Category Archives: Uncategorized

Garage Keeper’s Liability

Hand of car mechanic with wrench. Auto repair garage.Garage Keeper’s Liability

Surprise! Your customer’s car isn’t covered under your Liability policy, even a Garage Liability policy.The vehicles you work on are worth multiple thousands of dollars. If there was a fire in your garage, you could be held responsible for loss to your client’s property. Business owners who operate towing companies, garages and auto repair shops not only transport or fix their customers’ vehicles, but also are entrusted with keeping the property safe while it is in their control. Most policies, even garage liability policies, do not cover these losses.

A Garage Keepers Liability policy protects you if a customer’s vehicle is damaged while it is at your business. While basic garage liability coverage pays for injury or property damage caused by an accident from the business operations, it does not protect your customers’ property. Garage Keepers insurance policies are designed to help you protect your customers’ property and your business in the event of fire, theft, extreme weather, or vandalism at your business. Garage Liability and Garage Keepers Liability are designed to complement each other and ensure that you don’t have any gaps in coverage. Additional coverage can be added to include coverage for the contents of your customers’ vehicles, such as the items in their glove box or trunk and any non-factory stereo equipment.

While this may seem complicated, the experienced professionals at Cobb-Hall Insurance can provide solutions designed specifically for your needs.

Dangers of a Personal Auto on a Business Policy

Dangers of a Personal Auto on a Business Policy 

Young Asian Engineer working with laptop computer while sitting on car trunk at parking lotWhile It is true that using a vehicle for business while insured on a personal policy could potentially void all coverage, there are also pitfalls insuring your personally owned and titled vehicle on your business policy. Consider the following:

  • If a vehicle is NOT titled in the company name, but the insurance coverage is in the business name, coverage can be denied. This includes both physical damage AND liability protection for you or others.
  • No-fault personal injury protection may not be included.
  • Coverage may not extend to other drivers
  • Liability protection might not follow you when driving vehicles other than your own the way a personal policy does. This can apply both when you borrow and rent a vehicle.

Depending on your specific situation, there are various ways to make sure you are not left financially vulnerable. The insurance professionals at Cobb-Hall may recommend one or more of the following:

  • Endorsements to your business policy are available to close gaps between business and personal insurance policies. These include “drive other car” and “hired and non-owned”.
  • It is best for family members in your household to have a personal policy instead of adding their car to the business policy.
  • Often a personal insurance policy, with multi-policy discounts, is more cost effective.
  • Many times legal gaps can be avoided by contracts and leasebacks. A professional can provide the needed forms to sign.

Contact  Cobb-Hall to help you with determine the best solution for you.

 

 

Equipment Breakdown

EquipmenIndustrial icont Breakdown

Whatever your business; from a freelance graphic designer with a computer set up worth thousands of dollars, to a manufacturer with millions of dollars worth of equipment, if your equipment breaks down your business may too.  When your computers, machines and other equipment work properly, your business runs smoothly. But when a vital piece of equipment breaks down, you’re stuck while the equipment or wiring is repaired or replaced. During that time, you may have to pay for servicing and lose revenue while your business cannot operate. The costs can be huge. Equipment Breakdown Insurance is a necessity in this technological age. You can cover your equipment repair costs and reimburse yourself for lost income. Coverage typically covers a number of equipment related issues. Some examples are:

  • Payment to fix or replace failed equipment
  • Reimbursement for labor and time costs to fix or replace failed equipment
  • Replace lost business income due to equipment failure that leads to business stoppage
  • Cover costs to minimize losses or to get equipment working and productive faster
  • Reimburse for loss of materials or goods, such as spoiled food due to equipment shut down

Equipment Breakdown Coverage includes many options. Let the experienced professionals at Cobb-Hall Insurance provide solutions designed specifically for your needs.

Includes copyright material used with permission: Trusted Choice/Independent Insurance Agents

Consider Life Insurance Young – Here are the Reasons

Woman enjoying the weekend in the shopping mallReasons the young should consider Life Insurance

Insurance requires proactive planning rather than a reactive mindset.  Many people do not consider life insurance until they are older with larger financial obligations. While true that it becomes most necessary then, there are huge advantages for those who consider life insurance young.

A few facts to consider are:

Insurability Young and healthy is always the best time to buy insurance. Serious illness and increasing age are factors that can make insurance unavailable or cost-prohibitive. Permanent policies do not expire and Term policies can be purchased with options that guarantee renewal for decades.

Insurance As devastating as it is when someone young dies, life insurance can remove additional financial burdens that add stress to already grieving family members. Financial obligations can include funeral expenses, medical costs and student loans.

Cost The younger the age of the insured, the lower the price. This can be true for decades in the future and, depending on the option you choose, even for life

Cash Value Not knowing the future can prevent people from making decisions. Some policies, in addition to providing traditional life insurance benefits, build up cash value that remains available to the policy purchaser. In addition, money invested and future death benefits may serve as funds to borrow against in times of financial hardship.

Let the experienced professionals at Cobb-Hall assist you with your insurance decisions.

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