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Insight into Commercial Insurance Requirements

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Like an individual, a business needs insurance coverage to protect against scenarios that could cause physical or financial harm. An owner needs to get insight into commercial insurance requirements before purchasing a policy. InsPeak in Arlington, TX can help to define the coverage a business needs to keep the doors open.

What is Commercial Insurance?

Commercial insurance is designed to provide blanket coverage for a business, its owners, and its employees. Companies must protect their daily operations, office structures, and other commercial properties from damage related to unexpected events like lawsuits, work-related accidents, or natural disasters. Commercial insurance covers risks that may ruin a business’s reputation and impact its success in the marketplace.

Texas Commercial Insurance Requirements

The Texas bylaws do not require a business to have a standard commercial insurance policy. However, most local owners have purchased some degree of workers’ compensation coverage that protects their wealth. Workers’ compensation covers all expenses associated with an employee injuring themselves at work, including medical expenses, lost wages, and rehabilitation costs. 

All Texas businesses should have minimal general liability coverage as part of their commercial insurance policy. This coverage protects the business’s future against potential bodily injury claims that occur on-site. It also protects your business from a lawsuit after off-site property damage caused by an employee. The coverage will pay for all repairs and possible replacement of damaged personal property without a business owner making additional out-of-pocket payments.

To learn more about commercial insurance requirements, contact InsPeak in Arlington, TX. Our staff is eager to answer all of your questions and concerns. Their insurance expertise and knowledge will help you create a policy that meets your commercial insurance needs. Call and schedule an appointment today. 

Terms to Know When Choosing Your Home Insurance Policy’s Personal Property Coverage

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Personal property coverage is an important protection included in most home insurance policies. You might have several options when setting up this part of your home insurance policy. Here are some terms to know so you can make informed decisions about how your belongings are protected.

Actual Cash Value (ACV)

Actual cash value is a way of valuing insured property. The ACV value of your belongings is essentially what they’d sell for at the time of a covered event. The method takes into account depreciation, which can be quite substantial.

If a claim is made, an ACV usually pays out the value of the items at the time of loss, not what it would cost to buy them new. This type of coverage may result in lower premiums, but it also means you might not receive enough compensation to replace lost or damaged items fully.

Replacement Cost Value (RCV)

In contrast to ACV, replacement cost value coverage typically pays the amount necessary to replace lost or damaged items. It’ll usually pay enough to purchase new items of similar kind and quality without deducting depreciation. 

RCV coverage ensures you can replace your personal property without additional out-of-pocket expenses. While RCV policies typically come with higher premiums, the added protection is worth getting for many homeowners. We at InsPeak often recommend this option.

Worldwide Coverage

Worldwide coverage generally extends the protection of your personal property beyond the confines of your Arlington, TX home. This means that your belongings are covered against loss or damage no matter where they are in the world, except for a few exceptions like war zones. 

Get the Right Personal Property Coverage

Choosing the right personal property coverage for your home insurance policy requires understanding your needs and coverage options. For help going through the various options, contact us at InsPeak if you’re in Arlington, TX.

I have a 5th wheel. Am I required to purchase recreational insurance?

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Many people don’t consider an RV and a vehicle as similar. However, if your RV has a motor, it’s actually a home on wheels. However, there are different kinds of RVs, some with motors and some without. All motorized RVs are subject to the same insurance laws that govern vehicles. Our Arlington, TX team of experts at InsPeak is dedicated to helping RV owners get the coverage they need.

What type of insurance is required for RVs in Texas?

If you own a motorized RV in Texas, you’re required to carry liability insurance that meets the state minimum requirements. Similar to auto insurance, RV owners must carry $30,000 per person for bodily injuries as well as $60,000 per accident. RV owners must also carry $25,000 in property damage coverage. If you have a non-motorized RV, your car insurance should cover the tow of your RV. Non-motorized RVs can be insured, but there’s no legal requirement. However, if you’re financing your RV, your loan company usually requires you to carry insurance until it’s paid off. 

I have a 5th wheel. Am I required to purchase recreational insurance?

The 5th wheel is a non-motorized recreational vehicle. As a result, Texas law doesn’t require non-motorized RVs to be insured. Non-motorized RVs must be towed. Your car insurance usually covers anything that you tow. Most auto insurance policies provide coverage for towing. However, only motorized RVs are required to carry liability insurance. You can also purchase more insurance to cover any damage, theft, or vandalism your RV may incur.

Reach Out To Us

If you have questions about RV insurance, call our Arlington, TX at InsPeak. We’d be happy to answer all of your questions. 

What is additional living expense for on a renter’s policy?

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Additional living expense (ALE) coverage on a renter’s insurance policy gives you aid associated with increased costs that come with the temporary relocation of your residence while your rental dwelling is uninhabitable. 

A landlord’s insurance only covers the structure of your home or building, not the cost of replacing your personal belongings and temporary housing.  So, a standard renters insurance policy with ALE is an excellent protection for you and your family to get reimbursement for reasonably added expenses incurred for staying somewhere else.

