may need Drive Commercial Auto
Do you or your teenager earn a little extra spending money using your car - maybe delivering pizzas or other products? Many people don't realize that their Personal Auto policy won't cover vehicles when they're used to earn money, including making deliveries.
Be sure to check with your agent or broker to see whether you need a Commercial Auto policy to get the protection you need.
call me at 1-855-GET-SELECT (438-7353) for your FREE auto insurance consultation.
Steve Ludwig
Select Insurance Group
President/CEO
Be sure to check with your agent or broker to see whether you need a Commercial Auto policy to get the protection you need.
call me at 1-855-GET-SELECT (438-7353) for your FREE auto insurance consultation.
Steve Ludwig
Select Insurance Group
President/CEO
Gold’s Price Surge May Mean Your Jewelry Is Under-Insured
Gold prices have skyrocketed over the last decade, which means your jewelry may be under-insured if you haven’t had it appraised recently.
During a recent survey, 428 married women and found that more than half of them either had never had their engagement rings appraised or hadn’t done so in the prior 10 years. That could be a costly oversight if they lose or damage a piece, given that gold now sells for close to $1,500 an ounce, or more than six times the roughly $240 an ounce it brought 10 years ago, says the metals site, kitco.com.
Owners should take their pieces to a reputable jeweler for an updated appraisal, and should check their policies to see what their coverage limit is. He has seen some instances where the existing coverage wasn’t enough to pay for the full replacement cost of a piece of jewelry. So my question to you is: If you got married 20 years ago,is that limit still adequate?
The Insurance Information Institute, an industry group, says a homeowner’s insurance policy typically covers the theft of jewelry up to a set limit — $1,500 is standard — but usually doesn’t cover damage to the item, or loss. You can purchase additional protection at extra cost, by having the item “scheduled,” or itemized, on the policy. The extra coverage, often called a “floater,” also adds protection for damage or loss–including, say, accidentally washing your ring down the kitchen drain.
Scheduling the item on your homeowner’s policy or buying a specialty policy both require that you have the piece evaluated, or appraised. It’s a good idea to have jewelry inspected periodically anyway, to make sure clasps or prongs aren’t damaged, perhaps putting a gem at risk.
Have you recently had your jewelry appraised? Did you need to increase insurance coverage as a result? Call me for a free homeowners insurance consultation at 1-855-GET-SELECT (438-7353)
Steve Ludwig
President/CEO
Select Insurance Group
During a recent survey, 428 married women and found that more than half of them either had never had their engagement rings appraised or hadn’t done so in the prior 10 years. That could be a costly oversight if they lose or damage a piece, given that gold now sells for close to $1,500 an ounce, or more than six times the roughly $240 an ounce it brought 10 years ago, says the metals site, kitco.com.
Owners should take their pieces to a reputable jeweler for an updated appraisal, and should check their policies to see what their coverage limit is. He has seen some instances where the existing coverage wasn’t enough to pay for the full replacement cost of a piece of jewelry. So my question to you is: If you got married 20 years ago,is that limit still adequate?
The Insurance Information Institute, an industry group, says a homeowner’s insurance policy typically covers the theft of jewelry up to a set limit — $1,500 is standard — but usually doesn’t cover damage to the item, or loss. You can purchase additional protection at extra cost, by having the item “scheduled,” or itemized, on the policy. The extra coverage, often called a “floater,” also adds protection for damage or loss–including, say, accidentally washing your ring down the kitchen drain.
Scheduling the item on your homeowner’s policy or buying a specialty policy both require that you have the piece evaluated, or appraised. It’s a good idea to have jewelry inspected periodically anyway, to make sure clasps or prongs aren’t damaged, perhaps putting a gem at risk.
Have you recently had your jewelry appraised? Did you need to increase insurance coverage as a result? Call me for a free homeowners insurance consultation at 1-855-GET-SELECT (438-7353)
Steve Ludwig
President/CEO
Select Insurance Group
Sunday, April 17, 2011
Making sure your rental properties are properly insured
Rental property insurance, or landlord insurance, is your key "risk management" tactic, but it is not foolproof. You cannot completely eliminate risk from this or any other investment strategy. Your single goal is to manage – and minimize – your exposure to risk and hence potential lawsuits.
And if you're looking for low cost landlord insurance, forget it! This is one area where you get what you pay for. Of course you can and should price shop, but your primary goal is to get the coverage you need to fully protect yourself, not to save pennies.
Things to watch out for...
Fire insurance or "HO-2". This covers exactly what you're seeing... FIRE. No wind, hail, vandalism, theft, destruction, etc. FIRE is ALL. So many people do not realize you can get a landlord policy that will cover all the "non-coverage" points I have mentioned above AND add loss of rent. So if a person skips out on rent, you will have coverage to keep your income rolling in until you find a new/better renter for your property.
I would also advise you require & build an adequate renters insurance (HO-4)plan into the property ( that way you will know coverage is in force).
While adequate rental property insurance is your first line of defense, it should represent only one pillar of your overarching risk management strategy. Other ways to manage your risk include:
Manage your income property activity as a real estate LLC.
Eliminate hazardous conditions on the property as soon as you become aware of them (loose steps, loose hand rails, perpetually icy walkways, etc.).
Hire out any repairs that could result in injury if not done properly (repairing steps on a fire escape, electrical work, structural repair, etc.).
