A professional liability insurance policy is required these days, based on the litigious environment in the United States. Business owners that provide professional services buy this type of insurance because without it the risks are overwhelming.
An article in the April issue of Independent Agent Magazine (“Oops! They Needed E&O” by Russ Banham, page 36-39) reminds us that there are lots of people, just starting a business for a variety of reasons, who are becoming independent contractors. Many may think that their general liability insurance policy is sufficient, but the minute they begin classifying themselves as “professionals” they have specific duties of care they owe others, which may result in a costly personal liability.
Many new independent contractors are one-person businesses offering specific skills like management consulting, information technology security or financial planning. If you are a new business start-up, make sure that you consult with your business insurance professional to determine if your business services expose you to professional liability issues.
Don’t just pass on this type of insurance because of the anticipated costs. “E&O insurance covering the wide range of professional classes that don’t fall into clear groups like architects, engineers and accountants is quite affordable,” says Greg Leffard, vice president, professional liability, at The Hartford.
Carriers and agents point out that claims have gone up against many professional classes since the financial crisis began in 2008. If you are a business professional, don’t let someone’s financial failure be blamed on you.
At Dave Reed Insurance, the Peace of Mind People, we are happy to discuss your business insurance liability issues and offer suggestions that will help you share the risks associated with doing business. Give us a call at either of our two convenient offices in Pensacola, Creighton Road, 850-494-2264, or at N. Navy Blvd. 850-454-8555. We can help.
Posted in Business insurance Liability Insurance by .
Mar 12
23
Tornado Safety Tips
Thanks to our underwriter, Bankers Insurance Group, here is a link to tornado safety. In Pensacola, hurricanes are not the only weather we need to make preparations for.
Though it’s a little earlier than most people would expect to hear tornado sirens, the past couple of weeks have proven that tornadoes don’t need to be in-season to strike. Although warning systems are always improving, tornadoes can appear very quickly and move sporadically. It’s important to have an emergency plan and know how best to keep your family and home safe. When you need insurance assistance feel free to call us at Dave Reed Insurance, Creighton Rd office 850 494-2264 or at our Navy Blvd office 850 453-8555. We're the Peace of Mind People.
Here is a video with helpful tornado safety tips in case a tornado comes your way.
Mar 12
12
Pet Insurance Coverage
After food costs, veterinary care expenses are the second highest expense for pet parents. In fact, US pet parents spent about $13 million on veterinary care in 2010! Pet insurance or pet health insurance helps you manage these costs if your pet becomes ill or is injured so you can avoid a difficult financial decision about that special member of your family. It is best used to help soften the economic shock of high veterinary bills if something unexpected happens.
Pet insurance works much like human health insurance, it has premiums, deductibles, co-pay, and maximum payouts. The Premium is the amount you pay monthly, or annually for your pet insurance policy. The Deductible is the amount of the veterinary bill you must pay before the insurance company starts paying. This can be either per-incident or an annual amount you must pay each year regardless of the number of incidents. A Co-pay is the percentage of covered expenses you must pay after the deductible is met. The insurance company pays the remaining percentage of covered expenses. For example, if your co-pay is 20%, the insurance company will pay 80% of the covered expenses. Be sure you know what the insurance plan covers before you buy it. Maximum Payout is the maximum amount the insurance company will give you. This can be differentiated in a variety of ways: per incident, per year, lifetime payout, body system, or based on a predetermined benefit schedule. Companies that use this structure will tell you ahead of time the specific amounts they will pay for certain diseases.
You want the plan you select to cover the worst-case scenario cost. Ask your veterinarian to help you. You may not know what injury or illness will occur, so you want a plan that will give you the most flexibility for whatever comes up.
Dave Reed Insurance is proud to offer your pet insurance coverage through the ASPCA® Pet Health Insurance plan. This program aims to help pets live longer, healthier lives by educating pet parents about the benefits of insurance including a wellness program in addition to illness and accident coverage options. Our underwriter, the Hartville Group, Inc. is one of the oldest and largest pet insurance providers in the US. They developed this program with the American Society for the Prevention of Cruelty to Animals (ASPCA®).
