Have an Insurance Strategy

Have an Insurance Strategy

*INSURANCE PRODUCTS ARE: NOT FDIC INSURED – MAY GO DOWN IN VALUE – NOT INSURED BY ANY FEDERAL GOVERNEMENT AGENCY – NOT BANK GUARANTEED – NOT A DEPOSIT.

SB One Insurance Agency, a subsidiary of Provident Bank, serves businesses and consumers of New Jersey, New York and Pennsylvania and represents more than 20 of the country’s most highly-rated regional and national carriers licensed to write insurance in 37 states. As a high-performing, fast-growing, and relationship-driven insurance agency, we understand that businesses come in all shapes and sizes, and, so do their insurance needs. We work hand-in-hand with you to present the right product selection for your niche and the necessary risk management strategies to not only foster a culture of safety but to also mitigate losses.

We have a strong relationship with national insurance carriers. This allows us to choose from multiple insurance carriers, whereas, a direct insurance agent only has one. Therefore, our insurance is customized for you.

Here is a checklist of types of insurance and some items to consider:

Insurance provides protection.  As simple as that sounds, many individuals spend little time considering all their insurance options to make sure they have the insurance they need at the most reasonable price.

Homeowners insurance

Insuring your home and its contents is very prudent.  If disaster strikes, you want to be protected.  Choose a policy that will pay for the cost of rebuilding your home if it is totally destroyed.  Examine the amount regularly to take inflation into account.  Also make sure the “contents” part of your policy is adequate.  A policy that covers the cost of replacing items is better than one the just covers the “cash value” of an item.  A six year old dishwasher may only have a $200 cash value, but will cost $800 to replace.  Keep an up-to-date inventory of your belongings with a copy in your safe deposit box.

Flood Insurance

In the event of a flood, a National Flood Insurance Program (NFIP) policy covers direct physical losses to your structure and belongings. The NFIP offers two types of coverage – building coverage and contents coverage. When determining coverage, the cause of flooding matters. Flood insurance covers losses directly caused by flooding. In simple terms, a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties.  If you have a mortgage on your property, your lender will require you to carry flood insurance if you live in a flood zone.  However, as we’ve seen with recent storms, it may be a good idea to consider flood insurance, even if your lender does not require it. To determine if you should have flood insurance, contact your insurance agent.

Auto insurance

Auto policies are usually comprised of three parts:

Collision coverage covers the cost of repairs to your car after an accident.  If your car is old or has little value, you may even want to drop the collision part of your policy.

Comprehensive coverage covers damage to your car from random acts like fire, theft, hail, vandalism, and contact with animal, such as a deer.  This part of the policy is usually the cheapest and should be based on the value of the car.  Remember that insurance companies will not pay more than the car is worth.

Auto liability coverage is absolutely essential.  This covers damages caused by your car.  If you cause an accident with your car and injure someone or damage their property, your auto liability insurance will pay for the person’s injuries and cover the expenses to repair the property.  This is usually the most expensive part of the policy and most states require it.

Umbrella liability insurance

Most homeowners and auto policies provide some level of coverage for damages caused to others and their property.  In an era of large jury awards and rising medical costs, you may want to consider an umbrella policy.  These policies are usually inexpensive (a few hundred dollars for over a million dollars coverage) and are available from most insurance companies.

Health insurance

Be sure you have adequate health insurance.  Most large employers provide it as part of their benefits program.  While you may be required to share in the cost, a company provided plan is usually cheaper and has fewer restrictions than a policy bought individually.  Choose the level of coverage you need, but make sure you are covered for major medical expenses.

Disability insurance

Most employee benefit programs provide some form of disability coverage.  Check your program to make sure the amount is adequate for your needs.  Also, look at the details (definition of disability, waiting period and any total limits) to ensure your policy will provide all that you need.  If you need more, talk to an insurance professional or consider policies offered by any professional organization you belong to.

Long-term care insurance

Some estimate that over one half of individuals will spend some time in a nursing home or other care facility before they die.  The costs of this type of care can be very high and the federal Medicaid program will not cover all the expenses you may incur.  Usually, age 50 is about when to consider a long-term care insurance policy.  Premiums will be higher for older buyers.  Examine any policy before buying to fully understand what will be covered and for how long.

Life insurance

For most people, life insurance is simply a way to ensure that a surviving spouse and children can continue to have a decent lifestyle.  Many experts suggest that a primary breadwinner should have insurance equal to 6 to 10 times their annual income.  In most cases, this will provide enough money for the survivors to be at least reasonably comfortable.  If you have young children or other special needs, additional amounts should be considered.

Deciding whether to buy a term policy or a cash value whole life policy should be carefully considered.  Term policies are usually much cheaper, but whole life policies provide for a “cash build up” for the duration of the policy.  Reviewing the options with a qualified advisor is essential

Luckily, life insurance is available from many sources.  Start with your employer.  Many employee benefit programs provide inexpensive coverage.  Term and whole life policies are available from hundreds of companies.

Deductibles

Choosing a homeowners, auto or health policy will usually involve deciding on a level of deductible.  The deductible is what you pay before the insurance starts paying.  The higher the deductible, the lower the premium.  Before buying, ask for the premium levels at different levels of deductibles.  Then evaluate the level of “risk” you are willing to assume.  You may find that your premium can be up to 25% less.

SB One Insurance Agency has been helping protect businesses for more than 65 years. Our long-standing reputation often allows us to negotiate competitive rates with broad coverage on the customer’s behalf. Even more importantly, if someone does experience a loss, they can rely on SB One’s responsiveness to prepare, process and expedite payment of your claim.

SB One is ready to serve your insurance needs. Give our professionals a call toll-free at 888.990.0526 or visit our website at www.sboneinsurance.com for more information.