Please ensure Javascript is enabled for purposes of website accessibility

Category: Risk Management

Are Your Valuable Items and Collections Covered?

Posted on by Ownby-Client-Login

If you have jewelry, firearms, or art in your home – or if you have collections like coins, stamps, or other valuable items – you may assume that you have coverage for those items in your insurance policies. And you may be right, up to a point. The key is understanding the limits of your current insurance, and what other options you may have for coverage. Let’s take a look at how these items might be covered.

In Your Homeowners Policy

If you have home or renters insurance, you likely have coverage in your policy for specific valuable items up to a certain amount. For most policies, this limit is as low as $1,500. The question for you is, are the items covered worth more than your limit? Jewelry, fine silverware, furs, art, and other luxury items are likely worth more than that $1,500 limit (or other such low limits).

On a “Scheduled” Addition

You may have heard this term before, but scheduling your valuable items may be one way to increase the coverage for them on your current policy. Typically, this will require specific info about the item(s), including appraisals, serial numbers, photos, and other “proof” depending on what the item(s) is. This method will also likely require additional premium for your coverage. This is often a solution when you have a few items like engagement and wedding rings.

Valuable Items Insurance

There are policies available that may provide you more coverage if your valuable items are lost, stolen, or damaged. These “standalone” options can typically offer “blanket” coverage up to $10,000 – possibly more in certain policies. However, they typically do require valuations and details about the items so that amounts can be determined and agreed upon. This is often a solution when you have several specific items you’d like covered.

Specialty Insurance

If you have a collection, or very specific valuable items like firearms or art, you may want to consider a specialty insurance policy. Much like the standalone coverage of valuable items, these policies will require valuations, appraisals, details, and other verification of the items being covered. However, the difference here is that more specialized coverage – and possibly against broader causes on loss – may be available. Flooding, other natural disasters, and possibly even losses in shipping may be covered. If you have a large, unique, or more valuable collection, this may be the best path for you.

Let us help you review these options and determine the coverages that are best for your valuable items! Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and let us help you get started.

Our Business has Workers’ Comp – Why do we Need Disability Insurance?

Posted on by Ownby-Client-Login

You know you want to protect your employees, but sometimes the different options for covering them can be confusing. If an employee gets hurt at work, you want to have coverage in place to help them and also protect the interests of your business. As a result, you purchase a workers’ compensation policy that will help support you both should that happen. But then your insurance agent asks you about short-term and long-term disability insurance – why do you need those policies if you’re already covered? Let’s break it down.

Workers’ Compensation Coverage
Workers’ comp coverage will typically cover medical expenses of employees that get injured on the job doing tasks related to their role. It may also replace a portion of their wages while the miss work to recover from the incident. Other claims, such as training replacement staff, permanent injuries, and in the worst case – death benefits – may also be payable from workers’ comp.

However, these injuries have to be work-related. What happens if your employee is an accident outside of work that leaves them unable to perform the duties of their job? That’s where disability coverage may come into play.

Short-term Disability Coverage
If you have an employee that is injured – let’s say in a car accident as an example – and needs time to recover, a short-term disability policy may help pay them a percentage of their salary for a time determined by the policy. This is often for a term of weeks, months, or possibly a year. And while disability “insurance” from Social Security may be available, that only applies after a term of five full months of the disability has occurred.

Long-term Disability Coverage
As you might imagine, long-term disability typically has a greater amount of time that the policy will provide income replacement. While the amount and time period depends on the policy, some terms are as long as though retirement age.

In addition to policies through a business, some people decide to purchase individual disability policies. These may cover more income replacement, and/or may have longer terms of coverage. What’s right for your business and your employees? Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing kevin@ownbyinsurance.com to discuss your insurance options.

Am I Covered in an Accident with an Uninsured or Underinsured Motorist?

