February, 2015

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Three Common Personal Insurance Mistakes You Should Try and Avoid

Martin Insurance Agency

Most people recognize that having homeowners insurance, renters insurance, auto insurance, and other types of personal insurance is important. However, when you turn to Martin Insurance Agency, there are three main mistakes you should avoid at all costs.

  1. Not Getting Insurance
    In some situations, you may not think it’s important to get a certain type of insurance because you can’t justify paying the monthly premium. While this may save you a little bit of money in the beginning, if an inopportune event occurs, you will quickly regret your decision to not purchase insurance.
  2. Being Inadequately Insured
    It is important that you purchase enough insurance from Martin Insurance Agency to cover your potential losses. For example, when you buy motorcycle insurance, it’s important that you have enough coverage to take care of the expenses associated with getting in an accident. If you don’t have enough coverage, you could still end up being held liable for certain expenses.
  3. Misunderstanding Your Policy
    Even if you have the right amount of coverage, you can still run into problems if you don’t understand what a particular insurance policy entails. For example, some homeowners wrongly think that the business they run out of their home will be covered when they purchase a homeowners insurance policy. When you purchase a new policy, make sure that you thoroughly read it over and familiarize yourself with what it does and doesn’t cover.



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How Surety Bonds Work

VA Surety Bonds

There are many complicated and confusing things about business insurance, especially for contractors. One of those things that may not be commonly talked about is surety bonds. In Virginia, these three-party bonds are an excellent way to secure the financial backing necessary for many businesses. VA surety bonds can help your contractor business in a few different ways.

Financial Backing

Every contractor needs financing. No matter what type of project you are working on, there is a surely a surety bond that can help. Whether you are in need of permits, supplies, maintenance, or many other goods or services, surety bonds are there to help. Many different services in the Virginia area are currently offering this type of bond.

Protects Your Clients

Typically, contractors work for clients. Surety bonds ensure that these clients are not ruined if you were to be unable to fulfill your promised responsibilities for any reason. In this way, surety bonds are a type of insurance policy that allows both you and your clients to sleep a little easier and be a little more confident about what decisions have been made because there is a safety net in place.

VA surety bonds are an excellent way for contractors like you to fund projects while also protecting their clients in case they are unable to deliver on their promises. There are many different types of surety bonds available for your contracting business today.



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Aegis General Helping Distribution Partners Serve their Markets

Aegis General

Aegis General is on a mission to help their distribution partners aid people with insurance needs in many underserved markets. Motorcycle insurance is just one of those markets, with serious motorbike accidents resulting in extensive medical issues that can be quite costly.

Aegis wants to do their part by providing pertinent information to help in deciding how your clients will best be served, help you to suggest what insurance policy they will need to avoid problems and get the helped they’ll require after an accident.

Properly insuring a motorcycle

Many riders overlook the importance of insurance and many tend to under-insure their motorcycles. As an agent, you should help them by pointing out several factors they should consider when obtaining their motorcycle insurance policy. Most people simply take into account short-term medical and health expenses, such as hospital and surgery bills, neglecting to take into account any possible ongoing medical expenses such as follow-up physician visits, prescriptions, rehabilitation fees, and any ongoing injuries.

These are the types of expenses that can be crippling, and will likely become more costly than any initial fees for medical treatment. This is why it’s important that you convey that regarding motorcycles, as it is vital that they obtain the correct amount of insurance (most motorcyclists are, in fact, under-insured, and this is unfortunate).

Aegis General wants you to also keep in mind that motorcycle owners must not only insure their own vehicles, but they must also be aware of the possibility that other drivers may be under-insured. A motorcycle insurance policy must (1) be sufficient to cover more than the cost of repairing or replacing the motorcycle, and (2) provide for possible medical expenses in the case of an injury and lost wages in the event those injuries render the owner unable to work for any length of time.

A $100,000 policy may seem sufficient, but what happens if their injuries leave them unable to work for as long as six months? You might suggest that your clients carry comprehensive umbrella coverage that not only covers the rider, but also an under-insured or uninsured driver with whom the insurance policy carrier may get into an accident with. This policy should provide coverage for at least one million dollars, which may seem excessive, but the minimal additional monthly cost makes it more than worthwhile.


photo credit: Hillsborough Concours (license)

Examining Your Need for Restaurant Liability Insurance

Restaurant Liability Insurance

An aspect of owning a restaurant that is of the utmost importance is insurance. This product, in all of its many available forms, can protect you from various concerns and exposures — from broken equipment to liability lawsuits. Depending on the sort of establishment you operate, you will need certain types of coverage. Restaurant liability insurance is perhaps the most important purchase you will ever make.

