Commercial Insurance Myths

To ensure that your business is protected in Gurnee, IL, you need to have commercial insurance. Don’t believe these popular myths when shopping for a quote.

General Liability Will Cover All Risks

Some business owners think that a general liability insurance policy is a one-size-fits-all solution. While it does provide a lot of coverage, it’s important to note that not every claim that comes up may be covered. This type of policy will generally protect a business from lawsuits that are filed against them by an individual who doesn’t work at the business.

Home-Based Businesses Don’t Need Insurance

Home insurance won’t cover your home-based small business. It’s best to get a business policy that will meet the needs of the business so your operations are protected.

Insurance Will Cover Business Damages from Flooding

The only thing that will cover flooding is flood insurance. If the business is located in an area that could be at high risk for flooding, then it’s necessary to get a separate flood insurance policy.

Business Vehicles Are Covered under Existing Insurance

Insurance for personal vehicles may not cover a business properly if the vehicle is being used for business operations. Consider getting commercial auto insurance to be fully covered or speak to an agent at Statewide Insurance Solutions to see what will be covered under a personal policy.

Property Insurance Isn’t Necessary if Work Is Done in the Client’s Area

If a business is working at a client’s location and uses the client’s equipment and tools, it’s possible to think that property insurance isn’t necessary. However, commercial property insurance will vary and it could cover some damages, even to the client’s equipment.

A Personal Umbrella Policy Will Cover Your Business

Umbrella policies will come with exclusions and limitations and may not cover any business damages.

Contact Statewide Insurance Solutions serving Gurnee, IL to get a quote on commercial insurance.

 

When is umbrella insurance a necessity?

For people that are in the Gurnee, IL area, having the right level of insurance in place is very important. For many people, one type of insurance that needs to be considered is umbrella insurance. This type of insurance will provide you with additional liability coverage. There are several situations in particular when having umbrella insurance would be beneficial.

Not Enough Liability Coverage

One situation in which you will want to have umbrella insurance is when you do not have enough liability coverage through your base policies. Most people will have some liability coverage from their home and auto policies. However, the liability coverage limits in these policies is often not high enough to cover all accidents and losses. When you have umbrella insurance in place, it will provide you with additional coverage on top of your existing policies.

At Risk for Other Liability

Another reason why some people should get an umbrella insurance policy is because they have liability risks that may not be covered by normal insurance policies. For example, someone that is a reporter may be at risk of being sued for libel or slander. Other people that are known to be wealthy could also be considered higher liability lawsuit risks. For these people, having additional liability insurance in place at all times is a necessity to protect their personal assets. 

If you are in the Gurnee, IL area and think that you could use additional liability insurance protection, speaking with Statewide Insurance Solutions is a great option. The professionals at Statewide Insurance Solutions will be able to help you better understand your risks and umbrella insurance options. The company can then help you get into a policy that provides you with the right level of protection. 

Is Term Life Better Than Whole Life?

To choose the right type of life insurance, you need to know which ones are available and what your ultimate goals are. If you live in the Gurnee, IL area, you can contact Statewide Insurance Solutions. Their agents can help you identify your needs and help you choose the right policy. In order to choose between whole life and term life policies, you will need to know a little bit about each one.

Whole Life

Whole life insurance is a policy written to cover your entire lifetime. The premiums are higher because your family will receive the full payout no matter how long you live. If you pass away unexpectedly, the payout will help to support them through a difficult time. It will protect them from financial loss since your income is no longer available.

Term Life

Term life is a policy that is written for a specific amount of time, normally 15, 20, or 30 years. The premium is lower because the policy’s equity or value will remain consistent with the amount of money that has been paid into it. With many term life policies, you will have the option to borrow against the equity once a certain percentage has been reached. You can pay the loan back, or the payments can be added to the end of the policies lifespan.

If you live in or near Gurnee, IL and have questions about whole or term life insurance, call the agents at Statewide Insurance Solutions and schedule an appointment to have all of your questions answered. They can give you the advice you need to ensure you buy the right policy for your needs.

 

FAQ for Buying Home Insurance in an HOA

More and more new neighborhoods in the Gurnee, IL area are being built with a homeowners association (HOA) included with each new house. What does that mean for your home insurance needs? Statewide Insurance Solutions is here to answer some of the most common questions.

Do I Still Need Home Insurance when I Live in an HOA?

Your HOA will have an insurance policy that protects the common areas in the development like roads, sidewalks, and in some cases, parks and pools. Your house will still need a home insurance policy that covers the single-family building, your yard that you maintain, and driveways and walkways.

Which Policy Covers My Landscaping and Driveway?

