What Does My Policy Really Mean?

September 15th, 2015

We’re passionate about finding suitable policies for our clients—and providing insight so you can understand your insurance policy.

Take a look at our explanations, and contact us if you have more questions!

Home Insurance Policies

Basic coverage includes the following:

  1. Building

  2. Outbuildings

  3. Contents

  4. Liability

  5. Extra Living Expenses

Let’s review the standard policy components:

  1. Building: Coverage for damages to the actual house, including fire.

  2. Outbuildings: Coverage for sheds, detached garages, fences, and more.

  3. Contents: Coverage for certain belongings (make sure you review what is and isn’t covered).

  4. Liability: In case someone injures themselves on your property, you’re covered.

  5. Extra Living Expenses: Does a claim leave your home uninhabitable? Then you’ll get additional living expenses—like staying in a hotel or extended stay—covered.

See what we provide on our home insurance page.

Car/Truck Insurance Policies

You can customize your car/truck insurance policy in many ways. Besides finding specialized insurance for a collector car or commercial vehicle, there are lots of endorsements (a.k.a. optional add-on’s) to explore.

While third-party liability is necessary, you may also have coverage for collisions and upsets, and even get comprehensive coverage to cover everything from theft to hail damage.

Ask yourself the following questions—then ask a broker to look into adding these optional coverages to your policy.

  • Need a car while yours is repaired? If the repair is due to a claim, your alternate transportation—like a rental car—expenses are covered.

  • Want 24/7 emergency service? Add this coverage for towing and more.

  • Driving a rental car? Get comprehensive coverage for damages.

  • Buying a brand-new car? Then get depreciation waiver coverage to insure it without depreciation.

Learn more about our offerings on our car/truck insurance page.

Business Owners Insurance Policies

Running your own business is a rewarding (and sometimes daunting) undertaking. Plan for the unexpected with a quality policy that fits your particular scenario.

Here are key points to understanding your policy—and options to expand it:

  • Looking to reduce insurance costs? Outfit your workplace with preventative equipment. Steps like locking up areas of your space and installing sprinkler systems can lower how much you pay for insurance. Talk to your broker to find out how your particular business can save!

  • Giving advice? Consider professional liability insurance. Talk to your broker about adding this coverage.

  • Home business? Consider business owners insurance. Since home insurance policies usually have low limits for covering your business-related items—or specifically exclude them—getting business owners insurance may be a smart move.

  • You can insure your business for interruptions. With different options, you can ensure income during a repair or other interruption—and even secure income until business returns to its usual flow.

  • You can also get covered for doing business elsewhere. If you have to continue business while damages are repaired at your usual shop or office, you can get coverage for extra expenses incurred from working at an alternate, temporary location.

Learn more about a range of business-related policies on our bonds, business owners, general liability, professional liability, and commercial vehicle insurance pages.

Keep in mind that not all policies are created equal, so ask your insurance broker to review your policy—and ensure you have a great policy for your unique needs. You’re invited to get a quote and send us any questions you have.