Monthly Archives: July 2015
Shopping for life insurance is a great first step towards financially protecting your loved ones in the event of your passing. Since there are many factors that determine how much you will pay for the premium, understanding what goes into your insurance quote can help you better understand how the provider came to a price. Here is a look at five key factors that will affect your quote.
1. Medical History
One of the ways providers assess risk is to delve into your medical history. If you have had previous health problems such as high blood pressure, diabetes or high cholesterol, your provider will likely charge you more for the premium compared to if you have had a history free of chronic conditions.
Age plays a primary role because the older you are the riskier you are to the insurance company. Ideally, the younger you are able to purchase insurance the better because provided you don’t have a poor medical history, you will pay less for coverage.
Investopedia reports that women on average live five years longer than men. With this in mind, males typically pay a higher premium based on these averages.
If you enjoy riskier activities such as rock climbing, bungee jumping or skiing on advanced courses, then you will pay more for life insurance. The reason for this is when you participate in high risk activities, you elevate your risk in the provider’s mind.
If you smoke, Investopedia states you’ll pay as much as twice the amount nonsmokers pay for the same premium.
To learn more about life insurance policies feel free to contact the Schumacher Insurance Agency. Our knowledgeable agents can help you choose the best policy to protect you and your family.
The size of the business is an element that many business owners tend to neglect when thinking about insurance coverage. The size of a business can refer to the number of employees or the amount of sales made during the year. Let’s take a look at the various ways to look at size within a business and how it affects your choices in insurance.
Many of the world’s most successful corporations started with a simple dream in the spare bedroom at home. A home-based business may start off with only one or even a handful of employees. Many small business owners make the mistake of believing that their homeowner’s insurance is enough to cover them. Talk to an agent about your specific needs as a home-based business.
A small business generally has less than 50 employees and makes less than a few million dollars per year. Ask your insurance agent about a Business Owners Policy, or BOP, to protect you and your business from common risks.
A medium-sized business may have 50 to 1000 employees and have a revenue of less than $5 million. Insurance for this size business may include property and liability coverage with special consideration for businesses with multiple locations and/or special equipment.
Large businesses have more than 500 employees with a variation in its annual revenue. These businesses often have million dollar risks, thus their insurance needs are customized to suit their needs.
No matter the size of your business, it is important that all businesses find the coverage that is suitable for your needs. Please contact one of our insurance agents to learn how we can support you in making one of the best business decisions you can ever make.
Disability insurance isn’t something that everybody thinks about, and if you’re employed with any company, chances are you don’t really need it. However, if you are your own boss, run your own company or simply do freelance work – even in addition to your regular work – you may need disability insurance. That way you’ll be covered if you get hurt on the job or in your personal life and aren’t able to perform. Otherwise you may not be able to make ends meet, and that can be disastrous for you and your family. Use these tips to help you pick the right type of disability insurance.
- Check the definition of the word disability in your policy before you buy. Some policies allow you to collect based on what you do and what you really earn. Others only allow you to collect based on your experience and education levels, even if that isn’t commensurate with what you actually make or what you need to live your current lifestyle.
- Make sure you get a policy that replaces an appropriate amount of your earnings. Ideally, you want a policy that will pay out between 60% and 70% of your taxable earnings. That way you won’t have to alter your spending too much.
- Look at your policy to see how long you’ll get benefits. You want benefits until at least retirement age.
- Find out if your plan allows for a cost-of-living increase. If you have to stay on disability for a while or receive long-term benefits, you need to make sure you’re covered. Rent and everything from groceries to gasoline prices tend to go up over time. You need to be covered when your monthly costs rise.
Contact Schumacher Insurance Agency to learn more about how to purchase the right disability insurance plan.
Given the extent to which businesses have become computerized, it should come as no surprise to learn that data breaches are a serious threat to the smooth and uninterrupted running of their operations. Fortunately, businesses can protect themselves using cyber liability coverage, which has become more and more essential in the Digital Age.
In main, cyber liability coverage exists to cover damages sustained because of a data breach as well as the business’s legal liabilities incurred in the same event. For example, if a business needs outside assistance to restore its systems following a data breach, cyber liability coverage can help with that. Similarly, if a business has to compensate its clients for letting their personal information be stolen, cyber liability coverage can help with that as well.
However, cyber liability coverage can also include coverage for a number of other costs associated with data breaches, with common examples ranging from the cost of fines and penalties to the cost of credit monitoring and computer forensics. Some examples can even come with compensation for lost income as a result of business interruption. In the end, the exact coverages included in cyber liability coverage depend on the insurance company as well as the business’s chosen riders, which is much the same as other forms of insurance.
The reason that businesses should consider our cyber liability coverage is a simple one. With the computerization of businesses, data breaches have become capable of inflicting serious damage within an extremely short time frame, making even minor lapses in security a potentially expensive and time-consuming problem. Worse still, there is no such thing as a perfectly secure system, particularly because the constant rate of changes means that vulnerabilities are created and corrected all the time.
Please contact us if you are interested in learning more.
