Comprehensive vs. Collision Car Insurance

Comprehensive and collision are both types of auto insurance that work to protect your vehicle in the event that damage is done to it. However, they differ in the types of damages that they will cover.

 

Collision Insurance Coverage

Collision coverage is incredibly important to have for any driver regardless of your level of experience. Whether you’re 18 or 65, accidents happen and fixing or replacing your vehicle after the fact can be very expensive.

The damages that collision insurance will cover is in the name; it covers damages incurred during a covered accident after a collision with another vehicle, object, or road hazard such as a pothole. After your deductible is paid, your collision coverage kicks in to pay the remaining costs of repairs done up to your car insurance policy’s limits.

As collision coverage can be expensive, many choose a higher deductible to keep their monthly payments and overall premium cost lower. A deductible of at least $500 is recommended.

Collision insurance coverage is optional to add to your auto insurance policy unless you are leasing your vehicle or are paying loans. If this is the case, your lienholder often requires that you have collision added to your policy.

Comprehensive Coverage

Comprehensive insurance will cover damages that are not caused by a collision with another vehicle or an object. It instead covers damages to a vehicle on your auto insurance policy involving the following:

  • Theft
  • Vandalism
  • Fire
  • Windshield repair
  • Natural disasters
  • Falling objects
  • Animal impact (most commonly deer)

 

Which Coverage Should I Have?

If you carry comprehensive and collision insurance coverage, your vehicle will be protected for a variety of scenarios. You can choose to carry neither, just comprehensive coverage, or comprehensive and collision coverage. You cannot, however, carry collision without comprehensive insurance.

It’s important to note that you do not want to be stuck in a situation where you do not have enough coverage if you get into in accident; however, you also don’t want to over-insure your vehicle and end up paying for a bunch of coverages that you do not need.

It’s always best to talk to your agent if you’re unsure about which to carry. Risk Averse Insurance has been insuring Delco and the surrounding areas since 2015, providing expert service while offering affordable prices on car insurance. Contact us for any questions you may have regarding your auto insurance and we’ll work with you to find the best coverage for your needs at a reasonable price!

 

Call Risk Averse Insurance in Media, PA to get a quote on your auto insurance policy.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

The Basics of Builders Risk Insurance

Construction workers face a large number of unique risks on the job on a regular basis. When your employees are operating heavy machinery as a part of their daily routine, you absolutely need insurance policies in place to protect their safety and your business. Below are just a few examples of insurance policies that construction workers can benefit from.

General Liability Insurance

General liability insurance is the most basic type of insurance that any business should have regardless of its industry or size. This policy will provide you with top-notch legal representation and pay for covered damages caused by you or an employee up to the maximum limit provided on the policy. General liability insurance will typically be required when entering into a contract with a third party or pulling permits in a city like Philadelphia.

General liability insurance, however, does not cover the costs of an employee’s medical bills if they get injured on the job. This type of coverage would require workers compensation insurance.

Commercial Umbrella Insurance

Commercial umbrella insurance provides an additional layer of liability protection for your business in the event of a loss that exceeds the limits of policies you have in place. For example, if you have a $2 million limit on your general liability policy and the costs of a claim end up adding up to $2.7 million, your commercial umbrella policy will step in to make up the $700k difference.

With construction being a high-risk industry, employee injuries and property damages can be costly without sufficient coverage in place. Commercial umbrella insurance will help protect your construction company from major losses and even closing its doors for good.

Workers’ Compensation

Workers compensation insurance is necessary for all business owners who have at least one full-time or part-time employee. If you have “sub-contractors” or 1099 employees, you may still need coverage. These sub-contractors can be considered employees, making you responsible for injuries occurring on the job.

Workers’ Compensation insurance will provide wage replacement and medical benefits to an employee who is injured on the job. In return for these benefits, the employee waives the right to sue you, the employer, for negligence.

