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 In the midst of the festive and hectic holiday atmosphere, it is easy to forget the serious responsibility involved with hosting a party at your home or business. In many states, individuals and employers hosting holiday parties can be held liable in cases where a guest or third party is injured in an accident related to alcohol consumption at your event. Hosts have been held responsible for medical bills, vehicle repair costs, lost time from work, and even wrongful death. Trusted Choice® independent insurance agents recommend that those planning to host holiday parties this year review their homeowners, renter’s or comprehensive general liability (CGL) insurance policy and ensure they have adequate liability coverage if sued and found liable for the actions of a guest who drank at their home or business. While all holiday party-goers and hosts alike should be responsible and know their limits, consumers need to acknowledge that most risks cannot be eliminated entirely. But planning ahead and learning about what’s involved in hosting a reception is the best defense.
Liability Coverage Tips:
- If hosting a holiday party, individuals should look to the liability portion of their homeowners or renters insurance policy to provide them protection if they are sued and found liable for an accident involving a guest who drank at their home.
- Employers need to make sure that their comprehensive general liability (CGL) policy provides them coverage for third-party liquor liability policy before hosting that holiday office party.
- Charging employees for alcoholic beverages in the home or office may not always be the best solution for business parties. It is important for businesses to remember that once they charge a fee for alcohol, they have technically entered the alcohol sales business, even if only for one night. That carries with it requirements for a liquor license and an array of special liability protection needs. It by no means lets these employers off the hook.”
- Purchasing a personal “umbrella” liability policy—that can provide $1 million or more in additional coverage over the limit offered by a standard homeowners or renters policy—may be a prudent move for the frequent party host. This type of coverage can cost as little as $125 a year.
Super Bowl Party Host Safety Tips:
- Limit guest list to those you know.
- Provide filling food for guests and alternative non-alcoholic beverages.
- Schedule activities or entertainment not involving alcohol. If the party centers around drinking, it is likely that guests will drink more.
- Arrange transportation or overnight accommodations for those who should not drive home.
- Stop serving alcohol well before the time the party is to end.
- Do not serve guests who are visibly intoxicated.
- Review your insurance policy with your Trusted Choice® independent insurance agent before the event to ensure proper liability coverage.
- Consider hiring an off-duty police officer to discretely monitor guests’ sobriety or handle any alcohol-related problems as guests leave.
- Stay alert yourself, always remembering your responsibilities as a host.
To discuss your home or renter's policy, give us a call at 757-583-1828 or email us.
(Image Source: DiscountPartySupplies.com)
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 Winter storms spell more trouble than just poor driving conditions and stress on your home and roof, because as winter snow melts and causes local bodies of water to rise, your home may be in danger of flooding. Even if your community has taken measures to protect residents against flood, such as through the construction of levee systems, you may still be at risk.
Home insurance policies provide no protection against the damages that follow a flood. It doesn’t matter if your home or contents are destroyed or whether you live in a flood zone or not, home insurance policies exclude the damages caused by floods. Attention renters, you’re not off the hook either, because without flood insurance for your contents, you will also not be covered.
A flood insurance policy is created with the intention of protecting against flood damages. Flood insurance underwriters are equipped to assess the risk that each homeowner brings and rates are set up to cover the needs of the insurer when providing this protection.
According to the National Flood Insurance Program (NFIP), the average flood insurance claim is $33,000. Imagine having $33,000 in damages to your home and the risk of further damage from quickly proliferating mold spores. You’d need to come up with the funds to get your renovations and mold remediation started quickly. Would you be able to come up with the resources without the benefits provided by an affordable flood insurance policy? Imagine having to find another way to finance the repairs. From loans to savings to retirement savings distributions, most of your options create additional charges in interest, penalties and lost capital that could have easily been avoided with a simple flood insurance policy.
Just how affordable is flood insurance? The Insurance Information Network of California estimates the average annual premium as $570, and it can go much lower for those with homes outside a flood zone. With rates like these, there is no reason not to have that little bit of extra protection for your house or apartment. Give us a call and get your flood insurance policy set up before melting winter snow becomes an expensive and unexpected problem for you.
