Matt Alexander, Author at Alexander Insurance Agency

22May

Once the location is selected, the products are decided upon, and the client base is built, you feel as if things are finally coming together for your business venture. According to industry giant The Hartford, four out of 10 small businesses will need to file an insurance claim over 10 years. The many types of business insurance available will protect you from the many risks you could be facing. You could suffer drastic losses from claims on products, accidents and vehicles, floods, fire, and loss of income.

This article will point out the different types of business insurance that every small business operator should be familiar with.

What Types of Business Insurance Do I Need Most?

The type of business insurance that will be of greatest assistance to you depends on your business size as well as what type of assets you have. Having a clear picture of what’s available and for what business purposes will allow you to make informed decisions as you experience growth and the challenges that success can bring. Here are some of the most well-known types of professional and commercial insurance coverage that will help you if you find your livelihood at risk.

General Liability Insurance:

This type of small business insurance protects you from the risk of claiming bodily injury and property damage. If another vendor or a customer encounters injury while they are on your property, commercial general liability insurance will protect everything you’ve worked so hard for. This type of coverage will include attorney fees, court costs, and settlements awarded to plaintiffs while doing business.

Professional Liability Insurance:

Anyone such as an accountant or real estate agent should consider getting this type of insurance to protect themselves from claims pending for negligence on any level. This goes above and beyond typical liability coverage, and physicians are another group that must be constantly thinking about adequate protection. As the strenuous pace has picked up since the pandemic, freelancers and business owners are taking on more work, which may make room for more potential to make a mistake.

Commercial Property Insurance:

Business property needs to be protected against natural disasters such as floods, fires, high winds, and hail. A company’s structure, computers, inventory, and supplies are all elements you won’t have to worry about if you’re properly covered. Commercial properties operate businesses such as investment firms, sandwich shops, home entertainment equipment, and hair stylists, and this type of coverage will assure that the elements in your immediate area are covered. Parking lots, your roof, awnings, and other spaces such as outdoor break areas are also protected.

Commercial Auto Insurance:

It is not just delivery services for food that have cars on the go constantly, which is one reason you’ll want commercial auto insurance. Shuttling materials, medical supplies, prescriptions, and land surveys are all examples of businesses that need their employees to be mobile. A commercial auto insurance policy will pay for damage and serious injuries sustained while these vehicles are being operated for business use. If you are running a business and are attempting to use a personal auto insurance policy, you can be legal to drive in some states, but you may have claims denied when disaster strikes. Many businesses that saw the need to suddenly start running errands that have an accident on the way may find themselves surprised when they weren’t covered with the appropriate type of business auto policy. It may not necessarily be illegal to drive with a personal auto policy, but once you are seeing employees need to drive daily it’s time to consider the proper coverage.

Business Income Insurance:

When an emergency happens and you find yourself unable to operate, you are bound to lose income. Situating yourself with a business income insurance policy can protect you from this fearful situation. If there is an accident and a car crashes into your structure, or the roof collapses, business income insurance would cover the losses incurred while the damage is being repaired. Also known as business interruption insurance, this will offer peace of mind when the ways you generate revenue grind to a sudden halt.

Product Liability Insurance:

It is not just within the food and drug industries that products can see risk with liability issues. If a product ends up being defective or unsafe in any way, it may cause personal injury or even damage to physical property. Just as cars undergo recalls for defective construction, other products such as personal electronics can cause sudden accidents. Product liability insurance will cover damage and medical expenses from injuries the product causes. Many items for personal care such as razors and eye makeup could also fall into this category.

Errors and Omissions Insurance:

This type of insurance coverage is ideal for those that have a very focused area of service they provide. If your calculations aren’t perfect, you make other errors or happen to leave out any other data, this type of policy will cover claims as a result. Errors and omissions insurance will pay for the hurdle of legal defense costs and settlements, with those such as lawyers and technicians that could benefit. Therapists and professionals that offer advice are quite sought after in these unstable times, but many are amazed at how fast clients can change their minds if your guidance isn’t crystal clear.

Business Owners Policy

The last few years have dictated a little bit of confusion surrounding business owners’ policies, but one thing is for sure: one of their main benefits is to bundle several of these valuable types of insurance into one package. Many business owners’ policies also offer cyber liability protection, which will assist against the costs of breached data, an event that is happening more and more frequently. Another valuable component found in business policies is for contractors’ equipment, helping with the cost of repair or replacement tools if they are stolen, damaged, or lost.

