1. Home Insurance – The gift of protecting your home sweet home. Home insurance keeps your sanctuary safe from unexpected events, ensuring that your family stays warm and cozy this holiday season.

2. Auto Insurance – Whether you’re driving to visit family or running last-minute errands, our auto insurance coverage provides the gift of protection for you, your loved ones, and your vehicle—keeping you on the road to holiday cheer.

3. Life Insurance -The gift of security and legacy. Life insurance helps protect your family’s future, giving you peace of mind knowing that your loved ones will be taken care of, no matter what.

4. Renters Insurance – For those who rent their cozy corners, renters insurance offers the gift of protection for your belongings. It ensures your possessions are safeguarded from theft, fire, or any holiday mishap.

5. Commercial Property Insurance -To all the small businesses spreading holiday joy, commercial property insurance keeps your business premises protected. It’s the gift that keeps your business up and running through challenges.

6. General Liability Insurance – Peace of mind for business owners. General liability insurance offers the gift of coverage from third-party claims, so you can focus on growing your business this holiday season.

7. Health InsuranceHealth – is the greatest gift of all. Our health insurance coverage ensures that you and your family have access to quality care, so you can stay healthy and enjoy the festive season without worry.

8. Workers’ Compensation Insurance -This season, we celebrate the people who make businesses thrive. Workers’ compensation insurance provides the gift of support to your employees in case of a work-related injury, ensuring they’re taken care of.

9. Cyber Insurance – Protect your business from the growing threat of cyber-attacks. Cyber insurance is the gift that ensures your digital presence is secure, allowing your holiday sales to go off without a hitch.

10. Umbrella Insurance – Extra peace of mind for those “just in case” moments. Umbrella insurance extends your coverage beyond the usual limits, offering the gift of enhanced protection for unexpected liabilities.

11. Boat Insurance – If you’re spending the holidays on the water, boat insurance is the gift that ensures smooth sailing. Enjoy festive outings knowing you’re covered from bow to stern.

12. Event Liability Insurance – Hosting a big holiday gathering? Event liability insurance provides the gift of protection for your special occasions, ensuring that your celebrations go off without a hitch.

Wrap It All Up This Christmas, our agency is proud to provide these 12 gifts of insurance to protect what matters most to you—your home, your family, your business, and your peace of mind. Just like the spirit of the season, our mission is to keep you covered with care and compassion.

Wishing you and your loved ones a safe and joyful holiday season!

The post The 12 Gifts of Insurance Christmas: Protecting What Matters Most appeared first on Oakwood Insurance Agency.

1. Business Expansion or Relocation

Physical Expansion: If you move to a larger location or open additional sites, you’ll need to update your commercial property insurance to cover the new premises. This includes adjusting your coverage limits to account for increased property values and additional assets.

New Locations: Opening a new office, store, or warehouse in a different location introduces new risks and legal requirements. Updating your insurance ensures all locations are covered and comply with local regulations.

2. Changes in Business Operations

New Products or Services: Expanding your product line or adding new services can introduce new liabilities. Ensure your general liability and professional liability insurance policies reflect these changes to protect against potential claims.

Equipment Upgrades: Investing in new equipment or technology means updating your equipment coverage. This ensures that any new or upgraded assets are protected against damage, theft, or breakdown.

3. Increase in Revenue or Payroll

Revenue Growth: Significant increases in revenue can affect your business interruption insurance and general liability limits. Updating your policy to reflect higher revenue can ensure adequate coverage in the event of a claim.

Hiring More Employees: As your workforce grows, so do your workers’ compensation and employment practices liability insurance needs. Make sure your policies are updated to reflect the current number of employees and payroll.

4. Legal and Regulatory Changes

Compliance Updates: Changes in laws and regulations can impact your insurance requirements. Stay informed about industry-specific regulations and update your policies to ensure compliance and avoid potential penalties.

Licensing and Certification: Obtaining new licenses or certifications for your business can affect your insurance needs. Updating your policy to include these changes can help protect against related risks.

5. Contractual Obligations

New Contracts: Entering into new contracts with clients, suppliers, or partners may require specific insurance coverages or higher coverage limits. Review and update your policies to meet these contractual obligations.

