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Do I need business insurance? Does your business have commercial insurance? Some businesses are required to have insurance, others are not. How do I determine where my business falls. If you are required to have businesses insurance, you likely know. A governmental body may require your business to have a license. If that’ the case, it’s very likely that you couldn’t get your license unless you had prior proof of insurance. Truckers, plumbers, insurance agents, and real estate agents are a few examples.
If I am required, what types of insurance will I need?
There is a purpose behind governmental units requiring businesses to carry insurance. They do so because of their charge to protect consumers. As a Commercial Liability Insurance result, when insurance is required, it is, most likely to be a Liability coverage. The two most common forms are General Liability (GL) and Professional Liability. Many contractors are licensed by the state. In Kentucky, this is done by the Department of Housing, Building, and Construction. Plumbers are governed by a subdivision of the department, the Division of Plumbing. The Division of Plumbing has as many requirements. The one we are focusing on is the requirement to provide proof of insurance. It is a state mandate that all Kentucky plumbers have in place a general liability policy. The policy must have a minimum limit of $250,000.
Many industries revolving around motor vehicles use a different form of liability insurance. One example is Truckers. Their liability protection comes from policies identified as Trucking or Non-Trucking Liability. They are very specific coverages that are part of the Commercial Auto Policies (CA).
Auto dealers, garages, and body shops are protected by two liability policies created specifically for them. Dealer customers test drive vehicles and there is a very high turn over. Garages test drive customer vehicles, some even tow the client’s cars. These are a few reasons this group needs specialized coverage. Garage Liability and Garage Keepers Insurance have characteristics that appear like a blended GL and CA policy.
Professional Liability Insurance has long been associated with services industries. It goes by many names; errors and omissions (E&O), medical malpractice, directors, and officers. This coverage protects businesses against claims of negligence. Kentucky Insurance Agents and Real Estate agents are two examples of businesses required to have E&O coverage.
Why are we still here if insurance isn’t required?
If anyone ever tells you that you don’t need insurance don’t ask why just run! I recently I saw someone involved in the insurance industry proposed the following absurdity. They suggested that risk change if your business operated online and didn’t have employees. Actually, they went as far as to say that such companies had little need for commercial insurance.
WHAT!
Be sure to get their E&O info before taking there advising.
Before deciding to waive the insurance coverage, step back. What could go wrong today and how will I pay for it. Reconsider all your risk. Think about the online company, the one that has no risk. The one that doesn’t need commercial insurance. a
Consider the following: Do you have customers, clients, consumers, or readers? If you answered no then are you really in business?
Could you make a mistake that would cause financial loss, or negative impact a customer? It is most likely insurable!
Could a vendor, affiliate, or other business relationship impact your business? Could one cause a temporary shutdown of your business? In most cases, you can protect yourself with insurance!
Ever heard of Cyber Liability? What exposures do you have when someone hacks into your system? Cyber risk can be defended.
Everyone has risks, even an online business. When you start to consider cyber exposures you very quickly release that this could be a very significant exposure. If you’re interested in reviewing your risk profile feel free to give us a all. (502) 410-5089. Some form of commercial insurance is needed by almost all businesses. That’s why it is so important that you find an insurance agency that you can trust. No insurance premium versus the option of no insurance company. When you have a claim, what is the highest the loss can be? When I do the math, those are odds that I don’t like.
give us a call, we’re TruePoint Insurance. An insurance agency that’s committed to doing insurance your way. We know our role, and it’s not to sell insurance. We help businesses like yours every day.
The #2 Answer: Unwilling to talk to an Insurance Agents
Taking control of your insurance starts with finding an agent that you can trust
Maybe it’s time to experience TruePoint’s Customer Service. Visit our site at www.insuringky.com for an instant online home, auto or home & auto package quote. Instant insurance quotes in real-time, 24/7 without an agent.
Our customer focused approach puts you in the drivers seat. In addition to instant online quotes, our clients have online access to all of their important personal insurance documents. Stop worrying about getting pulled over by police with an expired certificate of insurance. As long as you have a cell phone you can deliver acceptable proof of insurance any time night or day. Maybe you have water standing in your basement. You want to check your insurance policy but it has been ruined by the water. Don’t go all weekend worrying if you have water backup coverage, visit the TruePoint Customer Portal to access the information that you need. TruePoint provides full service insurance and risk management assistance to individuals and businesses in Kentkucky, Southern Indiana, the South Carolina Low Country and Coastal Georgia.
