Is It Smart to Own a Business Without Commercial Insurance?

There is much that goes into owning your own business. From time and effort to money, all three of these are crucial to the overall success of your company. And while you may be tempted to operate your business without any type of commercial insurance, one of the smartest decisions you can make is to invest in a policy that is customized to your preferences and needs. 

It is not smart to own a business without commercial insurance. Depending on how many employees you have, you may be required to invest in this type of insurance. You want to make sure that your assets and income are protected, and with commercial insurance, you can rest easy knowing your business can stay afloat if a disaster was to occur. Take for example your business is destroyed by a fire. How will you stay afloat since you won’t be selling any products? With commercial insurance, you can take advantage of asset reimbursement and income protection. 

Without commercial insurance protection, you run the risk of losing everything. And if you think it is not important to be protected these days, you need to think again. You need an insurance policy that protects you from everything like disasters to libel and slander. You never know when a person might try to sue your company, but with proper insurance coverage, you can rest easy knowing your assets are protected. 

If you would like to learn more about owning your own company and the benefits of having commercial insurance coverage, please don’t hesitate to reach out to Alcorn Insurance Agency serving the Centralia, IL area. 

Terms of homeowners insurance

For most people, there isn’t anything more valuable than your home.  That is why you should check with the Alcorn Insurance Agency in Centralia, IL to make sure you have the correct coverage. There are a lot of things that can change your coverage depending on your situation. It is a good idea to know some of the terms used in the industry. Here are some words you should know when it comes to homeowners insurance.

Actual cash value: This is what it would cost to replace a covered item.  If you have a 10-year old couch you paid $1,000 for, you must realize it is not worth that much today. You would get what it costs to replace a 10-year-old couch instead of a new one.

Market value: This is similar to actual cash value, which is the price something would bring at the current time based on its age and condition.

Liability: This is a policy that pays for damages that are your fault, though not intentional. This could be like someone slipping on your sidewalk.

Replacement cost: What it costs to restore your property.  This would mean a new couch, from the above example.  This could also apply to an older house with masonry done by hand, which would be very expensive today. If you wanted that replaced exactly has it was, the policy would cost more.

Depreciation: This is the decrease in value of property, due to time, wear and tear.

Floater: A floater policy covers items that may be moved out of your house, and is not part of a typical policy. This can be things like furs, jewelry or cameras.

These are just a few of the terms you need to know when buying home insurance. Visit the Alcorn Insurance Agency in Centralia, IL to make sure you have the coverage you need, and that you correctly understand the terminology involved.

 

 

When should A Business Consider Fleet Insurance?

Business owners who live in or near the Centralia, IL area may need to think their commercial insurance policy, especially if they have purchased any vehicles for company use. The agents of Alcorn Insurance Agency can explain the benefits of fleet insurance and help you determine whether or not it would be beneficial for your business.

What Is Fleet Insurance?

Fleet insurance is a policy that covers vehicles that are used for business purposes. This can include delivery trucks, limousines, company cars, and semi-tractor/trailers. Vehicles covered by this type of policy are normally only used for purposes related to the operations of the business. A company car that an employee drives to and from work may be covered under fleet insurance, but accidents that occur during personal use may not be. The employee’s personal policy will have to be applied.

When Should You Consider Adding It to Your Commercial Policy?

Fleet insurance should be considered if your business owns or maintains two or more vehicles used for business purposes. The more vehicles the business owns, the higher the risk of liability. Purchasing fleet insurance is the best way to protect your company from financial disaster if an accident occurs involving a vehicle that is owned by the business. 

At Alcorn Insurance Agency, highly trained agents are always available to evaluate your existing commercial insurance policy. They can go over any changes that you have made over the last few years and find a policy that best suits your needs. Contact their office today if you have added vehicles to your inventory and want to learn more about affordable fleet insurance. 

 

How Does Boat Insurance Protect Me in International Waters? Alcorn Insurance Agency – Blog Order – October 2017

Boating is a popular pastime throughout the year. Individuals who avidly pursue boating, sailing and watercraft need to understand that they are protected in a variety of situations. Policies for boats and yachts are different than the coverage that you will have for your home or auto. The staff at Alcorn Insurance Agency helps boat owners in Illinois and Missouri get the coverage that they need. Many new boat owners believe that their homeowner’s insurance will also cover their boat.  In some cases, with small boats this may be true. It is important for you to discuss your situation with your agent to ensure that you are covered. For larger boats that travel into international waters, it becomes more important to make sure that the appropriate coverage is in place.

