What is the Best Business Insurance?

Posted on by Brad Smith
Finding good business insurance can be a challenge
Better Business Insurance

It depends! Finding the best business insurance for many small businesses can be a challenge. Most small business owners in Kentucky will see that they have multiple options. Generally, competition leads to lower prices for canny consumers. With that said, commercial insurance is not a commodity and finding the best value may take a little effor.

Prices paid for Kentucky business owners’ insurance may range widely. Commercial insurance rates in Georgia and South Carolina are no different. Chances are, the more unique your business is, the tougher it will be to find a great deal on commercial insurance. Ferreting through the long list of products makes it difficult. 

Insurance Options

To find the best commercial insurance for you, start by reviewing your options. Insurance companies do not write insurance in all states. It’s not uncommon to see a company provide great rates to business in one state, but for some small businesses, you will find that they don’t have a lot of options.  Auto dealerships, certain trucking classes, and roofers are good examples. Regardless, it is important to continue your search.  

TruePoint Business insights and solutions. Great insurance starts with improving business awareness.
Knowledge is key to better insurance

Price

Commercial insurance premiums can be a cause of friction.   Would you buy a commercial auto policy if it only provided coverage on Saturday and Sunday?

If you could buy it at 10% of the competitor’s price would you do it?

Of course, you wouldn’t! This ridicules and silly example is used to get a point across. Price is significant! But only after you have determined that the policy is suitable for your business. 

Insurance is not a commodity. TruePoint agents are using transparency and communications to help KY, IN, SC, and GA business owners.
Insurance coverages change from one policy to the next

Coverage

There are many insurance agents, broke, s and carriers that sell on price alone.  Each of them would love for you to believe that insurance is a commodity. Business owners beware. As the business owner or manager, it is your responsibility to make sure any business insurance policy being considered has the coverages that you need.  When comparing multiple policies, make sure that they are on par with each other.  It is the agent’s job to provide a quote that is comparable to your current coverages.  However, it is your business that will bear the brunt.

Great insurance agents don’t sell, they inform and advise. First, they take the steps to understand the prospective business.  And hopefully, an understanding of the risk aversion of the prospect. After generating quotes and putting together a proposal.  The question of price can now be considered.  By interacting with the insured, risk management decisions can be made incorporating both coverage and price information.

Great insurance quotes don’t use deceptive practices to alter the relative value. The following are just a few ways that we’ve seen this attempted in the past:

Commercial insurance for roof blown off, business insurance deductibles in % beware
BEWARE: If your deductible has a % sign and not a $ sign.

• Deductible Changing a deductible from $500 to $1,000 without consulting the client isn’t a smart thing to do. Watching your deductible and other factors, that make up your commercial insurance policy is wise.

By committing to review your insurance policy when quoting and at renewal time you will also avoid some more adverse outcomes. While the dollar-based deductible change is concerning, beware of any deductible expressed as a percentage. Anymore it’s not uncommon to see 1% or 2% deductibles, especially for the wind/hail deductibles. If the deductible were 1% of the loss, there would be no issue. But it’s not; a 1% deductible is based on the policy limit. So if you have an office with a $600,000 value or limit, the deductible is $6,000 at 1%/ $12,000 at 2%.

Assume you have a 2% wind/hail deductible. A windstorm hits that result in $8,000 in damages. At first blush, a 2% deductible on an $8,000 claim is $160??

WRONG!

Your deductible $12, 0000. You pay for all the repairs.

• Read your application.  There are a lot of questions, people make mistakes, and even worse sometimes they assume. By signing the application, you are attesting to the accuracy of the information that is being provided.  Down the road, supplying the insurance company with bad information may muddy things up.

• What does your General Liability say about you? Your Commercial General Liability premium is a result of what and how much you do. You should review both for accuracy. Consider the following. 

You have the opportunity to be an insurance company. Today you can write a General Liability insurance to one business only.  Regardless of your choice, you will receive a premium of $500.  

Need Tree Removal insurance in Kentucky. TruePoint can help! We're also helping tree trees find insurance in Georgia, South Carolina and, Indiana.
Insurance starts with understanding risk

The first company you can insure is in the Tree Removal Business.  They also do lawn-care, snowplowing, and building demolition.  Their current policy indicates that they are in the lawn-care business.  The owner argues that this is correct as 50% of their revenues come from mowing lawns.

