Drive Other Car Coverage

Drive Other Car Insurance

If you have a company vehicle and do not have a personal auto policy, you are at risk if you rent, Driving at sunset. View from the driver angle whileborrow, test drive or lease another car. A commercial policy ONLY covers you while driving the assigned company vehicle. Many business owners save money by insuring their private vehicles on company policies, not realizing they have NO COVERAGE if they drive another vehicle.

If you are an executive of a partnership or corporation, Drive Other Car coverage can be added to your existing commercial policy to protect you and your spouse. When using a vehicle other than your company vehicle, this coverage provides the same protection to vehicles you use that you have on your company vehicle.

With Drive Other Car coverage in place, if your neighbor lends you his pickup truck, you will have coverage to protect yourself, in the case of an accident, if you are injured or sued for injury to someone else. This coverage will also apply if the owner has low liability limits.

Commercial Insurance can be complicated, contact the experts at Cobb-Hall Insurance for innovative solutions designed specifically for your needs

 

Product Liability Insurance

Anyone Can Sue; Let Product Liability Insurance Protect You

We live in a world where anyone can sue for anything, regardless of actual fault or blame.  The cost US Dollar Hundred Bills In Windof product liability insurance is much less than the amount you’d have to spend if your business was involved in a lawsuit. It only has to happen once; a product you sell can cause injury and you will be sued, even if you didn’t manufacture it directly. This could financial disaster for your business.

Business Product Liability Insurance can protect you whether you are the product manufacturer, seller, or distributor. You can even purchase product recall insurance, designed to help cover costs associated with various recalls.

Product Liability protects from manufacturing or production, defects in design, or defective warnings or instructions and covers when someone is injured by a product you produce, resell, distribute, or wholesale. It will also cover court costs associated with a lawsuit pertaining to the product and handle medical costs for injury associated with the use of the product. Let the experienced professionals at

Contact Cobb-Hall Insurance to provide solutions designed specifically for your needs

Excerpts from: Trusted Choice/ Independent Insurance Agents

Pollution Liability

You May Need Pollution Liability Coverage

When many people think of pollution insurance, they picture large factories with billowing Smoking power plantsmokestacks, but many small businesses run the risk of pollution lawsuits. Businesses that use environmentally unsafe chemicals such as a hair salon, dry-cleaning service, garages, junkyards, manufacturers or those in the construction industry all face potential lawsuits.

Pollution insurance is created specifically to manage the costs associated with pollution clean-up and to cover liability claims for pollution-related injuries, illnesses or deaths. As damage awards for these claims can be extremely costly, having pollution insurance can protect your business from severe financial challenges or even bankruptcy.

Policies cover many types of small-scale pollution that cause contamination of soil, groundwater or property and air-borne contaminates like smoke and emissions. Many policies will even cover pollution that occurred in the past before the harmful effects of waste-products was known. Most policies include the following:

    • Legal defense fees  to provide your company with attorneys to defend you in a pollution-related lawsuit
    • Clean-up efforts compensate for costs if your company is required by law to clean up contaminants
  • Operations coverage is for businesses that use chemicals or hazardous materials. The two types are:  Catastrophic-for a sudden pollution-inducing event such as a fire or explosion     Non-catastrophic- which covers if pollution occurs over a long period of time and affects neighboring businesses or residents
  • Property transfer coverage protects property owners if they purchase a parcel of land or a building that was contaminated or otherwise polluted by a previous owner

Contact Cobb-Hall to review your pollution liability exposures and provide you with innovative solutions

Excerpts from: 2017 Trusted Choice, Independent Insurance Agents

Employment Practices Liability Insurance (EPLI)

Protect Yourself from Employment Practice Lawsuits

Employee lawsuits are more than just an inconvenience. They are expensive, distractive for your businessman pointing on one of the conditions of contractmanagement team and can quickly erode productivity and employee morale. Oddly enough, you are more likely to be sued by an employee these days than to have a fire at your facility. The financial damage of employee lawsuits can be dramatic. According to industry experts, unpaid internships, illegal background checks and issues related to pregnancy and health are the top trending employment practices litigation cases.

