Business Insurance Costs

Managing your cost of insurance

Businesses price their products to cover the costs of production as well as their labor, sales marketing, and other major expenses. Prices also reflect some post-sales costs such as handling repairs or replacements under warranty. At one time many industries used a pricing strategy for their products that failed to reflect their true costs. A once-popular assumption was that lower prices would promote increased sales and the higher sales volume would make up the cost difference. The strategy wasn’t successful. It hasn’t worked for the auto industry, the computer industry or the insurance industry.

The problems of the insurance industry became apparent within the turn of the century and were drastically exasperated by several natural and financial catastrophes. Events such as terrorist attacks, hurricanes, housing market and banking meltdowns all substantially affected the insurance industry. The insurance industry’s attempts to gradually correct their pricing had to be sped up; substantially!

21st Century insurance markets have been riddled with catastrophic events.  Weather, terrorism and fraudulent practices have all impacted insurance premiums.
Why are insurance premiums so high?

For much of the 21st Century, insurance companies have had to handle many more claims being presented many years after their policies have expired. In the case of pollution, asbestos and employment practices; the industry is being asked to handle losses that policies weren’t designed to even cover.

Well, what can a business owner do to minimize their high insurance cost? Before considering sacrificing the amount of protection a business carries just to save money, consider alternatives. Some other solutions would be:

1. Review your coverage:

a. Take a close look at your insurance. Could you increase the deductibles to lower your premium?

b. Are you carrying physical damage coverage on commercial vehicles that aren’t worth it?

c. Are you insuring items you could replace out of pocket? Are there pieces of equipment that are insured when they could be replaced from operating funds without submitting a claim?

2. Review your exposures:

a. Could you reduce the premium by installing an alarm system or fire protection system? Would these premium savings offset the cost of the system?

b. Could you implement safety programs that would reduce the cost or make the insurance company more interested in providing coverage? For example: driver safety programs, back to work programs, safety training in proper use of equipment and job functions.

3. Identify your insurance goals:

a. Do you need an insurance company that can provide loss control services?

b. Do you need an insurance company that can provide claim-handling services for your Workers Compensation insurance?

c. Do you need an insurance company that will allow you to make payments by phone or on-line 24/7?

d. Do you need an insurance company that has a local agent/representative that can assist you in your insurance solutions?

Shopping and price are not the only issues in insurance. What you don’t know can cost you more in the long run than you could ever save in premiums. Discuss your situation with an insurance professional and make the choice that works for you.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

The Businessowners Policy


Do you shop with uninsured Merchants?

If you own and/or run a smaller business, your insurance needs may be properly handled by a business owners policy (BOP). A BOP is a single form that offers both property and liability protection. Retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they do not exceed the square foot or annual sales limits established for the program. Cooking operations, due to the higher fire and other accident exposures, have significantly more restrictive guidelines.

Property Coverage – BOPs protect buildings as well as the following:

The policy’s protection for business personal property (such as office equipment, copiers, desks, etc.) applies whether the property is located inside or immediately outside the covered buildings. The category also includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.

One item of importance, the BOP does NOT provide coverage for loss of use of damaged or destroyed property, nor for loss created by an actual or perceived loss in value of goods after a loss takes place.

Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.

building additions (completed or being built) indoor and outdoor fixtures Clothes Dryers machinery and equipment landlord furnishings,
mowers, ladder, snowblowers, and similar maintenance property outdoor furniture floor coverings Refrigerating appliances ventilating appliances
Cooking appliances Dishwashing/Drying appliances Clothes washers materials, equipment, and supplies temporary structures located near the insured premises

Enhancing Coverage – A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.

A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.

The BOP provides other coverage than the protection mentioned in part 1. The following protection can be selected under the BOP.

Optional Coverages

Outdoor Signs–Payment is available for direct physical loss or damage to outdoor signs at the described premises. Eligible signs may be owned by the named insured or owned by others but be in the named insured’s care, custody, or control.

Money and Securities–Coverage applies to loss of only the named insured’s money and securities used in its business while that property is at banks or savings institutions, inside the named insured’s living quarters, inside the living quarters of a partner or employee, at the described premises or while in transit between the places referenced.

Employee Dishonesty–The policy pays for direct loss of business personal property and money and securities due to dishonest acts its employees commit, whether they act alone or collude with others to do so.

Equipment Breakdown Protection Coverage–Coverage is available for loss or damage directly caused by or that results from electrical failure or mechanical breakdown to covered property. Covered property is electrical, mechanical, or pressure machinery and equipment

Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.

