Insurance isn’t just for individuals, and businesses often face unique crises that insurance can address. So what types of liabilities should your business be interested in covering? Let’s break it down.

 

Employment Practices Liability

 

Employment Practices Liability protects companies  from accusations of discrimination by employees or potential hires. EPL also guards against other allegations such as harassment of wrongful termination.

 

Cyber Liability

 

The primary purpose of a cyber liability policy is to protect a business in the case of hacking or data breaches that compromise a customer’s personal information. Such information includes, but is not limited to, Social Security or credit card numbers, addresses, and emails.

 

Commercial Auto Liability

 

Commercial Auto Liability Insurance serves an almost identical purpose to that of personal liability insurance: covering costs from damages inflicted or suffered in an automobile accident. This insurance extends to any accident in which an insured commercial vehicle causes the damage.

 

Fiduciary Liability

 

Fiduciary liability refers to a business’ responsibility to its employees and shareholders. This could include management of an employee’s benefits or of a stockholder’s money.

 

Worker’s Compensation

 

Worker’s compensation is one of the more familiar terms on this list. Worker’s compensation is simply a form of insurance that allows an injured employee to relinquish their right to sue the company in exchange for wage replacement and medical benefits.

 

 

    Of course, this is not an exhaustive list.  However, after reading this blog, you may be feeling a little intimidated. Protecting your business from the less recognized risks is why you need a good agent giving you accurate advice.  If your agent is not a trusted advisor in your business, contact us today to  learn how we work to provide that level of service to every commercial insurance client we work with.

 

Howard Webb Insurance

765-644-8847

www.HowardWebbIns.com

   

   

With the weather warming up, an increasing number of people are dusting off their motorcycles once again. But although motorcycles can be a fun way to get around, it’s no secret that they’re not necessarily the safest. Unfortunately, someone driving a motorcycle is about three times as likely as someone driving a car to get in an accident. And the risk is even higher for those 60 and over. So we’ve compiled a few motorcycle safety tips from the experts.

 

Drive Slow and Drive Sober

 

Okay, so you don’t necessarily need to drive slow. However, it is very important to heed the speed limits. According to the Insurance Information for Highway Safety, 48 percent of motorcycle accidents involve speeding. And unfortunately, 42 percent of motorcycle crashes involve alcohol. So if you want to stay safe, it’s simple: drive slow and drive sober.

 

Buy a Bike That Fits You

 

When shopping for a motorcycle, always make sure the fit of the bike is comfortable. Your feet should be able to rest on the floor, handlebars should be within reach, and make sure the bike itself isn’t too heavy. When determining the size you will need, it is important to remember that for regular commute, a smaller model can be ideal. However, if you plan to spend a lot of time on the highway, you may want to consider a larger bike.

 

Take a Safety Course

 

This is one of the most often-repeated pieces of motorcycle safety advice.Motorcycle Safety Foundation courses are offered all over the country and can provide invaluable instruction for beginners or regulars. These classes review basics of motorcycle safety, as well as more advanced maneuvers. Some classes are even offered for little to no cost. Even better, taking one of these courses can even the price you pay for insurance.

 

Drive on the Defensive

 

In about 60% of motorcycle crashes involving a traditional automobile, the fault is attributed to the driver of the car. This means, unfortunately, motorcyclists need to be on the defensive, even more so than other drivers. This entails being aware of cars pulling out from side streets and changing lanes without warning, avoiding tailgating and tailgaters, and keeping an eye out for debris on the road.

 

Wear a Helmet

 

This advice may seem obvious, but unfortunately, it is advice that often goes unheeded. Not wearing a helmet raises a motorcyclist’s chance of suffering a fatal head injury by 40 percent.

A full-face helmet marked by the Department of Transportation certification sticker is the ideal choice. But it’s not enough to simply buy a good helmet. Maintenance and often replacement are critical. Independent helmet testing organization, the Snell Memorial Foundation, recommends replacing helmets every five years.

    As April 15 (aka Tax Day) is approaching, many are looking to find as many tax deductions as possible. The question we’re going to address today is whether or not insurance premiums can be written off on tax forms.

 

    The answer is a little more complicated than a simple yes or no. For example, owners of personal insurance policies are not able to file those policies for tax deduction purposes. However, if your insurance policy is business-oriented, there are ways to file that on tax form to receive a deduction. Even independent contractors through a shared economy app like Uber or Lyft may file for tax deductions. Unfortunately, this requires that the individual report the income they earned on that job to be taxed.

