Month: January 2019

Understanding Insurance for RVs

Posted on by AgentInsure

Recreational Vehicles (RVs) are a combination of a vehicle and a mobile home. To be certain that you have adequate insurance coverage, there are important considerations, which you should discuss with your agent at ALLConnecticut Insurance serving West Hartford, CT and the surrounding areas. You want to have adequate insurance for the RV and you also want to have insurance for its contents.

Insuring Your RV Against Loss from Accidents

Connecticut is an “at-fault” state. This means that the owner of an RV is responsible for the damages caused by an accident that is determined to be their fault. This includes needing liability coverage for property damage and the injuries or deaths of any people involved. In Connecticut, if the vehicle insurance limits do not cover the damage, you can be sued for the additional amount along with additional financial claims for pain and suffering.

Insuring Your RV Against Loss from Theft and Vandalism

Having adequate insurance for the contents of an RV is necessary to protect from the risks of theft and vandalism. This includes having protection if the RV is sometimes put into storage. If you have any high-value items that you take along with you, be sure to tell your insurance agent about them. For example, precious jewelry that is taken along to wear on a vacation trip needs to be itemized for proper insurance coverage.

Insuring Your RV Against Loss from Disasters

There are two types of disasters that you need to consider, which are natural disasters and those made by people. An RV needs to have adequate insurance against both. Floods, high winds, thunderstorms, hail, tornadoes, wildfires, earthquakes, hurricanes, and other natural disasters can impact an RV depending on where it is located. Disasters caused by people, such as accidental fires, need to have protection as well.

Talk with your agent at ALLConnecticut Insurance in West Hartford, CT about these details for adequate RV insurance and ask them about emergency road assistance and special coverage for the cost of alternative accommodations if an RV cannot be occupied if it needs to be repaired while on a trip.

Can You Write Off Commercial Insurance?

Posted on by AgentInsure

When operating a business in West Hartford, CT, you may be surprised to find that insurance, if it is both ordinary and necessary, can be deducted from taxes. An ordinary business expense means that it is accepted and common in your business type or industry. A necessary business expense means that it is appropriate and helpful for your business or industry. It doesn’t actually have to be necessary. Business owners can deduct these necessary and ordinary costs of the insurance policy as a business expense.

Since businesses in Connecticut are required to carry workers compensation, then the required insurance policies will fall under the necessary and ordinary rule and can be written off by the business owner. It’s not just workers compensation insurance that can be written off. Other business insurance policies, such as commercial property, professional liability, general liability, and data breach insurance, can also be written off. Since each business is different, each insurance type does need to meet the common and necessary rule.

There is a difference between personal and business expenses. If you operate a business in your home, you may be able to write off certain expenses that are for the business, such as insurance. This is similar to when you use a car for both personal and business uses; you can only write off the part that is used for business purposes.

Not every insurance policy is considered necessary and ordinary, so the IRS doesn’t consider it a business expense. Premiums that help cover earnings lost due to disability or sickness, or life insurance, aren’t typically covered as a business expense. A self-insurance reserve also isn’t considered a business expense. An agent at ALLConnecticut Insurance can help you determine which insurance your business needs, but it’s best to contact a tax professional to see which policies can be written off.

Contact ALLConnecticut Insurance, serving West Hartford, CT, to get a quote on commercial insurance.