Six Flammable Foods

Flour may seem harmless, but many people don’t realize that it has a hot temper. Under certain conditions, foods like flour are highly flammable and can result in fiery kitchen situations. Combustible foods are part of the reason why cooking is the leading cause of home fires in the United States, and the leading cause […]

How to Determine the Right Amount of Coverage Needed

Life insurance – everyone needs it, but how much coverage do you need? Every individual has a unique situation and choosing the amount of coverage requires calculating specific factors. These include the financial obligations that would be left should you suddenly pass away, including:

Income replacement: Your loved ones can be left in a dangerous financial condition without the income you bring to the family. Income replacement should be calculated for the number of years it will need to be replaced to provide for your loved ones.
The cost of your mortgage: A home mortgage is typically one of the largest expenses for a family. Without life insurance, your loved ones may be forced to sell the family home.
The cost to pay off any debts that will remain at your death: Credit card debt, student loans, outstanding taxes, and other debts will not disappear when you pass away, and your life insurance should cover paying off these obligations, or your family may be forced to pay them off.
The cost of college for your child or children: One of the highest expenses for parents is the cost of sending a child to college. Calculate this amount when buying life insurance.

Calculating Your Coverage: The Process

To calculate your income, multiply your yearly income by 10 as a starting point. Many people may choose a longer period to replace the income you brought to provide for your family. Once you have calculated lost income, add in the balance of your home mortgage or mortgages on other properties. Now add the balance on your existing debts to the total, and finally, add the cost of sending a child through four years of college, along with the amount needed to pay for room and board during their education. You now have the basic grand total of the insurance coverage you need.

Buying Life Insurance

Many young families do not consider life insurance as a necessary expense, and this has led to many tragic situations. The family may be left in a very serious financial condition if you unexpectedly pass away. They have counted on your income to pay for food, housing, clothing, education, and other basic costs, which now disappears. Along with the devastation of losing a loved one, a sudden death may lead to very serious financial problems. For young families, life insurance is a must. Life insurance policies, when purchased by young, healthy people, are very affordable.

Term Life Insurance or Whole Life Insurance?

Term life insurance allows you to be covered at the lowest monthly cost but does not build up any equity. Many younger people buy term life initially, and then convert it to whole life insurance later when they are earning more. Whole life insurance creates an asset over time. It allows you to borrow from it in the future, and the coverage lasts a lifetime, but costs more than term life. If your whole life insurance matches your budget, it is always a better option. If not, buy a term life policy that can be converted to whole life when you are ready.

Need Life Insurance to Protect Your Family? Get Help.

We invite you to meet with our local insurance agent to help you find a policy that suits your budget and provides a death benefit that will protect your family should you pass away. The funds are paid out quickly and are not taxed – a very important benefit.

How Should I Budget for Business Insurance?

Your business insurance should cover every possible risk for your operation. It may surprise you that as a basic calculation, the entire range of business insurances, including commercial liability, commercial property insurance, health insurance for employees, workers’ compensation, and other insurances should be budgeted at about 20 to 30 percent of expected gross sales. Smaller businesses can expect to budget far less.

Every industry, and every business is unique, and business insurance should be custom-tailored to suit the needs of the company.

Business Insurance Options

The type of business insurance you purchase will reflect the size of your activity, number of employees, your facilities, vehicles, and the value of all your business assets, along with the inherent risks in your industry. Smaller businesses can invest in a general business insurance policy. The right policy will cover a range of risks, including injuries to customers, vendors, or others, damage to another’s property, and pay the cost of defending against lawsuits, up to the policy limits. Larger operations will require a more comprehensive set of insurances, which could include:

General liability insurance: This insurance is usually ideal for small business owners, as it covers the cost of personal injury lawsuits, third-party property damage claims, lawsuits regarding defamation, copyright infringement, or false advertising.
Commercial property insurance: Your business assets are valuable, and must be protected against losses from theft, damage to inventory, equipment, or office furnishings.
Business interruption insurance: If your operation is shuttered due to storm damage, fire, or other incident, this insurance can help you avoid losing valuable employees and repairing the damage.
Data breach insurance: If a cyber incursion has stolen the private information of your customers, clients, patients, employees, or other, the costs involved can be astronomical. Many companies choose to invest in this insurance, as cyber crime is at an all-time high.
Commercial umbrella insurance: This insurance adds another layer of protection to your liability coverage.
Commercial auto insurance: If your business uses vehicles, commercial auto insurance can protect you should an employee be injured, cause an accident, or other incident.
Business owner’s policy: These policies are designed for small businesses, covering both property and liability insurance.
Employment practices liability insurance: This insurance protects businesses from lawsuits associated with the treatment of current or former employees, such as claims for discrimination, wrongful terminal, sexual harassment, etc.
Product liability insurance: If your business sells a product, this insurance protects against losses should your business be accused of a product that caused injury or damage to a consumer, including in manufacturing, design, marketing, and consumer use.

