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. 

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. 

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.


Tips for Prepping for a Winter Storm

You can pretty much bet on a winter storm happening at some point in Centralia, IL. Whether you have successfully prepped in the past or you want to learn how to do it better, you have come to the right place. Before the next winter storm comes through the area, use these tips to prep for it. You will be so happy that you did when you have everything you need at home.

Get Food and Water

During every storm, you need to prepare for the worst. That includes getting plenty of food and water for everyone in the home. When buying food, you should consider getting food that you do not have to cook just in case you do not have power. You should also get supplies for your fireplace if you have one. This can come in quite handy if you lose power because it can provide warmth and light.

Get Salt for the Ground

Once the storm is over, you will likely want to get out of the house. If ice has accumulated, that will be difficult to do. Before it gets bad, get some salt, sand, or cat litter and spread it on your sidewalks and driveway. This will help prevent ice build up. If the ice is already there, adding it on top will have the same effect. Just do not put it on your grass.

Even with the best prepping, you cannot predict what will happen during the storm. The best way to protect your home is with a home insurance policy. If you do not have one or are considering a change, be sure to contact our office serving Centralia, IL, today. We will pull some quotes for policies for you that will work with your budget and protect your home.

Final Expenses and Life Insurance

The old saying is that the only two things assured things in life are death and taxes. While extremely cliché, death is one of the things that we will all have to face eventually. With this in mind, we need to think hard about what we leave behind for our family and loved ones.

According to national statistics, the average cost of a funeral in our country is currently somewhere between seven and ten thousand dollars. Keep in mind that this only accounts for the funeral services and burial alone, not the extra costs of arranging an estate, travel of family to the funeral, and other costs.  For the average American family, this is an incredible burden. 

Putting together a savings account for your funeral is not exactly a reasonable thing to do. However, a solid life insurance plan can go a long way in helping with this financial situation.

Life insurance comes in a wide variety of types and coverage levels. There are affordable coverage available for almost anyone who is looking for it. However, shopping for coverage on your own can be difficult and confusing, as the language in policies can be difficult to grasp. 

We here at the Alcorn Insurance Agency, serving the Centralia, IL area, are here to help you figure out exactly how much coverage you need and what will fit within your budget. We have experienced agents who can help you get quotes for different levels of insurance coverage. Contact us today to help you and your family have a peace of mind when it is time to take care of your final expenses. 

4 Benefits of Whole Life Insurance

When buying life insurance, there are several things to consider when choosing a policy. With so many options available, it can be confusing and overwhelming trying to choose the best insurance plan for you. However, there are several benefits whole life plans have over other life insurance plans. The following benefits of whole life insurance may help you decide why this may be the right policy for you.

Fixed Premiums
As a whole-life insurance policy holder you are given a cost from the insurer that allows you to pay a level and predictable premium throughout the life of your policy. Having a fixed premium cost makes it easier for you to plan your budget.

Lifelong Insurance Coverage
Just as the name implies, a whole life insurance plan is designed to provide insurance coverage your whole life. Unlike term life insurance policies that only offer coverage for a specified period of time. As long as your premiums are up to date, a whole life insurance policy does not expire.

Cash Value
One of the best features of a whole life insurance policy is the cash value. This means that the insurance premiums that are paid towards your plan accumulate into a cash balance that you can borrow. If you do decide to discontinue your policy, you may still have value in the insurance plan. However, this depends on how much cash value has accumulated in the policy.

Tax Deferrals
An added benefit of whole life insurance policies is that the growth of interest in the policy is tax deferred. Also, if you have a basic participating policy, all dividends that you receive are considered a return of premium and they will not be taxed until your total dividends exceed your total policies.

A whole life insurance policy encourages savings and there are flexible money options. The accrual nature of a whole life insurance plan offers several flexible future options should you decide to discontinue paying premiums. Keep in mind that there may be a waiting period before you can borrow against a cash value.

Residents of Tucson, AZ who are interested in reviewing their current life insurance policy or are interested in exploring the various whole life insurance policy options available, should contact Castillo & Associates Insurance.

Is Commercial Insurance Mandatory?

As a business owner in Centralia, IL, you may wonder if commercial insurance is actually mandatory. After all, if you don’t have to spend the money, why would you? The answer is going to vary based upon the type of business that you have and all that is going on with it.

Auto Insurance

Commercial auto insurance is a requirement if you have commercial vehicles. This is very similar to personal auto insurance. However, when it is being used for a commercial nature, you need to have the right insurance in place so that a claim does not get denied. You may be able to get discounts on this type of insurance if you have multiple vehicle or you purchase multiple types of commercial insurance policies from the same insurance company.

Liability Insurance

Some industries require you to have liability insurance, while others don’t. Even if it is not required of you, it can be extremely beneficial to have. You don’t want to run into a legal problem where you have to handle everything on your own. It can be business savvy to turn to an insurance company with an issue so that they pay all or most of the costs.

There are all sorts of other different types of commercial insurance that you can obtain as well. This includes property coverage, electronic data loss, and so much more. By working with an independent insurance agent, you can learn about the possibilities in order to get the right coverage for your business. You can learn what is mandatory and what is optional so that you can pick and choose in order to form the best policy at the best price.

Contact us at Alcorn Insurance Agency to learn more about commercial insurance as it pertains to your business.