The most common types of restaurant insurance available, which are either required, or simply a smart choice to make as part of your overall coverage options, include:


  • Property insurance, which protects your property (building and business property) in case of fire or other events (It generally does not cover natural disasters, such as floods or earthquakes
  • General liability is the policy that protects you in the event someone slips and falls in your restaurant, or gets sick after eating there (regardless of whether it was your fault)
  • Liquor liability is a policy that most states require for any establishment holding a liquor license and it helps protect you if a customer has too much to drink and drives and hurts themselves, or someone else
  • Food contamination insurance comes in handy if you lose power, for any reason, and the entire contents of your walk-in refrigerator units and freezers spoil, since this policy would pay to replace the food
  • Automobile liability is necessary if you have a company vehicle (it may be covered in your general liability, but always check with your insurance agent first)
  • Workers compensation will protect you if an employee is hurt at work and most states require that all employers carry some type of workers comp, and
  • Life insurance may be another necessary policy, depending on your mortgage and financing, as you may need to carry a hefty life insurance policy to satisfy your lender It is also a good idea to have life insurance in case something does happen to you and your family is left with a restaurant they aren’t trained or equipped to operate, along with bills they aren’t able to pay.


Other policies are available as well. Every form of restaurant liability insurance is part of any successful restaurateur’s portfolio.


photo credit: Malai Chicken Tikka (license)

Increase Your Profits by Offering Customers Peace of Mind

Vehicle Repair Insurance

When it comes to selling cars, the one thing that helps to seal the deal is looking out for the best interest of the customer. What better way to do that than to offer some kind of insurance to give them some peace of mind? Although your goal is to make a profit, you cant do that if your customers dont feel like they have a reason to come back. Here are several reasons why it is a good idea to offer vehicle repair insurance in your establishment.

Reduce Repair Expenses

Vehicle repairs are expensive. The average person is more likely to put off getting car repairs until the problem is something that actually prevents them from driving their vehicle. The longer potential customers continue to put off their car repairs, the less money your establishment makes. Offer your customers vehicle repair insurance and lessen some of their financial burden. Then they will bring their car in every time it needs to be serviced.

Gives Your Company a Leading Edge

In the car sales game, there is so much competition that you have to go above and beyond to lure your customers in the door. Once they are there, you have to work even harder to prove to them that what you are offering is the best deal around.

When you add vehicle repair insurance to the mix, there is no disputing that your dealership wants its customers to be happy and at ease with their purchase for as long as they own it.


photo credit: 59 DeSoto Fireflite (license)

Protect Your Practice With the Right Disability Plan

Disability Insurance Doctors

Doctors are in the business of taking care of others. When people become ill or are injured, physicians help them get back to their lives and livelihoods as quickly as possible. What happens when it is the doctor who has to stop working due to a mishap or illness? As in other professions, disability coverage is available to people in the medical field to help sustain them when they cannot work. Benefits, however, may vary widely from policy to policy. Sufficient and effective disability insurance for doctors takes a number of factors into consideration.

The Language of the Contract

Disability may be defined differently by various insurers. It is important to understand what is included in a policy and what the exclusions are. Have a clear picture of what the contract says regarding its benefit period, the benefit amount and the elimination period. Find out what the options are as far as policy riders are concerned. Some examples may be:

The Best Time to Purchase

Disability insurance for doctors is best purchased when physicians are young and healthy. One main reason for getting a comprehensive and flexible plan early in your career is because pre-existing conditions typically are not covered by group plans. An individual plan is a portable option you can buy and take with you wherever your career leads.




Common Real Estate Insurance Claims

Real Estate Agent Insurance

Real estate agent insurance is an important thing for any insurance agency to have. This crucial policy can protect your company in the event of many different claims against you or one of your employees. Here are some of the most common claims alleged against real estate agencies.

Failure to Disclose Material Facts

Sometimes, facts get overlooked and that can be a big problem for people purchasing real estate. When buying a home, people want to know all the facts, not just some. When a real estate agent fails to tell a potential buyer all of the facts about a property, they can be held liable.

Failure to Inspect Property

Having a property fully inspected for damage and potential hazards is an important part of purchasing or selling a home. When an agent fails to do this for a client, or is accused of failing to do this, clients can file a suit against them.

Delay in Closing Transaction

Closing on a property is not a quick process. Sometimes the process gets delayed time and again. If a client is unhappy with how long they wait to close, or they lose the property they are interested in buying, the agent could be held accountable for that.

Mistakes are inevitable in any business. Making sure that you and your employees are covered in the event of an error is very important. That is why real estate agent insurance is a must for any company.


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