Insurance Q & A
Car Insurance
Car Insurance Prepares You for the Unexpected
Traffic accident scenarios are common, from fender-benders to highway crashes. In fact, according to the Census Bureau, over 10 million accidents occur on U.S. streets each year. The key is to be prepared so that the costs involved in recovering from an accident are not devastating to your finances.
Willis & Moore, Inc. handles the concerns of drivers every day, answering questions like “How much car insurance do I need?” and “How do I choose my auto insurance deductible?” You can contact Willis & Moore to get a quick insurance quote right now!
The Cost of Car Accidents in the U.S.
Automobile traffic accidents cost $299.5 billion annually in the U.S.
Crashes cost $61,600 on average
A critically injured person can accumulate $1 million in medical expenses
Legal defense alone can cause devastating financial hardship, even if it turns out you are not found to be at fault. For this reason, it is important to think carefully about the coverage you may need in the event of an accident. If you buy car insurance online without professional advice, you may not be fully covered.
How to Find Fast, Accurate Insurance Quotes
When you’re on the hunt for accurate insurance quotes, it's also important to look for coverage that makes sense for your concerns and budget. Willis & Moore, a member of the Trusted Choice network can help you get fast quotes that are tailored to your real life needs. Moreover, you can get answers to your questions about how much insurance is best for you, how to get discounts and how to keep your costs low.
Willis & Moore, as an independent insurance agent, offers several important benefits:
•As a local agent, we not only understand the factors that make up a quality car insurance policy, but we know the requirements in the State of Iowa.
•As an independent agent, we partner with multiple carriers to find the best personal auto insurance coverage for you at affordable rates.
•As your agent, Willis & Moore will help you find car insurance tailored to your needs, not to a mathematical formula describing what the average driver should have.
Review Options from Multiple Auto Insurance Companies
When you work with Willis & Moore, you are not stuck with one insurance company and the solutions that company provides. Instead, you will have a range of choices from top insurance companies.
As an independent agent, we will assess your needs based on factors such as the number of drivers in your family and their ages. We will also look at bundling multiple vehicles together, or combining your home and auto policies under one insurance company, so that you can get the best value for your dollar.
Willis & Moore can help you review several policy choices, coverage limits, deductibles and pricing and choose the best fit for you.
Is Auto Insurance Coverage Required?
Drivers in every state are required to have auto liability insurance, such as personal injury protection (PIP).
Car insurance liability requirements vary by state, and include a minimum amount for bodily injury costs per person and per accident as well as a minimum for property damage liability. If you cause an accident, liability coverage pays those costs, up to the limits set for your policy.
In addition to required liability coverage, you may also want collision coverage to protect your investment in your vehicle. And depending upon your specific needs and risks, you may also want comprehensive coverage – now known as "other than collision." Together, collision and comprehensive can provide protection for everything from accidents to theft and vandalism.
What Does Car Insurance Cover?
There are three primary types of insurance coverage:
Liability insurance: Covers the costs associated with injuries and property damage you are responsible for if you cause an accident.
Collision: Covers the costs to repair or replace your damaged or destroyed vehicle after an accident.
Comprehensive: Formally known as "other than collision," this portion of your policy covers damage to your vehicle from causes such as auto theft and weather damage.
There are also several different types of coverage which may be available to you, including:
Medical payments: Covers the costs of injuries for you and others in your vehicle after an accident, regardless of who was at fault.
Personal injury protection (PIP): Similar to medical payments coverage, PIP coverage can pay your medical costs after an accident, regardless of fault. But PIP offers expanded coverage that includes coverage for lost wages.
Rental reimbursement: Pays a certain amount daily for a replacement vehicle if yours is in the shop for repairs.
Towing and roadside service: Provides emergency roadside assistance and towing to help you get your vehicle back on the road or to a shop for repair.
As you consider your policy needs, it is important to keep the coverage limits in mind. The costs of a severe crash can quickly exceed the limits. If that occurs, you will have to pay for costs out of your own pocket.
The Risks of Buying Auto Insurance Online
Shopping for insurance online may be a great way to get information and rough quotes, but there are drawbacks to actually buying your auto coverage that way. One of the drawbacks with buying car insurance online is that it may not match your needs. Many people go looking for instant online insurance, only to find that it is difficult to know whether it offers the right amount and type of protection. Buying a no-frills basic car insurance policy may meet state requirements, but may not provide the compensation you need to recover from an accident.
It is important to discuss your risks and coverage options with a qualified insurance agent who can help ensure that you don't have coverage gaps. An independent agent can help you learn everything you need to know to make an informed decision about your car insurance.
Willis & Moore will not only take time to understand your needs and help you compare quotes, but will help find discounts so you can get better value from your policy. As your agent, we will continue to be accessible to you with one local phone call when you have questions or concerns, or need to file a claim.
You can get started getting the car insurance you need right now by getting quotes from Willis & Moore, Inc. – simply tap here to email us or call us direct at 515-244-0156.
Car Insurance FAQs
Car Insurance FAQs
Q.What Is Auto Insurance?
Q.What Does Auto Insurance Cover?
Q.How Does Car Insurance Work?
Q.Why Is Auto Insurance Important?
Q.How Do I Get Car Insurance?
Q.Is Auto Insurance Required?
Q.How Expensive Is Car Insurance?
Q.Is Auto Insurance Tax Deductible?
Q.Can Auto Insurance Companies Drop You?
Q.Can Auto Insurance Companies Deny Claims?
Q.Do Auto Insurance Companies Check Credit?
Q.Do Auto Insurance Quotes Affect Credit?
Q.Do Auto Insurance Companies Check Driving History?
Q.Do Auto Insurance Companies Share Information?
Q.Does Auto Insurance Cover Rental Cars?
Q.Does Auto Insurance Cover Theft?
Q.Can I Get Car Insurance with a Suspended License?
What Is Auto Insurance?
Insurance, by definition, is a contract between you and the insurance company. The contract stipulates that as long as you pay the premium, the insurance company agrees to pay for your covered losses if you experience an accident, theft or vandalism, or your car is damaged by certain causes. The amount you receive in compensation is based on several factors, including your deductible and the limit you choose for your policy.
What Does Auto Insurance Cover?
There are several categories of auto insurance, each of which covers a different aspect of your risk as a driver. Here is a brief overview of these types of coverage:
Liability: If you are deemed at fault in a car accident, liability coverage will pay for repairs, medical costs for injuries suffered by others in the vehicle, plus other expenses related to the accident such as legal fees. Your liability limits are set at the time you purchase your policy. There are two parts to liability coverage: Bodily injury liability and property damage liability. The limits are the maximum amount the policy will pay out; anything above that would come out of your pocket unless you have other insurance.