You may choose from four increasing levels of coverage to fit your budget and needs: accidents, illness, wellness, and wellness plus. Continuing Care coverage option is available with levels 2-4 for additional coverage of ongoing conditions. These are injuries or illnesses that need care across multiple plan periods.
With this program you may get treatment for your pet at any licensed vet, including specialists and emergency care, in the US or Canada and pay for services. File a claim using our simple form with your receipts; and get reimbursed 80% of usual and customary covered charges after a low $100 annual deductible per pet. You can track your claims online, save with a10% multiple pet discount and enjoy a 30-day money back guarantee.
Get a free quote online http://www.BrokerPetInsurance.com/DaveReed or call toll-free 1-877-343-5314 to speak to a representative. Remember to enter Priority Code FLD412. Protect your pet like one of the family! With our ASPCA® pet insurance program, it’s easy to find the plan that fits your budget and needs.
Posted in Pet Health Insurance Pet Insurance by .
Feb 12
24
Mobile Home Insurance
Secure Your Home
Your home is likely to be your largest investment. Dave Reed Insurance can help you get exactly the type of insurance you need for your manufactured home. Most mobile home financing companies require replacement value coverage equal to the amount owed on the home. Their forced placed insurance coverage is very expensive and only covers the loan value. Citizen’s Insurance does offer mobile home insurance in Florida that could include a replacement value as well as personal property, other structures coverage and liability and medical payment provisions.
In addition to a fully completed, signed and dated application and premium payment there are some other documents required. These items include an inspection contact information form and a cost estimator to accurately establish the “stated value” of the property. Citizen’s requires two recent photographs that display all sides of the mobile home. Additional photos are required for other structures to be covered. Providing these will help facilitate the binding process. Prior to the binding, the Agent is required to visually verify within five days from the policy effective date that the property to be insured is located at the address recorded and that it meets eligibility criteria. A home with existing damage or with a roof older than 25 years will need to be reviewed. Roofs with less than three years remaining life expectancy must be replaced before they can be considered for coverage. Dave Reed Insurance agents can go over all these requirements with you to make completing this task easier.
Renter's Insurance
If you live in a rented mobile home, your landlord has no obligation to insure you or your belongings. To protect yourself you should purchase renters insurance. We provide two options to protect your personal property: choose actual cash value or replacement value. If you are forced out of your home because of a covered peril, renters insurance helps provide for lodging and meal expenses until you can relocate or move back in. You can also include personal liability insurance as an option. If a guest is injured whilein your home, or if you accidentally injure someone or damage property away from the home, you may be liable. By adding this option, your renter’s policy will provide you with protection, plus legal defense.
Owners of mobile homes are far more likely to be victims of theft. You should take an inventory of items in your home that would be most likely stolen. Marking them with an identifying number, taking photos or a video of them (showing the engraved identifying number) and attaching the sales receipt to the inventory form will make verifying ownership and value easier. Without insurance, replacing common household items is an out-of-pocket expense. Can you afford to replace all your appliances? Renters insurance is an affordable and important coverage if you live in a mobile home that you rent.
Very few insurance agents in Pensacola are willing to take the time to write mobile home insurance policies, but Dave Reed Insurance, the Peace of Mind People are happy to discuss your specific needs and go over all the requirements for insuring your property. In addition, they can help you finance the premium into a down payment and 10 monthly installments. Contact us at either of our two locations: 2740 Creighton Road (850 494-2264) or 1091 N. Navy Blvd. (850 453-8555) to schedule an appointment.
Posted in Home Owners Insurance property insurance Pensacola Renter's Insurance by .
Dec 11
20
Tips for the New Year
Dave Reed Insurance Suggestions for 2012
Soon we will be beginning a new year, 2012. Many of us will celebrate the New Year with a party. Here are a few ideas to help you get your New Year off to a safe start.