Enhancing Coverage – A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.

A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.

Handyman Insurance, Covering the Jack of all Trades

How much does Handyman insurance cost?  It may cost more than you think.
How much does handyman insurance cost?

Handyman Services
Insurance costs for Contractors can vary widely. Insurance companies view roofers as a high risk. In fact, most standard carriers will not even write coverage for roofers. Why? Because they are one of the ten riskiest jobs. On the other end of the scale are jobs like grading of land.


The Jack of all Trades
Tinker, Handyman, or Jack of all Trades, regardless of the name you use, the risk is the same. A handyman is an individual that can perform a wide range of jobs. At first blush, it would seem that insurance for a handyman would be considered low risk. That is bad thinking.
Insuring a Handyman poses one major problem for insurance companies. What does a handyman do? Work performed is a primary factor in calculating premiums. We know what Roofers do. They install and repair roofs on homes and commercial buildings. A risky endeavor that warrants a higher insurance premium. Occupations that are less risky warrant lower insurance premiums. Such is the case for lawn care providers.
Handyman insurance premiums are significantly lower than roofers. They should be, the work they perform is not that risky. Or is it?

What do handymen do?  They are knows a Jack of all Trades, so the list can be very long.
Handyman jobs


What does a handyman do?
Minor repair, light domestic work, or mechanical jobs are likely responses. Handyman insurance might cost more than one would think because no one knows what they are going to do. In the insurance industry, uncertainly almost always corresponds to higher premiums.


A Handyman might perform low and straightforward risk functions such as:

  • Changing a light bulb
  • Window cleaning, or
  • Cleaning

But it’s more likely that they are performing higher risk jobs:

  • Carpentry
  • Gutter Cleaning or Repair
  • Window installation

But what happens when the handyperson starts playing jobs that require a license? A handyman can quickly alter their risk profile. By performing the following, then we are no longer dealing with a low-risk contractor:

  • Heat, AC or plumbing installation or repairs
  • Handicapped or Senior Living Modifications
  • Electrical work
  • Home Security Installation or Repair
  • Foundation repair and installation
  • Chimney sweep or Fireplace Repair

Some Jack of all Trades will, regularly, perform high-risk jobs. Can a handyman repair a roof?

What happens if, frequently, they start to replace entire roofs?


Could happen?


NO. IT DOES HAPPEN!

Two of the most famous Jacks of all Trades:  Bob the Builder and friend Hanny Manny
Bob The Builder


Bob the Builder or Tim “The Tool Man” Taylor
Over the years, Hollywood has created several iconic Handymen and women. But it is the contrast between Bob the Builder and Tim “The Tool Man” Taylor that gets my attention. The performance of these two a generation ago are perfect examples. Both portraying handymen, they demonstrate the dilemma that confronts insurance companies.


Looking for someone with a toolbox full of tools that can fix anything? The animated character, Bob the Builder is your man. For an insurance company, Bob is a great risk. His attitude and skills allow him to complete any job. Doing things the right way means that the risk associated with Bob’s work as a handyman is limited. As a result, he should warrant a low insurance premium.


But there is more to this discussion. The term, Jack of all Trades, is synonyms with Handyman. The original phrase was, “A jack of all trades is a master of none, but often better than a master of one.” The expression is intended as a compliment. The original quote placed value on generalist, those with a broad set of skills.

Jack of all Trades and handymen, so praise their broad skills while others worry that because they are generalist they don't have sufficient skills
Jake of all Trades


Over time we have modified the phrase to “a Jack of all Trades, and a Master of none. In these instances, the Jack of all Trades is portrayed as someone skilled in many areas. However, their skill levels are most likely to be inferior. Some of you will remember “Home Improvement,” a 90’s sitcom, starring Tim Allen. Tim portrayed another iconic Handyman; Tim “The Tool Man” Taylor. Every week, Tim Taylor brought humor to American homes. We watched as he managed to once again foul-up another home improvement project.


Risk Management for a Handyman
The agents at TruePoint Insurance work with handymen. Our process provides insight into your business. With this information, we can find the appropriate coverages for your Handyman business. We will work with you to craft insurance coverage that addresses your risks.
Insurance is just one component of risk management. We will also work to help you to better understand all the risks. We could just sell you an insurance policy. But our goal is to protect your business in the most effective way we can.


The option is yours, the number is ours. Call now and get started.