Workers Compensation Insurance:

This type of policy protects business owners when employees exercise the right to file a worker’s comp claim against their entity or corporation. If they encounter injury on the job or an illness due to their work environment, they are sometimes eligible for compensation. Being properly covered with this policy type will take care of workers compensation income and their extensive medical needs. From the janitorial industry to the medical field, thousands of small businesses need workers comp insurance in case their employees see work-related tasks affecting their health.

Making the Decision for Your Type of Business Insurance:

Long-term protection for your business and personal assets are the reasons why you need appropriate coverage. The best way to pinpoint exactly what you need is by contacting us here at the Alexander Agency of St Charles, where we can spend time discussing your options backed by years of experience and satisfaction. We can take a close look at the pros and cons of each policy as it relates to your overhead and find a solution that is sufficient for your needs.

19May

Once water damage occurs inside your property, you can have a time-consuming and worrisome situation on your hands! This article will outline what is and is not covered under home insurance, along with how to assure that you are fully protected from “h20’s decay.”

What is Homeowners Insurance?

Sometimes referred to as “hazard insurance”, homeowners insurance protects your property and other assets in case of sudden damage. It reimburses the policyholder for damage and losses to the property if you fall prey to burglary or fire. While you are completing the homebuyer process, the lender usually requires proof of homeowners insurance to acquire the mortgage. Homeowners insurance does not cover mortgage payments, but rather the losses that these events can cause.

Here are some of the common events these policies do cover:

Hail, lightning, wind, and fire damage
Property that is stolen from the inside or outside
Anyone that sustains an injury on the property
Costs for hotel stays post-damage
Damage from fallen objects or branches

What justifies Coverable Water Damage?

Water damage generally refers to damage on your property after a water accident. To officially qualify as water damage, moisture must exist as the primary cause of the damage. If you have pipes that have burst on the property and the entire basement is flooded, that damage is definitely water damage. If heavy rains leak through the roof and damage floors or walls and your belongings, this is water damage as well. Here are some of the most common events categorized as water damage:

Pipes that have burst
Flooding because of torrential storms
Backed up sewer mains
Leaks from a water heater
Cracks in the foundation from seeping moisture
Plumbing malfunctions

In What Instances is Water Damage Included in a Homeowners Policy?

Dwelling Coverage is one of the types of coverage included in a standard homeowners insurance policy. This protects your home from vandals, theft, fires, and storms. When water damage occurs, the coverage usually should cover the act of repairing any physical property damaged by water. If a burst pipe caused water to seep into the walls, ceilings, and floors, dwelling coverage would cover the repairs. If you do undergo damage and file a claim, most policies have a limit on the amount they will pay out.

How Will Your Belongings Make Out?

Most homeowners insurance policies will offer the inclusion of personal property coverage. This will protect your possessions from water disasters and covers elements such as clothing, electronics, and your beloved furniture. If a forceful Missouri storm causes water to leak through the roof and damage personal belongings such as furniture, your coverage will reimburse you. If you are away from your home on business or vacation and do you experience water damage you will want the peace of mind knowing that you are fully covered.

Which Type of Water Damage Incidents Are Not Covered?

Homeowners insurance may cover most types of water damage, but the following are a few scenarios that may leave you without valuable protection.

Neglecting Routine Maintenance:

If plumbing or maintenance upkeep has not been attended to, your homeowners insurance policy may not be able to cover you in case of an emergency. If a pipe bursts because of neglected plumbing over the years, you also may not benefit from coverage. It is so very important to frequently check on the pipes and plumbing in your home and make sure that everything is 100% up to par.

Drain and Sewer Issues:

If your unfortunate water damage is caused by sewers or drains, you may not benefit from coverage. If a sewer backup or clogged drain is the culprit, the insurance policy won’t cover your repairs. Here it is important to note that you won’t be fully uncovered, as backup coverage is an optional add-on to most policies. Simply check in with us here at the Alexander Agency to see what options there are for you to bypass any “backup anxiety.”

The Root Cause of Damage:

Homeowners insurance will not cover the final cost to repair or replace the water damage’s source. If a washing machine breaks down and causes the flooding, you won’t be reimbursed for an entirely new machine. You may be able to cover the cost of replacing or repairing the affected floors and tile, at least assuring that your dwelling is habitable and presentable. Following are some other scenarios where you’ll want to be sure about coverage questions:

Floods: When an unexpected flood renders your living area uninhabitable, it is NOT typically covered by homeowners insurance. If you happen to live in a very high-risk area, a separate flood insurance policy to protect yourself could be in order.
Earthquakes: Homeowners insurance will not cover earthquake damage in most cases. To be sure that you have adequate coverage, to assist with the process of structural damage recovery. One extreme value in this type of coverage is that it will entirely replace your home if it is destroyed. It will even cover damages that occur with dangerous aftershocks that can occur post-event.
Sump pump failures: Homeowners insurance will not cover the damage if you encounter a sump pump failure and water floods your basement.
Intentional damage: One of the predominant reasons that insurance investigators exist is to seek out and hone in on those who fake events to receive financial reimbursement. If you flood your basement on purpose or younger residents spray water on the walls to cause damage, you will not be covered.