Residents in Kentucky and Indiana should call: (502) 410-5089 Residnets in Georgia or South Carolina shouild call: (912) 330-1265 or visit our website at www.insuringky.com
Garage operations are businesses that have hybrid coverage need. With such businesses, the lines between the general liability for the operations and the automobile liability exposures blur and overlap. A general liability policy does not provide enough coverage and a commercial auto policy provides too much. Fortunately, there is a way to properly handle this need. The Auto Dealers Coverage Form contains premises liability, products liability, automobile liability, and automobile physical damage coverage. Operations that should be protected by this policy include the following:
franchise and non-franchise auto dealers
truck dealers
motorcycle dealers
snowmobile and recreational vehicle dealers
new and/or used trailer dealers
vehicle repair shops
service stations
storage garages and
public parking places
Need help finding the right Dealer or Garage insurance?
The Auto Dealers Coverage Form is flexible, having the ability to cover a wide variety of automobile loss exposures. Besides covering vehicles that are owned by the covered business, it may also cover vehicles that are non-owned (rented or borrowed), trucks and other non-private passenger vehicles, trailers and mobile equipment. Coverage may even apply to vehicles that are privately owned by employees, but were involved in a work-related loss; says an employee who has a collision in his personal car while returning from picking up lunch for his boss and co-workers.
An Auto Dealers policy may also be written to customize how coverage applies to different types of vehicles. For instance, Joe’s Towing Service has a fleet of four tow trucks, as well as a sedan used by the owner. The towing service also does repairs and regularly has customer vehicles on their premises. Rather than having both liability and physical damage on all cars the services either owns or handles, Joe selects the following:
Liability and Physical Damage – for his two newer tow trucks and his sedan.
Liability only – for his two, older tow trucks
Physical Damage Liability only – for vehicles belonging to customers
Like other types of policies, an Auto Dealers coverage form also provides legal defense coverage. In other words, the policy handles the costs associated with defending the policy owner against claims and lawsuits. This protection does not affect the separate limits of insurance that are selected for the liability coverages.
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 the written consent of Insurance Publishing Plus, Inc.
One of the most important actions a person can take to protect against the loss of property is to buy insurance. It involves taking time to find what type of coverage is needed, how much coverage is necessary, what insurer to deal with and whether one can afford adequate protection. Unfortunately, insurance consumers have a serious, additional concern….whether the insurance offered is legitimate.
Insurance consumers are frequently being lured into buying policies that turn out to be fakes. The counterfeit coverage is typically for auto and home
coverage and the practice is particularly concentrated in areas that have suffered catastrophes. Fake insurance is also being offered in areas where legitimate insurance has traditionally been expensive.
Sadly, the coverage is often discovered as fake after a loss has occurred and there’s been an attempt to file a claim. In such instances, a duped consumer has not only lost the money paid in “premiums,” they now face an uncovered loss.
If you are searching for insurance, it is important that you do so carefully in order to make sure that your purchase is made from a reputable source. The most prudent action is to ask questions and avoid any situation that raises suspicion. Signs that an opportunity is fraudulent include the following:
Insurance premiums that are much lower than what is typically offered
Companies that downplay any requirements about eligibility for coverage
Sources that attempt high-pressure to hurry you into making a decision
“Insurers’ that ask for cash (either down payments or full payments)
Lack of information about their coverage
Applications that include requests for unnecessary financial or personal information
Your best protection against a high-risk scam is to seek out a qualified insurance professional.
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.
Lending your car to a friend or relative seems like a nice thing to do. You may trust them completely, and believe that they are the ones who will be held responsible if there is an accident. Due to something called "vicarious liability," you are responsible for what the other operator does. If your friend or relative decides not to pay, you may be able to sue for damages, but you will be held responsible first as the vehicle owner.
At TruePoint Insurance, we can make sure you have a policy which will have limits which are capable of covering all the damages, including property damage and injuries. If the injuries were minor, there will likely be few problems, but you want to be protected in case of major problems. Especially if you want to lend your vehicle to other drivers, you need to make sure your policy covers other drivers. For instance, if you lend your car to your spouse, make sure your spouse is listed on your insurance policy as a driver at your home address.
Another problem could arise if your friend or relative does not have a driver’s license. In that case, you are still responsible for your friend’s actions. You may also have an auto insurance policy which specifically includes coverage of unlicensed drivers, which could leave you personally responsible for all resulting damages.