Posted on by Ownby-Client-Login

As we all know – accidents happen. But what if you have an accident with a motorist that doesn’t have insurance, or maybe doesn’t have enough insurance to cover the claim? That all depends on the policy(ies) you have in place. But with around 24% of Tennessee motorists uninsured*, and many more with the “minimum” coverage required by state law, making sure you’re properly covered on your own policies is the best preparation.

Uninsured Motorists
For claims that involve uninsured motorists, having your own coverage in place is critical. Uninsured motorist coverage is not required in Tennessee – but it is available. And with the third most uninsured drivers in the country residing in our state, it’s definitely a priority you want to have. So, what is it and how do you get it?

Uninsured motorist coverage may be in your policy, it may be available to be added to your policy, or it may be able to be “extended over” your policy with a personal umbrella policy (PUP). Whatever route you take for coverage, you will typically have protection for bodily injury – medical bill payments for you and any of your passengers, and protection for property damage – repair payment for your vehicle’s damage. As you might imagine, uninsured motorist coverage is not used to pay claims for the uninsured driver’s vehicle or injury. However, it may help pay for damages that your collision coverage might not in this situation – such as if your vehicle damages other property as a result of the accident.

Underinsured Motorists
While it may seem self-explanatory, the real key for underinsured motorist coverage is how often it may come into play. With the “minimum” limits in Tennessee now at $25,000 for property damage, you have a relatively question you can answer – is the total value of my vehicle greater than $25,000. Even if it is not, there is also a $25,000 for each injury, and a $50,000 for total injury per accident. That means if you have medical bills greater than $25,000, you may need other coverage. While your own auto policy – or even your health insurance – may provide coverage, they also may not. That’s why it is important to understand all the components.

As you can see, there are various policies and options for how to properly insure yourself against uninsured/underinsured drivers. Some of these options are extremely affordable when added to your current policy(ies). We’d love to review it and help you choose what’s best for you! Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your insurance options.

*INSURANCE INFORMATION INSTITUTE DATA – 2019

The Trends of Cyber and Data Risk

Posted on by Ownby-Client-Login

Cyber liability continues to be a big concern for businesses – and individuals – with data. And whether we like it or not, we all have data that can be targeted. For businesses, the amount of data is likely much larger and more susceptible to attack. And while this has been true for a while now, the way that cyber criminals attempt to breach this data continues to evolve. Let’s take a look at some of these trends.

Sustained Campaigns

Data shows that there is cyber attack every 11 seconds. Hackers are trying more methods that used heavy “campaigns” to try and find vulnerabilities. One such method, A distributed denial-of-service (DDoS) attack occurs when multiple systems flood the bandwidth or resources of a targeted system, usually one or more web servers. A DDoS attack uses more than one unique IP address or machines, often from thousands of hosts infected with malware.

Automation of Attacks

You’ve heard about automation for all sorts of industries and tasks, so it only makes sense that cyber criminals would automate as well. Crimeware is the name for this form of automated attack, and it is used in a wide array of activities. Stealing passwords, logging keystrokes, redirecting websites to malicious sites – these are all activities being automated perpetrate identity theft through social engineering or stealth.

Espionage and Cyber Spying

When you have sensitive or proprietary data, perhaps plans, blueprints, recipes, etc. that are advantages for your business, they may also be under attack. The goal of these attacks is to access the “secret” info, and then use it either for ransom demands, or in some cases, to give rival entities an advantage over the attacked business.

What Your Business Can Do

In addition to these “trending” attacks, there are plenty of other methods used. Card skimming, point of sale attacks, malware, phishing – it’s all still around. So, with all these threats to your data, what can you do to prepare your business?

  1. Have protocols in place for use of devices and access to files
  2. Back up files in secure cloud storage
  3. Utilize cybersecurity programs and regular update programs and scan files
  4. Consult with cybersecurity specialists on your unique risks
  5. Have a cyber attack response plan in place
  6. Have the right cyber liability insurance

Your business may need cyber liability coverage added to its policy, or it may need “standalone” insurance with higher limits and more coverages. We can help you review your risks and understand what’s available to help protect you, your business, and your data.

Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your insurance options.