Employment practices liability insurance, commonly referred to as EPLI insurance, is specifically designed to protect employers from the financial hardships of lawsuits brought on by employees. This protection will easily pay for itself if you are sued even once.

EPLI provides compensation for losses caused by employee lawsuits, including court costs and legal fees.  Here is just a sampling of ways you are protected with an EPLI policy:

  • Wrongful termination: includes suits brought on the basis of termination due to age, race, gender or disability
  • Harassment: includes sexual harassment, violence, bullying and issues based on race, color, age and religion
  • Discrimination: including suits from employees who are turned down for employment or denied promotion
  • Breach of contract: violation of the terms of an employee’s contract
  • Emotional distress: applies if an employee feels that your business is a hostile environment or overly stressful
  • Other violations: including violations of statutes, workers compensation denial, false positives from drug tests, libel and slander, etc.

Contact the experts at Cobb-Hall insurance for solutions specifically designed to fit your needs.

Excerpts from: Trusted Choice Independent Insurance Agents copyright 2017

Buy-Sell Planning Using Life Insurance

Plan Ahead with a Buy-Sell Agreement

Continuation of your business, the way you choose, is possible.  Many times, when partners go intoHelp business, the do no consider how to arrange for a smooth transition if one of the partners leaves the business retires or becomes unable to work.

Buy-Sell Planning can help you:

  • Be assured your family and partners’ families will be taken care of
  • Reassure your employees of a smooth transition.
  • Know the deceased partner’s share of the business will not be left to someone incapable of running the business.

Buy-Sell planning using life insurance is designed to address the concerns of business owners and their families. Here are only a few of the benefits:

  • It prevents a situation where the surviving spouse or other beneficiary of the estate gains control of the deceased’s interest without wanting it, or without having the business skill to manage it.
  • It provides cash for the spouse or estate of the deceased owner to make up for lost income from the business.
  • It makes it less likely that the business will have to be sold to “buy out” the interest of the deceased owner.

Business owners typically fund buy-sell agreements by purchasing a life insurance policy on each owner. Depending on how the agreement is drawn, the other owners can be the beneficiaries, in which case they will have the funds to meet their obligations under the contract. In other cases, the company itself is the beneficiary, to provide funds to buy back the interest of the deceased owner.

Buy-sell agreements can also be triggered by disability, retirement or simply by one owner wishing to leave.

Contact the experts at Cobb-Hall to provide innovative solutions designed specifically for your needs.

Sited: Trusted Choice-Independent Insurance Agents 2017

 

Key-Person Insurance

Key Person Insurance Can Prevent Financial Disaster

The financial effect of losing an important member of your business can be extreme. If your company business travellers walking in airport with luggagelost key people because of injury, disability or death, there’s a chance that the company could close it’s doors for good.  Investing in key- person insurance can keep your company from financial ruin if that employee was suddenly unable to continue to work.

Key-Person Insurance provides specific monetary value, agreed upon when the policy is purchased, for a specific time period or until the employee is no longer in the capacity of a key person.

 In the event a key employee dies suddenly or is incapacitated and unable to do their job, this coverage can protect your company, the employee and the employee’s family by providing:

  •  financial support while the person is recovering from an illness or injury
  • closing costs, investor payoffs, and severance pay for employees if your business plans to shut it’s doors after the loss of a key person
  • cover costs for temporary staff
  • hire and train a replacements
  • make up for a temporary loss of profits

Contact the experts at Cobb-Hall Insurance for innovative solutions to your business needs.

 Excerpts from 2017 Consumer Agent Portal LLC, All rights reserved 

Explaining Insurance to Value

Correct Insurance Valuation Prevents Claim Payment Penalties

Commercial Insurance is designed to protect your business from financial disaster.  Insuring your Value Price scale 3d word concept over whiteproperty with correct valuations is critical.

Two basic types of coverage on commercial policies are: 

Real property which includes the land, buildings, and permanently attached or installed machinery, equipment and outdoors fixtures.

Business Personal Property is a term used to describe property that can be easily moved, such office equipment and furniture.