Do you need insurance for lawn care business in Kentucky. TruePoint is also working to insure lawn cares businesses in Georgia, South Carolina and Indiana.
We have great lawncare insurance options in KY, GA, SC, and IN

The second company is a Lawn Care Business? They mow lawns.  Period!

Pick one.  Remember, the premium will be the same regardless of your choice.

The point is you need to know what type of business your insurance policy says you are.  What if you’re the first business? 

Do you think he will be covered if a tree falls on a house?

How much?  How much business you do is also important.   Premiums for Commercial General Liability are primarily a function of what you do.  What you do has multiple meanings. For example, the type of work you do, how often you do it, how many people help you, how long you’ve done it and how many losses you’ve had.

What will happen If your application states that you have a payroll of $34,000 when the truth is you have a payroll of $95,000?

Houston we have a problem!

Rocket launch pad, experiencing problems similar things can happen to your commercial insurance

After your policy has been in force for a full year, your insurance company will perform an audit. At this point, they will discover that your payroll is almost three times higher.  What happens? They will send you a bill to offset the difference. Hold on. Things are about to get worse. After plugging your true payroll into their system, you will start receiving significantly higher bills.  One last carpet bomb; you know have a policy that is costing $2,000 more per year than advertised. In hindsight, you now have to question your decision. What appeared to be a $400 savings appears to have cost much more than the policy with all the bells and whistles. Wow!

But this is not the end of the process; it is ongoing.

It doesn’t matter whether you’re trying to buy Georgia commercial insurance or South Carolina. Great insurance is a two way street between the agent and the business owner. Constant communication aimed at awareness and identification of ever-changing exposures. Feedback to this should come in the manner of risk transfer options.  This should include their cost and some form of analysis.  The end result gives the business owner the ability to make an educated decision.

We are Kentucky Business Insurance Specialist. TruePoint will soon be on of the best business insurance solutions in Georgia and South Carolina.
Business Insurance that’s on target. TruePoint Insurance!

There is an answer to what is the best business insurance. Unfortunately, it isn’t as simple as the insurance company or that insurance agent. It is a function of where you live, what you do, and what you need in regards to insurance. The formula should be extended to what insurance companies you can access.  The final factor may be the easiest place to get off track.  It is critical that you find an agent or broker that is knowledge and transparency.

In short, you are the key to determining what the best business insurance for your business is.

TruePoint Insurance Group, LLC

Our Kentucky and Indiana team can be reached at (502) 410-5089

Contact our Georgia and South Carolina commercial insurance team at (912) 330-1265

Four inaccurate assumptions that are frequently made about auto insurance

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Consumers are sometimes misinformed about certain aspects of auto insurance. If you need auto insurance for your vehicle in Savannah, GA, we can ensure you’re accurately informed at TruePoint Insurance. 

The following are four inaccurate assumptions to be aware of that are frequently made about auto insurance. 

You enjoy coverage for everything if you buy comprehensive coverage.

Comprehensive coverage is a certain type of coverage. This type of coverage will compensate you for damages caused by events like theft and vandalism. However, comprehensive coverage doesn’t cover you for accident damage or liability expenses. 

You only need minimum coverage.

While minimum coverage might be all you need legally, investing in added coverage is always best. Otherwise, you could experience significant financial loss if you are held liable for an accident that involves extensive damage. 

You can use a personal auto insurance policy for business activities.

Don’t use your vehicle for business activity if you only have personal auto insurance coverage on it. You must buy a commercial auto insurance policy if you use your vehicle for commercial activities. 

Your auto insurance will cover anyone who drives your vehicle.

You cannot assume that your auto insurance will cover any accidents that occur while someone other than you is driving your vehicle. If you want to be sure that your auto insurance will cover other motorists driving your car, you will have to get these other motorists added to your auto insurance policy. 

Let us insure your vehicle in Savannah, GA. We’re here to help you meet all your auto insurance needs at TruePoint Insurance. Call us now to get a policy quote!

Why You Need Condo Insurance

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Like any other home, condos need insurance coverage to protect your costly investment. If you’ve recently purchased a condo in Savannah, GA, talk to your TruePoint Insurance agent about condo insurance. Your condo association’s master insurance policy only covers so much, mainly the exterior of your building and common grounds. That leaves you responsible for your unit’s interior and personal goods. That’s where an individual condo policy comes in.   