- If you are planning a holiday party, be careful with candles. Don't place them where they can come in contact with flammable items.
- When you prepare food, pay attention to cooking items. Don't get so involved with guests that you forget what's on the stove.
- Some people like to set off fireworks on New Year's Eve. Remember, in Florida, it is illegal to buy, sell or explode consumer fireworks – unless you have a city permit to shoot off fireworks for the public to enjoy; will use the fireworks to scare off birds from a farm or fish hatchery; or you work on a railroad and need to light or clear a path for your train.
- You CAN USE anything the state considers a SPARKLER. You can shoot these off in your yard. Be sure to have a bucket of water to douse any duds.
- Drinking alcoholic beverages at New Year's Eve parties should be done responsibly. Please do not let your guests drive, if you believe they have over-imbibed.
Dave Reed Insurance, the Peace of Mind People, wish each of you a Happy New Year. Don’t forget you can stop by our offices at 2740 Creighton Road or 1091 N. Navy Blvd. to pick up your free 2012 calendar. This year you can choose between the Farmer’s Almanac and the Weather Calendar, while supplies last. We will also be happy to help you review your insurance policies to make sure you have the best coverage for your needs at the best price.
Do the holidays have you jumping through hoops? Don’t let CRIME complicate matters! Dave Reed Insurance, the Peace of Mind People, wants to share these ideas from the University of Oklahoma Police Notebook. Exercise safety this holiday.
Travel
- When you travel, plan ahead – know where you are going and how to get there.
- Check weather forecast before leaving.
- Notify a local family member of your travel plans and provide contact information.
- Travel and conduct your business during daylight hours if possible.
- If you have access to a cellular telephone, carry one – do not use it while driving, as this is now unlawful in many states. Know the emergency cell codes for the area you’re in. Florida = *FHP (star 347 – cellphone only) or 911 or 800-525-5555.
- While driving, keep doors locked and widows rolled up at all times. Maintain at least a half tank of fuel, and check vehicle before leaving home, especially spare tire and all fluid levels.
- Consider keeping spare fuses and a “breakdown kit” in your vehicle at all times. Include a thermal blanket, a help sign or flares/reflectors, a flashlight, water and duct tape at a minimum.
- Include a basic first aid kit, portable fire extinguisher & how to access your spare tire and jack.
- Devote your full time and attention to driving. Develop the habit of scanning for situational awareness. Use your mirrors, look ahead and anticipate events that will affect traffic flow.
- If you have a breakdown, pull as far onto the shoulder as possible and turn your emergency flashers on. Use your cell phone to call for help, raise your hood and remain in your locked vehicle until police or tow operator are on scene. Speak to any strangers who stop through a partially rolled down window; ask them to contact law enforcement officials.
- If involved in a property-damage collision in an unfamiliar or potentially unsafe location, do not open or exit your vehicle. If you have a cellular telephone, summon law enforcement.
- Criminals sometimes deliberately cause minor car accidents in order to rob the occupants or steal the vehicle. If you are involved in an accident that seems suspicious, remain in your vehicle, and contact police. Do not get out to inspect for damage or to exchange information.
- If the driver of another vehicle tries to force you off the road, do not stop. Slow to a safe speed, and proceed to a safe location. Try to obtain the license plate number and a description of the vehicle and its driver and any occupants. Report the occurrence to police as soon as possible.
- Keep your car in gear while stopped at traffic signals or signs. If approached in a threatening manner, honk the horn to attract attention and drive away. It is always a good idea to leave enough space between you and the vehicle ahead in order to drive around it if necessary.
- If signaled to stop by any vehicle other than a clearly marked law enforcement unit, acknowledge the signal, and wave the driver to follow you to a safe location. Drive within the speed limit, take the most direct route and call 911 on your cellular telephone. Tell the dispatcher you are being followed by an unmarked vehicle attempting to stop you, and ask them to send a marked vehicle to your location.
