Reevaluate Your Insurance Policy in 2020

The new year has just begun, it’s the perfect time to reevaluate your options and see if you still have the best coverage. 

 

The start of a new decade is a great time to take a hard look at your personal finances. For people who are working on a tight budget, it’s practical to review your expenses and see where you can make some cuts. One of the most common categories that you should be looking at is your insurance.

 

If you are looking for options, it would be best to consult with your insurance agent or other professionals who will give you their honest opinion. You have the freedom to cancel, reduce, or add coverage in your insurance policy but you do need to think everything through before making any concrete decisions. 

 

Check out the following aspects when evaluating your life insurance policies: 

 

CostWhile it’s true that cheaper coverages feel lighter for you financially, you should know that cheaper isn’t necessarily better. If there are a number of compromises in terms of sum assured and on the other benefits then you’re not saving money. See to it that your policy is cost-effective and is compatible with what you’re looking for. 

 

Convenience Insurance agents can make your life better as they make the process a lot easier and much more efficient. You don’t want to go through a big hassle just to pay your insurance. Being able to purchase and submit documents online makes a difference. 

 

Coverage This is the most important feature that you need to evaluate in your policy. Be sure that your policy has a healthy sum assured and there’s a good number of availability of riders that can be added to your basic policy plan. Some of these riders may include critical illness and disability, term rider, accidental death benefit, and others. 

 

Customer ServiceSome websites have 24/7 customer service available and you can just visit the site and type in your questions. You can also evaluate how helpful the managers and their email customer support are. 

 

Cut back carefully or cancel altogether

While cutting back seems like the best option to save money, you need to be careful of the things you are going to let go of. However, when you’ve seen that you don’t actually need an insurance policy, then canceling it is probably the best option. 

 

For example, if you have a car then keeping your car insurance is logical. The same is true of home insurance if you are a homeowner. But some kinds of coverages that you may not deem necessary are dental insurance, vision insurance, pet insurance, and other supplemental insurance. 

 

Find out what your coverage covers

Policy wordings can get so complex and you end up not reading everything and leaving it to your agent. This is a common but grave mistake. You need to know what you are paying for. Pay attention to the kinds of risk events that the policy covers, the limit, and when the risks even occur. 

 

Talk to your agent

Honesty is still the best policy and having an open line of communication with your agent is a good thing. When things are getting tough, you can talk to your agent to discuss your plans going forward. Agents are experts and they can switch some details and offer different coverages for a lower price. 

London Insurance Agency has some of the best agents in the area. We are capable of answering your questions and help you in evaluating your coverage to make sure that you are getting exactly what you need and what you’re paying for.

What is Commercial Trucking Insurance?

Do you have commercial trucking insurance needs? If so, you’ve come to the right place!

 

There are a lot of options when it comes to commercial trucking insurance. Several agents claim to be experts in the field because they’ve insured a few trucks in town. That’s not the case in London Insurance Agency. Our agents are trucking insurance professionals who will walk with you through the process of selecting the right insurance. 

 

What is trucking insurance?

Trucks are vehicles that are designed to provide the power and cargo space needed to get things from one place to another. Millions of trucks run down Kentucky’s roads on a daily basis, and these trucks are critical to the economy as they carry goods from one point to another. Thanks to trucking services, towns, cities, and countries get the supplies they need to satisfy the needs of the people. 

 

Although trucks are generally huge, they’re still not safe from traffic accidents and may pose a financial danger to the companies operating them. This also increases the likelihood of having a claim filed against your business. 

 

Trucking insurance goes into action the moment a claim is filed. Your insurance lifts the burden of financial loss in the case of an accident while hauling supplies between work sites or shipping products across the country. 

 

Trucking insurance coverages offered 

The following are some of the insurance coverages offered by the London Insurance Agency.

 

  • Primary Liability – Primary liability protects you from damages and injuries to other people because of truck accidents. This policy is required by state and federal agencies. 
  • Motor Truck Cargo Coverage – This policy protects that transporter and his responsibility in case of damaged or lost freight. 
  • General Liability – General liability protects you from protection for injuries or property damage sustained in the work premise, while using your products and services, or break of contract. 
  • Non-trucking Liability Coverage – This is otherwise called the Bobtail Coverage. It provides limited liability insurance for owner-operators who are leased to an ICC regulated carrier. 
  • Comprehensive Physical Damage and Collision Coverage – This policy is for your truck and trailer. It includes repair or replacement for damage from road accidents, theft, vandalism, fire, and natural disasters (hail, windstorm, earthquake, flood). 

 

What we can do for you

London Insurance Agency will work with you or your team to figure out what your policy should be. so that you get exactly the coverage you need. Trucking companies differ in size and needs, and our agents are experienced in recognizing these needs. Our agents know that each trucking business is unique and thus faces specific challenges and risks. We try to tailor our policy and services depending on your company’s needs. 

 

For more information on trucking insurance and the policy that’s right for your company, give us a call and our agents will be there to answer all your questions. Our services are available in London, Kentucky as well as the Annville, McKee, Mount Vernon, Somerset, and Williamsburg areas.

Do I Need a Surety Bond for My Business?

London Insurance Agency provides small and large businesses with surety bonds to help your company grow. 

