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What Exactly is Liability Insurance?

Accidents happen to just about everyone at some point in life. Most mishaps are minor, resulting in minimal damage or physical injury. While you may take a carefree outlook on accidents, even minor ones can have serious implications. You may find yourself facing civil litigation if someone accuses you of causing them physical or mental harm. To protect yourself from financial ruin, you should be proactive and invest in liability insurance in Newark, DE.
An Investment That Gives Peace of Mind

Liability coverage provides compensation for the person or party that files a damage or loss claim against you. A liability policy protects the individual named as the negligent party in a lawsuit where a plaintiff feels you damaged them or their property. Professionals as diverse as physicians, commercial boat operators, and product manufacturers all protect their interests with liability insurance. Also, the liability policy covers individuals and entities that may not be able to fulfill contractual obligations.
Your Premiums Ensure Your Coverage

Most insurance carriers offer liability products among their options. Policyholders can choose coverage with set limits and make scheduled premium payments. If the policyholder is found negligent in a civil lawsuit, their carrier pays damages to the injured party.

Tips for Lowering Your Homeowners’ Insurance Premium

Your home’s age, the amount of money required to repair or replace it, and lack of safety features are all reasons why the premium for your homeowners’ insurance rises every year. Your premium may also go up to help cover the cost of damage repairs for other homeowners in your area. However, there are ways for you to save on homeowners’ insurance in Newark, DE.
Increasing your deductible can help lower your premium. If you are currently paying a relatively small deductible, consider paying substantially more. The extra money you spend could save you as much as 25% on your premium bill. Check with your carrier for details about how much savings you can expect if you increase your deductible. Also, avoid making small claims, because insurance companies may raise your premium if you make several small claims throughout the year.

Industry officials also recommend bundling your vehicle insurance and homeowners’ insurance to save money. Many carriers provide sizable discounts for customers that purchase both policies from them, and some companies offer discounts for homeowners that are longtime clients. You may also be able to lower your premium by staying up to date on house maintenance and improving your credit score.

senior man posing with new car

Can Insurance Rates Go Down?

We all love to drive. But no one loves paying large insurance bills. Fortunately, your auto insurance rate at the beginning of your driving career shouldn’t be the rate you pay forever. There are countless factors that can lower the price you must pay to protect your vehicle, your well-being, and your passengers while on the road. Drivers appreciate that the actions they take and the experience they acquire can decrease the amount of their auto insurance in Newark, DE.

Age & Experience

A driver’s age is one of the most important factors to consider when determining insurance rates–and not simply for the obvious reasons. A person’s age is tied to more than just a number. Typically, as people grow older, they advance in their careers, get married, buy a home, start families, and even acquire other forms of insurance–all signs that he or she is becoming more responsible. Insurance companies are more likely to offer lower rates to individuals that have proven their reliability and sound decision-making skills. Likewise, your credit score and its significance contribute to the price you’ll pay for auto insurance.

Claims & Driving History

But it’s not all about age. Your track record as a driver is also a major factor when it comes to lowering your insurance rates. Drivers with zero or few claims can typically expect to see their rates drop as a reward for safe road usage. An insurance company will also look at how you use the vehicle, the training you received, and the amount of miles you expect to put on the vehicle. At the end of the day, the best way to decrease your auto insurance rates is to exercise safety and caution whenever you’re behind the wheel.

man celebrating New Year’s

How New Homeowners Can Start the New Year

As the year ends, many can’t help but look to the future. For many homeowners, this is also a time to stop and reflect–and make commitments to do better. New homeowners may want to take this opportunity to make some resolutions. Here are a few ideas to help you get started.

Look over Your Insurance Policy

Homeowners’ insurance in Newark, DE, protects you from life’s unexpected twists and turns. Many policyholders might be surprised that they are paying too much for theirs. For the New Year, see if you can shop around and find an insurance plan with lower rates. You might even be able to meet with your agent and get discounts on your current policy.

