Is My Business Covered?

According to the latest surveys by major insurers, small to medium sized businesses have a number of critical gaps in their insurance coverage. The reasons for gaps vary; not fully understanding how certain coverage applies to their business, buying insurance from a captive agent who can’t provide the coverage, thinking their commercial coverage provides the coverage, and finally believing they don’t have the risk.

Here are the coverage’s you should consider to make sure you are adequately protected.

Pollution Liability– Protects against the liability that comes with polluting the environment including restoration and cleanup, liability for injuries and deaths caused by pollution.

Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors & Officers Liability– Covers costs, damages, and defense protection to directors and officers of a company resulting from law suits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability– Insurance that is designed to cover third party claims, damages and claims arising out of providing professional advice.  Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

We are ready to help you better understand your risks. Please call our office today.



Navigating Insurance Discounts Effectively

In the world of insurance, whether it’s for your car, home, health, or life, everyone seeks to maximize coverage while minimizing costs. One of the most straightforward paths to achieving this goal is through insurance discounts. However, navigating the maze of available discounts can be overwhelming. In this blog, we’ll explore effective strategies for identifying and leveraging insurance discounts to ensure you’re getting the best deal on your policies.

Understanding Insurance Discounts

Insurance companies offer a variety of discounts as incentives for behaviors that reduce their risk or administrative costs. Discounts may vary widely between companies and types of insurance but understanding the common categories and asking the right questions can lead to significant savings.

Common Types of Insurance Discounts

  • Bundling/Multi-Policy Discounts: Combining two or more policies (e.g., auto and home insurance) with the same provider can lead to savings on each policy.
  • Safety Feature Discounts: For auto insurance, features like anti-lock brakes or anti-theft devices can lower premiums. Similarly, home insurance discounts may be available for security systems and smoke detectors.
  • Good Driver/Claim-Free Discounts: A history of safe driving or going years without filing a claim can qualify you for reduced rates.
  • Loyalty Discounts: Long-term customers may be rewarded with lower premiums.
  • Occupational and Membership Discounts: Affiliations with certain organizations or professions (e.g., military, educators) might offer negotiated discounts.
  • Higher Deductibles: Opting for a higher deductible can lower your premium, though it means paying more out-of-pocket in the event of a claim.

Strategies for Navigating Insurance Discounts

Not all discounts are advertised. Call your insurance agent or company’s customer service to inquire about any additional discounts that might apply to your situation. Be specific about your circumstances, as there may be niche discounts you’re unaware of.

Maintain a Good Record

Especially relevant for auto and health insurance, maintaining a good driving record and a healthy lifestyle can qualify you for ongoing discounts. Participate in defensive driving courses or health and wellness programs if your insurer offers discounts for these activities.

Leverage Technology

Many insurers offer discounts for using technology, such as telematics for drivers, which monitor driving habits and can lead to discounts for safe driving. Similarly, smart home technologies that mitigate the risks of theft or damage can result in home insurance discounts.

Ask About Payment-Related Discounts

Paying your premium in full rather than in installments or setting up automatic electronic payments can sometimes lead to discounts.

Keep Your Information Updated

Life changes such as moving, changing jobs, or altering your driving habits can impact your insurance rates. Make sure your insurer has the most current information, as it could affect your discount eligibility.

Navigating insurance discounts requires a proactive approach. By understanding the types of discounts available, regularly reviewing your policies, and maintaining open communication with your insurance provider, you can ensure you’re getting the best possible rates. Remember, the goal is to maximize your coverage while minimizing costs, and leveraging discounts effectively is a key strategy in this endeavor. With the right approach, you can enjoy significant savings across all your insurance policies.

The Importance of Business Income Insurance for Property Managers

Property management is a dynamic and lucrative industry that involves the management, maintenance, and leasing of real estate properties on behalf of owners. Whether you’re overseeing residential complexes, commercial spaces, or mixed-use properties, the success of your property management business heavily depends on consistent cash flow. Unexpected disruptions, such as natural disasters, accidents, or other unforeseen events, can significantly impact your income stream. This is where business income insurance for property managers comes into play as an essential risk management tool.

