3 Ways Commercial Insurance Can Protect Your Business

According to a recent report, youths are now more interested in starting their own business rather than work as an employee. Unfortunately, many new startups die off within the first year because of some inevitable challenges.

If you are about to start a new business or you have an existing business in Centralia, IL, you should contact Alcorn Insurance Agency or any other reliable insurance company to know how commercial insurance can protect your business. However, here are three ways by which commercial insurance can protect your business in Centralia, IL.

1. Provision of general liability insurance

This is the most common form of commercial insurance offered by Alcorn Insurance Agency. A client or customer can suffer bodily injury for using any of your products or services. His properties can also get damaged as a result of using your product or service. While you can prevent this, you may not be able to prevent the case of customer or client tripping and falling within your premises.

This is where general liability insurance comes in. It protects your business from any of the situations listed above. Being a startup that is still struggling financially, one lawsuit can nail the coffin of your business for good.

2. Provision of business property insurance

If any of your office furniture, inventory, and electronics get damaged or stolen, this insurance coverage will give you monetary compensation. Remember that the cases of hurricanes and wildfire are not uncommon in many parts of the United States. A natural disaster could damage your office equipment and fittings. Without this insurance coverage, the blow will be too devastating. If you had set everything up with a loan, it will be double trouble for you. So, you can simply prevent that with commercial insurance.

3. Provision of commercial auto insurance

When other people sustain bodily injury or property damage from an automobile accident caused by your own employee, this coverage protects you from the cost of treating the injured parties and fixing the property damages.

In conclusion, there are several other reasons you need commercial insurance to start any business. The ones discussed above are just a few of them. Starting any business without this commercial insurance coverage is simply suicidal.

 

When Can You Claim Boat Insurance?

A boat insurance policy is designed to cover you in the event of damage to or loss of your boat in Centralia, IL and beyond. A boat insurance policy from Alcorn Insurance Agency covers fishing boats, paddle boats, yachts, leisure boats, and even personal watercraft. A boat insurance policy covers property damage, liability, collision, and bodily injury liability.

However, if you purchase a comprehensive policy, then you will be reimbursed if your boat is stolen, vandalized, or damaged as a result of an incident that isn’t a collision. Although most boat owners purchase a boat insurance policy, they don’t know when they can file a claim on their coverage. Read on to find out when you can file a boat insurance claim.

When Should You File a Claim?

The most appropriate time to file a boat insurance claim varies depending on the type of policy, coverage, and of course, the event that occurred. Some decisions are straightforward and easy to make. For instance, you should file a claim if your boat is either involved in an accident, sinks or if it burns. You should also file a claim if a guest slips and falls in your boat resulting in bodily injury.

The most commonly used coverage of a boat insurance policy is the property damage coverage since it covers all form of damage to the boat itself. If your boat engines fail and you discover that it will cost you a lot of money to repair it, don’t be afraid to file a claim.

You should also file a claim if any form of injury occurs on your vessel. The medical payment coverage is meant to settle the hospital bills arising from such cases. The policy covers your guests in Centralia, IL and beyond. The liability coverage is designed to protect you against expensive lawsuits that may be filed against you.

Are you looking for a standard or comprehensive boat insurance policy? Contact Alcorn Insurance Agency today for quality service.

Is Umbrella Insurance Right for You?

Umbrella insurance is optional coverage you can get in Centralia, IL in order to protect yourself from personal liability and give you extra coverage on your home and auto insurance. When you owe more for a claim that your standard insurance covers, umbrella insurance will kick in.

There are a few reasons why it makes financial sense to buy an umbrella insurance policy. If you have wealth or are starting to build assets, then it makes sense to have an umbrella policy. There are also some common things that make people more likely to be sued. If you have dangerous items in your home, like a swimming pool or trampoline, have teenagers on your auto insurance or regularly host people in your home, then umbrella insurance may help protect your assets.

Think about anything that could cause you to pay for damages to your home or if people could get injured in your home. Owning a waterfront home or traveling a lot could lead you to have more damage to your home. Having young children whose friends come over often could lead you to face potential lawsuits.

Regardless if you have your policies with Alcorn Insurance Agency, in order to get an umbrella policy you will already have to have the minimum levels of liability coverage on your home and auto policies. You won’t be able to buy an umbrella policy on its own. When purchasing umbrella insurance, you will want to get a policy that covers 50% or more of your overall assets. This will make sure you protect your assets, which is the point of the policy. Also, make sure the policy lines up with your home and auto insurance so there aren’t any gaps in coverage.

Contact Alcorn Insurance Agency serving Centralia, IL to find an umbrella insurance policy to suit your needs.

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.