Regency Insurance Agency

The Regency Insurance Agency was founded in 1994 with one goal in mind; to provide our clients with the best coverage at the lowest cost possible. As an independent agency, we can provide options from a number of highly ranked insurance companies. Choice makes the difference!

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When Can You Get the Best Life Insurance Coverage?

Do you have Cleveland life insurance? If not, you may want to consider purchasing a policy sooner rather than later. Many people make the mistake of assuming that life insurance is only needed for individuals who are sick or over 50 years of age. Life insurance is designed to give your loved ones protection if anything were to happen to you. There are many times when people wait until they are 50 before even considering life insurance. They then find out that their premiums are going to be much higher than they would have been if they had gotten the policy when they were younger. If you are considering the purchase of life insurance, here are few things that you need to know to determine if you should get a policy now or wait until you are older.

Children

If you have children, you should have a life insurance policy. If you were to pass away unexpectedly and did not have life insurance, your family would be forced to figure out how to live without the income you once brought into the home. This situation can be avoided by simply purchasing a life insurance policy. The policy will help replace the income that the household will lose when you die. This could help your loved ones keep their home, pay their bills, and have less worry.

Health and Genetics

It is easier for a healthy person to get low premiums for a life insurance policy than someone who is in poor health. Age and genetics can greatly impact the amount of money you pay for your life insurance premiums. It is best to get a policy while you are young and in great shape because you should be able to pass any health screenings or physicals with flying colors. If cancer, diabetes, or certain other diseases run in your family, getting a life insurance policy as soon as you can will allow you to ensure that you qualify for the best coverage possible. Once you have been diagnosed with any major medical issue, life insurance costs will be much higher.

Type of Life Insurance

Consider the policy that you want to purchase. There are many different types of life insurance policies available. It is best to talk with an agent to find out which option best suits your needs at the moment. Later on down the road, you can make changes to your policy to better accommodate your situation at that particular time. Having the right amount of coverage is essential to ensure that your family is provided for after you are gone. Give Regency Insurance Agency a call at 800-350-6876 to discuss your life insurance needs today.

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Types of Business Insurance

Just like people should have insurance, businesses should also be insured against various risks facing their operations. Various insurance options exist to cover almost any sort of risk a business may face. It is also useful to note that providers charge different prices for each policy 

Before choosing a suitable insurance policy, businesses should define the various risks that face their operations. This will help them choose a policy that will fully cover all of their operations should any disaster arise. Below are the various types of business insurance policies in market today and their distinctive features.

General Liability

Business owners or even their employees can be involved in acts of negligence. These may include accidents, injuries and others, which could result to property damage, medical expenses and lawsuits. General liability will cover expenses associated with such claims.

 Product Liability

This is suitable for companies that manufacture products and those who distribute and sell in wholesale or retail. This kind of insurance policy will protect against any possible financial loss should the product be defective. Defective products can cause bodily harm and other injuries where the company is held liable. Insurance agencies will calculate premiums depending on the kind of product the business deals with.

Professional liability

Commonly referred to as errors and omissions insurance, it is suitable for every business in the service industry. Sometimes, the business is charged with malpractice, negligence and other errors committed when serving customers. Most governments demand some professions to have such liability coverage. A good example is in the medical field, where some states require physicians to have malpractice insurance.

Commercial Property Insurance

It is a business liability cover against damages on company property either through fire, wind, smoke, vandalism and other causes. Various items are covered in the term “property” which includes computers, company documents, lost income, business interruption and money. Property insurance policies are divided into two depending on the specifications of the policy.  The all-risk policies will generally cover common risks to average businesses, while peril-specific policies insure only those risks as specified in the policy. The latter is purchased by businesses that may face a higher level of risks depending on their location.

Home-based business insurance

It is important to note that homeowners' insurance policies do not necessarily cover businesses that are based at home in case of any loss. For companies running their operations from the house, it is advisable to get an additional cover for the business even if there is an existent home insurance policy. An alternative is talk to the home insurance provider and ask if they can tailor the existing policy to cover the business.

The above types of business insurance will cover most of the risks an enterprise will face. It is important for businesses to speak with their insurance broker or agent and find out what kind of coverage they need and how much is suitable for them. It is important for the agent or broker to understand clearly what risks face a business before recommending a suitable policy. For personalized solutions to your Cleveland business insurance needs call Regency Insurance Agency directly at 800-350-6876and we'd be happy to help you.

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3 Safety Devices that Lower Your Auto Insurance

If you've just upgraded from a used car to a new one, you may have discovered that your insurance premium is be a bit higher than it used to be. Having certain exclusions in your policy can lower your premium, but also having good credit and a good driving record can further reduce your premium.  But perhaps the biggest reduction of all comes from having safety devices installed in your new ride.  Safety devices are devices that improve your driving experience and lessen the risk of car accidents. Anti-theft devices reduce the risk of your car being stolen.  These devices decrease the risk of having to make a claim, so in return they offer insurance at a discounted rate.  Below are three common safety features that can lower your insurance premium.

Air Bags

Air bags are inflatable devices that pop out to protect you from bodily injury at the time of a collision.  Air bags can be located in your dashboard, steering wheel, doors, ceiling and seats. 

Car Alarms

Some people avoid having a car alarm installed because they can't afford installation; however, a car alarm could save more money by lowering your monthly insurance premium.  Car theft is is still on the rise and insurance companies know this. Your are at a higher risk of car theft if you have a new or customize vehicle, so your premium will be higher. Installing an alarm lowers the risk of your car being stolen and therefore lowers your insurance premium.  Older cars will have to have the alarms installed by professionals, whereas newer cars often come equipped with car alarms (or they can be added as a special feature).

