Reviewing your Insurance Policy in the New Year

What a difference a year makes. In some ways this is good, in others, not so much. But whatever changes have occurred over the last 12 months, there’s a good chance they may impact your insurance options, and in many cases save you money. It is important for you to review your policy, and notify your agent of events and changes in your life in order to determine if there is something better out there for you and your family.

Having an independent insurance agency such as Stromsoe Insurance Agency take a look at your policies and see how they fit with your current life situation is a perfect way to go. Unlike an individual provider, Stromsoe Insurance Agency has the resources to compare policies from multiple companies so you can make a truly educated choice on what is best for you. That might mean switching insurance companies, or using the information you’ve gained to negotiate with your current provider.

To learn more on how to save on insurance in the New Year, contact Stromsoe Insurance Agency today!

I don’t have any major business assets. Why do I need insurance?

As a business owner, the first thought is finding insurance. Companies with millions of dollars in assets, such as inventory or machinery, need a specific policy to cover those items. Even if a business has no major assets, insurance is still needed, but for different reasons. 

Not all companies carry inventory. Instead, they offer a service. Individuals who operate a service oriented company need protection against various situations. For example, a plumber is working on a pipe in a person’s home and accidently breaks something else. This represents a liability for the businesses.

No matter what type of business a person has, liability business insurance protects them against loss when accidents and injuries to others may incur while on their property. This type of insurance also covers accidents and injuries related to the company business when an employee is on the clock but away from the office.

Business owners can contact Stromsoe Insurance Agency through their website or any of their social media contacts (Facebook, Twitter, LinkedIn, etc.), if they have questions regarding different types of insurance they may benefit from.

Why Does The Insurance Premium Drop When You Add Home Insurance to Your Auto Insurance?

Insurance companies value customer loyalty. One of the most visible ways they recognize their loyal customers is by offering discounts. Every state in the country requires that drivers have at least the minimum required car insurance.

Likewise, if you own a home, especially if you got a mortgage to help you make that purchase, the lender will require that you have homeowners insurance.

Smart insurance companies capitalize on these requirements by offering you a “bundle discount.” As a consumer, that means saving money. If you have an auto insurance policy with your insurer, and you purchase a home and opt to purchase your home insurance from the same insurer, they want to keep you as a customer, because the more policies you purchase from that company, the better it is for them. So they give you a discount, and you see that discount when your car insurance premiums are lower than they were before you added the homeowner’s insurance.

It isn’t just that you get a discount on your car insurance. By bundling your policies together, you may be able to make payments on both premiums at the same time, and not have to make payments for different premiums on different dates to different companies.

If you’re looking for deal that will give you a bundle discount on any of your insurance policies, contact the Stromsoe Insurance Agency to discuss the best options for you.

Do I Need Life Insurance?

Unless you have plenty of money saved to support your dependents when you pass away, a life insurance policy is should be considered necessary. What does life insurance cover?  It will give your loved ones money to continue their present lifestyle without making drastic changes, and without having to go into debt to pay for the funeral and burial.

Minors don’t really need a whole lot of insurance since no one depends on them for income. Having a rider or small policy which covers funeral and burial costs is a good idea.

College students and young adults typically don’t feel the need for insurance if they’re single, but if they’ve co-signed with family or friends on student or auto loans, a life insurance policy will pay off the debts so that the co-signer doesn’t get stuck with the debt.

Young families should consider a term insurance policy that covers them until the kids are out of school. Even stay at home parents should have a policy since they provide valuable services for the family, which otherwise cost a significant amount of money.

Retirees who have a nice nest egg don’t usually need life insurance, but if you don’t have savings, it’s a great investment which will benefit your partner.

If you’re in the Murietta, CA area and looking for affordable insurance, contact the agents at Stromsoe Insurance Agency today.

Don’t Get Caught without Cyber Liability Insurance

Although you may have business insurance for your company, you might have overlooked the possibility of cyber attacks that can cost you financially. Cyber liability insurance is designed to protect your small business from the possibility of losing everything to a cyber attack from professional hackers.

Before you assume that you do not actually need cyber liability insurance, consider the number of computers that your company uses. If you run an online business, then most of your data is probably stored on a computer. Now consider the possibility that a hacker has accessed your files. You’ve just lost your customer’s information, your employee’s Social Security Numbers and you might not be able to take new orders.

Protecting your business from financial loss in the event that you become the victim of a hacker is the sole purpose of the insurance. It helps you manage the unexpected situation so that you are not held responsible for the hacker’s actions after the information is stolen.

Keeping your company safe from every threat is the purpose of insurance. If you do not yet have coverage for cyber liability, you should obtain a new insurance plan. To learn more about coverage options, contact Stromsoe Insurance Agency.

It’s Heating Up, Which Means Fire Season is Upon Us

Fire is one of the most devastating of disasters. It destroys the possessions as well as, in many cases, the memories attached to some of those possessions. That photograph of grandparents on their wedding day is irreplaceable. The risk of fire is increased during fire season, when conditions are dangerously favorable to fires.

