Does an At-Home Business Need Commercial Insurance?

A lot of business owners who operate their companies out of the comfort of their own homes fail to realize the importance of commercial business insurance. They think because they don’t have an actual brick-and-mortar business location that is deemed as a commercial space that commercial insurance isn’t needed. It’s extremely imperative, though, for home-based business owners to understand why investing in commercial insurance in San Antonio, TX is a smart choice. Versatile Insurance Planners has put together a list of the top three reasons home-based business owners should buy commercial insurance.

Coverage for Vehicles

If a home-based business owner uses his or her car for business-related purposes, there’s a good chance that commercial insurance will be of the utmost value. This especially applies if the business owner transports clients in the vehicle. If an accident was to occur and the insurance company discovers business activities were taking place in the car, this could hinder a payout. With commercial insurance, though, there’s no need to fret. 

Coverage for the Hard Times

Even the most successful home-based businesses sometimes struggle from time to time. When the hard times hit, it can be beneficial to have commercial insurance. Take for example that a client is injured on the business owner’s home property when coming to a consultation. Without commercial insurance, this could leave the business owner facing a huge financial burden.

Coverage for Business Income

Depending on the exact type of commercial insurance policy invested in, a home-based business owner may be able to take advantage of business income coverage. This means if the business owner is injured and cannot tend to business activities, he or she can tap into the insurance policy to receive financial compensation for a set period or up to a predetermined amount.

Want to learn more about commercial insurance for home-based businesses? Contact Versatile Insurance Planners today serving the San Antonio, TX area.

Is There Such a Thing As Liability Home Insurance?

Home insurance is something that we all have to have on our homes if we have a mortgage or other types of loans out against the value of the home. This means that home insurance also comes in a wide range of sizes and a wide range of policy types that fit each home. For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help you find your perfect home insurance policy.

There are virtually thousands of different types of home insurance policies to choose from. This means that there are also thousands of different coverage types and different levels of coverage. There is no such thing as a liability only policy when it comes to home insurance. There is, however, a base amount of insurance that a home must be insured for. This base number is factored based on the amount of the loan that you have out on the house. This means if you have a $200,000 loan on the home, you have to have at least $200,000 home insurance.

Though you only have to have the home covered for the amount of your loan, it is always best to have your home covered for the value of the house rather than just the amount of the loan. If your home is destroyed and you only have it insured for the amount of the loan, you are going to have no money to buy another home or rebuild. It is always best to make sure you have your home assessed and covered for its full value and for the value of the contents of the house as well to make sure you can both rebuild or buy another home, as well as purchase the contents of your home again.

For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help.
 

Does Motorcycle Insurance Cover Other Drivers?

Motorcycle insurance is something that is both required and necessary, and it covers a great range of things. For starters, it covers the cost of your medical bills if there is an accident. Motorcycle insurance also covers the cost of the other drivers up to a point. For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help you to get the coverage you need quickly.

Much like car insurance, motorcycle insurance is required to cover a certain liability amount. This amount differs from state to state, and it is going to help to cover the cost of the bills of other drivers if they are in an accident with you. This will cover medical bills, replacement or repairs of a vehicle, and court fees should the other person take you to court. Your insurance is also going to cover the cost of their deductible so that they can get started with healing before they are required to spend a great deal paying off fees and bills.

Motorcycle insurance is required by almost every state to make sure that you can cover liability for another driver or vehicle should you be at fault in an accident. For those that live in the San Antonio, TX area, the agents with Versatile Insurance Planners can help you find the motorcycle policy that is going to work best for you and your particular needs. Contact our offices to speak with an agent and learn more about the benefits of a motorcycle insurance policy. We can help you get a quote and get started.

Is Flood Insurance Always Necessary If You Live Near Water?

In San Antonio, TX, the agents of Versatile Insurance Planners are often asked if flood insurance is needed if a home is located near water. The answer is yes and no. There are several factors that go into answering that type of question. Is the home near a floodplain? Are drainage capabilities what they should be? If you own a home near any type of body of water, be it a lake, river, or stream, you should know the answers to all of these questions before you make your decision to purchase flood insurance.

Living Near Water Doesn’t Mean You Will Need Flood Insurance

Just because a home is located near the water doesn’t make it a major flood risk. Many homes that are located within a floodplain never experience a flood, but it’s a good idea to have the insurance in place. If your home is near water but not in a designated floodplain, the risk of your home being flooded is minimal. Floodplains change over time and areas that may not have been included in the past may have been added to the area as different factors change. It’s important to be aware of these changes so you can adjust your coverage accordingly.

Better To Be Safe Than Sorry

Floods can occur whether you live in a floodplain or not. Most homeowners are on the side of caution, especially if they live in areas prone to hurricanes or tropical storms. In this case, it’s better to be safe than sorry. 

