Trying to determine how much insurance your commercial business needs is challenging. You don’t want to be underinsured, or you won’t be fully covered in the event of a fire or break-in. You don’t want to be over insured, or you are paying for more insurance than you need. So how do you determine how much insurance your business needs? Here are a few factors to consider.

The Value of the Product or Merchandise You Have Stored in the Building

One of the first things to do is to determine what the value is of the product you normally store in the building. This is challenging as your inventory can go up and down, but get an average of how much you normally have on hand at any given time.

The Value of Your Business Property

Another factor to consider is how much your business property in the building amounts to. This includes computers, point of sale systems, fixtures, desks and other business property that makes your business function. In the event of an emergency, you will need to replace these items.

How Much Your Business Makes Each Day

The last factor to consider is how much money your business makes each day. If your normal day-to-day operations are interrupted or halted because of flood or fire, your commercial insurance will cover this daily loss if you are properly covered. Figuring out how much you average per day can help ensure you carry the right amount of insurance so you aren’t out any money if the unexpected happens.

If you are trying to figure out how much commercial insurance your business needs, or are looking for a new policy in the greater Canby, OR area, be sure to check out Oliver Insurance. We would love to help you determine how much insurance you need and draw up a new policy for that amount, ensuring your business is fully covered.

 

 

Well, that is exactly it – with umbrella insurance there are no exact absolutes. Of course, while the amount of covering protection is clearly outlined when the policy is being drawn, umbrella insurance only comes in to play when the underlying insurance policies payout on a claim has been exhausted.

Umbrella insurance is an added liability insurance that is an extension of your current personal, automobile, another vehicle, homeowners or commercial insurance policy. Today many people who find themselves in the position of the claimant are interested in suing the individual who may have harmed them in some way. Many times these lawsuits exceed the financial boundaries outlined in a common insurance policy. Where common insurance policies end is where the umbrella insurance begins. Many insurance claimants are seeking not only to sue the offending party but are seeking other culpable parties to pay damages for the incident that befell them.

Do I Need Umbrella Insurance?

When umbrella insurance was first introduced in the middle of the last century, it appeared that this type of insurance only seemed suitable for the wealthy. Who would want to sue someone who doesn’t have a lot of money? Unfortunately with a number of lawsuits ever-climbing, anyone can find a subpoena in the mail from a car accident to a trip and fall in front of your small business. Umbrella insurance acts as a buffer and could potentially avoid a claim against your real estate or personal bank accounts if monies were awarded in a liability suit.

Let the professionals at Oliver Insurance discuss with you how to best protect your family and business with umbrella insurance. Though it may be raining umbrella insurance can protect your assets from getting caught in the storm. 

The sun is out, there’s not a cloud in the sky and your bike is calling to you.  It is a perfect day for a ride down long roads.  However, even in the summer heat, you can take a spill.  Protect your body against serious injury, especially when it is tempting to shed some layers in an attempt to beat the heat.

Helmet

It is a no-brainer.  Your helmet is going to protect your brain in the case of the simplest motorcycle incident.  Kids on bicycles can receive serious injury when they are pedaling a couple miles an hour.  Your skull provides no protection against concussion or worse at 35 mph. Wear the helmet.

Leather Jacket with Armor

Your spine is the next most vulnerable part of your body.  A tank top or t-shirt is simply nothing more than a breath of air between your vertebra and the pavement.  A leather jacket with a spinal armor insert is going to take the brunt of the impact when you take a spill. Weigh the options: concrete invading your backbone or sweating it out under a good leather jacket.

Jeans

It would be wonderful to ditch the denim for a pair of cargo shorts on the ride to the beach.  While blue jeans are not the best option, they do a much better job at defending against road rash in the case of an accident. 

Boots

Your feet hit the pavement at every stop sign.  Give the toes the protection they need against flying pebbles when you hit the gas with your buds and invest in some decent boots.

Check with Oliver Insurance to make sure your bike is protected, too, when riding out on a hot, summer day.

There are lots of things you can do to prepare for emergencies in your life. Building an emergency fund for unexpected expenses, having a plan and support in case of a house fire or other disaster, and updating emergency contact information when a change happens in your life. By putting these types of measures in place, you and your family can be prepared for emergencies or unexpected events that may arise. Preparation will help keep these emergencies from being too much to handle.

Another way your family can help prepare for the unexpected is with a long-term plan. Setting long-term goals helps set a structure for your family, and gives milestones you can check your progress against along the way. Having a long-term plan can also help you plan for the unexpected. When you develop a long-term plan, your family will think of complications or problems that could come up so that the long-term plan can be adaptable in case something happens. This can help your family be more prepared for whatever may arise.

Even when you plan for emergencies and develop a long-term plan for your family, the unexpected can still happen. When the unexpected occurs, there must be measures in place to help your family keep moving forward and transition afterward. One way to do this is to ensure that you have a plan for your end-of-life wishes and make sure you have life insurance that will meet your family’s needs.

Life insurance can’t solve problems, but it can help. When you pair your life insurance with other preparation, your family will be ready to face whatever challenges may arise. Contact a local agent at Oliver Insurance today for more information.

Understanding umbrella insurance isn’t easy, but at the very least the name helps conjure the idea that it’s a policy that covers anything and everything. It’s not necessarily a common policy, but it certainly provides some comfort to those who have it. Here are 3 tips to consider if you’re trying to decide if it’s for you. 

1. Consider What You Have

The more stuff you have, the more stuff you have to lose. This is the core idea behind umbrella insurance is that it’s meant to save what you own from scenarios that could have never even been imagined at the time the policy was drawn out. Humans can be pretty inventive, but you can only list so many events that are technically covered under a policy (otherwise, there wouldn’t be enough time to write them all out.)

2. Understand the Importance of Caution 

Throwing caution to the wind can sometimes be fun, but when it comes to your property, is that really what you want to do? You’ve likely worked extremely hard to build everything you have, and umbrella insurance could be the key to guarding it from whatever it is that could happen to it. Getting a policy like this shows your commitment to what’s important to you. 

3. Find Someone Who Knows 

Oliver Insurance helps the people of Canby, OR draft umbrella policies to save themselves from financial ruin and emotionally devastating events. Talk to us about what’s most important to you, and we’ll talk to you about how to best protect it. Whether you have several rental properties or just a very special single-family house, give us a call and let us help you work it all out so you can rest easy at night.