Why is insurance necessary for a renter?

Moving into a new rental unit in the Richmond, VA area is a very exciting time and situation. When you are looking to move into a new place as a renter it is important that you are aware of all of your new responsibilities. One thing that you will likely be required to do is have renters insurance in place at all times. There are several reasons why having renters insurance is necessary. 

Protects Personal Assets

One reason why insurance is a necessity when you are renting is that it will help to protect your personal assets. If you are moving into a new rental unit you could incur a variety of expenses related to the purchase of furniture, clothing, and other items. If you do not have renters insurance, you will not have coverage for these assets if they are damaged or stolen. A renters insurance policy will give you coverage for your personal belongings.

Liability Protection

Another reason why you need to have renters insurance is that it will provide you with liability protection. As a renter, you are taking on liability if you have someone come to your home. If they happen to be injured while in your apartment, you could be liable for their damages. Fortunately, the liability portion of your renter’s insurance policy will give you coverage for this. 

If you are renting in the Richmond, VA area, you should speak with the team at Easley Hedrick Insurance & Financial to learn more about how renters insurance can help you. The Easley Hedrick Insurance & Financial insurance professionals will be able to review your particular situation and figure out what renters policy is right for you. This can ensure that you are properly covered in your new home. 

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. 

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.