4 Types of Insurance for Small Business

There are four types of insurance that most small businesses purchase. The first is property insurance. This type of coverage provides compensation if business property is damaged, stolen or lost. In addition to covering the physical business structure, property insurance covers personal property. This includes inventory, office furnishings, raw materials, computers, machinery and other items that are part of business operations. Property insurance coverage doesn’t end with protecting physical assets. It also affords operating funds when business owners must take steps to get their business back on track following major loss. Property insurance may provide coverage for broken equipment in some cases. It may also provide coverage for water damage, debris removal following a fire and several other specific items. 

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Insurance Fraud Impacts Everyone

This year, Governor Terry McAuliff declared May 11-17th as Insurance Fraud Awareness Week in Virginia. You may be thinking, “Does insurance fraud really need an awareness week?” or “Is insurance fraud really that big of a deal?” After learning the facts about insurance fraud, your answer to both of these questions will likely be, “yes.” What is insurance fraud? According to the Insurance Fraud Program (IFP), insurance fraud is a crime committed by someone who attempts to make money from an insurance transaction through deception. Insurance fraud comes in many different forms. Everything from exaggerated property losses to fake injury claims are considered insurance fraud. Facts about insurance fraud provided by the IFP: Insurance fraud is the second most costly 

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Water Backup – What’s Covered, What’s Not?

Homeowners insurance is designed to cover a sudden and accidental loss but there are exclusions. One of the most common exclusions is water backing up from a sewer line and overflowing into the home. There are policies that provide coverage for water backing up through sewers or drains as long as it originates on premise. An optional endorsement called Water or Sewer Backup is required for policies that do not provide coverage or for losses that originate off premise. Every company is different so let’s review the Virginia home policy provided by Safeco insurance as an example. To provide additional flexibility, Safeco offers two variations of the optional endorsement. One provides coverage for damage to building and contents while the 

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Virginia among Lowest for Car Insurance

If you live in Virginia there’s not much to complain about when it comes to car insurance rates. Virginia is in the bottom tier of all states for car insurance. Why is this the case? There are several factors that contribute to over all insurance rates but the biggest factor is competition. Virginia is a very easy state to do business in so it attracts just about every insurance company that sells insurance. Because there’s so much competition companies are forced to keep rates low to attract customers. If you feel you are paying too much for car insurance contact The Andrew Agency for a free price comparison.

Auto Insurance – How Much is Enough?

If you have shopped for auto insurance you know how confusing it can be to select the right coverage limits. As a general rule of thumb, the less money you have, the more coverage you need. Most people think it is very expensive to high liability limits but it is actually very inexpensive. In fact, several insurance companies surcharge policies with low liability limits such as 25/50 or 50/100 so if you increase your limits you may actually save money. Another reason to carry higher liability limits is to ensure you have the best claim adjuster available when you have a claim. Insurance companies do not want to pay anymore than they have to so they assign senior adjusters to 

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Benefits of Reinstating an Insurance Policy

What are the benefits of reinstating an insurance policy instead of buying a new policy? Reinstating a policy without a lapse means you have continuous coverage and will not incur a fine or be required to maintain an SR22. This is usually an option if you are within 30 days of the cancellation date and you have not had an accident. Most companies will require you to sign a “Statement of No Loss” and pay a reinstatement fee but the reinstatement fee is a lot less than the penalities imposed by DMV. A lot of clients ask why can’t I just purchase a new policy and avoid paying the reinstatement fee and past due payments. The answer is you can however your 

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Car Insurance Rates Increasing in VA

Virginia drivers will see an increase of 5% – 15% for car insurance in 2013. Accidents are increasing and the cost to repair vehicles is at an all time high. 5 Ways to Lower your Car Insurance Premium Work with an independent insurance agent Increase your Deductible Remove Collision coverage if your car is older Install a Tracking Device (Travelers and Progressive both offer these) Make sure your driving record is accurate Click here for a free, no obligation insurance quote.

Do I need Flood Insurance?

I am asked this question a lot and the answer is YES! Everyone lives in a Flood zone.

We Need to Hear from You

Until the general public starts voicing their concern over the lack of law enforcement by the Virginia DMV residents of Virginia will continue to pay higher and higher insurance premiums. Virginia is typically characterized as a conservative state however when it comes to the DMV they are quite the opposite. Enforcing insurance laws that are already on the books is not only good for the state but it will help reduce costs responsible citizens have to pay for uninsured drivers. Contact your local representative today and voice your concern.

Car insurance rates in metro Richmond area continue to rise because more and more people are driving without insurance. Several companies including State Farm, Nationwide, Allstate and Geico have filed for rates increases in the last few months and all signs are pointing to further increases. What is the solution? The state government needs to do more to ensure drivers are penalized for not maintaining car insurance. The state is missing out on revenue and responsible drivers are paying more and more each year to cover people who choose not to purchase car insurance. Why should you have to pay for someone else simply because they choose not to pay for car insurance? Contant your local offical and make it known you 

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