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Workers Comp is a form of insurance designed to assure that resources will be in place to assist injured workers. The injured employee receives replacement wages and medical benefits. The insurance provides protection for employment-related injuries.
Premiums paid for Workers Compensation insurance are not made by the employee. The employer bars 100% of the cost of Work Comp coverage. While there is no financial cost for employees, the cost is associated with their ability to sue.
I remember when auto insurance came in two flavors, state-mandated liability insurance or full coverage car insurance. Of which the latter, I am told, no longer exist.
25% of accidents due to texting and driving
Changes in the law, insurance options, and technology have
significantly altered how we buy car insurance.
But the combined impact of these factors pales in comparison to the litigious
state of America.
It seems every time you turn around, another legal exposure pops
up. In the US, cars are the leading
cause of injuries. With that said, it is
easy to comprehend that for individuals in Kentucky, the vast majority of our
exposure comes from our cars.
Kentucky car liability insurance seems to be more critical than ever before. And it’s not going away anytime soon. In the meantime, there are only a few things we can do to reduce our risk. The biggest impact will come by having a better understanding of insurance and how consumers can best acquire car insurance in Kentucky
Kentucky Auto
Insurance Law
Most Car Accidents: It’s the other dude’s fault
While the requirements vary from one state to the next, every state requires car owners to have auto liability coverage. A handful of states, including Kentucky are No-Fault states. As a No-Fault auto insurance state, auto owners in Kentucky must approach risk management differently than many of their neighbors. To start, Kentuckians must deal with Personal Injury Protection or PIP. Click here for more information on Kentucky’s No-Fault Insurance Program.
Kentucky Minimum Auto Liability Insurance Limits (Required Coverage)
Like other states, Kentucky has mandatory minimum auto liability limits, with minimum limits for Bodily Injury and Property Damage. In 2018 Kentucky raised the requirement for auto liability insurance. Additional information can be found at:
Base auto insurance is composed of the mandatory liability coverages above and the following three optional coverages.
• Collision: The result of a vehicle colliding with a car or other object
• Comprehensive: Other than collision
• Uninsured motorist and underinsured motorist: pay for your injuries when the at-fault driver has no insurance or has insufficient insurance limits.
Some of the coverages below may be beneficial to you. Others may eliminate significant gaps in your
current insurance policy. This list
intends to generate discussions. These
coverages vary among insurance companies.
Make sure to understand the coverages and limits
• Road Side
Assistance
• Rental Car
• Rental Car Gap
Coverage:
• Additional
Expense
• Loan Gap/ Lease
Gap
• New Car
Replacement
• Reduction in
Value
• Identity Theft
• Re-Keying
• Cell Phone
Coverage:
• Non-Owned
Trailers
• Trip Interruption
Coverage
• …and more
TruePoint Auto Insurance Insights
Your insurance company, Mother Nature, and you; each have an
impact on your insurance premium. But
before you can have an impact on your car insurance premium, it’s vital that
you understand the factors you need to address.
Stop leaving money on the table
Insurance companies are perpetually reconsidering the nature
of every risk that they insure.
Accounts flagged as high risk will experience more rapid premium
increases and in some cases, may be non-renewed.
Clients deemed conservative or lower risk experience the
opposite as insurance companies make every effort to retain that business. If you seriously want to stop leaving money
on the table, then this is important to you.
The first step is to understand the characteristics of a low-risk
account, then mimic them.
Factors that influence auto insurance premiums
Life Happens, and when it does it can Impact Auto Premiums
• Age: Younger and older drivers pay more for
car insurance
• Household: More drivers in the home can lower rates
• Location: State, city, zip. Each impact premiums
• Education: Education is a factor in some states (Prohibited Practice in Kentucky)
• Financial:
Insurance Score, which includes Credit Score, is a significant component
• Vehicle: The type of vehicle, sports cars may lead to a higher premium, vehicles with a high GVW will!
• Tickets: DUI’s & Reckless Driving create
substantial problems, but minor violations add up
• Accidents Impact varies due to cause, severity, past
driving record, and other factors
#Your Actions Matter Protect everyone in your home, and save money on your auto insurance
• For insurance
companies, Conservative is King! Avoid
anything that appears radical or aggressive.
Think Mr. Rogers. Gen X, think
Barney.