ALE coverage can be a financial lifeline after a covered peril such as fire, smoke, explosion, the weight of snow, sleet, or ice, busted pipes, fallen objects, vandalism, or a windstorm.  At the same time, you get your life back on track. 

Items generally covered by ALE

So, which additional living expenses are typically covered?  Below is a list of extra costs ALE can help with:

  • Storage Fees.
  • Laundry
  • A hotel stay or temporary housing expenses.
  • Meal-related bills or restaurant expenses.
  • Parking and transportation.
  • Boarding your pet.

Remember that ALE may only reimburse for increased costs above what you typically pay for these expenses.  For instance, if rent is usually $1000 monthly, but your temporary housing is $1400, then you will be reimbursed the difference of $400.  That’s why it is wise to speak with a licensed insurance agent to get guidance on adequate coverage for you and your family.  Our agents at InsPeak Insurance in Arlington, TX can help.

ALE generally pays up to 20% of your renter’s content coverage in Texas.  For example, suppose you have $50,000 in renter’s coverage.  In that case, ALE generally will pay $10,000 per covered peril to help sustain you and your family after the unthinkable happens.  

What is excluded from ALE coverage?

ALE covers you in various situations, but here are some exclusions you need to know about:

  • Damage caused by terrorism or nuclear war.
  • The insurer states that your rental can be inhabited.
  • Damage caused by pests.
  • Damage caused by earthquakes or floods (unless you purchase separate renters coverage for flood and earthquake damage).
  • Mandatory evacuations (unless due to a fire).

Consult With Us

To know more about the additional living expense coverage on a renter’s insurance policy, contact your agents at InsPeak Insurance in Arlington, TX today!

Special Considerations for Off-Roading Adventures

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If you are considering an exciting off-road adventure in Arlington, TX and all around Texas, read these tips to be better prepared before you leave on your trip. After all, the area is blanketed with rough terrain, and the weather conditions can be quite unpredictable from one day to the next. That means special attention is required for all off-road enthusiasts in the course of their journey.

Here are some items to keep in mind:

1. Unpredictable Weather

At InsPeak, we care about your safety. That is why we want you to be aware of the many ways in which the environment and climate can put you in jeopardy when off-roading. The variety of weather, such as frigid cold, scolding heat, sudden rainstorms, and even flooding, are not only hazardous in general, but they can be downright lethal to a hobbyist driving in a rugged territory.

Remember, these unanticipated systems will not only impact trail conditions. They can also seriously affect the performance of your vehicle. Without a good solenoid and appropriate tires, you will get stuck. So, check the weather ahead of your trip and always come prepared.

2. Expertise Level

Another concern you should have is finding a trail that is designated for an off-road driver of your particular experience level and ability. Arlington, TX trails vary in difficulty from beginner levels to professional leagues. Stick with what you are most comfortable with until you get more practice.

3. Vehicle Maintenance

It is crucial that you keep your off-road vehicle in tip-top shape at all times. That means it is paramount that you routinely check your brakes, tires, engine components, and fluids to ensure that your vehicle can handle the myriad of challenges posed by the area’s off-road trails.

4. Local Laws

Lastly, remember to check the laws in the area regarding the use of designated off-road trails. There are only certain zones that are allocated to this past time for safety reasons, as well as to preserve the environment.

Off-roading can be a fun and rewarding experience in Arlington, TX and various parts of Texas. Stop by InsPeak, and we will answer all of your questions regarding which insurance policies may be best for your all-terrain vehicle.

Do You Need Umbrella Insurance?

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What is umbrella insurance? For buyers seeking a comprehensive plan, umbrella insurance is a type of coverage that goes beyond existing limits or policies. Umbrella insurance covers unexpected circumstances or situations involving extra liability. At InsPeak, we’re providing umbrella insurance to help the people of Arlington, TX. Here’s what you need to know about umbrella insurance and what it has to offer.

What Does Umbrella Insurance Cover?

Umbrella insurance is a kind of liability policy that pays for legal situations, particularly when the primary insurance plan isn’t covering all the losses. If you own home insurance or auto insurance, you might have a plan that covers a set amount of money when it comes to liability. Customers can opt to get umbrella insurance, which goes beyond policy limits. 

While this insurance coverage is often seen in liability situations, it can also pay for personal injuries, property damages, or niche scenarios for the customer. To figure out whether you need umbrella insurance, talk with an agent about the limitations of your current plan. If there’s a specific circumstance that isn’t covered by your insurance policy, then you’ll need umbrella insurance to make up for it. It’s best to start with any situations that involve a high risk of liability; for example, if you’re likely to experience an auto collision where legal action could be taken against you, then you should purchase umbrella insurance to cover auto liability. 

Getting Umbrella Insurance in Arlington, TX

If you’re interested in learning more about umbrella insurance, feel free to contact InsPeak. Our team of experienced professionals would be happy to answer any of your insurance-related questions. Umbrella insurance is just one of the many services that we offer. 

What is the advantage of having a health insurance policy?

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In the Arlington, TX area, you will have a lot of insurance needs to consider. A type of insurance that all people here need to ensure they have at all times is health insurance. While this can be a complicated type of insurance to choose from, there are a lot of advantages that come with having and maintaining a health insurance policy at all times.