Understanding Business Income Insurance:

Business income insurance, often referred to as business interruption insurance, is a type of coverage that safeguards your business against financial losses stemming from interruptions caused by covered perils. For property managers, this coverage extends to the income loss resulting from unforeseen events that temporarily halt your ability to generate rental revenue.

Key Benefits for Property Managers

  1. Income Protection: One of the primary benefits of business income insurance is its ability to bridge the gap in income during periods of property inaccessibility or reduced occupancy. If a disaster such as a fire, flood, or severe storm damages your managed properties, rendering them uninhabitable, your ability to collect rent is compromised. Business income insurance compensates for the lost rental income, helping you meet financial obligations and keep your business afloat until normal operations resume.
  2. Continuity of Operations: When a property faces substantial damage, repairs and renovations can take time. This inevitably results in a loss of rental income. Business income insurance can cover the revenue shortfall, allowing you to continue meeting expenses such as employee salaries, mortgage payments, utilities, and property taxes.
  3. Tenant Relocation Assistance: In cases where properties are rendered uninhabitable, tenants may need to be temporarily relocated. Business income insurance can help cover the costs associated with finding alternative housing for your tenants while their original residences are being repaired or rebuilt.
  4. Mitigating Financial Strain: Property management businesses often rely on consistent income to cover operational costs. A sudden halt in rental income due to property damage can place significant financial strain on your business. Business income insurance alleviates this strain by providing a financial cushion during challenging times. 

Choosing the Right Coverage

When considering business income insurance for your property management business, it’s important to thoroughly assess your needs and risks. Here are a few steps to help you choose the right coverage:

  1. Evaluate Property Portfolio: Identify the types of properties you manage and their respective risks. Commercial properties may have different exposure to risks compared to residential properties.
  2. Coverage Limits: Determine the appropriate coverage limits based on your average rental income and potential expenses during downtime.
  3. Waiting Period: Understand the waiting period before coverage kicks in. This is the time you need to bear any income loss before the insurance benefits start.
  4. Exclusions: Review policy exclusions and limitations. Not all events are covered, so ensure you understand what perils are included in your coverage.
  5. Business Continuation Planning: Combine business income insurance with a robust business continuity plan. This plan should outline steps to minimize downtime, reduce potential losses, and ensure a swift return to normal operations.

As a property manager, your income heavily relies on the consistent revenue generated by your managed properties. Business income insurance acts as a safety net, protecting you from unexpected events that can disrupt your cash flow. By carefully assessing your risks and choosing the right coverage, you can safeguard your investment and ensure the long-term viability of your property management business. In a volatile world where unforeseen events are a reality, business income insurance is an invaluable tool for maintaining financial stability and peace of mind.


The Downside of Cheap Auto Insurance

Auto insurance is a critical aspect of responsible vehicle ownership. It offers financial protection in case of accidents, theft, or other unforeseen events. However, the allure of cheap auto insurance rates can sometimes overshadow the potential drawbacks that come with them. While affordable premiums might initially seem appealing, it’s essential to recognize that there are significant downsides associated with opting for the cheapest insurance options available.

  1. Limited Coverage:

One of the most significant downsides of cheap auto insurance is the limited coverage it often provides. Cheap policies tend to offer minimal protection, leaving policyholders vulnerable in case of serious accidents or damages. These policies may only cover the bare minimum required by law, which might not be enough to cover all the expenses resulting from an accident. This can lead to out-of-pocket expenses that can quickly escalate and put your financial stability at risk.

  1. Higher Deductibles:

Cheap auto insurance policies frequently come with higher deductibles. A deductible is the amount you need to pay out of pocket before your insurance coverage kicks in. While higher deductibles can lead to lower monthly premiums, they also mean you’ll have to pay more upfront in case of an accident or claim. This can be a significant financial burden, especially if you’re not prepared for sudden expenses.

  1. Poor Customer Service:

Cut-rate insurance companies often prioritize cost savings over quality customer service. If you’re dealing with a company that’s focused solely on providing the cheapest rates, you might find that their customer service is lacking. Slow claims processing, unresponsive agents, and difficulty in reaching customer support can all lead to a frustrating experience when you need assistance the most.