Valuation of your property is determined by two different ways:

Replacement Cost as it sounds, is the amount needed to replace damaged or destroyed property. It is important to remember that replacement value is NOT the same as market value. The cost to restore your property to its condition prior to the loss is almost never the same as its purchase or sales price. Most commercial insurance policies protect commercial buildings for replacement cost. The valuation of the building is generally the amount needed to restore you property to its pre-loss status.

Actual Cash Value limits insurance loss payments to the amount your used item was worth if you were to sell it. Coverage on an ACV basis costs less because in the event of a claim, the cost to purchase all new furniture and office equipment is considerably more that the depreciated value of your old equipment.

Business Personal Property can be insured on a replacement OR Actual Cash Value basis, depending on your choice. It is important to note that the difference between replacement cost and actual cash value can present a huge financial difference in the event of a loss and need.

While many times, the valuation of the building is determined by size and construction material, there are additional choices concerning types of coverage and deductibles.

Let the experienced professionals at Cobb-Hall eliminate confusion and provide solutions designed specifically for your needs.

WAIT! Something Changed?

You Make Changes - Keep Your Insurance Up To Date

For your insurance to protect you properly, it may be important to update your coverage.Businessman trying to catch the train

Here is a list of  common changes that may require updating your insurance policies.  If you answer yes to any of the following questions, but have not made sure your policy has been updated, be sure to call your insurance agent.

  • Have you changed your address recently?
  • Is your home vacant or rented to someone else?
  • Have there been any changes to the name on your deed? (Trusts, Estates)
  • Have you improved, added on to your home or finished the basement?
  • Could there be over $5,000 in damage if water or sewer backed up in your basement?
  • Do you have items of value over $250? Special items may need to be listed “scheduled” on your policy.
  • (jewelry, guns, camera, computer equipment, musical instruments, collectibles)
  • Do you own or rent property not listed on your policy?
  • Do you have a woodstove in your home?
  • Do you run a business or keep business property at your home?
  • Do you farm or sell produce/ livestock?
  • Are the liability limits on your policy adequate to protect all your assets?
  • Do you have vehicles or household residents not listed on your policy?
  • Do you have autos on your policy not titled to you?
  • Does your policy only list liability coverage, but you need coverage for damage to your vehicle?
  • (Comprehensive, Collision)
  • Does your healthcare policy pay before your auto policy in case of injury due to an accident?
  • Do you have a company car?
  • Do you use your vehicle for business?
  • Do you choose NOT to wear a helmet when riding your motorcycle? (additional medical coverage required)
  • Do you own other vehicles not listed on your policy?
  • (snowmobiles, golf carts, RV’s motorcycles, scooters, recreational vehicles, antique vehicles)
  • Is the amount of your life insurance less than double your annual salary?
  • Do you need life, health or disability coverage?

Contact the caring experts at Cobb-Hall Insurance for more details.

Cobb-Hall Insurance: Agency of the Year Award

Cobb-Hall Insurance is honored to be named Agency of the Year by National Underwriter Magazine.  Click link to read full article.    Cobb-Hall Insurance Agency of the Year

Coinsurance – What you don’t know CAN hurt you

Coinsurance Explained -What you need to know   

Most Business Insurance policies include a coinsurance clause for building and business personal Young man jumpingproperty coverage. Coinsurance creates an agreement between the policy owner and insurance company on the value of the insured property and the amount of insurance purchased.

The benefit is that coinsurance allows for lower insurance policy costs. But what you need to know is that IF the insurance purchased is less than the agreed percentage, the insured will be required to pay a portion of any losses.

Here is a simplified example: If a business is valued at $100,000 and there is an 80% coinsurance clause, the insured is required to purchase at least $80,000 of insurance.  If instead, the insured purchased $40,000, (half of what should have been purchased), the company will only pay half on losses.

Awareness of the percentage of your coinsurance clause, along with knowing the value of your building and property will provide the information needed to make the best decision to fit your needs.

Let the experienced professionals at Cobb-Hall eliminate confusion and provide solutions designed specifically for your needs.