Umbrella Insurance 101

Have you ever heard of umbrella insurance? There is a very good chance that you have not. In fact, for a long time, many people thought that this type of insurance was meant only for the wealthy. They did not realize that it is actually very affordable and should be considered by anyone who already has insurance. 

What is umbrella insurance?

An umbrella insurance policy pays out after your regular insurance policy has been exhausted. For example, if you are in an auto accident and your medical bills total $36,000 but your auto insurance pays only $25,000 toward them, then your umbrella insurance policy would step in and cover the rest. Just like many other insurance policies, though, umbrella insurance typically has an exhaustive limit. It’s not going to just keep paying out. 

Why should a person get umbrella insurance?

You should carefully consider getting umbrella insurance because you never know what is going to happen. You may be involved in a car accident that costs $80,000 in medical bills. Don’t you want to have peace of mind in knowing you don’t have to dip into your pocket to pay for any of these expenses? Sure, you do, but if you don’t have the right type of insurance coverage, you very well may find yourself going broke just to pay off these medical bills. 

If you would like to learn more about umbrella insurance, including what it is and why you need it, then please don’t hesitate to contact Oliver Insurance today. We can help you find an umbrella policy that provides you with ultimate protection and gives you peace of mind. 

Why Boat Insurance is Just as Important as Car Insurance

Everyone knows the importance of having car insurance, especially because it’s illegal to cruise down the road without it. Boat insurance, on the other hand, is commonly overlooked. Without boat insurance from Oliver Insurance, serving Canby, OR and the surrounding area, you could find yourself in a bind.

Not Everyone Has Boat Insurance 
Not everyone has boat insurance since it’s not required except for when your boat isn’t paid off and your lender requires it. Therefore, if your boat is on the water and another boat hits yours, you could find yourself responsible for the entire cost of the repairs if the other boater doesn’t have insurance. If you can’t afford to repair it right away, you just won’t be able to use your watercraft until you can pay to repair it. 

Expenses You Could Be Responsible for
Let’s say a passenger on your boat slips, falls and gets hurts, or maybe you get into an accident with another boat and hurt a person on that boat. You’ll be responsible for whatever medical bills accrue as a result of the accident. If you damage someone else’s property with your boat, you’ll have to pay the cost to repair the damage. If you can’t afford to pay the cost, it’s possible the person will sue you. With boat insurance, the damage is covered. 

Covers Your Boat
Your boat is an investment. Let’s say a storm hits your boat or a vandal damages it. You could find yourself not able to go out on the water until you can pay for it unless you have boat insurance. 

To get a quote or open a new boat insurance policy, contact Oliver Insurance, serving Canby, OR and the surrounding area, by calling 503-263-6968. 

What does commercial insurance cover for a small business?

When you run a small business in Canby, OR, you may wind up needing to seek a commercial policy through Oliver Insurance sooner than you think. So the question is what exactly the commercial policy will cover for a small business.

It comes down to your industry and the products or services you provide. If customers, clients or even business partners are visiting a physical location, whether it’s a repair shop or a restaurant or just a home office, then commercial general liability is a must.

Commercial property coverage will, of course, cover losses due to a fire, theft, etc. It may even cover loss of income resulting from these damages. This might not be necessary if you work from home, but is essential if you run a restaurant, a food truck, anything that is not covered by an existing policy.

Beyond this, commercial insurance essentially covers all of the same things for a small business as for a large business, but at a smaller scale. You can look into professional liability insurance if, for instance, you are a writer and you don’t want to be hit with a libel case. You can look into a home-based business plan if you want some extra protection for a small startup. There is product liability insurance if you sell on Etsy and want to make sure that nobody can hold you accountable if they are injured by one of your products. There’s workers’ compensation if you have employees, property insurance for the physical location, vehicle insurance for the delivery truck and so on.

If it’s a risk that you cannot afford to cover yourself, then contacting Oliver Insurance might not be a bad idea to protect your Canby, OR business.

Do I need boat insurance in Canby, OR

While the registration and inspection of your boat are required in Canby, OR, having insurance is not mandatory. This does not mean that it is a good idea to hop into your boat without any liability or damage coverage. If you get into an accident or somebody is injured on your boat, you may be overwhelmed with legal fees. There also may be contractual requirements for you to have boat insurance in some instances. Oliver Insurance is an option to evaluate your insurance needs in Canby, OR.