(502) 410-5089

TruePoint Insurance we are insuring Kentucky dot com
TruePoint Insurance we are insuringky.com

What Fisherville residents need to know about condo insurance

The real estate market continues to be very strong due to the local economy and new developments opening up all over the place. When you are looking to buy real estate in Fisherville, getting a condo could be a great option. If you do buy a condo, you need to make sure that you have it properly covered by a full condo insurance policy. There are several things that a Fisherville, KY resident needs to know about condo insurance. 

Valuable Coverage 

Most importantly, you need to remember that you get very valuable coverage from condo insurance. This will include coverage in the event your property is damaged or destroyed and will also include liability coverage. In the event of an accident or unfortunate situation, this could prove to be very helpful for you. A home associations policy will not cover your property.

Likely Requirement

Another factor to remember is that you will likely be required to carry the condo insurance policy at all times. If you took out a loan to buy the condo, your lender will likely want you to have condo insurance to make sure that their collateral is protected. Even if you don’t have a mortgage the condo association will likely require that you have coverage. This ensures that you have liability coverage in the event you cause damage to another condo or the common areas.

Your Kentucky condo is a major asset that you need to properly cover by insurance. When you are trying to cover your condo with insurance, you should reach out to TruePoint Insurance in Fisherville, KY to start the process. The insurance professionals at TruePoint Insurance can help you to better assess your individual risks. We will then help you find a condo policy that will properly cover you and your condo. 

Earthquake Insurance, Sinkhole Insurance & More

Do you live in an earthquake zone?  Do you have earthquake insurance?  If you don't know, call TruePoint at (502) 410-5089
US Earthquake Zones

Words and their usage impact our daily lives. As a kid, my mother would on a regular basis reminding me to watch my P’s and Q’s. This was not a suggestion to be on my best behavior. It was a threat that even the slightest slip in my manners would have severe repercussions. What and how we say things have been an issue for generations. But a solid case exists that communication is more important now that ever before. While the thought may seem hysterical at first, let in sink in for a moment. Most would agree that America has become precariously litigious. For years our actions have exposed us to constant risk. Today our words are placing us at jeopardy. As a result, it has become critical for Americans to develop greater awareness.
What is earthquake insurance?.

Standard insurance doesn't cover loss due to earthquakes.  Earthquake Insurance is add by endorsement.
Earthquake Damage


Earthquake – a term used to reference the movement of two tectonic plates along a fault line. The tectonic plates move past each other at a slow pace building up stress along the way. This continues until finally the plates slip releasing enormous amounts of seismic energy. This energy then results in a violent shaking of the ground. This is also referred to as an earthquake. Earthquakes can be the result of both tectonic action or volcanic.
The word Earthquake seems simple enough. But it isn’t. Your insurance policy most likely excludes loss caused by the movement of earth. How does that impact me? Ground that shifts, sinks, expands, contracts, or rises may create serious issues. That includes earthquakes, sinkholes, mudslides, landslides, and more. How serious? Your insurance company “Will Not Pay, Serious”! You can avoid this crisis by simply having the proper endorsements. But be cautious. You can purchase an earthquake endorsement. But what will it cover? Losses due to an earthquake! Nothing else. Related risk such as mudslides, sinkholes, and others are not covered. Failure to understand how this impacts your insurance may result in serious coverage issues. Failure to understand may result in no coverage.

Movement of earth is not covered by standard insurance.  That includes earthquakes, sinkholes and several more items.
Sinkholes are covered by standard insurance policy


Will your insurance pay in the event of an earthquake? Does a Homeowners policy or a Commercial Property policy protect against earthquakes? Earthquake coverage is not offered by a standard insurance policy. But, for most, earthquake coverage is available. It can be in the form of an earthquake endorsement. If asked to waive your right to earthquake coverage, we suggest that you ask the agent for a quote. It may not be as expensive as you think.
Most of us are insured by the Special Form, also known as All Risks Coverage. Earthquake protection is excluded by the Covered Causes of Loss Form. The exclusion reads so that damages that are a result of EARTH MOVEMENT are excluded. Inquire about the cost of an earthquake endorsement. With the in hand, you can now decide if you want to transfer the risk. In the process don’t forget the other risk associated with earth movement. The earthquake endorsement doesn’t cover these. We advise customers to consider each of the risks and if appropriate, evaluate the risk/reward.

