Why Every Small Business Owner Should Have a Comprehensive Umbrella Insurance Policy

Are you a small business owner in the greater Selden, NY area who wants to learn more about a comprehensive umbrella insurance policy? The team at XL Brokerage Inc. is here to review your umbrella insurance policy options with you. With the right policy, you can rest assured that your business is covered in the event of a loss that exceeds the protection limits of your primary commercial insurance policy. 

Top Reasons to Add An Umbrella Policy to Your Insurance Portfolio

If you are a small business owner you understand how even the smallest change in cash flow can have an impact on your overall success. Here are 3 good reasons to add an umbrella policy to your current insurance holdings:

  1. Your primary policy has coverage limits, typically $250,000 of protection. If you experience a loss that requires more than your primary policy covers, you will have to cover the difference from your company profits or your own funds.
  2. When a loss occurs payouts for business interruption, in addition to replacements and repairs, can quickly exceed your primary policy limits causing further loss of revenue.
  3. An umbrella policy allows you to get back to business as soon as possible, without risking failure of your business.

If you don’t have comprehensive umbrella coverage in addition to your primary commercial insurance, it’s time to find out more about your options. Coverage can include your fleet, inventory, business interruption, as well as physical damage to your structure and its contents.

Now is the perfect time to review your commercial umbrella insurance policy options! If you are in the Selden, NY area, call or stop by the XL Brokerage Inc. to meet with one of our knowledgeable agents and find out more about comprehensive commercial umbrella insurance.

Protect Your Castle

Your Home Is Your Castle

No house becomes a home without effort from its owner. Repairs, decor, and building home memories are what makes a home feel like a castle. Smart homeowners will review their home insurance policy routinely. This allows them to update it to reflect changes in their lives. Have you:

  • Added new members to your household?
  • Moved to a new address?
  • Added a room?
  • Made replacements or repairs that are significant, like a new roof or garage?

You might not realize that in the middle of changes like these you need to keep your insurance coverage updated. Not only that, but New York state regulations change from time to time as well. You might even have a package policy available for you to take advantage of, and not know about it. Visit our agents at XL Brokerage Inc. serving the communities around Selden, NY to learn what policies are out there that might prove an advantage for you. 

Protect Your Castle and Your Family

New York homeowners sometimes assume that certain coverages apply when they usually do not. For example, flood insurance is different from home insurance and must be acquired separately. Special collections that you have in sports memorabilia or artistic displays might need special coverage as well. Condo insurance is different from home insurance. Home insurance is designed to provide various kinds of coverage for specific kinds of incidents and damages. Depending on your Selden, NY neighborhood, your home’s age and design, and other factors, you can apply to many different insurance companies yourself and after wading through their many forms find a policy that seems to work best for you. Or you can come in and see us at XL Brokerage Inc. Our agents have the experience and knowledge to quickly access crucial information from national companies to find policies that fit your unique needs. Call today for the protection your castle can depend upon.

 

 

Why some cars are cheaper to insure than others

There are a lot of factors involved when insurance companies set the rate for coverage on your car. Your age and driving history has a lot to do with it, but the car itself can go a long way in determining the cost of insurance. The XL Brokerage Inc. insurance agency in Selden, NY offers a variety of plans and can help you get the best coverage for your situation.

One factor is whether replacement parts are expensive. An export with expensive parts is going to cost more than a basic sedan made in the United States for that reason. Also, the popularity of the car, especially among thieves, has an impact.  Older cars are often less expensive to get insurance for, but an exotic sports car that is older will still cost more.

Sports cars, in general, cost more to insure than regular sedans. A special sports package on a sedan can also hike up the rates.  Sports cars go faster, and are often driven by younger people, and tend to have the most accidents. 

Expensive cars often have higher insurance rates as well because of the cost of replacing or repairing them. Parts cost more for a luxury car, so that makes the rates go up. Electric cars also have higher insurance rates because of the cost of the vehicle and the cost of repairs.

Trucks are often more expensive than cars in general, and the insurance rates are higher as well.  

The cheapest new car to insure would be a basic sedan or coupe. A lower cost car would also be cheaper to ensure. The website Nerdwallet.com says the Subaru Outback, Ford Escape, and Chevy Equinox are the cheapest cars to insure.

The XL Brokerage Inc. firm in Selden, NY has all the information you need to help you decide which car to get, and they have the policies to give you coverage once you have the car you want.

4 Common Myths About Flood Insurance You Shouldn’t Be Fooled By

Believing inaccurate myths about flood insurance in Selden NY could cost you a lot of money if your property experiences a flood and you don’t have insurance.

Unfortunately, many homeowners don’t know the truth about flood insurance and are misguided by common myths.  We want to make sure you understand the realities of flood damage at XL Brokerage Inc.

The following are four common myths about flood insurance you shouldn’t be fooled by so that your home is adequately protected:

You can’t get flood insurance if you don’t live in a flood-prone area. 