Long Term Care Insurance: A Smart Investment

Posted on by Ownby-Client-Login

As we get older, it’s important to start thinking about our long-term health care needs. That’s why Long Term Care Insurance (LTC) is such a great option for those who want to ensure that they receive the best possible care if and when the time comes. Let’s take a closer look at why LTC Insurance can be beneficial for you and your family.

What Is Long Term Care Insurance?

LTC Insurance helps cover the costs of extended medical and non-medical services for those who are unable to perform basic daily activities due to age-related conditions or disabilities. This type of policy is designed to help those individuals with tasks like bathing, dressing, eating, transferring from bed to chair, using the bathroom, etc. The policy pays out a certain amount of money each day or month depending on the terms of the policy and can be used in a variety of ways such as assisted living facilities or home health aides.

The Benefits of Long Term Care Insurance

The main benefit of having LTC Insurance is that it helps provide financial security in case one cannot pay their own medical expenses due to age-related conditions or disabilities. It also offers peace of mind knowing that if something were to happen to you, your family would not be left with an enormous financial burden.

Additionally, LTC Insurance can help reduce stress on family members who may otherwise have difficulty providing physical and emotional support for their loved one with limited resources. And finally, it can help protect one’s assets since any unused funds would remain with the insurer in case they need them later on in life.

Should You Get Long Term Care Insurance?

If you are concerned about your future healthcare needs and want some extra financial protection in case you ever require long term care services, then getting a long term care insurance policy might be a good choice for you. It’s important to shop around and compare policies from different companies before making your decision so that you know what kind of coverage is available and how much it will cost you each month/year. Keep in mind that premiums vary depending on age and pre-existing conditions so make sure to factor this into your decision as well.

Ultimately, purchasing LTC Insurance provides an extra layer of security that could prove invaluable down the line. Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your LTC insurance options.

Protect Your Business from Seasonal Risks with the Right Insurance

Posted on by Ownby-Client-Login

If you’re a business owner, you know that the seasons can bring unexpected surprises that can disrupt your operations. You may face risks from extreme weather or product shortages due to seasonal changes that could cost you time and money. But did you know there are insurance policies available to help protect your business against some of these seasonal risks? Let’s dive in and explore the different types of insurance options out there for seasonal changes in your business.

Property Insurance for Extreme Weather Events

We all know how unpredictable Mother Nature can be. Heavy rain, hail, and windstorms can cause property damage to your business premises or equipment. A good property insurance policy will protect you against losses related to damages caused by severe weather events. But did you know that most business property policies do not include coverage for floods or earthquakes? There are options available for covering against these risks, and your business may be better protected if you have them in place.

Business Interruption for Contingent Businesses

If your business relies heavily on seasonal products or inventory, a product shortage could have serious financial implications for you. If you rely on suppliers to provide you materials, supplies, food products, or other goods and services – your business may have a contingent risk. Business interruption coverage may help protect you if a supply chain issue results in your business being unable to build inventory or meet increased demand.

Increased Value for Seasonal Changes                                                                              

If Spring is one of your busiest times of year, it is likely you stock up on inventory or increase your production to meet demand. This may mean you have higher than normal value on this inventory, seasonal employment increases, higher operating costs, more business income, and additional risks that may be significantly different than other times of year. It is important to factor these into your coverages, and possibly even look at “peak season endorsements” or other options for coverage.

We may not know what’s in store as the seasons change, but we can be better prepared. Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your seasonal risks and the coverage options you may have available.

Insurance for Your RV: Home or Vehicle?

Posted on by Ownby-Client-Login

Whether you’re a weekend warrior or an RV full-timer, insurance is an important part of owning a recreational vehicle. But when it comes to insuring your RV, should it be treated as a home or a vehicle? The right RV insurance for you will blend aspects of each type of policy together and give you the coverage you need for your specific situation.

