Q - If someone is driving my car and they have full coverage insurance but I have liability, will their insurance take care of the damage if they are at fault?
A - NO! Insurance follows the car, not the driver. Your insurance is the responding one and if you only have liability, then your damages are NOT COVERED. The damages done to the other vehicle are covered but for yours, no. Sorry.
How does an auto insurance company determine how much to charge for monthly premiums? What factors are considered when doing so, such as make and model of car or driving record, etc.?
1- Your age 2- Where you live 3- your driving record 4 - your claims history 5- Your credit 6- Homeowner or renter (Bundle policies in either case) 7 - Who else is in your household that drives 8 - Year, make model of your cars (some are more expensive to repair) 9 - How you use your vehicles, basically 3 levels: Pleasure, To/From work 3–15 miles, Business use. And then every insurance company will use these factors in a different way - weigh the factor more one way than another.
If you are a New York State based employer, you need to be in a NY Safety group for Worker's Compensation. The upfront discount is often 25% and the back-end dividend can be as much as 30%! Dividends aren't guaranteed but based on the claims experience of your fellow business owner's in your same class of business.
Some Work Comp class odes are:
8033 - Supermarkets
8001 - Florist
9052 - Hotels
9071 - Restaurants
8034 - Grocery Stores
9074 - Bars and Taverns
Start saving money today! 716-684-3203
Q-Hi friends! What do you normally tell your peeps when they ask about taking the insurance out on a rental car while being on vacation? I feel like it’s such a gray area. TIA!
A-It is a temporary substitute auto, so whatever you have on your car, extends to the rental. So no collision on your own car, no collision on the rental. But also things to consider:
*With no waiver, that claim now shows up as a claim on your insurance
*The rental company MIGHT get you for diminished value of the rental car
*They could demand "loss of use" for the rental car until repaired
We tell them the coverages that extend to the rental but always recommend they take the coverages from the rental company to fill any potential voids in coverages if a claim were to arise.
Every small business should have an endorsement on their insurance policy called Hired & Non-Owned auto insurance. This is coverage for your business when you tell "Sally" to run the bank deposit to the bank for you. Or you tell "Bob" to go to Office Depot to pick up more envelopes.
You see, when you ask an employee to use their own vehicle to runs errands for your business, it could put their own auto insurance in jeopardy. Some personal auto insurance policies could deny coverage for using their vehicle for business use. I've seen it happen, not often but it does happen. If you are the business owner, you don't want to see an employees auto accident get denied when doing you a favor.
So just know there is a way to not get into this mess by adding hired/non-owned auto coverage on your small business insurance policy. As you can see in the example above, it doesn't cost that much money.
Earthquake insurance is not something that is ordinarily covered on a homeowner insurance policy. It is, however, an endorsement to a homeowner policy where it can be added on for a fee. The typical earthquake coverage is approximately $125-$200 a year. This would be for a New York homeowner because in California, this would be several thousand dollar - not a few hundred.
In the Northeast, many homeowners prefer not to add this on to their insurance policy due to the infrequency of the occurrence.
We strongly encourage all our clients to consider the value of cyber insurance, especially if they handle digital information or store sensitive data on customers.
One of the first topics to cover with many new cyber insurance buyers and small businesses, is the business’s regulatory or contractual responsibility with regards to customers’ personal data. If your business stores customers data such as names, addresses, credit card information, Social Security numbers, and more, on any type of computer system on or offline, then there is a regulatory obligation to keep that data secure, and therefore, a higher price tag in the event of a breach.
Many are surprised to learn the real costs associated with a breach. According to a USAToday report from 2021, cyberattacks cost small and medium-sized businesses an average of $2.235 million. On top of that, the study showed that 60 percent of the businesses that were polled said that attacks are becoming more severe and more sophisticated each year.
Small business owner's are wise to invest in a cyber security policy for their business. Maybe even more important than a fire insurance policy.
For those driving to your Thanksgiving destination, a few tips:
Put some bottled water in your car. Add in a few energy bars too.
Have an older blanket in your car too, you never know!
Put a small shovel in their too, you never know when you'll hit snow!
Make sure you windshield solution if full.
If you need new window wipers, get them now before the trip.
A brush and ice scraper too (but you knew that already)!
Be safe, drive safely, your family and friends will be there when you get there, no reason to hurry!
And maybe check your auto insurance policy for proper limits of insurance before your go 😉 😉 😉