Collision: If you hit another vehicle or an object (like a guardrail), your collision coverage will pay for damages or repairs to your vehicle after you pay a deductible (up-front amount). In other words, if you have collision coverage with a $500 deductible and you suffer damage that costs $1,500, your collision coverage will pay $1000 after you pay the first $500.
Comprehensive: Comprehensive coverage, which is also known as "other than collision," pays for losses to your vehicle if it suffers damage from something other than an accident. For example, if a tree falls on your car or you hit a deer while driving, some portion of that loss will be covered if you have comprehensive coverage. Like collision, comprehensive has a deductible attached to it.
Medical Expenses: This coverage pays for injuries that you, a family member or anyone else riding your vehicle may suffer in an auto accident, regardless of who is at fault. It also pays for injuries you or your family members may incur while riding in other vehicles.
Uninsured/Underinsured Motorist: This coverage pays for injuries and property damage you suffer in an accident when the driver at fault either is uninsured or does not have enough insurance to cover your injuries and damage. It will also cover you in the event that a hit-and-run driver flees the scene and you cannot file a claim against that driver’s insurance company.
Roadside Assistance: Many insurance companies offer this optional coverage. If you need a tow or service for a flat tire or dead battery, roadside assistance will provide that service for a nominal premium.
Rental Reimbursement: If your car is in the shop for several days and you need a vehicle, this coverage will provide that for you for a nominal premium.
How Does Car Insurance Work?
Car insurance helps you to recover from damage, injuries and expenses related to a collision or other incident. It is not designed for you to come out ahead financially, but it is designed to keep you from suffering major financial hardship due to an accident, whether it’s your fault or not.
Car insurance is about risk transfer. If you don’t have insurance, the financial risk is on you in the event of an accident. Buying auto insurance mitigates some of that risk. For the cost of your premium, the insurance company will take on much of that risk for you.
Why Is Auto Insurance Important?
When you get behind the wheel, you take a risk. You may attempt to be the best possible driver, but you also have to trust that everyone else on the road is driving well and paying attention, too. Auto insurance provides a safety net when drivers make mistakes.
In the event of an accident, you are at risk financially. If the accident is not your fault, and the other driver does not have adequate insurance, you have to pay for all damages to your own car plus pay for any medical bills if you are badly injured.
When you are at fault, you are typically liable for damages to the other person’s vehicle as well as the medical costs of injured victims. Additionally, you must cover the repairs to your own vehicle and the costs of legal fees if you are sued. All of your assets are at risk if you are uninsured or underinsured.
How Do I Get Car Insurance?
There are a number of ways to get car insurance. It is important to understand that there are well-established insurance companies that offer excellent car insurance coverage, and there are companies that were built solely to sell car insurance and make money. Some auto insurance companies gain customers through advertising and others through word-of-mouth and excellent service.
When you buy insurance through an independent agent, you can eliminate confusion and find the best policy for your budget and insurance needs. Independent insurance agents do not sell policies for one company; they shop from many different companies to find you the best rates and coverage for your situation. No matter where in the U.S. you are located, there is a local Trusted Choice member agent near you who can get the answers you need about auto insurance before you buy.
Is Auto Insurance Required?
Forty-seven states require vehicles to have some level of insurance coverage before they can be on the road. Failure to have insurance can mean a fine and/or jail time in these states, not to mention suspension or revocation of your driver’s license. In most of those states, the minimum required coverage is liability insurance to cover damage and injuries you may cause, though a handful of states require additional coverage, such as collision and comprehensive.
How Expensive Is Car Insurance?
Your vehicle just might be the most expensive possession you have other than your home. However, your auto insurance won't necessarily be costly.
While rates vary from state to state and take into account a variety of factors, car insurance is usually fairly affordable. The factors that affect your costs include whether your car is new or used, the overall safety rating of the car, your driving record, your age and gender, and even your ZIP code, as certain areas tend to have a higher occurrence of accidents and claims than others.
The discounts you may qualify for include:
Good student discount: May apply if the young driver in your family has good grades
Good driver discount: May apply if you’ve been accident-free for a period of time
Multi-car discount: May apply if you insure more than one of your vehicles with the same company
Multi-policy discount: May apply when you insure both your home and car with the same company
Your local agent can also talk with you about these discounts and determine the ones that would benefit you and save you the most money on your policy.
Is Auto Insurance Tax Deductible?
If you are self-employed and use your personal vehicle for business, you can take a tax deduction for your car insurance. For example, an independent sales professional who travels for work can take the deduction. However, only the actual mileage used for business travel is deductible. In other words, if you drive a vehicle 15,000 miles for business and 15,000 for personal use (a total of 30,000 miles annually) your deduction will cover half of your overall use.
Can Auto Insurance Companies Drop You?
Auto insurance is a contract, and as with many contracts, it can be canceled or voided by either party. You can drop the contract by changing to another company; the following are circumstances in which an insurance company can drop you:
If you fail to pay your premiums
If you present fraudulent information on your application for coverage
If your license is suspended or revoked for any reason, such as too many accidents, or driving under the influence
Some states allow companies to drop coverage for other reasons; to learn about the laws in your state, contact a local independent agent in the Trusted Choice network in your area.
Can Auto Insurance Companies Deny Claims?
There are a few reasons that your claim can be denied, including:
Filing a fraudulent claim exaggerating or fabricating an accident or loss.
Filing a claim under coverage you don’t have.
Filing a claim for a loss that is not included in your policy - for example, if you suffer an accident while using your car as a business vehicle.
Making improvements to your vehicle, such as giving it a fancy paint job, without notifying your company. The company might deny the claim or compensate you based on the original value of the vehicle.
If you miss a premium payment, you may have your coverage suspended until you catch up your payments; if you file a claim while your insurance is suspended it will be denied.
Some states allow companies to deny claims for other reasons, so it is a good idea to understand the fine print in your policy.
Do Auto Insurance Companies Check Credit?
Credit scores and credit reports don’t always tell the full story about a person, but they do indicate your ability to pay your bills.
Car insurance companies do check credit as to determine your insurability. Your premium is a bill like any other, and a poor credit score can alert an insurer of financial trouble. If there is a chance that you may miss premium payments, an insurer may decide you are too risky to insure.
Do Auto Insurance Quotes Affect Credit?
Car insurance is not an application for credit, so while insurance companies check your credit to determine your responsibility and financial security, they are not extending credit. A credit check for a car insurance quote is called a “soft pull” and it does not affect your credit rating.