The “Vehicle” Aspects of RV Insurance

If you use your RV as a motor home and drive it on public roads under its own power, state laws require you to carry a minimum amount of liability insurance. The required minimum amounts of liability insurance that motorists must carry in Tennessee are:

  • $25,000 for each injury or death per accident
  • $50,000 for total injuries or deaths per accident
  • $25,000 for property damage per accident

The “Home” Aspects of RV Insurance

RV insurance is generally divided into two categories: recreational and full-timer. If you don’t live in your RV full time, recreational insurance will likely cover your RV inside and out when you’re on the road or parked at a campsite.

A full-time RV insurance policy is for those who use a motor home or travel trailer as their primary residence. It may include higher personal liability coverage, medical payments coverage, personal property/contents coverage, and possibly loss assessment coverage that could help cover RV park or association fees for common areas where your RV is parked.

Additional RV Coverages to Consider

Your unique RV use may also benefit from having specialty coverages added to or endorsed on your policy. Some examples would be:

  • Attached accessories coverage – May coverage damages from antennas, awnings, or other added accessories
  • International travel coverage – May cover you for traveling with your RV into other countries such as Canada or Mexico
  • Personal property coverage – May cover your personal property including tools, equipment, electronics, and more

Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your RV’s coverage before you hit the road!

Spring is in the Air! What Coverages will Prepare You?

Posted on by Ownby-Client-Login

For those that don’t enjoy cold weather, springtime is a welcome relief! As the days get longer and the weather gets warmer, it’s an exciting time to be outdoors more and enjoy nature. But there are some risks that seem to “return” more heavily in the Spring, and we want you to be prepared!

Flood Risks
As the weather changes, storms are more common. Heavy, and more frequent, rains often lead to flash flooding or even overflowing creeks, lakes, and rivers. Every building is in a Flood Zone, and anywhere can flood if the worst conditions occur. Flood insurance is typically not included in your homeowners coverage, and our building and contents are also covered separately when it comes to Flood insurance. Make sure you’re aware of what you do – and don’t – have covered if a flood impacts your property.

Boats and Recreational Vehicles
Getting that boat, RV, ATV, or other vehicle ready for the season? Do you have it covered properly? Damage to these vehicles can often occur during their storage, preparation, and/or transportation – not just during regular use! Does your policy have coverage for when this other damage occurs?

Potholes
Road conditions often “show up” more frequently during weather changes. Potholes may open as road coverings warm up, leading to sometimes dangerous hazards. If you only have collision coverage on your vehicle, pothole damage is unlikely to be covered by your policy.

Vacation Rental Coverage
Americans begin to take more and more trips as the weather improves, with Spring Breaks a common “kickoff” to this heavier travel season. Is your rental property prepared? Often, the Winter season has impacts that lead to necessary Spring maintenance. If you’re properly maintaining your properties, you may be avoiding risks that can lead to damage or liability. Even so, heavier use of your properties also comes with increased risks. Having the right policies in place for high traffic seasonal use is a critical part of protecting your property.

To help ensure you have that right coverages in place for seasonal risks, contact Brandon Patterson in our agency at 865.453.1414 or email brandon@ownbyinsurance.com to get started!

The Liability Risks Small Businesses May Face

Posted on by Ownby-Client-Login

As a small business owner, it’s important to be aware of the risks you face when it comes to liability. These risks can come in many different forms and can vary depending on your type of business. Knowing what these risks are and how to best manage them is essential for running a successful business. Let’s explore what liability risks you might face as a small business and how you can protect yourself.

Employment Law Risks
The most common risk that small businesses face is employment law-related issues. This includes things like wage disputes, discrimination claims, and wrongful termination suits. To minimize your risk here, make sure you have a clear employee manual outlining company policies and procedures, as well as properly document all employee disciplinary action taken. Additionally, regular training on relevant laws and HR practices will help keep your team up-to-date on current regulations so they know their rights and responsibilities while avoiding potential pitfalls.

From a coverage perspective, having Employment Practices Liability Insurance (EPLI) may protect you if one of these issues results in a lawsuit against your business.

