Does My Commercial Insurance Protect My Building’s Systems? Safechoice Insurance Agency – Blog Order – October 2017

Several different types of commercial insurance policies. The agents at Safechoice Insurance Agency work with business owners in the Rochester, MN area to get the best coverage for them. One policy that businesses need is commercial property insurance.  These policies cover the physical structure the company operates in. It will also cover the current inventory and raw materials. Production equipment and machinery receives protection as business property. The coverage also extends to include computers, office equipment, artwork, business documents and signage. The policy will also cover intangible property such as business trademarks and copyrights held by the company. 

Several different types of commercial property insurance policies are available. A basic plan covers damages and losses resulting from natural events such as lighting, wind and hail. Explosions are also covered. The basic plan should also cover the debris removal costs. A broad plan covers additional events including roof damage or collapse from weather events such as snow or ice.  Plans will also cover damage from riots or civil unrest. Finally, a special form policy combines the qualities of the basic and broad plans. These policies with cover all damages except those specifically excluded in the policy. Another variable that will affect the insurance premium is whether you opt for actual cash value or replacement value. If you select actual cash value and the building or equipment is damaged or destroyed, the reimbursement will be based on the value with depreciation factored in.  A replacement value will reimburse for the cost to replace the equipment or rebuild the building.

For Minneapolis, MN area business owners, commercial property insurance policies represent many choices. Call on the team at Safechoice Insurance to get the coverage you need today!

Choosing a Life Insurance Beneficiary

Although it’s not a subject most people want to discuss, it’s a very vital one–who your life insurance beneficiary will be. For people with a spouse and no other relations or who have only one child, the answer might be simple. For everyone else, it’s vital to take the time to compare your options because this is the most important decisions you’ll make when opening your policy with Safechoice Insurance Agency, serving Rochester, MN and the surrounding area.

Circumstances of Prospective Beneficiaries

Before you deem someone as your beneficiary, make sure you consider their financial situation. Depending on what they owe, it’s possible the government could seize the money, and your beneficiary won’t receive any of the money. If your potential beneficiary collects social security or any government assistance, your beneficiary may no longer qualify for benefits because of the money they inherit from you. This could harm them in the long run financially. 

Who it Benefits

When you’re deciding on a beneficiary, think about who gets the money and how they would probably use it. Do you really want to appoint someone as your beneficiary if they’re just going to blow the money? Or would you rather deem someone as your beneficiary who will use it to pay off their home, take care of their children or expand their business?

Your Children

If you have underage children, you automatically think of them first when it comes to after you pass. While making sure they’re financially taken care of is vital when planning, the money may not be able to go to them until they’re 18. Therefore, you should make sure the money goes to someone who you know will put your children’s best interest first and see they receive the money. 

To get a quote for life insurance or open a policy with Safechoice Insurance Agency, serving Rochester, MN and the surrounding area, contact us today at 507-280-9282.

Is Motorcycle Insurnace Necessary All Year?

A motorcycle is a great way to get around or to go out and have fun but without the proper insurance, it can also be a terrible risk. For those that have motorcycles, it is important that you take the time to really figure out what type of insurance you need and to find out how long you need to keep the policy effective. For those that live in the Rochester, MN area, the agents with Safechoice Insurance Agency can help you tailor a policy to your needs so that you can be safe whenever you ride.

For those that are wondering should you keep motorcycle insurance all year, the answer is simple, any time that there is a chance you are going to ride it, you should have insurance in place. For those that live in a climate where winters are cold and the bike is not going to be ridden, you could get away without insurance during the colder months. For those where the climate is accommodating to riding all year, you need to make sure you keep a policy all year.

Most motorcycle policies are less than a hundred dollars for the entire year and as such you should go ahead and keep a policy all the time. Policies do not only cover accidents, most cover vandalism and other damages that might be done to the bike as well. Keeping insurance is inexpensive enough and you do get a discount for buying an entire year of insurance at once. If you have a motorcycle and are wondering about insurance contact an agent to see what policy you might benefit from. For those in the Rochester, MN area, the agents with Safechoice Insurance Agency can help you find the perfect policy for your bike and for your particular situation.  

Getting Beyond the Myths about Life Insurance in Rochester, MN

Life insurance is one of the most important, yet misunderstood forms of insurance. Don’t let myths get in the way of you securing an important type of protection for you and your family. Here are some of the more popular myths about life insurance in Rochester, MN. At the Safechoice Insurance Agency, we want you to know why you should disregard these myths.

Myth: Life Insurance Becomes More Expensive as You Age

This myth often comes up because of a misunderstanding. It’s true that premiums can become more expensive if you wait too long to start a life insurance policy. For example, it’s more cost feasible to start at 30 than it is to start at 50. Once you actually have your policy, this no longer applies. Your rates don’t increase as you age.