Private Organizations May Require It

It is not unheard of for both marinas and banks to require boat insurance. Marinas will want boat insurance to make sure that boaters using their facilities are covered for their own damages and legal liabilities to save themselves from a headache. A bank will want you to have insurance because they see it as an investment and they want it kept in good shape in case it needs to be repossessed.

Asset Protection

Whether your boat is for commercial or personal needs, you have invested a large amount of money and one disaster can completely wipe out your expensive boat. It is very common for fires and storms to take out boats that could have easily been covered by their insurance policies. You may find the investment in insurance worth it if you can find the right plan for your budget.

Protection From Lawsuits

If you invite people onto your boat, you need to keep in mind that you are responsible for them. Considering that lawsuits are so common in our culture, it is a good idea to have insurance as a backup plan to cover your losses.

Hopefully, you are convinced that you are likely to need boat insurance. Take into consideration the amount of money you put into your boat and decide if it will be worth it. Consulting with an insurance professional, like Oliver Insurance, will give you the right idea of what options are available to you.

Five Important Facts You Should Know About Flood Insurance

As a homeowner in the Canby, OR area, it is vital that you understand the importance of flood insurance. Below we have put together five of the most important facts to know about flood insurance.

You do not need to live directly near a water source to be affected by flooding.

Flooding does not always come from a river overflowing. It can be caused by various sources including melting snow, drainage backups, storms or even a levy failing. Just because you do not live in direct proximity to a water source does not mean you are not at risk. If you are unsure if you need flood insurance, reach out to an agent at Oliver insurance to discuss further.

There is a good chance your homeowners’ policy does not cover flooding.

Many homeowners assume that their home insurance policy automatically provides a basic flood coverage. However, the fact is almost no homeowners policy automatically provides coverage. If you are unsure if you have coverage for flooding you should call your agent right away.

Your home is much more likely to be damaged by a flood than any other natural disaster including tornadoes, fires, and earthquakes.

Typically it will take 30 days from the time you purchase the coverage to when your home is covered. Do not wait until it is too late, make sure your home is covered today.

Flood insurance is affordable.

Many people assume flood insurance is too expensive. However, this is not the case; there are many different affordable options available in the market place.

If you have questions about your current flood protection reach out to an agent at Oliver Insurance today, we proudly serve the Canby, OR area.

 

Does Motorcycle Insurance Cover the Bike or the Rider?

If you own a motorcycle, you will need to carry motorcycle insurance in order to register the bike. But one of the questions that we at Oliver Insurance are asked is whether the insurance covers the bike itself or whether the policy is specific to the rider of the bike. If you have this question, here is some information you should know about this topic.

Which Drivers the Policy Covers

As a general rule of thumb, your motorcycle insurance will only cover drivers listed on the policy documents. This means that you cannot lend your bike to someone who does not have their own motorcycle insurance, or they will not be covered if they wreck your bike. If you plan on sharing the bike with anyone or letting someone else routinely drive it, you may wish to add their name to the policy as a covered driver.

If Passengers are Covered

If you have a passenger on your motorcycle, they are always covered as long as you are the driver or someone else who is covered under your policy is the driver. If someone else drives your motorcycle and has a passenger, that passenger most likely will not be covered. As such, you should only allow passengers on your bike when you or another covered driver are doing the driving.

Keep in mind that laws and coverage limitations vary from state to state. This information covers the greater Canby, OR area. If you are not in this area, you will want to look up the laws for the city, county and state you reside in.

If you have just purchased a motorcycle, or are getting ready to, you may be in the market for motorcycle insurance. Oliver Insurance, serving the greater Canby, OR area, can help you get the insurance you need. Contact us today for a free quote.

Does Motorcycle Insurance Cover the Bike or the Rider?

If you own a motorcycle, you will need to carry motorcycle insurance in order to register the bike. But one of the questions that we at Oliver Insurance are asked is whether the insurance covers the bike itself or whether the policy is specific to the rider of the bike. If you have this question, here is some information you should know about this topic.

Which Drivers the Policy Covers

As a general rule of thumb, your motorcycle insurance will only cover drivers listed on the policy documents. This means that you cannot lend your bike to someone who does not have their own motorcycle insurance, or they will not be covered if they wreck your bike. If you plan on sharing the bike with anyone or letting someone else routinely drive it, you may wish to add their name to the policy as a covered driver.

If Passengers are Covered

If you have a passenger on your motorcycle, they are always covered as long as you are the driver or someone else who is covered under your policy is the driver. If someone else drives your motorcycle and has a passenger, that passenger most likely will not be covered. As such, you should only allow passengers on your bike when you or another covered driver are doing the driving.

