Commercial Insurance

Commercial Insurance Your Georgia Business Must Legally Carry

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When you establish a business in Pooler, GA, you need more than just a business license—you must also have insurance. The state of Georgia mandates two specific types of commercial insurance for entities conducting business within its borders and suggests two additional insurance policies. Allow TruePoint Insurance to facilitate your procuring the necessary insurance for your business operations.

Workers Compensation Coverage

As a sole proprietor, you will not require workers’ compensation insurance until you recruit your first employees. It is a state policy for all businesses to have employees to provide workers’ compensation coverage. This particular insurance takes care of medical expenses, rehabilitation, and part of the wages of any employee who suffers injury or contracts a disease during the course of work.

Commercial Auto Coverage

You need to provide commercial insurance for vehicles used for your business. If your vehicle doubles up for business use, you may need both personal coverage and a commercial auto policy to cover your vehicle. Georgia state law prescribes the same minimum levels of liability coverage for both personal and commercial auto insurance.

Recommended Insurance Types

Not deemed compulsory by law yet, the Office of Commissioner of Insurance and Safety Fire (OCISF) recommends that businesses have property insurance and liability coverage. They do not stipulate coverage amounts but define what the insurance should ideally cover. As per OCISF, a company should obtain general property insurance that extends to the business premises and its contents, relevant business equipment, and all other business-owned real or personal property.

National Requirements for Businesses

Under the Affordable Care Act, businesses with a workforce of 50 or more are obligated to provide health insurance to 95% of their full-time workers or equivalent part-time employees. The Internal Revenue Service imposes hefty fines for non-compliance.

Get the Insurance Your Business Needs

Contact TruePoint Insurance today to create a bespoke commercial insurance package that safeguards the financial health of your Pooler, GA business. We are here to help you meet state and federal compliance demands.

Fortifying Savannah Businesses: A Commercial Insurance Primer

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When businesses in the Savannah, GA region look to take all of the necessary steps for the future, TruePoint Insurance is there to help. Commercial insurance is pivotal for any business’s current and future success. Thanks to this primer, you will be able to learn more about the importance of these policies before selecting the one that best fits your needs.

Financial Protection

The peace of mind that comes with knowing that the business will remain protected from any potential financial crisis is priceless. A wide range of risks are associated with any new business venture, and without the proper policy in place, they will only be exacerbated. No one is clairvoyant, and it is hard to anticipate every possible financial issue that could arise. With a commercial insurance policy, this is no longer a concern.

Litigation Protection

Litigation is another thorny, complex issue that has a way of arising at the least opportune moments. With commercial insurance protection, this is no longer something that will cause stress and anxiety for a new business owner. However, for a business to maximize its capital on hand, it cannot risk being tied up in all sorts of draining litigation procedures.

Greater Level of Client Trust

Prospective clients are more likely to trust a business that has taken all the necessary precautions before hanging its shingles. Lenders and investors will also have a higher level of trust in a company that has taken the time and effort to secure its assets.

If you live in the Savannah, GA region and would like to learn more about the available commercial insurance policies, feel free to call or stop by as soon as possible. At TruePoint Insurance, we pride ourselves on providing our clients with the information they need most.

Are You a Business Owner? Make Sure it is Protected with Commercial Insurance

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Are you a business owner in the Savannah, GA area? Does commercial insurance protect your livelihood? If not, TruePoint Insurance can help.

What is commercial insurance? It is a broad type of coverage that provides liability insurance for general business risks. The four most common types of commercial insurance are:

  • Business interruption insurance
  • Commercial general liability insurance
  • Cyber liability insurance
  • Property insurance

While general liability insurance is not required by law, without it, you could face having to pay for all expenses related to a claim against your business. For example, if a client or customer visits your place of business, slips and falls, breaking a hip, without this coverage, you will be responsible for any legal fees and all medical bills. This coverage should be a priority for any business.

General liability insurance is sometimes called commercial liability insurance or small business liability insurance, which provides coverage for your business against any claims made by others for bodily injury or damage to property.

Libel and slander are also covered. Suppose something is said or written by you or an employee, and it damages the reputation of another. In that case, the associated costs of a lawsuit will be covered under a general liability policy.

The cost of general liability coverage will vary based on the size of your business, the type of business you are in, your location, and the amount of coverage you need.

