Category: business insurance

Many people look for cheaper options when their insurance premiums go up, but how do you know if you’re shopping for insurance quotes correctly? I sat down with Don Blizzard, our risk management advisor and most recent hire for his perspective.

What are the most common mistakes that people make when shopping for insurance quotes?

• Making it all about the price. Anyone in the business knows that customers want a good price, you never need to say it. Saying it to the wrong agent can lead to gaps in coverage to meet price expectation.
• In commercial lines, calling multiple brokers. Most carriers will only quote your account for one broker, so find one you trust and work with them for the carriers they represent. This way, they can leverage them on your behalf and show you everything rather than you having to sort through offers from 4-5 brokers and figuring it out on your own.
• Withholding information – always tell your broker everything.
• Not allowing yourself and the broker enough time. You’d never go to a car dealer and say, “this is what I need and I have to buy something today,” and expect to get the best results. One of the biggest benefits to working with a broker is being able to explore multiple options, and doing that effectively takes some time.

What is the difference between an agent and a broker?

• Most people who aren’t in the industry use the words interchangeably. The biggest difference between the 2 is who they represent. Insurance agents represent the insurance company, insurance brokers represent the insurance buyer.

How often should I shop/review my insurance policies?

• In general, it’s a good idea to shop your rates every 3-5 years. Some companies give better pricing to clients who have been with one insurer for 3 years or more. Some let you earn discounts like accident forgiveness, for example. If you have a good broker, they’ll usually let you know when another carrier they have may be more competitive.

How do insurance companies decide on my premium amount?

• Loss history is obvious in both personal lines and commercial insurance; if you’ve had a lot of claims, you will pay more. One factor a lot of people don’t know about is, in personal lines, credit/debt-to-income ratio plays a huge part in your rates.
• For commercial accounts, the size, location, and annual revenue of your business have a direct impact on your premium. For example, a business located in Philadelphia will generally have higher premiums than a business located in Media, PA. Companies in the city are seen as a higher risk, so they are expected to pay more.

What are the pros and cons of shopping for insurance online?

• I honestly can’t think of a pro other than you might be able to do it after hours or get a rate faster.
• There are too many cons to list. The purpose of insurance is to transfer risk to the insurance company in order to protect your assets. That’s not something that should be taken lightly or done online unless you really know what you’re doing.

What should I look for when deciding on a broker?

• First and foremost, ask friends and family for a referral.
• Talk to several brokers and tell them what you’re looking for. Every agency does things differently, so find one that works for you.
• Don’t assume bigger is better. Choose a broker that’s going to give you the attention you want and deserve. Big agencies can be great, but are you going to be a priority to them if you’re not what they consider a “large” account? Probably not…

Should I have all of my insurance policies with one agency?

• It is a good idea to have all of your personal and commercial insurance with one agency. It doesn’t necessarily need to be with the same insurance carrier within the agency, but having one set of eyes on everything helps to make sure that there are no gaps in coverage.

Call Risk Averse Insurance in Media, PA to get business or personal insurance quotes.

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

As a business owner, you risk experiencing losses at your company that are greater than your current liability policies will cover. A commercial umbrella policy will lower your chances of being involved in a claim that will significantly impact your business.

 

Commercial umbrella insurance serves to provide an additional layer of liability protection for your business in the event of a loss that exceeds the limits of your current General Liability, Auto Liability, Workers Compensation, and other policies. 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.

It’s important to note that a commercial umbrella insurance policy cannot be purchased on its own; you need to already have a liability policy such as general liability or commercial auto before trying to purchase umbrella coverage. Every business should have at least a general liability policy, so this should not be an issue.

You can purchase a commercial umbrella policy with $1 million of coverage for about $1,000 in premium per year depending on the size, location, and nature of your business. It’s a small price to pay for the peace of mind of knowing that your business can still thrive even after a large claim!

