The Basics of Insurance

Understanding insurance can be complicated. Allow this article to explain the basics of insurance to help you understand how your choice of insurance will protect your lifestyle, assets, and personal property.

What is Insurance?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. These policies are used to hedge against the risk of financial losses, both big and small, resulting from damage to the insured or her property or liability for damage or injury caused to a third party.

 

Insurance is meant to protect you, your family, and the things you care about. The insurance you buy depends not only on what you want to preserve but also on what you can afford. Some insurance policies are must-haves – like your car insurance or fire insurance. With so many types of policies out there, how do you choose the right one? 

Types of Policies

Below are three main types of insurance policies and their purposes:

Life insurance

Life insurance can help secure your beneficiaries’ financial stability and create a meaningful legacy. Find resources to achieve your goals and create a solid foundation to support your family through all life’s stages:

  • For your dependents to receive financial support in the event of your death or total permanent disability
  • For your savings and investment, and
  • For a regular income during retirement

Health insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured due to illnesses or accidents. There are essentially two kinds of health insurance: Fee-for-Service and Managed Care. You can also choose to add long-term care and disability insurance. Now, plans in the U.S. are required to offer several “essential health benefits,” which include:

  • Emergency services
  • Hospitalization
  • Laboratory tests
  • Maternity and newborn care
  • Mental health and substance abuse treatment
  • Outpatient care (doctors and other services you receive outside of a hospital)
  • Pediatric services, including dental and vision care
  • Prescription drugs
  • Preventive services (e.g., some immunizations) and management of chronic diseases
  • Rehabilitation services

General insurance

General insurance is designed to protect the things you value. Your insurance company will pay you the sum assured or an agreed amount to cover some or all the loss under certain situations.

  • Loss of your belongings when you travel
  • Damage to your car (which is required by law)
  • Damage to your house

 

There are also property and casualty companies insured against accidents of non-physical harm. This can include lawsuits, damage to personal assets, car crashes, and more. Large property and casualty insurers include London Insurance Agency, State Farm, Nationwide, and Allstate.

What Insurance Do You Need?

To help you decide what insurance you need, make a list of the risks or events that concern you. Assess the likelihood of the event happening and the financial loss you or your dependents may suffer – like financial loss from large hospital bills, repair for car damage, etc. If you already have some insurance policies, check to see if these cover the risks you are concerned about. If you don’t have one, come to London Insurance Agency as soon as possible. Remember, you do not need to have insurance for everything, just the things that could set back your financial situation or your financial goals!

The Importance of Life Insurance

Kentucky ranks highly in national surveys of affordability. It boasts a wealth of educational and workforce opportunities as well as some of the best livability factors in the country. However, such factors don’t ensure life will be great at all times – COVID-19 proves this. 

The impact of the pandemic

The pandemic doesn’t discriminate based on age, gender, or status. Many businesses – even the very established ones like Dean & Deluca, Gold’s Gym, and JCPenny – filed for bankruptcy. It simply affects everyone’s way of life, even life itself. With Kentucky’s COVID positivity rate of 6.99%, a death toll of 4,336 people, and a total of 391,772 positive cases, we can see how life is fleeting and health is fickle regardless of what we think of our sense of security.

 

Insurance and emergency funds have become a huge help for many to keep their families fed and taken care of. Situations like this pandemic have emphasized the importance of having security – the safety net of life insurance can ensure that your family can stay in their home and pay for the things that you planned for. It can even replace your family income when resources are less so they can maintain their quality of life, depending on what type of life insurance you purchase.

 

Whether you have Permanent Life Insurance which can provide lifetime coverage or Term Life Insurance which provides protection for a certain period, it’s worth the investment not just because of the return but because of the security it provides for you and your family. We’ve enlisted a few more reasons why getting life insurance now is the smartest decision you can do amidst the pandemic.

Life Insurance is an expression of love 

When deliberating whether to purchase life insurance or not, it is best to view the decision from your family’s point of view, not your own. Life insurance is a tool that protects your spouse and children from the potentially devastating financial losses that can result if you die prematurely. 

