Commercial Insurance Tips for the New Business Owner

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Are you setting up shop near Coppell, TX and need to know more about how commercial insurance from The Select Insurance Agency works? Use this quick FAQ to learn which types are needed to protect your new business venture.

Service-Oriented Business Focus on Liability

If your new business focuses on offering a service rather than a product, you will need to make sure you have the right liability insurance in place. Doctors, lawyers, accountants, financial advisors, and other advice-based ventures can face struggles when a client receives what they consider the wrong news. In our litigious society, proper liability coverage is the cost of doing business.

Protecting Your Employees

It doesn’t matter if you have one, twenty, or a thousand employees on the payroll. You will need worker’s compensation coverage that provides access to medical support for them in case of an injury while protecting your bottom line. Commercial auto insurance also allows your driver access to a company car without taking on the burden of being liable for conducting business on the road. Don’t forget about health insurance options, too.

Factory Space and Machinery Require Their Own Coverage

When you are building a new product, your manufacturing space, and equipment located in or near Coppell, TX should be properly insured against loss due to fire, theft, storm damage, and even economic uncertainty. Make sure to check with your agent about protecting property whether it is on your own or leased land. Farming? Request quotes for livestock and crop insurance, too.

Commercial insurance offers many products all ready to protect different aspects of your new business. Take the time today to speak with your personal agent at The Select Insurance Agency and make sure you have the coverage needed for a long and prosperous business venture.

What is the Difference Between Property Insurance and Homeowners Insurance?

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You’ve probably heard of property insurance and homeowner’s insurance. And in fact, many people throw these two terms around interchangeably. This use is not quite correct, however. Though related, the truth is that property insurance and homeowners insurance are actually two different forms of coverage.

If you own any kind of property in the Coppell, TX area, it’s important to know what kind of coverage options you’re looking at. The experts at The Select Insurance Agency are here to answer all your questions and help you get the insurance policy you need. In the meantime, here’s what you need to know about the difference between property insurance and homeowners insurance:

Homeowner’s Insurance is Technically a Form of Property Insurance

Think of it like this: all homeowner’s policies are property insurance, but not all property policies are homeowner’s insurance. And in the insurance world, the two terms are used separately to refer to specific types of coverage. Homeowner’s insurance is a form of property insurance that focuses primarily on personal dwellings. Unlike property insurance, homeowner’s policies often cover other structures on the premises that may or may not be attached to the primary dwelling structure (your house). Homeowner’s insurance is also important for a lot of people because it also can cover your personal possessions in addition to the structure.

Property insurance meanwhile refers to policies that cover the physical property. This kind of coverage can be used for both dwellings and commercial property, and it safeguards against scenarios that could cause damage to the structure itself. Liability coverage may also be included in a property policy, but usually as a requested addition. Property insurance policies may also take the forms of renters, flood and even earthquake insurance (though obviously this last one is not a common risk in Texas).

Reach out to the experts at The Select Insurance Agency today to learn more about your property insurance options. We’ve been insuring property owners across the Coppell, TX area for years, and

Coppell, TX Home Insurance and Tree Removal

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Just because we don’t get hurricanes up here in Coppell, TX, it doesn’t mean homeowners shouldn’t be worried about storms knocking down trees. Violent windstorms and thunderstorms can cause even visibly healthy trees to topple, sending branches crashing into your roof, shed, or atop your vehicle. Since most of these storms happen in the fall and winter, now is a good time to review your homeowner’s policy from The Select Insurance Agency and examine the conditions of trees on your property.

Does Home Insurance Pay for Tree Removal of Standing Trees

In most cases, home insurance policies won’t pay for the removal of trees that are still standing. Instead, as a homeowner, most insurers will consider it your responsibility to maintain your home and grounds — which includes the care and maintenance (pruning and trimming) of trees that could pose a danger to yours and your neighbor’s property. 

If you notice that a standing tree on your property is no longer producing leaves or otherwise appears to be sick, dying, or dead, then it’s a good idea to be proactive and pay for the removal of the tree. If a tree is known to be at-risk falls, you may be held liable for the damages it caused.

Does Home Insurance Pay for the Removal of Fallen Trees?

Yes, in many cases your home insurance policy will help cover the costs of tree removal for trees and large branches that have fallen on your property or that have fallen and damaged your neighbor’s property.

However, exceptions and limitations do exist. Generally, the tree must have been in otherwise good condition before the storm or similar disaster that sent it crashing. Additionally, you likely will have policy limits on each tree removal. 

Questions? Contact Your Agent Today

For more information about tree removal and what’s covered by your policy with The Select Insurance Agency policy, contact our team today.

How does the other drivers option work?