How to Choose the Right Business Insurances

When choosing your business insurances, the reputation of the insurance company is important. A great online offer may not be the best way to find a provider you can trust to come through when you need it. It is always advised that you work with an insurance agent who understands what you do and can advise you about the coverages you need. A professional can search for the most affordable business insurance policies on the market that offer the best coverage. Connect with our local agent for a customized approach to business insurance.

How to Remove Oil Stains from Your Driveway

It’s a situation that eventually irritates most homeowners: motor oil stains on the driveway. Whether it’s caused by worn seals, roadway mishaps or clumsy upkeep, even the most meticulously maintained vehicle can wind up depositing that dark, gooey gunk right in front of your proud home. A Labor of Love Given the attention and care […]

Useful Apps for Homeowners

Your house is most likely one of the biggest investments you’ll ever make. Do you have the right tools to help you manage it? And no, we aren’t talking about the ones in your toolbox (although those are definitely important). We’re talking about apps specifically designed to help you easily manage the many aspects of […]

ERIE Volunteers Make Blanket Statements of Support

Nothing conveys comfort like a cozy blanket—even more when you know it’s been handmade with well wishes stitched, hooked or tied in. That’s the philosophy of Project Linus and a growing team of ERIE family members who have signed on with the nonprofit group as “blanketeers.” Blanketeers is the name the group has given volunteer […]

How A Traffic Ticket Can Affect Your Life Insurance

No one is perfect, and most people get a traffic ticket at least one in their lifetimes. But the truth is, your driving record can significantly affect your life insurance. If you have a current life insurance policy and you get a speeding ticket, it will not affect your rates. On the other hand, if you are applying for a new policy or additional coverage, you can be sure that your driving record is one of the factors the insurance company will consider.

How Do Life Insurance Companies Look At Your Driving Record?

Life insurance underwriters are thinking in terms of numbers and percentages. They are tying to determine the odds that you will have an early death. This is something they want to avoid, as it means paying out death benefits before the company can collect a substantial amount in premiums. For this reason, insurers charge higher rates when they determine there is more risk involved.

In reviewing your driving records, life insurance companies will look at the following:

DUI on your record: This factor should be obvious. The National Highway Traffic Safety Administration (NHTSA) reports that 10,874 people died in drunk driving crashes in the U.S. in 2017, the most recent year for which statistics are available. This amounts to one alcohol related traffic death every 48 minutes. A recent DUI or multiple DUIs will be more problematic for life insurance purposes.
License revocation or suspension: This is considered high risk. The reasoning is that your license was probably taken away for a good reason. In some cases, a license is suspended simply because you forgot to pay a fine or have a health condition that has nothing to do with your driving record. If this is the case, our experienced agent can work with you to try to minimize the impact of the suspension.
Reckless driving: This term means driving in a way that shows irreverence or indifference to the safety and property of others. In some states, certain driving behaviors are considered reckless, including racing, swerving, passing on blind curves, and high mph speeding. This type of violation adds considerable risk to your profile and increases your life insurance premiums.
Moving violations: To life insurance companies, moving violations show a disregard for safety and increase your risk profile. These violations include speeding, texting while driving, running red lights or stop signs, tailgating, improper lane changes, and failing to wear a seat belt.
Parking tickets: The good news is that parking tickets do not affect your life insurance rates. Insurance companies ignore them.

What Is An MVR & How Does It Affect Your Life Insurance Rates?

“MVR” is an abbreviation for motor vehicle report. It is the report on your driving record maintained by the state and submitted to insurance carriers upon request. You authorize this as part of your application for life insurance.

To qualify for the best rate class (Preferred Plus) you must have no major infractions in your MVR for the past five years. Major infractions include DUI, reckless driving, and license suspension or revocation. Too many moving violations can also increase your life insurance premiums. Most insurers will not care about one or two speeding tickets, but if you have more than two violations in the past three years, your rates will go up. If you have more than four in the past three years, your application is likely to be declined.

