You have questions. We have answers.
General
While your Agent has no control over the premiums set by the companies, we can work with you to identify if any of these options make sense for you: 1) Higher deductibles mean lower premiums. While that means you would be responsible for more of the cost of a loss, it would decrease your premium and allow you to save money for those unforeseen circumstances. 2) Make sure you are taking advantage of all the discounts available on your policy by talking with your Account Manager about what may be available to you. 3) If you are a business paying over $5,000 for Workers Compensation insurance, you should make sure your Experience Modification Factor is correct. We can analyze that for you to determine if there has been an error in the calculation done by the Workers Compensation Bureau. 4) You should manage your risk to prevent losses whenever possible.
A policy cancellation is effective at 12:01 a.m. on the date of cancellation. The insurance company must receive payment no later than the day before the effective date of cancellation for you to avoid a lapse in coverage.
This is a question for which there is not a straightforward answer because there are many variables to consider. Some of the points to consider are:
- Does your personal auto policy follow you?
- Should you buy the collision damage waiver?
- Does your credit card provide coverage?
For a comprehensive discussion, we suggest you contact your Account Manager, who will assist you in ensuring that you have the proper coverage while enjoying your trip.
Homeowners
For home owners and business owners:
- You may need an Elevation Certificate to determine your correct rate.
- Higher deductibles might lower your premium.
- Consider incorporating flood mitigation into your remodeling or rebuilding.
- Building or rebuilding higher will lower your risk and could reduce your premium.
- Consider adding vents to your foundation or use breakaway walls.
- Talk with local officials about community-wide mitigation steps.
- Talk with your legislators about the Homeowner Flood Insurance Affordability Act and other legislation that could help to mitigate the impact the new Program has or may have on your flood insurance rates.
Most policies will cover personal property for up to 10 percent of the contents limit while your child resides at school. Not all types of damage are covered, so read your policy carefully. Things like expensive jewelry and electronics require special coverage, and general damage to a dorm room or apartment is not usually covered. Renters insurance is strongly encouraged.
Smart question! A recent survey revealed 60 percent of home-based businesses do not have business insurance coverage, putting you at risk for financial loss from theft, accidental damage, natural disasters, vehicle accidents and liability if an employee suffers an injury on the job or a client/customer is hurt while visiting.
Homeowners insurance does not usually cover these perils, nor does it include business interruption coverage. You may be able to add these coverages as endorsements. Contact us to see how. Also consider protecting yourself with life insurance, health insurance, disability protection and workers' compensation insurance.
Life
There are many, including:
- The growth of cash values can help cover future expenses, such as a college education
- Purchasing coverage now can protect against future uninsurability
- Life policies are very affordable at young ages
- A juvenile whole life policy can help set children on the right path to greater financial security.
Our Financial Services and Benefits Department would be happy to help you weigh the pros and cons.
Auto
No. Rental for hire is viewed as a business venture. If you're considering ridesharing, contact our office to make sure you're covered under a business policy. And note, some insurance companies are specifically excluding coverage while your auto is used in a personal vehicle sharing program.
Am I covered by my company's auto insurance policy while driving a company vehicle for personal use?
The short answer is yes, but it depends on how the policy is written. There may be times when there might not be coverage. If you are not sure if you are covered for the personal or business use of your car, be sure to give our office a call.
It depends on the situation. If the car stays home and she will only be driving it while at home on break, keep her listed on your policy. If she's taking the car to school, notify us. Note, a full-time student meeting certain academic requirements may qualify for a good student discount. Be sure to ask us!
Yes. An expired sticker is the ONLY non-moving violation to which a surcharge applies. Procrastination on the renewal of your sticker could be very expensive - check it now.
It means that the car was, at one point in its history, classified as a total loss due to flood, hail, or accident damage, vandalism or theft recovery. After Hurricane Sandy, large numbers of damaged vehicles were issued salvaged titles then transported out of state and retitled. It is possible that these water damaged vehicles may end up for sale several states away from where the damage and original titling occurred. This damage is often not visible and may impact not only vehicle performance, but overall safety as well. If you're considering buying it, order a car history report and have a certified mechanic inspect it.
Business
Just one stolen laptop, one resourceful hacker, one virus or even one lost paper record
can create enormous financial and reputational consequences. Here are the top 5 reasons your business may need it.
- Data breaches and cyber attacks increased 42% in the last year alone.
- It's not just the big guys getting hacked - 40% of all breaches have occurred in organizations of 1000 or fewer employees and 31% in organizations of fewer than 100 employees.
- All industries are vulnerable to a data breach or cyber attack.
- The average cost of a data breach has risen to $5.4 million and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated.
- Costs associated with a data breach average $188 per compromised record.
The good news - cyber liability has gotten more affordable, and we can help you figure it out.
You've taken the first step by asking! And you're right, financial worries are a leading cause of stress and decreased productivity. Think about a Financial Wellness program that offers personal consultations from a financial advisor at no cost. Key components include education planning, extended care planning, retirement planning, investments, identity fraud expense reimbursement, and worksite voluntary benefits. If you'd like more details, contact the advisors in our Financial Services & Benefits Department.
Even if you have good human resources policies and procedures in place, you can still be sued by employees, former employees, or even applicants. Typical suits include claims based on wrongful termination, national origin or age discrimination, sexual harassment, retaliation, breach of employment agreement, violation of the FMLA…the list goes on. Employment Practices Liability insurance can provide legal defense as well as coverage for awards in a case that has been lost. Some insurance companies provide a call-in help line for general questions about workplace concerns as well as checklists to help evaluate current approaches to employment issues. If you are a Sylvia Group Employee Benefits clients, you have access to ThinkHR at no cost. It offers a wealth of information and live experts to answer your HR questions - contact our Employee Benefits team to find out how. Or for more information on Employment Practices Liability insurance, call our Commercial Lines Department.