Basic marine insurance will provide liability and physical damage coverage. Liability protects the boat owner should anyone be injured on the boat or there is an accident resulting in property damage. The best physical damage policies are “all risk” and cover damage to the boat and its mechanical components. The policy may also provide coverage for events such as wind damage and vandalism.  Many insurers recommend that you keep the policy in place even when the boat is stored or tailored. These policies will offer two options:  agreed value and actual cash value. Agreed value means that you will be reimbursed based on an agreed amount in the policy. The actual cash value calculates the value of the boat based on depreciation. Additional policies can cover medical expenses, uninsured boats and personal possessions on board. The team at Alcorn Insurance Agency knows that boaters in Illinois and Missouri have questions. They are here to help!  

What to Know About Purchasing a Boat

When a resident of Centralia, IL or the surrounding area is looking to purchase a boat, we at Alcorn Insurance Agency have a few pieces of advice to help the process go smoothly. We also want to see you purchase a boat that fits your needs.
 
Compare Online
Generally, you don’t want to go to a shop or several shops to purchase a boat. You’ll find yourself wasting valuable time during the comparison process. It’s easiest to browse online if you’re interested in purchasing a boat. Because photos can be deceiving and not everyone online is honest, you should compare photos of similar boats to look for differences. It doesn’t hurt to check similar listings to compare. You’ll want to take note of what is stock dealer equipment and what isn’t.  
 
Compare Boats and Shops
You want to compare both the boats and the shops. You may want to go through several listings from the shop, so you have a general idea about their business. You want to get a feel for what type of products the company sells and their quality.  
 
Bigger and More Advanced Isn’t Better
Bigger and more advanced isn’t always better. If you don’t need a large boat, you could find yourself wasting money. And if you’re not genuinely happy about your boat, you’ll find yourself wanting to sell it not long after you purchase it. You also don’t want all the bells and whistles if you don’t actually need them. These items get costly to replace, and if you don’t use it, you’re just paying for bragging rights.
 
Make sure you purchase boat insurance after you buy a boat, no matter which one you choose. Alcorn Insurance Agency will discuss with you your options and help you decide on a policy that fits your needs. All you have to do is call 618-532-7307.

Is Umbrella Insurance Right for Your Company?

Do you own your own company? If so, then you most definitely want to make sure it is protected with the right type of insurance. Fortunately, you won’t have to look very far to learn about the different types of insurance available in Centralia, IL. If you are thinking about investing in umbrella insurance, check out these tips for determining whether it is the best fit for your business. 

Do you already have existing business insurance?

In order for umbrella insurance to go into effect, you need to have insurance already. The purpose of umbrella insurance is to expand the limit that your current insurance provides. This does not mean your current insurance will pay out a higher amount. It simply means that your umbrella insurance will provide additional coverage once your original policy reaches its limits. If you already have insurance, then an umbrella policy is a wise investment. 

Does your business have company vehicles?

An umbrella policy can expand the coverages that your underlying policies may not provide. For example, if you have business auto insurance that only covers accidents that occur within a certain territory, an umbrella insurance plan may be able to expand the specific areas in which the accident must occur. 

Do you need a policy that can be customized?

If you are wanting to have access to additional coverage that extends beyond your current insurance policy limits, then a customizable umbrella insurance will make for a great investment. To get a customized policy, you will need to provide the following to a qualified umbrella insurance agent:

  • Annual breakdown of your payroll
  • Financial details of your operations
  • Prior financial and asset losses
  • Record of company’s financial success (the longer the success, the lower the premium rate tends to be)

To learn more about umbrella insurance, contact Alcorn Insurance Agency today serving the Centralia, IL area. 

3 Reasons to Protect Your Home Business with Commercial Insurance

If you’ve decided to start a home business, you should be aware that your homeowner’s insurance may be insufficient to protect your business interests. Your homeowner’s insurance policy may not cover expensive business equipment or products or even offer protection against accidents for customers who visit your home for business purposes.

In contrast, commercial insurance from Alcorn Insurance Agency, Centralia, IL, will provide your home business with all the protection it needs. Here are a few reasons to consider commercial coverage for your home business.

Business Property Protection

If your business requires the use of expensive equipment, commercial insurance will protect this equipment from the risk of theft, damage or loss. Commercial insurance can also protect business products you store or sell from your property.

With commercial coverage, you will be compensated for loss of business property due to fire, storm, vandalism or other covered peril. Replacement cost coverage covers the cost of replacing business products or equipment so you don’t have to pay out of pocket. Depending on the extent of damage to your business, commercial coverage could save you from complete financial loss.