• Check tire
pressure, tread and sidewalls regularly
• Confirm that
headlights work on both dim and bright
• Regularly check taillights,
brake lights and turn signals
• Encourage drivers
education and safety for all household members
• Zero Tolerance
for Distracted Driving
Stop leaving money on the table Take advantage of discounts offered by Insurance Companies
• There are several ways to reduce the cost of
auto insurance. Program availability and
savings vary based on Insurer.
• Some of the most
significant discounts are available to those that can qualify for any of the
following: Safe Driver, Multi-Policy, Continuous Insurance, and Good Payer
discounts
• Don’t worry if
you didn’t qualify for any of the previous programs. There are still a lot of
ways to save. Savings associated with
this group range from the high single digits to low double digits. Early Quote, Multi-Car, Driver Training,
Good Student, and Paid in Full Discounts
• New Car, Home
Ownership, Student at School, and Hybrid Vehicle Discounts:
These are a few of the more commonly offered discounts
To understand insurance one must first grasp the principle of indemnity. The theory is applied to insured losses and seeks to provide fair compensation. Fair compensation to parties, the insured and the insurance company is required. Resolving most losses is unambiguous. Others test the service skills of the insurance agency and require both the insurance company and the insured to commit to the principle of indemnity.
A cornerstone for insurance, the principle of indemnity
requires that an insured may not be compensated more than there economic
loss. The insured cannot profit from a
loss. If losses became a way for policyholders
to generate profits, then insurance companies would become subject to adverse
selection. This in the quickly cause
insurance premiums for all property and casualty policies to rise.
There are two coverages that protect your vehicle if it is damaged. Collison coverage covers accidents that occur when your vehicle collides with another vehicle or object such as a fence, mailbox or tree.  Comprehensive insurance covers your vehicle when the damages result from other than collision. Comprehensive coverage may be referred to as other than collision coverage.
Examples of Comprehensive Coverage
If your auto insurance has comprehensive insurance then you
will be protected in the event your car is stolen or vandalized. Comprehensive or Comp coverage will also
protect you from Mother Nature. Damages
caused by wind or hail storms are covered by Comp. The coverage will also protect you from fire,
flood and wildlife, such as deer.
Comprehensive is not a standard feature
While not included with a standard car insurance policy, the
coverage can be included. While many
drivers choose to include this coverage, adding it should be a decision for the
insured. We advise clients to consider
the cost of the coverage relative to the value of the car before decided to add
or waive the option.
Louisville, Kentucky home to the fastest two minutes in sports
Louisville, Kentucky is known around the globe for being home to the fastest two minutes in sports. Similarly, TruePoint Insurance in Kentucky is known for rapid real-time, online, insurance quotes.
TruePoint, home of the most enjoyable five minutes in insurance
We often find ourselves boasting that our real-time online quotes are the most enjoyable five minutes in insurance. While this may sound like hype, we can support our claim. Typically online quotes are anything but online quotes. If you don’t believe me, go ahead and give it a try. Take the next 10 to 15 minutes of your life and complete the online form. When you have reached the final page, what do you see? Or should I ask, what don’t you see? Probably not a quote.
What makes our quotes different?
Insurance Quotes: Online and in Real-Time
You have set your self up for 4, 8, maybe even 12 calls over the coming days. Insurance agents all hoping to give you what the original ad promised; an insurance quote. Why did you go online for your insurance quote?
Convenience, the promise of information at a time that fits into your busy day.
Insurance Agents, If you have ever tried to buy insurance, you get this one.
Odds are, you were trying to avoid talking with an insurance agent. You are going to get pretty frustrated. Now, instead of one insurance agent, there will be a dozen.
TruePoint online quotes recognize your needs and time constraints. When you finish our online form you will have a quote for your car insurance, home insurance or maybe a quote. More importantly, we’ve made the agent disappear.
Ok, so the thing about the agent disappearing is our Hype! But the truth is, the ball is in your hands. To issue a policy you will need to talk with an agent.
What horse won finished first in the 2019 Kentucky Derby?
Ok, maybe we are not as well known as the derby, but we give you real-time home and auto insurance quotes without a Racing Steward. That doesn’t make us the best insurance agency for everyone, but with our customer-focused approach, the number two agent isn’t going to beat us.
While others are spending their time trying to make insurance interesting, we are making every effort to simplify the process by putting information at your fingertips. Instead of trying to make insurance exciting, our client portal places all your important insurance information in one convenient location giving you more time for things that are a little more exciting than insurance.