Credit scores have become very important in recent years as lenders have tightened restrictions. Many families are focused on eliminating debt and getting caught up on payments so they can improve their credit scores and get better rates when getting a mortgage or a car loan. Every time you fill out an application for credit, your credit score can be affected because a good percentage of your score is based on how much total credit you have and the number of accounts you have.
Do Auto Insurance Companies Check Driving History?
An insurance company may check your driving record when you are looking for a new policy, renewing your existing policy or modifying the policy by adding a new driver or additional vehicle.
You may also wonder whether your driving record can prevent you from getting insurance. Your driving record check typically will not prevent you from getting coverage, but it does help the company determine the risk they will take when issuing a policy to you.
If you have a record that includes tickets, accidents or points on your license, these factors indicate to the insurance company that there is a higher risk of paying a claim. In order to compensate for that, the company may charge a higher premium than someone with a clean driving record.
Do Auto Insurance Companies Share Information?
When you make an insurance claim or begin the process to switch insurance companies, information about your claims history is placed into a national loss-underwriting database. That information can be accessed by all insurance companies that are considering insuring you.
However, insurance companies do not share your personal information directly with each other. The information included on the claims database is not shared, per se, but it is available for all companies to find. Keep in mind that since your driving record is on file with your state’s motor vehicle department, your information is public record – including tickets and accidents.
Does Auto Insurance Cover Rental Cars?
This is a common question. If you make sure you have your own vehicle covered, do you need to get the special coverage offered at the rental counter if you go on vacation and get a rental car?
You will have to double-check your particular policy, but most policies do provide the same coverage for a rental car that you have for your personal vehicle, unless the rental is being used for business purposes. It’s always a good idea to check your policy. If you are seeking a new policy, an independent agent in the Trusted Choice network can help you find one that does cover rentals.
Does Auto Insurance Cover Theft?
If your car is stolen, a number of things need to happen for you to be compensated for your loss. First, you will need to file a police report and wait while there is an attempt at recovery. If your car is not recovered, you can file a claim with your insurance company if you have comprehensive coverage.
Because of the risk insurance companies face with fraudulent claims, you will need to complete some paperwork to file your claim. But providing you have documentation for the stolen vehicle, your insurance will compensate you for the value of the vehicle up to the limit of your comprehensive coverage.
Can I Get Car Insurance with a Suspended License?
Most insurance companies will not issue or maintain insurance for someone who has a suspended or revoked driver’s license. If you need to get from home to work while your license is suspended, you are not out of luck.
You can work with your local DMV to get a hardship license, or you can file an SR 22 form through your insurance agent who can file that with the DMV. If you are allowed behind the wheel due to a hardship license and/or an SR 22 form (which guarantees insurance coverage for a period of time), then you will be able to get car insurance.
Contact Willis & Moore, Inc. about a personalized car insurance quote. Simply tap here to email us or call us direct at 515-244-0156.
Home Owner Insurance
Protect Your Assets with Homeowners Insurance
Crime, accidents and severe weather are part of life, and every home experiences loss or damage of some kind, at some point. You can’t predict when you will experience a loss, but you can protect yourself financially. Where do you begin, and how can you compare homeowners insurance quotes when it seems every company offers something different?
Start by getting a free home insurance quote from Willis & Moore, Inc., an independent insurance agent in the Trusted Choice® network. Willis & Moore can compare rates for you so you can get on with enjoying your home and family. We can also answer any questions you may have about how to get the right homeowners insurance for your needs, including personal property coverage, liability and more.
Home and Property Damage Facts
In an average year, 374,000 residences catch fire, resulting in $7.32 billion in loss
In 2010, 2,158,878 houses were burglarized, resulting in an estimated $4.6 billion loss
1,691 tornadoes occurred in the U.S. in 2011, at a cost of $28 billion
Getting coverage for the risks of owning a home is simply a wise investment. Be sure to talk with a qualified agent who understands your geographic area and can help you make sense of the many options available to you.
What Does Homeowners Insurance Cover?
Broadly speaking, insurance covers you for potential loss resulting from risks such as burglary or theft, severe storms, fire and also your personal liability. The specific risks you may face as a home owner could include floods and earthquakes, which you must cover with separate policies, as these disasters are not included in home insurance.
Your home liability coverage protects you in the event that someone is injured on your premises or you are responsible for damage to someone else’s property. You homeowners insurance can even protect you against injury you cause to another person off-premises under certain circumstances. Note that liability insurance will not cover acts of violence or intentional damage.
Your liability insurance would also typically provide coverage if:
Your child throws a baseball through the neighbor’s window
Your dog bites a visitor to your home
A visitor is injured on your backyard swing set or trampoline, or by falling on your icy sidewalk
A dinner guest gets food poisoning and is hospitalized
If someone files a liability claim against you, your insurance can pay for property repairs, medical or funeral costs or even a lawsuit if the injured party chooses to launch a legal process.
When evaluating the amount of liability coverage that makes the most sense for you, be sure to fully discuss your limits and deductibles with your agent. Take time to understand your risks, and determine whether you will be well covered in various circumstances. In the event of a disaster, the costs of recovering can devastate household finances. Quality home insurance can make a difficult situation bearable and help you get your life back on track.
Is Homeowners Insurance Mandatory?
Homeowners coverage is not required by law. However, if you borrow money to buy a home, your lender will likely require you to buy a homeowners insurance policy in order for you to qualify for a home loan. In this case, your home is collateral and the lender wants the collateral maintained. The lender requires insurance so you can afford repairs if the home suffers an insurable loss.
At a minimum, your lender will want your policy to cover or exceed the amount you owe on the loan. Most home owners, however, want enough coverage to repair or replace the home. As Trusted Choice member agent, Willis & Moore can help you decide how much insurance is right for you.
Be Sure Your Home Insurance Provides Adequate Coverage
A recent study concluded that 69 percent of home owners are under-insured. Unfortunately, many home owners think they are fully protected and are stunned to find out at the time of loss that their coverage is inadequate.
Getting the right homeowners insurance coverage for your home and belongings depends on many things, from crime rates, tornado risk and wildfire hazards in your area to the specific personal property coverage and deductibles that make the most sense for your household.
Here are a few key strategies you may want to consider to make sure you have adequate home insurance:
Increase your liability insurance with an umbrella liability policy, which will provide liability coverage up to $1 million or more.
Get replacement cost home insurance to cover what it would cost to replace your home and personal property, instead of “actual cash value” coverage, which will only cover the current depreciated value.