Things to Consider When Choosing Water Damage Coverage:

Here are some of the items to consider while you are preparing to secure the form of water damage coverage that works for you:

Deductible Amount:

The deductible is the amount of money you’re responsible for paying before your insurance provider financially covers the rest. Much like an auto insurance policy, the higher you situate your deductible, the lower your premium payment will be. When you compare policies, it is important to think about the amount you could pay out of pocket if you encountered water damage and had to file a claim.

Coverage Limits:

The coverage limit is the maximum amount that your insurance company will pay out if there is a claim. One of the most crucial things to consider during your selection process is making sure that these limits are enough to cover the cost of any water damage you stand at risk of. It is so important to choose an insurance company that has a good track record for handling water damage claims promptly and one that has a good reputation for comprehensive performance. The many ratings and review sites online will assist you with locating a standup and well-liked provider.

We know that summer fun with water is only supposed to be OUTSIDE the house, and that it can be very daunting to see damage after mother nature strikes! All of us here at the Alexander Agency of St Charles has the knowledge and experience to assure that your interior won’t ever be sopping, and “desperation for dry confines” will not be on your worry list.

08May

Our nation is now undergoing a huge construction boom!

24Apr

Even if it's not mandated, there are many great reasons to have boat insurance

As the weather gets warmer and it’s time to prepare for outdoor recreational activities, it doesn’t get much better than cruising in the water on a boat. Just like driving, it’s important to stay properly insured, and the cost of boat insurance is one of the top concerns for most owners. To point you in the right direction as a boat owner we at the Alexander Agency of St Charles put together this guide to assist you. There can be a good deal to know, but it is worth it when the cooler and tacklebox are stocked and it’s time to depart into the fun of a sun-drenched afternoon!

What is Your Average Boat Insurance Cost?

The cost you can expect, on average, per year ranges from about 200 to 500 dollars. This is a general estimate based on common needs for most types of boats, and some can thankfully cost less than $100 per year to properly insure. Here are some of the important factors that decide your cost:

Type of Boat:

The category of vessel you want to insure is one of the primary factors affecting marine insurance. Much like automobiles, the bigger and pricier the boat is, the more you can expect to pay for coverage. Powerboats with a thrilling amount of horsepower also can raise your cost. Here’s a list of the most common types of watercrafts to consider:

Bass boats
Bowriders
Cruisers
Dinghies
Fishing Boats
Jet Boats
Personal Watercraft and Jet Skis
Pontoon boast
Powerboats/speedboats
Sailboats
Yachts
Kayaks
Canoes

Your Craft’s Condition:

Your boat’s amount of wear and tear is also another factor considering your premium. Boats in better condition are much more valuable, and if your condition is poor, they may continue to decline.

Deductible

You can choose your deductible for boat insurance much like you can for auto, which is the amount you’ll pay out of pocket for any repair. If you have less of a deductible, your premium will go up to be fully prepared for a claim.

Where you are Boating:

Deciding your premium also is based on where you are setting sail. The more distance you cover, the more you can expect to pay for coverage. Your insurer also may raise your costs significantly if you are sailing in an area prone to storms.

Your Docking Location:

If your boat is stored in an area that is prone to hurricanes or tornadoes, you may pay more for coverage. Here in Missouri, we are not quite as tornado prone as Oklahoma or Kansas, but it can prove to be a factor.

User Experience:

Many insurers will consider how much experience you have while calculating your premium. Older boat owners can sometimes secure a lower premium amount than younger ones, as experience can statistically prove to lower risk factor.

Boat Insurance Discounts:

Taking advantage of discounts is an excellent way to save money when dealing with boat insurance. Here are some of the common types that will help ease the pain in your pocketbook:

Multi-Policy: you can bundle boat insurance just as you can with other products such as renters, auto, and homeowners’ coverage.
Multi-Boat: numerous insurance providers will offer a discount if you are able to cover more than one vessel under the same policy. Jet Skis are sometimes not eligible for this benefit.
Safety Course Completion: successfully finishing a state-approved boat safety course is one of the most common and beneficial ways to enjoy a discount on your policy.
Pay in Full: It is possible to save heftily on boat coverage if you pay for your premium upfront rather than spread out across monthly payments.
Periods Without Claims: Many insurance providers will offer discounts for boaters who can make it through a set amount of time without any incident or claim on record.
Responsible Driver: Boaters who achieve a “zero-incident” period of coverage can earn a discount from many providers.
Diesel Power: You can save on your premium with many insurers if you opt for diesel power instead of gasoline. This is because they are less likely to explode, and thereby considered less risky.

