Does Umbrella Insurance Cover Damages Caused By A Fleet Vehicle?

The agents of Smart Way Insurance Agency can offer advice to business owners in Sandy, UT who have questions concerning their fleet of vehicles. One of the biggest concerns has to do with how they will cover the cost associated with an accident if their driver is at fault. While their fleet insurance will absorb much of the cost, the amount set aside for liability may not be enough to cover the other driver’s injuries. This is where umbrella insurance is beneficial.

Fleet Insurance

Fleet insurance is purchased to cover vehicles that are used during the daily operation of a business. It repairs damage caused by accidents and will cover the cost of liability within certain limits. These limits are decided upon when the policy is purchased and cover every vehicle within the fleet. If a company vehicle is involved in an accident, the fleet insurance will pay up until the agreed-upon limits.

Liability

Umbrella policies work by picking up the additional costs that are incurred above the limits of other types of commercial policies. This keeps a business from suffering financially if an accident drains the entire amount of coverage and still leaves some debts unpaid. An umbrella policy must be purchased in addition to traditional forms of commercial insurance to ensure sufficient coverage.

At Smart Way Insurance Agency, each agent is well-versed in commercial insurance as well as umbrella policies that are designed to fully protect a business’s financial future. If you live in or near Sandy, UT, call and schedule an appointment to have your umbrella insurance policy reviewed and updated if necessary. Making sure your business is fully protected is what it’s all about!

Is Going With a Lower-cost Health Plan Always the Best Option?

When you sign up for health insurance through the Affordable Care Act, you choose from four levels of coverage—generally called “metal levels.” From the cheapest to the most expensive, the levels are Bronze, Silver, Gold, and Platinum. Bronze coverage has the lowest cost but has the highest out of pocket costs. However, all metal levels provide the same benefits, coverage for maternity care, hospitalizations, prescription drug costs, and many other expenses. If you’re in need of immediate, accurate information regarding health insurance, your best plan of action is talking to a knowledgeable professional, such as Smart Way Insurance Agency that serves the Sandy, UT area.

Differences Between the Metal Levels

Here’s a quick explanation of the differences between the various insurance plan levels:

  • Bronze: covers about 60 percent of health care costs
  • Silver: covers about 70 percent of health care costs
  • Gold: covers about 80 percent of health care costs
  • Platinum: covers about 90 percent of health care costs

There’s also something known as a “catastrophic” plan, offered for people under 30. It costs less than a bronze plan but doesn’t give you access to premium discounts. A catastrophic plan requires you to pay for all medical costs until you reach a certain limit, and then the provider pays all the costs of essential health care benefits.

How to Decide Between a Low-cost Plan or a More Expensive Option

If you have money saved away for medical expenses or have access to disposable cash, a low-cost plan may be a good option for you, especially if you’re young and don’t have existing or predisposed health issues. However, the topic is quite complicated, and making an ideal decision requires a detailed evaluation of your financial situation, future plans, the ability to qualify for subsidies, and much more. Don’t take chances when it comes to something as important as you and your family’s health. Call Smart Way Insurance Agency—serving the Sandy, UT area—and discuss your situation with an educated agent who can provide you with up-to-date, accurate information.

Understanding Life Insurance ‘Cash Value’

Whole life insurance and some universal life policies have a beneficial feature that is called “cash value,” or “cash surrender value.” Cash value increases over time as the insurance premiums are paid. If you are just starting out or if you are concerned about wealth management, an agent of Smart Way Insurance Agency in Sandy, UT can help with recommendations about the appropriate life insurance for your particular circumstances.

Here are some potential benefits that are incorporated in certain life insurance policies that build up cash value:

  • Cash Withdrawals/Borrowing: Some policies have a provision that allows limited amounts of cash withdrawals or borrowing against the cash value after the payments of a certain number of insurance premiums. These withdrawals/loans are usually non-taxable up to the number of premiums that have been paid.
  • Cash Surrender Value: This is the amount that an insurance company will pay to the insured person or the owner of an insurance annuity if the insurance policy is canceled prior to the maturity of the policy.
  • Cash Value as a Long-Term Investment: If a person starts paying insurance premiums at a young enough age, there is the ability for the cash value to exceed all the premiums paid for the insurance. On average, it takes between 12 to 15 years for whole life policies to reach this status. For universal life, the average time it takes is 15 to 20 years. This is a wonderful feature because at a certain age the insured has the ability to get all their money back that they invested in premiums and also had the benefit of insurance coverage for all of those years.

Insurance policies have different features regarding cash value. Talk to an insurance agent at Smart Way Insurance Agency, serving Sandy, UT and the surrounding area, to learn more about the investment characteristics and the cash value benefits for life insurance and to get a quote for the coverage you need.

Are Personal Vehicles Protected by Your Policy When Used for Business Purposes?