Be sure to read over the policy's exclusions carefully and ask your agent if any of these items are a risk, and if you can purchase additional insurance to cover them.
Add coverage for specific items of value, such as jewelry, art and collectibles, through “endorsements” or “riders” on the policy.
While you may be able to buy online homeowners insurance, consider working directly through an agent who can provide in-depth explanations of each aspect of your policy. When you buy home insurance, you are protecting your financial future. Take time to seek good advice from a knowledgeable independent agent.
Making Sure Your Personal Belongings Are Covered
When choosing the amount of personal property coverage you want for your belongings, consider what it would cost to replace all of your personal items after a total loss from a fire. Many home owners assume that all of their belongings are fully covered until they experience a loss. Depending upon the type and amount of coverage in the policy, personal items may not be covered, or may only be covered up to a depreciated value. In most cases, this amount is far less than what it would cost to replace them.
The following steps can help you determine the value of your items and be prepared in the event that you need to file a claim:
Compile an inventory of what you own, room by room.
Take pictures of your belongings, particularly anything of high value.
Keep receipts for all valuable items you purchase, including appliances.
Record a replacement value for each item on your inventory.
Go over this list with your insurance agent and determine whether you need to purchase additional coverage to be protected in the event of a loss.
Place your inventory list, images and receipts in a secure place such as a fire safe.
These records will help you to complete the claims process more efficiently and accurately if you suffer a loss.
Why Work with an Independent Agent?
Now that you know the many ins and outs of homeowners insurance, you can see why it is so important to work with an insurance agent who can answer all of your questions. A local independent agent in the Trusted Choice network can compare policies and options for you from multiple insurance companies, and provide all of the information you need to make an informed decision.
Additionally, your local agent can look for all available discounts that can help to lower your home insurance costs. When it comes time to file a claim after a loss, your agent will assist you with the claims process so you can recover as quickly as possible. Willis & Moore, Inc., as a Trusted Choice network member can help you get started today finding the right homeowners insurance for your needs. Simply tap here to email us or call us direct at 515-244-0156.
Home Owner Insurance FAQs
Home Onwer Insurance FAQs
Q.What Is Homeowners Insurance?
Q.What Does Homeowners Insurance Cover?
Q.How Does Home Insurance Work?
Q.Is Homeowners Insurance Required?
Q.Why Is Homeowners Insurance Important?
Q.When Should I Get Homeowners Insurance?
Q.How Much Does Homeowners Insurance Cost?
Q.Is Homeowners Insurance Tax Deductible?
Q.Is Homeowners Insurance Included in the Mortgage Payment?
Q.Can Your Homeowners Insurance Be Canceled?
Q.How Much Homeowners Insurance Do I Need?
Q.How Is Homeowners Insurance Paid?
Q.Where Can I Get Homeowners Insurance?
What Is Homeowners Insurance?
Homeowners insurance, also referred to as home insurance or property insurance, provides coverage for your private home and compensates you in the event of a loss. If your home is burglarized or is partially or totally destroyed by a cause that is covered by your policy, homeowners insurance will help you replace your belongings, repair your home, or even rebuild.
Homeowners insurance also provides liability coverage which protects you, the homeowner, in the event that someone is injured on your property or you are deemed responsible for personal injury or property damage through negligence.
The amount of compensation you receive in a claim, or that the claimant receives from your insurance company when filing a liability claim against you, depends on the limits set for your policy. An independent agent in the Trusted Choice® network can help you to determine the amount of coverage that makes the most sense for your home and your risk tolerance.
What Does Homeowners Insurance Cover?
Homeowners insurance provides coverage for a range of risks that you may face as a homeowner that otherwise can be financially challenging to cover out of pocket. These include:
Property damage: This includes damage and destruction to your residence and/or detached structures. You will receive compensation, up to the limits of your policy, if your house or storage shed is damaged due to a covered hazard. Standard covered circumstances include things like hurricanes and vandalism, but other hazards such as earthquakes and floods are excluded. Be sure to check your homeowners policy for exclusions.
Personal property loss: Includes damage or theft of personal property, up to your set policy limits for covered circumstances, which typically excludes flooding, earthquakes, and personal negligence. If your personal property is very valuable (such as collectibles or antiques) you’ll likely need additional “riders” or special endorsements on your policy. Be sure to talk with a knowledgeable agent about your personal belongings and valuables, as standard limits may not be adequate to cover a major loss.
Personal liability: If you, your family member, or even your pet causes an accident, injury or property damage, your homeowners insurance can protect you. Whether the issue requires medical care or repair of property, you will typically have coverage up to your liability limits. There are exclusions, such as aggressive acts against a neighbor, so it is important to fully understand your liability coverage. Be sure to talk with an agent about how to choose adequate policy limits that protect your finances in the event of a lawsuit.
Added living costs: If your house is uninhabitable, your homeowners insurance can pay for alternative living arrangements while your home is repaired or rebuilt. Depending upon your homeowners insurance company and the specifics of your policy, this may be included or may be an optional coverage. You will typically have daily and total overall limits for this coverage.
How Does Home Insurance Work?
When you buy home insurance, you’re buying a safety net for your home. If your home is damaged or destroyed, it can cost thousands of dollars – even hundreds thousands of dollars – to repair or rebuild.
Without home insurance, that money has to come out of your pocket. But if you’re insured, you can file a claim to pay for the damage and help rebuild your dreams. Your homeowners insurance will also cover theft of your personal belongings, includng when you take them with you in your car or while you travel.
In the event you suffer a loss, whether from burglary, fire or a severe storm, call your insurance agent or insurance company to begin the claims process. An adjuster will work with you to assess the damage and determine your compensation.
The benefits you receive will depend upon several factors, including:
The limits set on your policy, both for your structural property and your belongings.
The deductible amount you pay before your coverage kicks in.
Whether you have chosen coverage for the actual cash value (depreciated) or the replacement value of your home and belongings.
Is Homeowners Insurance Required?
Your state may or may not require homeowners insurance, but your mortgage lender typically will require coverage in order to provide a home loan. Even if you own your home outright and you are not required to buy homeowners insurance, it’s still a good idea to protect your investment with an insurance policy. That way you can get the financial compensation you need to repair or rebuild after a loss. Not only that, but your home coverage can help to protect you financially in the event of a liability claim that leads to a lawsuit.
Why Is Homeowners Insurance Important?
Homeowners insurance is important for a variety of reasons:
If you’re insured, any significant repairs or rebuilding after a disaster can potentially be covered by your insurance policy, up to your set limits.
