If you are a business owner, chances are you’ve been asked for a certificate of insurance (COI). This document assures your business partners that you are insured. A COI establishes proof of insurance and summarizes your coverage on one page. What Exactly Is A Certificate Of Insurance? COI is a document issued by an insurance company that proves that a business or person has the right insurance  coverage. It lists your policy types, limits, and deductibles. It is important to note that a COI does not constitute an actual insurance policy; it simply provides proof that one exists. Reasons Why You Need Certificates Of Insurance If you run a business, you should have a COI. Here are some reasons you should have Certificates of insurance. Certificates of insurance provide proof that a policyholder has the necessary coverage to protect them from financial loss in case of a claim or lawsuit. They provide evidence to third parties, such as clients or vendors, that the policyholder is insured and can pay any claims that may be filed against them. They help to protect the policyholder from being held liable for damages caused by their negligence or other wrongful acts. COI can help […]

Renter’s insurance provides financial protection to renters for their possessions and shields them from liability expenses in case of lawsuits. While renters’ insurance is typically affordable, there are several strategies you can employ to decrease your insurance expenses further. Let’s dive. Smoke-free spaces are cheaper to insure You might not expect it, but the simple act of puffing on a cigarette can hike up your insurance rates. Besides, the potential for an unintended fire fueled by a careless flick of a cigarette butt poses a serious risk. So not only does going smoke-free do wonders for your health, but it can also lighten the load on your wallet regarding your insurance premiums. Pick an area with lower crime rates The area you choose to hang your hat will determine your insurance costs. Lower crime rates equate to lower risks; insurance providers adore risk-averse clients. So, if you’re considering moving, do your homework. Online crime databases and local law enforcement agencies can be invaluable sources of information. Your insurance agent can also provide insight into safer neighborhoods. Maintain a good credit score Your credit score is more than just a number; it’s a litmus test of your financial responsibility. Insurance providers […]

No one ever expects to be sued, but the fact is that people do get sued every day. If you are in a legal battle and don’t have enough insurance coverage, you could be responsible for paying out of pocket. The good news is that liability insurance protects you from financial ruin if you are found liable for someone’s injury on your property. Therefore, it’s essential to have sufficient coverage to protect your assets. Here are just a few reasons why it is vital to have adequate liability coverage: You may have more assets that are at risk than you think. Your home, car, boat, and other valuable assets are all potential targets for lawsuits. If you are liable for damages, you could be forced to sell your possessions to pay off the judgment. This is why it is crucial to have adequate liability insurance. Homeowner’s liability insurance protects your assets if you are sued for damages. While it may cost more to increase your liability coverage, it could save you money in the long run. A personal liability insurance policy can fill in the gaps. Homeowner’s insurance is a vital way to protect yourself financially if your home is […]

Owning a modular home can be an exciting and cost-effective alternative to a traditionally built house. However, just like any other type of home, it’s vital to protect your investment with the right insurance coverage. Here are things to know about insurance for a modular home. What Is A Modular Home? A modular home is prefabricated housing constructed off-site in a factory and then transported to its final location, assembled on a foundation or basement. Modular homes are built in modules or sections, constructed according to the same building codes and standards as traditional stick-built homes. What Type Of Insurance Policy Do I Need For A Modular Home? You’ll generally need a homeowner’s insurance policy when insuring a modular home, just like a traditional stick-built home. Here are the types of insurance policies available for a modular home. HO-1 (basic form): This typically covers only specific named perils, such as fire, lightning, and theft. HO-1 policies are not widely available and may not provide enough coverage for a modular home. HO-2 (broad form): This policy provides broader coverage than an HO-1 policy and covers additional perils, such as wind, hail, and water damage from burst pipes. However, it only covers […]

As a business owner, you must protect your investments against any potential claim arising out of your normal business dealings. However, you might have probably heard of general liability insurance coverage. But do you know what it means and why it’s important? Well, general liability insurance coverage protects your business against potential legal and financial liabilities arising from accidents or incidents on your property or during your business operations. Here, we explain more about this coverage. Who needs General Liability Insurance? If you operate or own a business, you need general liability insurance regardless of your business size or industry. Here are some examples of businesses that need general liability insurance: Retail Stores Restaurants Daycare Centers Home-based Businesses Building Contractors Landscapers Event Planners Consultants, including business consultants, financial advisors, and marketing consultants Non-profit Organizations, including charities and religious organizations Professionals such as doctors, lawyers, and accountant Why is General Liability Insurance Important? General Liability Insurance is a crucial investment that protects your business against legal and financial liabilities. For starters, it gives you peace of mind knowing you’re covered in case something unexpected happens. Whether it’s an accident on your property or a lawsuit filed against your business, General Liability […]

You need landlord insurance if you rent out properties. Landlord insurance covers a range of expenses you may incur as a landlord. If you’re getting a landlord insurance policy, you must ask your insurance provider several questions to ensure you have the right coverage. Here are a few questions you should ask. How Much Does Landlord Insurance Cost? Landlord insurance can cost a few hundred to thousands of dollars depending on the rental property’s location, the type of property, and the amount of coverage you need. When shopping for landlord insurance, getting quotes from different insurance providers and comparing costs is essential. For the best value for your money, choose a policy that provides the coverage you need at a price you can afford. What Coverage’s Are Included? Landlord insurance typically covers a range of expenses that you may incur as a rental property owner. Coverage includes property damage, loss of rent, liability for injury to tenants, and legal fees. Some policies may include additional coverage, such as earthquakes, flooding, vandalism, burglary, malicious intent, and more. Before buying the policy, you need to understand what is covered under your policy and what is not. Is Landlord Insurance Tax Deductible? Landlord […]