Comprehensive insurance is optional coverage that protects you in the event your vehicle is damaged due to something other than a collision. This includes theft, vandalism, flood, hailstorm, and fire. In some states, comprehensive coverage includes glass replacement with no deductible—this varies by state, so make sure to ask about the specifics when you purchase your policy.
Comprehensive coverage is usually sold with a deductible amount. A deductible is the out-of-pocket expense the insured agrees to pay before any payment from the insurance company kicks in. Deductibles of $250, $500 or $1,000 are fairly common. As a general rule of thumb – the higher the deductible, the lower the corresponding coverage premium. Although comprehensive insurance is not required by any state, your lending institution may require this coverage if you are financing your auto in order to protect their insurable interest.
If you are financing your auto—depending on the term of your loan—it is possible that the vehicle will depreciate more quickly than the value of your loan. Keeping track of your vehicle’s depreciation value can help assess the benefits of paying the difference to the lender or purchasing gap insurance, which covers the difference between a vehicle’s actual cash value and the sum owed to the lender.
EMERGE INSURANCE AGENCY
Business insurance is designed to protect your business from unknown accidents and losses. Many businesses many not take the time to understand many of the unique risks they might have. That is why an agent can help you not only understand your risk but develop and design a program to address your risks.
Did You Know?
Many business professionals many not have thought of these coverages, but they should.
Cyber Liability Insurance can be added to your program to cover the costs associated with customer notification and recovery of hacked data. If you store data, including private information on computers, use e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk! In short, any business not making a serious effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.
Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.
Professional Liability Insurance pays for damages caused by services. It is also called “errors and omissions” coverage. This insurance is for companies that market a service instead of a product, just as professionals in medical clinics must have medical malpractice coverage.
Directors and Officer’s Liability Insurance helps protect your business, owners, executives, and managers, if individuals, competitors, third parties, or government regulators make claims. A lawsuit against directors and officers most commonly occurs when shareholders (private or public), clients, competitors, or others feel they suffered a loss in the value of their shares because of actions that the board or senior management took or did not take.
At Emerge Insurance Agency, we can design an insurance program package to meet your company’s property and liability needs. Our goal is to provide you with the best possible combination of coverage, price and service.
EMERGE INSURANCE AGENCY
You may be looking for ways to improve your home. Perhaps you want to upgrade your kitchen, replace a leaky roof, or add on that sunroom you have always wanted. Before you get started, however, you'll want to know how that remodeling project can affect your homeowner’s insurance coverage.
Update Your Homeowner’s Insurance
Whether you're updating your kitchen or adding on another room, a remodeling project will likely add value to your home. As a result, you'll want to check the property coverage limits on your homeowner’s policy to make sure that they reflect any changes you make to your home, no matter how small or large the improvements may be. Conversely, some upgrades may trigger lower premiums savings you do not want to miss, simply because you did not call your agent.
If you are adding an addition to your house, you will want the addition specifically mentioned in your policy. If it is not, your insurance company may not provide coverage for damages that occur to the new room. On the other hand, if you are just replacing your deck with the same materials, you most likely will not have any increase in your home value.
If you hire someone to do the remodeling, you'll want to make sure that he or she is properly insured. Any contractor that you hire should have a certificate of coverage for both workers' compensation and contractor's liability insurance.
Workers' compensation coverage protects you from liability claims that can result from a contractor (or their employees) getting hurt on the job. Contractor's liability insurance provides coverage for damages to your property caused by the contractor during remodeling.
EMERGE INSURANCE AGENCY
Like many things in life, a motorcycle must be respected by the rider and other motorists who share the road. Motorcycles are small, hard to see, and fast. Without proper training and a basic understanding of how they work, serious and dangerous situations can arise. Unfortunately, motorcyclists are 26 more times likely to die in a crash and five times more likely to be injured than car occupants.
Here are some tips on how you can safely share the road with motorcycle riders.
If you're a new rider or thinking about starting to ride a motorcycle, here are some tips for you.
Do you have any tips or information you’d like to share? I’d love to hear them; please share them in the box below.
EMERGE INSUANCE AGENCY
Most states (including Florida) require employers to purchase a workers’ compensation insurance policy to cover workers who are injured or made ill due to a workplace exposure. While owners and corporate officers can exclude themselves from coverage, there are potential drawbacks to opting out that need to be seriously considered before you make your decision.
Executive officers of a corporation are usually included for coverage under each state's workers’ compensation laws unless they file for an exclusion from the policy. Partners and sole proprietors are generally exempt from coverage but may elect coverage under the policy.
Benefits of Workers’ Compensation Insurance
The benefits are the same for everyone covered under a commercial workers’ compensation policy, including officers. Workers’ compensation coverage pays benefits to workers injured on the job. These benefits include medical care, a portion of lost wages and permanent disability. It also provides death benefits to dependents of employees killed from a work-related accident.
A typical health insurance policy specifically excludes work-related injuries unless there is a rider attached to the policy that adds business coverage. Furthermore, health insurance does not cover disability the same way that workers’ compensation insurance does.
Why would someone opt out of workers’ compensation insurance?
Many officers and business owners make the following assumptions when opting out of workers’ compensation insurance:
Drawbacks of Opting Out
Even if a corporate officer spends the majority of his or her time at a desk, there is still a risk of injury. And if an injury occurs, it's likely that the officer's health insurance policy will have exclusion for work-related injuries. Without workers' compensation insurance, the cost of treatment for those injuries would have to be paid for by the company, or come out of the pocket of the officer.
Opting out of workers' compensation insurance may save some money, but it also transfers risk to the employer and to the corporate officer who chooses to opt out.
Additional Premium Charges
If an officer rejects coverage, he or she will most likely have to file a form with the state and/or the insurance provider prior to obtaining coverage for the rest of the company. In absence of this notification, the insurance provider will assume that the officer is electing coverage, and will charge him or her premium.
Consult Emerge Insurance Agency today if you have any questions about self-insurance or need help deciding whether or not opting out of workers’ compensation insurance is right for you and your business.
EMERGE INSURANCE AGENCY
Cecil Williams -