Types of Boat Insurance Coverage:

There are just as many types of insurance coverage for boats as there are in boat models themselves. You can choose liability-only policies that are the bare minimum or go for high-limit comprehensive coverage that adds specialized benefits. Here are some standard forms of coverage:

Property damage liability: this covers damage to other parties’ boats as well as their property if you are at fault during an accident.
Bodily Injury liability: this will cover other parties’ medical expenses, lost wages, and related costs in a boating accident if you are determined at fault.
Collision insurance: Collision insurance will cover all damage to your boat, regardless of who is determined at fault.
Comprehensive coverage: covers damage that occurs to your boat from incidents other than an accident, such as a fire, act of vandalism, or outright theft.
Medical payments: cover medical expenses for your party: this is a standard form of coverage that boaters are so thankful for when the unthinkable happens, which can in a split second.
Uninsured boater coverage: Covers property and injury expenses if the party at fault does damage while completely uninsured.

What Things Does Boat Insurance Not Cover?

You’re able to purchase marine coverage for many different scenarios. Here are some of the exclusions that are not covered if they occur:

Corrosion
Animal-inflicted damage
Damage under the influence of alcohol or drugs
Underage driver accidents
Dents
Long-term deterioration
Freezing
Factory defects
Marring
Mold
New renovations
Periodic Maintenance
Typical wear and tear

Even if your marina, state, or lender does not mandate that you need insurance, there are many great reasons to have it. Reach out to us at the Alexander insurance agency today to secure the “Summer you’ll love” on the water, and secure coverage for your favorite recreational hobby.

17Apr

When it’s time to go over your new insurance policy, it’s very easy to quickly become confused with all the terms you immediately need to know and understand. It’s well worth your time to learn about some of these in detail, as they are important in preparing for the various details that make for a smooth claim. Whether you have been looking to add a brand-new car this year or just need to brush up on the policy you already have, here are some of the vital tips to be up to speed on:

Accident Forgiveness: this is additional coverage to your insurance policy that allows for your rate to not skyrocket because of claims that are your fault. You can qualify for this additional coverage if there are five years of clean driving on your record.

Actual Cash Value (ACV): This represents the amount that it costs to fully replace damaged or stolen property, less the depreciation overhead. This could be technically defined as “replacement cost less depreciation.” ACV does not actually replace your goods but reimburses you for the value after the incident occurs.

Amendment: This is any change to your basic policy contract. An amendment will immediately alter your policy, and is not the same as an endorsement, which exists as an addition.

Anti-Theft Device: This is anything added inside your car that will decrease the chances of it being stolen. This term is so vital to understand as you may be able to get a discount on your insurance premiums after installing one in your vehicle.

Assigned Risk Plan (AIP): If a provider comes to the conclusions that you are very high-risk, you will need to get coverage through a risk plan specifically provided by your state. The harsh reality of this is that these plans cost much more than standard coverage in most cases.

Assured: this is the term for someone who is covered under insurance policy. It means the same as the policyholder or insured individual.

Binder: This is the term for a temporary agreement policy officially in effect. It is used to protect the policyholder when the issuer is closed for the weekend, or the policy can’t be endorsed immediately.

Collision Coverage: When a vehicle is severely damaged, this will pay no matter who is at fault. It’s a wise move and even mandatory for a new car, especially if it is being financed. If you are driving a car ten+ years old, it may not be a necessity as much as a luxury for peace of mind.

Comprehensive Coverage is the coverage that pays for damage to your car that occurs from any event besides a collision. Stormy weather, fire, animal encounters, or electrical faults during hailstorms could all be included. This is not an actual description of the policy category, but rather an option for a coverage type within existing coverage.

Comparative Negligence is the official statement that when an accident takes place, each party’s responsibility is measured against the others to finalize whether or not distribution is equitable. This will allow insurers to pay claims with slightly more concrete evidence and dictation as to how to proceed.

Deductible is the amount that you will have to pay out of pocket on a claim before the insurance kicks in and take care of the rest. The higher your deductible is, you will notice a bit of breathing room regarding your monthly payment cost.

Declarations Page is the document that summarizes and allocated your coverage type. It is a bit different than your proof of insurance to carry with you but is often included with your initial startup insurance, whether digitally or in the mail.