Shopping
- When parking, roll up the windows, lock the doors, take the keys and ensure your valuables are concealed before reaching your destination.
- Plan your shopping to only load your vehicle when you are ready to drive to another destination.
- When returning to your vehicle, carry your keys in your hand and be ready to unlock the door and enter the vehicle as quickly as possible. Be aware of others in the area around you, under or inside your vehicle. Return to the store for assistance if you spot suspicious activity near your vehicle. When safely inside, call 911.
- Shop with a friend or relative. There is safety in numbers. Keep a close eye on your children while shopping.
- While out and about, present an alert appearance. Be aware of your surroundings; scan the area from time to time.
- If you must leave items in your vehicle while out and about be sure to secure them out of sight. This includes docking stations and connector cables. Leave no trace that there is anything valuable in your car.
- Park in busy, well-lighted areas.
- Lock all vehicle doors and set any alarm or anti-theft device.
- To aid in recovery, mark your valuables with a personal identifier inscribed or engraved on all valuables. Use your driver’s license number prefaced by your driver’s license state initials. With that marking any police officer can trace your valuables back to you.
- A Final Word: Do not confront anyone. Your life is precious; property can be replaced! Be Alert, Be Aware, and be prepared to BE A GOOD WITNESS.
Dave Reed Insurance, the Peace of Mind People, wish you a happy and safe holiday season. If you have any questions or need advice feel free to call our Creighton Rd. office at 850-494-2264 or our N. Navy Blvd. office at 850 453-8555.
Nov 11
30
Holiday Safety Tips
The holidays are an exciting time of year for all family members. To help ensure a safe holiday season, Dave Reed Insurance, the Peace of Mind People, has compiled some home safety suggestions from the American Academy of Pediatrics. We wish you all a safe and happy holiday season.
Trees
· When purchasing an artificial tree, look for the “Fire Resistant” label.
· When purchasing a live tree, check that needles are hard to pull from branches, twigs should bend and not break and sticky resin should be visible on the trunk butt.
· Keep trees away from fireplaces, radiators or portable heaters. Close air vents around tree when setting up at home.
· Cut a few inches off trunk butt to help absorption of water placed in tree stand.
Lights
· Check all lights for frayed wires, broken sockets, loose connections and burned out bulbs.
· Never use electric lights on a metallic tree. The tree can become charged with electricity from faulty lights, and a person touching a branch could be electrocuted.
· Before using lights outdoors, make sure they have been certified for outdoor use. Mount them through hooks or insulated staples, not nails or tacks.
· Plug outdoor lights into circuits with ground fault interrupters.
· Turn off lights when you go to bed or leave the house. Shorted lights could start a fire.Decorations
· Use only non-combustible or flame resistant materials to trim a tree. Choose tinsel or artificial icicles made of plastic or nonleaded metals.
· Never use lighted candles on a tree. Place candles in not-flammable holders and away from places where they can be knocked over.
· Avoid using decorations that can be broken or have small removable parts that can become choking hazards.
· Remove all wrapping materials after opening from tree and fireplace areas to avoid choking, suffocation or fires. Don’t burn them in the fireplace.
Toys
· Select toys to suit the age, abilities and interest level of the intended child.
· Read the instructions before allowing your child to play with what he/she has received.
· Don’t give children under the age of ten a toy that must be plugged into an electrical outlet. Select battery operated ones.
· Keep button batteries and magnets away from young children to avoid swallowing. Serious stomach and intestinal distress – even death – can occur. Notify your health care provider immediately if your child swallows one.
Visiting
· Clean up immediately after a holiday party to remove choking hazards as well as alcohol or tobacco products.
· Keep an eye out for danger spots. Not all homes you visit may be childproofed.
· Keep a list of emergency phone numbers handy including the police and fire department, your pediatrician and the national Poison Help line, 1-800-222-1222. Laminating it will help keep it from being torn or damaged.