There are many situations in which a commercial umbrella policy could come in handy and save you from paying a huge sum of money in the event of a claim or lawsuit. Below are a couple of examples:

• There’s a rainstorm over the weekend which leads to a leak in the ceiling at your place of business. You call maintenance in to fix the problem, but before they get there, a customer slips and falls on your floor. Their medical expenses surpass the limits you have in place with your general liability policy, so you’d be forced to pay out of pocket without a commercial umbrella policy.
• You are in a car accident and the occupants of the other car have severe injuries that exceed the coverage on your commercial auto policy. Your commercial umbrella policy would kick in for the additional amount of the loss.

Anyone can benefit from umbrella insurance, especially considering one liability lawsuit can put a huge dent in your company’s profits. Risk Averse Insurance is an independent insurance company in Delaware County, PA, so we can shop for the best price for a commercial umbrella insurance policy for you. Give us a call at (610) 335-1139 to protect your business and its assets!

Call Risk Averse Insurance in Media, PA to discuss commercial umbrella insurance for your business.

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

Living with a roommate may mean sharing a space and sharing rental costs, but should you share a renters insurance policy as well? The short answer: no. In our long answer below, we’ll walk you through why sharing a renters insurance policy isn’t a good idea and what we’d recommend you do instead.

If you’re moving into an apartment with at least one roommate, it is likely that the landlord or property management company will require that you secure a renters insurance policy before move-in day. This is because while the apartment building itself is already covered by the landlord or property management company’s insurance, your individual apartment and its belongings are not. Ensuring that you obtain renters insurance coverage of your own limits the probability that you’ll go after the property manager in the event that something from your apartment is stolen or damaged.

That being said, why isn’t it a good idea to share a renter’s insurance policy with your roommate(s)? Great question! For one thing, a renters insurance policy only covers the policyholder’s property. If your roommate’s items were to be stolen or damaged, they would not be able to file a claim under your policy because they are not named anywhere on it.

reat option either. While splitting one policy may seem better for your wallet, renters insurance policies are relatively inexpensive. In Media, PA, a renters insurance policy with $100k liability coverage is about $10 per month.

Regardless of the price, adding your roommate to your renters insurance policy could end up increasing your annual premium significantly in the event that they need to file a claim on their own property. If your roommate that is named on your policy came home to find that thousands of dollars worth of their jewellery was stolen, they would contact your insurance agent to file a claim.

Any claims that are filed under your name will directly impact your ability to obtain a policy at a lower price for years to come even if your property was not what was stolen. Insurance companies do not care whether you were the one who needed to file the claim; as long as a claim was filed under your policy, you’re seen as a bigger risk to them and your annual premium will reflect that.

The best option is for you and your roommate(s) to have separate insurance policies. You can adequately protect your individual property at the cost of a few coffees per month. This is a much better situation to be in as you do not have to worry about claims being associated with your name that weren’t actually yours.

Contact Risk Averse at (610) 335-1139 to get a renters insurance quote for your rental property and ensure that your valuables are covered!

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.

While having homeowners insurance may not be required by law, it would be ill-advised to occupy a home without a policy in place. Additionally, many lenders ask that you secure a homeowners policy before paying anything on your mortgage to ensure that your home is adequately protected in the event that it is damaged, destroyed, or stolen from.

That being said, it’s a good idea to carry a homeowners insurance policy regardless of whether you’re taking out a loan as we’re sure you want to avoid paying the full amount for potential claims out of pocket.