Blind Spot Detectors

Most car accidents happen because the driver fails to see an approaching vehicle through their side mirrors.  Vehicles often trail alongside in your blind spot, especially on major traffic through ways such as a freeway or interstate.  You cannot always see these drivers in your rearview mirror, so a good driving practice is to physically turn your head to see if there are any drivers in your blind spot.  Since this isn't always possible on a crowded freeway, some drivers choose to have blind spot detectors installed instead.  Blind spot detectors are normally stuck on to a regular rearview mirror or soldered onto the outside of it. This enables a driver to view traffic without having to turn their head; this also lowers the risk of accidents, so your insurance company will reward you handsomely by reducing your premium.

For more information about Cleveland Auto Insurance or to obtain a quote, visit the Regency Insurance Agency website or give us a call at 800-350-6876.

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Checklist: Examining the Home Insurance Policy

Many people don’t read their homeowner’s insurance policies and end up surprised when the policy does not cover a claim for them. You should read the policy before you purchase it and at least once a year in case there have been amendments. Examine your homeowner’s policy for the following seven factors:

1. Guaranteed Replacement Value

If your home is destroyed in a fire or other disaster, you probably think your homeowner’s insurance policy will pay to rebuild it, but this is not necessarily true if you don’t have “guaranteed replacement value coverage”. Guaranteed replacement value coverage pays to rebuild your home, no matter what the value of your home or current construction costs are. If you don’t have this coverage, your homeowner’s insurance will

only pay for construction costs up to the current value of your home, which may be far below current construction costs.

2. New Construction and Additions

Check your insurance policy before remodeling, repairing or making additions to your home to see if your policy will cover your home after these changes are made. You may need to contact your insurance policy and make changes to your coverage before new construction or additions.

3. Endorsements for High Value Belongings

Homeowner’s insurance policies typically cap out on the price that will be paid out for damaged or stolen items in your home. If you have high valued belongings such as jewelry, artwork, or antiques, you will need an endorsement on your policy to insure they are covered at full value in the event of theft or a natural disaster. An endorsement is an amendment to your policy that lists added coverage. To get high valued items covered, you will need proof that you possess the belonging (picture, receipt or both) and an appraisal of the value of the item, as well as the additional endorsement on your homeowner’s policy.

4. Liability

Read your homeowner’s insurance policy to see what liability coverage it offers. Many insurance companies require you to purchase additional coverage if you have a swimming pool, trampoline or pets.

5. Natural Disasters

Certain natural disasters such as floods and earthquakes, and acts of war, are often not covered under standard homeowner’s insurance policies. If you live in a high risk area for non-covered disasters, talk to your insurance agent about getting extra coverage through private insurers or flood coverage through FEMA.

6. Home Business

If you run a business out of your home, you will most likely need to purchase additional coverage from your homeowner’s policy in order to obtain liability coverage for business related activities.

7. Save Money With Discounts

Talk to your insurance agent about possible discounts that will allow you to save money. For example, you may be able to receive a substantial discount on your premium if you install a home security system.

Visit the Regency Insurance website or give us a call at 440-266-8888  today for your Mentor OH home insurance needs. We can help you get the coverage you need at affordable prices.

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Is Insurance for Contractual Business Necessary?

We all know the importance of business insurance. Many people, however, seem to think that those engaged in contractual businesses do not need to insure their services or products. After all, what can go wrong in six months?

Many things can go wrong with a business, whether you are in a one-day contract or a two-year contract. For example, you can damage your client’s property or injure somebody in the premises. When this happens, you need general liability insurance to provide the necessary redress. These types of claims, which are covered under Premises/Operations and Products/Completed Operations of the policy, can cripple your business in the case you were not insured.

Unless you are the only employee in your contractual firm, which is highly unlikely, you will need workers compensation insurance. Contractors’ employees too need medical and even disability insurance because anything can happen to them while on the job. If you think that you can hide behind the protection of an agency contract, brief research will prove to you that this is not always the case.

As a contractor, you obviously have the desire to get regular contracts and expand your business. Did you know that having insurance will help you accomplish that? The vast majority of clients will require you to be covered, and most of them will ask for proof upfront. This means you could lose many clients if you are not sufficiently covered.

Being a contractor is not all roses; it has its thorns too. As the owner of a contractual business, you are solely responsible for all the liabilities leveled against the company. When clients do not pay on time, or they completely abscond from paying, it is on you to deal with the ramifications. You need to protect yourself against these and other claims that may arise against you.

Many contractual businesses rely on social media marketing, client reviews, consumer reports and even word of mouth marketing. You might even breach your contract unintentionally, but your clients will still expect regret. When reviews are written about your goods or services, you do not want it to be said that you have ongoing cases of claims made against you. That would definitely ruin your reputation with potential clients. Yet, this is exactly what could happen if you are not insured.

As the owner or manager of a contractual firm, you will be trying to get as many contracts as you can manage. The more contracts you get, the higher the chances of being hit with a suit, or experiencing some sort of problem with your contracts. You never know when might happen, so you should always be ready to deal with different kinds of problems. The best way to be prepared is to sign up for a relevant insurance policy. Visit the Regency Insurance Agency website or call toll free at 800-350-6876 to discuss your Mentor OH business Insurance needs.