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Author: agentinsure

Does Home Insurance Cover Home Businesses?

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Home insurance is something that you have to have in cases when you have a mortgage on your home. That being said, home insurance covers far more than you might imagine, including your home business in some cases. For those in the Spartanburg, SC area, the agents with Allsurance Group can help you to get the right policy for your home.

Covering your Home Business

Home insurance covers far more than you might imagine. In most cases, your home insurance is going to cover the basic amount of your home as well as what is referred to as the contents of your home. In most cases, contents are lumped together in one large sum rather than specifically parsed out into exact items. In some cases however, as in the case of a home business, it may be more beneficial to take the time to list out each item.

You can be very specific when insuring your home and its contents, and can even go so far as to specifically name items. This is going to be more beneficial for those that have a company that may have very specific or special equipment like printers and computers. Also, if you have inventory that you want to protect, you may want to list the inventory separately. If you have a commercial policy, you can protect your business with it. If you do not however, you can list your business individually to be covered in your home policy.

No matter what you do for your home business, having the right coverage is essential. For those that live in the Spartanburg, SC area, the agents with Allsurance Group can help you find the perfect insurance policy for your needs so that your home business is covered no matter what.  

Does My Commercial Insurance Pay for That?

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Is your Spartanburg, SC business fully protected?

When problems occur, the insurance experts at Allsurance Group want to make sure your business is strong enough to weather the storm. Here are some common problems that business owners encounter and how commercial insurance policies help ease the burden.

  • A small neighborhood strip mall is home to a bakery, used car lot, and several retail stores. One night, a baker accidentally leaves an oven on. In the morning, the entire property has been reduced to ashes. The bakery’s general liability policy will cover most of the damage caused by the fire. Each business may receive a payout from their own policies, depending on the unique details of their contract. If the car lot owner has dealer coverage, they can have their entire inventory replaced without risking their personal capital.
  • An entrepreneur invents and markets a miracle product. However, it is soon discovered that this product causes a mild yet adverse reaction. Product liability coverage would help that entrepreneur pay for legal defense. It would also provide funds for any court-ordered medical bills or restitution. 
  • The local pizza shop decides to offer delivery service. They may think it’s a smart move to cover the delivery vehicle under a personal auto insurance policy. However, if an accident occurs while the vehicle is being used for business, they may not be able to recoup their costs. A commercial auto insurance policy protects your business vehicles and workers.
  • Slip and falls happen frequently. A general liability insurance policy protects you and your visitors from unfortunate events. These policies pay for medical care and legal fees.
  • Even the most comprehensive insurance strategy has holes. Cover them with a commercial umbrella insurance policy. This low-premium coverage ensures you always have enough cash to rebuild, replace, and move forward.

Contact the experts at Allsurance Group in the Spartanburg, SC area for more information on business insurance policies.

Auto Insurance and How Requirements Vary By State

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Auto insurance is a product offered by many insurance providers across the United States. One thing that each insurance provider has to deal with, though, is state requirements. Depending on the state where you reside, insurance requirements will vary. At the Allsurance Group, we work to serve our Spartanburg, SC clients and educate them to ensure each requirement is met.

Standard Insurance Coverage

There are a set of standard auto insurance coverages which need including as part of a policy. States are going to drive the minimum car insurance requirements for each of these types of policies.

  • The first type of coverage is known as bodily injury liability. Bodily injury liability coverage offers protection when you are the at-fault party. In an auto accident, if you are liable for causing some type of bodily injury to another party, coverage kicks in.
  • Property damage liability is another common coverage type for auto insurance. If you damage the property of another party, you are going to be covered up to the limit of this particular protection. The coverage is only if you are found at-fault for causing the property damage.
  • The last common coverage type is personal injury protection (PIP). It is also known as no-fault coverage. When you are not at-fault for an accident and unable to collect from the at-fault party’s insurance company, coverage goes into effect.
  • Finally, the fourth coverage is uninsured and underinsured motorist coverage. Not everyone has adequate auto insurance. An at-fault party may not have coverage to reimburse you for losses. If they have coverage below state minimums, this will protect you from eating the costs.

Shopping for a Policy

At the Allsurance Group, the team works to make sure that all of the state required minimums are satisfied with each auto insurance policy we quote. States dictate the requirements; the goal is to make sure they are in line. Serving Spartanburg, SC, be sure to reach out to our offices to learn more about a policy and how we can get you started.

How will putting in a pool affect my home insurance?

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Spring brings with it a renovation bug. You may decide to redo your kitchen, add a deck, or a pool. While you’ll add to your home’s value, Allsurance Group wants you to understand ahead of time that adding a pool to your Spartanburg, SC home can raise your insurance premiums.

Why Does a Pool Cost More?

While an updated kitchen can add to your home’s utility and safety, a swimming pool adds to its liability. The insurance community refers to a pool as an "attractive nuisance." It increases the chance of you needing to file a claim on your homeowner’s coverage.

A pool provides a danger for small children. It also enhances the chances of trespassing. People become tempted to use your pool without permission when you are not home.

