Eight Winter Tips for Your Pet
It’s the perfect weather for fluffy snuggles with your favorite four-legged friend, but the dry air and freezing temperatures can be just as dangerous to our pets as they are to us. As the weather begins to turn, it’s important to prep your home for winter, and that includes taking some extra safety precautions for […]
Market Trends: What’s New About Buying a Used Car?
Choosing to buy a new or used car used to be straightforward. That’s changed a bit, thanks to the pandemic, particularly because of the car chip shortage. While new cars are becoming more plentiful, rising interest rates and general inflation may have you considering options you never would have before, like buying out a lease or […]
Here’s Why You Should Buy Life Insurance for Your College Student
A college student does not typically have children or debt, other than student loans. With no dependents who rely on them, why would you buy life insurance for a child in college? No one wants to consider the death of a child. However, should this tragedy occur in your family, if you have co-signed on any loans, it can become a problem. On the positive side, purchasing a life insurance policy when a person is young and healthy will involve very affordable premiums.
Married College Students
If your child is married, planning a marriage, or has a child, buying a life insurance policy makes good sense. In the event of loss of life, the insurance policy will provide support to the partner, spouse, or child to help them weather the years ahead, free from financial stress.
Student Loans
Most college students take out loans to pay for their education. The type of loan will determine what occurs should the college student pass away prematurely. Federal student loans allow for the debt to be canceled when the person dies, but private student loans must be paid off, and require a co-signer, which is typically a parent or grandparent, who is now responsible for paying off the loan. The death benefit of a life insurance policy can be used to cover this debt.
Establishing an Asset
A whole life insurance policy builds up equity over time. A college student who has a whole life insurance policy is establishing an asset that can be used in the future, such as taking loans from the policy to pay for future needs. Buying a whole life policy for your child can help them establish a healthier financial future. Once in the working community, your child can take over paying the premiums, and watch the asset grow.
Does Your College Student Need Life Insurance?
To decide whether to purchase a life insurance policy for a college student, consider these issues:
- Does your child have outstanding car loans or other debts?
- Has your child taken out student loans that must be repaid should they pass away?
- Does your child have a spouse, partner, or child that will need support?
- Did you mortgage your home or take out other types of loans to pay for your child’s education?
- Does your child have credit card debt?
- Have you co-signed on any loans for your child?
Choosing the Right Policy
The purpose of the life insurance policy makes a difference in the type you should purchase. A very low rate, term policy may best suit your budget. The cost of premiums for young, healthy people are very low, and extremely affordable. If you want to help your child build an asset, a whole life policy could be put in place to create an asset for the future. Every child and family are different, and with the help of one of our local agents, you can choose the life insurance policy that makes sense for your budget and needs.
If You Blog, You May Need Professional Liability Insurance
Every business is advised to have a blog, but does this come with risks? Surprisingly, yes. A blog may mention a specific company, competitor, or include claims regarding results, and under the right conditions, could lead to a lawsuit. Companies that make promises about what they can achieve can be at high risk. What if the advice is taken, with no result, or a bad result? Business liability insurance covers the business against the risk of an accusation of false advertising.
Business Blogging and Liability
Blogs are among the most popular ways people get information, but a business blog comes with some risks. The types of issues that may arise related to a business blog include:
- Claims of libel: If a blog mentions a competitor or a product, it can trigger a lawsuit by the named person or manufacturer who accused you of libel.
- Claims of invasion of privacy: Posting images is always a good idea, but you must ensure the person in the image approves the publication of an image.
- Securities fraud: A company that promotes themselves through a blog must be very careful with the words used, or may be subject to scrutiny and legal problems from the SEC.
- False advertising claims: If you promote your product, company, or services in a blog, and a consumer claims the blog presented false information or the product did not perform as described, you may be facing a false advertising claim.
- Defamation claims: A person mentioned in the blog may take offense to what is written and file a defamation lawsuit against you.
Blog for a Living? Get Covered with Liability Insurance.