Reduce Energy Consumption

Energy bills are one of the biggest expenses for a homeowner. If you found yourself working from home during this past year, then you might have also noticed your power consumption increasing. Now would be a good time to make changes to help keep your energy costs manageable. You can request a home energy audit and adjust accordingly.

From homeowners’ insurance to paying down your mortgage, there are many opportunities to make the next year the best one yet. When deciding on New Year’s resolutions, make sure that the goals are attainable. Start small, and you’ll see that your actions will add up.

colorful umbrella

All About Umbrella Coverage for Business Insurance in Newark, DE

Umbrellas offer extra protection, and so does commercial umbrella insurance. This type of coverage is an effective way to extend the strength of your business insurance in Newark, DE.

We’re going to go more in-depth into this insurance vehicle in this post, so you’ll have the knowledge you need to make an informed decision on business insurance. Commercial umbrella insurance should be considered a supplement for your existing business liability policy. If a claim is filed against you and it exceeds the policy’s coverage, then your umbrella coverage can be applied to the claim to make up the shortfall. This type of insurance is useful for many kinds of commercial and retail operations.

You should speak with your business insurance agent to determine what your umbrella coverage can supplement. It does not usually provide coverage for claims of professional liability. It will also be beneficial to learn if it kicks in automatically for your existing policy or if you need to file an additional claim.

When you are seeking the extra peace of mind that comes from this level of supplemental coverage, keep in mind that umbrella coverage generally comes in increments of $1 million. Prices will vary based on your location, type of business, and other factors. We hope this information will prove helpful.

couple standing on the bow of a boat

Can Your Boat be Covered by Your Home Insurance?

We get insurance to protect against loss, damage, or theft of our possessions. For many of these items, there are specific types of insurance — car insurance for vehicles and homeowners for a house, for example. Then too, there is boat insurance in Newark, DE, for those vessels you take out into the lake, river, or ocean.

There may be some crossover with different types of insurance. For instance, some home insurance policies do cover boats, but this is typically only when the crafts are small and generally valued at less than $10,000. For the most part, you’ll need more than just a homeowners’ policy to cover your craft. Getting a specific policy for boat insurance will ensure you are protected from potential damages.

When your boat is on the water, it is subject to damage from collisions, which may or may not be your fault. Boat insurance policies will cover this and damage to other people’s property, as well as bodily injuries that occurred as part of the accident. Plus, you can add comprehensive coverage that will protect you in the event your boat is vandalized, stolen, or damaged by a non-collision related event. You can also add specific protections for fishing gear, oil spills, and uninsured boaters.

In our opinion, it’s better to get specific boat insurance in Newark, DE. Work with an independent insurance agency to get coverage that is tailored to your needs at an affordable price.

couple posing in front of their car

Figuring Out What Kind of Car Insurance Coverage You Need

Choosing the right kind and amount of auto insurance in Newark, DE, for your needs includes factors like your vehicle’s value, your driving habits and history, and the amount you could reasonably afford to pay out of your pocket after an accident.

Types of Auto Insurance Coverage

There are different types of auto insurance coverage options. Several basic components make up what is typically referred to as “full coverage” auto insurance.  Here are some coverage products and add-ons that your insurer might offer.

Liability Insurance – This covers the costs if you are liable for an accident, damaged property, or if you injure someone with your vehicle. Liability insurance will cover the legal bills and settlement costs up to your policy limits after an at-fault accident. It is required in most states.

Personal Injury Protection (PIP) – Often referred to as PIP, this auto insurance covers medical and related expenses up to your coverage limits if you or your passengers are injured in a car accident, regardless of who was at fault.

Uninsured Motorist/Underinsured Motorist Insurance (UM/UIM) – This insurance covers you if you’re in an accident caused by an uninsured driver, or a driver whose insurance can’t pay for the full extent of the damage caused.

Collision Insurance – This auto insurance covers damage to your own vehicle after an accident, no matter who was at fault. Along with comprehensive coverage, collision coverage often makes up what is commonly referred to as “full coverage” car insurance.

