Why Personal Umbrella Liability Insurance?

If you own a homeowners or renters insurance policy there will be personal liability insurance coverage included. It can protect you in the event you become liable for an accident in or outside of your home and are responsible for medical costs of an injured party. It can also shield you from the expenses related to damages you may be liable for away from your home.

What could be wrong with that?

The problem, you see, is that a standard home or renters policy only covers costs up to the insurance limits it comes with. If you are strapped with a larger bill that exceeds those limits, there's no one else to cover you except... yourself and your wallet. 

So the obvious question looms.

Do I or don't I need to buy better personal liability coverage than that what is provided in the standard insurance for homeowners and renters?

In order to assess the situation properly, you'll need to know understand how a personal umbrella liability insurance policy works.

Personal Umbrella Liability coverage can shield you from the costs you may be liable to pay for - doctor, hospital and other medical costs over the standard insurance limits - in relation to an accident or event on your property that resulted in injury to another person. It can also pay for costs that exceed the standard insurance policy limits in regard to property damage. In addition, it can help pay for insurance claims that may not otherwise be covered.

The following are associated claim scenarios to study:

1. A homeowner had a visitor at his home. The visitor slipped and fell onto the driveway and incurred a serious injury. Though he was liable for medical costs, the homeowners personal umbrella liability policy picked up the $150,000 tab.

2. A policyholder was walking his dog when a youngster approached them. The dog lurched forward and bit the lad's ear. The coverage kicked in and paid for the $60,000 medical bill.

3. A policyholder hosted a graduation celebration. One of the guests drove off after drinking a few glasses of alcohol. His impaired driving caused him to drive erratically and he eventually crashed into oncoming traffic, and resulted in a fatality. The family of the victim sued the party host for $1,000,000.

4. With the intent to move into a home he had rented out, a landlord sent a 60-day notice to his tenants. Because he disregarded a stipulated law that under the circumstances, he must move into the vacated property within 90 days of the notice, the landlord was sued for $20,000 for wrongful eviction by his former tenants.

5. It poured and poured and poured until a condominium owner's drain pipe became blocked. Unfortunately, the water built up and overflowed, resulting in damage to the condo below and liability for the first condo-owner. The $120,000-worth of damages was covered by personal umbrella insurance.

PRIME Insurance is a 3-generation family-run independent agency. We've proudly been appointed to do direct business with over 40 of the biggest companies in the industry - ACE, AmTrust, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us the ability to provide all forms of nationwide coverage at competitively lowest quotes.

What Type of Insurance Coverage for the Amazon Vendor?

If you are involved in e-commerce by selling online, you might realize that you face similar risks as other business. Those involved in the Amazon marketplace are required by the company to obtain a certain amount of business coverage up to $1,000 per occurrence:

• Commercial general liability insurance 

• Bodily injury insurance 

• Personal injury insurance 

• Property insurance

Amazon vendors need to realize that this is limited coverage that will not protect them if losses necessitate a larger claim. Like any business person, those involved in e-commerce need to assess their needs and acquire appropriate related insurance protection.

General Liability 

General liability insurance is a basic coverage for the online seller - as it is traditional brick and mortar retail outlets. It is there to protect your business from liability to: 

- Injuries 

- Negligence 

- Accidents

If a related lawsuit occurs, this insurance can pay for payment you are judged to pay and legal expenses.

Products liability coverage generally is tied to this policy. It protects the manufacturer or seller in regard to bodily injury or property damage to a third party that occurs because of a faulty product.

There are instances, however, when this form of coverage does not help. Why? In the event a seller is not rated appropriately and files a claim, he or she may get a 'no' from the insurer.

Take the case of Mary - an Amazon vendor that successfully sold skin care products to an online market.

All was fine, business-wise, for Mary until the fateful day when a consumer sued her in relation to a serious skin flare-up credited to the creams sent to her by Mary. When Mary filed a claim, she was in for a shock: the insurance company denied coverage because her policy was wrongly rated as an internet retailer. As someone that placed her company labels on her creams, she should have been rated 'a manufacturer'!

Too bad her agent did not catch the mistake! The financial consequences had a far-reaching effect, eventually forcing her to file for bankruptcy.

While this spells out the urgency of being on the lookout for problems with a policy, there are other forms of coverage that an Amazon seller needs to be highly cognizant of.

Other Policies for the Amazon Seller

One of the chief concerns any Amazon seller has is the possibility of being suspended from the Amazon network of sellers. If this occurs, the loss of income can be substantial. Amazon Suspension Insurance Policy is the number one coverage that is recommended for the industry across the board.

