Wednesday, September 19, 2018

Rental Car Insurance: 3 Facts You Didn’t Know

Have you ever rented a car and the agent asks you if you want to purchase their insurance? Are you confident in your answer? Here’s what you need to know…

Accidents happen, unfortunately, and let’s say you have an accident while driving a rental car. Now what? There are three items you should keep in mind: personal liability, damage to the rental vehicle and loss of use. 

Item #1
Personal Liability
Liability Insurance protects you in the event that you cause an accident that results in injury or property damage. If you have auto liability insurance of your own in force, this would apply to your rental car, so you’re covered!

Item # 2
The Vehicle
Most companies consider a rental vehicle to be a “substitute” for the one you usually drive, and so they would cover the actual loss of the vehicle, minus your deductible. For physical damage to apply to a rental you must carry physical damage coverage on at least one vehicle on your auto policy. You may find that accepting the rental company’s insurance could be a good choice because there is usually no deductible, and you would not have to turn in the claim to your own insurance.

Item # 3
Loss-of-Use 

Let’s say the rental car gets damaged. Loss-of-use is the rental company’s loss of revenue while the car is being repaired. Although your own auto insurance may cover the liability and physical damage, it may not pay for the loss-of-rental-income.

Some insurance companies will cover loss of use, but it is sometimes limited in terms of how much they will cover each day. Let’s say you rent a vehicle for $50 per day and your insurance company only provides coverage for $20 per day; you would be responsible for that $30 per day difference.

Bonus Tip!
Did you know? Your credit card may provide coverage!
If you have a credit card that offers travel rewards, check your benefits. Some cards will offer physical damage coverage and loss-of-use coverage if you booked the vehicle rental with that specific card.

If you’re wondering what’s covered under your policy give us a call for a free review.
 
~ Logan Kirk
Logan Kirk, Insurance Advisor

Wednesday, July 11, 2018

Is your business properly protected for an employment related lawsuit?

Even though you are an honest and fair employer, one accusation of unfair employment practices could cost you thousands of dollars. Charges ranging from age or sex discrimination to wrongful termination, even unfounded charges, can hurt or destroy a business.

Until recently, only large businesses were able to affordably insure against the risk of employment practices claims. Now employers of all sizes can insure against the risk.

While multi-million dollar jury awards against large corporations make the headlines, thousands of small- and medium-size businesses experience difficult times. Answering a groundless complaint filed with the Equal Employment Opportunity Commission can be costly to employers.

Employers face increased financial risk of potentially violating ever changing and complex employment laws such as the Americans with Disabilities Act, the Civil Rights Act of 1964, the Family and Medical Leave Act and the Age Discrimination in Employment Act. Your directors, managers, supervisors and employees may not fully understand the ins and outs of these laws and may be unaware of new rulings and interpretations.

Contact our offices today to discuss affordable options to protect your business.  ~ Mike Dostal

Monday, March 19, 2018

Facts about Renters Insurance

“What’s the point of renters insurance? I don’t own anything of crazy value.” This response is a common misconception when it comes to how the world views renters insurance.
Renters insurance is actually an essential (and inexpensive) tool in properly protecting not only your “stuff”, but other things too.
  • Personal property- this is your “stuff”. Don’t think you have a lot to protect? Take a second and mentally take a personal property inventory, starting with the big-ticket items: your furniture, clothing, kitchen items, electronics, etc. Clothing alone will add up quickly when you add up all the items in your closet. Remember, when calculating your inventory don’t think about what Plato’s Closet would pay if you were to box everything up and take it in; think about how much you paid for the items new.
  • Personal liability- this is protection against any liability or lawsuits filed against you. This could be something as simple as one of your friends injuring themselves while at your place for a party or your dog biting somebody.
  • Loss of use- this covers temporary living expenses (lodging, food, etc.) when your place of residence is uninhabitable. An example would be pipes freeze and burst causing water damage to your unit. You have to vacate your place while a restoration company comes in to mitigate the water, a plumber repairs the pipes, etc. Renters insurance pays for your reasonable living expenses while you do not have access to your residence.
  • Valuable articles- thinking of taking it to the next level with your significant other and purchasing some jewelry? Renters insurance can cover this by “scheduling” it. Doing so can guarantee the value of the item in the event of a loss. Be sure to ask your agent to ensure that it is covered for theft and mysterious disappearance (losing it), the two most common valuable article losses.
Other important things to consider:
  • Living with a significant other, sibling or friend? Did you know that anyone living in the same residence can share a renter’s policy? This
    will likely provide cost savings versus having separate policies.
  • If bundled with the same company, having renter’s insurance can provide a discount on your auto insurance and vise-versa. Win-win!
As you can see, renters insurance provides a range of coverages for a reasonable premium (the average premium is only about $10 per month!). As you set yourself up with a plan for financial success be sure that renters insurance is part of it.  ~ Logan Kirk
Logan Kirk

Tuesday, August 2, 2016

Our Team



Our most recent team photo!