Of the various claims that are covered under a homeowners policy, below are the 3 most common:

• Wind and hail.Since natural disasters such as tornadoes, hurricanes, and windstorms are covered, it may be no surprise that wind and hail damages are the most common homeowners insurance claims according to the Insurance Information Institute. This varies, of course, depending on where you live; those who live in Tornado Alley can expect to have a higher chance of filing a wind and hail claim than someone living in Philadelphia, PA.
• Water damage and freezingis the second most common homeowners insurance claim. With so many homeowners in the United States living in areas with freezing temperatures half the year, a fair amount of damages can happen due to freezing pipes bursting. However, it’s important to remember that flooding isnotcovered under a homeowners insurance policy. So, if your home is in an area that is prone to flooding, you’ll want to purchase a separate flood insurance policy to ensure that you and your personal items are covered.
• All other property damage.This category is a bit vague, so we’ll provide a few examples. If a drunk driver were to take a joyride through your yard and destroy your mailbox, your homeowners policy would cover you. If a group of kids decided to egg your house on mischief night and a particularly strong egg broke your window, your homeowners policy would cover you. This is a very general category that summarizes anything that did not result from natural disasters or theft.

How can I avoid these claims?

Unless you can control the weather, wind and hail homeowners insurance claims are difficult to avoid. However, you can prevent freezing pipes by doing the following:

• Let cold water drip to keep the pipes warm enough to keep from freezing over
• Make sure the thermostat is set no lower than 55 degrees
• Open cabinet doors to ensure that the warm air reaches the plumbing
• Add extra insulation in areas that may be letting cold air in

You can attempt to avoid property damage by employing security measures meant to deter vandals from wreaking havoc on your property. Homes with floodlights, motion activated alarms, and security cameras are much less likely to be vandalized or otherwise damaged as the perpetrators do not want to be caught.

 

Call Risk Averse Insurance in Media, PA to discuss your homeowners insurance needs.

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

Now that the weather is warming up and spring is less than a week away, it’s time to get some spring cleaning done at your small business! This may seem like a daunting task, but we always find that making a list is the best way to prioritize and ensure that you don’t miss anything. Read on for 5 ideas to get your office ready for spring!

Declutter

One important step for your spring cleaning is, of course, actually cleaning. This means cleaning papers off your desk that have been sitting dormant on your desk since last spring cleaning. Cleaning your desk and its surrounding areas of old documents is important, but that’s not all you should be doing; if you’re like any modern business, you have plenty of digital files. If you have PDFs in your scan folder dating back to 2016, that’s a pretty good indication that you’ve got some deleting to do. Clear out your computer’s recycle bin, archive emails that you don’t need anymore, and organize your files into neat, clearly labelled folders. If you do this properly, it will take a while.

Follow up on goals

Hopefully you set up some goals for yourself, your business, and your employees in January. If not, it’s better to start now than never! However, if you did come up with a list of solid goals, the start of a new season is a good checkpoint to follow up and take stock of your progress since the new year. If these goals are quantitative, we suggest setting up an Excel sheet where you can input these numbers throughout the rest of the year.

Strategize

Take the time to sit down with your employees and discuss what works and what doesn’t. Any sales tactics, products, or general day-to-day operations that are not performing up to par need to either be adjusted or scrapped. Additionally, if you’re selling a product or service, figure out the draw to your company over others that are in the same area and in the same industry. Figure out your unique value proposition and include it in your marketing efforts; you want your clients and potential clients to know why they should choose your business and stick with it for years to come.

Review your insurance policies

Make sure your insurance policies are up to date. Are your liability limits high enough? Is your address accurate? Is your policy expiring soon? Do you need anything on your policies to be clarified? If you notice any issues or have any questions about your insurance, it doesn’t hurt to contact your insurance agent and make sure everything is up to date and your assets are covered. You may even want to consider purchasing an additional insurance policy as needed depending on the nature of your business. After all, you don’t want to be stuck in a situation where you don’t have enough coverage in the event of a claim or a lawsuit!

Update your website

This is an essential task to complete at least once a year, but it’s often overlooked. In the digital age, many people will not do business with you unless you have an active website. How many times have you Googled something like “insurance companies near me” or “best places for breakfast in Media, PA”? We’d venture to guess at least once a month. The local businesses that show up when you search something like this didn’t just get lucky. They have a strategy in place to optimize SEO, and this includes regularly updating their website with content that people want to see. If you want to show up next time someone asks Siri for the best [insert your industry here] businesses in their area, you’d better keep your website updated and mobile-friendly!

