Tuesday, May 22, 2018

Insurance Reports

Can I Lie About My Driving History?

You can try. Technically it is considered "soft fraud". It won't matter anyway. All carriers run your history reports before (or sometimes after) they write your policy. Most run the reports before they will bind the policy. Your reports largely determine your rates so they can be very significant in your pricing.

Bad history means higher rates    

 or worse. 

 Some carriers will not insure you at all!

Carriers will run two main types of reports for an Auto policy.

The CLUE report provides a 7 year history of claims associated with the driver/car. It will show the date of the loss, the type of loss, the amount paid out and the driver and car associated with the claim. Your agent can send you your CLUE and you can dispute any claims that are on your report in error. 

The Motor Vehicle Report (MVR) provides your driving history, including your drivers license history (including suspension/cancellations), your traffic violations/citations and DUI convictions. The time frame of the MVR varies by state. 

Auto insurance carriers use these reports to decide what the risk is to insuring you.  The greater the risk (bad history), the higher the rates. So a clean driving history will earn you better rates. Most carriers will look back 5 years, but some go back only 3 years. 

Your driving history is very important to your rates (and to job opportunities if they involve driving!) You can lie all you want. We have had people tell us they have not accidents or tickets and then we find out they have both. "Oh I forgot about that" seems to be the common retort.  The reports will show your history, whether you have revealed it yourself or not. 

There are three ways to request a quote for your insurance needs: 
* Visit our website

* Call Brockman Premier Insurance at 877-987-8683  

Tuesday, May 8, 2018

Home-Based business

Do You Need Insurance for Your Home Based 

 You are considering starting a Home- Based business. Dog walker, free lance writer, personal concierge. There are so many options. Do you need insurance from the start? Do you need insurance at all? What if you only do this part time?

Yes!   Yes!  and  Yes!

Many home-based business owners believe their Home Owners policy will cover their business. But homeowner's policies EXCLUDE business coverage. Commercial risk is different from personal risk, so the policies contain different types of coverage. You want an insurance policy built for your business needs. You want a policy built for your protection. 

The Business Owners Policy

There are many policy options in commercial insurance (too many to list in one blog post.) So I am going to start with the most common type of policy for small businesses.

The Business Owners Policy (BOP) includes 3 main types of coverage.

General Liability:  This covers your company's legal responsibility for any harm it may cause to others. What you and your employees do or fail to do in your business operations may cause bodily injury or property damage due to defects in products, faulty installations and the errors in service you provide 
Business Property:  This covers two types of business property.  It covers the buildings themselves (which you won't need much of if yours is a home-based business) and the contents owned by the company (Business Personal Property). This would be furniture, laptop and supplies, as well as other equipment you may use in your business. 
Business Interruption: This covers the loss of income if your business operations are interrupted by a covered claim. It includes the extra expense of operating out of another space temporarily if your building is uninhabitable. 

There are many other types coverage in a BOP, some included and some optional. But these three are the main concerns for small business owners. Most BOPs are a minimum of $500 annually. They can be much more expensive depending on the business and the limits of coverage. But for a small home-based business that doesn't have high risk or high amounts of business personal property, they are generally inexpensive.

Other than BOP

Other Commercial policy types include Commercial Auto, Worker's Compensation and Professional Liability (Errors and Omissions). You can also get a General Liability or Commercial Property policy as a separate policy. They don't only come in the combination form of a BOP.

   Business owners looking for the the most cost effective way to protect their business should work with agents with access to multiple insurance carriers. You can go through your area Chamber of Commerce or the Small Business Administration to find an agent near you. Or you can call us!

There are three ways to request a quote for your insurance needs: 

* Visit our website
* Call Brockman Premier Insurance at 877-987-8683