After decades of insurance experience, our team at Lowry has seen it all. From personal policies to business insurance, here are some of the most common insurance questions that we get each week and helpful answers to help point you in the right direction.
Whether you're a property owner, general contractor, subcontractor, lender, architect, or another professional with financial stakes in a construction project, builder's risk insurance reduces the risk of project failure in the event of an accident.
A builder's risk insurance policy primarily centers on the construction structure, extending its coverage to on-site materials, supplies, and equipment. It also provides financial support during project downtime, covering lost sales, rental income, additional loan interest, and real estate taxes.
The total cost fluctuates based on specific circumstances. Policyholders may require varying coverage depending on factors such as the value of covered structures and materials, project costs, and other considerations.
Lowry Insurance's esteemed partner, The Hartford, characterizes cyber insurance as a policy designed to offer expanded coverage and readiness for dealing with, responding to, and recovering from cyberattacks on an organization.
Cyber insurance coverage varies, but generally includes the cost of a breach and expenses related to claims and lawsuits resulting from it. This can involve crisis management, ransom payments for ransomware attacks, and the cost of data restoration, among other situational items.
Small businesses, lacking large IT departments, are even more likely to require cyber liability insurance to protect themselves in the digital world.
General liability insurance provides protection if someone claims that your business caused property damage or injury. It covers responses to claims, defense against reputational harm, copyright infringement, medical costs for customers and clients, or damage to rented property.
While not a standard requirement for small businesses, it's advisable to have general liability insurance for comprehensive coverage. The Hartford found that 4 in 10 small businesses will face a property or general liability claim in the next ten years, making coverage essential.
Costs vary based on factors like a company's age, size, location, building condition, and industry. The number of insurance claims made by the company in the past also impacts the overall cost.
Inland marine insurance is essential for companies regularly shipping materials or transporting trade show sets and marketing materials around the country, providing coverage for these items in transit.
Inland and Ocean Marine Insurance typically covers the cost of repair or replacement of portable business properties explicitly covered in the policy. This includes storm damage, fires, water damage, and theft.
Like other business policies, the overall cost varies based on factors such as the business's size, the value of the product in transit, and the industry itself.
Workers' comp provides coverage for employees injured or sick from work-related causes, including disability benefits, income, ongoing medical costs, and funeral expenses in case of death.
Almost every state mandates businesses to have workers' compensation insurance for their team. Failure to offer workers' compensation can result in significant fines for business owners. Sole proprietors may have options to opt-out, depending on state requirements.
Most likely, yes. While some states may not mandate auto insurance, every state requires financial responsibility for drivers in case of an accident. Without proper coverage, the responsible party could be left with significant bills.
Auto insurance policies vary, but most states require drivers to have bodily injury liability and property damage liability. These cover both cars and drivers involved in accidents. Some states may also require medical payments or personal injury protection (PIP) to cover medical expenses for injuries, including lost wages and related expenses.
Each policy varies, but basic coverage typically includes damage caused by your car, not damage to your car. For additional coverage on your own vehicle, it's recommended to add collision coverage, comprehensive coverage, and glass coverage to protect against unexpected costs if your car is damaged.
Most homeowners insurance policies do not include flood insurance.
There are two types of flood insurance coverage: building property coverage and personal contents coverage.
Building property coverage typically protects the structure, wiring, plumbing, and A/C system within your home. It also covers any in-house decor and a detached garage.
Personal contents coverage often protects items within the property itself, such as clothing, furniture, linens, electronics, and some valuables.
There is no difference between these three! They're simply different names for the same type of policy.
Generally, homeowners insurance covers property damage, personal property loss, personal liability, and added living costs. These four sections provide complete protection against threats in the unfortunate situation of damage or loss.
While specifics vary, it's best to consider umbrella insurance after reaching the maximum level of liability protection on your existing plan for comprehensive coverage of your most valuable assets.
Umbrella insurance provides additional coverage beyond your existing policy, covering high costs in extenuating circumstances.
The necessity of umbrella insurance varies. If you seek the utmost level of insurance protection, then umbrella insurance may be a wise investment. However, if you have a lower risk of being involved in a lawsuit, it may not be as valuable.
While umbrella insurance covers many situations, no policy provides complete comprehensive coverage. It generally doesn't cover damage to your own property, business liabilities, and war-related liabilities.
In general, umbrella insurance is relatively affordable. Most $1M policies cost between $150 and $300 per year, with the cost rising alongside the amount of coverage. Affordable prices are due to the requirement for the maximum amount of coverage on another policy before getting umbrella coverage.
Valuables insurance can cover jewelry, arts, wine and spirits, collectibles, and more.
It's good practice to have your valuables regularly appraised to ensure the right amount of coverage for repair or replacement if they are damaged or stolen. The cost of insurance varies based on the value of the item or items being insured.
While policies vary, basic homeowners policies generally have limited valuables insurance coverage, leaving you with no compensation in the event of a devastating loss. For comprehensive coverage, connect with a trusted insurance professional to explore options for supplemental valuables insurance.
Short-term policies may payout for up to two years, though the majority last for a few months to a year. Long-term policies often provide benefits for a few years or the entire duration of the disability.
It's essential to sign up for STD and LTD coverage as soon as possible during the initial enrollment period. By taking action as quickly as possible, no pre-existing conditions will impact your coverage eligibility.
Yes. While the waiting period varies based on the provider, most long-term disability coverage has a waiting period of 3-26 weeks after initial onboarding. This period aligns with eligibility for short-term disability that provides coverage during this transitional period.
Long-term disability policies generally have two disability periods: "Own Occupation" and "Any Occupation." Own Occupation is a period of up to two years of payable benefits in which the employee cannot perform their regular job or a similar position. Any Occupation is an indefinite period in which the policyholder cannot perform any job they are reasonably qualified to do.
LTD requires you to frequently share medical information with your provider to ensure that you maintain coverage eligibility. Most providers also require interested parties to apply for Social Security Disability benefits, assisting as necessary throughout the process.
Yes. Annual eye exams are an important part of maintaining your personal health and monitoring cataracts, glaucoma, macular degeneration, and other dangerous disorders and diseases. If your vision starts to falter with age, you're able to plan for corrective eyewear ahead of time.
Covered services vary depending on the policy and the provider. However, most vision insurance plans cover routine preventative eye care such as eye exams and fully or partially cover eyeglasses and contact lenses.
While each policy varies, elective eye surgeries like LASIK may provide a discounted cost. Connect with your provider for more information.
Your ability to visit any practice varies depending on your policy type. Some policies restrict policyholders to doctors within their specified network and bar out-of-network visits unless directly referred by an in-network doctor. Connect with your provider for more information.