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.

A commercial general liability insurance policy is used to protect businesses against paying out of pocket for potential claims involving property damage, bodily injury, and more.

This policy is essential for any business as any business can be sued. If someone were to slip and fall on your company’s property as a result of your failure to clean up snow quickly enough after a storm, this person could easily sue your business for any injuries he or she sustained in the process. You could also be responsible for paying any of their medical bills that resulted from their fall. This could quickly end up costing a lot of money and putting a significant dent in your company’s profits.

A generalliability policy provides your business with top-notch legal representation and pays for covered damages caused by you or an employee (up to the maximum limit provided on the policy). In most instances, an in-force general liability policy willbe required when entering into a contract with a third partyor pulling permits in a city like Philadelphia.

It’s a good idea for any business to have general liability insurance, but this coverage is especially important if you:

• Own or lease at least one property
• Have customers or clients visit your location
• Visit the locations of your clients
• Manufacture or sell any products

Any insurance carrier that offers business insurance products will offer general liability insurance coverage. However, the cost will vary depending upon the location of your business, annual revenue, products sold, and a number of other factors. Any factor that causes insurance companies to see your business as a greater risk to them will hike up your annual premium.

You can avoid the stress of shopping for the best price on general liability insurance by purchasing your policy through an independent insurance brokerage. We at Risk Averse can find the lowest price for you and take into consideration your specific needs. Contact us for a quote!

 

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.

When you own a business, there are many things to consider. Here’s one more thing: if you or your employees drive vehicles paid for by your company, you need a separate commercial auto insurance policy. Your personal auto policy will not cover both your personal and business vehicles, but a commercial auto policy will.In addition, a business auto policy will typically allow you to buy higher limits of coverage than on a personal auto policy, which more adequately protects your business.

What does commercial auto insurance cover?

Before you invest in an insurance policy, you probably want to know what it includes. More coveragescan be added with an additional cost to your annual premium, but these are the basics:

• Auto liability coveragehelps you to pay for any damages or injuries that were caused by either you or your employees. Accidents can be costly, so this coverage helps soften the financial blow to your business. This is especially important in the event that your company is sued and must pay for legal advice.
• Physical damage and collision coverageis used to pay for repairs in the event that your company vehicle is involved in an accident regardless of whether you or your employee were at fault.

• Comprehensive coverageor other than collision (OTC) coverage pays for repairs that were caused by something other than a collision. For example, theft, weather-related incidents, vandalism, fire, etc. all fall under comprehensive coverage.If you live in an area with high crime rates or particularly violent weather, this coverage is a worthy investment.
• Medical payments coveragehelps pay for any medical treatment as a result of an injury from an accident regardless of fault for you and your employees.
• Uninsured motorist coverageprotects you in the event that you’re involved in an accident with someone that is driving without insurance. Similarly,underinsured motorist coverageis used to cover you when you’re in an accident with a driver that carries insurance limits too low to cover damage or any medical expenses.

 

Any company car or fleet vehicle that is the responsibility of your business qualifies as a commercial vehicle and should be covered under a commercial auto insurance policy. Risk Averse Insurance is an independent insurance agency, so we can shop the best prices for your commercial auto insurance policy. Give us a call at (610) 335-1139 for any questions or to request a quote!

 

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.

We at Risk Averse recently ran a survey asking respondents to answer a variety of true/false questions about the insurance industry in order to gauge the general public’s familiarity with certain insurance policies. With the results from over 700 respondents, we created a brief video clarifying these common misconceptions about insurance… and some of the results may surprise you!

Workers Compensation Insurance

Our first question was whether workers’ compensation insurance is required when you have one or more employees. The majority of respondents answered this correctly; workers’ compensation is required if you have at least one employee. Even if you’re paying your employee on a 1099tax form, you still need coverage.