Why You Need Condo Insurance

If your condo were to catch fire tomorrow and most of your goods were destroyed, would you have the financial resources to recover your losses on your own? If your answer is no, you need condo insurance. No one is immune to accidents or disasters. Insurance helps you prepare for the unexpected to avoid financial ruin.

Condo insurance picks up where your condo association’s master policy leaves off. It covers risks like theft, vandalism, fire, flooding caused by faulty plumbing, and liability incidents that stem from accidents on your property.

Coverage Options

Condo insurance has multiple coverage options to protect you and your property.

Property insurance protects your belongings by covering their repair or replacement cost if they’re stolen or damaged in a covered peril like fire. This includes your wardrobe, furniture, electronics, pots, pans, sports gear, musical instruments, jewelry, and anything else you own in the condo.

Liability coverage protects you against accidental injuries to others on your property, such as a head injury from a slip and fall. If the injury requires medical care, your liability insurance protects your assets by covering doctor or hospital costs.  

Loss of use coverage helps pay for your living expenses elsewhere if your condo is temporarily unlivable due to disaster damage.

To learn more about condo insurance policies and costs, contact TruePoint Insurance in Savannah, GA.

Determining Your Motorhome Insurance Needs

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Several key factors come into play when evaluating your motorhome’s insurance needs. Owning a motorhome in or around the Savannah, GA area helps to know what coverage you need. 

The Vehicle Value and Usage

There are no Blue Book values on motorhomes, so the best way to find that information is through websites covering the specific year, make, and model. The condition is another factor to consider in the correct value amount. Once figured out, it will help determine the coverage required to protect your investment.

Next, you will want to determine how you plan to use your motorhome. Will it be for recreational use, occasional trips, or full-time living? The answer will help in the assessment. 

The Driving Record Affects the Premiums

Consider your circumstances, such as your driving history and experience. Insurance companies often take these factors into account when calculating premiums. 

A clean driving record and extensive experience driving larger vehicles like motorhomes may result in lower premiums. However, every circumstance varies from person to person. 

Additional Insurance May Apply 

Assess any additional coverage requirements specific to your situation. Additional coverage may be necessary if you have valuable personal belongings or specialized equipment in your motorhome. Additionally, ensure you have an appropriate policy if you have special attachments. 

Deductibles Play a Factor in Premiums 

Higher deductibles generally result in lower premiums but require you to pay more out-of-pocket in case of a claim. Consider your financial situation and risk tolerance when deciding on deductibles and coverage limits. 

How TruePoint Insurance Can Help You

At TruePoint Insurance, we can offer all the information you need concerning motorhome insurance. Whether your motorhome is fully purchased or financed, we can help meet your insurance needs in or around the Savannah, GA area. Contact us today.

Why every renter should have renters insurance

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Renters insurance protects renters from some of the many hazards just waiting to happen. If you think that your landlord or management company has insurance that protects you, you are mistaken. They do have insurance, but it is to protect their property, not yours. At TruePoint Insurance in Savannah, GA, we offer our customers more choices and excellent customer service. 

Personal property

Renters insurance protects your personal property. That includes all your clothing and personal items. Furniture, electronics, jewelry, decor, and more. It protects your property when it is at home and when you take it away from home when you travel. If you don’t have this coverage and your rental is damaged, you could have to replace everything you own simultaneously. Imagine not even having a toothbrush or underwear. Just having to replace your Christmas decorations is a major expense. 

Liability coverage

Liability insurance covers you if you get sued, and there is a judgment against you. No one likes to imagine being sued, but it does happen frequently. It could be someone getting injured at your rental or someone having their property damaged by a member of your family. This even applies to your four-legged family members. Not only will liability coverage take care of a judgment, but it can help with legal expenses. 

Loss of use

When a covered peril damages your rental, things like fire or a tornado, you may not be able to stay there until things are repaired. If you have renters insurance with loss of use coverage, it will pay for you to stay in a hotel and for some meals if you can’t cook. 

In Savannah, GA, at TruePoint Insurance, we are independent insurance agents who work to provide our customers with the best renters’ insurance for their needs. 

RV Insurance: What You Have to Know

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Doubling as both accommodation and transportation, RVs are often a budget-friendly way to travel for those always on the road. In recent years, there has also been an influx of individuals and families choosing to sell their homes and live in an RV full-time. Because of this, it’s become increasingly important to find the appropriate insurance coverage to protect your investment. Your RV is likely one of your most significant physical assets, and you should work with a Savannah, GA insurance agent who understands its role in your life.