There are many reasons why fire insurance is a good idea, but these are the basics:

  • It is your responsibility to protect what you own, regardless of the threat.
  • Standard homeowners insurance does not cover fire damage to the contents of your home or business, just the building, itself.
  • Valuables you have in your possession have both monetary and sentimental value, but many of them can be replaced if lost.

Fire insurance is additional coverage designed to incorporate the costs of replacement, reconstruction, or repair of your covered belongings, to the extent that they are not covered by a standard property insurance policy.

Ask the professionals at Stromsoe Insurance Agency about their Circle of Safety programs, or other ways to protect your valuables from fire and other dangers. Stromsoe Insurance proudly covers Murrieta and surrounding communities.

Summer Lake Outings Are Not Complete Without Boat Insurance Protection

As boating season approaches rapidly, do you find yourself feeling that familiar tug to get your boat in the water? Chances are, you would never think of driving your car without car insurance, or buying a house without protecting it with homeowner’s insurance. But, what about your boat? Boat insurance is just as important, because it can protect you against a wide range of hazards. Even when you follow all of the necessary boating safety rules and regulations, one single accident can lead to costly damages and possible injuries.

Watercraft liability is designed to cover injuries and damages up to your policy’s coverage limits for accidents in your boat. If you need legal defense, this can also cover some of those costs. Your insurance policy should also provide coverage for medical payments to help with medical expenses for you or other occupants of your boat if an injury should occur. Most policies also offer coverage for the boat itself and all typical boating equipment such as anchors, oars and safety gear. Before that first day out on the water, call Stromsoe Insurance Agency to evaluate your insurance options.

Bailee Insurance, Anyone?

Let’s face it, we live in a “service economy,” more and more businesses (such as auto body shops, dry cleaners, and parking lot owners) are taking temporary responsibility for property or equipment owned by others. Any damage or loss to any property under the care, custody, or control of your firm could cost thousands of dollars — unless you have Bailee insurance.

This Inland Marine policy covers the liability of a business (the “bailee”) for the property of customers under its care, custody, or control. Most Property policies don’t provide coverage for this type of exposure, unless it’s included specifically. You can also purchase Bailee insurance on a no-fault basis to protect customers’ property against any loss or damage and subsequent liability, regardless of negligence.

You should buy enough coverage to pay for the total value of other’s property that might be in your control at any one time. Many types of Bailee insurance are tailored to the specialized needs of a particular type of business (Jewelers Block policies, Furriers Block policies, etc.).

As an alternative to Bailee insurance, you can obtain coverage as part of a comprehensive Property policy that includes a “property of others” clause.

We’d be happy to help you evaluate your needs and find a solution to insuring property under your care, custody, and control. Just give us a call. 877-994-6787

Social Media as a Hiring Tool – Employer Beware!

Social media has revolutionized not only the way we stay connected in our personal lives, but also how we conduct business. However, this asset can quickly turn into a liability if misused – for example, in recruiting your company’s most valuable asset – its employees.

Many employers begin the hiring process by using social-media outlets to screen applicants. LinkedIn and Facebook can provide a wealth of information about applicants’ education, their friends, and their personal behavior. Some companies reject candidates based on the content of their social-media pages. This might include anything from inappropriate photos or comments, discriminatory or slanderous statements, and references to alcohol and substance abuse, to sharing confidential information about their previous employers(s), displaying poor communication skills, or exaggerating their qualifications.

Although all of these indicators raise red flags, you could be risking a costly and annoying discrimination lawsuit if you access social-media sites which contain protected class information that’s not privileged in the normal hiring process.

To minimize this risk, it makes sense to:

    1. When hiring, use outside third parties such as background-verification companies and/or recruiters who document content from social-media sites in selecting candidates.

 

    1. Develop and enforce a comprehensive social-media usage policy.

 

  1. Purchase an Employment Practices Liability Insurance (EPLI) policy

For more information, please feel free to get in touch with our agency (877)994-6787

Protect Yourself With Uninsured Motorist Coverage

The  primary purpose of Uninsured Motorist (UM) insurance is to provide Bodily Injury coverage for medical bills and loss of income (in some states, UM also covers physical damage to your car). UM offers valuable protection under both your Business and Personal Auto policies.

Here’s how UM works: Say you’re injured in an auto accident, and the other driver is at fault. Normally, you’d collect your bodily injury bills from the other party’s Auto insurance. However, it turns out that he doesn’t have Auto coverage — or enough coverage, if he is an underinsured motorist (UIM). This would leave your medical bills unpaid, even though you were the innocent victim.

When you have UM coverage, your insurer will step in and provide the same benefits you would have received from the at-fault driver’s policy. Although limits vary by state, in general, you’ll receive compensation for injury-related losses.

Even though you might have Medical Insurance and/or Disability Income insurance that would also pay for your injuries in a UM or UIM situation, carrying this coverage on your Auto policy often offers a better deal. Coverage might be broader (for example, your Health insurance won’t cover pain and suffering), and there are usually no deductibles or coinsurance provisions.

Call us today about UM and UIM options for your Business Auto coverage. We’ll be glad to review your options for you.