If you are a blogger and are busy monetizing your activity, attracting followers, and watching your dream come true, it can turn into a nightmare when someone takes offense to your words. To protect against the cost of defending the lawsuit, putting a liability insurance policy in place can save you from a total financial disaster.
Whether you write a business blog, personal finance blog, interior design blog, news blog, political blog, or a benign blog such as a mommy blog or food blog, you need insurance to protect you against the significant losses if a lawsuit or claim is filed against you. Whether the accusation is true or false, you still need an attorney to defend against the accusations. That’s when your liability insurance can be a lifesaver.
What is Business Liability Insurance?
Business liability insurance protects against claims for personal injury, property damage, advertising injuries such as errors or misstatements. It also protects you against the losses from bodily injuries, libel, and slander. Gossipy blogs may be fun to read, but an individual mentioned may not appreciate any shared, incorrect news they claim has damaged reputation. General liability insurance pays for your defense costs if a lawsuit is filed against you, as well as pays out on judgments up to policy limits.
Choose the Best Blogger Liability Insurance
Get help from a local agent to select the policy that will best suit your blogging activity. It is advised that you seek the help of a professional in the insurance industry to guide you to a policy with the highest limits at the lowest cost, from a reputable insurance provider.
What Steps Should I Take When in an Auto Accident?
A vehicle accident is a shock, even if it is just a minor fender-bender. The impact of the crash causes serious damage to the vehicle, or causes injuries to the driver and passengers. After an accident, taking certain steps can help you file a claim with your personal insurance policy to cover lost income from work, medical expenses, and other losses.
- Step One: Injuries? Call 911.
Thoroughly check yourself and your passengers for injuries. If anyone in your vehicle is injured, call 911 at once so that emergency services can be dispatched to the accident site. - Step Two: Move to a Safe Location.
In a minor collision, move your vehicle to the side of the road to avoid the risk of another collision. If the accident is more serious, leave the vehicle in place and get to the side of the road or sidewalk if possible. - Step Three: Stay Calm, Wait for Help.
It may take some time for emergency services or law enforcement to arrive. Stay calm and provide basic care to the injured, applying pressure with a piece of clothing to bleeding wounds. - Step Four: Exchange Information.
Exchange insurance information with other drivers in the auto accident. Do not discuss who was at fault, or what happened. - Step Five: Take Pictures.
Use your phone to take pictures of the vehicles, skid marks on the road, license plates, and your injuries. These images can be critical as evidence when filing a claim. - Step Six: Get Contact Information from Eyewitnesses.
Get the contact information (name, address, phone number) of any witnesses to the collision who have stopped to render aid. - Step Seven: Undergo a Full Medical Evaluation.
The adrenaline released into your system in an auto accident suppresses the sensation of pain. You may feel you are fine, but in a day or two, could suffer the effects of the collision, suffering intense pain, severe bruising, or worse. Tell the medical professional attending you that you were in an auto accident, so the information is entered on your chart and the right tests are performed.
Recovering from an Auto Accident and Your Personal Insurance Policy
Recovering from injuries from an auto accident can be a lengthy and painful process. While you have the right to be compensated by the auto insurance company of the responsible driver, the amount paid in a settlement may be far less than you need, particularly when the injuries affect your ability to work and earn a living. That when your personal insurance can be a lifesaver.
Personal Insurance and Auto Accidents
The driver responsible for the collision may have the minimum limits on their insurance, or in some cases the driver is uninsured, or leaves the scene, never to be found. Your personal insurance policy can provide you with the finances you need during your recovery. Personal insurance, or “personal injury protection,” (PIP), provides coverage for the cost of medical bills, lost wages, and other losses after a car accident.
No-Fault Personal Insurance
These policies have the advantage of providing coverage no matter who was at fault. If you were a passenger in an auto accident and have personal insurance, your medical bills and other losses are likely covered, based on the terms of the policy.
Need Help?
If you do not currently have personal insurance, or you would like to find a better policy, meet with one of our local insurance agents.