Lease Agreements: If your lease agreement changes or you move to a new property, check the insurance requirements specified in the lease. Ensure your commercial property and liability insurance align with these requirements.

6. Risk Assessment and Claims History

Annual Risk Review: Conduct an annual risk assessment to identify any new or increased risks your business faces. This proactive approach helps you update your insurance coverage to address these risks adequately.

Claims History: If your business has experienced claims, reviewing and adjusting your coverage may be necessary. Analyze the claims to identify any gaps in coverage and update your policies to prevent future issues.

7. Changes in Ownership or Structure

Ownership Changes: If there are changes in ownership, such as new partners or shareholders, update your business insurance policies to reflect these changes. This includes updating liability coverage and any key person insurance.

Structural Changes: Changes in the structure of your business, such as merging with another company or restructuring, can impact your insurance needs. Ensure your coverage reflects the new organizational structure.

Regularly updating your commercial insurance is essential to ensure your business remains protected as it grows and evolves. By reviewing your coverage during key changes such as business expansion, operational shifts, revenue growth, and legal updates, you can safeguard your business against potential risks. Work closely with your insurance agent to assess your needs and make necessary adjustments, ensuring your commercial insurance provides comprehensive and up-to-date protection.

The post When Should You Update Your Commercial Insurance? appeared first on Oakwood Insurance Agency.

We often get asked the question, “When should I have my personal insurance reviewed?”  Remember, if you bought your personal insurance online, you do not get a review, you are on your own.  Most of us know that major life events can make it necessary to update our insurance coverage.  However, did you know that even subtle changes could have an impact on your financial needs and plans?  Call our office today, and we can help you find the right combination of coverage and price.

Many life events might trigger a call to your personal insurance agent.  It does not matter if you own or rent, these life situations require a change or update to your personal insurance.

• Have you bought or sold a car?
• Has your marital status changed?
• Is a parent now living with you?
• Do you work from home?
• Did you buy a boat, RV, or ATV?
• Did you change your address?
• Always let your insurance agent know if you install a pool or trampoline.
• Have you welcomed a new baby into the family?
• Did you acquire a dog that may be on the insurers watch list?
• Have you remodeled your home in a way that may increase your home value?
• Have you received a major inheritance?
• Do you have a new teen driver in the family?

The post When These Life Events Occur, You Need an Insurance Checkup appeared first on Oakwood Insurance Agency.

Life Insurance Realities

The key to purchasing the right amount of life insurance is to purchase enough to meet the needs of your family.

Healthy people get better rates on life insurance. You will be asked to pay a higher rate if you smoke, take medications regularly, are overweight, or have a bad driving record.

If you’ve been putting off purchasing life insurance because you don’t want to pay the premiums, you may be doing yourself a disservice in the long run. If you are in good health, buy it now.

You’ll want to make sure that a major life event such as the birth of a child, marriage, divorce or perhaps that the children are grown, won’t leave you underinsured or overinsured.

You will be paying more for your life insurance if you pay your premium in monthly installments.

Don’t rely solely on the life insurance offered by your employer. Many employers offer their employees some sort of group life insurance. But this amount of coverage is usually not enough, and group life insurance policies are not portable, meaning that if you leave your job, you can’t take your life insurance coverage with you.

The post Life Insurance, Do You Have Enough? appeared first on Oakwood Insurance Agency.

Life Insurance Protects Your Loved Ones

The primary purpose of life insurance is to provide financial protection for your family in the event of your untimely passing. If you are the primary breadwinner, or even if you share financial responsibilities with a partner, your death could place a significant financial burden on those left behind. Life insurance helps cover funeral costs, outstanding debts, mortgage payments, and everyday living expenses.

Without it, your loved ones may struggle to maintain their lifestyle or be forced to make difficult financial decisions in your absence.

Rates Increase as You Age

One of the main reasons to purchase life insurance early is the cost factor. Premiums are typically lower when you’re younger and healthier. As you age, the risk of health problems increases, making life insurance more expensive. Additionally, if you develop a medical condition, it may become more difficult to qualify for life insurance, or you may face higher premiums due to your health status.