Myth: If You Have Life Insurance Through an Employer, You Don’t Need Your Own Policy

Many employers offer some form of life insurance as a part of their benefits package. These types of offerings can help, and you should definitely take advantage of them if they’re free or absurdly low cost. However, there’s no guarantee your employer’s plan will have the adequate amount of insurance for your needs.

In addition, that life insurance may only last for as long as you work for that employer. Don’t think of it as a full policy, just a perk. You still should have your own life insurance policy.

Myth: You Don’t Need Life Insurance if You’re Young or Have No Children

You don’t have to wait until you’re older, more financially secure, or a parent. You can lock in good rates when you’re younger. It’s an excellent idea to have coverage before your life starts to change. Life insurance is also a good idea if you have any debt that may remain with someone else, such as co-signed student loan debt.

There are many other life insurance myths in Rochester, MN besides these. At the Safechoice Insurance Agency, we want to help you get beyond the myths so you can pick up the coverage you need. Contact us today to learn more.

Top Questions to Ask About Your RV Insurance Policy.

As the owner of a recreational vehicle you know that it is not a standard vehicle; therefore a standard auto insurance policy is not enough to adequately protect your RV. It is important to ask the right questions about your policy to be properly insured.

What are the use limitations in my RV insurance policy?

This is a critical question to ask, because if you go outside your limits, you may find yourself without coverage. Some plans may only cover a certain amount of days, typically 150 days on the road, for RV use while providing all year coverage for mobile home use. You will want to speak with your Safechoice Insurance Agency representative and make sure your policy will cover you for your usage.

What type of add-on coverage does my policy provide?

Because you and your RV can find yourself in various situations, there are many practical add-on coverages available in the marketplace. If you do not want to find yourself stranded, one of the most popular add-ons is 24-hour roadside assistance. This coverage will give you the comfort of knowing your vacation will not be cut short.

Does my policy cover my personal property in the RV?

Unlike a standard auto policy, you can purchase coverage for your personal property through your RV insurance policy. You will want to come up with a list of inventory to provide to your insurance agent. You may also want to discuss covering custom features that you have added to the RV. If you purchase new equipment for your next trip outside Rochester, MN, make sure to update your policy, so it is covered.

If you have additional questions about RV insurance, reach out to an agent at Safechoice Insurance Agency, we proudly serve the Rochester, MN area.

 

Three things you need to know about your liabilities when riding your ATV

A lot of ATV riders in Rochester, MN aren’t too sure whether or not insurance coverage is necessary for them. As a general rule, you don’t absolutely have to have insurance on your ATV if you are only going to be riding it on your property. However, you may need or want to purchase coverage through a provider like Safechoice Insurance Agency if you’ll be riding your ATV on public or private properties. 

The following are three things ATV riders need to know about their financial liabilities:

Having an ATV insurance policy is a good idea whether or not you’ll be taking your ATV off of your property.

Even if you’re only going to be riding on your property, insurance coverage is important to cover your liabilities if you allow guests to ride your ATV on your property. You will be liable for any accidents that happen on your property. While some homeowner’s insurance policies may cover you in this situation, they won’t necessarily offer coverage. It’s important to look into this matter if you expect your homeowner’s insurance to cover ATV use on your property. 

Some state parks require that ATV riders have an insurance policy covering their ATV.

Before you use your ATV at any state park or on any public properties, you need to look into rules and regulations regarding coverage. Look into the rules and regulations in place before you go riding on any public properties. 

If you take out a loan to purchase an ATV, you’ll need insurance.

It’s always necessary to have insurance coverage if you’re financed to purchase an ATV. Until your loan’s paid off and you own your ATV outright, you’ll need both liability on collision coverage. 

4 Signs You Need Toy Insurance

Toy insurance refers to the many items you own that aren’t strictly necessary, but that you still want to keep. A jet ski, an ATV, a snowmobile: these are all expensive purchases in Rochester, MN you should be protecting. Toy insurance can help, so keep these signs in mind for the best in financial help should you need it. 

1. You Use Your Toys 

Your jet ski doesn’t just sit around summer after summer while you find other things to do with your spare time. You take it out, and you make sure you get your money’s worth. The more times you’re out with it though, the more likely it is something will happen where you’ll wish you had coverage. 

2. You Stand to Lose 

If you know you would definitely want to buy another snowmobile if yours was stolen, Safechoice Insurance Agency can help you find the best way to keep yourself from having to pay the full cost of replacement (or even half the cost.)