It’s important to understand that flooding can happen anywhere. You don’t have to be in a flood zone. 

Flood insurance is available in areas that are not flood-prone, and it’s generally much more affordable in these areas. You should therefore weigh your options and find some coverage to protect you. 

I don’t need flood insurance because FEMA will cover damages. 

When people think about flood damage, the Federal Emergency Management Agency comes to mind.

While FEMA does offer homeowners some compensation for flood damage, FEMA does not cover every flooding event. Also, FEMA typically offers disaster loans rather than giving money outright. 

It’s therefore important not to rely entirely on FEMA for coverage.

Flood maps never change over time.

You may be in a flood zone now even if historically you have not been. Flood maps can evolve over time with subtle climate changes. 

A homeowner’s insurance policy will provide flood coverage.

A standard policy rarely offers flood coverage. Flood coverage is typically an add-on homeowners have to set up specifically. 

If you’d like to learn more about flood insurance that’s available in Selden, NY, contact us at XL Brokerage Inc. to learn more. 

What is Umbrella Insurance and Why Do You Need It?

Umbrella insurance is a little known about the type of insurance that could save you a lot of money in the future. Understanding exactly what umbrella insurance is will help you decide if this is something you should invest in. The folks at XL Brokerage Inc. in Selden, NY can better help you understand this option. 

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance policy which will protect you in the event that someone is injured in your home or in your car and that person chooses to file a lawsuit against you. In the United States, individuals have the right to prosecute someone if they are injured on that person’s property or in that person’s vehicle. Although this is an important right we possess as American’s it can also mean that we are put at risk by others. If someone chooses to file a lawsuit unfairly against us, then we could find ourselves in financial danger. 

Who Will Benefit From Umbrella Insurance?

Umbrella insurance is not beneficial to everyone. The people who will benefit the most from umbrella insurance are those who own property, boats or cars. If you host parties and have guests often to your home, then you might want to consider purchasing an umbrella insurance policy. This type of insurance is also beneficial to parents who have children. Children and teens are often inviting friends over. Parents do not want to discourage this, but you do want to be protected in the event that one of your children’s friends is hurt on your property. Property owners who also have swimming pools would do well to purchase umbrella insurance to protect themselves in the event that a lawsuit is filed in connection with injuries incurred on the property. 

If you would like to learn more about umbrella insurance contact XL Brokerage Inc. serving Selden, NY. 

What Kind of Commercial Insurance Does My E-Commerce Business Need?

Many e-commerce businesses in Selden, NY aren’t sure about the type of insurance they need. Brick-and-mortar businesses need coverage to protect products, but what do e-commerce business need? There are some guidelines, but an agent at XL Brokerage Inc. can help you determine the coverage for your exact type of business.

General Liability Insurance: Even an e-commerce business can have accidents. If any of your products, services, or employees cause property damage or bodily injury, you could be sued. Having a general liability policy will help protect you.

Product Liability Insurance: If your e-commerce business has products, this insurance will protect you if your products cause harm. This is important if your products are expensive to produce or could cause harm if they malfunction.

Professional Liability: This is useful for e-commerce businesses that sell services, and this type of policy can protect you from a lawsuit that stems from how you perform these services.

Workers Compensation: Even an online business can have employees and, if you have even just one employee, you need workers compensation insurance, since it’s required by law in Selden, NY. This insurance will help provide payments and wages for those employees that are injured on the job.

Commercial Auto: If your e-commerce company has vehicles, such as delivery trucks that are used for business purchases, then this policy will protect these vehicles if there is an accident, damage, or theft. If employees drive their own cars for work, then you should consider a non-owned auto liability insurance policy, which will protect your business assets in the event that they are in an accident. It also covers damage or theft when the vehicles are being used for business. This is even more important if your employees don’t have adequate insurance coverage personally.

Contact XL Brokerage Inc. to get a quote on commercial insurance.

 

What You Should Know about Landlord Insurance and Allowing Pets

Allowing pets into your rental property in Selden NY can offer some benefits. Almost half of renters own pets, so when you allow pets you can have a larger group of tenants to choose from. Pet owners tend to make more money and stay in a rental longer. Tenants that have pets can also be more responsible, since they demonstrate they can care for an animal and they are usually happier. However, there are some things you should know about your insurance if you choose to allow pets into your rentals.

Check with your agent at XL Brokerage Inc. about your liability risk for your insurance. It’s important to know the amount of liability coverage the policy includes. There may be limitations or exclusions to coverage, and there could be some dog breeds that are considered to be dangerous. In court, if a tenant’s dog injuries a person, courts will hold the landlord liable. This is the case if he or she knew the dog was dangerous and could have had the dog removed. It also applies if the landlord could have kept the dog and cared for it, or had some control over the dog.

Include your pet policy in your lease, so tenants clearly understand the lease and can agree to the terms. You can require your tenants to have renters insurance that will cover your units, and it will cover you in the event of an accident or bite with the pet. You can charge a pet fee to cover the expense in your insurance going up as well. There are some rules about these types of fees, and they can’t be more than a specific amount.