Comprehensive insurance – Comprehensive coverage covers the damage to your car when it’s not being driven, including damage from extreme weather, falling objects, animals, flood, fire, vandalism, and theft. It goes hand-in-hand with collision insurance.

insurance agent

Why You Need Quality Workers’ Compensation Insurance for Your Business

Workers’ compensation is a type of business insurance in Newark, DE that protects not only your business from financial loss, but it is also required by law in most states if you have employees. Whether you’reestablishing a business, growing a business, or your business is already well-established and successful, it is critical that you understand why you need to buy workers’ compensation insurance as part of your business insurance coverage.

In most states, you need to buy workers’ compensation insurance as soon as you hire each new employee. If you are not in compliance with local laws, you could also face civil or criminal penalties. It’s crucial that you have coverage for all your employees before an injury or illness occurs, so you are not held financially liable. Workers’ compensation coverage typically only applies to events that occur after you purchase a policy.

Consult your business insurance broker and become familiar with your state’s workers’ comp laws. Keep in mind, if your company is headquartered in one state, but employs people in another, you probably need to buy coverage based on the laws of each state in which your employees work. Also, in some states, every business with one employee is required to carry workers’ compensation insurance, but in others, the requirements might apply only to those with two or three employees.

home insurance

Getting the Right Home Insurance for Your Rental Properties

The top function of your rental business should be to make money for you, not give it away. One way to protect your investment and your financial health is to have proper insurances in place. Having lots of insurance is good, but having the right insurance is best. Make sure to ask your insurance broker about the details of home insurance in Newark, DE, but in general, here are a couple of insurances that you should consider.

Property Insurance

When it comes to insuring personal rental properties, having a landlord policy on each rental unit you own is important, whether that unit is paid off or not. Landlord policies have the added bonus of additional liability protection for the landlord. You will also need to check with your home insurance broker to ensure that each policy carries sufficient coverage to satisfy your mortgage lender.

Depending upon your rental’s geographic location, there are some additional property insurance policies you may want to consider. For example, in California, many people have earthquake insurance. In areas with high annual rainfall, you may want to investigate flood insurance. Your home insurance broker can advise you on the particular hazards you might wish to insure against in your area.

Umbrella Insurance

An umbrella policy acts as an umbrella over your other existing insurance policies. An example of when this coverage is relevant includes when a guest of your tenant is injured in a slip and fall on one of your rental properties. Another example is when a neighbor’s property is damaged by a tree falling on it from your property. Your landlord insurance policy will have a liability limit, but the umbrella policy covers liability after that limit is exhausted.

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What Can Increase the Cost of Your Auto Insurance?

You probably already know that it’s common for your premium to go up if you’re involved in an auto accident. But there are other reasons your rates may be higher as well. At  Broadbent Insurance, Inc., we provide auto insurance in Newark, DE. If you need a new policy or you’re wondering if you are overpaying for your current one, our agents are here for you. Here are seven common reasons for a higher insurance rate.

  1. Your Car Performed Poorly in Crash Studies – Insurance companies consider cars that sustain more damage in crash safety studies as a higher risk.
  2. You Rent Instead of Own Your Home – Surprising as it may sound, whether or not you own your home factors into insurance companies’ calculations. Some companies charge renters up to 6% more.
  3. Your Car Is More Likely to Be Stolen – In-demand models that are attractive to thieves are considered riskier to insure by some companies.
  4. You Have a Long Work Commute – In the eyes of insurance companies, the more time you spend on the road, the more likely you are to be involved in collisions.
  5. You Have a Lower Credit Score – Some insurance companies see poor credit as a sign of higher risk on their part.
  6. You Live in a High-Crime Area – Insurance companies sometimes factor in the environment where the car is kept and will raise rates if there’s a higher likelihood it will be damaged or stolen.
  7. You Are a Teenage Driver – Since teenage drivers are more likely to be involved in accidents, insurance companies raise their insurance rates.