Don’t put yourself in a vulnerable position. Call Salzberg Insurance Agency at 757-583-1828 to get a free, personalized Virginia flood insurance quote today!
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 General liability insurance is a great product to protect businesses from some of the basic liability claims their clients and customers may make. For some business owners, general liability may not go as deep as they need.
Financial, legal, medical and other professionals who’ve had to get certificates, specialized education and/ or licenses in order to conduct business are expected to act within acknowledged and appropriate standards for their profession, and their backgrounds and certification make them accountable for upholding these specialized and stringent expectations. That is a more specific requirement than general liability will take responsibility for. Professional liability insurance can protect them from harm that arises out of their failure to follow these standards.
Professional liability insurance can be issued as a general “Professional” policy or as an industry-specific coverage, such as malpractice or errors & omissions.
· Malpractice: Nutritionists, physical therapists, trainers, doctors and others can all be subject to malpractice claims. Malpractice occurs when a medical professional is negligent in following accepted standard practices for treatment and disclosures and that negligence leads to injury or death.
Lawyers are also subject to malpractice claims for breaches in fiduciary duties, breach of contract or negligence that causes a client harm.
· Errors & omissions: As a legal, financial or real estate professional, you could make a mistake on paperwork or in arranging a contract, and that error could cause financial harm to a client. If you do, errors & omissions insurance may offer you some liability protection.
There is a wide range of professionals who would benefit from a professional liability policy. From technology specialists to plumbers, consultants to contractors, as well as all the professionals mentioned above.
When you shop for coverage, you’ll be asked to choose both a limit, which is the maximum payout for your policy, and a self-insured retention, which is basically a deductible. In order to get the best coverage be conservative when deciding how much to self insure and generous when choosing a limit for your policy.
If you are concerned that your general liability policy might offer insufficient coverage from your actual risk exposure, give us a call. We can conduct a policy review and make recommendations for additional products that increase the protection for your specific situation.
If you would like to find out what insurance policy your business can benefit from, or to get a free Norfolk Business Insurance quote, give us a call today at 757-583-1828.
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 As the holiday season approaches, millions of Americans will take to the roads to visit family and friends. Since many will make the trip in a rented car, it’s an appropriate time to discuss one of the most frequently asked questions of agents and brokers all over the country: “Should I buy the insurance from the rental car company?”
Following are a few considerations when mulling this important decision:
Damage Waiver & Your Personal Auto Policy
First, the good news: In many cases, a personal auto insurance policy will cover damage to a rented vehicle. That said—don’t get too comfortable! There are other costs associated with damage to a rented vehicle that the policy will not cover. For this reason, careful consideration should be given to purchasing the damage waiver offered by the rental car company.
On your personal auto policy, “Collision” insurance covers your vehicle for damage resulting from a collision with another object. “Comprehensive” (sometimes called “Other Than Collision”) covers your vehicle for theft, vandalism, falling objects and other causes not resulting from a collision. If you have a car loan, your lender will require you to purchase both. If you pay the loan off, the choice to purchase collision or comprehensive—and both or neither—is up to you.
Your personal auto policy will only cover damage to the rental car if you have the appropriate coverage type on at least one vehicle you own. For example, if you damage the rental car in a collision, you must have “collision” coverage on at least one vehicle covered by your personal auto policy. But if the rental car is stolen, vandalized, or damaged in any way not resulting from a collision, you must have “comprehensive” coverage on at least one vehicle covered by your personal auto policy. The key point: If your personal auto policy excludes the coverage type that damages the rental car—and you reject or violate the damage waiver—you will become personally responsible for paying all costs related to the damaged rental car out of your own pocket!
In contrast, the damage waiver usually offered at the rental counter will cover the damaged rental car regardless of what’s covered by your personal auto policy.
Limitations In Your Personal Auto Policy
What else could you possibly owe the rental company following an event or crash? These include administrative fees and the depreciated value of the vehicle after repairs—neither expense is covered by your personal auto policy. In addition, most personal auto policies only pay up to the actual cash value (ACV) of the damaged vehicle. If the contract requires the damaged rental’s replacement, the ACV payout may not be sufficient to cover the entire expense.
