I am thinking of buying a coop or condo and wondered what kind of insurance I need? How does that differ from my renter's policy?
A coop or condominium needs coverage beyond that provided in a renter's policy. With all three policies, you would need contents for your possessions (clothes, furniture, TV, computer, stereo, etc.) and liability coverage in case a guest trips & falls or your sink leaks to drips down to other units in your building. However, with a coop or condo, you also own the unit (either through a deed or shares), so you need protection for your alterations and additions (some carriers refer to improvements and betterments) which insure your kitchen fixtures, built-ins, hardwood floors, bathrooms, walls, fireplace, etc. Many of Lee Insurance's carriers have products specifically designed for coops and condos.
I own a small company and need health insurance for my employees. What are my options and will it be affordable?
In most states, a business or sole proprietorship needs at least 2 people on payroll to qualify for group health insurance. There are numerous plans and the options vary depending on the co-pay, prescription benefits, doctor network plans, and the location of the business. Lee Insurance has trained staff dedicated to designing a plan to meet your budget and circumstance. Call us for an analysis and proposal to suit your needs.
I have heard that if I raise my deductible, I could save on my auto and house insurance. Does this make sense?
By raising the deductible on your auto, home, coop, condo or apartment insurance, you may be able to save significant dollars depending on your values. If you lease your auto or have a mortgage, there may be deductible limits or requirements, so check your lease or lender's contracts to make sure that the higher deductibles you select are permissible.
I just leased office space for my business. Now my landlord requires insurance and needs to be named as additional insured. What does this mean?
Most leases have an insurance clause which must be fulfilled before the premises can be occupied. Your office space will need to comply with the lease requirements, which means purchasing property (contents) insurance, workers compensation, and liability insurance. You are also asked to name the landlord as additional insured on the policy; there may be additional costs associated with that clause. This means that your office insurance policy will extend coverage in limited circumstances to your landlord. As your broker, Lee Insurance can provide that kind of coverage with a certificate of insurance faxed or mailed to your landlord.
What is Professional Liability Insurance? I am an advertising agency and one of my contractors is requiring that I purchase that kind of coverage before I am awarded the contract.
You can think of Professional Liability Insurance as malpractice / errors and omissions insurance coverage that many professionals nowadays are required to carry for their professional practices or businesses. These include attorneys, accountants, advertising agencies, web designers, real estate agents, printers, opticians, beauticians and of course medical professionals such as physicians, nurses, dentists, etc. This kind of coverage usually has a 'special application to complete with specific information such as revenues, number of employees, type of practice, and prior claims or lawsuits, etc. Lee Insurance's trained staff can assist you in this process to get you competitive proposals from our carriers.
I just got a contract with a huge mega-store for my products. Now they are asking me for Products Liability Insurance. How can I get coverage for that?
Many commercial package policies will include products liability for claims arising from the product itself which could mean getting a splinter from a toy,a rash from clothing, a cut from eating shrimp, etc. Sometimes a separate policy just for products liability can be purchased in addition to the business commercial package policy because the package might not include products liability.
Why do I need to buy Workers Compensation and Disability Insurance for my small tailor shop? I work there myself with just three employees. In most states, you are required to purchase this type of coverage for your employees and you may be fined heavily by the state if you do not comply. If you are an officer of the company, you may waive the coverage for yourself, but you must purchase the coverage for your employees. The rates are fairly standard whether you use traditional insurance companies or your state's insurance fund.
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