While some might disagree, we know that insurance is ready for Prime-Time and our clients can attest to that. While others are taking time away from their work or otherwise busy schedule, our clients are interacting with us through our online client portal. While others are watching Dancing with the Stars, our clients are online adding their new car to their insurance policy.
It’s that simple. Our client-focused approach is how we Justify asking you for your business.
If you serve alcohol, you need liquor liability insurance
Today we measure the amount of alcohol used in drinks by the
shot. But in colonial America gin and
other alcoholic drinks were measured in unit shared by apothecaries. This
measurement was known as a Drachma or Dram.
Dram Shop Liability Insurance, more commonly knowns as Liquor Liability Insurance is the insurance vehicle used to transfer liquor-related liability that is a part of serving or selling alcoholic beverages. This coverage provides protection against serving intoxicated individuals or minors.Â
Protect yourself from intoxicated guests.
When individuals drink too much they not only pose a risk to themselves, they are also a threat to others. As an owner of a restaurant and bar, you have potential financial exposure if you allow intoxicated patrons to drive.Â
Alcohol at weddings: Step 1, hire a qualified bartender.
But bars and restaurants aren’t the only places that you will find liability associated with alcohol.  Liquor Liability can show up at casinos, sporting venues, and even the office Christmas party. Individuals are not exempt for this exposure. Graduate parties, reunions, and even your wedding could be marred by the actions of an over-served guest.Â
Liquor liability insurance will help you reduce your exposure should an unfortunate event occur. But your first and best way to reduce your personal exposure is to hire a professional bartender. Pouring drinks is the easy part of bartending, not pouring one to the wrong person is the real job.
Fisherville, KY is known for its beautiful weather. Whether you’re visiting or living in the area, you are sure to enjoy any of the four seasons. During the warmer weather, there’s nothing better than exploring Fisherville by taking a motorcycle ride. Regardless of the time of year that you’re riding, though, it’s pertinent to be as safe as possible. TruePoint Insurance is here to keep you as safe as possible when riding your motorcycle, which is why we’d like to share a few safety tips with you.
Always look both ways
Motorcycle drivers and riders have to be extra careful when coming to intersections. Even when all other drivers on the ride are being safe, it’s still quite easy not to see a motorcycle. This is why you as the motorcycle driver should take extra precaution when going through an intersection. Even if you have people behind you waiting to turn or go through, make sure to take an extra second or two to look both ways several times before you go through the intersection.
Get motorcycle insurance
Motorcycle safety also includes having proper insurance. To hold insurance on your motorcycle, you will need to provide proof that you have a legit motorcycle driver’s license or permit. It’s during your training to get a motorcycle driver’s license that you will learn the ins and outs of motorcycle safety.
If you would like to learn more about the many ways you get to stay safe on a motorcycle, make sure to contact TruePoint Insurance serving the Fisherville, KY area. Our agents are ready to keep you safe while meeting all of your motorcycle insurance needs.
The definition of business insurance will likely vary depending on who you ask. The explanation may even change depending on how you ask it. It goes by a lot of names. You may hear it called many things. Business insurance, commercial business insurance or property & casualty commercial insurance.
Insurance coverage for businesses that provides protection against a broad range of P&C claims. The term commercial insurance is used to describe several insurance policies. To determine which you need, you should, first, determine the risk faced by your company. A commercial insurance policy should also provide defense cost in the event of a lawsuit. This protection should be available regardless of the legal merit of the case.
we are insuringky.com
What should your Business Insurance Policy look like?
We stated the definition of commercial insurance might change. The truth is, it will change. The answer will vary based on who you ask, and maybe how you ask. Who you are will also alter the definition……… What type of business do you own? Do you have employees? Do you use vehicles in your business? Do you own buildings or other property? Do you need commercial insurance? These questions are just the beginning of defining your unique commercial insurance needs.
Property and Casualty Insurance
The term commercial insurance policy defines a vast range of coverages. Each offers a vehicle that provides specific protection to your business.
We can start by breaking insurance into one of three categories, Property, Casualty or both. The property will relate to (buildings, furniture, inventories, vehicles, and equipment.) The Casualty coverages protect against liability claims. Coverages include General Liability, Workers Compensation, Professional Liability, and many others. Most small businesses will find the third option most attractive. A Business Owners Policy or a BOP.