Special Considerations for RV Insurance

When insuring your RV, the process and terminology are similar to insuring your car. There are three standard areas of coverage: liability, collision, and comprehensive.

With RVs typically being some of the most significant vehicles on the road, they commonly cause a lot of damage during an accident, regardless of who was at fault. This is where liability and collision insurance come in. These coverage types will ensure that you are protected in the event of a lawsuit and are not stuck paying for repairs out of pocket.

Comprehensive coverage must be considered for those who live or travel in areas prone to hurricanes, flooding, hail, and other natural events that may damage your RV. In addition, you may want to add coverage for specific events you might face, like roadside assistance and hotel stays.

Find the Coverage You Need at the Price You Can Afford With TruePoint Insurance

RVs are an invaluable asset to many families in Savannah, GA. You can protect them as such with help from the team at TruePoint Insurance. For over a decade, TruePoint Insurance has helped RV owners find the right policy without breaking the bank. Call us today to learn more about what we can do for you!

Why Are Motorcycles So Dangerous?

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Motorcycle ownership can be a great vehicle option for many people. To get the most out of your motorcycle, though, it is important to be aware of the increased dangers that bikes present. At TruePoint Insurance, serving Savannah, GA and the surrounding areas, we make it our job to help clients stay safe on the roads. Keep reading to learn more about why motorcycles can be dangerous.

Less Protection 

A motorcycle provides a great sense of freedom on the road, which is partly due to the fact that there is nothing surrounding the driver. Although this can be thrilling, it also increases the driver’s risk factors. With nothing protecting you from impact, you should be aware that driving safety is even more important than in a regular vehicle. 

Smaller Size 

Smaller vehicles are always at greater risk for damage, and drivers are at greater risk for injuries. This is because a larger vehicle can damage you and your bike more. Because you are a smaller vehicle, it will be important for you to take responsibility for extra safety precautions. 

Higher Speeds

Due to the bike’s smaller size and design, motorcycles can reach higher speeds than some other types of vehicles. The temptation to speed can be strong when driving a motorcycle. It is your responsibility, as a biker, to always keep a safe speed. This helps to protect you as well as other drivers on the road. 

To learn more about motorcycle insurance, please get in touch with us at TruePoint Insurance, serving Savannah, GA, and the surrounding areas. 

Frequently asked questions about home insurance

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When you buy a home, it is crucial to keep it protected. One way you can protect your home is by purchasing insurance for it. When searching for home insurance, it is normal to have questions. Here are some common questions and answers to those questions regarding home insurance.

Is home insurance required in Georgia?

Technically, home insurance is not required in the state of Georgia. While the state doesn’t mandate home insurance, most lenders require home insurance to get a mortgage. Even if no one requires home insurance, it is still a good idea to get it.

What is the replacement cost vs. the actual cash value?

The replacement cost is the amount it would cost to rebuild your home completely. The actual cash value is the amount your home is worth when you file a claim.

What types of home insurance coverage are available?

Several types of home insurance coverage are available. You have to check in with your insurance company to ensure you have the proper protection for your needs. Below, we will talk about some of the common types of coverage.

Dwelling coverage

Dwelling coverage protects the inner and outer structure of the house.

Other structures

Other structures coverage refers to other buildings and structures on your property, such as fences, barns, sheds, and detached garages.

Personal belongings

Depending on your coverage, with personal belongings coverage, your insurance will pay to replace your belongings if they get stolen or damaged from a natural disaster or fire.

Loss of use

If your house becomes unlivable, your insurance will pay for your living expenses, such as hotel rooms, food, etc., up to a certain amount or until your house is livable again.

Liability

If someone gets injured or something damages their property, liability insurance takes care of those costs and any legal costs that might occur.

Contact TruePoint Insurance

Here at TruePoint Insurance, we can care for your insurance needs in Savannah, GA. Contact us for a quote.

What Does Flood Insurance Cover?

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If you live in the Savannah, GA area, the agents at TruePoint Insurance want you to know and understand the importance of flood insurance. Some people believe that flood insurance is automatically included in their homeowner’s insurance policies, but that is not the case. A flood insurance policy is created separately from your homeowner’s insurance policy and the National Flood Insurance Program (NFIP).