Careers in Claims
No one wants to submit a claim, but when accidents happen it’s good to know there’s a team of professionals who have your back. Behind the scenes, you’ll discover a career in claims is both rewarding and filled with opportunities to grow and advance. If you’ve been looking for a new job, it might be […]
Behind the Scenes with Today’s Homeowner and Erie Insurance
Have you heard? Erie Insurance partnered with Danny Lipford and the Today’s Homeowner crew to spread the word about our valuable independent insurance agents and ERIE’s signature Guaranteed Replacement Cost coverage. Who is Danny Lipford? Danny Lipford is known as America’s Home Improvement Expert. As host of the Emmy-nominated, nationally syndicated Today’s Homeowner television and radio program, […]
How Will Inflation Impact My Coverage?
Inflation – no one loves it. When it hits a business, it affects the cost of goods, particularly for any business that manufactures products, and can have an impact on the cost of business insurance. The types of policies that may increase in price due to inflation include:
- Commercial property insurance: The construction industry is suffering growing pains, exacerbated by the radical increase in the price of materials. Replacing or repairing any damage to a facility will be much more costly than it was in the past, and you can expect to see higher rates for coverage.
- Commercial auto insurance:The auto industry has been affected by inflation, with the cost of repairs to vehicles on the increase, with added issues related to chip shortages. Your commercial auto insurance may increase in cost due to this situation.
How to Manage the Impact of Inflation on Your Business Insurances
Your business insurance policies should be reviewed on a yearly basis. New programs become available every year, and you want the best deal possible – the highest coverages at the lowest rates. Rather than looking at an insurance bill from your provider and just paying an increased rate, it is advised that you work with a local business insurance agent to help you find the most affordable option, with the best coverage, and offset the added costs associated with inflation.
How to Lower Your Business Insurance Premiums
The only method by which you can avoid excessive increases in insurance premiums is to shop for a better policy. While dealing with insurance may not be your favorite activity, with help from a local agent, you can get the professional help you need to find a better option. Business insurance agents have access to the market and can identify the best options for your operation. The ideal policies are those that provide the highest level of coverage at the lowest rates. When a favorable option comes on the market, your agent does the heavy lifting for you. All business owners should have the support of an insurance agent they trust to be a partner to navigate the ever-changing market.
Is Inflation Slowing?
Inflation appears to be slowing, but only time will reveal how long increased rates will continue. The positive impact of reduced inflation should begin to become evident in the last quarter. We all look forward to the costs of doing business reducing, and a more stable, predictable economy in the coming years – and more options to reduce the costs of business insurance. Stay in contact with your agent to stay ahead of the curve and save when and where you can.
The Labor Market, Inflation, and Insurance
Business owners have weathered many storms over the years, and the current rate of inflation brings one more challenge, along with a labor shortage that most company owners are experiencing. Throughout every up and down in the economy, one thing holds true – your business must be thoroughly protected with business insurances from reputable providers.
Do I Have to Choose a Beneficiary? What You Need to Know
When you purchase a life insurance policy, you must name a beneficiary, or several. The listed beneficiary is the person who will receive the death benefits should you pass away before you time. A sudden death due to an accident or illness leaves the family bereft, but the life insurance benefit allows them to move forward without suffering serious financial problems. The benefits are not taxed and paid rapidly, without the waiting period required for an estate to go through probate.
Choosing a Beneficiary for your Life Insurance
People have various reasons for buying life insurance. In many cases, the beneficiary is a spouse, children, parents, or other relative – but these are not the only options. If you are a business owner, you may choose to make your business the beneficiary. If you have a charitable organization that you support, you may choose to name that charity as the beneficiary. You may choose to name a trustee of an established trust, or your estate. You have many options, and selecting your beneficiary is one of the most important issues when you buy a life insurance policy.
Changing a Beneficiary
Life events may lead to the need to change a beneficiary. The birth of a child, a marriage, divorce, or starting a new business could make it necessary to change the named beneficiaries on your policy or policies. To change the named beneficiary (ies), you need to request a Change of Beneficiary form from your insurance company. You, as the owner of the policy, are the only person that has the right to change beneficiaries in most cases.