Coverage Exclusions are Well-Defined Relative to Using a Personal Vehicle for Business Purposes

As a business owner do you sometimes wonder about your liability when your employee is out on a client visit during a snowstorm using their own personal vehicle? The good news is that unless your business includes some type of livery service, such as transporting people or products such as food or flowers, their usual personal vehicle policy should provide the necessary coverage. The Smart Way Insurance Agency is here to provide the commercial insurance you need to protect your Sandy, UT area business.

While that is all good news, there are some considerations that must be taken into account when reviewing your commercial insurance portfolio. For instance, if your company is growing and your sales team members are spending more time on the road, you may want to look at acquiring a fleet of company vehicles for their use. Even if your employees use their personal vehicles for business reasons on a rare occasion, it makes sense to look into additional liability insurance to protect your company. 

Liability coverage can prevent or minimize any claims against you that can have a negative impact on your financial health. In the unfortunate event that your employee is injured or suffers a loss, you will want to be protected. Another solution is to pay your employees the IRS approved mileage rate when they are using their car for business use. This reduces your liability and helps to eliminate any blurred lines relating to the responsible party should an accident occur.

Do you have questions or concerns about your coverage obligations to your employees in the Sandy, UT area? Contact the Smart Way Insurance Agency to schedule a consultation to learn more.

Does My Motorcycle Insurance Cover My Helmet?

Your motorcycle insurance coverage often protects you, the motorcycle, and your passenger in case of an accident. It would be wrong to assume that your protective riding gear like the helmet is covered by your bike’s insurance. However, this doesn’t mean that helmets aren’t covered by motorcycle insurance. Some insurance companies such as Smart Way Insurance Agency that serves Sandy, UT area may have a standard policy that offers helmet coverage while others may offer the protection at an optional extra cost. It’s important to remember this when purchasing your motorcycle insurance. A good policy must cover your gloves, riding boots, helmet, and other protective motorcycle clothing.

Levels of helmet and protective gear coverage

Generally, the amount of cover one requires for their riding protective gear depends on how expensive the gear is. Since most policies provide clothing and helmet protection as an added extra, you’ll need to weigh up whether what you are getting is worth your money. If you own a budget gear, a policy that provides approximately $400 for clothing and helmet protection may be enough. But, if your helmet is particularly expensive, you’ll have to look for a policy that offers a higher level of coverage. Claiming on your helmet usually doesn’t affect the no-claim bonus, although this varies from one provider to the other.

Stolen and damaged equipment

In case your protection gear gets damaged in an accident, your helmet and protective clothing coverage should help you out. However, the same may not apply if the gear gets stolen, so don’t make an assumption. Most policies will either repair or replace your existing gear should damages occur. This is very useful particularly when it comes to helmets that often have to be replaced after an accident.

You can rely on Smart Way Insurance Agency if you want a cover that protects your motorcycle protective gear. The company serves the Sandy, UT, area so consider contacting us for more details.

 

3 Reasons You Need General Liability Insurance for Your Business

If you own a business, you can’t afford to not protect it. The fact is, there are more than a few things that can go wrong, resulting in a financial hardship for you. To help alleviate the worry and stress associated with these situations, you need to purchase general liability insurance.

If you need one of these policies for your Sandy, UT business, Smart Way Insurance Agency can help. If you want to know more about why it is needed, keep reading.

Accidents Can’t Be Predicted

What happens if someone is shopping in your business and they slip and fall? According to the law, this is your fault – regardless of what caused the fall. If you have general liability insurance, you will have a policy that will cover these types of situations.

The fact is, accidents can happen at any time. Being protected is the only way to ensure your business doesn’t take a devastating loss.

Peace of Mind

As a business owner, you have enough to worry about related to your business. You don’t need to worry about how you are going to pay for damages or injuries that occur on your premises. With a general liability insurance policy, this worry is taken away.

Protect Your Business Assets

If someone is injured or an accident occurs at your business, and you don’t have insurance, you will have to pay for medical costs and any other related expenses. This can result in you having to sell off your assets, or having your assets froze. In many cases, it isn’t a good situation. With an insurance policy, this isn’t the case.

If you are ready to purchase a general liability insurance policy for your business in Sandy, UT, contact the staff at Smart Way Insurance Agency for more information.

Boat Insurance Has Important Nuances to Consider

When it comes to insuring a boat in Sandy, UT, there are a lot of things that need to be carefully considered. Some of the more subtle nuances of your coverage requirements may get overlooked if you aren’t sure about the insurance you need or you don’t have the right agent. That’s where working with a company like Smart Way Insurance Agency comes in. Knowledgeable agents can provide you with everything you need to make sure your boat is covered. Not only does that mean you’ll have financial protection, but it gives you peace of mind, too.

