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10 Ways to Save on Los Angeles Business Insurance

In Commercial insurance or more commonly known as business insurances invokes many types of policies for different types of businesses that incorporate risk in order to make a profit. The primary focus on any business policy should always be adequacy to protect the property and the business itself from any loss and or damages which includes liability. Below are 10 methods to help you save on business insurance.

1. First and foremost consider your “business specific” insurance costs: You may be surprised on how many startup ventures never included insurance costs into their budget. For some businesses such as taxi services, insurance is a major operation expense.

2. Have the right amount of Liability protection: For small businesses, even if you are a one man operation, always consider having the minimum liability limit of $1,000,000 / $ 2,000,000. The 1 million amount is denoted per incident, and the 2 million is “aggregate” total limit per year; this should be considered the absolute bare minimum coverage amount anything less could put your business in serious financial risk.

3. Group Rates: Some professional organizations offer group rates, with that being said it is always a good idea to check and see of any group discounts for your type of business operation.

4. Increase deductible: It is usually a rule of thumb when it comes to most types of insurance, the higher the deductible, the lower the cost of your insurance. Always a good idea to get a quote with different deductibles to help determine which works best on your budget.

5. Lower your liability Risk: When you are running your own business there is always something to look out for, among the most important is your physical locations state. Keep an eye out for wet floor surfaces, cracked or crumbling steps, cracked windows, parking lot with uneven, cracked or broken areas, loose handrails, exposed electrical outlets, and related exposures. Many of these somewhat minor repairs / details could result in a sizable lawsuit if they are the primary cause of a serious accident.

6. Central Alarm System: This type of security system will save you money on your business property insurance and not to mention peace of mind. These systems are programmed to automatically alert fire and police authorities in the event of a fire or break-in.

7. Package Policy over Just Liability Policy: You can save money by combining other risks such as property (i.e. inventory, building), an umbrella policies, business income or including your commercial auto insurance to your existing policy.

8. Regularly Evaluate Coverage needs: The amount of protection should increase as your business grows. Under insuring a business is a sure way putting you and your company in unnecessary risk. It is recommended to look over your insurance needs at least once a year.

9. Relocation: Insurance costs vary by county; consider getting insurance quotes by county and see if there is any significant change in cost.

10. Avoid frivolous claims: Most insurance companies will rate you based on any losses (claims) filled in the past 5 years. Sometimes it makes sense to consider not reporting small loses and absorbing the costs since this might affect your insurance upon renewal.

10 Ways to Save on Los Angeles Homeowners Insurance

In this downturn that seems to have been going on way past the 9th inning, saving cash is the name of the game. One way to accomplish this is through most people’s biggest purchase, homeowners insurance. Below are the top 10 ways you can save a few dollars on homeowners insurance.

1. Raise your deductible. Like most insurance, raising the amount of money that you would need to pay towards a claim before your insurer picks up the tab is a sure way of saving money. Raising your deductible from $250 to $1000 will save you up to 25%. Raising it to $5000 will save you up to 40%.

2. Consolidate your policies. This is another sure way to save, most companies offer some sort of incentive if you bundle your policies under one insurer. Purchasing your homeowners and your auto insurance policies from the same company can give you up to 30% discount on your premium, plus you’ll only have one company to deal with.

3. Add Safety and Security Devices. If you install deterrents the savings will come, installing burglar alarms, smoke detectors, dead-bolt locks, and window locks can save you up to 15% on your yearly premium. If you implement a security system that can save you in upwards of %20.

4. Only insure your home. Don’t use the appraised value of your home when deciding how much coverage to buy; this method includes the price of the land. It is best practice to insure your home, not the land it sits on. (Note: Standard policies do not cover floods, so it is highly recommended to purchase flood insurance if you live in a flood zone).

5. Check your credit. Many companies are now basing your insurance rate on your credit rating. If you are one of the millions that have poor credit, find a company that does not run credit checks in order to give an insurance quote.
6. Quit smoking. Smoking is a major cause of home fires, so most insurers will give you a discount if no one in your home smokes.
7. Get a senior discount. Most companies offer some sort of discount to seniors who are 55 years and older and retried. It is in your best interest to find out which companies offer the highest discounts for senior citizens.

8. Stay with one company. Many insurers will give there loyal customers a %5 discounts if you stay with them for a period of 3 to 5 years, and 10& discount if you stay with them for 10years.

9. Pay premiums electronically. You can save up to $5 a month by paying your monthly premium by electronic bill pay, automatic deduction, or by credit card.