Construction workers are on the move for hours at a time using power tools, lifting heavy objects, and working at height; almost 40% all construction worker deaths in 2017 were due to falling. If one of your employees falls off a roof and breaks their arm, you could be expected to pay for their medical bills. A trip to the hospital can be very costly depending on the nature and severity of their injury, so a workers compensation policy will help cover these costs. Furthermore, if your employee decides to sue you after an accident, a workers compensation policy would also help cover the cost of any legal fees.

Call Risk Averse Insurancein Media, PA to discuss workers’ compensation coverage for your business.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Summer Insurance Claims and How to Avoid Them

Summer is a great time to go on vacation, relax, and spend quality time with friends and family. However, it’s important to keep in mind that there are hazards specific to this time of year that should be considered. Read on to find out some common summer insurance claims and how you can avoid them!

Car accidents

It may not come as a surprise that one of the most common summer insurance claims involve car accidents due to the amount of people out on the road going on vacation, heading to the pool, and so on. Additionally, keep in mind that there is an influx of young drivers on the road because of school being out for summer break. If you have a teenage driver, take a moment to caution them about the dangers of distracted driving and encourage them to not text, mess with the radio, or engage too much with their passengers while driving.

However, there are other hazards on the road that everyone should look out for regardless of how many years experience you may have; for example, the summer months bring with them frequent road construction, inclement weather, and a higher risk of cars overheating.

In the event that your car overheats while on the road, pull your car over to a safe spot immediately.Wait for the vehicle to cool down before touching the radiator cap as removing it too soon when checking the coolant can result in third degree burns. Do not attempt to operate your vehicle after this point; you’ll need to take it to an auto repair shop to ensure that your car’s cooling system is working properly. Driving an overheated car can cause radiator hoses to burst, a blown head gasket, or any other number of costly repairs, so be sure you get your car checked out sooner rather than later!

Outdoor fires

With bonfires and barbecues comes another one of the most common summer insurance claims: outdoor fires. Standing around the grill and roasting marshmallows with family and friends is a great way to spend a summer evening, but this can unfortunately lead to a flame that goes out of control. On average, 10,200 home fires a year are started by grills with more than half of these fires occurring May – August.

July is the peak month for grill fires due to the festivities surrounding the 4th of July. However, grills are not the only source of a potential fire on Independence Day; according to the National Fire Protection Association, fireworks cause an average of 18,500 fires per year including 1,300 structure fires, 300 vehicle fires, and 16,900 outside and other fires.

This being said, the best way to avoid any property damage caused by barbecues and fireworks is to exercise caution. Never leave an open flame unattended, and keep a fire extinguisher nearby in case the fire becomes difficult to manage.

It’s also important to note that any personal belongings damaged in a fire are covered under a standard homeowner’s insurance policy. Contact Risk Averse Insurance and start saving money on your homeowner’s policy now! Enter your information for an instant PA homeowner’s quote online, or call to discuss your options with a Risk Averse agent.

Home Burglaries

Millions of families leave their homes to go on vacation each summer, leaving their personal belongings unattended. Because of this, the number of burglaries consistently rises during summer months. The resulting property loss from these burglaries is another one of the most common summer insurance claims we see.

If you’ll be on vacation for at least a few days and you’re leaving an empty house behind, it’s a good idea to avoid giving any indication that your house is unattended. Ask a neighbor or hire a house-sitter to get your mail every day and turn on some lights to make it seem as if you’re home. You can also purchase lights that are triggered by a timer so you don’t have to worry about wasting power for nighttime.

One way to combat the financial blow from stolen property is to be prepared in case a burglary happens. A loss resulting from theft is covered by most homeowners insurance policies as part of your personal property coverage. So, if someone breaks in and steals your laptop while you’re on vacation, you can be reimbursed by your insurance company based on the limits on your policy. If you’re not sure about how high your limits are or what your deductible is, contact your insurance agent before going on vacation to clarify.

Risk Averse Insurance has been insuring Delco and the surrounding areas since 2015, and we want to partner with you to ensure that you’re getting the best possible coverage.

 

Call Risk Averse Insurance in Media, PA to discuss your home and auto insurance.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Do I Need Professional Liability Insurance?

If you own your own business, you may be wondering whether you need professional liability insurance. The answer varies depending on your line of work.