Both of those are very important when insuring anything, and that’s especially true with a boat. You also have to consider whether the boat will be used only for pleasure, or whether it’s going to be used for any kind of commercial ventures. Even if you just charge a few people to go fishing, for example, your pleasure boat insurance may not cover you in an accident. If that’s the case, you could find yourself uninsured and face serious bills. It’s better to be sure you have the right type of insurance right from the beginning, so you can reduce worries and risk.

By working with Smart Way Insurance Agency in Sandy, UT, you can get the quality, service, and value you expect from a trusted insurance company. You can also get the right policy for your needs, to protect your boat and your finances. Reaching out to the right insurance company that serves your local area really matters when it comes to making any changes in the future, as well, so you can be certain your insurance stays up to date and gives you the level of protection you need and expect for financial security.

Who Needs ATV Insurance in Sandy, UT

To an ATV rider, nothing is more fun than a ride out in the sand dunes or bouncing along bumpy forest trails. Owning an all-terrain vehicle is an amazing experience, but there are also risks. Even if you don’t usually travel on roadways, you should consider getting ATV insurance to pay for any damages to your vehicle. Ask an agent at Smart Way Insurance Agency what coverage you should get for your ATV in Sandy, UT. Meanwhile, here are the basics to get you started.

ATV Insurance Coverages

Since there’s a wide range of coverage available, take your time and work with your agent to put together the policy that protects your ATV for the scenarios you are likely to encounter.

Liability insurance includes bodily injury and property damage. Bodily injury pays for expenses for another person’s injury in an accident you cause. Meanwhile, property damage covers damage to another person’s property in an accident you cause.

Collision insurance helps you repair or replace your ATV in an accident that was someone else’s fault and comprehensively protects your ATV from non-collision incidents, including vandalism or fire. Medical coverage helps cover medical bills after an accident involving your ATV.

The examples provided do not reflect the entire range of coverage available for your ATV. If you have questions, talk to your insurance agent in detail about the type of coverage you want. 

Contact a Smart Way Insurance Agency in Sandy, UT today to find out more about ATV and other insurance. Make an appointment to receive a free consultation and quote regarding all your insurance needs.

 

Which Businesses Need General Liability Insurance?

When you own or manage a business, there are many important decisions that need to be made. One very important decision is to pick the right type of insurance coverage. Businesses need to spend time considering their liability needs to determine whether or not they should have liability insurance coverage. There are several situations in which Sandy, UT area businesses should have a quality liability insurance policy in place.

Sell Products to Public

One of the main situations in which a company should have liability insurance in place is if they have a line of products that they sell to the public. Every time a customer uses one of your products, there is a chance that they could become sick or injured from the use of consumption. Because of this, you need to have a liability insurance policy in place to protect yourself in the event somebody gets injured and decides to sue you and your business.

Required by Lender

To help fuel their growth and provide working capital, many businesses today end up having a bank loan in place.  in many situations, the lender will require that you have a full liability insurance policy in place as long as the loan is outstanding. If you do not have liability coverage in place, it could lead to a default under your loan agreement.

Making sure that your business has the necessary liability insurance policies in place is very important. For those that are business owners in the Sandy, UT area and need help choosing the right policy, meeting with the Smart Way Insurance Agency would be beneficial. Smart Way Insurance Agency can help all types of businesses determine their liability insurance needs to make sure they get into the right policy.

The Most Common Business Insurance Claims, and How to Avoid Them

The business world is packed with pitfalls. Today’s small business owners can’t keep costs down by increasing sales alone. It’s important to protect yourself against business insurance claims. A single claim, if you’re underinsured, can wipe your business out.

Smart Way Insurance Agency wants to help. We believe everyone deserves to know about the most common commercial insurance claims. Before you buy a policy, read about them below.

Burglary and Theft

Business theft accounts for the largest small business liability and property claims. These claims are numerous, accounting for roughly one fourth of filed business claims. To reduce these claims, install high-grade security systems. Make sure your doors are locked, and implement good security practices to prevent criminal entry.

Slip and Fall Injuries

A lot of businesses in Sandy, UT deal with slip and fall claims. If a customer is hurt at your business, their lawyer could hold you liable for any injuries. Then, damages will be awarded to the customer. If your business has a lot of foot traffic, it has a particularly high risk of slip and fall cases.

Vehicle Accidents

Even if you don’t run a delivery business, your business still relies on automobiles to transport people and products. You should be aware of the risks involved in operating a vehicle fleet. If an employee operating a company vehicle is harmed—or if they cause harm to another—your business will be held liable.

If you have any questions, contact Smart Way Insurance Agency today. We love our Sandy, UT residents, and we want to make sure we’re giving them outstanding coverage. Before growing your business, make sure it’s protected from the ground up. Ask one of our agents about coverage options, and keep your employees and customers protected for years to come.