Wayne Texeira, Marketing Director, CFMP, AINS, AIS, API
It is important to understand what is and isn’t covered in your different insurance policies. Following is a list of 10 things you should know about insurance:
- Your homeowners policy only provides $2500 coverage for personal business property in your home. If you have a home office, you may need to increase coverage to fully protect your computer, office furniture, equipment, filing cabinets, etc.
- If a tree falls on your vehicle, the damage is not covered under your homeowners policy. You are covered only if you carry comprehensive coverage on your auto policy.
- Without a renter insurance policy, the contents of your apartment are not covered if they’re stolen or lost in a fire.
- Your homeowner policy does not cover flood damage. If houses in your neighborhood have flooded in the past, you should check into a flood policy.
- You can lower your payments on most policies simply by raising your deductible. However, a higher deductible means you’ll pay more out of pocket if you have a claim. Don’t risk more than you can afford.
- If a brand-new vehicle is totaled in an accident, an auto policy may not always provide enough coverage to replace the vehicle and/or pay off the loan/lease balance. Check to see if your auto policy provides new vehicle replacement coverage and loan/lease gap protection. If not you may want to purchase this additional coverage.
- If you drive in a carpool, you might need to increase the medical coverage on your auto policy to fully protect your passengers.
- An employee who is injured while driving a business vehicle in the course of doing business is covered under workers’ compensation — not under the commercial auto policy.
- Among people turning 65 today, 69 percent will need some form of long-term care, whether in the community or in a residential care facility. (Source: www.AAHSA.org) A long-term care policy can help protect you from the financial burden of nursing home costs.
- Your company could be liable if an employee has an accident while operating their own vehicle for work purposes.
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Life is an ever-changing journey, and it deserves a thoughtful, comprehensive plan to protect the things and people that matter most. Our dedicated team at Murphy Insurance is here to assist you in creating that plan. With a wide range of product options at our disposal, we ensure that your plan is tailored precisely to your requirements. Our commitment to providing clear, intelligent guidance to help you achieve true peace of mind. Learn more about our personal insurance portfolio.
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Murphy Insurance stands as your steadfast partner in safeguarding your business from unforeseen challenges in today’s dynamic business landscape. In an era where comprehensive business insurance is not just a prudent choice but a vital one for ensuring the long-term stability and security of your enterprise, we are here to offer our expertise. Running a business inherently entails various risks that can potentially impact your financial stability and reputation. Learn more about our comprehensive business insurance solutions, which are meticulously designed to protect you from these potential threats, granting you peace of mind necessary to focus on the growth and prosperity of your business.