   

    The first thing you need to do is list the insurance policies that you would like to deduct on the longer version of a Form 1040. The IRS will not accept this type of request on a condensed 1040 A or the abbreviated 1040 EZ. The extra work that this requires may not be worth it to those who typically take only the standard deductions during tax season.

 

    In order to complete the process, you must also file Schedule C Profit or Loss from Business. You must then determine the amount of additional work you are willing to do in order to claim an insurance deduction. The easier option is following a provided, simplified formula. However, depending on the amount of deductions you believe are available, you may find it worthwhile to manually calculate your precise insurance expenditures.

 

    The simplified method for filing tax deductions on business use of your vehicle is computed by multiplying the number of miles you traveled by 54 cents. The IRS says that this formula should adequately cover any fuel, repairs, maintenance, or insurance expenditures that you covered in the preceding year. A little more complicated method requires you to calculate the percentage of total car costs for the year based on the number of total miles driven vs. miles driven for business.

 

    The IRS has developed a similar method for calculating home office deductions. Individuals may claim $5 per square foot for any space dedicated solely to office use. The maximum is set at 300 square feet, or $1,500. You may choose to go the more complicated route by adding up all home-related expenses, including mortgage payments, maintenance, property tax, insurance, utilities, etc… You must then deduce the percentage of total space in the home occupied by office space. Whatever that percentage is is the percentage of your home-related expenses that you can receive a tax deduction for.

Contact us at www.howardwebbins.com or 765-644-8847  with any questions regarding your insurance needs.

 

 

Spring is just around the corner, bringing with it warmer weather, rain showers, and college acceptance letters.  As these letters prompt students to start planning fun and parents to start planning funds, it is important to consider your options when it comes to insurance.

 

Car Insurance

 

    The most important thing to realize is that if your are still financially supporting your college-age child, you can still classify them as a household member for insurance purposes, even past the age of 18.

 

    This means that your child is still eligible to be part of your auto insurance policy.  However, if for whatever reason, your child chooses to leave their car at home, you can decrease your insurance rates by not listing them as a regular driver on your policy.

 

    If you choose to do so, it is important that you notify your agent if your child will be at home and driving for an extended period of time.

 

    Finally, if your child owns their own ride or you are planning on transferring a family car into their name, it is necessary that they register and insure the vehicle themselves.  This is a great first step to building your child’s insurance record.

 

What about the rest of it?

 

    Just as you would create an inventory for the items in your own home, it is extremely advantageous to document the items your student is taking with them to college. It is typically not necessary to purchase an additional insurance policy to cover these goods, as your insurance should extend to these items.

 

    This extension may or may not be valid when your student is studying abroad, so it is always important to check with your insurance agent before your student leaves for another country.

 

    It may be more expedient to purchase a renters insurance policy for students renting an apartment or house off-campus. These policies are typically inexpensive, starting as low as $10 a month. Renters insurance covers general liability and medical expenses in addition to property.

 

It’s normal for parents to be concerned as their kids head off to college. But having the proper insurance can alleviate those concerns at least a little bit. Talk to your agent today to find out what’s right for you and your student!

According to the Health Insurance Glossary, an exclusion is a provision within a health insurance policy that eliminates coverage for certain acts, property, types of damage or locations. In the past, individual health insurance policies frequently contained exclusions for pre-existing medical conditions. Insurers add exclusions to policies in order to avoid covering severely high-risk claims.

You can usually locate any exclusions incorporated into your policy under a section titled “exclusions.” These exclusions may be included for a number of reasons. Just a few of these include:

•Catastrophe

Insurers are often unwilling to cover catastrophes that affect a large number of people. War would be an example of this.

•Policy Overlap

Some things are excluded from certain policies because they are covered

elsewhere. For example, liability insurance does not cover auto liability because

it is included in commercial auto insurance.

•Purposefully Inflicted

Insurance policies cover events that are out of the policy holder’s control.

Therefore, losses intentionally inflicted by the holder are excluded. This would

include bodily harm inflicted by the holder on other individual.

•Easily Avoidable

Many policies exclude harm that could have been easily avoided by the policy holder. For example, if the holder forgets to park his car in the garage and subsequently suffers damage from sleet or snow, the insurance company will not cover the harm inflicted.

•Illicit Activity

Most insurance companies will not cover loss that results from engagement in

illegal activity.

Regardless of why your policy has exclusions, it’s important to know what those exclusions are. Take time today to read through your policy or contact an agent for assistance.