Red Cars and Insurance Rates

The next question was: true or false? Having a red car increases your insurance rates. The responses were 50/50, but the color of your car actually has no bearing on how much you pay for car insurance. Driving history, credit, age, and a number of other factors affect your premiums, but you can feel free to get any color vehicle you’d like as it will not raise your rates!

Flood Insurance

Another question on our survey asked whether flood insurance is covered on a standard homeowner’s insurance policy. It is not covered, but the majority of respondents believed that it was. If you live in a flood zone, it is essential that you purchase a separate flood insurance policy in the event that your home is flooded in order to receive compensation for lost or damaged property.

Professional Liability vs. General Liability

When asked if general liability offers the same coverages as professional liability, most respondents incorrectly voted that it does. Professional liability covers professional services while general liability does not. A general liability policy provideslegal representation and pays for covered damages caused by you or an employee. If you’re providing professional advice in some way, it’s important to get a professional liability insurance policy as general liability will not cover any claims that fall under these services.

Driving Without Insurance

Our next question asked respondents:true or false? It is illegal to drive a car in the U.S. without car insurance. Thankfully, most of thesurvey participants got this correct by selecting that it is true. However, this does not mean that there aren’t people on the road driving without coverage, so make sure you are protected with a car insurance policy.

Workers’ Compensation and General Liability

The last question in our survey asked whether workers’ compensation is covered under a general liability policy and most people got this correct as well. Employee injury is not one of the coverages included on a general liability policy, so it is essential that you purchase a separate workers’ comp policy if you have at least one employee.

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.

Are you planning on moving out of state? Along with all the other changes you’ll be making, you’ll need to update your insurance as well.

Moving is a big step that requires a lot of planning, and adjusting your insurance policies may not be the first task that comes to mind. That’s okay! We’ll outline what needs to be done so you can rest easy and know that you’re covered in the event of an accident or property damage.

 

Car Insurance

When you move, you need to make sure your insurance is placed in the state where you’ll be living. Luckily, you’ll have about 30-90 days to get your new insurance set up before it becomes a legal issue. You’ll also need to change the address on yourdriver’s licenseand vehicle registration, but this has to be done within 15 days of making the move in Pennsylvania.

You don’t necessarily need to change your insurance carrier; many carriers span across multiple states or even the whole United States. You’ll need to contact them, though, and let them know that you’re moving in order to update your car insurance policy.

If yourcurrent insurance company does not offer coverage in your new state, don’t panic! You can simply Google insurance companies in your area. The results will likely be overwhelming, so we recommend purchasing insurance through an independent broker as they can shop the best price for you. Moving is expensive and time-consuming, so passing the daunting task of finding a good insurance company to someone with all the necessary resources and experience is going to be your best bet.

As important as switching your car insurance is,do not cancel your current car insurance before you purchase a new policy. Driving without car insurance is illegal and potentially very expensive; if you get in an accident without coverage, you’ll be forced to pay the full cost of the damages out of pocket. Wait until you make the move to switch over your insurance. After all, you have up to 3 months to do so!

Property Insurance

When moving to any new property whether it be a house, apartment, condo, etc. you’ll need to update your insurance to reflect the new address. This applies even if you’re moving to a new location within the same state. Again, you may need to contact an entirely new insurance company to obtain a policy or simply let your current carrier know you’re moving if they have coverage in your state.

If you’re moving into an apartment or condo, some landlords will not allow you to move in without first obtaining a renter’s insurance policy effective the move-in date.The insurance policy that protects the building you are renting only provides coverage for the owner of that building. This means that if the building were to burn down, have a break-in, or experience any other potential loss, you’d be forced to pay for the expenses out of pocket.

Fortunately, renters insurance in Media, PA is cheap. Policies can be as low as $125 per year and ittakes very little time to get a quote. Furthermore, if you bundle with your auto insurance company, you will get a discount. In some cases, this discount is enough to eliminate the cost of a renter’s insurance policy altogether. Give Risk Averse a call at (610) 335-1139 for a quote!