· Try to stick to your child’s regular routine of sleeping and eating to reduce stress.
Shopping
· If possible, leave children with a baby-sitter while you are shopping.
· Keep a close eye on children if you do take them shopping.
· Teach your children to go to the store clerk or security guard if they ever get separated from you. Be sure they know their first and last name so they can tell someone who they are. Learning your address set to a music jingle will help them remember.
· Children under the age of four years should be kept in a stroller.
· Children in a shopping cart should be properly seated and belted in the child carrier area at all times – never let your child stand in or push a shopping cart.
· Establish the rule “NO whining and NO crying or we go home immediately.” You will only need to enforce it once.
Food Safety
· Bacteria are often present in raw foods. Fully cook meats and poultry, and thoroughly wash raw vegetables and fruits.
· Wash cutting boards and preparation surfaces between uses, especially after raw meat is handled.
· Be sure to keep hot liquids and foods away from the edges of counters and tables, where they can be easily knocked over by a young child’s exploring hands.
· All family members should wash their hands frequently.
· Never put a spoon used to taste food back into food without washing it.
· Always keep raw and cooked foods separate, and use separate utensils in preparation.
· Thaw meat in the refrigerator, not on the countertop.
· Foods that require refrigeration should never be left at room temperature for more than 2 hours.
Posted in Emergency Preparations Holiday Safety Tips by .
Nov 11
8
No Power With Kids
No one likes power outages. But having little ones in the house means a completely new set of challenges. Keep the monsters away and your kids out of trouble with our handy power outage checklist.
LED Reading Lamp
Kids may not like reading, but during a power outage having a favorite book or magazine on hand can be a lifesaver. Make sure you’ve got a clip on book light handy so the kids can read to their hearts content.
Glow in the Dark Chalk
And you thought your kids were too old to color… Glow in the dark chalk adds a new dimension to coloring. Chances are your kids won’t be too interested in them until the power goes out, but when it does you’ll be glad you kept some in stock.
Portable Video Games
We’re not advocates of mindless or violent video games, but having a portable console on hand can be a welcome source of entertainment and comfort when the power goes out. Make sure you’ve got some extra batteries ready to go.
Non-Perishable Treats
Dried fruit and other non-perishable food is a good way to make sure your kids stay full without having to open the refrigerator and put perishable food at risk. Make sure to keep an adequate supply in the pantry just in case.
Battery Operated Fans
Without power central air ceases to function, and that means your kids might get uncomfortably hot. Having a few small, battery powered fans with soft blades keeps kids cool without risk of harm.
These are just a few of the suggested items you will want to have on hand in case of an emergency. For more ideas check out this article on our website: Hurricane Preparations .
Posted in Emergency Preparations Home Owners Insurance by .
At Dave Reed Insurance, the Peace of Mind People, we are always looking for great tips to help our customers. One of our insurance providers, Bankers Insurance Group has suggested these ideas.
Home security is always on our mind here at Bankers Insurance Group. Staying protected means more than getting a homeowner’s insurance policy – it’s about keeping theft from happening in the first place.
Here’s our top 5 ways to secure your home for under $100.
Door Security Bar
These bars offer a simple and low cost solution to secure the doors to your home. Supplying protection from hundreds of pounds of force and even vibration activated intrusion alarms these sub-$50 products offer one more way to protect the major traffic areas of your home.
Wedge Alarm
Don’t want a security bar in your entranceways? These small wedge shaped alarms screech when disturbed. Though these alarms won’t prevent unwanted guests from gaining access they are loud enough to scare off intruders and easy to set up.
Motion Activated Flood Lights
Simple motion activated outdoor floodlights shed light on loiterers while going easy on your wallet. Make sure you install these easy to deploy lights near doors and access points on the outside of your home. They’ll also help you find your keys in the dark (or avoid tripping on those pesky steps).
