The sad news to report for any small business that is shuttered due to coronavirus isn't covered for any lost income. Most small business insurance policies have loss of income included but after a physical loss to their business. A physical loss like fire, wind, hail, lightning.....must 1st occur before the lost income can then be applied to a business.

Loss of income because of a government mandate or a disease isn't a "trigger" for income loss to apply. Unfortunately for small business owners, there wasn't or hasn't been an option to even include something like this. I don't mean to be the bearer of bad news but small business owners need to know this.

If the Federal Government steps in with emergency funding for small business owners it may be like "if you've been denied loss of income by your insurance company, you may be eligible for this funding". Or something to this effect. So you may need to place a claim in with your insurance company anyway, to get to this emergency funding. We won't know until some sort of directive like this comes out.

​Let's hope this epidemic gets solved soon and every small business owner can get back to running their business. We can only hope this is a quick ending epidemic.

Safeco Insurance company now offers an endorsement to those people who are driving for Lyft or Uber. As you can see in the above picture, this "gap" in coverage, is when the app is on but no passenger has been picked up yet. Then when the passenger is picked up, Uber or Lyft coverage is in effect.
The reason this is important is because all personal auto policies in New York State excludes driving "for hire". This would be like a pizza delivery person using his/her car to make money. Or in this case, an Uber or Lyft driver using their vehicle to make money.
Also be aware that the deductibles for an Uber claim is $1,000 and for a Lyft claim is $2,500 deductible. They each carry $1,000,000 of liability in case of injuries to the passenger.
Know what your risks are when using your vehicle to make money. Some insurance consumers just "assume" they are covered and nothing could be further from the truth!

​Tom Larsen

This would be for any type of utility service line that is underground. Could be your water line, your sewer line, your electrical line, cable line.....anything on your property underground. And like in the case of a sewer line, it pays for rot, collapse, decay....stuff that is normally NOT covered on your old furnaces, old hot water tank.

This coverage is unique and we've already had 5 claims that were covered for this. And many, many of the "brand name" insurance companies don't have this endorsement yet. All the insurance companies that have the endorsement are using a 3rd party provider, so it costs an insurance company money to "hand off" this coverage. Someone like Hartford Steam Boiler would be one who would provide the coverage for a New York Central Mutual homeowner, for example.

Every client of ours that we have asked "Do you want to add this coverage on", have all said yes. Because for $20-$40 a year for $10,000 of coverage, it is very inexpensive to add on. Plus, six of the insurance companies we represent, also insure it for landlords on 1-4 family risks. This is so inexpensive, we highly encourage adding this coverage on to homeowner's & landlord insurance policies.

The best way is to deal with an independent insurance broker who will shop 8-10 insurance companies for you. They can pinpoint the best coverage's and best rates amoungst these insurance companies. If you call a 1-800-insurance company, you are only getting their own rates. The same with the nation, name brand insurance companies on TV - you only get their own rates.

With an independent insurance broker, they will be on your side, figuring out the best deal for your own situation. Based on your claim history, driving records, where you live, credit, how you use your autos.....all factors that go into auto insurance. So when people say "call so-and-so for the best rates", it really isn't true because all the above factors mentioned will be different. Every situation, experience, age, credit, homeowner vs renter is so different.

Find someone you know, like and trust and buy your insurance from them.

​Tom Larsen, an independent insurance broker.

If you have wind damage and/or a claim to call in, please call your insurance company directly. We hope to be back up later today but you never know! Sorry for this!

For me, landlording started in 1980 when my future wife, Bobbi & I bought our 1st home, a WWII side-by-side duplex. Instantly, I became a landlord with my 1st home purchase...Now What? Reading books, going to seminars was how I learned – trying to find the best lease, the best rental application, etc.

EPLI stands for Employment Practices Liability Insurance. This covers discrimination - like for age, sex, race, religion. You cannot discriminate against any employee based on this. It also covers wrongful termination - like getting rid of an employee because they are older.

It also covers sexual harassment, so things like sex jokes, touching, grabbing another employee, leaving notes on another's desk regarding sex.  EPLI is something every employer should consider because they don't when a manager or junior level executive does something like this. Because it covers what employees can/will do to another employee becomes your responsibility. 

Quick answer is NO as that would be a maintenance issue to upgrade your home. If your electric line maybe "arced" and caused a TV or other appliances to "fry" then those would be covered by the arcing. But to have the panel replaced because it is old or needs an upgrade - NO.

Consumer's of insurance should know that insurance is for things that are sudden & accidental and not for maintenance type issues. As the owner of a home, you are responsible to upkeep or take care of issues like this. As a fellow homeowner, I know this can be expensive to upgrade but that is the cost of homeownership.

There is some confusion as to what comprehensive coverage is on an auto insurance policy. Comprehensive insurance coverage is for fire, theft, glass and collision with an animal - yes collision with an animal. So as the deer start looking for food every fall and come out more, we see much more comprehensive claims being put in.

Some clients ask, should I keep full coverage on my car that is 10 years old? (By full coverage they really mean comprehensive & collision coverage). Collision coverage maybe not, as the value of your car may not be worth fixing. But if you wish to keep glass coverage & collision with a deer (most of the "comp" claims are these 2) then just keep comprehensive coverage on.

This is also true when you are storing a car for the winter. So the risk of collision with an animal is gone but what if something falls on the windshield? Or the garage catches fire? You would need the comprehensive coverage on that auto insurance to file a claim.

​Always be a smart insurance consumer and know your risks. We are always here to help and provide advice because your financial future depends on it. 

We believe in a teaching philosophy, the more you know, the better consumer you will be. Teaching you how to be a better insurance consumer is what we hope to achieve. Your families and/or your business depends on protection from sudden and accidental events.

You should have an educated idea of when and when not to put a claim in on auto, home or business insurance. Your claim history often dictates where or with whom we can place your insurance. So your independent insurance broker - like us - always have your back on advising during a claims process.

You should never be alone when it comes to the handling of a claim. You should have the ear and advice of your insurance professional. Watch our video's and educate yourself, it would benefit both of us!