If you own a house, you are sure to need homeowner’s insurance. While there are plenty of options for buying such policies, you may struggle to know if you are getting exactly what you need for proper protection.
Let our firm help you break through all the hype and learn exactly what is needed for a good homeowner’s insurance policy. Then we can guide you in picking out just the right one for your unique situation.
This part of the policy covers repairing or rebuilding your house if it is damaged in a variety of disasters like fire, tornado and even hail. Homeowners policies do not cover flood damage. Additionally, your policy will most likely cover other structures that are not attached to your house like a tool shed or garage.
Homeowners policies also cover your belongings, both in the house and off the property. Since the dollar amount of what is covered is based on the amount of your policy, it is important to make sure you have enough covered to protect you if your belongs are stolen or damaged. We can help you figure out the most appropriate amount of coverage you need.
Another facet of this kind of insurance is liability protection. Basically, it covers you against lawsuits from property damage or personal injury that either your or your family members cause. It even covers damage done by your pets.
Homeowner’s insurance is something usually not thought about until you need it. Yet, it plays an important role in protecting your family and your property. Contact us today to go over your current policy or to look into getting a new one.
Owning a business means that there are a lot of things to keep in mind. Insurance is extremely important for business owners, and there are plenty of different types of insurance out there. If you are curious about commercial car insurance, consider this information to see if your business requires this time of insurance.
Commercial car insurance is, essentially, car insurance for businesses that utilize vehicles in their work.
There are many differences between commercial car insurance and a standard driver’s insurance policy. This is mainly because a business has higher liability than an individual driver. A business must consider their employees, passengers, work gear and plenty more than a normal driver would have to. Commercial car insurance is important because it covers all of the aforementioned areas, helping businesses to stay covered in the event of any unfortunate incidents.
Commercial car insurance does not just cover big rigs and larger vehicles. In fact, most businesses use smaller vehicles that need commercial car insurance. Whether your business uses company cars, SUVs, or pickup trucks, you will benefit from having commercial car insurance. It also includes vehicles used for your business such as commercial vans, limos or taxis, flatbeds, leased vehicles and more.
Essentially, if your business uses any type of vehicle in other way for the purpose of business then you need commercial car insurance. How much insurance you need is highly dependent on the type of work you do and how often the business uses the vehicles. There are many ways to figure out how to cover your business with commercial car insurance, but the best way to learn your specific needs is by contacting an insurance agent for information.
Although insurance is a very sensible precaution against severe weather, there are other measure you can take to protect your home against storms. Even with the security of insurance it is far more convenience and less traumatic to have a home fortified against weather in the first place, so consider these five DIY ideas for improving your resilience against bad weather:
- The roof is an easily damaged part of the home. Reinforcing it with roof sheathing, using ring-shank nails, can increase its durability immensely. A bigger project, shallow eaves give wind less to work against, again improving stability.
- Windows and doors impact-rated to withstand hurricanes are a sound investment and remove the need for shutters. If they are too expensive, shutters are still a good idea that add considerable durability if they are used with windows and doors which meet your local design pressure rating.
- Using fire-retardant materials for tiling on roofs and walls will help tremendously if a storm causes a fire to break out, whether locally or as a wildfire. Materials such as clay tiles, slate, and bricks are all good, offering direct protection against storms and secondary protection against fire.
- You may also benefit from paying attention to the garden. Vegetation can be a fire hazard, roots can create cracks that let water in, and debris can be an impact risk. Tidying up the garden and ensuring rotten tree branches are removed can help prevent these risks.
- Anchor objects such as fuel tanks, barbeques grills, and anything else which might not be easily moved indoors, to prevent them becoming missiles in high winds.
If you have questions about home or other kinds of insurance, please contact us at your convenience and we’ll answer as soon as possible.
Summer vacation is a great time for all, with the chance to travel abroad, see new sights, taste new foods, and even explore the great wonders of the world, from the Great Wall of China to the Great Pyramid to Stonehenge. However it is extremely important that you make sure you get appropriate travel insurance, especially if you are going abroad.
Here are some of the reasons that travel insurance is a particularly good idea:
- Healthcare for accidents or sickness. Though few places would turn away someone in need, you would almost certainly rack up costs that you would be obliged to repay. Make sure you check policies regarding pre-existing conditions, and whether adventure or extreme sports (such as skydiving and mountain climbing) are covered.
- Medical repatriation. In some circumstances you may need to be returned home via special means such as ambulance or even medically-equipped jet. These are tremendously expensive, so insurance is the only way many people could pay for it.
- Cancellation or interruption of the trip. Should your trip need to be cancelled or cut short due to issues such as sickness, bereavement, or other reasons which are listed as acceptable.
- Bankruptcy or other failure of airlines, hotels, etc.. Should your booked airline go bankrupt, or your hotel be shut down, or other similar events out of your control put you in a difficult situation. Insurance can ensure you can afford alternatives.
- Lost, damaged, or stolen baggage. In the event that something happens to your baggage, insurance to allow you to replace it is really important, because you would need to get the replacements very quickly and that is much easier when confident in the knowledge that your insurance is supporting this.
If you have questions about travel insurance, please contact us for more information.