Professional liability insurance (also known as E&O insurance or medical malpractice insurance) provides coverage for business owners that offer advice or professional services in the event that you give bad advice or fail to perform a service resulting in a client’s lost revenues. Professionals such as accountants, lawyers, physicians, and real estate agents would be required to carry this type of insurance policy as it protects you from your most common causes of loss.

It’s important to note that a professional liability insurance policy is a special type of coverage that is not included under general liability. If you currently have a general liability policy, the additional coverages afforded under professional liability insurance would need to be purchased separately.

Professional liability is often written on a claims-made basis; this means that your professional liability policy will only respond if the claim is made during the policy period for a loss occurring within the coverage period. So, if you have been doing business for a period of time, or you are transferring from one insurance company to another, you will want to make sure that the “retroactive date” on your new policy extends back to when you started the business. Furthermore, even if you are selling your business or moving on from the existing business for any reason, you will want to buy a “tail” on the insurance. Ideally, this will cover you during the statute of limitations period within your industry.

Professional Liability Insurance Examples:

  • You build a website for your client in West Chester, PA. Glitches in the site cause it to shut down for several days, resulting in lost revenue to your client. You can be held responsible for this lost revenue.
  • An architect draws blueprints for a building being constructed in Exton. Several months after the building is built, the roof caves in. The design of the custom roof turns out to be a poor one, leaving the architect liable.
  • While working on customer computers in Kennett Square, you forget to re-install the firewall, allowing a virus to access customer files which include personal information.

Risk Averse Insurance has been insuring Delco and the surrounding areas since 2015, providing expert service while offering affordable prices on workers’ compensation insurance. We want to partner with your small business and ensure that you’re getting the best possible coverage.

 

Call Risk Averse Insurance in Media, PA to discuss professional liability insurance for your small business.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Summer 2019 Pool Safety Tips

The first day of summer is here! Schools just let out, the temperatures are rising, and we’re getting more hours of sunlight in the day. It’s that time of year to hit the pool! Before you dive in, however, take a minute to read our pool safety tips so that you’re well-prepared in case of an emergency.

Do not leave children unsupervised in or near the water

Before you head out to the pool, whether it be open to the public or in your backyard, make sure that at least one responsible adult is looking after the kids to make sure they’re safe. This is especially important for children that do not know how to swim yet. If a child who doesn’t know how to swim tries to get in the water without a proper flotation device, an adult needs to be on standby to quickly interfere when needed.

Regardless of the age and swimming ability of your child, it’s essential for them to be watched throughout the duration of their stay at the pool as accidents can happen.

Learn to perform CPR in case of an emergency

Nobody likes to think about the possibility of a friend or family member needing CPR, but learning how to handle a situation that requires it can help to provide peace of mind. You can get a CPR certification through in-person classes for less than $100, or simply take online courses for free.

It is especially important to know CPR if you have a pool of your own due to the fact that there isn’t a lifeguard readily available like there is at public pools.

Ensure that any child in the water knows how to swim. If not, equip them with a floating device

If your child or any children that you’re supervising cannot swim, provide them with a flotation device if they want to get in the pool. Some children are more eager to hop in the pool than others, but any child can benefit from swimming lessons taught either by a family member or a professional at a group swimming class depending on your budget.

The best way to teach your child how to swim varies depending on their age and overall interest in the activity, but an adult should be in the water with the child at all times until they are old enough and experienced enough to brave the pool on their own.

Keep in mind that pool toys such as noodles and inner tubes do not provide adequate support for your child; flotation devices that are Coast Guard approved should be provided to ensure their safety.

Teach children to stay away from drains and other openings

Children will be safer in the water if they are taught to avoid drains and filters. Old or improperly managed drain covers create a strong circulation in the water that can cause injury or even death in the event that one becomes blocked by a body part.

TheVirginia Graeme Baker Pool, Spa Safety Act (VGB Act) was enacted in 2007 to ensure that public pools and spas are equipped with anti-entrapment drain covers and safety devices; however, children should still stay away from drains in case the pool has not been properly inspected by a professional.