In some cases, the HOA only sells the house–just like in a condominium complex. In these cases, the yard and possibly your driveway will be cleaned, repaired, and maintained by the association. If they do not maintain an area, it likely belongs to you and should be part of your insurance coverage.

Liability at the Neighborhood Playground

Community centers, pools, and parks most likely belong to the HOA. The liability coverage for medical expenses falls under the HOA policy. Your HOA fee may rise if the HOA has to pay out on a large settlement.

Does HOA Insurance take care of Roofs and Walls in a Duplex?

This depends on your individual HOA. Usually, a shared roof or wall will fall under an HOA insurance policy, but it may vary. Before buying the home, make sure you fully understand exactly where your responsibilities begin and end.

HOAs continue to grow in popularity around Gurnee, IL as it is a luxury to have somebody mow the lawn, plow the roads, and fix up the playground equipment. However, when it comes to understanding where your home insurance begins and ends, it is best to sit down with your agent at Statewide Insurance Solutions and review both policies. 

What Types of Commercial Insurance Does Your Business Need?

There are different types of commercial insurance that your business needs in Gurnee, IL. Depending on the risks of your business, you may find that you need different types of insurance for various situations. An agent at Statewide Insurance Solutions can help put together a policy for you and your needs.

  • Professional Liability Insurance: This type of insurance can also be called errors and omissions insurance and will cover negligence claims that come from a failure to perform or mistakes. There isn’t a one-size-fits-all policy, and industry concerns will be addressed in a customized policy.
  • Commercial Property Insurance: This insurance will not only cover the building the business operates in, but it also covers equipment, inventory, furniture, and signage due to a storm, theft, or fire. Earthquakes and floods are usually not covered under these policies.
  • Workers Compensation Insurance: This type of insurance is required in Gurnee, IL and throughout the state for businesses that have at least one employee. This insurance covers any medical treatment, disability, or death benefits that need to be paid if an employee gets injured at work. Even if the work is low risk, employees may suffer an injury like carpal tunnel.
  • Product Liability Insurance: If a business is manufacturing products, then product liability insurance will protect a business in the case that one of the products causes any damages and the company is sued.
  • Business Interruption Insurance: Businesses may need to close if there is a catastrophic event or a disaster. During the time of the closure, a business will suffer from lost income. With this type of insurance, it can cover that time period to avoid financial loss.
  • Commercial Vehicle: Personal auto insurance won’t cover commercial vehicles, so it’s important to get these covered.

Home-based businesses also need business insurance, and you need additional coverage to cover any inventory or equipment. Contact Statewide Insurance Solutions to get a quote on commercial insurance.

Why Do You Need Statewide Motorcycle Insurance?

The auto insurance laws in the state of Illinois are some of the toughest in the nation, especially if you are the proud owner of a motorcycle. Statewide Insurance Solutions in Waukegan, IL wants you to know the basics before you start looking or a motorcycle policy.

In order to start riding, you need certain minimum coverages that have the following limits:

  • At least $20k of bodily damage liability insurance for each individual
  • At least $40k of bodily damage liability insurance for each separate incident
  • At least $15k of property damage liability insurance for each separate incident

You may want to invest in additional coverage if you are in the following circumstances.

  1. If you have a new bike, then you can get insurance that will pay more if that bike is totaled.
  2. You can also protect yourself on long trips if your bike ever breaks down when you are far from home with trip interruption insurance.
  3. Collision and comprehensive coverage are separate from the coverages above, and they will repair your bike if it is wrecked in uncommon circumstances.
  4. You also need to protect your optional equipment, including saddlebags and other add ons. Normal insurance does not protect these things.

Why do you need all of this coverage just to ride in Illinois? Well, the state is known for inclement weather. It is also extremely crowded in its large cities with high relative rates of accidents when compared to other parts of the nation (especially Chicago). You need to protect yourself against every possible situation while riding. When you are protected, you will be able to ride with greater confidence because you know that everything is taken care of no matter what happens.

Statewide Insurance Solutions serves the communities in and around Waukegan, IL with reliable motorcycle insurance options.

What should I look for in a bar insurance policy?

Owning a bar can be a great investment and way to earn a living. If you are looking to open a bar in the Waukegan, IL area, many important decisions need to be made. One important type of decision that you will have to make is when you are going to choose a new insurance policy. There are several things that you should look for in particular in a bar insurance policy. 

Liability Coverage

Due to the fact that alcohol is served in a bar, you will want to make sure that you have a reliable liability insurance policy in place at all time. When you are getting bar insurance, you will receive all of the standard liability insurance policies that most business owners receive. However, you can receive an additional liquor liability insurance policy that will provide you with a variety of additional types of liability coverage that are ideal for bar owners.

