Many clever entrepreneurs start a home-based business to increase income, while at the same time reduce the risk of capital investment needed to start a new enterprise. Using a spare room in a house for business efforts is usually less expensive than renting out an office space for the same operations.

Surprisingly, a study by the Independent Insurance Agents & Brokers of America found that 40% of business owners operating a home-based business falsely believe that they are adequately insured. Contrary to this popular misconception, usually regular homeowner’s insurance does not cover business uses of a home or part of a home. Regular home insurance may only provide limited or no coverage for equipment.

A common, yet surprising, example of this concern is that when a person rents out a room in a home to a third-party, the items in the room are usually not covered by the homeowner’s insurance policy. The reason this happens is renting a room means that the function of room changes from personal use to commercial use.

Having a home-based business is similar. Even if you do not pay rent for the room(s) used; each room’s function changes from personal use to commercial use.

Considerations for Home-Based Businesses

Many home-based businesses operate as consultants and freelancers. When in-person client contact is minimal, the insurance requirements for a home-based business are modest.

Foot-Traffic

One thing to consider, when you consult with your insurance agent at McCormick Insurance Inc., serving Pembroke Pines, FL, and the surrounding area, is the amount of foot-traffic of clients or customers coming to the home. If people come to the home they need to be protected by insurance from accidents that might occur.

Equipment and Vehicles

Additionally, you will want coverage for any business equipment used in the home-based business. Moreover, if you use a personal vehicle for business purposes, there are special insurance requirements for your vehicle in order to have adequate coverage.

Work Down Outside of the Home

If some portion of the work is done in the home and another portion is done outside of the home, consider a business owner’s insurance policy. It can take those different types of work into account.

Consult with your insurance agent at McCormick Insurance Inc., serving Pembroke Pines, FL to be sure you have adequate insurance coverage for your home-based business.

Attention Rochester MN residents: now is the time to talk to your adult children about life insurance. An agent at Safechoice Insurance Agency can give you a variety of tips on how to make the conversation flow smoothly. Talking to your children about what you’d like to have happen after you pass away is not easy, but it’s necessary. Having this difficult conversation now can save your children heartache and stress after you’re gone. Use these simple tips to make the conversation easier. 

– Plan ahead. Let your kids know that it’s important for you to discuss your final wishes, and set a time and place that the conversation will happen. Know that your kids might try to reschedule a few times- that’s ok. Just let them know that the topic needs to be discussed. 

– Stress to your adult children that you’re having this conversation in order to make their lives easier, not more difficult. Let them know that the last thing you would want is for them to be financially burdened after you die. 

– Be open to questions and various emotions that may come up. Just like you wouldn’t want your children to tell you how to feel, you can’t tell them how to feel either. They may feel nervous, sad, or even angry at having to face the thought at that at some point, you will pass away. Give them a safe space to feel these emotions, and press forward with the conversation regardless. 

If you need life insurance coverage, it’s important to talk to a qualified agent to ensure that you and your family are protected. If you’re in the Rochester MN area, call Safechoice Insurance Agency today to learn about your life insurance options. 

Insurance is a general term to refer to a practically infinite amount of policies. But the truth is that insurance has to be flexible because life itself can’t be predicted. Excess insurance is just one way to plan against the extreme events in life. So if you live in Pembroke Pines, FL and want to know more about how you can do more to protect yourself, it might be time to learn more about excess insurance from the friendly experts at McCormick Insurance Inc. 

How Excess Insurance Can Help

Both umbrella and excess policies are designed to increase the liability coverage of your policy. So if you happen to come up with an extreme type of claim, you’ll have everything you need to keep yourself from financially going under. While it won’t give you any additional kinds of protections when it comes to your policy, it will increase the limits of what’s already covered should you need it. This means if you own a business or a home and you’re accused of neglect, you can use excess insurance to handle everything from direct lawyer fees to the costs to restore your reputation. 

Finding the Right Provider 

Liability claims can be some of the most expensive types of claims. If someone trips on your sidewalk crack because you weren’t able to get them replaced, you could be looking at medical claims that far exceed your current coverage. If you live in Pembroke Pines, FL, calling McCormick Insurance Inc. is the first step to finding out more about how excess insurance can work to your advantage. Contact us today if you’re looking for a quote or if you want to learn more about where your particular vulnerabilities lie. We can help you figure it out today. 