Full Coverage is the technical description for the policy that combines comprehensive, collision, and liability coverages. If you are “fully covered”, you are not just driving with the bare legal minimum Missouri requires to operate a vehicle on the road.

Gap Insurance: This valuable type of insurance will cover the difference between what a vehicle is currently worth, and the amount still owed. The essential thing to remember is that the overall value of the car starts to decline as soon as you drive it off the dealer lot. Your policy will only cover a lower than the brand-new worth when it was initially purchased. While you are making payments on a car, gap insurance is a smart choice because of how fast a ride depreciates.

Liability Insurance: This is the type of coverage that will cover injuries and damages to the other party if you are deemed at fault in an accident. It will not actually pay for what your medical injuries are or damage to your vehicle, and there are two types of liability insurance. You can choose either property damage liability or bodily injury liability when selecting your policy.

Material Damage: This term refers to property-related damage losses and physical damage that your policy will cover.

No-Fault Insurance: The task of determining who is to blame is one of the toughest parts of the insurance game. No-fault insurance makes things much simpler by clearly defining that each party’s benefits will be paid to the policy owner, no matter who was technically at fault. This type of coverage will pay out for physical damage to property.

Personal Injury Protection: If you are driving in a no-fault state, this is the basic coverage required. The details vary state by state. PIP will usually cover wages lost, medical bills, and other expenses directly related to any accident, no matter who caused it.

SR-22, Certificate of Financial Responsibility: An SR-22 is a certificate that the state mandates to verify that a previously affected driver is covered. If you have been caught without insurance or a suspended license in the past, this is what the state mandates on you for a hefty cost, to keep a more watchful eye on the binding fact that you are covered.

Subrogation: This is also known as “payment recovery”. After it has been determined who the insurance company believes is at fault, this is the junction of time when your insurance company requests reimbursement due for causing said damages and/or incident.

Total Loss: This refers to the post-accident state of a vehicle that is not worth repairing at all, a “casualty” and not worth the effort.

Umbrella Insurance: Umbrella insurance is a very sensible upper layer of coverage that goes beyond the existing limits of other policies held.

Underwriting: This is when an insurance provider is considering various factors to see whether they will approve a prospective applicant for coverage.

It’s not just the terminology you need to be aware of: all of us here at the Alexander Agency of St Charles can assist you with securing the policy that best meets your needs, the means to be out on the road every single day safely, and a staff of caring individuals that are always responsive and resilient!

12Apr

While you visit dealerships to try and find your next vehicle, it’s important to consider how costs for new car vs. used car insurance compare. As the value of a vehicle goes down, the insurance for it usually does too. So, a used car will generally cost less to insure than a new model. Read more to get Alexander Insurance Agency’s breakdown of how the age of your vehicle can affect your rate.

How do Costs Vary by Provider?

The Quadrant Information Services group claimed that most drivers with very good records pay about $168 per month to have full coverage on a brand new vehicle. They also found that drivers pay on average about $150 per month to secure full coverage on used vehicles from 2018. These statistics were recorded based on married male drivers aged 35 years old. This data shows that annual car insurance costs will go down by an average of $221 total during the first four years a vehicle is driven.

Factoring in Make and Model:

The price of your insurance will vary depending on not just the age of your car, but also its make and model. As an example, if you have Progressive, a Ram Pickup will cost more to insure than crossover SUVs like a Honda CR-V. The Toyota Rav-4 is one of the most budget-friendly vehicles out there, with other dependable staples such as the Toyota Camry costing less than the high-tech and eco-conscious Tesla Model 3. No matter the make or model, insurance companies pay less and less for a total loss as time goes by and the vehicle depreciates.

How Coverage Level Affects Monthly Cost:

Getting full coverage on your vehicle gets you peace of mind that you would be covered in case of an accident or theft, especially if you get the highest coverage limits for liability. The downside is that Full coverage will cost you hundreds more annually than Missouri’s bare minimum liability requirements. If you choose to finance a car with a loan, you will be required to get full coverage. One good rule of thumb is that if your vehicle is worth more than $5000 or you would find yourself unable to pay for repairs after an accident, full coverage is the best option.

Gap Insurance is required by some lenders if you owe more than the car is worth, and will pay for coverage if your car is totaled. New Car Replacement is offered by insurance companies for brand-new and recent-model year vehicles. If you happen to suffer a total loss, the company will pay to replace the car without accounting for depreciation.

