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Knowing Your Home Insurance Policy’s Special Limits

Out of all the insured homes in the U.S., two-thirds are underinsured. While some homeowners know they’re underinsured, others do not. Undervaluing a home’s contents and failure to increase coverage after purchasing an expensive item or completing a major home improvement project contribute to homeowner’s underinsurance. Additionally, the special limits that insurers usually put on

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Understanding Auto Liability Limits (Coverage Per Person, Per Accident)

There’s a maximum amount that your insurer can pay for a covered incident on your auto liability policy. This figure is the coverage limit for the specific event. If the cost of the covered accident exceeds your policy’s coverage limit, you’ll have to pay for the extra liability out of pocket. It’s important to understand

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Business Owner’s Policy Insurance (BOP): An Overview

A business owner’s policy or BOP insurance encompasses different types of coverage that businesses need to protect themselves from financial loss. All types of businesses ranging from sole proprietorships to huge conglomerates need business insurance to protect their financial holdings. Even service-oriented businesses require liability coverage at the very least. If you own a business,

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A Quick Guide to Commercial General Liability Insurance (CGL)

Commercial general liability insurance typically pays for the legal costs as well as any claims that may result if a third party sues your business. More specifically, this policy covers the following aspects: Bodily Injury and Property Damage Liability If someone suffers bodily injuries within your business premises or because of your business operations, they

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EPLI Vs. Professional Liability Insurance: How Are They Different?

What Is Employment Practices Liability Insurance (EPLI)? EPLI covers the cost of lawsuits (including defense fees and court judgments) brought against your company by disgruntled employees. These can be your current, former, or prospective workers unhappy with your employment practices. Statistics show that discrimination lawsuits against employers have increased 400%. For financial protection against such

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Term Life Insurance: What Is It & Why Do You Need It?

Term life insurance is a valuable tool for individuals who want to cover their final expenses or want to leave enough money to their families to pay off any debts that they may have left behind. It is often much cheaper than whole life insurance and easier to get if you are older. How Term

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A Guide to Cyber Liability Insurance for Small Businesses

The year 2020 saw a record number of cyberattacks, with 36 billion files being exposed in data breaches within the first half of that year, according to Risk Based Security. The fact that many IT leaders and security experts believe that cybersecurity risks are rapidly rising makes a case for organizations to increase their IT security

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What You Need to Know about Special Personal Property Endorsement

While more than 85% of American homes are insured, two-thirds of them have inadequate insurance coverage. The high underinsurance rate is mainly due to the relatively high cost of home insurance coverage and the exclusions in this type of policy. For instance, the standard homeowners insurance excludes damage from earthquakes, floods, and hurricanes. Fortunately, there

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How Much Life Insurance Coverage Do I Ideally Need?

According to a recent study by LIMRA, 31% of adults are now much more willing to purchase life insurance in the next 12 months. The COVID-19 pandemic has indeed made people much more perceptive about their life insurance needs. Why Do You Need Life Insurance? If you have dependents that primarily rely on you, or

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7 Types of Insurance Coverage That You Need for Your Small Business

Carrying the right insurance policies with the right coverage limits shields businesses from being financially wiped out due to underinsured or uninsured business losses. Within 10 years, about 40% of all American businesses file a claim with their insurer. This means that there is a good chance that your business insurance will be of benefit at some

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