Make sure you review these pool safety tips with your child before they dive in this summer to ensure that their trip to the pool is as fun and relaxing as possible!

Call Risk Averse Insurance in Media, PA to discuss your personal or business insurance.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Workers’ Compensation for Your Small Business

If you’re a small business owner with only a couple of employees, you may not think that carrying a workers’ compensation insurance policy is necessary. However, as long as you have at least one employee, Pennsylvania requires by law that you have a workers’ comp policy in place.

 

The laws on workers’ compensation vary by state, but this type of insurance has been required under Pennsylvania law for most business owners since 1915 when the Pennsylvania Workmen’s Compensation Act was enacted. This act protects employers as well as employees from the costs associated with medical treatment after a work-related injury or disease. Texas is the only state in the United States that does not require workers’ compensation by law.

There are, of course, some exemptions, but workers’ compensation is generally required by law for all small business owners that have at least one employee. If you’re thinking you’d prefer to opt out of purchasing this coverage, the fees you would incur from breaking the law far exceed any annual premium you’d be paying your insurance company. Furthermore, you would still be obligated to pay for any injured employees’ medical bills and lost wages.

 

What Does Workers’ Compensation Cover?

A workers’ compensation policy provides wage replacement and medical benefits to any employee who is injured on the job. In return for these benefits, the employee waives the right to sue you, the employer, for negligence in most cases. This policy will pay 100% of the employees’ medical costs for all work-related injuries.

If your employee gets seriously injured and is unable to return to work right away, a workers’ compensation policy will also pay for the employee’s lost wages while they are out on medical leave. The maximum return wage in Pennsylvania is currently set at $1,049 per week; this means that the injured employee can be paid up to 66% of their normal wage subject to a max amount of $1,049 each week.

If your small business has “sub-contractors” or 1099 employees, you may still need coverage. These subs can be considered employees, making you responsible for injuries that occur on the job. Your best bet is totalk to a Risk Averse agent about your specific situation to determine whether you need to carry a workers’ compensation policy.

How Much Does a Workers’ Compensation Policy Cost?

Your premium amount will vary depending on your payroll and the industry you’re in, but the amount you pay in premiums will be small compared to the amount that a trip to the hospital will cost; an ambulance ride alone can be expensive.

Since most small businesses are not sure exactly what their payroll is going to be for the year, your insurance provider will calculate an estimated premium based on your estimated payroll. When your policy expires, your insurance company will audit your payroll and you will receive a refund if your actual payroll was less than the estimated payroll. However, if actual payroll turns out to be more than estimated payroll, you would owe the insurance company money.

Risk Averse Insurance has been insuring Delco and the surrounding areas since 2015, providing expert service while offering affordable prices on workers’ compensation insurance. We want to partner with your small business and ensure that you’re getting the best possible coverage.

 

Call Risk Averse Insurance in Media, PA to discuss workers’ compensation coverage for your small business.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Homeowners Insurance and Storm Damage

While coverage will vary depending on your specific policy, most homeowners insurance policies will cover a variety of damages caused by a storm. It’s important to know whether your home is covered in the event of a natural disaster, so read on to find out which damages are included in your policy and which ones are not!

 

Wind

Homeowners insurance policies usually cover damages caused by storms with heavy winds including tornadoes and hurricanes, but some exclusions may apply; if you live in a state where windstorms are common, your insurance provider may require you to purchase a separate policy in order to receive compensation for damages of this kind.

Furthermore, many policies include a wind deductible which is more than your standard deductible and is typically a percentage of your Dwelling Limit. For example, if the Dwelling Limit on your policy is $500,000 and you have a 1% wind deductible, then you are responsible for the first $5,000 of a wind claim. If you have a 2% wind deductible in that example, you are responsible for the first $10,000. Unfortunately, many clients are not aware of this when a claim occurs.

Your best bet is to check with your insurance agent to make sure you know the specifics of your policy. For example, what is your deductible on wind damage? Are there any exclusions on your policy? What is the limit of your wind coverage? If you’re not sure what the answers are to these questions, take a moment to brush up on your policy’s information with your agent so that you don’t run into any surprises.