3. Your Toys Were an Investment

If your ATV is something you’re planning to give to your children’s children, then you need to protect it. More than just working out the kinks on your own or replacing a part or two, insurance covers a variety of scenarios so you can ensure these memory-laden objects are passed down when the time comes. 

4. You Need Someone Who Understands 

Your neighbors might not understand the full value of what’s sitting in your driveway or garage, but the staff at Safechoice Insurance Agency does. We’re here to assist all the people of Rochester, MN with their questions today. Let us figure out a way for you keep your items safe from both natural and man-made harm when you give us a call.

Importance of Individual Health Insurance

Without a shadow of a doubt, individual health insurance can never be ignored when it comes to safeguarding one’s life.

Importance of Individual Health Insurance  

  • Insured people receive better and timely healthcare – People who are not insured receive fewer preventive benefits and get less screening. Screening is essential as some diseases like breast cancer and cervical cancer can be detected in the early stages and cured. Uninsured pregnant women tend to receive little pre-natal care, which is not advocated for in regards to the health of the mother and the baby.
  • Individual health insurance benefits the people with the discounted medical prices. The discounted prices are negotiated by the private health plans and some are imposed by the public programs. People who are not insured tend to struggle with huge medical bills. These medical bills have been a source of bankruptcies in many families.
  • Better health outcome –people who are not insured tend to get sick from time to time and may die prematurely. Insured individuals receive better healthcare and tend to live a better life with controlled health conditions. No matter the condition, one is able to reap maximum benefits of an insurance plan. Individual health Insurance safeguards one’s health in general.
  • Individual health insurance saves a lot of money. People spend their lifetime savings and other resources trying to cater for huge medical bills. Medical insurance plans cater for the patients’ medical needs, thus saving them even when they are financially down. Uninsured patients may be a source of burden to other family members who are unable to cater for the hospital bills. The health insurance saves the insured individuals from the unexpected and the high medical costs as no one plans to fall ill.

If you want a reliable insurance provider, then Safechoice Insurance Agency is a good option to consider. The company operates in Rochester, MN and other regions to provide professional insurance services.

 

How Life Insurance Protects Your Family in Rochester, MN

A study by the National Association of Insurance Commissioners found that less half of young people with families had life insurance. Those that did have life insurance, did not have enough. On average, their policies only provided enough funding for approximately three years. Life insurance is important financial protection for the family in the event of the untimely death of one or both spouses.  Without this important protection, financial security would be uncertain for the survivors. The team at Safechoice Insurance Agency, serving Rochester MN, understands the importance of adequate life insurance. They will work with you to get the protection your family needs.

When deciding how much life insurance is needed, consider your current income.  It’s also important to consider if you would like to set aside funds for your child’s future education. If you have other dependents, such as aging parents or siblings, who would be impacted by your death, they will be factored into your decision-making process. Insurance monies will also need to your final expenses and debts. To ensure that you have enough coverage, remember to include estate taxes and inflation. Also, take into account any life insurance policies that you have through work or veteran’s insurance. Social Security also provides some benefits.   

There is a lot that goes into deciding the amount of life insurance coverage that your family needs. Thankfully, you don’t have to go through the thought process alone. The insurance pros at Safechoice Insurance Agency, serving Rochester MN, can help explain all of your options. Then give them a call or drop by their office.  They ready to help you protect your family today!

The Difference Between Professional Liability Insurance a General Liability Insurance

With so many different kinds of commercial insurance, it can be difficult do know what is right for your business. At Safechoice Insurance Agency, we want to make sure your Rochester, MN business is properly protected. That is why we want to outline the difference between Professional Liability Insurance and General Liability Insurance. While the two share similar names, each provides different forms of coverage, so understanding the difference is essential in finding the right business insurance coverage. 

General Liability Insurance

General Liability Insurance provides basic coverage for you, your business and your employees should one of your products or services cause property or bodily damage to a recipient of the product. 

Professional Liability Insurance

Professional Liability Insurance is a bit different from General Liability Insurance in that it protects you should a former client attempt to sue you for not putting forward your best effort. For example, a former client may attempt to sue an attorney, saying the attorney did not put in their complete effort. General Liability Insurance does not provide this kind of coverage. 

When is Professional Liability Insurance Desired?

While the general insurance is an excellent insurance add-on for any business, Professional Liability Insurance is more suited for professional firms where a service is offered (instead of a product). This can include everything form a hair salon to insurance agent, lawyer or accountant. Your commercial insurance agency can help decide what form of coverage is best for your business. 

No matter the kind of business you run, having the right kind of insurance coverage is essential in protecting your company. At Safechoice Insurance Agency, we are all about assisting you and your Rochester, MN company. So whether you have questions about available insurance options or are in need of specific coverage, we are here to help