How do I protect my business if I die or become disabled in Mastic, New York?

As the owner of a business in Mastic, New York, you have to think about what would happen to your business if you were to die or become disabled and no longer be able to run your company. Would there be anyone around so the business would continue? Would you or your spouse have to sell the business? Would it just wither away and become worthless?

If you do not have some kind of business succession plan in place should you die or become disabled, it is anyone’s guess as to what will happen to the company you worked so hard to establish. Every large corporation has contingency plans in place in case the owner or a key employee should die or become disabled.

As the owner of a small business in Mastic, New York, you are the key person. You may have partners or a very valuable employee who is also key to your company’s success. A commercial insurance policy can be purchased with Key Man insurance. If you, or any other insured person in your company, dies or becomes disabled to the point where they can no longer do their job, Key Man insurance is there to pay the costs of replacing that person and help keep your business from sustaining major losses during the transition period.

You are covered for such things as the expense of hiring temporary personnel and recruiting and training someone to replace the key person that was lost. Your Key Man commercial insurance policy may also pay for lost income during the transition period.

No one is going to live forever, but a business can theoretically live on in perpetuity. Insurance, in and of itself does not insure that your business will survive after you are gone. Your goal may more accurately be described as wanting to make sure your business will retain its value as an entity should you pass on or become disabled. You may want the business to stay in the family or provide support for your spouse and children.

Commercial insurance can provide financial compensation to allow operations to continue, but you need to sit down and go over what you want to happen to your company if you die or become disable.

As your independent agent, we can offer you a number of different plans to help protect your business. Please contact us and an independent agent can discuss options such as buying a term life or commercial Key Man insurance policy.

If I live in Selden, NY without mandatory snowmobile insurance coverage, can I ride without it in any state?

The most important consideration is where you ride your snowmobile most often. If you ride it in Selden, New York, you’ll only need liability coverage. However, it still makes sense to cover your snowmobile, even in those states that don’t require mandatory insurance.

However, if you live in Selden, New York, but often ride your snowmobile in Vermont, you’ll need to carry proof of insurance when you’re snowmobiling in the Vermont Green Mountains. However, your New York minimum requirements for liability insurance protection should be sufficient when riding in another state.

With over 10,000 miles of snowmobile trails around New York, including some roads open to snowmobiling, you have many opportunities to ride. In NY, you also must wear a helmet and have liability insurance to legally ride within state borders.

The make and power plant of your snowmobile may affect your rates and premiums for the required liability coverage. Unless you ride only on your private property or have documented permission to ride on another’s private property, you must also register your snowmobile in New York.

Also, if you plan to ride in another state’s public property, you’ll need a NY-registration and at least minimum liability insurance in force. Although some states, such as Minnesota, do not mandate snowmobile insurance, you’re smart to protect your assets with liability coverage, in the event someone is injured while you are riding in another state.

The risk of potential injury to another snowmobile operator, passenger or pedestrian is just as high in Selden, NY, as in other states. Along with typical travel hazards, snowmobiling sometimes involves additional hidden risks. How about that not sufficiently frozen lake? Also, deep snow may cover fence posts or submerged objects. These dangers often threaten snowmobile riders.

If you have or will have a snowmobile, contact your independent agent to learn about the best coverage and cost to protect yourself and your sled. We’ll help you protect your assets and your snowmobile from common risks while you’re riding.

Is my Trailer Covered Since I Have Both Auto Insurance and Snowmobile Insurance, in Mastic, New York?

Purchasing auto and snowmobile insurance is a necessity when you own the vehicles, but it may or may not cover your trailer. The details of any policy can vary, so you will need to review your current snowmobile and car coverage to determine if you have protection for the trailer in Mastic, New York.

Basic Policies

In the case of a basic auto or snowmobile policy, you may not have coverage for the trailer. A basic liability plan will usually only cover property damage and personal injuries if you caused an accident on the road or while you were on the slopes.

Liability plans do not cover the theft of objects in the vehicle, damage from weather conditions or other potential concerns.

Comprehensive Plans

Your trailer may or may not be covered by a comprehensive policy, depending on the situation and the details of the current plan that you have purchased.

A comprehensive plan does provide additional protection for your vehicle and any objects that you carry in your vehicle. In some cases, that protection may include a trailer that your car is towing or other objects that are attached to your car. Read the details of your policy to determine if you have coverage for attached objects or other belongings that are carried in the vehicle. If you are not sure about your coverage, then talk to a representative of your insurer to find out what is covered and what is not in regards to objects that are attached to the vehicle like a bike rack or a trailer.

It is hard to determine if you have coverage due to the variation in different policies. In some cases, you may have coverage. In other situations, you may not be fully covered. Contact us to speak to an independent agent for help understanding the details of your policy.

Will my XL Brokerage Insurance Company Cancel my Auto Insurance Policy if I am Found guilty of Drunk Driving in Selden, NY?

Driving under the influence of alcohol is not only a criminal offense; it is also dangerous to you and other drivers on the road. If you are found guilty of drunk driving, then you may discover that your auto insurance policy in Selden, New York may drop your coverage.

Why Coverage is dropped

The reason that your insurer may cancel your policy is related to the risks associated with driving while intoxicated. When you drive a car after drinking, you have a higher risk of getting into an accident. Furthermore, you may get into a severe accident that causes major injuries or even fatalities.

Due to the high risk, many basic insurance policies are not enough to handle the potential challenges of your situation. Insurers may not be willing to offer coverage due to the situation.

Variation in Policies

Although some insurers may cancel your current policies, others may offer an alternative coverage plan based on the current situation. You may discover that insurers may still offer coverage, but your premium may increase and the type of policy that is available may change.

Every insurer is different, so the details of your plan and the type of company that you are working with may impact your ability to maintain your current provider. Since your coverage may be dropped, finding a new policy may be a necessity.

An independent agent can help you find the right policy for your needs and the concerns of an insurance company if your current plan is dropped. By working with an agent, you can compare your options and find a plan that is within your price range. Contact us to talk to an agent today.