What every policyholder should know about umbrella insurance

What every policyholder should know about umbrella insurance

Technology has made the world a small place where you can interact with everyone across the globe. On the other hand, it has created many opportunities for people to steal your personal information and get you into trouble, but luckily insurance experts have a way to save the whole mess–Umbrella insurance. Also known as extra liability insurance, umbrella insurance protects you and your property from big-ticket judgment. If you are in the market for this policy, here is what Statewide Insurance Solutions wants you to know.

Umbrella insurance is not self-sufficient

You will need other standard policies like home, auto, and boat to use umbrella insurance. In most cases, your standard policies are never adequate to pay for damages, losses, and injuries, not to mention lawsuits. Umbrella comes to the rescue when the coverage limit is reached and offsets the remaining costs. Therefore, you will need your home insurance or car insurance when buying umbrella insurance.

Everyone needs umbrella insurance

Every homeowner, asset owner, parent, social person, tenant, or prominent person in Gurnee, IL, needs umbrella insurance. You never know when it will be your turn to deal with a messy lawsuit that could leave you bankrupt.  If you are not a homeowner, you are a tenant; if you are not a social media personality, you are a busy mom or dad, which puts you at risk of getting involved in a lawsuit. To sum it up, we all need umbrella insurance.

Umbrella insurance does not cover damage to your property

Remember, umbrella insurance is a liability policy, so you will only be covered if you or any of your family members are held responsible for injuries or damage to someone else’s property. To protect your home, buy an adequate home insurance policy and flood insurance.

Looking for umbrella insurance in Gurnee, IL? Statewide Insurance Solutions can help guide you through the process. For quotes and queries, call or drop by today!

What type of life insurance do I need in Gurnee?

If you live in the Gurnee, IL area, getting a life insurance plan would be a good investment. Those that choose to get this type of insurance coverage here will find that it offers a lot of value and protection. When you are shopping for life insurance, choosing the right type is important. To do this you should assess the features of whole and term life coverage to determine which is right for you.

Term Life Insurance Coverage

A term life policy is a good option for many people. When you get term life, you can get the coverage amount that you want for a specific period of time, which can range to 25 years or more. This customization allows you to build a plan that is ideal for your situation. Further, the premiums costs tend to be more affordable than other life insurance options. 

Whole Life Coverage

You can also consider getting a whole life insurance plan. This is a unique form of insurance coverage as it will give you coverage for life as long as premium payments are made. Further, some of your monthly payments will go into an account and will accrue with interest. This account can then be converted into cash in the future, which can provide an investment benefit on top of your life insurance protection. 

Picking a life insurance plan in the Gurnee, IL area is very important. As you are looking for a new policy here, the team with Statewide Insurance Solutions can help you to evaluate your options. The insurance professionals at Statewide Insurance Solutions understand the options available and can help match you with a life insurance plan that gives you the coverage you need to ensure that those you care about are covered properly. 

What commercial insurance is required in Illinois

Business owners know better than anyone how risky owning a business is. So many things can go wrong and result in a loss of income.  Commercial insurance is designed to lessen the risks businesses face or at least to lessen the consequences of covered hazards. Most states require certain commercial coverage for businesses and Illinois is no exception. Having an insurance agent you trust can make sure that you comply with the law. In Gurnee, IL that is Statewide Insurance Solutions. Our team of insurance professionals will work with you to create the perfect commercial insurance package. 

Required in Illinois:

Workers’ compensation

In the state of Illinois if you have even one part-time employee you are required to cover them with workers’ compensation. There are a few exceptions but in general, you must provide this valuable converge. The penalty for not doing it is the potential of a $500 per day fine, with a minimum fine of $10,000. The state has collected $7,000,000 to date so they are serious about this employee protection. 

Commercial auto insurance

If your business owns or leases vehicles for business use, commercial auto insurance is a necessity. This protects your business from the liability that goes along with an accident and can help to repair or replace the vehicles necessary for your business.

Not required but a good idea

Commercial property insurance

This coverage protects your business location. It covers not only the physical building but the things you need to do business like your furniture, machinery, office equipment, and inventory. 

Commercial liability insurance

Liability is your biggest risk as a business and making sure you have liability insurance can make the difference between being forced to close and staying in business. 

Contact Statewide Insurance Solutions in Gurnee, IL for any questions you may have about commercial insurance coverage. 

A Thorough Overview Of Bar/Restaurant Insurance

Statewide Insurance Solutions serves the Gurnee, IL community, as well as the surrounding areas, through offering multiple types of insurance coverage. We strive to help our clients find policies that will protect them against life’s challenges. We will provide you with personalized attention so that you can find a policy that suits your individual situation.