The deck you build around your pool can cause a problem, too. If you choose a design with what the insurance industry considers a "risky structural" design, you’ll also see a premium spike. Raised structures, like balconies, increase the risk of falls. That can increase your premium. You can still have it all with proper planning.

Home Improvement Planning

You can avoid a surprise on your bill and still have all the comforts of home. Meet with your Allsurance Group representative first. Discuss the safest deck and pool designs. Also, talk about safety features you can have installed to mitigate some of the liabilities.

You can still renovate your Spartanburg, SC home to your liking. Putting in an extra step of planning with our agents can help you identify safety issues before they become an issue and before they cost you.

Commercial Insurance & How It Can Protect Your Assets

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From the startup phase to the major corporation phase, commercial business insurance should be included in your budget. Insurance provides you peace of mind and covers you in the event of an incident. In Spartanburg, SC, Allsurance Group can help cover your business and protect it, and your personal liability, from potential litigation.

How can you protect your personal wealth and assets from your company’s liabilities? Here are a few tips:

  • Have sufficient liability insurance: Forbes suggests personal umbrella liability coverage and business umbrella coverage, depending on the circumstances

  • Keep your personal assets and business assets separate

  • Protect yourself personally from renters and liabilities surrounding rental properties

  • Review all jointly held accounts, and ensure your business name is on all business accounts, but not on your personal ones

  • Have it in writing: formalize informal partnerships, only hire contractors who are insured & bonded, and get everything under contract and in writing

  • Ensure you have filed with the correct business entity (i.e. LLC, S or C corporation, sole proprietorship, etc)

The idea behind asset protection is to shield your personal assets and finances from business claims or creditors. Asset protection plans put into place legal strategies before a lawsuit or claim happens, and can help to deter a potential claimant from suing you and/or your business and help prevent seizure of your personal assets after a judgment. Investopedia details two types of claims, internal and external, and how your assets need to be protected from both. In short, you should protect your company from a lawsuit should a liability occur on company property, and you and your company’s property should a liability occur outside company property. Knowing which kind of claims can be filed against you can help to protect your assets.

It is important to talk to an insurance agent to understand what kind of assets you have, what needs to be protected, what kind of claims can be made against you, and what you need to do to ensure your personal property and wages are protected against garnishment and seizure in the event of a suit.

Allsurance Group offers a range of policy options for those around South Carolina. Some of which include:

  • Liability coverage

  • Insurance for products you sell

  • If you operate your business out of your home

  • Insurance for outstanding loans

  • Umbrella coverage, for that extra piece of mind

If you’re unsure if you’re covered completely, or want to check up on your policy, contact Allsurance Group today, or visit our offices in Spartanburg, SC.

Why Bigger Cars May Be Cheaper to Insure

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One of the biggest myths out there about car insurance is that car insurance prices are based on the cost or value of the car, with some exceptions. As such, in theory, smaller cars should be cheaper to insure compared to larger cars or SUVs, as most are cheaper to buy than bigger cars. Here at Allsurance Group, serving the greater Spartanburg, SC area, we want to dispel the myths surrounding car insurance. Here are two reasons why bigger cars may be cheaper to insure, even though they are more expensive than many smaller cars. 

Larger Cars Are Involved in Fewer Accidents

One of the reasons why it may be cheaper to insure a larger car compared to a smaller one is that bigger cars are involved in fewer accidents than smaller ones. It is unknown exactly why this is, but many people think it is because people can see larger cars easier than smaller cars. It is harder to have a larger car in your blind spot or miss it. 

Larger Cars Sustain Less Damage Than Smaller Ones

The second reason why it may be cheaper to insure bigger cars is that larger cars sustain less damage in an accident compared to a smaller car. The more damage that is sustained, the more costly the repairs are. As such, smaller cars cost more to repair, which drives insurance costs up for smaller cars. 

There are many factors that go into determining how much car insurance will cost. The price or value of a car is not the only factor used. If you are looking to purchase a new auto insurance policy, contact Allsurance Group, serving the greater Spartanburg SC area. We can help to price out different policies and find you the policy that best meets your needs. 

Will my homeowner’s insurance cover items like jewelry and artwork?

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Your jewelry, artwork, and other unique collections may be your most valuable possessions. Although you probably attach a sentimental value to them also, your jewelry and artwork may be worth more money too. If you lose your valuables to an unfortunate circumstance, you want to make sure that you can at least receive adequate compensation for them. Even though you will not always be able to replace items that are unique or original, at least you can ensure that you receive monetary compensation.

Most of the time, your homeowner’s insurance policy would cover your losses if they occurred as a result of theft, fire, vehicle damage, water damage due to broken pipes, or other kinds of events. The list of covered events usually includes damage from automobiles, riots, weather-related damage, and even volcanoes. However, flooding is an exception, and if you live in an area of Spartanburg, SC where this is a possibility, you may want to check your policy and make sure you are covered. There are several rivers in the area that could cause your home to be in danger of flood damage.

Additionally, your policy also has certain limits on how much you can recover. If you lose more than the amount specified, you will not be able to receive compensation to recover your loss adequately. Most of your questions about what is covered will be spelled out in your contract, and your representative at the Allsurance Group will be happy to explain any questions you have.