By securing a life insurance policy now, you lock in lower rates and avoid the higher costs that come with age.

You Never Know What the Future Holds

No one can predict the future, and life can change in an instant. While it’s uncomfortable to think about, accidents, illnesses, and unexpected events can happen to anyone at any time. Waiting to get life insurance until you “need” it could leave you unprotected when it’s most crucial.

Getting life insurance while you’re still healthy ensures that your loved ones will be financially protected no matter what life throws your way.

The Sooner You Start, the More You Save

The earlier you start, the more cost-effective life insurance becomes over time. For example, purchasing a 30-year term life insurance policy in your 20s or 30s can give you affordable protection throughout most of your working years. Waiting until your 40s or 50s may result in shorter term lengths or higher premiums for the same coverage.

In addition, some types of life insurance, such as whole life or universal life policies, build cash value over time. The earlier you start, the more you can accumulate in tax-advantaged savings.

Life Insurance Is Not Just for Parents

Many people mistakenly believe that life insurance is only necessary if you have dependents. While it’s true that parents need life insurance to provide for their children, anyone with financial responsibilities can benefit from having coverage. Whether you’re married, single, or even a business owner, life insurance can help cover debts, funeral expenses, and provide financial support for those who rely on you.

If you’re single, you may still want life insurance to help cover end-of-life costs or leave a legacy to your loved ones or a charity.

Don’t Leave It Too Late

The reality is that we often delay things until it’s too late, and life insurance is one of those areas where procrastination can have long-lasting consequences. If you wait until your health deteriorates, you may be unable to obtain coverage, leaving your family financially vulnerable.

Getting life insurance early means you’re taking proactive steps to safeguard your loved ones, even if you don’t feel an immediate need for it today.

Life insurance provides critical financial protection for you and your family, and the best time to get it is before it’s too late. By securing coverage while you’re young and healthy, you lock in lower rates and ensure peace of mind, knowing your loved ones will be cared for in the future. Don’t wait until life throws you a curveball—speak with your insurance agent today about getting the right policy in place.

The post Why It’s Important to Get Life Insurance Before It’s Too Late appeared first on Oakwood Insurance Agency.

1. Understanding Business Interruption Insurance

What It Covers: Business interruption insurance, also known as business income insurance, provides coverage for lost income and additional expenses incurred when a covered peril disrupts normal business operations. For property managers, this can include loss of rental income, extra costs to manage displaced tenants, and expenses related to temporary relocation or repairs.

Covered Perils: Typical covered perils include:

• Fire
• Theft or vandalism
• Natural disasters such as hurricanes, floods, or earthquakes (if specifically included in the policy)
• Other events that cause direct physical damage to the property

2. How It Works

Income Replacement: When a covered event forces a property to become uninhabitable or unfit for business, business interruption insurance compensates for the loss of rental income. This ensures that property managers can continue to meet financial obligations, such as mortgage payments, utility bills, and employee salaries, even when the property is not generating revenue.

Extra Expenses: In addition to income replacement, business interruption insurance covers extra expenses incurred to minimize the impact of the disruption. This might include costs for:

• Temporary relocation of tenants
• Setting up temporary office space
• Overtime wages for employees working to manage the crisis
• Marketing efforts to retain tenants or attract new ones after repairs

Policy Duration: Coverage typically lasts for the duration of the business interruption, up to the policy limits. The policy will specify a maximum period of indemnity, often 12 to 24 months, during which the insured can claim for lost income and additional expenses.

3. Why It’s Essential for Property Managers

Protecting Rental Income: Rental income is a primary revenue stream for property managers. An unexpected event that disrupts this income can have severe financial consequences. Business interruption insurance ensures a steady flow of income during repairs, maintaining financial stability.

Mitigating Relocation Costs: If tenants need to be temporarily relocated, the costs can add up quickly. Business interruption insurance covers these expenses, allowing property managers to focus on maintaining tenant relationships and ensuring a smooth transition back to normal operations.

