Benefits of a Commercial Umbrella Insurance Policy

All California companies can benefit from a commercial umbrella insurance policy.

With the number of lawsuits filed each day rising, it has never been more important to invest in a commercial umbrella insurance policy. People are more apt to sue a company or professional than ever before. The protection that is provided by a commercial umbrella insurance policy can help to make sure that your business has the right amount of coverage.

Umbrella insurance is meant to provide additional liability coverage that goes beyond the liability that is provided by your other business insurance policies. Without an umbrella policy, you would be left relying on a typical business liability policy. The limits of a liability policy can quickly be exhausted after just one lawsuit. If you don’t have umbrella insurance, you would be left paying for the rest of the coverage out of your business accounts, which could easily bankrupt your company.

There are many situations that your California company may encounter that your umbrella policy would cover, including:

  • If one of your employees says something on social media that is damaging to a corporate entity or person while at work.
  • A client takes a financial loss due to advice that one of your staff members provides in a consulting capacity, such as financial advice.
  • A customer slips on a wet walkway on their way into your business and is injured.
  • A client is seriously injured or dies after using a product that your company provides.
  • An employee speeds through a yellow light in a company car, causing property damage and several injuries.

Since there is no way to know when an accident will occur, having the right amount of coverage at all times can help to give you the peace of mind that you deserve. Contact the insurance experts at Stromsoe Insurance to help you find the right business insurance policies that will fit your needs.

End Valentine’s Day With a New Ring? Then You Need To Read This

Insuring your engagement ring can help to keep is protected.

Your engagement ring is much more than just a ring. It signifies the love between you and that special someone. While insurance may not be very romantic, it is the best way to give you the peace of mind that you deserve as you start the new chapter of your life.

You have a couple choices when it comes to insuring your engagement ring. The first option is to schedule your ring within your renter’s or homeowners insurance policy. When you schedule your ring, you will get additional coverage that goes beyond the personal property portion of your policy. You will have to prove the value of your ring with either a receipt or an appraisal to ensure it is protected for the right amount.

The second option is to invest in a specific jewelry insurance policy. Jewelry insurance is only available through certain insurance companies, so talk with your insurance agent to find out if your current insurance company offers the coverage. Just like when you schedule your ring, you will need to provide proof of the value through a receipt or appraisal.

The cost of your engagement ring will depend on many factors, including the value of your ring and how much coverage you want. In most cases, engagement ring insurance will cost $1 or $2 for every $100 in replacement coverage that you want. That means if your engagement ring is worth $9,000, you would be paying between $90 and $180 for your coverage.

Working with an independent insurance agent can help you get the right amount of coverage for your symbol of love. For all of your insurance coverage needs, contact the experts at Stromsoe Insurance Agency. We will work closely with you to make sure you have the protection that you deserve, all at the right price to fit your budget.

The Truth Behind Common Flood Insurance Myths

Don’t believe these flood insurance myths to ensure you are able to get the right amount of coverage.

Do you know if you are covered in case of a flood? With the current El Nino conditions throughout California, it is more important than ever to ensure your home and personal property are covered from rising waters. Knowing the truth behind these flood insurance myths can help you find the right amount of protection.

You have to live in a flood plain to get coverage.

If you live in a high-risk flood plain you may be required to get flood insurance, but the coverage is available to all homeowners. If you are thinking of skipping out on coverage, if your lender doesn’t require it, think again. Even if you live in a low-risk area you are at risk of dealing with a flood, making coverage essential.

Flood insurance will cover all damages and destruction.

Just like all other insurance policies, there are limitations to the coverage that comes with flood insurance. Talk with your insurance agent to ensure that the limits of your policy meet your needs.  The more your house is worth and the more personal property you have to cover, the more coverage you will need.

My homeowners insurance will cover flood damage.

Flood insurance policies specifically exclude damage that is done during a flood. The only way to get protection in case of a flood is a specific flood insurance policy. Keep in mind that flood insurance policies have a 30-day waiting period before the coverage kicks in, the sooner you choose a policy, the sooner you will be able to get the peace of mind you deserve.

For all of your flood insurance needs, contact the insurance professionals at Stromsoe Insurance Agency. We will help you find the right amount of coverage to meet your needs, all at the right price to fit your budget.

Business Interruption Insurance Terms to Know

This guide will help you better understand the coverage provided by your business interruption insurance policy.

If your company has to shut down for a while after a covered loss, it can mean serious trouble. Even though you don’t have the income you need to keep up with bills, you can’t stop paying your monthly bills like rent and utilities. Luckily, a business interruption insurance policy can kick in to help your company stay afloat.

To help you better understand exactly what is covered by your business interruption insurance policy, keep these terms in mind.

  • Business income – in most cases, your insurance company will cover the reduction in your company’s net income while your operations are suspended after a covered loss. The net income includes the amount that would have been earned at your company while operating normally, including all operating expenses.
  • Actual loss sustained – your business insurance policy will cover the actual loss that your company sustains as the result of direct damage or physical loss by a covered peril. Your insurance policy will only cover losses that cause an interruption of your business which leads to a loss of income.
  • Period of restoration – your insurance company will be held liable for the income your business loses during the period of restoration, which is the length of time that is required to repair, rebuild, or replace any destroyed or damaged property.
  • Service interruption – which will cover the direct physical loss, destruction, or damage to gas, electrical, steam, sewer, water, or other service or utility that is necessary for your business operations.

When it comes to protecting your California business, having the right team of insurance experts behind you can give you the peace of mind that you deserve. Contact the experts at Stromsoe Insurance Agency for all of your commercial insurance coverage needs. We will work with you to ensure you have the right amount of protection, all at the right price to fit your budget.