General liability coverage will pay legal fees and any settlement if your business is sued. Advertising injuries, court costs, legal fees, and administration fees will also be covered.

Don’t risk the business you have worked so hard to build. Commercial insurance is a must for any business. Contact TruePoint Insurance today for a no-obligation quote or answers to any questions you may have. You will be glad you did.

Do I need Commercial Auto Insurance

Posted on by Brad Smith

We all know the difference between a truck and a car. Right? 

Car, truck or other. The Volkswagon Thing test our standards.
The Thing; Car, Truck or ??

For most of my life, that was a straight forward question. Along comes the SUV and, more recently, the crossover, the once black and white responses it a lot grayer.

Here’s the good news. 

Has your insurance agent ever asked if you needed, car or truck insurance? Probably not. 

Since Cars, Trucks, and SUV’s are all insured by the same policy, there is no need to ask. However, You will be asked to provide your vehicles VIN. This will give the insurance company the information they need.

Delivery Trucks are considered commercial vehicles. Some can be difficult to insure.
Delivery Trucks considered Commercial

Who needs a Commercial Insurance Policy?

Business Autos cannot be adequately protected with a Personal Auto Policy. A commercial policy of some form must cover these vehicles.

Who decides whether my vehicle needs commercial auto coverage?  

Theoretically, any vehicle can be used for a business purpose. This requires extra effort from insurance carriers and agents as the work to provide adequate coverage.

I like to tackle that question from the other side. Who decides that a Personal Policy does NOT cover my vehicle?

Accurately communicating how you utilize your vehicle is critical. It allows your agent to confirm or deny that coverage exists for your situation.  

Business Auto Insurance also Covers Personal Use

The Commercial Auto Policy is more flexible than Personal Coverage. While protecting your car at work, it can also safeguard automobiles during personal use. While Personal Auto covers only personal use of your auto.  

If you use your vehicle in your business or profession, you may need Business Auto Insurance. In many cases, the need for Commercial Auto Insurance is obvious. Taxis, Tow Trucks, Delivery Vehicles, Cable Installers, Lawn Care providers are just a few examples.  

What you say may be more important than what you drive. 

How important is it for you to have your Company’s name, a business logo, or your phone number on your vehicle? I want my brand information anywhere and everywhere that I can afford to have it. While that may be great for business, it is also the first place I go to assist individuals regarding the need for commercial insurance. When vehicles have advertisements, there is little doubt. The question of commercial insurance or personal insurance is almost always resolved. If you’re driving a car with a business name or logo on it, you will almost always need a Commercial Auto Policy.

I occasionally drive my personal vehicle in work-related activities for my employer. Do I need Commercial Auto Insurance?

Remember, Business Auto Insurance is more flexible because it covers both commercial and personal use of your auto. Personal Auto Insurance covers your vehicle only when it is being used for personal activities. 

Check with your agent before using your car or truck for any use other than personal.

Performing job-related duties while driving your car does not mean you need to run out and buy a Commercial Auto Policy. Your employer may have a more cost-effective solution. If you are asked to use your personal vehicle for work-related activities, you should first determine if the business has Hired & Non-Owned Auto Coverage in place. This coverage picks up what your personal auto policy coverage excludes. If you would like additional information on Commercial Insurance Policies or want to learn more about Hired & Non-Owned coverage, contact a TruePoint Commercial Specialist at (912) 330-1265.

“Do I need Flood Insurance?” South Carolina and Georgia residents should start here.

Posted on by Brad Smith

 

How much do you know about Flood Insurance? Learn more here.
Learn about flood insurance before the waters start to rise.

Who needs flood insurance? Many residents of Georgia and South Carolina are exposed to flood risk. Those living in coastal areas are like to be more at risk. Consider the following:

  • River Road – It seems wise that anyone living on River Road should check in to flood insurance.
  • Coastal Highway – Another great clue that suggests there is a heightened risk for flooding.
  • Lowcountry – Since floods occur in low lying area, it’s probably wise to consider flood insurance if you live in a region known as the Lowcountry.

Anyone with Lender Requirement

Understanding mortgage requirements for flood insurance Flood Zone, Flood Zone C, Flood Zone A, Flood Zone X, Flood Insurance. Georgia Flood insurance, South Carolina Flood insurance
Does your home mortgage require flood insurance?