Access to Preventative Care

A reason that you should get a health insurance policy is that you can have access to preventative care at an affordable price. Being able to see a doctor, start prescription medication sooner, receive vaccinations, and start a healthy lifestyle journey is important and can be a great way to prevent more serious health conditions in some situations. If you have health coverage, you will have access to this coverage at a more affordable price. 

Affordable Major Care

There are also situations when you will need a procedure or receive care for a more serious illness. If you do not have a health insurance policy, the cost of this care can be significant. When you choose to get a proper health insurance policy, your out-of-pocket costs will be limited. This can make this care far more affordable. 

Reach Out To Us

If you are in the Arlington, TX area, you do need to carry a health insurance policy at all times. As this can be a challenging and complicated type of insurance to obtain, it would be a good idea to call our professionals at InsPeak. Our professionals at InsPeak know the value of a full health insurance policy, and they can give any support that you need to build a new plan. This will ensure you are able to build a proper policy that will meet your needs. 

Can I Gift Life Insurance to a Family Member?

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At InsPeak in Arlington, TX, we help our clients get the coverage they need for all the different seasons of life, including death. While it can be upsetting to ponder how your family might provide for themselves after you pass, it’s crucial that you think about this aspect of planning the future before it happens.

While you can try to get a life insurance policy for yourself to provide for your family, you may have questions about whether you can give a gift to a loved one who keeps on giving by gifting them a life insurance policy. It’s best to research all your options. Even though each life insurance policy has unique terms and limits, we can offer some general insight into how you might be able to answer those questions.

Can you give life insurance as a gift?

Since life insurance can be so useful and provide a level of peace for someone who is worried about their family struggling financially after they leave this world, you might think there’s no better gift in the world than it. Although life insurance can be helpful, it’s not always possible to gift it. If the loved one to whom you want to give the life insurance policy doesn’t know about the life insurance policy or consent to it, you won’t be able to gift it to them.

Before you can give life insurance as a gift, you need to gather some necessary things like proof of insurable interest, a physical exam, consent from the recipient, and other pertinent materials. Someone will also need to be responsible for paying premiums to keep the policy active.

Schedule A Consultation Today!

For more information on our life insurance policies at InsPeak in Arlington, TX, call our office today!

Common Myths about Auto Insurance

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Auto insurance is a competitive market, and by shopping around, you’re bound to obtain quality coverage at an affordable cost. To get the best deal, however, you need to know what’s true and what’s not about auto insurance so you don’t make mistakes in the policy you buy. At InsPeak in Arlington, TX, we’ve compiled the following list of auto insurance myths to help you choose wisely.

Here are some common myths you should be leery of when buying auto insurance:

Myth: Certain car colors are more costly to insure than others.

The color of the car has nothing to do with your auto insurance costs. The vehicle make and model may impact the cost of your coverage due to having higher repair costs in the event of an accident.

Myth: Comprehensive insurance protects you from everything.

Comprehensive auto insurance coverage covers damage to your vehicle from non-collision causes, such as falling branches, bad weather, or vandalism. It also protects your car from theft. For other forms of protection, such as collision damage, injuries to you or others, or property damage to others, you’ll need to purchase collision, personal injury protection, or liability coverage.

Myth: Your credit rating has no impact on auto insurance rates.

Many insurers consider your credit score when quoting insurance rates as your credit rating says a lot about how you manage your finances. A good credit rating could reduce the cost of auto coverage.   

Myth: If you allow another person to drive your car, his or her car insurance will cover damages in the event of an accident.

Car insurance follows the vehicle it’s protecting, not the driver. That means your insurer will be responsible for covering accidents caused by guest drivers.

Need Auto Coverage?

To learn more about auto insurance coverage or to purchase an auto policy, contact InsPeak in Arlington, TX.

When will an Arlington business benefit by having commercial insurance?

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Being a business owner can be a great idea for many in the Arlington, TX area. When you are trying to grow your company here, you will want to know that you are properly insured. A great way that you can do this is by investing in a new commercial insurance policy. A business in this area can benefit from having this coverage in various ways. 

When Facing a Liability Claim

A situation when an Arlington business will benefit by having a commercial insurance plan will come when they are facing a liability claim. Any business today will take on the risk that they are named liable for an accident. If this does occur, you will want to know that you have the proper insurance in place. With a commercial plan, you will get liability insurance that will provide you with support in these situations. 

When Trying to Cover Assets

It is also a good idea to have a commercial insurance plan when you are trying to cover your assets. There are a lot of assets that a business will own and rely on to operate. If there is a fire, theft, or other situation resulting in a big loss, it could be challenging to replace these items. If you carry an insurance plan, it will give support so you can replace or repair these assets. 

Give Us A Call

As you are looking to get a commercial insurance plan for your Arlington, TX business, you will want to know that you are working with a team that you can trust. Our professionals with InsPeak have continued to help Texas business owners build insurance plans that protect their organizations. If you are looking to build a company, you should call us to discuss your insurance options and needs. 

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