Overview Of Bar/Restaurant Insurance

If you are a bar owner in the Gurnee IL area, one of your top priorities is protecting your investment. Bar/Restaurant insurance allows you to protect your investment against the daily risks associated with operating a business, as well as unexpected disasters. The policy will cover you if you are involved in a potential liability dispute. You will also be covered if your business is vandalized or your inventory is damaged due to a natural disaster.

Worker’s compensation is important, as it allows you to protect your business and your employees. You will be protected if one of your employees suffers a serious injury while they are on the job. A good worker’s compensation policy can also help you attract new talent.

As serving alcohol is an important part of your business, liability coverage is very important. If you serve a patron another round of drinks when they are already showing signs of being intoxicated, the policy will protect you if the patron causes any damage to your establishment. You will also be protected if you are held liable for serving a drink or some food that makes a customer sick. If you use vehicles to transport inventory, you can add coverage to protect your vehicles if they suffer damages. As your business starts to grow, consider adding umbrella coverage as a safety net.

Statewide Insurance Solutions Will Help You Protect Your Investment

Visit our website to learn more information about bar/restaurant insurance

When is having umbrella insurance a good idea?

Everyone that is in the Gurnee, IL area should spend time thinking about their personal insurance needs. One form of insurance protection that all people should get plenty of is personal liability protection. While you can receive some coverage from home and auto policies, it is not always enough. In many situations, having an additional umbrella insurance policy could be beneficial. There are several situations in particular when having additional umbrella insurance coverage is a good idea.

When Looking for More Coverage

One situation when you would want to have umbrella insurance is when you are looking for more coverage. A home or auto policy will come with a certain level of liability protection. However, if there is every a very bad accident that comes with a lot of damages, it is possible that your restitution payment will exceed the policy. If you have an additional umbrella insurance policy, you will receive the additional insurance coverage to offset the risk of having to come out of pocket.

When Looking to Cover More Situations

You should also get an umbrella insurance policy if you are looking to get coverage for more situations. Life can be unpredictable and knowing exactly what could occur and lead to a personal liability claim is hard to do. When you get an umbrella insurance policy, you are going to receive more blanket personal liability coverage that will protect you against risks that you have not even contemplated.

As you are shopping for umbrella insurance in the Gurnee, IL area, you should reach out to the team at Statewide Insurance Solutions. Picking an umbrella insurance policy is complicated and Statewide Insurance Solutions will make it easier for you. They are able to carefully assess your risks and help you choose an appropriate policy. 

I Don’t have Any Dependents. Should I Invest in Life Insurance?

You may not think you have much need for life insurance if you are a person without dependents. However, nothing could further from the truth. Even if you don’t have children, life insurance has many benefits.

To Cover the Cost of Burial
At the very least, a small life insurance policy could help pay for your burial cost in the event of your death. Your loved ones wouldn’t have to worry about coming up with the money to give you a proper burial and, or funeral. 

You Can Settle Your Debt
Perhaps, the primary benefit of life insurance is the ability to pay off large debts that won’t transfer to your family in the event of your death. Your life insurance policy with a death benefit equal to the amount owed can cover a mortgage, an auto lease and loan, and credit card debt. Life insurance is beneficial because your debts won’t fall on your family members, and it gives you the ability to pass on your assets instead of creating extra bills for your family. Statewide Insurance Solutions of Gurnee, IL are committed to showing individuals how they can benefit from investing in life insurance even if they have no dependents. 

For a Future Family
You may have plans of having a family one day. If this is the case, investing in life insurance while you are young and, or unmarried, may greatly benefit you because you will pay considerably less for a policy. This may be a worthwhile investment if you feel having a family is a serious future goal for you. This future security may be a move in the right direction. 

If You’re a Joint Debtor
If you or another family member co-signed for a mortgage, car, or some other big investment, your death could put them in financial straights. A life insurance policy would help fulfill your end of the debt in the event of your death. The absence of a life insurance policy could leave your relative with the responsibility of the entire bill. Give us a call. We’re here to answer all of your life insurance questions. 

is Your Gurnee, IL Business Disaster Ready?

With natural disasters on the rise, commercial insurance is more important than ever to protect your Gurnee, IL business from financial loss. Insuring your business is one of many ways to prepare your company against disasters. At Statewide Insurance Solutions, we recommend you make a disaster preparedness plan that includes the following:

Assess Your Risks

Assess the risks to your business so you can prepare against them. Illinois is prone to a number of disasters to include severe rainstorms, tornadoes, blizzards, etc. Depending on the type of business you own and its location, your company could also be at risk of theft, fire or vandalism. Once you’ve assessed your business risks, take measures to protect your building, equipment and inventory against them.

Create an Evacuation Plan

Create a plan for evacuating your customers or employees from your business site in the event of a disaster. Protecting your workers and clientele from injury or death is a priority. Designate escape routes and make sure they’re well marked and accessible so people have no problems reaching them when disaster strikes.