Business Liability Protection

Business liability insurance offers various forms of protection for your home business. If you render a professional service from your home, you may want professional liability coverage to protect your clients when on your property. If you manufacture or sell products from your home, product liability will protect you against the risk of injury your product may cause to customers at large.  

Business Growth and Expansion

There are always risks to running a business, whether it’s from your home or in a separate business location. Commercial insurance will protect your business against these risks, giving your enterprise the opportunity to grow and prosper.

For more information about commercial coverage for a home business, contact Alcorn Insurance Agency, Centralia, IL.

Are Pets Covered on Home Insurance?

Pets are a part of the family and as such we are all worried about what would happen should they be killed or injured in our homes. For those in the Centralia, IL area, the agents with Alcorn Insurance Agency can outline just what your policy covers.

In most cases, your insurance is going to cover a wide range of things that are directly associated with your pet. They do cover pet damages to someone else’s property, they often cover things like dog bites to other people, they may cover vet bills if your dog attacks another dog, and they may even cover the cost of the theft of a pet.

In terms of taking care of vet bills, if your pet dies, or if your pet is injured, most policies steer clear of this distinction because not all people own pets. There are alternatives however for those that do have pets and want to protect them. You can take out pet insurance which is very similar to health or life insurance for people to help cover vet bills, take care of them if they are hurt, and more.

In most cases, the homeowner’s policy that you have in place is meant namely to protect the homeowner and the home as well as the contents of the home. That is not to say that they are not also going to protect the home and homeowner from pets and pet damages but that pets are not always the main tenant of any home insurance policy.

If you are at all concerned about what your policy covers and you live in the Centralia, IL area, the agents with Alcorn Insurance Agency can help go over your policy to tell you just what it covers.  

Commercial Insurance as Part of a Solid Business Plan

So, you are planning to start a business or already have one up and running in Centralia, IL? Well, hopefully you have a solid business plan. Any entrepreneur who does not know exactly where they want to be a week, month, year or even decade from now might be in danger. Things are just too competitive.

But, even if you have all your plans written down on paper, be prepared for things beyond your control. When accidents happen, they can take down even the seemingly most secure businesses. That is why you need to have adequate commercial insurance in place. Without this essential security, you could suffer financial disaster.

Here are reasons why commercial insurance should be part of any serious business plan.

1. Accident Injuries

You never know when a customer will have an accident on your premises. It is just too easy for someone to slip and fall, for example. They will then usually demand you pay for the medical bills and other costs.

Accident injury claims can wind you up in serious financial trouble. Always have adequate commercial insurance in place before opening your doors.

2. General Negligence Lawsuits

If you fail to settle an accident claim or get accused of negligence for some other reason, you will have to pay out of pocket to hire a lawyer. Court fees are getting more expensive every day in Centralia, IL.

The other side will probably try to prolong the proceedings to make it hard on you to run your business. Do not fall into this trap. Get enough commercial insurance now to handle the costs of these all-too common lawsuits. Fortunately, the staff at Alcorn Insurance Agency can help.

3. Employee Problems

Your workforce can also pose problems. They too may get injured or claim some sort of workplace negligence on your part. You will need enough insurance to deal with the lost time dealing with these issues.

Get More Information Today

You have worked hard to succeed. Do not lose everything by failing to have enough commercial insurance to cover you during times of trouble.

Just speak with the experienced agents at Alcorn Insurance Agency today about an affordable plan.

 

Is Your Teen Ready to Drive?

According to the Secretary of State in Illinois, traffic accidents are the main danger to our older teens. There are a variety of reasons for this, and the main way to prevent teen driver accidents is to make sure that your teen driver is truly ready for the responsibility of driving before allowing them to be behind the wheel.  

Ways to Increase Driver Safety for Your Teen

  • Ride with them often. The more often you allow them to drive when you are going someplace together the more likely you will be able to use mistakes as teaching moments that can end up saving a life. Also the more often you allow them to drive with you in the vehicle the more experience they will get in general. 
  • Implement a solid no-texting while driving rule. Distracted driving is deadly driving so make sure your teen knows the risks. There are a lot of YouTube videos that can drive home the point if you want to use scare tactics. Many parents choose to lock their teen’s mobile devices in the trunk or glove compartment when they leave so they know their teen will not be in the habit of checking each time a text dings. 
  • Teach your child that driving is a responsibility and a privilege, not a right. If they have not proven to you that they are not mature in other facets of their life, then they may not be ready for the responsibility of driving. Use your best judgment for the safety of your own teen and other people on the road. 

At Alcorn Insurance Agency we want the leading cause of death for people between age 15 and 20 to change. For the best insurance rates and driving tips in and around Centralia, IL contact us today.