Other insurance policies to consider are:

• Business Auto 

• Workers Comp 

• Umbrella/Excess 

• Cyber Liability 

• Ocean Marine 

• EPLI

Of course, nothing takes the place of speaking to an insurance professional that will steer you to a tailored insurance program made for you.

PRIME Insurance is a three-generation family-run independent agency. We're proud partners with many of the leading companies in the industry - big names such as ACE, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us the ability to provide all forms of nationwide coverage at competitively lowest quotes. HAVE A PRIME DAY™! Visit us on our online insurance website

Every Business Needs a Cyber Insurance Policy

Does your business use CC payment? Does your organization bank online? Is your company on social media? Is private data from customers or staff members stored on your company computer network?

If you replied yes to one or more of the posed questions, you should seriously look into acquiring a cyber insurance policy.

Here is why.

Cyber insurance covers businesses or nonprofits from the risks of cyber attacks. A cyber policy can protect first and third parties from related losses and damages.

Here is how.

If an employee were to be tricked into transferring funds to a cyber thief, the insurance can reimburse the funds.

If a business computer was hacked allowing the hacker to get into the associated banking account so that he or she could transfer funds, the insurance can reimburse the loss of funds.

If an employee would erroneously opened an email link that contained a computer virus causing its files to become encrypted, the insurance can cover the ransomware minus the associated deductible in order to have the files unlocked.

If a computer virus would cause a company's network to shut down and the tech company would require several days to get it running again, the insurance can reimburse lost profits plus other costs associated with the shutdown.

If a business were to be hacked and sensitive data stolen, the insurance can cover lawyers' fees, security expert fees, public relation consulting costs, costs related to notifying those affected, and identification protection costs for those who suffered from the breach, along with computer compliance fines and penalties and related lawsuit defense and settlement expenses.

If a company's network would experience a flood of much more traffic than its regular flow of traffic as a result of a computer virus, leaving the system and some of its main customer systems down, the insurance can cover the costs of lawsuits from the customers that would suffer from the effects of the virus, as well as the repair costs to recover data.

If a disparaging comment was to be left on social media by a customer and a company employee were to leave a reply saying the customer was lying, the insurance can cover legal expenses resulting from a defamation that a customer might file.

For more about cyber coverage and how it can help your company from the ravages of a potential cyber threat, speak to an experienced independent insurance agency.

HAVE A PRIME DAY™! PRIME Insurance provides all forms of NJ, NY, PA, TX and other state coverage, including travelers, cheap auto, low quote commercial umbrella, flood, renters, homeowners, bonds, workers comp, life insurance and more.

5 Benefits of Buying Motor Trade Insurance Online

If you often buy online, it's important that you be careful as there are some unauthorized sites as well. However, if you hire the services of a good broker, chances are that you can get a great deal. Anyhow, buying online offers a lot of benefits. Let's take a look at 5 benefits that you can enjoy if you opt for an online motor trade insurance policy. This can save you plenty of money. Read on.

Phone Bills

First of all, since buying online doesn't require you to make calls, you can save money on telephone bills. If you get a quote from the website of the provider, you can save the time that you would have spent on making several calls. All you need to do is enter the required details to get coverage.

Afterwards, once you have provided the information with a broker you can rely on, you don't have to stay connected. The broker will do all the work for you so you can get the right policy. They will pay for the call charges, not you.

Policy Costs

Although obtaining a policy online won't save you a lot of money in the beginning, it can be beneficial when it comes to getting in touch with the broker.

If you get a price online and then ask the broker to help you reduce the policy cost, it may save you a lot of money.

Apart from this, if you ask the broker to reduce the policy cost, they will try their level best to get a lower price for you.

Business Costs

Since you won't need to call hundreds of insurers, you just need to let the broker find the right insurer for you.

All you need to do is provide your details with the broker by filling in the online form. The broker will do the rest of the job for you. In this way, you can focus on your business and customers. This will help you earn a lot of profit.

Future Savings

If you get a quote from a reliable online broker, you can save a good deal of money over the long haul.

If you use an online form to submit your request for a quote, your details will be saved so that they can be used at the time of renewing the policy. Again, this can save you money, as you won't have to make calls again.

Besides, if you get the trust of the broker with the passage of time, you will be in a better position to negotiate with the insurer. You can develop trust by providing detailed information in the online forum.

Valuable Time

Time is money, which means your time is also valuable. If you submit your information through an online form, it will be easier for you to clear the process. This will save you a lot of hassle.

Long story short, if you are planning to buy a motor trade insurance policy, we suggest that you buy one online. Hope this helps.

Buying a motor trade insurance online is a great idea as it can save you a lot of money and hassle. So, you should look for a cheap traders insurance online.