Does Umbrella Insurance Cover Legal Costs?

Whether you need business or personal insurance coverage, adding an umbrella policy can enhance your liability protection and give you financial support when mitigating insurance claims. The financial assistance you receive does depend on your policy and the terms you agree to. In some instances, your umbrella policy can help cover legal or settlement costs, when the monetary thresholds of your other policies are exceeded. 

Umbrella coverage may be the only protection you have in certain situations, such as cases involving libel or slander. In these instances, the legal fees can skyrocket quickly, and an umbrella policy may be your only line of defense. Businesses and individuals can benefit from umbrella coverage. When determining monetary thresholds, it’s important to consult with an experienced insurance professional. Meeting with an associate at Easley Hedrick Insurance & Financial in Richmond, VA can help you determine your risk profile and coverage needs. 

Living in a litigious society means that there is a significant risk of litigation if you are liable for causing damage or harm to others. Having insurance that can cover legal costs is a prudent decision. Using umbrella insurance in a coordinated effort with other types of policies is also important. In doing this, you can create the best possible screen of defense. The insurance professional you choose can ultimately determine how well-rounded your protection is. So, choose your insurance professional wisely. 

For additional information on umbrella insurance and the costs, it covers, please contact Easley Hedrick Insurance in Richmond, VA. An experienced professional will be available to answer your questions and set up a consultation. Let umbrella insurance enhance your peace-of-mind starting today. 

3 Rules for Buying Auto Insurance

So, you live in Richmond, VA, and you need car insurance. Whether this is your first car or just the next, some rules can help you get a great deal that properly covers your vehicle. After assisting many others to find the right policy, the good people at Easley Hedrick Insurance & Financial have put together a little advice.

Check State Requirements

There’s a lot to consider when you shop for car insurance, but this has to be at the top of the list. The last thing you want is a policy that doesn’t keep you out of trouble. State requirements change over time, but right now in Virginia, there are three minimums you need to know. The first is coverage for bodily injury. Your policy requires a minimum of $25,000 per person and $50,000 per accident. Next is property damage. You need at least $20,000 in coverage per accident. Lastly is uninsured motorist coverage. The requirement here is again $25,000 per person and $50,000 per accident.

Consider the Cost of Replacement

Your coverage is legally compliant. That doesn’t mean it’s right for you. When most people shop for insurance, they look at the value of the car they’re insuring. While this feels reasonable, it isn’t the most important number for most of us. Instead, you want to consider the cost of replacing your vehicle.

In most cases, that number is higher than the current value of your car. The ultimate goal of insurance is to make sure you can get back to work, or the grocery store, or anywhere else you need to go after a crash. Getting a policy that is geared towards the cost of replacement is critical.

Talk to an Agent

There are a lot of insurance companies, and they offer tons of different policies. You have the freedom to customize yours. It’s perfectly reasonable to ask for a little help. The agents at Easley Hedrick Insurance & Financial know the ins and outs of insurance in Richmond, VA. Let us help.

 

What Business Risks Need More Commercial Insurance?

Every business comes with its own risks, but there are certain risks you should be more prepared for with the right commercial insurance policy in Richmond, VA. An agent at Easley Hedrick Insurance & Financial can help you determine some of your risks.

  • Data Breaches: Every industry has seen a huge increase in cybersecurity needs. Every business that accepts credit cards can be at risk for a breach and should re-evaluate its security practices to help protect against any fraudulent activity. Cyber insurance can help mitigate some of these risks and, if there is a data breach, the insurance can help with the costs.
  • Property Loss: Your business property needs to be protected from the unexpected, just as a home does. Commercial property insurance can help protect the property and the company assets from events such as fires, storms, and other disasters. Policies are available whether or not you own the property or lease it.
  • Business Interruption: If an unforeseen event causes your business to shut down, it can be damaging to profits. Business interruption insurance can help cover operating costs and loss of income, so you can help maintain payroll and still replace the equipment you need while repairing any damage.
  • Injuries: Workplace injuries can result in costly medical treatments, as well as lost productivity. You are required to have workers compensation coverage to cover workplace injuries, but certain workers are more prone to injuries than others. If you own a business in an industry where there are more risks, such as construction, you want to get additional workers compensation insurance.
  • Professional Service Mistakes: Service providers, such as consultants and accountants, can face legal action if the service didn’t meet expectations. Professional liability insurance can help cover any defense costs and damages that result from a mistake.

Contact Easley Hedrick Insurance & Financial, serving Richmond, VA, to recive a quote on commercial insurance.

A home Insurance contract and why you need to understand it

It’s now finally come. The time that you need home insurance for your property in Virginia. After going through a myriad of insurance resources, you have finally found an insurance company that is willing to make a policy that fits your needs.

What’s to understand?

Understanding this contract is a different story. There is bound to be problems if you have never dealt with such a contract before. To understand what you should be on the lookout for, consult Easley Hedrick Insurance & Financial to have an agent walk you through the home insurance process.

We will help you with the clauses that deal with your coverage level in the home insurance policy. These clauses are specific on the particular event or risk the insurance policy covers and what is not in the coverage.

With no proper guidance on the coverage clauses, it can lead to a rude awakening when a particular event like a burglary comes to pass, and the insurance contract did not offer any part or full coverage against the specific type of incidence. Here, the property owner is at a loss. For there is no compensation in spite of having an insurance policy.

Next is the exception clauses that you will need to understand. There is usually fine print that appears near end of an insurance contract. You might misread or not follow the text or you may overlook certain parts of the contract. There is a lot to read. In understanding these details, you will be more relaxed and well informed about the state of your home insurance.

Finally, we can help by letting you know when the home insurance takes effect, what are your rights, and the obligations in the contract. These are some of the details better explained to you at Easley Hedrick Insurance & Financial in Richmond, VA.

Contact us

There you have it, consult Easley Hedrick Insurance & Financial in Richmond, VA for your home insurance needs. We can help you understand the policy and answer any questions you may have.