Workers Compensation

Compared to other work environments, working in a bar can come with some risks of injury. Because of this, you will want to make sure that you and your staff are adequately covered in the event they are injured while at work. A workers compensation policy will ensure that you have proper coverage in place for any workplace injury that can occur at your bar. 

If you are looking to start or manage a bar in the Waukegan, IL area, you should meet with the team at Statewide Insurance Solutions. When you meet with Statewide Insurance Solutions, the team of insurance professionals will help you better understand what type of insurance coverage that you need for your bar. They will then help you get into a great policy that provides the right kind of coverage. 

What are My RV Insurance Requirements?

For people in the Waukegan, IL area, one great investment to make would be to purchase an RV. When you have an RV, you will have a great recreational vehicle that can be used to tour the country. Before buying an RV and getting on the road, it is important that you better understand your RV insurance requirements. 

State Requirements

Similar to when you drive a car in the state, those that own and operate an RV in Illinois need to be able to meet the basic RV insurance requirements to stay in compliance with the law. To be in compliance, you will need to carry liability insurance of at least $25,000 for property damage coverage plus bodily injury damage coverage of at least $25,000 per person with a per-incident cap of $50,000. Any less than this, and you can face severe penalties set forth by the state. 

Other Considerations

When you are looking to buy an RV, you also need to consider the requirements set forth by your lender. If you have a loan against the RV, you will need to likely also carry a full collision and comprehensive policy. This will provide a variety of different types of coverage as well, including coverage against theft, vandalism, or damage to your vehicle from an accident.

If you have an RV in the Waukegan, IL area, it is essential to make sure that you speak with Statewide Insurance Solutions to better understand your insurance needs. When you meet with the team at Statewide Insurance Solutions, you can learn more about the basic state requirements and other factors that will influence your RV insurance needs. The team will also be able to help you get a quote and answer any questions you may have. Visit or call our offices for more information.

Can You Get A Citation While You’re Operating A Boat?

Spending a day at the lake can be a fun time for everyone. Boat owners who live near Waukegan, IL always look forward to taking a long cruise around the lake or spending the day fishing. The agents of Statewide Insurance Solutions can offer helpful suggestions on staying safe while you’re out on the water. Boat safety is important to everyone at the lake and should always be a concern whether you are operating the craft or are just a passenger.

Boating Rules and Regulations

Some rules and regulations must be followed while operating a boat on the water, just as when you operate a car on the highways and streets. Just because there are no lines to follow, it doesn’t mean the lake or river is an open playground. When other watercraft are nearby, it’s extremely important to know the rules and regulations of operating a watercraft on a public waterway.

Consideration for Others

In addition to following the rules of the water, you should also be respectful and courteous of other boaters. Give the right away and slow down as you approach other boats and watercraft. Be mindful of your wake and how it will affect others on the water. Avoid being reckless. The Coast Guard and park rangers do have the authority to offer citations and will do so if they feel they are warranted.

Waukegan, IL residents who love to spend time on the water can turn to the agents of Statewide Insurance Solutions if they have questions about a citation they received while on the water and how it could affect your insurance. Call and schedule an appointment today so you can get the answers you need!

 

Why do you need auto insurance?

We offer great auto insurance for uninsured and insured motorists alike. Whatever happens on wheels, Statewide Insurance Solutions in Waukegan, IL has you covered.

Why do you need auto insurance?

Are you constantly on the road? On your way to work, school, events, or off on a long road trip? No matter how often or how long you’re in your car, every time you hit the road you run the risk of an accident. As unfortunate as this fact is, it is indeed a reality of driving. You may be a wonderful driver, but we can’t control other drivers nor can we prevent accidents. So, if an accident happens, you want to make sure you’ve got the right coverage.

No matter how severe the accident, hopefully never too bad, you want to make sure your auto insurance will take care of you; doctor bills, vehicle repairs, uninsured other drivers, and more. You never want to be unprepared when the what-ifs of life hit you. It is our job to be prepared for the unexpected events of life and to make sure you are covered no matter what.

We know that you value your car and those in it, so we at Statewide Insurance Solutions in Waukegan, IL make covering you and your car a priority. Whether you are at fault, experience a hit-and-run, are dealing with an uninsured driver, or driving your friend’s car, we’ve got a plan for you. To help you find a reliable plan, an agent or our online rating tool will give you an accurate and personalized quote.

There’s nothing worse than not having coverage when you need it. So, if you’re from the Waukegan, IL area, don’t delay, contact the Statewide Insurance Solutions and get insured today!