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The Select Insurance Agency wants you to understand the complexities of your auto insurance so you can drive the roads of Coppell, TX more safely. One thing many people do not understand that can help them is how adding other drivers to your insurance can help you lower your premiums.

You remain the primary driver on the policy. You simply add named drivers to the policy as occasional drivers of the vehicle. It is a good idea to add all of the licensed drivers in a household to the policy.

If someone would typically present a high risk to insure, such as a teen driver, they can lower their insurance rates by adding their parents as other drivers. This works for young adults, too. Those aged 26 and younger can do this to lower their insurance costs.

Conversely, parents adding a teen to their policy will raise their rates since that adds a high risk named driver. The same effect occurs if a spouse adds their spouse who has a poor driving record. Moving violations, DUI’s and an on record accident will result in higher premiums.

Adding your spouse will not negatively affect your rates if you add an experienced driver with a clean record to your policy.

You can add a driver simply by phoning your insurance agent. You will need to provide the full name and driver’s license number of the named driver. Your agent will ask a few questions and get back to you with an updated policy and premiums.

Contact The Select Insurance Agency of Coppell, TX to add a driver to your policy today.

Considerations for Insuring Off-Road Vehicles

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Insuring an all-terrain vehicle (ATV) is a special type of insurance. Work with your agent at The Select Insurance Agency, serving Coppell, TX and the nearby communities, to make sure your insurance is adequate before taking an ATV out for an off-road adventure.

Things to Consider about ATV Insurance

You probably want to have replacement insurance that would cover the cost of a new ATV that is the same or similar to the one you have if it is completely wrecked or stolen. Replacement coverage is better than simply covering the value of your ATV.

Replacement Value

When you only cover the value and not the replacement, you may be sad that you do not get enough to be able to pay for a new ATV when yours goes missing. Also, talk with your agent about the benefits of installing an anti-theft device with a GPS tracking system.

Authorized Users

Insurance needs for an ATV differ depending on who is authorized to use it and is covered under a policy. Inform your agent who you will allow to use and to drive the ATV, especially if you are going to allow any teenagers or children to operate it. In this way, you will be able to avoid having some unfortunate news that an accident is not covered because someone was not an authorized user.

Incidental Things

One thing that many forget to check is the effect of ATV use on other insurance policies, such as life insurance or health insurance. You may be surprised to find out that these policies may have specific disclaimers regarding the use of ATVs as an uncovered risk. Ask your agent to conduct an insurance review of all of your existing policies to make sure you understand the details.

Contact your agent at The Select Insurance Agency in Coppell, TX by calling 972-315-7299 to get a quote for all your insurance needs.

When Is the Right Time to Buy Life Insurance?

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Sometimes, life changes quickly. When sudden shifts in your life circumstances happen, it’s important to take some time to reflect on how those changes affect your financial plan. At the Select Insurance Agency, our focus is on helping our Coppell, TX neighbors protect the things that make life worth living. Use these guidelines to ensure that your life insurance coverage is always adequate, appropriate, and active.

Changes in Marital Status

Whether wedding bells are still ringing or it’s time for two partners to find their own path, changes in your legal relationship status should prompt you to reexamine your life insurance coverage. Newly joined couples may want to consolidate their plans, increase coverage to provide extra protection for surviving spouses or subscribe to new policies to protect their future interests. For those going through a dissolution, it may be a good idea to discuss changing beneficiary information, transferring policies, or separating joint accounts.

Birth and Death

A new addition to your family via birth, adoption, or other legally recognized circumstances means you have more people who depend on you. Make sure you don’t let them down by reviewing your life insurance policies with a qualified professional. You may need to increase your current coverage or open new policies to ensure there are enough funds to ensure everyone’s future.

The loss of a loved one also means changes in life insurance coverage. Your agent can help you understand expected payouts, schedules, and other options like transferring funds into a new policy.

Shifting Business Responsibilities

Life insurance is also an important way to protect your business interests. When entering into new partnerships, committing large amounts of capital to improvements or expansions, or launching a risky new venture, make sure you have plenty of life insurance coverage to help your partners and loved ones pay for your plans in case of your sudden demise.

The Select Insurance Agency provides life insurance policies in the Coppell, TX area. Contact our office for help understanding how your life circumstances affect your policy.

3 Reasons Why You Should Consider Umbrella Insurance In Coppell

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Living in Coppell, TX can be full of excitement. As you go through each day, you never know what will take place. By having an umbrella insurance policy, it can offer you peace of mind.

At The Select Insurance Agency, we’ll explain why it’s so important to consider this type of policy.

You Never Know What’s Going to Happen

While you already have certain insurance policies in place, you never know what’s going to happen. If there’s a severe accident that goes above and beyond the limits of your policy, you would be financially responsible for an overage. 