 

Lightning Strikes

Lightning strikes and any fires caused by lightning strikes are covered under a standard insurance policy. Furthermore, if you’re forced to evacuate your home and seek temporary living arrangements such as a hotel as a result of lightning, your homeowners policy can reimburse you for those costs.

Damages to your home as a result of a lightning strike hitting your property can be extremely expensive, especially if they cause a power surge, fire, or explosion. Luckily, it isn’t terribly difficult to prove that the event happened as the aftermath of a lightning bolt hitting the ground is pretty evident. Remember to check your homeowners insurance policy to verify your deductible and limits in case they need to be adjusted.

Floods

Flood damages are not covered under a homeowners insurance policy. If you live in an area that’s prone to flooding, you’ll absolutely want to ask your insurance agent about purchasing a separate flood policy. 90% of natural disasters in the U.S. involve flooding and the costs of these damages can be debilitating. In contrast, flood insurance policies are relatively inexpensive at an annual premium of about $700.

Even if you live in an area like Philadelphia, Pennsylvania that is not known for experiencing floods, taking out a policy is a good idea regardless. You never know when a flood is going to come your way.

 

Trees Falling

Here are a few important notes about homeowners insurance and fallen trees:

  • If a tree falls but doesn’t hit anything, there’s no coverage.When a tree falls in your yard and does not land on anything, there is no coverage for removal of the tree. Unfortunately, the tree must hit the house or another structure on the property, such as a shed or fence, to trigger coverage under a homeowners policy.
  • If your neighbor’s tree falls on your house or in your yard, it is your responsibility.If your neighbor wants to be really nice, they can cover your deductible. However, it will be your policy that pays anything over and above the deductible. Everything from the previous bullet-point still applies.
  • If a tree falls on your car, damage to your vehicle will be covered by your auto insurance company subject to your comprehensive deductible.The cost to remove the tree is a gray area and will likely depend on the location of the incident. If it happens at your home, it is likely that you are going to cover the majority (if not all) of the cost to remove the tree from your vehicle.

 

Call Risk Averse Insurance in Media, PA to discuss a homeowners insurance policy for your property.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

Insurance Every Construction Business Needs

Construction workers face a large number of unique risks on the job on a regular basis. When your employees are operating heavy machinery as a part of their daily routine, you absolutely need insurance policies in place to protect their safety and your business. Below are just a few examples of insurance policies that construction workers can benefit from.

General Liability Insurance

General liability insurance is the most basic type of insurance that any business should have regardless of its industry or size. This policy will provide you with top-notch legal representation and pay for covered damages caused by you or an employee up to the maximum limit provided on the policy. General liability insurance will typically be required when entering into a contract with a third party or pulling permits in a city like Philadelphia.

General liability insurance, however, does not cover the costs of an employee’s medical bills if they get injured on the job. This type of coverage would require workers compensation insurance.

Commercial Umbrella Insurance

Commercial umbrella insurance provides an additional layer of liability protection for your business in the event of a loss that exceeds the limits of policies you have in place. For example, if you have a $2 million limit on your general liability policy and the costs of a claim end up adding up to $2.7 million, your commercial umbrella policy will step in to make up the $700k difference.

With construction being a high-risk industry, employee injuries and property damages can be costly without sufficient coverage in place. Commercial umbrella insurance will help protect your construction company from major losses and even closing its doors for good.

Workers’ Compensation

Workers compensation insurance is necessary for all business owners who have at least one full-time or part-time employee. If you have “sub-contractors” or 1099 employees, you may still need coverage. These sub-contractors can be considered employees, making you responsible for injuries occurring on the job.

Workers’ Compensation insurance will provide wage replacement and medical benefits to an employee who is injured on the job. In return for these benefits, the employee waives the right to sue you, the employer, for negligence.

Construction workers are on the move for hours at a time using power tools, lifting heavy objects, and working at height; almost 40% all construction worker deaths in 2017 were due to falling. If one of your employees falls off a roof and breaks their arm, you could be expected to pay for their medical bills. A trip to the hospital can be very costly depending on the nature and severity of their injury, so a workers compensation policy will help cover these costs. Furthermore, if your employee decides to sue you after an accident, a workers compensation policy would also help cover the cost of any legal fees.