 

The loss of a loved one is an emotional and traumatic experience for any family. But not having enough money to meet immediate and ongoing living expenses can make a very difficult situation even worse. Not only are the people you love grieving your loss, but they’ll now have added financial stresses to cope with. If you’re wondering why life insurance is important, stop to consider the potentially devastating consequences of not having coverage to financially protect the people that you love. 

Life Insurance gives time and options

Too often, when an income earner dies, the family is forced to make tough, dramatic decisions. 

By protecting their financial future through life insurance, you’re providing your loved ones the benefits to help pay off debts, meet housing payments and ongoing living expenses, fund college educations for your children, and more, if something unexpected should happen to you. You’re giving them a chance to adjust over time rather than having to move to a downsized home or find a new job right away.

 

If you are not completely certain what insurance is best for you based on your family’s needs, contact London Insurance Agency, one of Kentucky’s trusted insurance service providers. We’ll work together to determine how much coverage you need, review what products and policies are right for you, and review cost comparisons. Call us today!

Choosing the Right Insurance

Thinking of getting an insurance service that fits your needs at the moment? Contemplating what insurance to buy based on the situation you are in? Fret no more because we at London Insurance Agency and Insurance Service Center will help with all your insurance concerns. We are a dedicated team of experts that work together to efficiently address all your concerns. We will give you tips and guidelines on how to choose an insurance policy or service. We will also walk you through the different insurance services that our outstanding company offers. 

Things to Consider when Getting Insurance

Perhaps you have been contemplating getting an insurance policy for quite some time now, but you do not know where to start. It’s important not to jump into a spur-of-the-moment decision regarding this matter. Choosing insurance coverage is one of the bigger decisions you’ll make in your adult life. But don’t worry because in this article we will show you some tips on how to finalize this decision.

 

Firstly, you have to know that insurance deals mainly with risk. 

You can probably think of a number of things that you consider as risk such as vehicular accidents, fire, illness, death, and others. So it is best to come up with a decision on what risk you should insure yourself against.

 

Secondly, think of other things and people you want to be covered by your insurance, or those that you want to be the beneficiary of your insurance. 

You see, insurance may have a beneficiary other than the insured. Perhaps you want to avail yourself of property insurance? How about life insurance? These two are just some of the many types of insurance, and they all have different particulars.

 

Thirdly, and this is very crucial, you have to be financially ready to take on an insurance policy.

The amount of money you have to dispense rests on a number of factors, but it is best to note that it is worth it. Insurance can be seen as an investment with protection. So, do not hesitate to part with your money for a little while because it will be returned to you in a much better form – that is, your protections from the risks insured against in the policy that you have purchased. 

We at London Insurance Agency will help you decide on what insurance to get!

Our Personal Insurance in Kentucky covers a multitude of services which include Auto Insurance, Boat & Watercraft, Homeowners Insurance, Manufactured/Mobile Home, and Individual Life Insurance. We would be very happy to assist you in making this major decision on which insurance to invest your money in.

 

What are you waiting for? Give us a call through one of our agents so you can already start you on your journey to securing a better life for your family, property, and loved ones. 

Why is Insurance Important for nonprofits?

There are multiple different types of insurance that nonprofit organizations may need. In this article, we’ll dive into these types and why insurance is so important for nonprofit organizations.

 

Nonprofit organizations do not make it their aim to create profit. However, these organizations are still businesses in one way or another. They still need the proper insurance coverage to protect their assets and their people to push their vision forward. Nonprofit organizations differ in many ways but they need more of the same type of insurance coverage. 

Types of Insurance for non-profit organizations

As an organization grows, challenges and problems arise. It’s imperative to take on the necessary steps to make sure that your nonprofit organization has the proper protection to keep it going for a long time despite the accidents, lawsuits, and other legal problems that come your way. 

General liability insurance

There are typically three types of general liability insurance package:

  • General liability is for bodily injuries and property damage claims. It also entails copyright infringement claims and others. 
  • Abuse and molestation liability is protection involving molestation and abuse. It can be an accusation from an employee, a volunteer, a contractor, and others. 
  • Professional liability is necessary if you have mentoring, counseling, and any related programs in your organization.

Accident insurance and Workers compensation

This type of insurance protects your workforce including your volunteers and employees. It also helps your employees and volunteers with their medical bills, disability, death benefits, and injuries. 