This could happen with your home, your car, or even your business.

It Can Save You Thousands of Dollars

Consider that an umbrella policy could save you thousands of dollars if it has to be deployed. For example, if you have $50,000 worth of property damage coverage on your auto insurance policy and you get into an accident that causes $100,000 worth of damage, you would be liable for the remaining $50,000. The good news is that the umbrella policy would kick in to cover that.

It Can Be Used Against Multiple Policies

When you get an umbrella policy, it works to cover all of the policies that you have. It could be used against your homeowner’s policy, your auto policy, or even an RV or boat policy if you have one. For business, it could be used for liability, property, auto, or something else.

There’s no way of knowing what could happen, so having an umbrella policy is a way to protect yourself in case of a worst case scenario.

You deserve to have the protection that you need in Coppell, TX. Call us at The Select Insurance Agency today to learn more about adding umbrella insurance to your residential or commercial insurance policies.

 

Is It Time to Review Your Commercial Policy?

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The business clients that The Select Insurance Agency is proud to serve in the greater Coppell, TX area understand the importance of regular reviews of their commercial insurance policies. As your insurance grows your policy will need to change with it. Our team is here to provide the information and guidance necessary for you to remain protected year after year. Don’t let insufficient policy levels cause you undue stress after a covered event, make sure that you have the right policy for your current needs. It is key for your policy and coverage levels to grow with your business as your protection needs change. The right policy for your beginning business may not be sufficient to cover your current needs.

Make sure that your insurance coverage keeps up with your business growth

Often times, the most care and attention that your insurance portfolio will receive is at the beginning of your business history. When you start out you likely spent a lot of time making sure that your new venture was protected. Unfortunately, many owners fail to return to that level of attention as their companies grow and their insurance needs change. If you haven’t had a policy review, it’s time to schedule one! Make sure that your policy coverage levels are in-line with your current business needs. Reviewing your policy each year, or when there is a significant change to your business model can help protect you from being underinsured.

Is it time for a review of your commercial insurance policy? The team at The Select Insurance Agency is here to provide the knowledge and guidance required for you to make an informed decision about protecting your Coppell, TX area company. Call today and set up a consultation and policy review.

Does Property Insurance Cover Injury to Animals on the Property?

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Your pets are part of your family and making sure that they are well taken care of it top priority. When your home is damaged or destroyed your pets may become injured. Your home property insurance may help cover the cost of your pets recovering after they are injured. For those that live in the Coppell, TX area, the agents with The Select Insurance Agency can help you to find the right policy for you.

There are a few different things that your property insurance covers that you might not expect, and one of them is an injury to pets to a certain extent. If you have a home on the property you are going to likely have a home policy that is going to cover your pets but you may also have a property policy that helps to cover animals on your property. If you have a farm and you have animals on the farm you will likely have a farm policy that will have the animals covered should they become injured, sick or killed.

If you do have pets and you want to make sure that they are protected at all costs, you want to make sure that you consider a pet insurance policy. Your property insurance does cover a great deal and might be useful if your pet or another animal is injured on your property but a pet policy is going to certainly cover an animal. The right policy is going to cover all the bases and is going to help you be certain that your animals and all your property is properly protected.

For those that live in the Coppell, TX area, the agents with The Select Insurance Agency can help you find the right property policy for you.

Protect Your Home and Property with a Comprehensive Homeowner’s Policy

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Our homes are the backbone of our families and protecting the structure and its contents help to keep our families safe. There is nothing more important than knowing that we are able to keep our family safe and comfortable and our homes are much more than a house. Of course, protecting the structure is important and a necessary part of keeping our family safe. If you are in the greater Coppell, TX area and want to learn more about your comprehensive homeowner policy options, give the folks at The Select Insurance Agency a call today. 

Benefits of a Comprehensive Homeowner’s Policy

Insurance is a tool that needs to be reviewed and updated on a regular basis to ensure that you have the protection you need. There are many options available that go beyond the features of a primary policy that provides simple coverage. In fact, there are many worthwhile benefits that are worth exploring. One of the main benefits of a comprehensive policy is the coverage for alternative living arrangements. If your home is deemed uninhabitable due to a covered event, you may be compensated for some of the cost for other living arrangements while your home is repaired or replaced. This benefit is just one example of how a comprehensive policy can make a catastrophe more manageable and allow you to reduce the stress level that your family experiences during recovery. Take the time now to fully understand all of the coverage options that are available.

Ready to up your homeowner’s coverage to a more comprehensive policy? The team at The Select Insurance Agency is here to provide guidance to the greater Coppell, TX community and help you find the policy that is right for your family. Call or stop by today!

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