The benefit of the BOP is that it packages the general liability and commercial property. The packaging allows for more efficient and effective coverages. As it relates to Kentucky Business Insurance, BOP’s provide more coverage at less cost.
Knowing the coverages you need is more than half the battle
Business insurance is written in five major coverage lines. These lines are identified and briefly described below:
Commercial General Liability Insurance (or CGL) Protects when actions of the insured or an employee lead to property damage or bodily
injury of another. The policy should also provide coverage in the event the business must defend itself in a court of law.
Commercial Property Insurance The primary target of this coverage is owned and possibly leased buildings. In this section, you will also find coverages for the business personal property. This includes furniture, inventory, tools, some equipment and more.
Commercial Auto Often referred to a Business Auto it covers vehicles that are owned or leased by the company. As a personal auto policy does, the Commercial starts as liability coverage. Comprehensive and collision coverages can be added, as well as other additional items. A good example of a valuable add-on is a coverage know as hired or non-owned. It provides protection to an employee or volunteer autos during work-related activities.
Inland Marine Insurance One use is equipment or mobile equipment operated off-site known as commercial floaters. There are many more coverages that fall into this section.
Workers Compensation used to provide financial remuneration to employees injured while performing work-related activities.
There are many more coverages, most of which fall under one or more of the primary lines above. A few examples include:
Morespecialized liability coverages include:
Professional Liability or Errors and Omissions (E&O)
Garage Liability a form of CGL for auto garages, shop, dealers and more
Directors’ and Officers’
The property section contains many optional coverages and endorsements. What if any of it do you need? Including items such as
Trucking insurance is an example of a specific form of commercial auto insurance. Another form that we often see business auto insurance is referred to as hired and non-owned.
inland marine is our all other buckets. Below are just a few examples.
Bailee’s Coverage– Property of others under your temporary care. Think about a Dry Cleaner. Do they have coverage clothing? That’s Bailees.
Builder’s Risk- Insurance while a building or home is under construction.
Cameras
Communication equipment and towers
Computer Coverage
Contractors Equipment
Commercial Floaters
Property In Transit
Identifying risk and understanding coverages
For centuries mankind has solved problems by finding solutions or answers to our questions. While it’s great to have a trusted resource or go to for every issue, there are times in life where we are on our own. When this happens, logic and common sense will go a long way.
If I don’t own a building do I need property coverage?
You might. Do you have an inventory or equipment that should be insured? Even if you don’t own a building, you still might need to insure one.
Does your lease require you to insure the building?
My business is family owned and operated; everyone that works here is related to the owner, me, the owner.
Do I need workers compensation insurance?
Kentucky business owners have the right to reject workers compensation coverage. If they’re not business owners, the state workers compensation commission will expect everyone to have insurance. Workers Compensation can be complex. That’s why we request clients to speak with an attorney before waiving any coverage. Learn more at Kentucky Workers Comp.
Why do I need CGL and E&O insurance?
It is possible. Some professions should have both. The coverages cover two different sets of risk. Why E&O or professional liability is typically associated with professional services, it also provides protection in the event of incomplete or shoddy work. Something that your CGL will not cover. Learn more.
Questions, feel free to reach out to a TruePoint agent. You can reach us at (502) 410-5089.
State auto insurance systems fall into one of two general approaches. The majority (38 states) operate under Tort laws. Tort law enables wronged parties the ability to seek compensation from the people or parties responsible.
The remaining 12 states use an approach that is referred to as the No-Fault insurance system. No-Fault does not mean that no one is at fault. Providing additional insights into the no-fault system is more of a challenge. In its purest form, no-fault insurance means that regardless of fault, each party or their insurance company are responsible for the loss. A more accurate representation is that each party is required to cover their own losses up to a threshold. The system was initially adopted by 22 states under the premise of reducing litigation cost and ultimately the over cost to consumers.
Kentucky operates under a no-fault insurance system. The Kentucky no-fault process is sometimes referred to as a choice no-fault insurance system. Kentucky no-fault system applies to both personal vehicles as well as business vehicles written on a commercial insurance policy.   Â
An deductible or insurance deductible is a fixed dollar amount or percentage that is retained by the insured. In the event of a claim (most often property claims) the insured will be required to come up with the deductible amount declared in the policy before receiving the insurance companies obligation.
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Louisville, Kentucky home to the fastest two minutes in sports