Ensuring Continuity: Maintaining business continuity is crucial for reputation and tenant satisfaction. By covering the costs associated with managing a disruption, business interruption insurance helps property managers uphold their commitments to tenants and property owners, even in challenging times.

4. Key Considerations

Assessing Coverage Needs: It’s essential to evaluate the specific risks associated with the properties under management and choose a policy that provides adequate coverage. Consider factors such as the location, property type, and potential perils.

Understanding Policy Terms: Carefully review the policy terms, including coverage limits, exclusions, and waiting periods. Some policies have a waiting period before coverage kicks in, typically 48 to 72 hours after the event.

Combining with Property Insurance: Business interruption insurance is often purchased as an add-on to a commercial property insurance policy. Ensure that both policies are coordinated to provide comprehensive protection against property damage and income loss.

Conclusion

Business interruption insurance is a vital component of a comprehensive risk management strategy for property managers. By providing income replacement and covering additional expenses during disruptions, this insurance helps maintain financial stability and ensures business continuity. Property managers should work closely with their insurance agents to tailor a policy that meets their specific needs and provides robust protection against potential risks.

The post How Business Interruption Insurance Works for Property Managers appeared first on Oakwood Insurance Agency.

These five tips will help you understand insuring a short-term rental:

One should not presume that the insurance coverage of your house will cover a temporary rental.

Depending on the percentage of the year a house is rented, some homeowners’ policies might cover a temporary rental. Most won not. To completely know what is and is not covered, go over your policy with insurance representative. Either a stand-alone insurance or a short-term rental endorsement could be fit for your homeowners’ policy.

Know the offerings of the host company.

Certain host businesses, such as VRBO and Airbnb, might have their own insurance or refund policies. For instance, Airbnb offers a host protection program whereby a renter’s property damage is reimbursed up to $1 million to a host. Airbnb notes that this is not insurance; it does not cover cash or stocks, collectibles, artwork, jewelry, pets or personal liability.

Think about raising your liability protection using an umbrella policy.

Obviously, a short-term rental raises your responsibility risk. It could be advised to raise your liability protection with an umbrella insurance or your limit with an existing policy.

Short-term rental claims are not covered by a standard landlord policy the same way.

Typical landlord policies address long-term leases and rents. They also demand that the tenant carry a rental insurance policy that shifts some of the responsibility to them. Under a landlord policy, for instance, your renter is liable for the claim should they slip and fall in the shower. Should someone renting your short-term rental slip fall in your shower, you can be liable.

See your agent to get the best answer for you.

The type of property, length of rental duration, host firm you are dealing with, and other variables define any short-term rental scenario. You run risk even if you are letting friends or relatives stay at your house for $0. Knowing the best choices open to you for safeguarding your asset and reducing your risk depends on you talking about your particular circumstances with your agent.

The post How To Insure Your Short Term Rentals appeared first on Oakwood Insurance Agency.

1. Financial Stability and Reputation

Financial Strength: One of the most important factors to consider when choosing an insurer is their financial stability. You want to ensure that the company you select has the financial resources to pay out claims, even in the event of widespread disasters. Look for insurers with high ratings from independent rating agencies such as A.M. Best, Standard & Poor’s, or Moody’s. These ratings reflect the company’s ability to meet its financial obligations.

Reputation: The reputation of an insurer can give you insight into their reliability and customer service. Research customer reviews, testimonials, and ratings on platforms like the Better Business Bureau (BBB) and Consumer Reports. A company with a strong reputation for handling claims efficiently and providing excellent customer service is more likely to meet your needs and expectations.

2. Comprehensive Coverage Options and Discounts

Coverage Options: Ensure that the insurer offers comprehensive coverage options that meet your specific needs for both home and auto insurance. For home insurance, this includes dwelling coverage, personal property coverage, liability protection, and additional living expenses. For auto insurance, look for liability coverage, collision coverage, comprehensive coverage, and optional coverages like uninsured/underinsured motorist protection and roadside assistance.

Customization: A good insurer should offer customizable policies that allow you to tailor your coverage to fit your unique situation. This might include adding endorsements or riders for valuable items, natural disaster coverage, or specific circumstances like a home office or custom auto parts.