Keep in mind that laws and coverage limitations vary from state to state. This information covers the greater Canby, OR area. If you are not in this area, you will want to look up the laws for the city, county and state you reside in.

If you have just purchased a motorcycle, or are getting ready to, you may be in the market for motorcycle insurance. Oliver Insurance, serving the greater Canby, OR area, can help you get the insurance you need. Contact us today for a free quote.

Is Boat Insurance Required?

Owning a boat is a great way to get outside and enjoy the great outdoors. Whether you are a pontoon fan or want a bit more horsepower propelling you through the water, nearly every kind of boat is fun in the sun. However, you may want to protect your vehicle investment with boat insurance. Knowing regulations and whether boat insurance is required is a must for you as a boat owner. At Oliver Insurance, we are here to help you determine whether you need boat insurance in and around Canby, OR or not. 

Is Boat Insurance Required?

The short answer to this is no, boat insurance is not required by law in the state of Oregon. It is recommended, but you don’t need to have it. You do need to have a title for the boat and register it with the state, which is similar to what you’d need with a vehicle, but unlike owning a car, boat insurance is not mandatory. 

Why You Need Boat Insurance

While not required, boat insurance is recommended as it protects your boat both in the water and out. You might not consider too many potential problems while in the water with your boat, but what happens if you are in an accident driving to the lake? Car insurance does not cover damage to your boat. Only boat insurance is able to provide this kind of coverage. So keep this in mind. 

Protecting your boat investment is important. No matter the kind of boat you own, whether you plan on staying around Canby, OR or you want to go somewhere completely different with the boat, it is always recommended to safeguard your purchase with boat insurance. Wherever you decide to go, we at Oliver Insurance want to keep you protected. 

Protecting Your Personal Assets With Umbrella Insurance

Perhaps you’ve heard umbrella policies discussed in a business setting, but these catch-all policies provide great protection for individuals, too.  An umbrella policy protects you in the case of litigation. Umbrella insurance covers liability or damage exceeding the coverage of standard homeowners, auto, boat, or other insurance policy. It protects your non-business activities worldwide. An umbrella policy protects you and your assets should you be found at fault for an accident. It carries minimal annual premiums for priceless peace of mind.

Umbrella Benefits

If you are sued, an umbrella policy kicks in after you exhaust your standard homeowner’s, renter’s, condo or car insurance’s liability coverage. It pays any judgement made against you and your attorney fees. It also covers you for things like libel and slander. You can add covered items to a policy such as having the policy pay you if your court appearances result in lost wages. An umbrella policy can protect your dependent children when they are found at fault in a car or boat accident.

Costs

Of course, premiums vary by coverage and insurer, but you can generally expect to pay between $150 to $300 annually for a $1 million policy. You’ll pay between $50 to $75 for additional coverage per million dollars. You’ll also need to purchase a specific level of liability coverage for your boat or auto before the insurer will issue an umbrella policy. This varies by insurer.

Come by Oliver Insurance of Canby, OR to review your liability insurance needs. We can help you determine if you need additional coverage on a liability policy or the additional protection of an umbrella insurance policy. Either way, Oliver Insurance has got you covered.

Can You Name A Sibling as Beneficiary

When it comes to life insurance there are tons of elements that you need to work out. One such consideration is who you are going to name as the beneficiary of the policy. For those that live in the Canby, OR area, the agents with Oliver Insurance can help you make the decision.

For starters, it is helpful to know just what a beneficiary is. A beneficiary is the person that benefits from the policy in the event of your death. This means, the person that is going to be able to cash in the policy if you pass away. For the most part, as long as you have signed and officiated the documents, anyone can be named as the beneficiary on an insurance policy.

In most cases, parents tends to name either their children or the caretakers that will be given custody of their children in the event of their death. They may also name spouses, parents, brothers and sisters, aunts and uncles, you can even name your best friend as a beneficiary. If you feel as if the beneficiary status of the person you named may be questioned, you can always get the document notarized so that there is no issue.

For those that want to know how to name a beneficiary, you first need information like legal name, social security number, and address. These are all used to verify identity and to send paperwork to when the policy is being cashed out. If you are having trouble figuring out how to name someone as your beneficiary, you may want to contact an insurance agent to help answer your questions. For those that live in the Canby, OR area, the agents with Oliver Insurance are here to help and can answer all your questions.