If you owe money on your mortgage and your home is completely destroyed, you will still be required to pay your home loan, unless you have adequate homeowners insurance. Homeowners insurance can help pay for the rebuilding cost. If you insure your house at full replacement cost value, you will have the means to fully rebuild, if needed.
Liability coverage is arguably the most important aspect of homeowners insurance. If something happens to a visitor on your property, your liability coverage can cover that person’s medical costs, well as your legal fees if you are sued. Lawsuits are expensive and hiring a lawyer can cost thousands of dollars. If you’re found responsible, you could be ordered to pay large sums of money in a personal injury suit, a cost that can be offset by your liability coverage.
When Should I Get Homeowners Insurance?
You should purchase homeowners insurance before you contact a mortgage company for a loan. Most mortgage companies will require you to have homeowners insurance in place prior to giving you a home loan; but don’t wait until the last minute to start thinking about insurance.
It’s important to shop around for the right policy for your needs. There are many factors that determine the right insurance coverage. A Trusted Choice member agent in your area can help you compare policies and quotes to find the best coverage for your needs.
How Much Does Homeowners Insurance Cost?
The value of your home and the amount of coverage you buy will largely dictate the amount you will pay for your premiums. But there are other factors that can affect your premium as well, including things like the crime rate in your area, and how many claims you have filed in the past. Another important factor is the state you live in, as average costs can vary significantly from state to state.
Because there are so many factors that affect the cost of homeowners insurance, a typical annual premium can range anywhere from $400 to $1500, or more for a high value home. If you choose additional coverage, you may pay a higher premium, but you will also have better protection.
It’s always important to comparison shop for the best homeowners insurance rates and the best value. An independent agent in the Trusted Choice network can compare prices from several different insurance companies to find the right policy for you at the right price.
Is Homeowners Insurance Tax Deductible?
Your insurance premiums are not tax deductible except under special circumstances. You do receive other tax benefits as a homeowner, but they are not related to homeowners insurance.
If you’re a landlord or a homeowner who uses part of your home for business purposes, you may be able to deduct a portion of your homeowners insurance. A tax advisor is your best resource in determining what you can and cannot deduct on your taxes.
Is Homeowners Insurance Included in the Mortgage Payment?
Homeowners insurance is not included in your mortgage payment, unless it is escrowed. Today, creating an escrow account that covers your mortgage payments, your home insurance and even your property taxes is common practice.
Additionally, your mortgage insurance is typically included in your mortgage payment. This is paid if your loan exceeds 80 percent of your home’s value. Mortgage insurance does not insure your home. It insures the bank if you default on your loan.
Can Your Homeowners Insurance Be Canceled?
Homeowners often ask "Can my homeowners insurance drop me?" Yes, your insurance company can drop you, but it’s important to know that being dropped (considered a non-renewal) is different from being canceled.
When you are dropped by your insurance provider, your insurance policy is not renewed at its expiration date and you must pursue another provider. You will be informed if your policy is going to be dropped so you have adequate time to shop for new coverage.
Your homeowners insurance can be canceled at any time as long as you are notified that it will be occurring. During the first 60 days, the insurance company can cancel for a variety of reasons. After 60 days, the reason for cancellation must be due to a specific circumstance such as non-payment, misrepresentation or increase in risk. You’ll typically receive a cancellation notice 10 to 30 days in advance of cancellation, depending on the reason your insurer cites.
How Much Homeowners Insurance Do I Need?
Make sure your homeowners insurance covers the following areas:
Structure of home: Insure your home for its replacement value. This is how much it would currently cost to build your home from scratch. (Be sure you have an accurate estimate of your home’s value.) The amount it would cost to sell your house is not a good indicator of the replacement value.
Personal belongings: Most policies cover your personal belongings at 50 to 70 percent of your home’s value. This may not be enough coverage if you have many valuable items. Conduct an inventory of your personal belongings to find out how much coverage you need and insure them at replacement cost. For antiques or high value items, you may need to purchase a personal articles policy or additional “rider” that can provide more complete coverage.
Liability: A basic policy might include $100,000 to $300,000 of liability coverage. Considering the cost of personal injury lawsuits, you may want to purchase liability insurance with higher $300,000 to $500,000 limits.
For additional protection and peace of mind, consider buying an umbrella liability policy, which can add another $1 million or more in liability coverage. An umbrella policy is an excellent way for anyone to increase liability protection, but it's an especially good idea for anyone with more valuable than average assets to protect, or particular liability concerns.
How Is Homeowners Insurance Paid?
You can always pay the insurance company directly for your homeowners policy, but you have other options. You can ask your mortgage company about escrow, which allows you to pay your homeowners insurance payment along with your mortgage payment. The insurance payment is placed into an escrow account where it is held by the mortgage company until the annual premium is met. At that point, the mortgage company pays the homeowners insurance annual premium to the insurance company.
This allows you to break your insurance premiums into smaller payments and you only work with one company. Escrow may not be available for everyone, though, so check with your lender.
Where Can I Get Homeowners Insurance?
When you start your search for homeowners insurance, it’s important to assess your needs to determine the right amount of coverage. It can be tempting to choose a policy based on price alone, but you probably won’t get the right amount of protection using that method. Protecting your investment doesn’t mean breaking the bank. You can get a range of quotes and options from an independent Trusted Choice member agent.
When you work with an independent agent, you’ll never have to wonder if you should have looked at more policies from different companies. You will have the opportunity to compare several options from top companies and find the best policy and value for your needs, all while letting your agent do the legwork.
Contact Willis & Moore, Inc. for personalized homeowners insurance quotes. Simply tap here to email us or call us direct at 515-244-0156.
Business Insurance
Business Insurance Covers Your Risks
Business insurance can be complex, and it takes an experienced insurance agent to help you get the right commercial coverage for your enterprise. You need an agent who can provide not just one portion of your business insurance needs, but all of your commercial coverage, from commercial vehicle insurance to professional liability coverage to workers comp.
An independent agent in the Trusted Choice® network who specializes in business insurance can do just that. Unlike captive agents who provide specific coverage from one insurance company, independent Trusted Choice member agents work with many carriers. These agents can meet all of your commercial insurance needs, even when you need speciality coverage, or several different policies from different carriers.
Independent agents handle over 50 percent of commercial insurance policies in existence today, and are located in over 27,000 offices nationwide. Willis & Moore, Inc. of Des Moines, Iowa can help with your entire business insurance portfolio.