What about hidden damages?  Are minor damages covered?  They are, but deductibles may be more than the loss.
Check your Deductibles for Earthquake. They will be higher than you are used too.

ance varies from one insurance company to the next. If you make a comparison for companies, you will find earthquake policies vary. If you have multiple homes in various states you should review individual policies. We advise this as earthquake endorsements issued by the same company may vary from one state to another.
Earthquake deductibles should be considered. Don’t be surprised to see a 10 to 20% deductible. These are pretty much par for the course. Any higher and it is probably worth your time to shop around.
As noted earlier, earthquakes represent only a small portion of the exposures related to the movement of earth. Because we live in the Ohio Valley, we can shorten the list. While anything is possible, most would agree that some of the risks aren’t as threatening as others. The risk that should be considered by most in our area:

  • Erosion,
  • Failure to suitably compact building sites,
  • Sinkholes
  • Deficiencies pertaining to site selection
  • Earthquakes
  • and Landslides

Add in mud-flows, mudslides, and volcanoes and we have a reasonable understanding of the movement of earth risk. Kentucky homeowners and business owners need to consider these and several other forces.
Standard policies may leave serious gaps. Property coverages leave most structures exposed the movement of earth. Don’t assume that your only option is to self-insure. Ask TruePoint. By asking the simple question, “how can I eliminate more exposures related to the movement of earth?” You will likely find that in some cases, options exist. Becoming increasingly more available is sinkhole insurance. Broader coverage in the form of earth movement riders may also be an enhanced risk transfer option.
If you would like to learn more about eliminating insurance gaps related to the movement of earth, reach out to a TruePoint Insurance Agent. We can be reached at (502) 410-5089.

Basic Maintenance Tips to Keep Your RV Comfortable

Your RV is a passport to freedom and adventure. However, the rigors of the road can take its toll on your vehicle’s exterior, interior, and systems. Use these tips to ensure your RV stays comfortable, no matter how long you’re on the road.

  • Protect your paint job by parking your RV in covered areas as often as possible. A carport or tarp protects your rig from wind, rain, and sun while it’s stationary. These solutions also make it easier to control the internal temperature in your RV so your climate control devices drain less life from your generator.
  • Take your RV to an auto detailer in between long trips. A professional cleaning will remove dirt and stains from your upholstery and interior surfaces. In between stops, use a small hand vac to keep dust and crumbs under control.
  • Pack cleaning supplies before each outing. Include a stain removal product, upholstery brushes, and soft cleaning cloths. These will help you deal with messes before they become built-in stains.
  • Make sure your insurance policy is up-to-date. A break-in or minor accident could cause a lot of damage. Having the right policies in place ensure you can get needed repair right away. Talk to the agents at TruePoint Insurance for information on RV policies in the Fisherville KY area.
  • Have your rig thoroughly checked by a professional before longer trips. This includes the electrical and plumbing systems. For fully contained rigs, have the technician access the state of your generator and power distribution equipment.
  • Maintain your water systems with the right chemicals. Black and grey water tanks often need additives to prevent the growth of harmful buildup and ease the flow of discarded water. Talk to your automotive technician for recommended products for your RV.

Before you hit the road, make sure your rig is covered from all ends. An RV policy from TruePoint Insurance is the best way to protect your Fisherville, KY RV. Contact us for a free quote today.

Bobtail Insurance

Most truckers have or think they have Bobtail Insurance. The coverage provides a unique form of commercial auto liability coverage. Owner Operators are leased to Motor Carriers. Leasing with a Motor Carrier requires executing a contract where both parties commit to an ongoing relationship.

As long as the driver is under dispatch, the primary liability coverage will be provided by the Motor Carriers Trucking Liability Policy. This will be the case during the period that the contract is in effect.

Bobtail Insurance provides coverage when the truck is being operated without a trailer attached. Bobtail Insurance Does Not Provide Coverage While Pulling A Trailer. Examples of when your truck would be covered by a Bobtail Policy include:

  • Driving between your final terminal and your home
  • Driving truck to a location for maintenance or repairs
  • Driving back and forth to work

If you are one of the many truckers that pull trailers while not under dispatch, please read on before panicking. There is a good chance that you don’t have Bobtail coverage. Instead, you should have a Non-Trucking Liability Insurance Policy. Also referred to as NTL and as we have seen, confused with Bobtail Insurance, the coverage provides liability protection to owner/operators while not under dispatch.

Deadheading, or pulling an empty trailer adds a significant amount of risk. Experienced truck drivers are aware of this added risk and make adjustments. They must be aware of the impact wind will have on an empty trailer. They must also alter their approach to braking with systems which are designed to be effective while under a load.

