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. 

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.