It’s important to note that even if you don’t want to allow pets, landlords must provide reasonable accommodations for service and support animals. It’s necessary to comply with the Fair Housing Act and fees can’t be charged for service animals.

Contact XL Brokerage Inc. serving Selden, NY, to get a quote on landlord insurance.

3 Tips for Buying Home Insurance in Selden, NY

Do you live in Selden, NY and are looking to purchase homeowners insurance?  If so, here is a list of three ways you can save money on your homeowners insurance. Read on to learn more about these three tips: bundling, comparing quotes, and working with a reputable agent.  

1.  Bundle your Policies

Chances are you already have one or two insurance policies under your name. This could be for a vehicle, another home, a boat, a recreational vehicle, or even a business.  If so, you can bundle your policies together under one insurance company for long-term savings on your premiums.

2. Compare Policy Quotes

It’s always important to look at more than one quote when it comes to homeowners insurance in Selden, NY.  In fact, you should be comparing at least two or more quotes. To help you do this, the team at XL Brokerage Inc. can help by going over each policy in detail and answering all of your questions.  

3.  Work with a Reputable Insurance Agent

Your home is probably your most valuable asset and you want it to be covered by the right policy and with the right insurance company.  By working with a reputable agent, you can make this happen.  A good insurance agent will have the knowledge and experience to help you acquire the right policy for your home in Selden NY.  

To learn more about purchasing homeowners insurance in Selden, NY, contact the team at XL Brokerage Inc. today. They will answer all your questions and help you find the right policy to fit your needs. They can be reached at 631-736-6100.  

 

 

Why You Should Add Teenage Drivers To Your Auto Insurance Policy

Selden, NY residents with teenager drivers in their home often visit XL Brokerage Inc. with certain questions on their mind. Many wonder if XL Brokerage Inc. can provide them with insight about their current auto insurance policy and whether teenage drivers should be added.

In a word? Yes. Selden, NY teenagers who are planning to become motorists will benefit immensely from being added to their parent or guardian’s auto insurance policy. Let’s take a closer look at some of the advantages that are gained.

Avoiding Lawsuits

Let’s say that a parent has allowed their teenager to get behind the wheel without being added to the auto insurance policy. It’s just a quick trip around the corner, right? What’s the worst that could happen? A lawsuit could take place as the result of a seemingly minor accident and if these lawsuits are filed against the parent of a teen driver, all of their assets could end up being at risk as a result.

Tracking Their Driving Skills

There is a wide range of policies that allow parents the chance to track their teen driver with the use of electronics. These electronics are not used as a means of surveillance but they do provide the opportunity to collect important data. The insurer is able to find out more the rate of speed that the driver is traveling at and they can also make sure that the teen is not working the brakes too hard.

Student Discounts

Is your teen driver a top-notch student? If so, they may qualify for a good grades discount. There are also discounts available for teen drivers who are heading off to college soon. If the student is not going to be taking the car with them, a parent can save money by requesting a "distant driver" discount.

 

3 Questions You Need to Ask Yourself Before Purchasing Flood Insurance

Renters and homeowners can get flood insurance from private companies or the federal government. The only way you can ensure your home in Selden, NY against floods is by purchasing a separate policy since your renters or homeowners insurance will not be enough to protect your home in the event of floods. If you have a mortgage and you are living in a high-risk flood zone, your house lender may require you to purchase a flood insurance policy to protect you and your home against floods. At XL Brokerage Inc. we understand the dangers of floods, and that’s why we have a comprehensive flood insurance policy for you. Before purchasing flood insurance, ask yourself these three questions.

What Determines the Cost of Your Flood Insurance?

The cost of flood insurance varies dramatically depending on the location of your home and the type of insurance policy. What you need to know is that the federal government controls insurance rates and the premiums will be the same no matter the agent or insurer. The rates are set by the federal government and depend on several predetermined factors such as the flood risk, the value of your home in Selden, NY and the year it was built.

What Does Flood Insurance Cover?

Flood insurance covers electrical and plumbing systems in your home, water heaters, window blinds and permanently installed carpeting, your home and its foundation, central air, and heating equipment, bookcases, wallboard, and cabinets. If you are living in a low-risk area and you have a comprehensive risk policy, or you have a personal property coverage in high-risk areas, flood insurance will cover your personal belongings such as electronics clothing and furniture. Also, all structures attached to your home are covered by the flood insurance.

Does Flood Insurance Cover Additional Living Costs?

Your additional living costs coverage helps pay for expenses related to moving out of your home during the repair process. It covers expenses such as restaurant bills, laundry, and even dry cleaning services until you get back to your home. Most private insurance companies cover additional expenses since they have a policy that allows the purchase of business interruption coverage and additional living costs coverage.

Are you a homeowner in Selden, NY and you need a comprehensive flood insurance policy to protect your property? Contact XL Brokerage Inc. today for quality insurance services.