Tips for Lowering Your Monthly Insurance Costs:

Aside from comparing new vs. used car insurance, there are a few other tactics we use to get you a lower monthly payment. Here are a few things we consider to ease the burden of premium costs and still keep you protected:

Switch Providers: We can shop around for a better option for you at any time, not just when you are buying a new(er) car. Switching companies often will not result in penalties.
Change Coverage Amounts: You may be able to lower your coverage limits or eliminate features you don’t need to provide savings instantly. The industry is changing now more than ever before, and it pays to be aware of variations in your options every single day. We can help you re-evaluate your coverage options to find what works best.
Increase Your Deductible: If you choose to raise your deductible, you will have to pay more out of pocket for a claim before your insurance provider kicks in with coverage. It’s important to seriously consider whether you would be able pay your deductible when the time comes. If yes, raising your deductible can often lower your monthly payment.
Explore Usage-Based Insurance: As technology allows for opportunities to have your driving tracked, mobile apps and devices can be used to get incentives and rewards for good driving. Allowing yourself to be monitored can sometimes pay off over time (if you’re a good driver!).
Compare Various Models: As we mentioned previously, car insurance costs will differ depending on the model you are driving. It’s not just the difference between high-performance sports cars and a family sedan: many different traits make for a drastic difference in cost. Make sure to evaluate your options before making a purchase.

In summary, full coverage car insurance will generally cost less as years go by and your vehicle depreciates. We have quite a few paths we can take to re-evaluate your coverage and (hopefully!) lower your monthly car insurance payment. Contact us here at the Alexander Agency of St Charles today to find out how to save money while still getting the protection you need!

10Apr

We know that as soon as your advertising plan is set in stone and your pay method is up and running, there are so many things to take care of for a business’ daily operations. The detailed findings from a recent NEXT insurance survey shed light on very serious stressors facing small businesses in 2023, and the level of preparedness they have when it comes to insurance coverage. Even though many small business owners have done great with the innovation and planning required to get started, they may lack sufficient insight when it comes to being adequately covered. 90 percent of the small business owners surveyed were unsure if their current coverage was enough to weather any event.

More than half of the leaders surveyed reflected that making a professional mistake was one incident that could harm their business during the year. Additionally, 96 percent of survey respondents were not able to reach the 70 percent or higher threshold for a test that covered the basics of insurance. 82 percent of small business owners were reviewing their coverage in depth or conducting a thorough risk assessment.

Small Business Owners are Fine Combing Their Details:

The NEXT survey used artificial intelligence to provide a comprehensive snapshot of how much knowledge and preparation business owners had when it comes to assuring that they are properly covered. 51 percent of the respondents listed making a professional mistake or clerical error as a potential event that could negatively impact their business this year. Inflation was a primary concern for 68 percent surveyed, with a looming recession and supply chain issues following closely behind. Many consumers become meticulous about the services rendered when money gets tight, and this can lead to issues that require sufficient policy coverage.

The Vital Component That Tends to be Brushed Aside:

The findings of this survey showed just how consumed small business owners are with their day-to-day operations, and how the importance of being properly covered can easily be brushed off. 29 percent of respondents don’t have any coverage at all, and more than 50 percent conveyed that they don’t have adequate coverage to face potential risks. 18 percent of those surveyed claimed that they knew they could potentially not be covered up to speed, but still were not going to take any steps in the next six months to protect their business.

Insurance and Taxes Gaps Rank as Neck-and-Neck

Many small business owners struggle with the knowledge needed to fully understand the different needs of insurance coverage. Knowing what coverage and policies their business needs make for not knowing just how to proceed, and only one third of individuals in this situation seek professional help. Even though insurance coverage is so vital when legal issues and serious accidents arise, not even one of 500 respondents were able to nail down a perfect score on a quiz about general liability specifics. Many entrepreneurs have an excellent knack for running their business but are not quite in touch with the dire importance of their coverage needs.

Tailoring Your Coverage for Your Specific Needs:

This survey focused on various cities, rural areas, and suburbs, collecting opinions from entrepreneurs of all ages. This resulted in a portrayal that showed just how many types of needs the small businesses of today can have. 71 percent of rural business owners were concerned about inflation, and 41 percent of business owners over the age of 45 were concerned with the potential of a cyberattack. 35 percent of women who run their own businesses are likely to not have adequate insurance coverage, compared to just 25 percent of men. Since times continue to be stressful in general, having small business insurance is one way to free up time for the tasks that matter most, and know you are prepared for the worst while executing your best strategy.

Once your fantastic idea is in the so very exciting “true life” form, your storefront is open, and the customers are trickling in, there can be so much to take care of that it’s easy to put insurance needs on the back burner. Don’t let a single instant of bad judgement or accidental occurrence be the reason why you can’t generate positive revenue in the future! Contact us at the Alexander Insurance Agency of St. Charles today to put a plan in action that leaves you with no uncertainty or uncovered gaps while daring to dream every day.