Employee dishonesty

Employee dishonesty is also referred to as crime bonds/crime coverage. It’s coverage to protect the organization from thefts and stolen funds. This is often one of the most common insurance for nonprofit organizations. Employee dishonesty insurance helps replace stolen funds. 

Directors and officers insurance

This type of insurance for non-profit organizations protects the directors, officers, and other employers from wrongful termination claims. It includes settlement and defense costs. The claim may come from clients, employees, third party agencies including the government and other funding organizations. 

Auto insurance

This is for organizations where members of the board or its employees use autos for the business. Nonprofit organizations can also get coverage for the autos of their volunteers who use their cars for volunteering in the organization. 

Importance of nonprofit insurance

The Nonprofit Insurance Alliance Group said that 95% of claims filed against non-profit organizations are Directors and Officers (D&O) issues such as wrongful termination, harassment, discrimination, and other similar concerns. 

 

Get coverage for your organization and make sure to get one that meets the needs of your nonprofit organization. Consult with agents first and see all your options before deciding the type of insurance you’re getting. 

 

London Insurance Agency is equipped with professional agents who are connected to several insurance companies. They have the experience and the expertise to help you get what you need. Agents at London Insurance Agency & Insurance Service Center can assist you with the right insurance coverage for your organization at an affordable price. 

 

Call us at +606-864-5152 or +606-528-5151. You can also visit the site to learn more. 

 

Kentucky Eases Up Restrictions on Some Businesses

 Kentucky restrictions on businesses

On Monday, December 14, Gov. Andy Beshear announced that the state is now easing businesses’ restrictions, including bars, gyms, and restaurants. Beshear compared COVID-19 to a fast-moving train. There is no way to turn it around immediately. The process has to be slow. Kentucky’s Restrictions in fighting against the pandemic’s spread have been slow. These Kentucky restrictions have caused the local government to make changes to some businesses to allow reopenings. There will be distancing guidelines and mask mandates to ensure public safety. 

 

Reopenings at 50% capacity

Bars and restaurants can start opening their doors at 50% capacity and continue their delivery, pick-up, and outdoor dining services. However, the benefits must stop by 11 PM, and stores must close down by midnight. Gyms, fitness centers, pools, and other indoor recreation facilities are also allowed to open at 50% capacity

 

For school-related orders, Beshear said that previous instructions remain. Middle and high school students are expected to continue online learning till January 2021. In contrast to this, elementary schools are already allowed to operate by December 7, 2020.

Additionally, Kentucky’s state has continued with the downward trend and is now at a 9.13% positivity rate. If this spreading rate continues to decline up to 5% for two consecutive weeks, the virus is to be considered under control. 

 

Kentucky Restrictions Neccesitate business insurance 

Companies without the right insurance protection in a place shut their doors indefinitely. Other businesses even closed their operation for good. They didn’t have a safety net to keep them afloat for the worst of times. 

However, businesses with proper coverage could get by despite the Kentucky Restrictions.  These protected businesses not only their business but also their people. Restaurants, bars, and taverns were most affected, as these businesses require customer interaction. Even with the excellent coverage, companies weren’t equipped to cope with the restrictions.

London Insurance Agency | Restaurant Insurance in Kentucky

We offer you quality coverage unique to your industry. Our services include property insurance, general liability, liquor liability, and employee benefits liability. London Insurance Agency wants to cover you with proudly insuring restaurants, bars, and taverns in London, Kentucky, and other surrounding areas!

 

We also have business owners’ policy services, including property coverage, liability coverage, business interruptions, and others.

Call us for any questions and quotes now at +606-864-5152 or +606-528-5151.

Let our professional insurance agents get you the right coverage for your business. 

Extended Unemployment Insurance Ends this Weekend

Over 4,700 Kentuckians will lose their unemployment insurance benefits by the end of November. 

 

After November 28, no new applications will be accepted and claimants who failed to claim their benefits will no longer be entertained. The Kentucky Labor Cabinet said that about 4, 723 employees in Kentucky are to lose their unemployment insurance due to federal rules. The U.S. The Department of Labor (USDOL) called the Cabinet last Monday and notified them of the end of the extended insurance benefits claim. 