The biggest difference between Bobtail and Non-Trucking Liability is the trailer. Bobtail specifically excludes all liability coverage while a trailer is attached. A Non-Trucking Liability Policy will provide coverage while hauling a trailer if the driver is not dispatched. The bottom line is that NTL provides coverage while Bobtailing or Deadheading.

If you still unclear and would like additional input, feel free to give us a call at (502) 410-5089.

Workers Compensation

Insurance term, definition. Workers Compensation, Workers Comp

What is Workers Compensation Insurance?

American Business-Owners acknowledge the importance of fair dealing with their employees.  The safety net they need is best found by having a Workers Compensation Policy in place.
Workplace Injuries

Workers Comp is a form of insurance designed to assure that resources will be in place to assist injured workers. The injured employee receives replacement wages and medical benefits. The insurance provides protection for employment-related injuries.

Premiums paid for Workers Compensation insurance are not made by the employee. The employer bars 100% of the cost of Work Comp coverage. While there is no financial cost for employees, the cost is associated with their ability to sue.

Principle of Indemnity

Insurance term, definition.  The principle of indemnity is an insurance term.  What is meant by insurance principle of indemnity
principle of indemnity states that the insured is returned to condition just prior to loss
The Principle of Indemnity

To understand insurance one must first grasp the principle of indemnity.  The theory is applied to insured losses and seeks to provide fair compensation.  Fair compensation to parties, the insured and the insurance company is required.  Resolving most losses is unambiguous.  Others test the service skills of the insurance agency and require both the insurance company and the insured to commit to the principle of indemnity.

A cornerstone for insurance, the principle of indemnity requires that an insured may not be compensated more than there economic loss.  The insured cannot profit from a loss.  If losses became a way for policyholders to generate profits, then insurance companies would become subject to adverse selection.  This in the quickly cause insurance premiums for all property and casualty policies to rise.

Louisville, Kentucky…..Instant Online Insurance Quotes

Louisville, Kentucky home to the fastest two minutes in sports

Louisville, Kentucky is known around the globe for being home to the fastest two minutes in sports. Similarly, TruePoint Insurance in Kentucky is known for rapid real-time, online, insurance quotes.

TruePoint, home of the most enjoyable five minutes in insurance

We often find ourselves boasting that our real-time online quotes are the most enjoyable five minutes in insurance.  While this may sound like hype, we can support our claim.  Typically online quotes are anything but online quotes.  If you don’t believe me, go ahead and give it a try.  Take the next 10 to 15 minutes of your life and complete the online form.  When you have reached the final page, what do you see?  Or should I ask, what don’t you see?  Probably not a quote.

What makes our quotes different? 
Online insurance quotes in real-time
Insurance Quotes:
Online and in Real-Time

You have set your self up for 4, 8, maybe even 12 calls over the coming days.  Insurance agents all hoping to give you what the original ad promised; an insurance quote. Why did you go online for your insurance quote? 

  • Convenience, the promise of information at a time that fits into your busy day. 
  • Insurance Agents, If you have ever tried to buy insurance, you get this one.

Odds are, you were trying to avoid talking with an insurance agent.  You are going to get pretty frustrated.  Now, instead of one insurance agent, there will be a dozen. 

TruePoint online quotes recognize your needs and time constraints.  When you finish our online form you will have a quote for your car insurance, home insurance or maybe a quote.  More importantly, we’ve made the agent disappear. 

Ok, so the thing about the agent disappearing is our Hype!  But the truth is, the ball is in your hands.  To issue a policy you will need to talk with an agent.  

What horse won finished first in the 2019 Kentucky Derby?

Ok, maybe we are not as well known as the derby,  but we give you real-time home and auto insurance quotes without a Racing Steward.  That doesn’t make us the best insurance agency for everyone, but with our customer-focused approach, the number two agent isn’t going to beat us.  

While others are spending their time trying to make insurance interesting, we are making every effort to simplify the process by putting information at your fingertips.  Instead of trying to make insurance exciting, our client portal places all your important insurance information in one convenient location giving you more time for things that are a little more exciting than insurance.

While some might disagree, we know that insurance is ready for  Prime-Time and our clients can attest to that.  While others are taking time away from their work or otherwise busy schedule, our clients are interacting with us through our online client portal.  While others are watching Dancing with the Stars, our clients are online adding their new car to their insurance policy.

It’s that simple.  Our client-focused approach is how we Justify asking you for your business.