29Mar

General Liability Insurance is an excellent form of protection against any claims of property damage or bodily injury that may occur. These days, people generally seem to be more litigious than ever before, and quickly jump to legal action. This can be quite troubling, whether or not their reasons are valid. We’ve put together a comprehensive guide that will look at types of claims, how to file a claim, and other common questions. Read on to get the details.

What are the Different Types of General Liability Claims?

Many common general liability claims can arise during just a normal day at work. Here are the most common types of claims you could potentially deal with:

Property Damage Lawsuit: One example of this could be with a mobile catering service. At a wedding, one of the heating methods or tools could cause a fire, damaging the structure behind it. The venue could sue your entity for potential damages. In that case, your general liability insurance policy would help greatly with this.
Slip and Fall Occurrence: If you were, say, a mortgage lender, you could have a customer slip and fall after you just got done mopping the floor. They may suffer an injury and need surgery. They could sue you for medical costs, which your general liability coverage would assist with.
Product Liability Issue: Say your business provides aquarium gear. If, after a customer sets up their aquarium with one (or more) of your products, their fish die, then the customer could try to sue your business. Your product liability coverage would come into play here. It could be questioned whether it was your products, or the owner’s handling that caused the fatality.
Customer Injury Lawsuit: If you were running a business such as an art gallery, you may have an extension cord running to lights or computerized props. If a customer trips over the cords and needs treatment for an injury, they could sue you for costs. This kind of claim and lawsuit could be taken care of with general liability coverage as well.

How do I file a General Liability Claim?

Here are the steps that work to assure that your claim is processed accurately:

Contact Your Agent as Soon as Possible: As soon as you find out that there has been an incident at your place of business, it’s best to contact your carrier as soon as you can. Even the slightest hesitation can make for a delay in processing your claim, and these events are best dealt with quickly.
Have the Most Important Details Ready: We’ll need to know some basic information about your general liability policy and your business. Now is the most opportune time to ask us about the details of the process, to see what else may be needed, and to see how long the process will take. Your policy number, name, and business name are a few of the most important details.
Have Plenty of Documentation: Take notes about everything, starting from your very first contact with the party proceeding with a claim or legal action. You should keep a record of any messages or correspondence. Every time you talk with your insurance provider, it is smart to log all your answers and timelines in a word document or spreadsheet so that you can quickly locate them later if needed.
Put Together Your Strategy for Resolution: If your claim eventually becomes a full-fledged lawsuit, it is best to have a strategy for solving things and/or settling the case. Arguing for a dismissal is a good strategy, as some judges tend to understand society’s frivolous nature. If you go to court for a trial, it is during this process that your documentation will help greatly. Some individuals who have a history of going after companies may make a bad reputation for themselves, allowing the trial to perhaps lean in your favor.

Any incident that may cause someone to jeopardize your livelihood could change the entire course of your business. From court cases to settlements and other mishaps, our experienced specialists here at the Alexander Insurance Agency of St Charles can offer a plan for preparedness in the event of an accident on your property.

20Mar

Car Insurance: Best Coverage for Delivery Drivers

We all know that one of the most popular ways to make extra money these days is to deliver food for companies such as DoorDash, Postmates, or Grubhub. Here’s something you might not already know: using your vehicle for business or transportation of goods is not usually covered by your personal auto insurance. If you decide to take on this “side hustle” you will need to secure a commercial auto insurance policy as well.

Is a Special Form of Insurance Mandatory as a Delivery Driver?

Drivers are required to insure any vehicle that is driven or parked on public roadways with state-minimum liability coverage. Without this coverage, you could suffer a ticket or even a license suspension if you were to get in an accident, as well as any costs incurred by the accident itself. Many delivery companies require that you must maintain or exceed the liability limits in your state.

Since delivery drivers use their vehicles to transport goods such as food, making deliveries typically falls outside of personal auto insurance policy guidelines. If an accident occurs while you are working your delivery job, you could risk having claims regarding the incident denied.

As an example, here are two forms of coverage that we think work well for Postmates:

Business Use: this would be an add-on to your existing policy, and is designed for minimal business use.
Commercial Policy: this is a form of coverage designed specifically for businesses and vehicles of daily use.

Can I Secure Coverage From my Place of Employment?

This varies on the type of business, but Postmates is a good reference point. Postmates clearly states that responsibility for vehicular damages will always be the burden of the driver, but their official platform may step in when a driver’s coverage does not take care of the damage that occurs on third-party vehicles. Postmates’ form of assistance includes:

Excess auto liability – $1M per accident limit for bodily injury and property damage to third parties.
General Liability – $1M applies to Postmates couriers who deliver by bike or on foot, and have inadvertently caused damage to others or their property.