 

The basics of unemployment insurance 

Also called unemployment benefits, this insurance is state-provided insurance and is made available for people who lost their jobs and meet the eligibility requirements set. Self-employed, people who got fired, and those who left their jobs aren’t eligible for the unemployment insurance benefits. This initiative is a program between the state and the federal government. The federal government, however, puts up laws that govern the program and every state must adhere to them. If eligible, claimants can have financial support for up to 26 weeks. The cash is given weekly and is designed to replace the employees’ average wage. 

 

The USDOL said that in Kentucky, the 26-week cash support will be cut down and will no longer be made available by December. 

 

Low labor force 

USDOL said that Kentucky’s insured unemployment rate (IUR) is below the threshold for the state. The IUR is the number of Kentuckians that are getting unemployment insurance, the low number of percentage of the labor force caused the end of the unemployment insurance benefits. The standard and required threshold for the IUR is 5.00% but by the end of the 13-week IUR report, Kentucky only reported 4.67% rate. While this isn’t good news for many families, Gov. Beshear said that the state must abide by the rules. 

 

For employees who are off work due to the pandemic, they can still be eligible for the PUA benefits until the end of the year. 

 

Programs created to help Americans in the pandemic 

Aside from unemployment insurance, the government created programs to help those who are unemployed due to the pandemic. 

 

These are as follows:

 

  1. Federal Pandemic Unemployment Compensation (FPUC) 

An extra $600 weekly benefit aside from the regular unemployment insurance benefit. This payout is available only until July 2020. 

  1. Pandemic Unemployment Assistance (PUA) 

It is an expanded unemployment insurance benefit for freelancers, self-employed workers, independent contractors, and part-time employees.

  1. Pandemic Emergency Unemployment Compensation (PEUC) 

Extended unemployment insurance for 13 more weeks. 

  1. The Lost Wages Assistance (LWA) 

This is a joint program of the state and federal government that provides $300-$400 weekly pay out for eligible claimants. The Disaster Relief Fund provides for the $300 while the state adds another $100. The LWA was created after the FPUC expired. 

 

London Insurance Agency 

Do you have any insurance questions? Maybe there is coverage that will help you through this pandemic that you don’t know about. London Insurance Agency are independent agents that represent more than one insurance company. Our expert agents are ready to serve your needs anytime. 

 

Call us now at +606-864-5152 or +606-528-5151.

What does Kentucky Farm Insurance entail?

Farm Insurance is created to help protect farmers and their families. Regardless of the farm’s size, insurance agencies aim to help farm owners choose the insurance coverage that’s right for their needs and budget. 

 

Agricultural production is dependent on many factors including weather conditions. With climate change, the weather conditions have been changing such that sometimes farm owners and ranchers have a hard time gauging their yield. Weather risks are becoming more and more common among agribusiness owners in Kentucky in the past decade. Globally, unfavorable weather conditions are becoming more frequent. This is especially true during the mild winter, cool summer, and during long periods of drought. 

 

There are several types of insurance that farmers can have. These include personal insurance, business property insurance, asset insurance, and liability insurance. These coverages protect farm owners from various risk factors. There’s a lot of money that is used to maintain a farm, it’s just important to make sure that you are properly protected. 

 

Personal Insurance

Everyone needs personal insurance in the event of any unforeseen occurrence. This will help you ensure the future of your family. 

 

Business Property Insurance 

This coverage is for the farm itself. It includes the building structures on the farm and the house within the property premise. 

 

Asset Insurance

Assets include equipment and machinery needed to keep the farm running. It’s important to keep these things protected so as to keep yourself from buying new equipment each time. 

 

Liability Insurance

The most common liability insurance policies are general and product liability insurance. 

 

There is more to farm insurance and agribusiness insurance. 

What is Agribusiness Insurance?

This kind of insurance coverage is to protect businesses that earn most of their revenue from agriculture. It’s applicable for family farms and ranches. More often than not, it’s for commercial grain and field crop growers, who use cutting-edge technology in their production and are also part of the processing, packaging, and distribution of products. In simplest terms, agribusiness insurance is for all businesses involved in agricultural production. 