 

Vacant dwelling insurance policies cover a home if it remains vacant for a specific amount of time, which usually has to be a minimum of 60 days. The builder’s risk insurance policy will cover any building that is still under construction. 

These are two types of insurance available to residents in Pembroke Pines, FL from McCormick Insurance, Inc., that some people are unaware of, but that can be extremely beneficial in certain situations.

If you are interested in this type of insurance coverage, then you should use the tips here to make sure you get the right policy for your needs. 

1. Bundle and Save

Chances are you already have a few other insurance policies provided by an insurance company. You have also likely heard that when you purchase several policies from the same provider, you can actually save money. 

This is true for most insurance companies. As a result, if you are thinking about purchasing builder or vacant risk insurance in Pembroke Pines, FL, consider working with your current insurance provider to see if savings are possible. 

2. Compare Quotes

While asking your current insurance provider about this coverage is a good idea, you don’t want to automatically jump at any offer given. This can leave you with a policy that costs more than you actually want to pay. 

Instead, make sure to gather a quote from your existing provider, and then a few others. This will help ensure you get the best deal and most value. 

3. Work with a Reputable Agent

The absolute best thing you can do is work with a reputable agent. They will help ensure you get the coverage and price you want and need. 

If you need more information about vacant or builders risk insurance, you can also contact the helpful staff at McCormick Insurance Inc.

 

If you are renting a home, condo, townhome or other dwelling, you may have a renters insurance policy. But many renters do not realize that this policy does not protect their belongings in the event of a flood. Here at McCormick Insurance Inc. serving Pembroke Pines, FL, we want renters to know all about flood insurance. Here is what you need to know about buying flood insurance as a renter. 

If the Homeowner’s Policy Helps Renters

As a renter, one of the biggest mistakes you can make is assuming that the homeowner’s insurance policy will cover you in the event of a flood. The homeowner’s insurance policy will not cover you in any way if a flood occurs. 

If a Renters Policy Covers You

Another mistake you can make is assuming that the renter’s insurance policy that you have will cover you if it floods. Most renters insurance policies specifically preclude flooding. As such, you will need a specific policy that is intended to cover flooding. 

What Renters Flood Insurance Covers

As a renter, a flood policy will cover your belongings. If your furniture, electronics, clothing or other goods get damaged due to a flood, your flood insurance will kick in and pay the fair market replacement value, allowing you to replace your belongings. In addition to this, the policy will also pay for you to live somewhere else if the home becomes inhabitable due to the flooding. 

Here at McCormick Insurance Inc. serving the Pembroke Pines, FL area, we want renters to know all about flood insurance, so they can purchase a policy to help cover themselves. If you are a renter and do not have flood insurance, now is the perfect time to get started buying one. Contact us today to get started. 

You never see safe boating in movies or on television. Why not? If you’ve been boating in and around Pembroke Pines, FL for any length of time, then you know that you’re not supposed to go blasting full speed past the docks. You don’t want to kick up a wake that sends everyone else’s boats slamming into one another, leaving McCormick Insurance Inc. (or whoever your provider is) holding a massive bill and wondering whether it’s worth keeping you as a client.

But in the movies and on television, nobody ever slows down for the docks. Nobody ever keeps an eye on the buoys. Filmmakers seem to assume that open waters are just the wild wild west where no rules apply. The truth is quite the opposite. For instance, on the road, you’re not obligated to help a stranded traveler. But out on the water, you have a responsibility to do what you can to help should you come across a fellow boater in trouble.

Likewise, you can hit the road without even glancing at a weather report, but out on the water you’d better take a look and make sure that there are no storms or choppy waters coming in. Simply put: There’s a lot more to keep in mind for piloting a boat than there is for driving a car. It is true that a multiple-vehicle collision is less likely on the water than on the road, but beyond that there is quite a bit that needs to be considered before untying your watercraft.

McCormick Insurance Inc. can help to cover you when the unforeseeable happens, but nothing serves as a suitable substitute for safe boating.