Dummy Security Camera
Security cameras are an excellent deterrent to crime, but costs are prohibitive and equipment maintenance requires a small fortune. These “dummy” cameras are made with the same outer casing as the real thing minus the costly electronics. Many even feature motion activated LED lights. Placed at key entrances these solutions provide another convincing deterrent.
Man's Best Friend
We went there… A well-trained furry companion can be one of the best security measures you can take. Adopting an animal in need of a home is as simple as going to your local shelter, and although it will cost you more than $100 over time, it’s a worthwhile investment. Make sure the breed you choose is not excluded under your insurance policy or banned by your neighborhood association.
If you have other concerns about making your home secure, feel free to call us at 850 494-2264 (Creighton Rd. office) or 850 453-8555 (N. Navy Blvd. office).
The diversification of the U.S. economy over the past generation has meant that millions of Americans have started their own businesses. Americans still chase the dream of being their own boss by starting their own business—and the trend may pick up during the economic slump of 2011 because of hiring slowdowns and spikes in corporate layoffs.
Small businesses are the biggest driver of job growth, generating 60 to 80 percent of net new jobs annually over the last decade, according to the U.S. Department of Commerce. Small firms employ half of U.S. workers.
And the sole proprietor is alive and well: In 2005, there were six million firms with employees but a whopping 20.4 million firms who had no employees other than the owner, according to the Small Business Administration.
Of all small businesses, 52 percent are home-based. That means millions of Americans are earning their business income where they live. But business owner beware: Don’t expect homeowners insurance to cover business risks.
Business insurance offers protection from liability and property risks. Often these coverages are combined into a package policy called a BOP or business owner’s policy. Millions of small and mid-sized business owners purchase or renew their BOP every year.
Typically, a BOP includes the following coverages:
Property insurance for buildings and contents of the business - Home-based businesses might not need coverage for their property, since it’s already insured against risks of fire, lightning and windstorm. But if there are additional risks to the structure because of the presence of business operations, those won’t necessarily be covered by homeowners insurance. Your Trusted Choice® insurance agent can help determine if a special endorsement or a separate policy are most appropriate.
Home-based businesses might not have adequate coverage through homeowners insurance because homeowner’s policies often have “sub-limits” restricting coverage for business property. For instance, the homeowner’s policy may cover business property, but typically only up to $2,500 while it is “on premises” and up to $500 while the property is “off premises.”
One example of inadequate coverage was a home-based retail cosmetics/personal care business that kept $20,000 of inventory in a garage that caught fire. The inventory was covered only up to the sub-limits of the homeowner’s policy. Another instance: Coverage would be limited to the “off premises” limit of $500 if a laptop computer valued at $1,500 that is stolen while the business owner has it away from home.
Property insurance for buildings and contents of the business – If there are additional structures on a residential property where the homeowner operates a business, those won’t necessarily be covered by homeowner’s insurance. For example, a detached garage that serves as a small-engine repair shop would not be covered by homeowners insurance; that business owner would need a policy endorsement to gain coverage.
Business interruption insurance - This protects against loss of income resulting from a fire or other covered event that disrupts the business. This coverage can also include the extra costs a business shoulders while it works from a temporary location. A fire in a home can be double trouble for a home-based business.
Liability insurance – This protects the small business for legal responsibility for the damage it causes to other people or entities. Liability insurance is usually priced according to the risk of the industry in which the business operates. A business that manufactures toys, for example, faces different risks than a consulting firm. Liability insurance shields a business and its employees if they cause bodily injury or property damage.
Not included in a BOP are professional liability coverage, automobile insurance, workers compensation, medical insurance and disability insurance. All can be covered with separate policies.
Check with your Trusted Choice® insurance agent, Dave Reed Insurance about what type of insurance protection a small business—especially a home-based business—warrants. Give us a call at 850-494-2264 in our Creighton Rd office or at 850-453-8555 on Navy Blvd. We’ll help you find a policy that fits your needs.