If you have any questions or would like information on how to obtain additional coverage, please call Allsurance Group in Spartanburg, SC today.

4 Questions to Ask a Commercial Insurance Agent

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There are a plethora of commercial insurance options available to you, and a chat with an insurance agent is a great way to narrow down your options. If you’re in the Spartanburg, SC area, you can meet with an agent at Allsurance Group. However, while you’re considering visiting an agent, look over this list of four important questions that a potential commercial insurance buyer should ask.

1. What Properties Should I Ensure?

While your specific insurance needs will vary, you’ll likely want to consider ensuring the following:

  • Equipment, supplies, furniture, and electronic devices like your computers
  • Intellectual property and trademarks
  • Your building and vehicles

2. Is Commercial Insurance Necessary for Me?

Even if you don’t have a lot of assets, commercial insurance is still valuable. If you have any property that’s stolen, broken, or damaged, property insurance helps offset the cost of replacing the items. However, commercial insurance offers more than protection against material loss. Liability insurance provides protection against a variety of issues, including lawsuits from customers or clients, damages caused by you or your possessions, or interrupted income.

3. How Could I Lower My Premiums?

While you’re looking for commercial insurance in the Spartanburg, SC area, ask your Allsurance Group insurance agent about ways that you could lower your premium. If your business already takes steps to reduce risk, you’re likely to qualify for discounts. Some of the ways that businesses demonstrate that they’re reducing risk include installing a security system, training employees, following fire safety precautions, and using the services of a risk manager.

4. What Type of Commercial Insurance Do I Need?

This is an important question to ask your agent. Most companies need general liability, property insurance, and worker’s compensation, although, based on your business’s specific needs, you may want to add more coverage. Your agent will be able to help you make the best decision for your unique situation.

Reach out to our agents to learn more about commercial insurance in South Carolina. We are waiting to answer your questions and get you a quote.

No-Fault vs Fault Insurance in South Carolina

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Allsurance Group agents in Spartanburg, SC are specialists in auto insurance policies and can compare and contrast the difference between no-fault and fault policies. The philosophy behind no-fault insurance is to avoid lawsuits by limiting the liability of the parties in a car accident and not requiring the parties to prove who was the cause of the accident or who was at fault. Twelve states and Puerto Rico are no-fault insurance jurisdictions. South Carolina is not a no-fault jurisdiction and permits lawsuits.

Standard No-Fault Policies Have Three Sections:

Personal Injury Protection (PIP)

  • If anyone is injured, PIP pays the medical costs up to the state’s limits of the lost earned income for up to a certain number of years. For instance, Michigan’s PIP is 85% of the earned income which is reimbursed but only up to three years with a present maximum of $5,541/month.

Property Protection (PPI)

  • No-fault pays up to a certain limit for damage a car may be responsible for to the property of others, including damage to buildings and parked cars.

Residual Liability Insurance – Bodily Injury

  • Thus, in no-fault jurisdictions, even if there is a bodily injury to the drivers or passengers, no lawsuits are permitted because the liability of those who were operating the car or cars is limited by the limits of the no-fault insurance policy. As a result of no-fault insurance, insurance premiums are reduced as a result of the elimination of significant civil judgments. However, while lawsuits are prohibited there generally is an exception if a person is killed, disfigured, or injured severely.

Allsurance Group in Spartanburg, SC will cover your back and advise you through the car insurance policy process. Please contact us and have your questions answered!

Are There Items That Traditional Home Insurance Does Not Cover?

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Protecting your home and your family’s place of living is imperative for many individuals around the globe. Getting the most protection and coverage without breaking your budget is also often a priority for millions of families worldwide. When you are seeking out home insurance in Spartanburg, SC or around the state, there are a few factors to keep in mind to better understand your home’s insurance policy and what traditional items it may or may not cover, depending on your provider. The more informed you are of policy law in South Carolina, the easier it becomes to make a choice you are confident in any time you are shopping for a new insurance policy and provider. An Allsurance Group agent can help provide the answers you seek if your questions aren’t answered below.

What Traditional Home Insurance Typically Covers

Traditional home insurance policies cover your house and its occupants along with surroundings that may be outdoor but also within your property. Medical payments and bills are also covered if an accident is to occur inside or outside of your home while still on your property.

What Home Insurance Policies Do Not Cover

When shopping for home insurance policies, it is important to consider that there are accidents and incidents that are not typically covered under traditional plans. Sewer backups, earthquakes, and floods are not covered by most home insurance plans. Instead, you are required to opt for additional coverage solutions if you are looking to add an additional layer of protection to your home in the case of a natural disaster. Identity theft is also not covered by most home insurance plans, so it is highly advisable to seek protection from an identity theft protection service or by speaking to your insurance representative about the potential issue. In some policies, dog bites along with swimming pools are not entirely covered, which is why it is imperative to truly know your homeowner’s insurance policy in and out at all times.

Determine which type of home insurance policy is right for you today by contacting Allsurance Group in Spartanburg, SC, serving the state of South Carolina.