Top Risks Businesses Face
Property damage from fire, storms and accidents
Liability in many forms, including product liability, accident/injury liability, libel, malpractice and professional liability or “errors and omissions” risks
Fraud, embezzlement, extortion
Cyber-crime and data loss
Every company, large and small, has unique risks. Some have workers who operate heavy machinery or drive vehicles while on the job, while others serve food and alcohol or handle toxic substances. Doctors and hospital staff handle patients, body fluids, sharp needles and equipment. Some employees handle sensitive documents, data, or money, potentially opening the door to business fraud. For this reason, every company needs commercial insurance coverage specifically matched to the risks of the enterprise.
Determining your risks and making sure you have the right commercial insurance in place requires an evaluation of a wide range of factors, including:
Your business needs
How you serve your customers
How many employees you have on staff
The materials or substances those employees handle
Whether your employees drive in the course of their work
The safety of your building, equipment, and processes
The security of your data and intellectual property
Risks facing your corporate officers
To assess your business insurance needs, start by contacting Willis & Moore, Inc., an independent agent in the Trusted Choice network who specializes in commercial insurance. Willis & Moore can fully address every aspect of your business coverage and help to ensure that you do not have gaps that could leave your business exposed to financial risk.
Types of Commercial Insurance Policies
Every commercial operation needs business insurance. The specific blend of coverage types you need for your business depends on many factors, such as whether your employees handle money, dangerous substances, sensitive data or expensive merchandise.
Your agent will be able to recommend a package combining the coverage types you need, tailored to your risk management concerns.
For example, you may need some combination of the following types of commercial coverage:
General liability, contractor’s liability, or professional liability (errors and omissions)
Directors’ and officers’ liability
Malpractice insurance
Commercial property insurance
Commercial vehicle or commercial truck insurance
Contractors and builder’s risk coverage
Inland marine coverage
Business interruption insurance
Landlord insurance
Commercial tenants insurance
Crime coverage or fidelity insurance
Cyber-crime insurance
Workers compensation
Construction bonds
While you certainly do not need all of these coverage types to safely run your business, it’s nice to know that you have a variety of ways to manage the specific risks your company faces.
You may also want to offer or provide certain types of coverage to your employees, such as:
Employee health insurance
Short-term or long-term disability insurance
Group life insurance
The coverage you choose for your business and employees should be designed to fully protect your company’s assets. A quality benefits package will show that you are an excellent employer to work for, and may even help you to attract the best talent.
Business Fraud Stats from the NFIB and the FBI
In 2011 the FBI secured $2.4 billion in restitution for corporate fraud
The same year, the FBI ordered $16.1 million in fines from corporate criminals
The median loss in a fraudulent scheme for businesses of 100 employees or less is $190,000
Corporate fraud, or “white collar crime,” is one type of business risk that nearly every commercial enterprise can encounter, whether it is a large corporation, a farm, a school, a restaurant, a non-profit charity, a medical practice or a machine shop. This is because any business operation, large or small, involves the exchange of money for goods and services.
According to the Association of Certified Fraud Examiners (ACFE), small business owners tend to believe their company is not prone to business fraud. However, in a study the ACFE found that small businesses are actually at a greater risk of employee embezzlement simply because they have a higher level of trust in their staff. The result of that trust can unfortunately result in more opportunity and more temptation for those who have access to the financials.
There are a few key lessons we can learn from the ACFE business fraud study:
The first step in mitigating risk is to gain a full understanding of what can happen in the course of doing business.
The worst time to find out that you need coverage for a problem is after the incident has occurred.
A qualified commercial insurance agent can work with you to help you evaluate your business risks and reduce your exposure.
Managing Risk in Every Aspect of Your Operations
One of the biggest challenges of risk management is simply assessing the potential problems your business may face so you can take the appropriate measures to reduce or eliminate those risks. If you run a commercial operation, there are several vital risk management strategies you can use to protect your business:
Spend some time identifying your company's specific risks, from customer relations challenges to employee safety concerns, property risks, business interruption and corporate fidelity.
Identify the specific proactive methodology you want to implement to mitigate each risk. This step will help you to develop a multi-pronged approach to reducing risk that includes everything from workplace safety measures to security systems, employee education and commercial insurance.
Work with a knowledgeable commercial insurance agent to choose the specific business coverage you need to reduce the financial impact on your enterprise in the event of accidents, injuries, property damage, fraud and the other risks you have identified.
By assessing your business risks from multiple angles with a qualified commercial insurance agent, you can more adequately protect your company from the challenges that can undermine your company's financial health.
Comparing Commercial Insurance Quotes
As a member agent in the Trusted Choice network, Willis & Moore, Inc. can review your business needs and help you evaluate the commercial coverage options that make the most sense for your organization. We will also compare policies and quotes from multiple business insurance companies to find just the right fit for you.
Willis & Moore, Inc. is devoted to helping you get just the right insurance for your business. Because of our many insurance company partnerships, we can handle all of your business insurance needs out of one office, simplifying your business policies, and even finding you discounts. Give us a call and let us help you. Simply tap here to email us or call us direct at 515-244-0156.
Business Insurance FAQs
Business Insurance FAQ
Q.What Is Business Insurance?
Q.What Does Business Insurance Cover?
Q.How Does Business Insurance Work?
Q.How Much Is Business Insurance?
Q.Is Business Insurance Tax Deductible?
Q.Is Business Insurance Required by Law?
Q.What Business Insurance Do I Need?
Q.Does Business Insurance Cover Embezzlement?
Q.Does Business Insurance Cover Flood Damage?
Q.Does Business Insurance Cover Lawsuits?
Q.What Does General Liability Insurance Cover?
Q.What Is Errors and Omissions Insurance?
Q.What Is a Business Owner’s Policy?
Q.How Do I Get Business Insurance?
What Is Business Insurance?
Business insurance includes a broad range of policy options designed to protect a business from financial loss. Every commercial operation has its own unique set of risks, which means a commercial insurance policy must be tailored to the business. Many factors, from the size of your company, to the number of workers you employ, the materials they handle and whether you have business vehicles, will determine the specific coverage you need to mitigate risk and protect your company’s financials.
Many business owners find that they must turn to a number of different insurance companies to get all of the coverage needed to cover their risks. If you work with an independent agent in the Trusted Choice® network, you can get all of your business insurance policies from one office.
What Does Business Insurance Cover?
Business insurance coverage for a commercial operation can include the following and more:
General liability insurance: Covers third party liability claims for injuries to other people.
Professional liability and malpractice insurance: Covers professionals against loss due to negligent professional duty, wrongful acts, and advice and services that lead to another person’s loss or injury.
Product liability insurance: Covers against faulty products and damage, illness, injury or death that may occur from using a faulty product.
Property insurance: Covers loss and damage to your commercial business property due to fires, storms and other causes.