What Kind of Options are Available for Delivery Drivers?

Working as a food delivery driver is a great way to earn money while you are in school, or to supplement your household income, especially if you’re feeling the effects of inflation. You have options: acquire a commercial auto insurance policy, inquire about adding coverage with a business-use personal policy or (and this is NOT recommended by all of us here at the Alexander Insurance Agency of St. Charles) you could decide not to report your occupation to our team.

A Commercial Policy can be slightly more expensive than a personal policy, with the cost based on your vehicle and other geographical factors. This is the most extensive form of coverage, but you can rest assured that most any incident you encounter will be covered.

A Business Use Policy is designed specifically for drivers who use their vehicles for limited business use. It can be very convenient if you only deliver part-time, but it might not work for you if you deliver full-time, or if you only deliver seasonally. Make sure you contact us to find out if you qualify for this type of coverage.

A Personal Auto Insurance Policy

If you choose not to report your delivery occupation to us (or your insurance provider), you face some massive risks! You could have your coverage canceled and/or any ensuing claims denied. The safest bet is to let us know and we’ll help you secure the coverage that works best for your situation.

What is a Rideshare Insurance Endorsement?

Coverage for delivery drivers looks a little different depending on your provider. For instance, Geico offers a Hybrid Rideshare Insurance option, which covers instances of personal use and during your delivery hours. Progressive, State Farm, USAA and Allstate, for example, also offer great options for delivery drivers, just a bit differently. Give us a call and we can further discuss your options with you. If you’ve recently started a rideshare or delivery job, the team here at Alexander Insurance Agency of St. Charles is ready to help! Give us a call and we can further discuss your options, and provide you with our recommendations for the coverage that is best for you!

14Mar

Car Accident? Expert Advice on What to Do After

In a large and fast-paced world, car accidents can happen very quickly, and often when you least expect it. In the United States, a car accident occurs every six minutes. This rate is 4 times higher than in any other country, and not every driver has full coverage to weather the storm. No matter the incident, whether you are rear-ended or undergo a serious wreck due to weather, it is crucial to try and remain as calm as possible.

At the Alexander Insurance Agency of St. Charles, we recommend you take the following actions after an accident to ensure a smooth recovery process and proper documentation.

Find a Safe Place ASAP:

Right after an accident, it’s common to be in shock, so it’s best to take a brief minute to collect yourself. It is also very important to get off the road as quickly as possible, and be aware of your surroundings while not blocking traffic. If your car is immobilized, exit quickly and turn on the hazard lights to let other drivers know the vehicle is impaired.

Do a Thorough Damage Assessment:

If anyone has been injured, it’s important to get emergency help as soon as possible. Sometimes in traumatic situations, victims may not even realize that they have sustained an injury. Even if a driver or passenger is just a bit rattled but seems to be alright, it’s always best to seek the counsel of a medical professional. After you get over the initial impact, immediately replace booster and child safety seats to make sure everyone stays protected in the future.

Get a Police Report:

After an accident, dial 911 and ask for a police officer to be dispatched to your location. Even if the wreck seems minor, the police report will provide evidence for any claims that will need to be processed. Even if there is no apparent damage, someone could claim injury, or be charged with a misdemeanor offense, like a hit and run charge. A police report is your best means of defense against those who aren’t honest during the claims process.

Thoroughly Document the Accident:

After you have made sure that you and your passengers are safe, take as many photos of your car and the event as you can. It is crucial to have a record of all vehicles involved and any damage that occurred. Get documentation of the site of the accident, marks on the road, all parties and vehicles involved. Once adjusters begin doing their work, photographic documentation becomes the best means of speeding up the process.

Take a Moment to Exchange Information:

Make sure to exchange information with the other driver(s) involved and get a picture of their Photo ID and insurance card. Don’t discuss the accident, as any statements that you make can be held against you. If you have a dash cam, make sure to share that footage with the responding police officer and your insurance company (as needed), as that footage provides solid evidence that can aid in your case.

Notify Your Insurance Agent as Soon as Possible:

Some drivers may think that if an accident is not their fault, they can take a little while longer to notify their insurance company. Regardless of fault, you should definitely notify us here at the Alexander Agency within 24 hours of your accident. If you are seriously injured, notify us as soon as you are able.

We know that any car accident, small or large, is stressful and adds even more to your task list. We want to help alleviate that stress, and make sure you are confident about your car insurance coverage. Contact us today, and we’ll take a look at your existing coverage to make sure you have all you need. And, if that day comes, we’ll be there to help you through the dreaded claims process.

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