At Deluxe Insurance Group in Blaine, MN, we know that buying a home is a considerable investment. We offer the right home insurance policies to help you protect that investment.
What Does Home Insurance Cover
Home insurance typically covers the structure of your home and your personal belongings. It may cover other buildings on your property as well. Many policies will also cover your living expenses if you have to vacate your home while repairs are being made.
If you have valuables like antiques or jewelry, you may need to add extra coverage to your policy, so they are adequately insured. Home insurance doesn’t just protect your investment in your property. It covers liabilities that occur on it as well. If someone slips and falls on your steps, for example, your policy will cover the party’s medical expenses.
Coverage Limits and Value
Replacement value is what it would cost you to replace your home or belongings. Actual cash value is what your property is worth. It’s recommended that your policy cover at least 80% of the replacement value of your home. Coverage limits will vary by policy. Your policy will have coverage limits for the house itself, your personal belongings, and liability. You’ll need to make sure each of these provides adequate coverage.
Deductibles and Premiums
The deductible is what you have to pay before your policy coverage kicks in. Premiums are what you pay for the policy. Higher deductibles usually provide lower premiums. Higher coverage limits often raise premiums. However, the home itself plays a role in your premiums as well. Dogs and swimming pools can increase your premium. A security system can lower them.
At Deluxe Insurance Group in Blaine, MN, we know that selecting a home insurance policy is a crucial decision. Our agents will speak with you about your specific coverage needs and help you find the policy that’s right for you.
One of the most essential yet overlooked types of business coverage in Blaine, MN is professional liability insurance, also known as professional indemnity or errors and omissions insurance. The main reason why you need this coverage is to show professionalism as all businesses claim to be perfect in what they do, whether in service or product delivery. If you are wondering whether you need professional liability coverage for your product business, the Deluxe Insurance group can help you determine that in this article. So, why do you need professional liability coverage?
Professional liability coverage encourages other business opportunities.
Some companies, organizations, and private clients prefer to work with certified product sellers who have professional liability insurance. This coverage assures your clients that you will deliver goods according to customer request. It also gives you a competitive advantage over other business owners who don’t have the coverage.
It protects your investments.
Since professional liability insurance focuses on lawsuits, you never know when a customer will sue you for delivering damaged goods or poor-quality products. You can even be sued for failing to deliver the right product or full quantity. Lawsuits are naturally expensive and can lead to substantial financial losses if you have not protected your business with professional liability insurance.
Sometimes it is a requirement.
Some industries require individuals to carry professional liability coverage as they are highly risky. For instance, a company that manufactures and supplies products to the government or other large organizations might need to have professional liability insurance in order to be allowed to supply. That ensures that there is compliance with industry standards and professionalism.
Professional liability coverage is an essential tool for any business owner in Blaine, MN. Running your business without one could mean missing out opportunities or even worse, ending up losing to lawsuits filed by dissatisfied customers. Feel free to speak to our experts at Deluxe Insurance Group, and we will be happy to help.