London Insurance Agency 

London Insurance Agency & Insurance Service Center offers agribusiness insurance for farms and ranch owners of all types and sizes in all of Kentucky. With protection that you can depend on, we can tailor the program depending on your specific needs and budget. Our insurance policies can cover your buildings, contents, and other personal properties. It also includes commercial automobiles and fleets. 

 

We offer agribusiness services and coverage such as: 

  • Traditional property
  • Liability
  • Excess liability
  • Auto policies
  • Umbrella liability
  • Automobile and trucks
  • Employee benefits
  • Workers compensation 
  • Business packages
  • Farm/Ranch coverage

 

Call us at +606-864-5152 or 606-528-511. Speak with one of our agents and see how you can get your farm and business protected. We service London and Corbin areas. Our agents are dedicated to all of our clients. Let us help you too. 

The Value of Life Insurance

The pandemic has shocked the world and all its industries. Many people and businesses were unprepared for the financial challenge that came with it. Even today, many are still trying to figure out a way around it and thrive to survive. Businesses have closed down, people have lost their jobs, and many lost their sense of security. Insurance and emergency funds have become a huge help for many to keep their families fed and taken care of. Situations such as this pandemic have emphasized the importance of having security, to ensure that you and your family’s financial needs are provided for. 

 

Life insurance as an investment

There are several types of life insurance but they typically fall into two categories – permanent and term life insurance. The former is very similar to other usual insurance policies where you pay monthly and when there’s an emergency, you’re paid out. The latter has an addition of investment components that enable holders to accumulate cash value. The choice depends on ones’ needs and goals. Term life insurance is a protection for a certain period of time while permanent insurance provides lifetime coverage. 

 

Most people would go for term life insurance as its cheaper but there are pros and cons and getting one form or the other. Regardless, getting life insurance is a good investment for you and for your family. 

 

Pays final cost

Life is fleeting at best, it is important to be prepared at all times. Life insurance benefits help pay for the final expenses after death. This includes funeral/cremation costs, other medical bills not covered by health insurance, and unpaid obligations. It takes the financial burden off the family that has been left behind. 

 

Financial buffer

If you are the breadwinner of the family, your passing away will affect the family’s financial situation tremendously. Life insurance acts as a buffer to cover expenses such as a mortgage, school tuition, car loan, credit card bills, and more. It can also be used for state estate tax payment in case of inheritance. Life insurance can also be named after your charity of choice. 

 

Life insurance is one of the best purchases a person can make – it’s worth the investment not just because of the return but because of the safety it provides for you and your family. While this is a sensitive topic to discuss, the needs and safety of the people you love is always the priority. Assess your goals and evaluate your finances, talk with your partner, and reach the best option. 

 

London Insurance Agency | See your options! 

London Insurance Agency is one of Kentucky’s trusted insurance service providers. We have independent agents who represent several insurance companies. With independent insurance agents, you get the specific help you need and you also have a much wider choice of coverage options available for you. We offer tailored coverages depending on your needs at the lowest price. 

 

You may not have to decide the life insurance option you want today, but if you have questions or concerns, our agents are more than happy to help. Give us a call at +606-864-5152 and +606-528-5151. 

Funds Raised for Small Businesses in Louisville, KY

Small businesses in Kentucky will be received a boost from grant money. 

Small businesses are considered the core of the economy. In fact, Kentucky has 339,747 small businesses that employ 69, 175 employees. That accounts for over 49% of all the state’s private-sector jobs. There are also 270,572 small businesses with one-person operations. This shows how these small businesses impact the lives of the Kentuckians. However, as the crisis hit the world, small businesses were the first ones to be affected. Many have closed their doors temporarily while the others were forced to shut down. 

 

There was a need for financial support to ensure that they keep operating and serving the people of Kentucky. Louisville, Kentucky has offered grant money to these business owners since July though the Metro Government’s Smal Business COVID-19 Relief Grant Program. The fund aimed to help prevent business closure due to the pandemic and preserve jobs and businesses in Louisville. 

 

Relief grant for businesses 

At the time of writing, the city has raised over $12.7 million for 350 small businesses in the city. Mayor Greg Fischer said that small businesses are the heartbeat of the city’s economy – they pay tax revenues, provide jobs, and they shape the city’s character. It is imperative to give these stores the financial aid and other necessary support they need. 