Your homeowner’s policy does not protect against flooding. For anyone needing protection from rising waters, a separate Flood Insurance policy is required. This policy will provide specific coverage if your home is damaged by a local flood.

Residents in Coastal Georgia and South Carolina may find that they are required to purchase flood insurance. This requirement is most likely come for a lender. Mortgage lenders know the potential impact of floods as well as which homes are at greatest risk. Due to this risk, borrowers with homes located in a FEMA identified flood zone will likely be required to maintain flood insurance.

Needs to Cover Against Risk

Where can i buy flood insurance, ky flood insurance, commercial flood insurance in Georgia or South Carolina or business flood insurance
Flood Loss versus Cost. You do the math!

FEMA flood zones are divided into one of many categories. These categories or buckets identified the flood risk as very risky or a Special Flood Hazard Area (SFHA). Somewhat lower-risk areas are considered Moderate Flood Hazards. There are two moderate flood hazard groups; Zone B and Zone X (Shaded). Finally, the areas that are exposed to potential flooding yet have the least risk are identified as minimal flood hazards. This grouping also has twp categories; Zone C and Zone X (Unshaded)

Even if the risk is small, you should still consider getting flood insurance. Everyone should consider buying flood insurance. This includes those without a mortgage, and those not required to have flood insurance.

When you are looking to learn more about flood insurance in Georgia or South Carolina, you should speak with the team at TruePoint Insurance. They will make work hard to make sure that your decision is as simple as possible.

Homeowners Hurricane Tips

Posted on by Brad Smith
Coastal Homeowner, are you prepared for the next hurricane?
Hurricane Warning! Are you ready?

Homeowners that live near coastlines face possible loss by a hurricane. Hopefully, any affected person will own a homeowners insurance policy to help deal with the crisis. However, they must be aware of their responsibilities under the insurance policy in order to take full advantage of any available coverage.

The main priority for a homeowner is to be sure that the amount of coverage is adequate in the event that the home has to be totally replaced. Also, the homeowner should keep their deductible in mind, seeking options to make sure that it is affordable. Insurers who operate in areas that experience hurricanes typically require deductibles at a high, flat amount (such as $2,000) or at a percentage of the policy’s insurance limit (anywhere from 2% to 5%).

By planning beforehand, you can take active steps that can reduce your potential property loss as well as enhance your personal safety.
Minimize Loss, Maximizing Safety

Naturally, a homeowner should consider ways to minimize their possible loss and maximize their personal safety by:

  • Making advance evacuation plans (including determining evacuation route, fueling car, preparing supplies, etc.)
  • Being aware of the nearest, safe shelter
  • Bring outdoor property inside the home (lawn equipment, toys, tools, etc.)
  • Installing or building a proper “safe room”
  • Cover/Secure all windows and doors
  • Have a portable radio and stay turned to accurate source of weather broadcasts.
  • Turn off (unplug) small appliances and turn refrigerators/freezers to their highest settings.
  • If applicable, turn off fuel/oil tanks.
  • Fill sinks and bathtubs with water.

Returning to a damaged/destroyed site is not when a hurricane victim will be at his or her best, but that is the time that certain obligations have to be met in order to make the most out of any insurance recovery. It is important to do the following:

  • At the earliest possible chance, contact your insurer with details about your loss
  • If possible, be sure you have a way to visually record the loss details (camera, digital camera, even a smartphone camera.)
  • Take reasonable action to keep intact property protected from additional damage or loss
  • Keep an accurate record of all expenses that are related to protecting your property as well as items related to temporary housing and meals

Though post-catastrophe times are chaotic and spirit-sapping, it is important to keep in contact with your agent and/or insurer. Take the time to be meticulous about filling out reports, documenting the value of your loss and cooperating with claims personnel.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Home Generator Considerations

Posted on by Brad Smith
Not sure when, but there is a storm coming. Are you ready for the next Georgia Hurricane? You can beat the storm , but it takes a little advance planning. Storm Preparedness.
There’s a storm coming! Are you prepared?

One issue that may arise because of storms, extreme heat or natural catastrophe is the loss of electrical power. While power outages are often, merely a nuisance, extended power interruptions can cause problems ranging from loss of perishables (particularly frozen and refrigerated foods), damage to property that is vulnerable to temperature extremes, and personal endangerment caused by overheating or freezing.