Call Risk Averse Insurancein Media, PA to discuss workers’ compensation coverage for your business.

Risk Averse Insurance is an independent insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

How Does a Traffic Violation Affect My Insurance?

If you’ve ever been pulled over for a traffic violation such as running a stop sign or driving over the speed limit, you know the dread of seeing those flashing police car lights in your rearview mirror. As you reach for your glove compartment to grab your license and registration, you hope that they’ll just let you off with a warning. After all, you don’t want your car insurance premiums to rise if your insurance company sees the violation on your record.

While insurance may not be your first thought when getting pulled over, it’s something you’ll absolutely have to consider. Unless you go to traffic court and are able to get the points removed from your record, your insurance provider is eventually going to see that you had a violation. As a result, your car insurance premium may rise depending on where you live, the severity of the infraction, the number of points involved.

Your insurance company will likely not know that you got a ticket right away.

If you have your car insurance with a large company such as Progressive or Nationwide, they are certainly not checking your driving record weekly or even monthly. Normally, the only time they’ll really check is when your renewal is coming up to determine your annual premium.

If they notice that you’ve received a ticket for a traffic violation, you’ll be seen as more of a risk to them. As a result, your premium will likely increase depending on how many violations you’ve had as well as the nature of the violation.

Different traffic violations yield different increase amounts.

via insurance.com

There are ways you can avoid high increases.

In the event that you have points assigned to your record, call your insurance company to discuss your options.

One option to avoid potentially high increases in your car insurance premium is to ask your insurance provider if you can raise your deductible. Doing so may lower your annual premium amount enough to significantly soften any blow to your wallet as a result of your traffic violation. Additionally, you may be able to take a safe driving course to get a discount on your premium; just make sure that the course is approved before taking the time to sign up and participate in it.

Many insurance companies also offer discounts for bundling your policies. If you have your car insurance with a different company than your homeowner’s insurance, consider getting a quote to see if moving your homeowner’s policy will save you some money. Additionally, you may be eligible for a discount if your annual mileage is relatively low.

Talk to your agent and make sure you’re taking advantage of all possible discounts they offer.

 

Call Risk Averse Insurancein Media, PA to discuss your business or personal insurance.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

General Liability vs. Business Owners Policy

As a business owner, you have many insurance options to protect your business in the event of damages, theft, lawsuits, and so on. With all these options, it becomes difficult to choose which business insurance policies to purchase vs. which to forego. Two of the many options that you have are general liability insurance and a business owners policy, both of which offer protection for your business but not quite in the same way. Read on to learn the difference between them and decide which is best for your business!

General Liability Insurance

A general liability policy is going to cover your most basic business insurance needs. Also known as business liability insurance, this policy protects you from general claims that any company could face; this includes claims regarding bodily injury, third-party medical costs, advertising injury lawsuits, and more. This coverage is typically required when entering into a contract with a third party or pulling permits in a city like Philadelphia. General liability coverage also provides legal representation and pays for covered damages caused by the business owner or an employee.

Business Owners Policy (BOP)

A business owners policy, on the other hand, typically includes general liability insurance as well as property insurance and business interruption coverage. Commercial Property insurance will compensate you in the event of damages to your business assets caused by fire, theft, or windstorms. Business Interruption insurance steps in to cover your business when it experiences and unexpected catastrophe and must close for a period of time. For example, if a tree falls on your building during a storm and forces you to close while repairs are made, business interruption insurance will help cover any lost wages while your doors are closed.

Business owners policies are great for small and mid-sized businesses as they offer a package of essential policies at a reduced cost. However, it’s important to note that a BOP doesnotcover professional liability, auto insurance, or worker’s compensation losses; these policies must be purchased separately as you will not receive any reimbursement for any losses that fall under such policy types.

Call Risk Averse Insurancein Media, PA to discuss your business or personal insurance.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.