Tips when buying an umbrella insurance policy

In today’s litigious society, carrying an umbrella policy over your primary liability policies is becoming increasingly essential to protect one’s finances. If you would like to learn more about the benefits of umbrella coverage and live in the Waukegan or Gurnee, IL area, reach out to an agent at  Statewide Insurance Solutions today. 

When looking to purchase an umbrella insurance policy, one of the first things you will need to do is work with your agent to determine the amount of coverage you should carry. There are a variety of factors you will need to consider to come up with the appropriate coverage amount. 

The first consideration to take into account is the type of activities you participate in that might increase your likelihood of a claim. For example, if you are involved in a carpool with other people’s children, you may want to consider a higher limit or if you have a pool in the backyard. 

Another consideration is to account for all the assets you need to protect. You will want to look at all of your assets such as bank accounts and retirement funds and personal belongings that could be at risk as a result of a lawsuit. In addition to current assets, you will want to look at your future earnings, as those can be at risk in a lawsuit. 

In addition to working with your agent to come up with an appropriate coverage limit, you will need to make sure your primary policies have the correct limits. Most umbrella insurance carriers will require you to carry minimum limits on your primary policies, so your agent can work to adjust your policies as necessary. 

Finally, you will want to confirm how defense costs are covered. The defense costs need to be covered outside policy limits. If your defense costs reduce your policy limits, you will quickly find yourself with little to no limits left on the policy. 

If you would like to speak to a specialist about umbrella coverage, reach out to an agent at Statewide Insurance Solutions today. We proudly serve the Waukegan and Gurnee, IL area. 

How Does Your Career Effect Your Life Insurance?

Statewide Insurance Solutions serves the people of Gurnee, IL with insurance services for all aspects of life. If you have been considering upgrading your life insurance or purchasing your first policy, we welcome you to give us a call to discuss your options and get a personalized quote. Life insurance is a policy that you should not have to put too much thought into after purchasing it, and we will be happy to clear up any confusion from the start. 

Many people do not realize that the job they choose may affect their life insurance policy. This does not mean that these people should not or cannot get an excellent life insurance policy. It often means they need insurance more than others. Here are a few professions that may affect your life insurance policy. 

  • High-risk jobs such as airplane pilot, ironworkers, roofers, industrial fishermen, electrical linemen, minors, and law enforcement officers all have special considerations when it comes to life insurance. 
  • Other jobs may surprise you that can have insurance regulations including bartender, legal marijuana dispenser, traveling teachers, and even physicians and nurses, in some situations. 

In many cases, professions that have higher risks for any reason often offer life insurance policies within the company. Either way, keep in mind that if you work a risky job, life insurance is more important than if you worked a less physically demanding or high-risk profession. Call us today at Statewide Insurance Solutions. We serve Gurnee, IL and the surrounding areas with quality insurance including life, and we can walk you through the simple process of purchasing life insurance to protect you and your loved ones no matter your chosen profession. 

3 Scenarios Where You’d Need Home Insurance

Protecting your home is of utmost importance. It is your most valuable asset, after all, and at Statewide Insurance Solutions, we understand that your property means more to you than just its monetary value. It’s your home, where you raise your family and make your memories. It only makes sense to protect it. If you own a home in Gurnee, IL, you need home insurance. Read on to learn about three scenarios where home insurance will protect you, your family, and your property.

1. Fire

No one wants to think about their house catching on fire, but it does happen. Always be prepared by having functioning fire alarms, a fire extinguisher, and an evacuation plan. If your house were to catch on fire, you want everyone out as soon as possible, including pets. After a fire has occurred, submit a claim and your insurance company will begin assessing the damage to pay out the claim.

2. Theft

Break-ins happen throughout the United States. Most often, they occur when the homeowner is not there, whether at work or away on vacation. If your home is burglarized and you don’t have home insurance, you can not recoup what you lost. With the right policy, however, you can be reimbursed for what was stolen after paying your deductible.

3. Injury

Accidents happen all the time, and they can happen on your property, too. For example, if a neighbor or friend of a friend fell down the stairs at your home and received an injury, they may decide to sue. If so, your home insurance will help cover costs associated with litigation. Without home insurance, you would be left dealing with this on your own.  