Back row (left to right): Steve Devlin, Logan Kirk, Jeff Kirk, Mike Dostal, Dave Dostal, Denise Livingston

Front row (left to right): Carissa Chester, Megan Rowlinson, Heather Evans, Diana Adelman

Tuesday, July 12, 2016

Our newest team member, Logan Kirk




Logan joined the agency in 2016. He grew up in Shelby where he graduated from Shelby High School in 2010. He went on to receive a Bachelor of Science in Entrepreneurship from the Farmer School of Business at Miami University.

After graduating Miami in 2014, Logan completed a 2-year fellowship with the Ohio Mutual Insurance Group in Bucyrus. This provided him extensive exposure to underwriting in personal, farm and business lines as well as claims and loss control practices. At the agency he specializes in new business production for personal, business and farm insurance lines. Logan holds the Associate in General Insurance (AINS) designation and is currently pursuing his CPCU designation.

Logan is involved in various groups in the communities he works and lives including Crawford County Young Professionals, Columbus Young Professionals, Short North Running Club and St. Christopher Catholic Church of Grandview. In addition to community involvement he operates a side auto detailing business, a venture he started at age 14.

Logan resides in the Grandview neighborhood of Columbus. He enjoys running, travel, cars and spending time with friends and family.

Contact Logan at:
Email: 
lkirk@dostalkirk.com

Wednesday, February 10, 2016

Do you know the facts?

10 Reasons Not to Buy Disability Income Insurance

You may have your reasons for not buying individual disability income insurance (DI).  But do you know the facts?

10.  Social Security will take care of me.
          Fact: For those who do qualify, the current average monthly benefit is only $1,191. (1)

9.    It won't happen to me-- I expect to stay healthy.
          Fact: One in four of today's 20-year-olds will become disabled before reaching age 67. (2)

8.   It costs too much.
          Fact: The average annual cost is typically only 1 to 3 percent of what you earn.

7.   My Financial needs change so fast.  What policy could keep up?
          Fact: A DI policy from Principal Life Insurance Company is flexible.  You can change it as                   needed.

6.    I want a policy that keeps pace with my income-- without medical underwriting.
          Fact: Principal Life offers riders that allow you to increase your coverage without providing                   evidence of medical insurability.

5.   I have coverage through my employer.
          Fact: Group disability insurance typically covers 60 percent of gross income, and benefits
                   are usually taxable.  Can you afford more than a 40 percent pay cut?

4.   I would have to be totally disabled to receive benefits.
          Fact: There are ways to protect your income in the event of a partial disability.

3.   My family and friends will help me.
          Fact: Are your loved ones in a position to support you?  Do you want them to?

2.   I can always buy coverage later.
          Fact: People usually don't get healthier as they grow older, and coverage will cost more.

1.   I can rely on my savings.
          Fact: Even if you save 10 percent of your salary, one year of disability could easily wipe
                   out many years of savings.

Please contact us today to discuss the importance of disability income insurance, and how we can help create a customized plan to fit your needs and budget.

(1) Social Security Administration, January 2013.
(2) Social Security Administration, Fact Sheet February 2013.


Principal Financial Group
WE'LL GIVE YOU AN EDGE®
Principal Life Insurance Company, Des Moines, Iowa 50392
www.principal.com
Disability income insurance has limitations and exclusions.
For costs and complete details of coverage, contact your
Principal Life financial representative.

Thursday, February 4, 2016

Umbrella insurance: a business necessity

By: Mike Mirizzi
The Cincinnati Insurance Companies

There is a misconception that only large companies or corporations need umbrella insurance, that the coverage is expensive and may be unnecessary.  On the contrary, an umbrella policy is a vital piece of coverage that can protect you and your business from losses that exceed your primary policy limits.

The truth is you don't have to have a million dollars to be sued for a million dollars.  It can happen quickly, and your livelihood could be greatly affected.

Costs for an automobile accident with property damage or serious injuries to multiple people could easily exceed a standard insurance policy limit, leaving you or your business to pay out of pocket if you are found to be legally liable.  Injuries due to work you performed or because of a product you distributed or manufactured also could result in lawsuits that could put your business in jeopardy and potentially your personal assets as well.

An umbrella policy provides limits in excess of your primary liability policies and adds that extra layer of protection and peace of mind.  The value in this "extra" layer of protection does not stop there.  Not all umbrella policies are the same.  Ask your independent insurance agent to place your insurance with a company whose policy provides:

  • No self-insured retention (similar to a deductible).  Some insurance companies may require you to retain liability and pay the first $10,000, $15,000 or sometimes $25,000 for specific claims covered by the umbrella that were not covered by the primary liability policies.  Ask your agent for a policy that eliminates this requirement.

  • Unlimited defense payments.  Some umbrella policies offer you true unlimited defense payments when your primary liability policy limits have been exhausted.

  • Coverage for items not covered in your underlying policy.  Some umbrellas will provide "first dollar drop down" coverages for specific situations, meaning that if your underlying primary policies do not cover a loss, your umbrella might. 

Look for an insurer that can provide an umbrella policy with your commercial insurance package.  Having all your insurance with one company, in one package, is easier to manage.

Additionally, an umbrella policy may help your company have a competitive advantage when bidding on a contract as you will already have the required "extra" insurance in place.

Managing these liability exposures makes financial sense, no matter how big or small your business.

Not all umbrella policies are the same.  Please contact us today to explore coverages and options available to you.