What to Know About Classic Car Insurance

Whether it’s a groovy bus from the 1960s or a muscle car from your glory days… you love when your antique or classic car turns heads. If you’re a car enthusiast, you know the feeling — and you often go to great lengths to restore and protect your classic or antique car. That’s why it’s important […]

How Small Businesses Can Avoid Insurance Mistakes

It takes hard work, dedication, creativity, and tenacity to get a small business up and running successfully, so it makes sense to have the right insurance coverage in place to protect it. In fact, purchasing business insurance may be one of the most important decisions you make. The right coverage can help prevent unforeseen events from ruining all you have worked so hard to build.

Small business owners often make mistakes in the area of insurance. To help you avoid them, some common insurance mistakes business owners make are listed below:

Thinking that two insurance agents are better than one: This is simply not so. When you use more than one agent, you are setting your business up for lost discounts (higher premiums) and potential gaps in coverage. It is better to use one agent for all your business insurance needs.
Buying unneeded insurance policies: This is one of the most common mistakes of small business owners – paying for coverage they don’t need. Our insurance agency can help you determine the coverage you need and the most economical way to obtain it.
Only buying general liability insurance: This could be a serious mistake. While general liability insurance can protect you from many business risks, it does not cover everything. Work with our knowledgeable insurance agent to evaluate your risks and determine what additional coverage you need.
Not buying loss of income coverage: Also known as business interruption insurance, this covers loss of business income in the event of a disaster. Property insurance only covers physical damage should a disaster require you to shutter your operations. Loss-of-income coverage can be added as a rider to your business owner’s policy or business property insurance policy.
Not keeping policies updated: Successful small businesses are continually expanding and evolving. It is essential to review with your agent and update business insurance policies accordingly at least once annually, if not more frequently.
Paying too much for business insurance: Always shop the coverage offered to find the best rates available. Our agent will work hard to help ensure that you have the right business insurance coverage for the lowest available premiums.

It is important to be thorough in setting up business insurance policies and keeping them updated. Work with only one agent to avoid gaps in coverage and to benefit from multiple-policy discounts. Regularly, at least once a year, meet with your insurance agent and review your business policies carefully.

If your business is expanding, you may be purchasing equipment, setting up new facilities, hiring employees, or adding to your product or service lines. To protect all you have invested in your business, it is crucial for your insurance coverage to keep pace with the changes. Our agency has the knowledge, experience, and affiliations to advise you on the coverage you need, shop the policies for the best rates, and help you make the right business insurance decisions.

Does Your Auto Insurance Cover Air Conditioning?

Driving a car with no A/C can be miserable during the hot summer months, particularly during a heatwave. As important as it is to your comfort and that of your passengers, automotive air conditioning can be expensive to repair or replace when it breaks down or malfunctions.

In many cases, when the A/C malfunctions it is considered normal wear-and-tear and not covered by auto insurance policies. However, there are certain situations in which insurance coverage may be available for air conditioning damage.

Mechanical Breakdown Insurance

This coverage option is available when you buy a new car. It works in a similar manner as a warranty or extended warranty, although it covers repairs outside the scope of a warranty. The air conditioning system is a mechanical component of the vehicle. Although wear-and-tear in the air conditioning system is not covered by mechanical breakdown insurance, it is likely that manufacturer defects would be covered.

Comprehensive Coverage for A/C Damage

Comprehensive coverage applies to losses other than those incurred in an accident or collision. It covers situations such as theft, vandalism, fire, and floods. If your air conditioning system has been damaged or destroyed as a result of a fire or another event covered under your comprehensive auto insurance, repairs to your A/C may well be covered.

Coverage for Air Conditioning Damage in an Accident

Auto accidents can happen in any number of ways and cause a wide variety of damage to the vehicles involved. Like other mechanical components of an automobile, the air conditioning system can be severely damaged in a collision.

When A/C damage is caused by an accident, it may be possible to file a claim to cover the cost of repairs. The types of auto insurance that cover vehicle damage resulting from an accident include collision, liability, and uninsured/underinsured motorist coverage.

Liability claims are filed against the driver who caused the accident. If collision or uninsured/underinsured motorist coverage is used, you will file a claim with your own insurance company, in which case there is typically a deductible. If the accident has caused significant damage to your auto A/C exceeding the deductible, it may be well worth filing a claim.

Review Auto Insurance Coverage with Your Insurance Agent

We carry auto insurance to protect ourselves against liability, injuries, and property damage to our vehicles. To ensure you have the adequate coverage for all possible types of losses, it is important to discuss your auto insurance policy with an experienced agent.

Our local agency will be happy to review your auto insurance policy with you. We can help ensure that you have the coverage and policy limits to provide the comprehensive protection you need.

Many different factors affect auto insurance premiums, including age, gender, profession, marital status, location, vehicle age and size, and your driving record. Our agent can help you find the auto insurance coverage you need at the lowest available rates.

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