 

The program has already approved 800 applications and requests range from $1,500 to the maximum grant of $50,000. With the fund, businesses can lease store mortgages, fix costs on debts or business insurance, or pay their employees. The grant can also be used to invest in technology for the stores’ transition to e-commerce. 

 

Importance of business insurance

This pandemic is unprecedented and something that most, if not all businesses anticipate. Running a business is no child’s game, it doesn’t only involve money but the lives of people you employ. Employees and customers will be affected by the growth or the downfall of a business. 

 

It is important for businesses to ensure that in whatever situation they face, they will keep operating. Insurance exists for that reason – to protect an organization in case of mishaps that will endanger its operation. Protecting the business means protecting yourself, your family, and other people working for you. Business insurance is also required by the law for workers’ compensation, disability and unemployment, and other state-required insurances. 

 

Here are the types of business insurance.

  • Property insurance this insurance can be used for leased or owned business property and covers equipment, inventory, furniture in case of fire, storm, or theft. Check out the common issues in your area to know the type of policy you need. 
  • General liability insurancethis type protects the businesses from liability claims including accidents while on the job, damage to someone’s property caused by the business, or personal and advertising injury claims. 

 

London Insurance Agency offers a variety of policies for businesses and provides outstanding service to ensure that your needs are met. The agents are connected with multiple insurance agencies to give you the options to choose from. They will help you make the right decisions by giving you the options specific to your business. 

 

Call now at +606-864-5152 or +606-528-5151. 

1-2-3 No Cost to Me and MedicAid Works Campaigns Launched in Kentucky

The 1-2-3 No Cost to Me campaign aims to enroll more Black and Hispanic residents in Medicaid. 

The state launches the 1-2-3 No cost to Me campaign aimed to help Black and Hispanic residents and other low-income or disabled individuals. Jackie Richardson, chief of staff at the State Cabinet for Health and Family Services expressed his excitement over the campaign. In a briefing with Mayor Greg Fischer, Richardson added that African-Americans have the lowest health coverage rates and worst health outcomes, especially in this pandemic. The goal is to decrease racial disparities that have been very prevalent in these times. 

 

In Louisville, 23% of Black residents account for 27% of deaths in the area. While the Hispanic population which is 6% of the total population accounts for 13% of positive cases of Covid-19, and for 3% od deaths. In the state, only 8.5% of the total population are Black but they account for 14% of deaths. Out of the over 35,000 Covid-19 cases in the state, 13% are Black. 

 

What does this campaign mean? 

The Wellness Department and Louisville Metro Health have been putting a lot of effort into ensuring equality amongst all Kentucky residents. This campaign will immensely support that cause. Even at the beginning of the pandemic, Gov. Andy Beshear had been trying to expand health coverages for residents of color. 

 

This campaign focuses on seven counties with the most minority residents in Kentucky including Christian, Madison. McCracken, Warren, Fayette, Campbell, and Jefferson. The campaign will be large and several channels will be used to ensure that people are informed. There will be public service advertisements, radio and tv ads, bust stop ads, social media, and billboards.  The target is 20,000 Black residents and 34,000 Hispanic residents. If qualified, residents can sign up here to access Medicaid, SNAP, and Wick benefits. 

 

Medicaid Works campaign 

In other news, the Modern Medicaid Alliance launched the Medicaid Works campaign which aims to educate the policymakers and the public on what Medicaid delivers. It also aims to save taxpayer dollars while increasing Medicaid’s coverage. 

 

This health coverage plays a big role to provide families and the local workforce the protection they need against emergency cases. Programs such as the Medicaid allows every Kentucky residents to pursue growth and productivity, said C. Gregory Higdon, the President of the Kentucky Association of Manufacturers. The program is also important for pregnant women, children, the elderly, and the economically displaced. 

 

Should you get health coverage?

Not all are eligible for Medicaid and if you are one of them, you will need to get health coverage privately. The pandemic wasn’t entirely unprecedented but its scale surely rocked the global economy. This is the best time for you to ensure your safety and that of your family. It is imperative that whatever emergency may strike your family, they are protected. You can start looking out for coverages that fit your needs. Life insurance, personal insurance, and more. 

 

If you are at a loss for where to start, you can always check out our website or call us at 606-864-5152/606-528-5151.