  1. Limited Benefits and Add-ons:

Cheap auto insurance policies usually lack the flexibility to add optional benefits or coverage add-ons that could better suit your needs. These could include features like roadside assistance, rental car reimbursement, or coverage for customized parts. Without these options, you may find yourself spending extra money on these services out of your own pocket.

  1. Risk of Underinsured or Uninsured Motorists:

Some drivers opt for the minimum coverage required by law to save on costs. However, this can lead to significant issues if you’re involved in an accident with an underinsured or uninsured driver. If the other party’s insurance doesn’t cover all the damages, you might be left to cover the difference yourself, which can be a considerable financial setback.

While cheap auto insurance might seem like a financially savvy choice at first glance, it’s crucial to understand the potential downsides associated with such policies. Limited coverage, higher deductibles, poor customer service, and the risk of being underinsured are just a few of the concerns that can arise from opting for the cheapest insurance option available. When shopping for auto insurance, it’s wise to strike a balance between affordability and comprehensive coverage to ensure that you’re adequately protected in case of unexpected events on the road.

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Why Auto Insurance Premiums Are Going Up

Auto insurance premiums have been on the rise in recent years, and there are a number of factors that are contributing to this trend. Some of the most common reasons for rising auto insurance premiums include:

Increased claims frequency and severity: The number of car accidents has been on the rise in recent years, and the severity of those accidents has also increased. This is due in part to factors such as distracted driving, drunk driving, and the aging population. As a result, insurers are paying out more in claims, which is driving up premiums.

Rising medical costs: The cost of medical care has been rising steadily for many years, and this is also having an impact on auto insurance premiums. When someone is injured in a car accident, their medical bills can be significant. Insurers must pay these bills, and this drives up the cost of premiums for everyone.

Changes in state laws: State laws can also have an impact on auto insurance premiums. For example, some states have passed laws that require drivers to carry higher levels of insurance coverage. This can lead to higher premiums for all drivers in those states.

Insurers moving out of state: Many quality insurers are leaving the state, which reduces competition and drives up costs. It is always a good idea to have your agent shop for the best possible combination of coverage, price and service.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.


Low Cost Insurance Is Not Better Insurance

Insurance is a necessary expense for many people. Whether it’s health insurance, car insurance, or home insurance, having coverage can give you peace of mind and protect you from financial ruin in the event of an accident or unexpected event. However, not all insurance policies are created equal, and opting for the cheapest option may not always be the best choice. In fact, cheaper insurance is often not better insurance. Here are some reasons why.

Lower Coverage Limits

One of the main ways insurance companies can offer cheaper rates is by offering lower coverage limits. Coverage limits are the maximum amount of money an insurance company will pay out for a claim. If you opt for cheaper insurance, you may be getting lower coverage limits, which means you may not be fully covered in the event of a major accident or unexpected event. This can leave you with significant out-of-pocket expenses that you may not be able to afford.

Higher Deductibles

Another way insurance companies can offer cheaper rates is by increasing the deductible – the amount of money you must pay out of pocket before your insurance coverage kicks in. While a higher deductible can lower your monthly premium, it also means you’ll have to pay more out of pocket before your insurance company starts covering the cost of damages. This can be a burden, especially if you’re already struggling to make ends meet.

Exclusions and Limitations

Cheaper insurance policies may also come with exclusions and limitations that can limit your coverage. For example, some health insurance policies may exclude coverage for pre-existing conditions or limit coverage for certain medical treatments. Car insurance policies may exclude coverage for certain types of accidents or limit coverage for damages to your vehicle. These exclusions and limitations can leave you with significant gaps in coverage that can leave you vulnerable to financial loss.

Poor Customer Service

Cheaper insurance policies may also come with poor customer service. Insurance companies that offer cheap rates often need more resources to invest in customer service, which can lead to long wait times, unhelpful representatives, and delayed claims processing. This can be frustrating and stressful, especially if you need to file a claim in a hurry.

In conclusion, while it may be tempting to opt for the cheapest insurance policy available, it’s important to consider the potential drawbacks of doing so. Cheaper insurance policies may offer lower coverage limits, higher deductibles, exclusions and limitations, poor customer service, and less comprehensive coverage. Instead, it’s important to shop around for insurance policies that offer the right balance of coverage and affordability. By doing so, you can ensure that you’re fully protected in the event of an accident or unexpected event without breaking the bank.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.