The only time you can evade responsibility for the damages when someone else is driving your car is when you did not give that driver permission to operate your vehicle. If you think you need more coverage, or just have questions, please call TruePoint Insurance and we will be happy to help you.
“You’ve gotta be kidding me!” That is the sound of a new heavy-duty pickup truck owner that has just been told that he can’t get insurance. Unfortunately, your insurance agent probably isn’t kidding you, (s)he most likely can’t or doesn’t know how to obtain coverage for a vehicle that has a GVW of 10,000 pounds or more. Before heading back to the lot to get your money back pause, take a deep breath and read on.
You can get insurance at a reasonable price
If you have just purchased a F-450 or higher, certain F-350, a Silverado 3500 or any other heavy duty or super duty pickup truck, you may have to find insurance alternatives. While your agent may not have the ability to insure your truck, there are agents in Kentucky that can.
We can help you buy reasonably priced insurance for your new heavy-duty pickup truck. Learn more about the insurance options available to Kentucky residents by calling a TruePoint Truck Specialist today at (502) 410-5089.
Living in Fisherville, KY puts some of the most beautiful parts of the country right in your backyard. With winter starting, boat owners need to plan a storage strategy for their watercraft. Proper boat storage prolongs the life of your investment, it keeps it safe from damage and theft and ensures that it’s ready when you need it. Use these tips to make sure your watercraft is wrapped up tight before the winter weather stays.
Clean Everything
Empty and sanitize coolers and cooking equipment. Dry thoroughly before wrapping in plastic.
Sweep and mop floors, ceilings, windows, and walls. Use a wet-dry vacuum to remove all traces of moisture.
Remove rugs, curtains, and other fabric accessories. Take them to the cleaners or run them through the washer. Wrap in plastic for storage.
Go through all cabinets and cubbies. Remove anything that could spoil, leak, or cause a fire hazard.
Mechanical Matters
Flush the cooling system with water to remove dirt. Drain all water from the engine.
Empty the fuel tanks to prevent damage-causing condensation.
Use an aerosol cleaner to remove gunk and corrosion from the fuel system and other engine parts.
Change the oil and top off other fluids.
If you can, remove the starting batteries. Store them in a dry, warm place. Cold weather drains battery power and makes them unreliable even after charging.
Don’t forget to call your insurance company. Most boat insurance policies allow you to suspend coverage when your boat is laid up for the winter.
Need to know more about boat insurance? TruePoint Insurance serves the Fisherville, KY area with policies for all of your important possessions. Contact the agents at TruePoint Insurance to learn more about protecting your motorized toys.
Great Home Cooking, Bad Home Cooking, Little Middle Ground The same can be true with commercial insurance agents.
Factors Influencing Premiums
Obtaining insurance for a restaurant is fairly simple. However, finding the correct coverages at a reasonable price may be a bit more difficult. Different cuisines, Franchises versus Mom and Pop, and the processes utilized for cooking are just a few of the factors that may influence a restaurants premium. Other factors can have a more dramatic impact on premiums. Alcohol sales, entertainment (such as live music or karaoke) and dance floors may make it harder to find coverage, which by default will push the cost of coverage higher.
Restaurant Safety
Don’t forget liquor liability coverage
Cooking areas are required to have automatic fire extinguishing devices. Hoods and filters must be in place if grills and deep fat fryers are used. Additional requirements will be fuel shut-offs, hand-held fire extinguishers, as well as receipts providing proof that inspections and hood cleaning are being performed as required.
Restaurant Safety Starts in the Kitchen
Minimum Coverages
At a minimum, the following factors must be considered before purchasing a commercial insurance policy for a restaurant:
Property Coverage-building, equipment, and inventories
Autos
All vehicles owned by the businesses
Employee vehicles should be covered by a hired and non-owned vehicle policy if they are used in business activities (even it’s occasional)
It is important that you make your agent aware of any vehicle, owned or non-owned, that is used for delivery
Business Income –In the event, your business is temporarily shut down due to a covered cause of loss, restaurants with business income coverage can access their insurance policy for loss of income.
This quick summary of restaurant insurance is not meant to be inclusive, nor is it a one size fits all. Each restaurant is unique and insurance requirements vary. If you would like additional information regarding a restaurant in Kentucky Tennessee or Indiana, contact a TruePoint Insurance Restaurant Specialist at info@truepointgroup.com or visit our website at www.insuringky.com
Who would you risk the most important day of your life? Trust TruePoint to protect your wedding day.
