Month: November 2019

What Is Toy Hauler Insurance And Why Do I Need It?

Posted on by AgentInsure

Whether you anticipate winter because you can’t wait to hit the snow with your snowmobile, or if you’re anticipating warmer weather in West Hartford, CT that’s perfect for bringing out your dirt bikes and ATVs for an exhilarating adventure, one thing you shouldn’t overlook is insurance protection for your toy hauler. Your toy hauler is a great way to get your equipment from here to there safely, but it’s an expensive investment, so it’s important to get insurance coverage with a specialty RV policy before you hit the road with your toys. With the right ALLConnecticut Insurance policy, you’ll have the peace of mind from knowing that you are covered if anything happens to your toy hauler. 

What Kind Of Insurance Do I Need For My Toy Hauler? 

There are several different types of toy hauler insurance that cover different kinds of losses, including: 

Total Loss Replacement — This insurance replaces total losses with the latest available model or a comparable model. If the latest model is not available.  

Contents Coverage — Some basic hauler policies don’t cover any items you have inside your hauler. Contents coverage is a great policy because it will cover all of the items contained inside your hauler in the event that it is damaged.  

Agreed Value Coverage — This coverage will pay you the amount you originally paid, or the appraised value of the hauler, in the event of a total loss, with no deduction for depreciation or standard deductible. 

At ALLConnecticut Insurance, we’ll find the perfect policy to match your price and protection requirements. We work with numerous high-quality insurance companies, making it easy to compare West Hartford, CT toy hauler insurance policies to determine the best policy for your specific needs. Give us a call today and talk to an experienced agent for more details. 

How Business Owners Reduce the Risk of Losing Everything

Posted on by AgentInsure

America is very litigious. Any small business owner knows that a lawsuit can come up at any moment. This is not a matter of if it will happen, but when it will happen.  Liability exposure from a major lawsuit could be in the many millions of dollars. Does that mean every commercial insurance policy must have a limit of multiple millions? No, not necessarily. 

What are the risks?

Workers’ compensation insurance generally limits the ability of employees to sue for on-the-job injuries. It also limits the ability of the surviving family members to sue an employer in the case of death. The worker’s compensation insurance pays those claims and not the employer. This protection works for most cases, except if the employer’s negligence was a contributing factor.

An example of extensive liability comes from an accident with a vehicle covered by commercial insurance. If people are killed in the accident, liability exposure may be very high. Product liability insurance has the same problem with no upper limit of the risk exposure.

Protecting Net Worth

The solution for most business owners is to protect their net worth and manage the risk of losing everything from a lawsuit by carrying umbrella insurance.  Talk this over with your agent at ALLConnecticut Insurance serving West Hartford, CT.

Umbrella insurance provides extended protection of underlying insurance policies. Once those underlying policy limits are reached if a covered claim exceeds these amounts then umbrella insurance provides additional coverage.

Most business owners have umbrella insurance that is at least equal to their net worth. 

For example, a business owner with a net worth of $6 million may want to carry commercial vehicle insurance with a $1 million liability limit and general liability with a $1 million limit and then have umbrella insurance with a $5 million limit. This would be the amount that could help protect the $6 million in net worth.

Summary

Every business owner’s situation is different so consult with your agent at ALLConnecticut Insurance in West Hartford, CT about how umbrella insurance can help protect you from losing everything.