10. Compare Rates. Probably one of the most overlooked elements when shopping for a product or services I comparing prices and insurance rates are no different. Insurance rates can vary by hundreds and even thousands of dollars from one insurer to the next, so comparing rates is the best way to save you on your homeowners insurance.

How your Los Angeles Auto Insurance Really Works

If you drive a vehicle in Los Angeles, chances are that you already know a thing or two about car insurance. If that’s the case then more than likely you have heard certain terms being used when referring to this type of services such as deductible or premium. The question lingers, do you understand the different components that comprise an auto insurance policy. And if so do you know how to select the best coverage?

Forty seven of the great 50 United Sates require citizens to possess some type of auto insurance. Always a good idea to know what the minimum amount of coverage is required in your particular state. Not to mention knowing what additional or optional coverage might help you to protect you and your assets in the event of an accident.

Prior to purchasing any type of auto insurance, it would be wise to consider a variety of factors that should be taken into careful consideration. Some of these factors might include the type of vehicle that you are insuring, your driving record and the budget that you have set aside for the monthly premium. Grasping the basics and understanding the finer details of automotive insurance will give you confidence and peace of mind in the car insurance policy in the event of an accident.

Just to get you familiar with the different types of coverage that insurance companies offer as well as discussing possible insurance needs. In addition we will take a closer look at what affects the price of auto insurance coverage and how to lower the cost. Another area that we will be going into is understanding the components of your policy.

Types of Auto Coverage Every single individual that utilizes an auto mobile needs and in most cases is required to have car insurance. When you purchase auto insurance it is referred to as a policy. This policy is comprised of a variety of factors for instance, the type of vehicle you drive, and the type of coverage you prefer not to mention some other perks such as road side assistance.

The first mile stone in understanding what exactly is an auto insurance policy, is to learn the variety of auto insurance coverage that companies offer. Take into consideration that some of the offered coverage may not be required by your residing state and thus considered optional.

Know the Difference Between Types of Los Angeles Auto Insurance

Liability – This type of auto insurance coverage pays for the end result of an accidental bodily injury not to mention property damages that involve another party. Injury compensation can include medical expenses, pain and suffering as well as lost wages resulting from the injury. This type of coverage can also pay defense and court costs. Note that liability minimums vary from state to state, it is always best to verify prior to purchasing what you assume to be your states liability minimum.

Collision – This coverage covers damages done to your vehicle caused by another driver or object.

Comprehensive – This coverage type pays for loss or damages to your insured vehicle out of the scope of an auto accident. This type of coverage covers damages caused by fire, wind, hail, flood, vandalism or theft.

Medical Coverage – Pays medical expenses despite which party was at fault.

Personal Injury Protection (PIP) – This type of coverage is required in some states. This coverage type pays for medical expenses for insured drivers, regardless of who is at fault.

Uninsured Motorist – This pays for your car’s damages when an auto accident is caused by a driver who does not have liability insurance.

Underinsured Motorist – Pays for your car’s damages when an auto accident is caused by someone who has insufficient liability insurance.

Many insurance policies combine these types of coverage, but prior to purchasing any it is strongly advised to seek your states liability limits to assure selecting the right protection for you. Once you have verified your states legal liability coverage minimum then you can begin searching for the cheapest insurance policy coverage.

Understanding Your Los Angeles Auto Insurance Policy – Survival Guide

Understanding Car Insurance

If you drive a vehicle in Los Angeles, chances are that you already know a thing or two about car insurance. If that’s the case then more than likely you have heard certain terms being used when referring to this type of services such as deductible or premium. The question lingers, do you understand the different components that comprise an auto insurance policy. And if so do you know how to select the best coverage?

Forty seven of the great 50 United Sates require citizens to possess some type of auto insurance. Always a good idea to know what the minimum amount of coverage is required in your particular state. Not to mention knowing what additional or optional coverage might help you to protect you and your assets in the event of an accident.

Prior to purchasing any type of auto insurance, it would be wise to consider a variety of factors that should be taken into careful consideration. Some of these factors might include the type of vehicle that you are insuring, your driving record and the budget that you have set aside for the monthly premium. Grasping the basics and understanding the finer details of automotive insurance will give you confidence and peace of mind in the car insurance policy in the event of an accident.

Just to get you familiar with the different types of coverage that insurance companies offer as well as discussing possible insurance needs. In addition we will take a closer look at what affects the price of auto insurance coverage and how to lower the cost. Another area that we will be going into is understanding the components of your policy.

Types of Auto Coverage

Every single individual that utilizes an auto mobile needs and in most cases is required to have car insurance. When you purchase auto insurance it is referred to as a policy. This policy is comprised of a variety of factors for instance, the type of vehicle you drive, and the type of coverage you prefer not to mention some other perks such as road side assistance.