Protect Critical Data  

Back up critical customer and employee data as well as essential business records and programs in a separate, safe location. If your data is lost at your business site due to a disaster, you’ll have backup copies to continue business operations and expedite your recovery.  

Customize Commercial Coverage

Tailor your commercial insurance to provide the essential protection your company needs. Talk to your Statewide Insurance Solutions agent about coverage options, deductibles, insurance limits and exclusions so you’ll know exactly what to expect from your policy. By customizing your commercial policy, you can maximize the protection your business receives against disasters.

For more information about commercial coverage for your Gurnee, IL small business, contact Statewide Insurance Solutions today.

Do You Need Bar Insurance in Illinois?

Do you operate a bar in Illinois or plan to open one in the near future? Then you’ll need to find out if bar insurance is required. It helps to talk to a professional at an agency such as Statewide Insurance Solutions, which serves the Gurnee, IL area.

Bar Insurance Requirements in Illinois

It is necessary for you to have bar insurance if you operate a business that sells alcohol in Illinois. This is known as liquor liability insurance. It can be added to your existing policy (or one that you’re just having put in place) or you can have it be a standalone policy if this is not available. Most of the states in the United States do require a bar to have this.

Dram Insurance Not Only for Bars and Restaurants

It’s not only bars and restaurants that should have bar insurance in place. If you plan to serve any alcohol at an event for your business, this will be necessary. This also is the case if your business has a BYOB (bring your own beverage) event or if this is allowed under normal operation. This is also the case if your business sells alcohol in containers to be consumed off the premises.

Learn What You Need for Insurance in Gurnee, IL

You would do well to talk to a dependable agent about the matter of getting bar insurance, or liquor liability insurance. Someone from Statewide Insurance Solutions can assist you with a policy that will fit your unique situation. Look no further than our agency for top-notch and reliable guidance for your insurance needs. Reach out by calling or stopping by the office, or ask any questions via the online form today.

What is included with my Illinois commercial insurance policy?

Anyone that owns a business in the Gurnee, IL area will know that there are a lot of opportunities that come with owning a company. At the same time, there are risks and challenges that come with business ownership. One of the best ways to mitigate these risks is by getting a commercial insurance policy, which will include a variety of different forms of insurance coverage. 

Coverage for Liability

One important form of coverage in your Illinois commercial insurance policy is coverage for liability. A business owner will take on a lot of liability risks on a daily basis. If you have a customer that gets hurt or sick by using your product or service, you could be held responsible. In these situations, you could have to pay a lot in restitution to cover these damages. Fortunately, a commercial insurance policy will provide you with liability coverage to offset this risk.

Property Coverage

Business owners all over the state will need to make an investment in assets to get their company off the ground and growing. To ensure that these assets are always protected, you will want to get a full commercial insurance policy. This insurance will give you coverage to ensure that you can replace or repair your assets if they are stolen or damaged. 

There are clearly many reasons why someone in Gurnee, IL will need to have commercial insurance. For those that are looking for all of the protections that it provides, contacting the team at Statewide Insurance Solutions is a great option. The insurance team at Statewide Insurance Solutions will be able to explain to you all of the benefits that come with commercial insurance coverage. They can then help you get into a policy that gives the best coverage possible. 

How does an umbrella policy help after a natural disaster?

It might be difficult to imagine a town like Gurnee, IL suffering a major disaster, but it wasn’t too long ago that this little village experienced the worst flooding in over 100 years. The lessons learned during that event have helped shape the town known and loved by residents, thousands of visitors the world over, and Statewide insurance Solutions, too. One lesson is the value of umbrella insurance to those who help recovery efforts after a disaster.

You can be held liable for damage during a disaster.

Natural disasters such as a tornado or flooding are unpredictable and nobody is going to reasonably blame you for the damage that results. However, sometimes a claim could be made against you during recovery efforts. For example, if you use a vehicle or watercraft to evacuate and accidentally damage someone else’s property you could be found liable for that particular damage. If you open your home to shelter others and those people end up hurt they could sue you as well. The cost of defending liability claims while also rebuilding or replacing your own property can very quickly exhaust your primary insurance policy.

Good Samaritan laws don’t automatically protect volunteers.

Good Samaritan law is one that gives someone immunity from liability for damages caused while rendering aid. Every state has some version of this law, including Illinois. Unfortunately, some situations are better covered by the law than others. That means even though you are voluntarily helping those in danger, if the people you’re helping suffer an injury, you can still be held liable even if you’re saving lives. In these cases, umbrella coverage could help cover the cost of litigation against you.

There are plenty of more situations where an umbrella policy can help. If you live in the Gurnee, IL area reach out to Statewide Insurance Solutions to learn more!