San Antonio, TX residents who are concerned about whether or not they need flood insurance can call the agents of Versatile Insurance Planners. They can look over your existing policy and the location of your home and give you the information you need so that you can make the best possible decision. Contact our offices to get a quote and find out more about a policy.

Does a Person’s Credit Score Really Impact Auto Insurance Rates?

When you go to apply for car insurance in San Antonio, TX, there are many factors taken into consideration by the carriers you receive quotes through. From your past driving record to whether or not you currently have insurance, these factors will impact the quotes you receive. Another element that is taken into consideration by many insurance carriers is your credit score. The higher your credit score, the more trustworthy you appear in the eyes of the insurance company. More so, a good credit score helps insurance companies, like Versatile Insurance Planners, to determine that you are a low risk for them to insure. 

There have been studies that prove the lower your credit score, the more of a risk you are to insurance companies. It should be noted that when an insurance company takes a look at your credit score, they do not take into account your income history, your current employment, or any other type of information. All they look at is your credit score. 

And just because you have a high credit score does not necessarily mean you are going to receive a low premium quote. If you have a perfect credit score but a poor driving history, such as one or more tickets during the past two to three years, then you’re likely not going to receive the lowest premium quote anyway. 

There are more than a few factors considered when insurance companies give you a quote. The best way to get the most accurate quote is to be completely honest about your past driving history. If you lie about a speeding ticket, you may end up with a low quote, but once it goes through underwriting, the truth is revealed and your quote will likely increase. 

If you would like to learn more about auto quotes, please contact Versatile Insurance Planners serving the San Antonio, TX area. 

Does Commercial Insurance Cover with my Business?

Disasters, natural or manmade, can be catastrophic. There’s a wide array of calamities that can shutter the doors of your company, regardless of the business you are involved in. It could be an employee hacker, asbestos, mold, fires, or even a tornado. Should any of these perils occur and threaten to make your San Antonio, TX business go under, you should be able to rebuild. But that won’t happen if you aren’t fully prepared. 

Commercial Insurance for your Business

Commercial insurance from Versatile Insurance Planners is the best way to protect your business from financial losses emanating from these occurrences. There are many types of commercial insurance, but the most common ones are workers comp insurance, property insurance, and liability insurance.

  • Property Insurance – This policy covers company assets including buildings. For instance, this policy will pay for damages resulting from a fire in your office space. There are many types of additional property insurance to purchase depending on the nature of your business. 
  • Liability – General liability insurance will cover damages and injuries caused to any third party by your business. If someone sues your business for property damage or injury, this coverage will pay for the legal process. Malpractice Insurance and Errors and Omissions Insurance are common forms of more specialized types of liability insurance.
  • Workers Compensation Insurance – You need to make sure that your employees are properly covered if you want to run a successful business. Getting a workers’ compensation policy is one of the best ways to do it. This policy covers the employees against work-related injuries. This type of commercial insurance is required in many states.

If your business has company cars, you also need to ensure that your employees are covered when driving a company vehicle. There are a lot of options when it comes to commercial insurance. If you have or are planning to start a business in San Antonio, TX, Versatile Insurance Planners is the place to get your coverage. Call us and speak with an agent if you need more information on our commercial insurance products. 

 

When Is it Time to Cancel Home Insurance?

As a diligent San Antonio, TX, homeowner, you’ve always had a great insurance plan. Even so, there comes a time when you might need to cancel a policy. Versatile Insurance Planners has made a guide for dealing with the most common reasons to cancel a policy.

You Need a New Deal

Even if you aren’t changing homes, there are compelling reasons to cancel a policy. If your current arrangement is too expensive, lacks coverage you want or you simply haven’t had a good relationship with the company, it makes sense to shop around. If and when you find yourself in this situation, be sure that you have the new policy ready to go before you cancel the old one. It’s better to have an overlap between the plans than a gap in coverage.

Refinancing

Updating or making changes to your mortgage does not automatically necessitate a change to your insurance policy. But, there are situations where it could be an issue. The terms of the new loan might require specific coverage that you are currently lacking. When this happens, you can usually contact your provider and have the necessary changes made without much hassle. If, however, you do need to cancel an old policy, follow the golden rule and don’t let the old plan end until the new one is confirmed to begin. Many people run into trouble when final dates get changed at the last second.

Moving

This is the most common reason to cancel a policy. If you’re changing homes, you probably won’t be able to transfer the old plan to the new place. This is because homes tend to vary wildly in value and coverage needs. That said, you don’t always want to cancel the old plan as soon as the new one starts. What is more important here is to wait until you no longer have an ownership stake in the old home. For many people, this means insuring an empty house while you wait for it to sell. If that is the case, talk to your insurance agent. They may offer unique coverage options that are better suited for an empty home.

If you have any doubts about the best way to proceed, contact your Versatile Insurance Planners agent. They can help guide you through coverage for your San Antonio, TX, home or even your future home to be.