The first mile stone in understanding what exactly is an auto insurance policy, is to learn the variety of auto insurance coverage that companies offer. Take into consideration that some of the offered coverage may not be required by your residing state and thus considered optional.

Know the Difference Between Types of Los Angeles Auto Insurance

Liability – This type of auto insurance coverage pays for the end result of an accidental bodily injury not to mention property damages that involve another party. Injury compensation can include medical expenses, pain and suffering as well as lost wages resulting from the injury. This type of coverage can also pay defense and court costs. Note that liability minimums vary from state to state, it is always best to verify prior to purchasing what you assume to be your states liability minimum.

Collision – This coverage covers damages done to your vehicle caused by another driver or object. Comprehensive– This coverage type pays for loss or damages to your insured vehicle out of the scope of an auto accident. This type of coverage covers damages caused by fire, wind, hail, flood, vandalism or theft.

Medical Coverage – Pays medical expenses despite which party was at fault.

Personal Injury Protection (PIP) – This type of coverage is required in some states. This coverage type pays for medical expenses for insured drivers, regardless of who is at fault.

Uninsured Motorist – This pays for your car’s damages when an auto accident is caused by a driver who does not have liability insurance.

Underinsured Motorist – Pays for your car’s damages when an auto accident is caused by someone who has insufficient liability insurance.

Many insurance policies combine these types of coverage, but prior to purchasing any it is strongly advised to seek your states liability limits to assure selecting the right protection for you. Once you have verified your states legal liability coverage minimum then you can begin searching for the cheapest insurance policy coverage.

6 Ways to Save on Los Angeles Car Insurance

It seems that no matter what you shop for now a days the price is only doing one thing, going up. Not to fear this article will depict some helpful tips that can help you save some of that hard earned green and put it back in your pocket.

1. Shop Around – This tip is at the top of any bargain hunters list, and insurance is no different. We suggest to always get at least three insurance quotes prior to committing with any policy provider. Some insurance rates can differ as much as $500 dollars per policy. Some insurance providers use in-house employees to sell their insurance directly to consumers through telephone or internet. Others use “exclusive” agents to sell their products, independent contractors who mostly work on commission to sell the products of only one company. Assuming that you have a good driving history with minimal tickets you are more likely to get better deals from direct agents, since they exclude the middleman receiving commission. The down side is that these agents can be very selective on what type of driver they agree to insure, so if you have had recent encounters with law enforcement or someone else’s rear fender your best bet would probably be to check with a major provider first.

2. Know which Discounts are Available – Discounts can vary from state to state and it is always good to know what type of discounts are available in your area, some to be aware of are:
• Combination Discounts
• Defensive-Driving Classes
• Good-Student Discounts
• Retirement Discounts
• Association & Group Discounts
• Safety Discounts
• Loyalty Discounts

Also if you have other types of insurance such as homeowners insurance ask about bundled rates.

3. Increase your Deductible –Your deductible is the amount of money owed in order to receive repairs when an accident does occur. This does not include liability which only covers the other driver in case of an accident.

Like with many other types of insurance increasing your deductible is another sure way to bring down that monthly payment. We all know that insurance is a “what if” gamble but we have all heard the saying “when it rains it pours” so make sure that you have enough coverage that keeps your finances above water in case of an accident.

Increasing your deductible can cut your premium substantially, and since insurance is meant to cover the big ticket items that you could not handle comfortable on your own, a higher deductible might fit your bill. For the most part, increasing your deductible from $300 to $600 could reduce your premium anywhere from 15% to 30%. Raising your deductible to $1000 could save you as much as 40% or more in some cases.

4. Cancel Coverage-If you drive a late model car that’s value is less than 10 times the amount you’d pay for coverage you may want to consider canceling collision and comprehensive coverage altogether. Collision and comprehensive coverage can amount up to 40% or more of the total cost of your premium, and only covers the replacement value.

5. Credit Report Detail-Believe it or not your credit report can affect your auto insurance rates. An individual with extremely poor payment habits could pay as much as 30% to 40% more than their opposite counterpart. Although the use of credit-data varies from state to state, a variety of insurers use a ranking system called “insurance score” to assess the risk of a driver. The score can be compared to a credit score with the insurance score relying heavily on bill-paying habits rather than the overall debt of a driver.

6. Right Wheels can get You Better Deals-If you are in the market for a new car, keep in mind that the higher theft rates as well as repair costs will end up costing you more to insure. So if you are debating between which two car models to choose from rather than flip a coin, contact your local insurance agent for any noticeable monthly premium difference.