Again, in contrast, the damage waiver will cover all such expenses.
Also, the rental contract likely will require you to pay the rental company’s “loss of use.” These are expenses they incur resulting from the inability to earn income from the damaged rental. This cost could be hundreds of dollars or more. Some personal auto policies will pay a limited amount for this expense (such as $20 per day or $600 total). Others will not cover it at all.
In contrast, the damage waiver will pay the full cost of the rental company’s loss of use.
No Claim Necessary
If something happens to the rental car, purchasing the damage waiver gives the rental agency management of the process. This will allow you to avoid filing a claim and possibly help keep the cost of your insurance from going up. It also will keep your deductible in your pocket.
Limitations In The Damage Waiver
Don’t forget that the rental car company’s damage waiver is a contract. It will include a list of restrictions that, if violated, may terminate the waiver and leave you personally responsible for paying the costs associated with the damaged rental car. Examples of such restrictions may include:
- Damage to rental while driven by someone not specifically named on the contract.
- Damage to rental while driven on unpaved roads.
- Damage to rental while it’s being occupied by more passengers than available seat belts.
- Damage that occurs while pushing or towing.
This list is only a sample; the typical damage waiver may include additional restrictions.
Moreover, the car rental company’s loss damage waiver covers “diminished value,” the economic reduction in value of a repaired auto due to it having been damaged. Almost all auto policies and many credit card coverages exclude diminished value. What’s the impact to you? If you don’t take the damage waiver, you could get hit with a diminished value claim of $1,500 or more, depending on your type of damaged rental car.
Damage Waiver Covers Vehicle Damage Only
Perhaps the most important fact to remember is that the damage waiver only applies to damage to the rented vehicle. It is not a substitute for liability, medical payments, uninsured motorist, personal injury protection, and any other personal auto insurance coverage.
Other Products Offered By Rental Company
In addition to the damage waiver, most rental car companies offer a few optional insurance-type products. For example, some may offer a liability enhancement that gives you the option to increase the liability limits you already carry on your personal auto insurance policy. Depending on your available auto liability insurance, this option may be worth consideration.
Others may offer options such as accidental death, trip cancellation, or damaged luggage insurance during the rental period. Such options vary by company and may provide insurance dollars you cannot get elsewhere. However, they should not be purchased without first reviewing your current home, health and auto insurance policies as there may be duplication.
Conclusion
In light of the information above, you should seriously consider—and probably buy—the damage waiver from the rental car company. Deciding whether to purchase other products from the rental firm, however, depends largely on the insurance already available to you from other sources. For assistance in determining coverage you already have and comparing it to the rental company’s options, call Salzberg, your Trusted Choice® independent insurance agent today at 757-583-1828.
Business Travel Note: When you rent a car on a business trip, that’s an entirely different set of decisions, so again please contact your Trusted Choice® independent insurance agent.
(Source: TrustedChoice.com)
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 Consumers like to visit businesses that take success seriously. Before giving your business their money, they want to make sure that they are patronizing a company in which products or services are safe, secure, and effective.
The experience you have in your industry, and as a business owner, can speak to these concerns. Your professional reputation can help would-be clients feel more secure in supporting your business with their dollars. Your insurance portfolio is one of the few ways you can show them that you put your money where your mouth is.
Why Potential Clients like Insurance
When you buy an insurance policy that protects your clients from product defects, damages, malpractice or other professional slights, you are telling your clients you’re concerned with their well-being. The confidence your coverage engenders is profound and can turn a prospect into a repeat client who publicly sings your praises.
Buying insurance for your business is not just a way to make your clients feel respected and protected, it also insulates you from the financial responsibilities that follow an event of accidental negligence. Without insurance, such an event could result in a loss of assets as you pay for the uninsured damages out of pocket. This can present irreversible consequences and even bankruptcy.
If your industry or line of work doesn’t require you to carry professional liability insurance coverage, you should. It is a testimonial to your dedication to proper customer service and as a way to protect yourself from financial losses.
If you would like to find out what insurance policy your business can benefit from, or to get a free Norfolk Business Insurance quote, give us a call today at 757-583-1828.
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