Discounts: Many insurers offer discounts that can help lower your premiums. Look for bundling discounts if you purchase both home and auto insurance from the same company. Other common discounts include safe driver discounts, multi-policy discounts, home safety feature discounts (like alarms and smoke detectors), and loyalty discounts. Make sure to ask about all available discounts and how you can qualify for them.

3. Customer Service and Claims Handling

Customer Service: Excellent customer service is a vital aspect of a good insurer. You want a company that is easy to contact, responsive, and helpful. Test their customer service by calling with questions or using online chat features to see how quickly and effectively they respond. Check if they offer 24/7 customer support, which can be particularly important in emergencies.

Claims Process: The true test of an insurance company is how they handle claims. A smooth, efficient claims process can make a significant difference during stressful times. Look for insurers that offer multiple ways to file a claim (online, by phone, or through an app) and provide clear guidance on what to expect during the claims process. Reading customer reviews specifically about claims experiences can provide valuable insights.

Technology and Tools: In today’s digital age, having access to user-friendly technology and tools can enhance your experience. Many insurers offer mobile apps and online portals where you can manage your policies, file claims, and access important documents. These tools can make it easier to interact with your insurer and keep track of your coverage.

Selecting the right home and auto insurer involves careful consideration of their financial stability and reputation, comprehensive coverage options and discounts, and the quality of their customer service and claims handling. By prioritizing these three factors, you can find an insurer that not only meets your needs but also provides peace of mind knowing that you are well-protected. Take the time to research and compare different insurers to make an informed decision that will benefit you in the long run.

The post Three Things To Look For In A Home And Auto Insurer appeared first on Oakwood Insurance Agency.

The Pros:

• Discounts: Bundling typically yields significant discounts, ranging from 10% to 25% off your premiums.
• Convenience: Managing multiple policies with one carrier can simplify your insurance management.
• Streamlined Claims: If you need to file a claim, having both policies with one carrier can make the process easier.

The Cons:

• Limited Flexibility: Bundling may limit your ability to shop around for better rates on individual policies.
• Potential for Higher Premiums: If one policy has a high premium, bundling may not lead to significant savings.
• Less Personalized Service: Large carriers may not offer the same level of personalized service as smaller, independent agents.

The Verdict:

While bundling can offer significant discounts, it’s essential to weigh the pros and cons and consider your individual circumstances. If you have a high-value home or a complex auto insurance situation, bundling may not be the best option. However, if you’re looking for convenience and a straightforward insurance experience, bundling could be the way to go.

The Bottom Line:

Before making a decision, shop around, compare rates, and consider your insurance needs. Ask yourself:

• Are the discounts offered by bundling significant enough to outweigh potential drawbacks?
• Ask your agent for help and guidance.
• Will bundling limit my flexibility to find better rates or more personalized service?

By carefully considering your options, you’ll be able to make an informed decision that saves you money and provides the coverage you need.

The post Does Bundling Home and Auto Insurance Really Pay? appeared first on Oakwood Insurance Agency.

You have worked hard to earn your lifestyle. One accident or claim can ruin all your financial planning. A Personal Umbrella Liability coverage added to your other policies can protect you, your spouse, and any relatives living in your home.

Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto, and home policies. Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies.

Actual Claim Examples

A babysitter left a 5-month-old infant unattended in a walker. The infant toppled the walker, struck her head on the floor, and suffered brain damage. The parents of the infant sued the teenage babysitter and her parents. The court awarded the infant’s parents $11,000,000.

A teenager, who was destined for greatness as a softball player, filed a $700,000 lawsuit against her former coach, alleging his “incorrect” teaching style ruined her chances for an athletic scholarship.

A 28-year old engineer dove into friends above ground swimming pool struck his head on the bottom and, as a result, became a quadriplegic. He sued both the homeowner and the pool manufacturer. The court found the homeowner to be 60 percent responsible and the pool manufacturer to be 40 percent responsible and awarded $10,000,000.

Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers and our extensive knowledge of the insurance marketplace.

The post Reasons You Need A Personal Umbrella Policy appeared first on Oakwood Insurance Agency.