To learn more about the importance of home insurance and to purchase a policy, call the team at Statewide Insurance Solutions serving Gurnee, IL. 

Changes to Your Business That Require Additional Commercial Insurance

Changes to Your Business That Require Additional Commercial Insurance

Statewide Insurance Solutions congratulates you on your growing Gurnee, IL business. Your expansion, that new office and/or the employees you’ve hired send a clear sign that you are doing everything right. Now, protect your growth by increasing your commercial insurance.

You probably obtained bare-bones coverage when you opened your business. Hey, you were on a tight budget and needed to cover all the bases. Now though, you’ve changed your business, perhaps adding new services or expanding the size of the business location. That signifies a need for additional commercial coverage.

If either of the above scenarios fit your situation, you need to expand your commercial insurance. You increased the equipment people could get harmed using, you have additional customer space which means added customers, or you added new services, which also drew new people into your business space. If any of them incurs harm, you are liable for the damages and their medical costs.

If you expanded by hiring employees, you’ll need to contact your insurance provider to obtain worker’s compensation insurance. States require you to purchase worker’s comp insurance when you hire employees. This protects your company from incurring liability losses if an employee gets hurt while working. It also protects your employees from exorbitant medical costs when they incur an injury at work.

If you expand your commercial fleet, you’ll need commercial auto insurance. You need separate coverage on each vehicle.

Learn more about business expansion and the need for additional commercial insurance by contacting Statewide Insurance Solutions of Gurnee, IL. We can help you determine which types of commercial insurance you need and build a policy package that provides it all.

Minimizing Personal Liability From Your Bar or Restaurant Business

As a bar or restaurant owner you know just how difficult it can be to run your business and make a profit. There are a lot of hours put into the location and a lot of sacrifices that you have to make. With a comprehensive bar and restaurant insurance policy you can help protect all of your hard work. If you are interested in boosting your protection and covering both your own personal assets as well as your greater Gurnee, IL area restaurant or bar, the team at Statewide Insurance Solutions is here to help.

Decrease Personal Liability Risk

After you have poured your heart and soul into your dining or drinking establishment, the last thing that you want is to lose it. There are too many things that can go wrong to NOT protect yourself. From illness or injury to a patron to an issue with an employee, the possibilities for liability are nearly endless! With the right bar or restaurant policy, you can help to keep your personal assets safe while also ensuring that your business can weather disruption or accidents. You do not work as hard as you do to lose everything because of an accident or to have to come out-of-pocket in the event of a covered event. Insurance can help you to be protected if someone comes after your establishment and also tries to take you down too. Don’t let your family’s assets be vulnerable, especially in today’s litigious environment.

We are well-versed in the benefits of bar or restaurant insurance, and understand that choosing the right policy can feel overwhelming. If you are in the metro Gurnee, IL area, call or stop by Statewide Insurance Solutions to review your options and find the right policy for your needs.

Does Home Insurance Cover the Cost of Items in Your home that You Do Not Own?

Home insurance covers a wide range of things that you may not even expect, such as items in your home that you do not own. For those that live in the Gurnee, IL area, the agents with Statewide insurance Solutions can help you find the policy that is going to work best for you.

When it comes to home insurance you are required to insure the home itself, the outbuildings and other items that are outside the home, and the contents. In most cases, your contents coverage is going to be a ballpark figure with many insurance companies requiring that you insure a minimum amount. Many companies have you insure a base amount like $25,000 for contents which do build in some wiggle room if you have items that are rented or if you have someone staying with you and their belongings are destroyed or if you are borrowing an item.

For the most part, the wiggle room that you have in your insured contents is going to allow you to replace your own items as well as any items in the home that are not your own. You can insure the contents of your home for more than the base amount and can even provide an itemized list if you have things like a collection that may be worth a great deal of money or items that you want individual coverage for like antique furniture or individual pieces of jewelry. It is always helpful to take the time to look at your home contents and to make sure your home policy has them adequately covered.

For those that live in the Gurnee, IL area, the agents with Statewide Insurance Solutions can help you to find the home policy that covers all your belongings.  

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.