In Indiana and Kentucky tornado safety and storm planning is a must. Storm preparedness is a must.
Even if your home isn’t hit,
you could go days without electricity.

Many homeowners who, for various reasons, are prone to suffering power loss, use an option to protect themselves; home generators. Such generators are capable of temporarily supplying electrical power to run household appliances and utilities. Home generators come in two basic forms:

Portable Generators. Even if your home isn't hit directly, you still may find yourself with power for days, maybe weeks. A key step to storm safety, generators.
Having a portable generator a key step in becoming storm ready!
  • Portable Generators – lower-powered units that operate externally from a home’s wiring system.
  • Standby Generators – high-power units that are attached directly to a home’s wiring system and which takes over automatically when utility power is interrupted

Regardless the type, it is critical to take proper precautions to make sure that no harm or injury results from their use.

With standby generators, installation should be performed by a licensed electrician and installations should be inspected by authorized persons before initial use. Installations should include a proper transfer switch and local utilities should be notified that an installation has occurred. Transfer switches insure that electrical power is properly and safely switched from the generator to a utility supply when power is restored.

Portable generators have a host of procedures that should be adhered to, such as the following:

  • generators should be located outside the home, in an area that provides proper ventilation and which shields the unit from moisture
  • generators should NOT be located near window or doors since carbon monoxide exhaust could seep into a home
  • care must be taken to prevent burns due to contact with hot generator parts
  • generators should never be plugged into house outlets. This can cause back feeds which results in damaging wiring and endangering utility company personnel (backed power can be transmitted through power lines at fatal power levels)
  • proper, exterior-rated cords should be the only kinds used with generators
  • generator power should be matched with essential power needs (core appliances, heating/cooling) and not overloaded (which could damage the generator and powered appliances, etc.)
  • fuel for generators should be stored properly and refueling should take place ONLY after the generator has cooled after being turned off

Generators can be a tremendous method to compensate for temporary power outages but care must be taken to be sure they don’t generate more problems than solutions.

COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Telecommuters and Insurance

Posted on by Brad Smith
Sunburns! One of the many dangers associated with working from home.
New Remote Workers are still working out the kinks

If you work from your home for part of your workweek and if the situation is an ongoing arrangement with your employer…that’s telecommuting! That is also an opportunity to make special insurance considerations. Consider the following:

Property Considerations

You may have gaps in coverage because of your work arrangement. You may not have the insurance protection you need for your employer’s business property that is kept in your home or your own property that is used to perform your job. This is because residential insurance policies severely restrict or exclude coverage for business property. A further complication is that business property usually consists of high-valued items that are vulnerable to damage and/or to theft. Such property includes fax machines, copiers, computers, pads, smart phones, computer peripherals, GPS, etc.

Liability Considerations

Personal insurance policies that include liability protection typically exclude business-related losses. Further, different policies can be quite broad in interpreting how a loss is connected to “business.” Liability Policies A and B would routinely respond to handling an insured who spilled hot coffee on a guest in his home. What if, instead of being a social guest, the visitor was your employer’s client? Policy A may still offer coverage because it considers the coffee spill to be a common home hazard. Policy B, however, may flat-out exclude the loss because the injured person was in the home for a business reason.

Vehicle Liability

Instead of using your personal vehicle for going to and from work, more of your vehicle use may be related to your job, such as making deliveries, calling on clients or visiting jobsites. Many instances of job related use might be excluded from your personal auto coverage.

Home Accidents

Simple events may be complicated when they occur in the course of performing your job at home. Coverage for injuries suffered while going up the stairs or experiencing a prolonged illness may cause coverage questions for your employer. Individual company or state-mandated coverage for employees may not apply to work-related accidents that occur at home.

Working remotely drives the need for changes from employers and employees.
Issues with working remotely

Document What You Do

In order to determine your coverage needs, you must clearly identify your exposure to business losses. Document the following:

  • What routine job duties do you perform in your home?
  • Are any tasks hazardous?
  • Who visits your home because of your job (clients, vendors, repair personnel, suppliers, others)? Be Specific.
  • How often do such persons visit?
  • Is a certain part of your home dedicated as a work area/office?
  • What equipment is used in your job? (Is the equipment used only for your job? Who owns each piece of equipment?)