Why Consider Renters Insurance

Renters insurance is a type of insurance policy that provides financial protection for individuals who are renting their living space, such as an apartment or house. Here are some reasons why buying renters insurance is a good idea:

  1. Protects your personal belongings: Renters insurance provides coverage for your personal belongings, such as your furniture, electronics, and other valuables. If your possessions are damaged or stolen, your insurance policy can help cover the cost of replacing them.
  2. Provides liability coverage: Renters insurance also provides liability coverage. This means that if you accidentally cause damage to someone else’s property or cause injury to someone while you are renting your living space, your insurance policy can help cover the costs of any legal or medical expenses.
  3. Affordable coverage: Renters insurance is typically more affordable than other types of insurance policies, such as homeowners insurance. It can provide peace of mind knowing that you are protected in case something unexpected happens.
  4. Required by landlords: Some landlords require tenants to have renters insurance as part of their lease agreement. This is because it provides protection for both the tenant and the landlord in case of accidental damage or loss.
  5. Natural disaster protection: In the event of a natural disaster, such as a hurricane or wildfire, renters insurance can provide coverage for your personal belongings that are damaged or destroyed.

Overall, renters insurance can provide valuable protection for renters and is often an affordable option for those who want to protect their personal belongings and financial well-being.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals


Comprehensive Auto Insurance–What Can It Cover?


Comprehensive Insurance

Comprehensive insurance is a coverage that is part of your overall auto insurance program. Comprehensive is an optional coverage that protects you for losses that are not accident related. Some people opt to remove comprehensive coverage on old vehicles. While there may be some premium savings for doing this, we hope you will consider these points before making the decision to remove comprehensive coverage from your auto policy.

Comprehensive Insurance Covers Losses that Are “Other” Than Collision

You may not have thought of these losses that are covered under comprehensive insurance:

  • Fire – If your car catches fire, comprehensive coverage provides protection; this would include a defect in design.
  • Animals – If your vehicle hits a deer you would be covered. If any kind of animal causes damage, comprehensive coverage would apply.
  • Theft – If your car is stolen or someone breaks into your car and causes damage, comprehensive coverage would apply.
  • Windshield damage is covered under comprehensive. Not only is such damage covered by your comprehensive policy, but also many companies offer the option of no-deductible coverage for glass damage specifically.
  • Community riot – If your car is parked and a group of activists decide to trash your car; you would be covered under comprehensive coverage.
  • Falling object – If a tree falls on your car comprehensive insurance would cover that. (This also includes baseballs, airplane parts and more).


We have the ability to customize your insurance coverage. Collision, towing, and rental car coverage are a few additional coverage’s you might consider.

Comprehensive Car Insurance Doesn’t Cover It All…But It Does Cover A Lot.

If you have any concerns about hitting an animal, theft, vandalism, or glass damage, consider adding comprehensive coverage to your car insurance policy.

Does Bundling My Personal Insurance Make Sense?

Take a look at these insurance buying tips for bundling your home and auto insurance policies to ensure you get the best deal!

When you have multiple types of insurance plans with the same insurance company, you have a “bundle” of policies. When you get a discount for bundling your policies with one insurance provider, it’s called an insurance bundle discount.

Policies You Might Bundle

  • Home
  • Auto
  • Motorcycle
  • Boat
  • Personal Umbrella

Things To Consider When Bundling

Bundling your insurance could provide several advantages. Although these advantages will likely fluctuate by the carrier, the money you save on your policies and the time you save managing your policies are two of the most typical perks of bundling.

Getting numerous separate policies from the same insurer can save you a lot of money. While particular savings are dependent on the insurer as well as the types and number of insurance purchased.

Purchasing multiple policies (home, auto, or motorcycle) from the same insurer can be more convenient than purchasing multiple policies from other companies. Multiple policies can often be handled or obtained from the same insurance agent using the same online account.

How To Get Started

Contacting your insurance agent is an excellent place to start if you’re interested in bundling your coverage. Your agent should be able to assist you in finding the ideal policy combination to meet your coverage and financial requirements.

While saving money on insurance premiums is a desirable thing, the ultimate goal should be to find an insurer that delivers on that promise.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.