October, 2020

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Moody Protect Your Investment Property With Proper Coverage

Protect Your Investment Property

Investing in real estate is an amazing way to set the stage for a more financially fulfilling future. Naturally, you cannot jump into this task without first considering a number of angles. Investing in property costs money, which means you want to take the steps needed to protect yourself and your real estate. Investment insurance can be a smart option to consider. Look over these details to figure out how to insure your project without missing any major risks.

Insurance Depends on the Project Status

Taking out comprehensive investment property coverage is not a complicated task when you set your mind to it. If youre in an early stage where youre rehabilitating the property, then be sure your insurance covers common scenarios that can occur during this process. Once youve moved into the phase where youre renting units out to tenants, you want to take out additional policies to protect you in the event that a renter causes damage to the property itself. Extra points to think over when it comes to insurance include:

Consider Your Options in Advance

While it can be advantageous to invest in real estate, you cant jump in without some forethought. Consider what insurance policies are best for your goals and keep your assets safe at all times.

The Benefits of ERP Coverage

ERP Coverage

If your business is going through an insurance transition, you may not be protected from claims made under your expired plan. When you add Extended Reporting Period protection to certain policies, the coverage can continue for a time after your policy expires.

What Is ERP Protection?

When you decide to cancel a claims-made policy, such as professional liability or errors and omissions insurance, and you don’t have ERP coverage, you won’t be protected if you are sued for actions taken under the old policy. There are two types of ERP insurance that are designed to protect your business.

  1. Basic Extended Reporting – With this type of ERP, your coverage is extended from 30 to 60 days, depending on your policy.
  2. Supplemental Extended Reporting – Your insurance provider may offer this option which can range from one to five years.

It’s important to note that ERP insurance can’t be applied to occurrence-based policies.

What Scenarios Will Benefit From ERP Coverage?


There are various scenarios in which ERP coverage is helpful. A couple examples are listed below:

  • If you retire, ERP will protect prior work activities covered under your previous policy.
  • ERP will protect your company during an insurance transition time.

ERP coverage will give you peace of mind and financial security during uncertain times. Your insurance agent will help you find the right coverage for your business.


Don’t Suffer the Consequences of Minimal Trucker Protection

Trucker Protection

As a trucker, you need to get from one location to your destination with the utmost care. Unfortunately, accidents can happen. Without truck insurance, you could be in deep water in the case of an accident or other mishap.

Cargo Insurance

Cargo insurance covers property that you do not own, but that you haul. If you are an independent trucker, then cargo insurance is a necessity. You are liable for all damages to the cargo on the way to your destination. Fire, vandalism and theft are three major risks to your cargo while on the road.

Primary Liability Insurance

On the road, accidents can happen. Primary liability insurance can help pay for any damages or physical injuries. It is required for truckers to carry this type of policy. Additionally, if you are in an accident with another vehicle and the insurer determines that it is your fault, the insurance will cover most damages.

Physical Damage Coverage

While cargo insurance can cover cargo that belongs to another party, physical damage covers damages done to your truck. This can be due to theft or vandalism. Other damages to your truck may also be dents and scratches.

To protect yourself and your cargo, you need comprehensive insurance policies that can cover you in the event of an accident or other mishap.

What You Need To Know About Staffing Insurance

Staffing Insurance

If you own your own agency, you may be wondering what staffing insurance is and whether your business could benefit from it. Agencies deal with a number of industry-specific risks and liabilities, so finding the right policy for your needs is essential. Here are a few key facts about this insurance type that can help you make an informed decision.

Healthcare Liabilities Vary

One common question staffing agencies have is whether theyre liable for providing healthcare. The rule of thumb, according to the Affordable Care Act, is that an agency is responsible for providing healthcare if it has 50 or more full-time employees. In order to count as full-time, these employees must:

  • Work 130-plus hours per month, or
  • Work an average of at least 30 hours a week

Additionally, temporary employees may also be eligible for benefits, unlike independent contractors. If this applies to your company, youll want to ensure healthcare is part of your coverage.

Consider Adding Safety Training

Part of what can drive up insurance expenses is workers’ comp claims. If you’re looking for ways to keep your employees safe while cutting back on insurance costs, consider adding safety training. This benefits both you and employees, both at the agency and wherever they get placed.

For agency owners, choosing the right staffing insurance policy can help protect against the risks and liabilities specific to the staffing industry. Consider these key facts as you search for the coverage you need.

Habitational Insurance for Your Business

Habitational Insurance

When your business is providing housing for people in your community, you need an insurer whose diligent, custom-tailored insurance solutions fit your company like a glove. No two businesses in any niche are alike, after all, and your insurance should adequately reflect the role of each building it covers, whether that’s group-owned condominium properties, apartment complexes, or even senior living facilities. Customized insurance from a provider who has a lot of experience helping businesses that look like yours can even be a learning experience because sometimes you learn about coverage needs you didn’t know you had.

Protect Your Assets and Employees

General liability and other common forms of insurance need to be tailored to each company they serve, and when you seek out coverage from the same companies that provide you with detailed habitational insurance coverage for your industry-specific needs. You can even find providers capable of folding in an errors & omissions policy if needed, it’s just a matter of finding the right insurer for your business. There are both local and national solutions, and the best way to learn more is to check out the educational resources provided to prospective customers. The more an insurer works to help you understand your options, the more you can count on them to keep helping you. After all, the start of any relationship tends to set its tone, so look for insurers whose tone matches your needs.