Once you have a good idea of the loss exposures from performing your job at home, you need to discuss your situation with an insurance professional. An insurance pro can help you find additional coverage options as well as help to identify what coverage gaps must be addressed by your employer. While it can be liberating to telecommute, you must make sure that you haven’t given up important protection along with your cubicle or office.

COPYRIGHT: Insurance Publishing Plus, Inc. 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Tornado Shelters

Posted on by Brad Smith
Tornado season is in full swing. Are you ready?

Homes may be built with solid craftsmanship and with the use of the best materials, but most residences offer little to no protection against a common hazard…..tornadoes. Recently, homeowners have begun to embrace the use of tornado shelters. Before discussing this protection method, here is some background information.

In the U.S., tornadoes most often occur in the Midwest, Plains and Southern states. Tornadoes are created by thunderstorm fronts where moist, warm air meets moving cool fronts. Winds first form a horizontal rotation that is lifted upwards by warm air. When the rotating column is tilted high enough, it becomes a tornado.

Tornadoes can occur anywhere and at any time, but the peak season is in late spring through the summer. Wind speeds range from less than 100 to +250 mph. The stronger the storm, the longer its lifespan (generally 10-15 minutes). The damage path of a hurricane is usually narrow and short, but they can be as large as a mile in width and travel tens of miles. Tornado damage can be substantial as the winds and wind-carried debris are powerful enough to demolish buildings.

When a tornado threatens a home, the safest response is to get to the lowest and innermost space; away from all doors and windows. Basements and cellars are ideal, but these features are not found in most homes. In the past, it was common to equip homes with storm cellars, located adjacent to home, to protect against severe storm winds. Today, in response to the need for more protection, there has been a revival in the use of tornado shelters.

Tornado shelters offer the best protection . Buried, reinforced safe rooms that can be designed to fit your needs.
Christie England stands in the storm shelter in front of the remains of her home May 27, 2013, in Moore, Okla. England’s home was destroyed in the May 20, 2013, EF-5 tornado that ripped through Moore. The storm killed 24, injured hundreds and damaged thousands of homes. (U.S. Air Force photo/Tech. Sgt. Bradley C. Church)

Tornado shelter are, essentially, reinforced safe rooms, ranging from regular room size, down to small enclosures that are fitted within closets or garages. They may even, like storm cellars of old, be buried in the ground. They are constructed of reinforced metal walls that are, ideally, bolted to a cement floor. Such structures are capable of staying intact even when the surrounding structure is obliterated by tornado winds. Shelters are designed to accommodate a typical family and may cost several thousand dollars.

While shelters do little to protect a residence, they do respond to the most important issue, increasing the chance that residents can survive a tornado and rebuild.

COPYRIGHT: Insurance Publishing Plus, Inc. 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Home Businesses (Wholesale)

Posted on by Brad Smith
Home based business are not exempt form risk. Take some time
Are your protecting your home based business?

A variety of businesses are routinely operated in homes. This article discusses aspects of particular operations. Refer to Home Businesses – Basics for background information on coverage as well as our other articles discussing different in-home businesses.

Homeowners insurance seldom covers a business

Wholesale – As a wholesaler, here are some coverage options for your consideration:

Businessowners Policy – If you are a manufacturer’s representative with limited inventory, some insurance companies will cover your business with a BOP. A BOP provides broad coverage for buildings, personal property, loss of business income, extra expense incurred to remain in business (after a fire or other covered cause of loss), premises liability and medical payments.

If you have more than $1,000 of goods off-premises in transit, you will need to add additional coverage. Coverage for goods stored at other locations must be added to the policy.

Commercial Package Policy – If you cannot qualify for a BOP, your agent will probably have to build a special commercial package policy to meet your needs. You will need a competent commercial lines agent to help you. Commercial lines agents have both the expertise to design the appropriate coverage and the markets for your wholesale business.

Workers Compensation – You will need workers compensation coverage for any employee – even part-timers.

Commercial Auto Policy – You may need commercial automobile insurance if you deliver anything or if your vehicle is larger than a car, van or small pickup, or if the vehicle is owned by a corporation.

COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.