Commercial vehicle insurance: Covers commercial vehicles and drivers for collision, liability, property damage, personal injury and "comprehensive" (now known as "other than collision").
Workers compensation: Covers your employees if they become ill or injured while working on the job.
Loss of income: Covers your business expenses such as rent and employee wages if you can’t operate your business.
Key person insurance: Covers loss of income that may result from the head of the business or other key personnel becoming incapacitated or passing away (also known as key man insurance).
Cyber-crime insurance: Provides protection for risks due to Internet use and online communications.
Records retention policies: Covers loss of important data and financial records.
Specialty coverage: Insurance that covers various specific business risks, such as those of andlords, farmers, and commercial operations that put on one-day events, such as seminars or concerts.
How Does Business Insurance Work?
Business insurance is a contract between the insurance company and the business. The insurance company agrees to share the business risk with the business entity in exchange for premium payments. In the event of a covered loss, the insurance company pays for the financial losses the business incurs up to the limit of the policy after the deductible amount is paid by the business filing a claim.
At the time of a loss, the business will typically file a claim. If a fire destroys a portion of the business premises, for example, the company will file a claim against the property insurance policy. An adjuster will assess the damage and process the claim. The company will then receive the appropriate amount of compensation for the loss.
There are many different scenarios with regard to business risk and how insurance claims are filed. For example, in the event that the incident is a loss suffered by a customer of the company, the injured party will likely file a claim against the businesses’ liability policy. How the claim is processed depends upon the size of the claim, whether the matter can be settled with an insurance payment, and if the claim results in a lawsuit.
How Much Is Business Insurance?
The cost of business insurance varies. A number of factors affect how much business insurance costs, because it depends on the type of business and the types of coverage appropriate for that commercial operation. Cost also depends on the size of the business. A small, home-based business can often be adequately insured for $500 per year, while insurance for a large company with many employees and a wide range of business risks could $500,000 per year.
The costs of business insurance can be reduced with effective risk management practices, and by comparing costs from several different insurance carriers. An independent agent in the Trusted Choice network who specializes in commercial insurance can help with this process, and can manage a company’s complete business insurance portfolio through one office.
Is Business Insurance Tax Deductible?
Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade. Businesses may not deduct their business insurance premiums if the coverage is for the purpose of a self-insurance reserve fund or a loss of earning insurance policy.
Is Business Insurance Required by Law?
Business insurance is required by law, but only under certain conditions. The following business insurance is required by law if it is applicable to your situation:
Unemployment insurance: Applies to a business that has employees and may be obligated to pay unemployment insurance taxes under prescribed conditions; if these conditions are applicable to your business, then you must register your business with the state work force’s agency.
Workers compensation insurance: If your business has employees, you are most likely legally obligated to carry workers’ compensation insurance, either on a self-insured basis or through a commercial insurance carrier or a state worker’s compensation program. Workers compensation laws vary by state.
Professional liability insurance: Some states require specified professionals to carry insurance against professional liability.
Disability insurance: Several states require that a business have partial wage replacement insurance coverage for employees eligible for non-work related injury or illness. These states include California, Hawaii, New Jersey, New York, Puerto Rico and Rhode Island.
What Business Insurance Do I Need?
Depending on the nature of your business and any insurance which you are legally obligated to carry, the following types of business insurance should be considered essential:
General liability insurance: Coverage against accidents, injuries and negligence claims
Product liability insurance: Coverage against product defects
Professional liability insurance: Covers professionals against malpractice, negligence or errors
Commercial property insurance: Covers against damage to your business property, such as from fire or a severe storm
Business interruption insurance: Protects your business if you are no longer able to conduct your business because of a loss
Home-based business insurance: Covers against general or professional liability.
Because commercial insurance needs to be tailored to each business based on risks, it is critical to work with an agent who will get to know your company and ensure that your coverage adequately protects your business investment.
Does Business Insurance Cover Embezzlement?
If your business carries commercial crime/theft coverage, your business insurance will cover employee fraud and embezzlement.
There are several different forms of employee dishonesty coverage. For example, you can purchase several types of fidelity bonds, either to protect the business in the event of dishonest acts by all employees, or by named employees.
Does Business Insurance Cover Flood Damage?
In order for your business insurance to cover flood damage, your company must carry a separate flood insurance policy or endorsement. The typical commercial property insurance policy covers specific water damage situations but excludes flooding. The wording and water damage exclusions vary from one insurance company to another. Be sure to review your policy carefully and discuss your specific risks and concerns with an independent agent in the Trusted Choice network who can help you get the coverage you need.
Does Business Insurance Cover Lawsuits?
Business insurance covers lawsuits as long as you have the appropriate business liability insurance for your situation and enough liability coverage to pay your legal costs. To ensure that enough liability coverage is in place for extreme circumstances like a lawsuit that exceeds $1 million in damages, many businesses buy a commercial umbrella liability policy.
Certain liability exclusions also apply, such as if an injury or damage was expected, or was caused intentionally. Some policies also have something called a “workmanship” exclusion, and some exclude coverage of punitive damages. Liability insurance is available in many different forms, including:
General liability
Professional liability, "errors and omissions" and malpractice
Directors and officers liability
Product liability
Premises or property liability
Employer’s liability
Employment practices liability
Environmental and pollution liability
What Does General Liability Insurance Cover?
General liability insurance provides insurance protection for a company’s assets, financial obligations, legal defense, and any settlements or judgments awarded to an injured party. It may also include claims for copyright infringement, false or misleading advertising, or libel and slander. If a patron is injured in some way in the course of doing business with your company, your general liability insurance will provide coverage.
What Is Errors and Omissions Insurance?
Errors and omissions insurance (or "E and O") covers a business for a service rendered which did not have the expected or promised results, or which results in a loss or personal injury suffered by the person receiving those services. It also covers situations where the individual or company failed to render service at all. These are known as errors and omissions. As an example of errors and omissions insurance, if a financial advisor provided investment advice that resulted in a client’s financial loss, those circumstances could result in an errors and omissions liability claim.
This type of insurance is also known as malpractice insurance (for medical practitioners) and professional liability insurance for practicing lawyers and other professionals.
What Is a Business Owner’s Policy?
A business owner’s policy or “BOP” is insurance coverage designed specifically for small or medium-sized businesses. Depending upon the insurance company, the size of business that qualifies for a business owner’s policy may be based on revenues or number of employees. A BOP combines several types of insurance coverage in a packaged format, and can be customized to suit a particular business. Generally, this type of policy includes both property and liability coverage.