What Does Flood Insurance Cover?

Flood insurance covers damages to your home that can occur when water enters your home. This can happen anywhere you live, not just in flood-prone areas. With today’s weather, more flooding events are occurring than ever, so it is a great idea to have a flood insurance policy in place.

When it comes to flood insurance, there are two different options you can choose from to include in your particular policy.

You can choose a flood insurance policy that will help cover any damage to the structure of your home and other areas of your home up to a certain dollar amount. This will help you make any necessary repairs to your home after flooding has occurred.

The second option, when it comes to flood insurance, helps you replace all of your personal belongings lost to water damage from a flood. These things can include your personal items, including clothing and toiletries, as well as household items, furniture, and even appliances that you have spent a lot of money on in the past.

Some flood insurance policies will even cover your stay at a hotel or some other location while your home is being repaired after a flood.

What is Not Covered Under Flood Insurance?

Some things are not included in a flood insurance policy. Those things can include the cash that you have at your home, jewelry that is made of certain precious metals, and even stocks and bonds. It is better to keep these types of items in a safety deposit box at another location rather than your home.

While your flood insurance policy will cover your home, garage, and basement areas, other things, such as sidewalks and trees, will not be covered. You can inquire with your trusted flood insurance agent to see if items like hot tubs, septic systems, decks, and swimming pools can be covered under your flood insurance policy.

Contact TruePoint Insurance

To get your flood insurance policy, contact the experienced flood insurance agents at TruePoint Insurance in the Savannah, GA area today!

Uncover the Unexpected Benefits of Life Insurance for Child-Free Couples

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Life insurance is often thought of as something that only benefits married couples with children, but it can also benefit child-free couples. It can provide financial security in case of death or disability and also offer tax benefits. In this article, we at TruePoint Insurance will look at some of the unexpected benefits of life insurance for Savannah, GA couples who don’t have kids.

How Life Insurance Can Cover Final Expenses

Life insurance can be a critical source of funds for those who do not have children to help cover the costs associated with their final expenses. Life insurance proceeds are not subject to probate and can be paid to your designated beneficiary when you pass away. This money can be used to pay for funeral and burial expenses, medical bills, and other outstanding debts.

How Life Insurance Can Help Pay Off Debt

With a life insurance policy, the insured individual can designate beneficiaries who will receive the policy’s death benefit when they die. Beneficiaries do not necessarily have to be children of the insured. This death benefit can be used to pay off any remaining debt, such as credit card debt or student loans.

How Life Insurance Can Enhance Retirement Plans

Life insurance policies can be used as collateral to secure loans, which can be used to fund investments that will help with retirement planning. Ultimately, life insurance can provide financial security for those without children and can be a powerful tool in retirement planning.

TruePoint Insurance of Savannah, GA is dedicated to providing quality life insurance to us. We are committed to providing you with the most comprehensive coverage to help protect the ones you love. Our team is here to answer any questions and provide you with the support you need.

Are You a Business Owner? Make Sure it is Protected with Commercial Insurance

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Are you a business owner in the Savannah, GA area? Does commercial insurance protect your livelihood? If not, TruePoint Insurance can help.

What is commercial insurance? It is a broad type of coverage that provides liability insurance for general business risks. The four most common types of commercial insurance are:

  • Business interruption insurance
  • Commercial general liability insurance
  • Cyber liability insurance
  • Property insurance

While general liability insurance is not required by law, without it, you could face having to pay for all expenses related to a claim against your business. For example, if a client or customer visits your place of business, slips and falls, breaking a hip, without this coverage, you will be responsible for any legal fees and all medical bills. This coverage should be a priority for any business.

General liability insurance is sometimes called commercial liability insurance or small business liability insurance, which provides coverage for your business against any claims made by others for bodily injury or damage to property.

Libel and slander are also covered. Suppose something is said or written by you or an employee, and it damages the reputation of another. In that case, the associated costs of a lawsuit will be covered under a general liability policy.

The cost of general liability coverage will vary based on the size of your business, the type of business you are in, your location, and the amount of coverage you need.

General liability coverage will pay legal fees and any settlement if your business is sued. Advertising injuries, court costs, legal fees, and administration fees will also be covered.

Don’t risk the business you have worked so hard to build. Commercial insurance is a must for any business. Contact TruePoint Insurance today for a no-obligation quote or answers to any questions you may have. You will be glad you did.