Thursday, November 3, 2016

Starting a Small Business: What Kind of Insurance Do I Need?


As a small business owner myself, there are hundreds of things on your “to do” list to get your business off the ground and running smoothly.  One of those things should be to have the right business insurance in place to handle losses that could potentially put you out of business.  Having proper coverage limits for general liability and business personal property is always important.  Here are a few other important coverages to consider:

1.  Professional Liability – Does your business/profession put you at risk for claims by your clients from your alleged faulty advice or defective product/services?  Professional liability is otherwise known as errors & omissions (E&O).  This coverage may also provide the cost of defending you in court and cover damages awarded in a civil lawsuit. 

2.  General Liability – What if you cause an accident during the operation of your business and cause property damage and/or bodily injuries to others?  General liability coverage provides coverage for damages and injuries to others as a result of your negligent acts. 

3.  Cyber Liability – This is a relatively new coverage offered by many insurers.  This covers a business’ liability for data breach from hackers where customer data has been compromised or other similar cyber threats.  This type of coverage can help businesses minimize the impact to their reputation by providing breach notification and credit monitoring services to customers.  It may also provide the cost to defend you in court if you are sued under the allegation of data breach. 

These three coverages are important; however, there are multiple other coverages offered by insurers that may be beneficial to your small business.  Sit down with an insurance professional that you trust and have a discussion to tailor coverage that is specific to your small business. 

If you have questions regarding business insurance, please stop by my offices in McKinney, Texas or give me a call at (972) 727-9111.
Stan Polk, CPCU - Agency Owner
6951 Virginia Parkway, Suite 316
McKinney, TX 75071
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I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.

 

Friday, September 23, 2016

Why Are My Auto Insurance Rates Going Up And How Do I Lower Them?



Auto insurance rates for drivers in Texas and across the nation are increasing.  Consumers want to know why this is the case and how they can maintain or reduce their rates.  This is particularly the case for auto insurance in McKinney, Texas and the surrounding Dallas-Fort Worth metroplex.  The following are a few FAQs you should know about auto insurance rates:

  1. Why do auto insurance rates increase?  Auto insurance rates can increase due to an increase in the cost of auto claims paid by insurers.  These increased costs can be attributed to more auto accidents, increased parts and labor costs and increased costs of auto injury settlements. 
  2. I haven’t had any tickets or accidents – why are my auto rates increasing?  When you insure your auto with an insurance company, you are pooling your risk along with all other people insured with that same company.  If the losses for the whole group are increasing, that could cause your rates to increase as well. 
  3. How can I lower my auto insurance rates?  You should check with your insurer to determine if you have all of the discounts applied to your policy that you are qualified to receive.  Discounts vary by insurer, but generally, you may receive discounts for insuring multiple autos and combining multiple policies (e.g. auto/home/life) with one company.  Also, you may be eligible for discounts based on your occupation or college degrees that you have.  Insurers also may give discounts based on how you choose to pay your premium, such as paying in full or setting up your premium on automatic monthly drafts.   

If you have additional questions regarding your auto insurance, please stop by my offices in McKinney, TX or give me a call at (972) 727-9111.

Stan Polk, CPCU - Agency Owner
6951 Virginia Parkway, Suite 316
McKinney, TX 75071

I am a Farmers® agent but my posts are my own and are not statements by or on behalf of Farmers.