Policies may also provide coverage to include the following:
Property claims
Breakdown of equipment
Loss of income/business interruption
Professional liability
Copyright infringement
Libel
Products and completed operations
Premises liability
How Do I Get Business Insurance?
There are a variety of ways to purchase business insurance. You can shop online, or call an insurance company representative. However, business insurance policies vary a great deal between companies, as do the cost of premiums. Therefore, your best course of action is to talk with an independent insurance agent who can check rates from several different insurance company to find you the best quote available.
An independent agent in the Trusted Choice network who specializes in commercial insurance can design a policy specifically for your business. Independent agents have access to numerous insurance companies, which means they can customize your commercial insurance policy and meet all of your business insurance needs out of one office.
Contact Willis & Moore, Inc. and get the business insurance you need to protect your company’s bottom line. Simply tap here to email us or call us direct at 515-244-0156.
Small Business Insurance
Small Business Insurance
Facts on Small Business Insurance
The SBA defines a small business as one that employs fewer than 500 people. By this definition, there are more than 27 million small businesses currently operating in the United States. These can range from incorporated, self-employed individuals to community banks and construction firms. If you own a small business, it's a good to consider acquiring the proper insurance to protect your business venture.
If you are one of the millions of entrepreneurial Americans who have started their own businesses, you can turn to Willis & Moore, a member of the Trusted Choice® network for guidance when shopping for small business insurance. Willis & Moore works with several different insurance companies to provide you with several policies and premium rates to compare. Contact Willis & Moore to start comparing small business insurance quotes today.
U.S. Small Business Statistics
There are currently more than 27 million small businesses in the U.S.
More than 70% of these businesses are owned and operated by a single person
77 million people, or 57% of this country’s workforce, are employed by small businesses
Approximately 70% of all small businesses remain in operation 2 years after inception
Approximately 50% of all small businesses remain in operation 5 years after inception
54% of small businesses are home-based
What Types of Insurance Do Small Business Owners Need?
Very small businesses often do not have employees and are therefore exempt from insurance requirements. However, if your company does have employees, you may need the following insurance for small businesses:
Workers compensation insurance: This coverage can be purchased either through your state’s worker’s compensation insurance program or through a commercial insurance agent. Refer to the guidelines set by your state or speak with an agent in the Trusted Choice network for more information.
Unemployment insurance: This coverage is paid for through unemployment insurance taxes collected by your state. Once you establish and register your business with your state’s workforce agency, you will begin paying this tax.
Disability insurance: Small business owners are currently only required to purchase this insurance for their employees if they are located in one of the following six locations: California, Hawaii, New Jersey, New York, Rhode Island or Puerto Rico. Otherwise, this coverage is optional.
Medical insurance: Under the recently passed Affordable Healthcare Act, small businesses that employ more than 50 people could be required to purchase healthcare coverage plans for employees. Medical insurance for small business does not have to be unmanageably expensive. A Trusted Choice member agent can help you find insurance providers that offer affordable rates through group insurance for small business.
Regardless of whether or not you have employees, you may want to consider the optional coverage provided by a small business insurance policy.
What Is Small Business Insurance?
Small business insurance is an optional insurance plan that provides you with the coverage necessary to keep your business operational, especially in the aftermath of a catastrophe or a lawsuit. Catastrophes can include fires, major weather events, and accidents with extreme losses. Lawsuits can also devastate your business. These insurance plans can be customized to meet the inherent risks faced by your particular business.
Nearly half of all businesses that are forced to temporarily stop operations because of a natural disaster fail within 5 years. Of those that are unable to resume operations within 10 days, nearly 80 percent close within one month. A solid business insurance policy can prevent this from happening by allowing your small business to remain profitable, even in the face of disaster.
Small Business Insurance Protects Against Property Loss and Damage
There are many different kinds of small businesses, all with varying degrees of property coverage needs. Here are some considerations:
If your company is home-based and your business equipment and materials have a value lower than $2,500, you might be best served by purchasing a business property rider on your homeowners or renters insurance policy.
If your assets are between $2,500 and $10,000, a home-business insurance policy may be your best choice.
If your property coverage demands exceed this amount or your business is located outside of your home, you will most likely need the protection of a small business insurance policy.
If you own the building in which your business is located, you will want to make sure that you purchase enough insurance to cover the structure of the building as well as any contents within. This coverage will provide the compensation necessary to repair or replace lost, damaged or stolen materials and equipment.
These policies almost always exclude damages caused by floods, so you will want to consider purchasing a flood insurance policy as well.
Willis & Moore can provide you with more information about various property coverage options as well as flood insurance policies, and help you choose the right small business insurance for your unique needs.
Small Business Insurance Protects Against Liability
Small business liability insurance is one of the most important components of your commercial policy. Different industries have different liability risks, and for this reason, small business insurance policies can be customized. You need only purchase the type or types of liability coverage you require. Your small business liability insurance options can include:
General liability: This covers most liability claims that may be brought against you. It protects against payments for bodily injury, property damage, libel and slander. It will also cover court costs and legal fees associated with covered events.
Professional liability: This coverage is also known as errors and omissions insurance. It protects your business from liability claims due to malpractice, negligence and errors. Some states may require certain businesses, such as those in the medical field, to have this coverage.
Product liability: This is important for companies that manufacture, distribute or sell products. If a product defect results in illness or injury, your company may be sued. This will provide coverage for this type of lawsuit.
Your small business liability insurance rates will depend on how much coverage you purchase and the likelihood that your business will face liability charges.
Insurance for Small Business Offers Other Coverage Options
Small business insurance policies can be customized to fit your business plan. Some other coverage options include:
Loss of income insurance: If your business is forced to temporarily cease operations because of a covered event, this coverage can provide you with continued income so that you can pay employees and cover your monthly bills and expenses. This coverage is usually limited to one year.
Fidelity insurance: This coverage will shield you from losses resulting from the illegal actions of an employee, such as theft or embezzlement.
Commercial vehicle insurance: If you drive a car, taxi, truck, delivery van or other vehicle for your small business, you will typically need a commercial vehicle policy to cover your risks. If your employees drive while on the job, you will also need this coverage.
Find the Right Insurance Policy for Your Small Business
Small business insurance policies are as varied as the many different businesses that need them. Willis & Moore can help you assess your risks and build a policy that meets your coverage needs.
Working with Willis & Moore, Inc. you can quickly compile online small business insurance quotes, as well as quotes from other insurance companies Willis & Moore works with. We have relationships with several different top-rated insurance companies – contact us to start comparing small business insurance quotes. Simply tap here to email us or call us direct at 515-244-0156.