A person who has granted power of attorney to another individual, it gives that person the right to make financial decisions on your behalf. If the beneficiary of your policy is named as an “irrevocable beneficiary,” the policy is set in stone, and cannot be changed. In community property states, you may need your spouse’s permission to change beneficiaries on your policy.
Naming More Than One Beneficiary
You may choose to name several individuals or other entities as beneficiaries of the death benefit of your policy. It is imperative that you list the percentage of the benefit you want to go to each party, and how that percentage will be split should one named beneficiary pass away.
Primary or Contingent Beneficiaries
Your primary beneficiary will receive the death benefit, but should that person die, you should name a contingent beneficiary. The beneficiaries cannot be changed once the policy owner dies. In some rare cases, the policy owner dies while in the process of changing beneficiaries. In this case, the insurance company makes the final decision on the recipient of the payout of the benefits.
Life Insurance Trusts
Many people choose to establish a life insurance trust. The life insurance policy is the asset of the trust. After the life insurance policy is transferred to the insurance trust, the individual no longer owns the policy. At death, the payout goes to the trust, which allows for some control over how the funds are used. These trusts are often a strategy used by people with concerns regarding estate tax. After an irrevocable life insurance trust is established, it cannot be changed.
Need Help? Talk to Us.
Protecting the financial health of your loved ones with life insurance is an important step for people of any age. Our local agents can help you find the best policy for your situation or review your current policies and identify the current options on the market that could offer higher payouts with lower monthly premiums, and help you with any questions regarding beneficiaries, insurance trusts, and any other concerns.
What You Should Know Before Becoming an Airbnb Host
Becoming an Airbnb host is an exciting prospect, with a great financial upside. However, it is important to be aware that hosting others on your property comes with added risks. The visitors to your property are unknown to you, and you can’t be completely confident that they will treat your property with respect. You have invested in your property, adding all the features that attract visitors, including furniture, appliances, artwork, TVs, Wi-Fi systems, and a range of other features. Protecting your investment could not be more important.
Risks vs. Rewards
When planning to become an Airbnb host, consider what you are hoping to achieve. The added income you can gain must be balanced against the work you must perform to keep the property in good condition, and the time involved in being available to your visitors. Consider the time you devote to the property, along with the cost of maintenance against the income you earn.
Guest Quality
The guests you allow on your property are hopefully clean, friendly, and responsible. Unfortunately, some guests are a nightmare. They may invite others to visit and have a loud, raucous party, break valuables, start a fire, leave a faucet running that leads to a flood… and the list goes on. Even the best guests will not respect your property the way you do and may damage your property. Along with the cost of repair, the stress can be a little more than expected.
Protecting Against Losses with Insurance
The idea behind an Airbnb is added income, so protecting your property is of great concern. The types of insurance you have in place could save you from a financial disaster when something goes wrong. Your home insurance will not cover damage to the furniture, appliances, or technology you have in your Airbnb. Meet with a local insurance agent to discuss putting the right insurances in place, which could include business insurance, landlord insurance, liability insurance, add-ons to your homeowners insurance, as well as personal property insurance if you are a victim of theft or vandalism. Every insurance company offers different levels of protection.
Injuries on Your Property
A guest could be injured while staying in your property, and hold you liable for their medical bills, lost wages, and other losses. You need to ensure you are fully protected against this risk if you plan to offer an Airbnb to travelers to your region. Personal liability insurance provides protection in the event of an accident on your property, and the cost of defending against a lawsuit. Personal umbrella liability insurance adds an extra layer of protection. All these possibilities should be fully discussed with your insurance agent, and a plan put in place that is both affordable and covers a range of risks.
It’s All In the Fine Print
An insurance policy is a legal document, with pages of fine print. Few people read these policies or understand fully what is and isn’t covered. With assistance from an insurance agent, your choice of policies is much safer – far better than clicking a button on a website that offers fast, cheap coverage that may do nothing for you when you most need help.