Do not let tenants make any substantial repairs for you.
Make sure contractors are licensed, bonded and insured (liability & workman's comp.).
Carefully conduct rental credit checks on tenants to reduce the chance that you'll get stuck with a bad apple.
Do not give tenants your home address – get a P.O. box.
But again, your first line of defense is to have good landlord insurance protection to cover yourself against extensive property damage and lawsuits.
I have worked with hundreds of landlords and insured even more properties. Call me at 1-855-GET-SELECT (438-7353). Let me put my experience to work for you. I will make sure you are PROPERLY insured.
And if you're looking for low cost landlord insurance, forget it! This is one area where you get what you pay for. Of course you can and should price shop, but your primary goal is to get the coverage you need to fully protect yourself, not to save pennies.
Things to watch out for...
Fire insurance or "HO-2". This covers exactly what you're seeing... FIRE. No wind, hail, vandalism, theft, destruction, etc. FIRE is ALL. So many people do not realize you can get a landlord policy that will cover all the "non-coverage" points I have mentioned above AND add loss of rent. So if a person skips out on rent, you will have coverage to keep your income rolling in until you find a new/better renter for your property.
I would also advise you require & build an adequate renters insurance (HO-4)plan into the property ( that way you will know coverage is in force).
While adequate rental property insurance is your first line of defense, it should represent only one pillar of your overarching risk management strategy. Other ways to manage your risk include:
Manage your income property activity as a real estate LLC.
Eliminate hazardous conditions on the property as soon as you become aware of them (loose steps, loose hand rails, perpetually icy walkways, etc.).
Hire out any repairs that could result in injury if not done properly (repairing steps on a fire escape, electrical work, structural repair, etc.).
Do not let tenants make any substantial repairs for you.
Make sure contractors are licensed, bonded and insured (liability & workman's comp.).
Carefully conduct rental credit checks on tenants to reduce the chance that you'll get stuck with a bad apple.
Do not give tenants your home address – get a P.O. box.
But again, your first line of defense is to have good landlord insurance protection to cover yourself against extensive property damage and lawsuits.
I have worked with hundreds of landlords and insured even more properties. Call me at 1-855-GET-SELECT (438-7353). Let me put my experience to work for you. I will make sure you are PROPERLY insured.
Independent Agent "broker" vs Captive agent.
Some people think it doesn't really matter where they buy their insurance. But this misconception could be costing them money, service and protection. Buying insurance isn't like buying bread or milk. Insurance is an important safety net for your family, your home, your car or your business. Don't treat the purchase lightly!
There is a difference in where you buy your protection. Many people don't realize there are three sources for insurance:
Captive agents, who can sell you the insurance of only one company.
Telephone representatives, who can offer you the insurance of one company and only on the telephone.
Independent insurance agents, who represent an average of eight insurance companies and research with these firms to find you the best combination of price, coverage and service.
Here are some important points about purchasing insurance from an independent insurance agent:
Unlike other agents, an independent insurance agent is not tied to one insurance company. You don’t need to change agencies as your insurance and service needs change.
An independent insurance agent treats you like a person, not a number. You can develop a personal relationship with your independent insurance agent. Can you do that with a voice on the phone? Your independent insurance agent has strong customer and community ties.
An independent insurance agent offers one-stop shopping. Dealing with a direct response company or a captive agent limits you to the plans available through only one company. An independent insurance agent offers many plans through many companies, giving the consumer the potential for the broadest range of coverage at a competitive price. One call puts you in touch with someone who can do the comparison shopping for you.
An independent insurance agent provides personalized claims service. When you purchase insurance from a direct response company or a captive agent, who is going to assist you in the event of a claim? Your independent insurance agent is there for you when you need help. Your agent can contact the insurance company and get the claim process rolling, help you fill out claim forms, advise you on the progress of your claim, and work closely with the insurance company to make sure you get a prompt and fair settlement of a valid claim.
There is a difference in where you buy your protection. Many people don't realize there are three sources for insurance:
Captive agents, who can sell you the insurance of only one company.
Telephone representatives, who can offer you the insurance of one company and only on the telephone.
Independent insurance agents, who represent an average of eight insurance companies and research with these firms to find you the best combination of price, coverage and service.
Here are some important points about purchasing insurance from an independent insurance agent:
Unlike other agents, an independent insurance agent is not tied to one insurance company. You don’t need to change agencies as your insurance and service needs change.
An independent insurance agent treats you like a person, not a number. You can develop a personal relationship with your independent insurance agent. Can you do that with a voice on the phone? Your independent insurance agent has strong customer and community ties.
An independent insurance agent offers one-stop shopping. Dealing with a direct response company or a captive agent limits you to the plans available through only one company. An independent insurance agent offers many plans through many companies, giving the consumer the potential for the broadest range of coverage at a competitive price. One call puts you in touch with someone who can do the comparison shopping for you.
An independent insurance agent provides personalized claims service. When you purchase insurance from a direct response company or a captive agent, who is going to assist you in the event of a claim? Your independent insurance agent is there for you when you need help. Your agent can contact the insurance company and get the claim process rolling, help you fill out claim forms, advise you on the progress of your claim, and work closely with the insurance company to make sure you get a prompt and fair settlement of a valid claim.
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