Weddings, regardless of the current economy, are still quite expensive events. The average cost of a wedding still approaches $30,000. Insurance has become a necessary component to provide special protection for this extremely important, personal event.
Coverages vary, read your policy
Wedding insurance is not standardized, so policy wording can be quite different among the specialty insurance companies that offer protection. Wedding insurance can help protect against the huge expenses suffered if, for certain reasons, the wedding is either postponed or is canceled. Protection can be purchased to respond to loss involving unrecoverable expenses as well as to lawsuits that result from a wedding that is not held as planned.
Policy Coverages
Usually, to qualify for coverage, a wedding’s cancellation or delay has to be caused by an eligible source of loss/disruption such as catastrophic weather, a church where the wedding is to be held suffers smoke damage and is suddenly closed, or the reception caterer closes her business the day before the wedding.
Items covered by the policy are usually expenses that can’t be recovered (non-refundable). Eligible expenses often include the following:
Photographer Fees (in some cases, videographer fees may also qualify)
Hotel Costs
Transportation Costs (limos, taxi costs for transporting a wedding party or guests incurred by insured or honoree)
Air Transportation
Other miscellaneous, non-refundable costs
Eligible expenses include those related to the honeymoon as well. Examples of “Other expenses” may be the deposits for services, such as florists, entertainers, etc. Naturally, payment of these costs is subject to the policy’s limit.
Wedding Personal Liability
Liability coverage protects against losses or lawsuits that allege that the insured/honoree is responsible for bodily injury, personal injury or property damage to a third party. However, any claim must be due to an incident that takes place at the wedding (including reception). The coverage obligation includes a duty to legally defend an insured/honoree against claims/losses.
Example: The Bridals are sued by a best man who was seriously injured when the nervous groom turned abruptly to get the wedding ring and knocked the best man off a podium.
Additional Coverage
Many wedding policies offer additional coverages such as:
Photographs and Video Coverage
Gift Coverage
Rented Property Coverage
Special Attire Coverage
Jewelry Coverage
Your policy may give you the option to add Liquor Liability coverage. If you plan to sell alcohol this policy should be a requirement. Open bars? Your liability is the same whether you are selling or serving.
Cut the right corners when planning your wedding.
Do yourself a favor
When some accident comes about to turn the big day into the big cancellation or the big disaster; having wedding insurance could take the financial sting out of the situation.
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 the written consent of Insurance Publishing Plus, Inc.
Trailer interchange insurance provides Physical Damage coverage for non-owned trailers operating under the authority of a trailer interchange agreement. While coverage will vary from policy to policy, the intent of a trailer interchange policy is to cover losses stemming from accidents, theft, vandalism, fire, and explosion.
Understanding the covered causes of loss is essential prior to purchasing a policy. Understanding the amount of coverage, or limit, is essential before binding a policy. At the heart of this issue is the value of the trailer. After all, the entire purpose of this policy is to provide for a replacement trailer of equal value should damage occur under the drivers watch. Be that as it may, coverage limits are predominately a function of the trailer providers. Most providers have a set limit, which typically ranges between $20,000 and $25,000. Before contracting drivers will be required to show proof of coverage which meets or exceeds their requirements.
Drivers and insurance agents alike, can at times confuse Trailer interchange insurance and Non-Owned trailer coverage. While similar in several ways, they are undeniably, not the same. A simple, two question test should be sufficient to determine which policy fits your needs:
1. Who is responsible for the trailer when it is not attached to your truck?
If YOU are, then a trailer interchange policy should fit as it will cover the trailer when not attached to a power unit. The non-owned trailer coverage will only cover the trailer while attached to your truck.
2. Will you be operating under a written trailer interchange agreement?
If NO, then a trailer interchange policy will not be the answer. Trailer interchange policies provide coverage only while operating under a Written Trailer Interchange Agreement.
For additional information feel free to visit our website at www.insuringky.com or contact us at (502) 410-5089.
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“You’ve gotta be kidding me!” That is the sound of a new heavy-duty pickup truck owner that has just been told that he can’t get insurance. Unfortunately, your insurance agent probably isn’t kidding you, (s)he most likely can’t or doesn’t know how to obtain coverage for a vehicle that has a GVW of 10,000 pounds or more. Before heading back to the lot to get your money back pause, take a deep breath and read on.