Operational Risks
Operational risks refer to the day-to-day activities of running a business such as customer service, marketing campaigns, data security measures, etc., which can all lead to potential liabilities if not managed properly. Implementing proper protocols for dealing with customer inquiries, setting up secure systems for storing customer data, and making sure you’re compliant with relevant laws are all key steps to mitigating operational risks related to your small business operations.

Your operations may require multiple coverages to help protect against these operational risks. A General Liability (GL) policy may cover some of them, while standalone policies like Cyber Insurance may help insure you have higher limits of coverage based on your needs.

Commercial Property Liability
Property damage is another common source of liability for small businesses. If a customer is injured on your premises due to an unsafe condition that wasn’t addressed properly or quickly enough by you or your staff members, they may be able to sue for damages depending on the severity of their injury and how much responsibility lies on your shoulders as the property owner or manager. To lessen this risk as much as possible, make sure all safety regulations are followed and that regular maintenance checks are carried out on a regular basis. If there is ever an incident involving property damage caused by someone other than yourself (e.g., an employee), investigate immediately and take appropriate action if necessary so that you don’t end up liable for damages caused by another person’s negligence or wrongdoing.

Again, a GL policy may be all you need here, but your policy limits are always something to consider based on your level of risk.

Product Liability Risks
If you manufacture or sell products, then product liability should also be top-of-mind for you when it comes to managing risk. This means understanding the potential dangers associated with your product or service and making sure that customers are adequately informed of any safety warnings or instructions prior to use. Having a comprehensive warranty program in place can also help reduce product liability risk as well as provide an additional layer of protection against customer complaints or lawsuits over faulty products or services.

Separate Product Liability insurance may also be available for your business, and may be needed if you have a higher level of risk based on what product(s) you produce.

No matter what type of small business you own or operate, there are always liability risks associated with it that need to be managed properly in order to ensure smooth operation and avoid potential legal complications down the road. To help ensure you have that right coverages in place to respond to legal concerns, contact Brandon Patterson in our agency at 865.453.1414 or email brandon@ownbyinsurance.com to get started!

I Have a Small Business – Is a BOP All I Need to Insure It?

Posted on by Ownby-Client-Login

Operating a small business typically includes trying to find ways to lower your expenses. But you also have to protect your interests, and the interests of your customers and employees. Insurance is a critical piece of that planning, and a Business Owner’s Policy (BOP) seems like the easy answer. While in some cases it may be, don’t overlook other coverages you may need to have in place.

What’s a BOP, and What Does it Cover?
A BOP typically provides your business with coverage for liability and property and may also provide you coverage if your business is forced to shutdown because of a covered loss. So, claims like lawsuits against your business; damages to property, inventory, or equipment; and business interruptions are all things you may be covered for if you have a BOP in place. But there are other potential claims you may face depending on what goods or services your business provides.

What if I Have Employees?
If you have employees, you are likely required to have workers’ compensation coverage for them. In Tennessee, if you have five or more employees – one or more in construction – you are required to have work comp insurance. There are certainly exceptions, but it is something you’ll want to review with an agent. Your premium and level of risk for employees will be based on the work they perform – you can read more on how that’s determined here – and also your business’s history.

What About Cyber Coverage?
For example, let’s say you have a business that deals with customer data (as most do now). In today’s market, you need to have cyber liability insurance to protect your customers and your business in the event of a data breach – and your BOP may not have coverage for that. If your BOP does offer coverage for cyber liability or data breach, it may not be enough coverage. That all depends on the amount of and way you use your customer data.

Additional Risks?
Does your business deliver goods? Do you have special equipment, work with expensive technology, or rely heavily on suppliers? There are many factors that can impact your small business, and it is important to discuss them with an agent. Then you can determine if there are additional coverages you may not have considered.

A BOP is a great start for many small businesses’ insurance – but it’s not all-encompassing protection. Make sure you understand your business’ risks and needs and purchase the appropriate coverage to protect your property and interests.

Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and let him help you determine your risks and understand your coverage options!