Call Risk Averse Insurancein Media, PA to discuss your homeowners and car insurance.

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

If you’re a business owner, you’ve (hopefully) heard of workers’ compensation. Since this is such a well-known policy, we often get questions about the specifics of carrying this type of coverage. So, I sat down with Marc Millison, Owner and Commercial Account Executive at Risk Averse Insurance, and asked him some of the questions we hear the most. Below are his answers.

What does a workers’ compensation policy cover?

Workers’ compensation insurance covers medical expense and lost wages. It will pay 100% of the employees’ medical costs for all work-related injuries. If an employee is seriously injured and is unable to return to work right away, the workers’ compensation policy will also pay this employee’s lost wages. Currently, in Pennsylvania the maximum weekly wage is set at $1,049; an employee will be paid 66% of their normal wage subject to a max amount of $1,049 per week.

Is workers’ compensation required for all businesses?

No; workers’ compensation is only required for businesses with employees.

If you own a business by yourself, then, you don’t need a workers’ compensation policy?

Correct. Business owners are required to purchase workers’ compensation insurance in Pennsylvania only if they have an employee. Corporate officers, LLC members, and sole proprietors are exempt and do not count as employees.

Does a general liability policy include workers’ compensation coverage?

Absolutely not. A general liability policy specifically excludes workers’ compensation. The General Liability policy excludes coverage for a lot of things like workers’ compensation and auto liability. The reason it excludes these exposures is that they are better covered under a different policy form. Workers’ compensation is never covered under a general liability policy.

We’ve had people request certificates of insurance with the holders listed as additionally insured for workers’ compensation. Why is this not possible?

“Additional insured” endorsements cannot be added to a worker’s compensation policy because workers’ compensation is primarily for the benefit of the insured’s employees, and a company cannot extend employees’ rights to someone who is not an employee. However, you can request a waiver of subrogation instead; a waiver of subrogation bars the injured employee’s workers’ compensation carrier from initiating a suit against another party.

Can an employee receive compensation for an injury that occurred outside of the workplace?

Yes and no. If an employee at an outside event for work such as a company luncheon or they’re out seeing clients, they are technically outside of the workplace. But if they get injured during a company event, they are covered. If they’re out on the weekend playing in a softball tournament and hurt their shoulder, they cannot put it under their workers’ comp.

To clarify, if I were about to drive home after work and I slipped and fell in the parking garage, that would not be covered?

Correct. Your commute to and from work is not covered. If you were walking to your car after hours and you slipped, that would not be a workers’ comp issue. However, if you reported to workand your employer sent you to go pick up office supplies and you slipped and fell at that time, that’s workers comp since you’re going out on a work duty.

What would the consequences be if an employer with one or more employees were to neglect to purchase workers’ compensation coverage and an employee experienced an injury?

Pennsylvania law requires employers to pay for medical costs and lost wages when employees sustain a work-related injury. The reason you purchase workers’ compensation insurance is so that you as the employer do not have to bear those costs. If you did not have a workers’ compensation policy, you would still be obligated to cover the injured employees’ medical bills and lost wages. In addition, you would most likely be fined by the PennsylvaniaDepartment of Labor for violating PA workers compensation law.

How long does an employee have to report a claim in the event of an injury or illness in order to be compensated?

An employee injury is to be reported to the employer within 21 days; if not reported within 120 days from the date of injury or having knowledge of a work-related disease, no compensation is allowed except for cases involving progressive diseases.

Who is eligible for workers’ compensation benefits?

Everyone is eligible for workers’ compensation benefits in PA even though the law only requires employers to provide their employees with coverage. Corporate officers, LLC member, and sole proprietors can even cover themselves if they wish.

Are any employee injuries not covered?

All injuries are covered. There are no excluded injuries. Anything that happens while you’re working should be covered.

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.