Protect Yourself with Renters Insurance
Several recent studies have indicated that only a third of all tenants have renters insurance. Respondents to these surveys often indicate that they believe the coverage is too expensive or that the coverage is provided by the landlord. Yet both of these assumptions are incorrect.
First, the average renters premium is approximately $185 per year. In other words, you can get protection for your personal property and personal liability coverage for as little as $15 per month. Second, your landlord will likely have insurance, but it will only cover the house or apartment structure itself along with the landlord's personal liability.
So here are some tips for you to consider concerning this essential coverage.
Create an inventory of everything in your apartment and list the estimated cost of replacing each item. Think in terms of replacement cost, without factoring in any depreciation. This will help you determine the amount of coverage to purchase.
Take pictures of your more valuable items and store these off-site, such as in a safe deposit box at your bank, at a friend's home, or in an online cloud storage website.
If your financial condition is solid, consider a higher deductible for your contents since this can reduce your premium significantly.
Ask about other discounts, such as ones for smoke alarms, sprinkler systems, nonsmoking households, and security systems.
If you have high-value jewelry items, you may want to schedule those on a separate policy or an endorsement to the renters policy for broader coverage.
International Risk Management Institute, Inc.
Procure Proper Protection for Your Home Business
Home-based businesses are becoming increasingly prevalent, thanks in particular to the relatively inexpensive technology available at our fingertips. Yet running a business out of your home changes the loss exposures and characteristics of your residence as far as your homeowners insurance company is concerned.
Your homeowners policy will cover losses to the property caused by perils such as fire, wind, lightning, and theft. And the liability portion will pay if someone is hurt on your premises. But if you run a home business, any loss associated with that business may be your problem. What if you had a small fire that damaged your home business office and computer and resulted in some lost income? Once your insurance company sends an adjuster and he or she discovers the business, your claim could be denied.
Conversely, if you purchased a home-based business endorsement to your homeowners policy or a businessowners policy (BOP), your entire loss would likely be covered, even the loss of income.
And do not forget about liability. If you have business visitors in your home and they get hurt, the standard homeowners policy may not cover those injuries. Again, you need to purchase the correct endorsement to the homeowners policy or a separate BOP. Also, any professional liability coverage will not be covered under either of these approaches. A separate professional liability policy will need to be arranged for this loss exposure.
Different insurance companies have different criteria for excluding businesses from their policies. And they offer an assortment of coverages for this exposure. Specific coverage available under one insurance company may not be available with another.
The key thing to remember is this: if you are running a business out of your home, inquire about available coverage options to properly protect your business and your assets.
International Risk Management Institute, Inc.
If you missed us at the New Wilmington Business Expo come see us at the Lawrence County Home & Business Expo, Saturday, April 13th, 2013 @ New Castle School of Trades from 10:00 to 6:00
New! View our new Financial Services brochure (PDF)
With all the challenges facing organizations and families today, no one has time to become an insurance expert.
Instead, you need an experienced team who can analyze the various options open to you -- both insurance and non-insurance options -- and suggest the best alternatives for your needs. Then you're in a position to make a knowledge-based decision. That's the kind of team you'll find at Williams-Cleaveland Company
We are now spending more time indoors; it's the 'heating' season, and with your house closed up, we suggest you review some safety information with your family and friends.
- Fire Prevention (Video)
- Evacuation: The 10 Minute Challenge (Video)
- Protecting Your Family from Carbon Monoxide Poisoning (Article)
New! Stop by Williams-Cleaveland and get your picture taken with FLO:
PBA Membership Pays Dividends Workers' Compensation Program Dividend Declared Local Members Receive Checks
New Castle, Pa. - James Conner of J. Conner Construction recently received a dividend check from the PBA Workers' Compensation program. At a recent board meeting of Builders Services, Inc., Eastern Alliance Insurance Group and McConkey & Co., it was once again announced that the dividend would be declared. The workers' compensation fund dividend represents dividends from the 2006 actual program results. Dividends are being distributed to policyholders that were participants during 2006 and continue to be a participant in the fund today.
Dividends are paid from the fund surplus, which is created from operational efficiencies and investment portfolio performance. 179 businesses/PBA members are receiving dividend checks averaging more than $1,000 for their continued participation in the program.
"These dividends reward loyal policyholders who share our commitment to workplace safety, said John Olkowski, McConkey & Co. Account Executive. "We believe these dividends are a significant benefit of program participation, and in conjunction with competitive rates, will continue to foster loyalty in the program."
According to Workers' Compensation Committee Chair John Maleno, "As a member of the fund myself, I know this is certainly an unexpected bonus. We have been purchasing Workers' Compensation Insurance at competitive pricing and getting great service when we do have a claim. The dividend seems like icing on the cake and another great reason to be a PBA member."
PENNSYLVANIA STATE ASSOCIATION OF BOROUGHS INSURANCE PROGRAM -- DON'T MISS THIS!
Exclusively Endorsed Program for PSAB Members