 

Surety bonds are important facets of any business. These are legally binding contracts to ensure that all the obligations are met in the event of failures. The contracts serve as an assurance that government contracts are completed and it also protects businesses from dishonest employees. 

 

What is a surety bond?

Surety bonds act as a promise by a surety company to pay the first-party if the second party fails to meet its obligations. It’s basically an agreement between three parties: 

  • Principal – person required to post bond and meet the obligations
  • Obligee – government entity or person who needs the bond
  • Surety – provides the financial guarantee to the obligee on behalf of the principal

 

The surety bond helps the small businesses or contractors to compete in the industry by assuring their customers that they will get the services and products promised. Simply put, a surety bond isn’t insurance for your business. Rather, it is insurance for the public, your customers, or people you are required to pay. It is one way of building a good name in the industry by making sure that your customers and potential clients will get what they paid for and ensuring them that you’re not running away. 

 

Surety bonds are most necessary for contractors who want to work on government contracts. These are also required for businesses that are licensed by government entities. However, small and large businesses can take advantage of surety bonds when a contract is performance-based. 

 

You can get a surety bond from insurance companies that specialize in general-purpose insurers. Our agents here at London Insurance Agency can work with you to get the best quote you can get. 

 

London Insurance offers Kentucky Bonds for your business

London Insurance Agency specializes in giving Kentucky’s small and big businesses the kind of bond they need. We provide the following types of bonds: 

  • Contract bond -guarantees the entity with the contract that the company will meet its obligation under the terms stipulated in the contract. This includes bid bonds, performance bonds, payment bonds, supply bonds, and maintenance bonds. 
  • Subdivision bond – this bond guarantees the related entity that the developers will make ‘off-site’ and ‘public’ land improvements according to the state, county, or city’s specifications. 
  • Commercial surety bond – this ensures various businesses that obligations will be met. This includes non-contract surety bonds, license and permit, and miscellaneous and court bonds. 
  • License & Permit bond – this permit bond guarantees that individuals/businesses with the license or permit to operate will meet the obligations stated in the license of permit. 
  • Court bond – individuals with court bonds are to comply with the terms in the court bond including the probate and fiduciary bonds and immigration bonds. 

 

Our agency is partnered with top-notch and well-trusted insurance agencies in Kentucky. Rest assured, our agents will provide you with the surety bond that your business needs. Call us now and schedule an appointment! 

Non-Profit Insurance—Know Your Policy

Non-profit organizations and businesses are different in many ways even when they belong in the same industry. Like any other businesses and organizations, non-profit organizations still need the assistance of an insurance agency that will help them with the needs of their charitable entities. 

 

Nonprofit organizations need protection like everybody else. The board of directors, volunteers, and the people that your organization serves need protecting. NPOs need insurance coverage that will protect the building, the records, the office equipment, and vehicles used by the organization. 

 

The risks that non-profit organizations face vary as opposed to for-profit businesses. It is imperative to get an agent who understands how non-profit organizations operate. 

 

Our agents at London Insurance Agency consider the following when presenting an insurance policy for your organization: 

  • The area you serve and its population
  • Size and scope of your organization 
  • Your number of volunteers
  • The risks that  your board of directors is facing
  • Other needs that your organization might have

 

Coverage types to consider

The U.S. has over 1.5 million non-profit and tax-exempt organizations. Two-thirds are public charities and the others are private foundations. Non-profit organizations in Kentucky must protect their finances and assets. The following are coverages that non-profit organizations can consider

 

  • Commercial liability

 

This coverage includes accidents and injuries within the premises. It also covers damages caused by the organization’s representatives elsewhere. 

 

  • Property insurance

 

The policy covers damages to your property such as equipment, building, and others. 

 

  • Director’s and office insurance

 

This coverage protects your organization from any liability caused by the director or any of the professionals in the organization. 

 

  • Vehicle insurance

 

The coverage includes vehicles used in organizations excluding the personal cars owned by volunteers and the board of directors. 

 

NPOs are not safe from liability claims

Contrary to the belief that only businesses aren’t safe form liability claims, NPOs are just as vulnerable to getting sued for these types of claims. The organization takes responsibility for the action of its representatives, volunteers, and employees. 

 

It’s better to be safe than sorry, especially in today’s society. Others may make claims that can cost the organization’s sustainability. Nonprofit insurance protects your agency from third-party claims for bodily injury or property damage. It may also cover the court costs in case of legal representations. 

Our agents here at London Insurance Agency are well aware of the specific types of nonprofit organization insurance. They make sure that you get the coverage that is in tune with your needs. Our skilled agents are willing to help you guard your organization against potential liability and other claims that may affect your agency’s financial stability. 

 

The values, mission, and good work that your organization is doing for the community will be in jeopardy if proper steps are not taken. You might end up closing your doors due to lawsuits. You need to protect your agency to be able to protect the people you serve without worrying about the risks that you are facing. Contact our agents now and see your options. We are ready to help you help others to the best of our abilities. 

 

What You Need to Know About Individual Life Insurance

We always want to be informed about the things we invest in before jumping in. Learn about personal insurance today. 

 

Individual Life Insurance | London Insurance Agency 

Death is not a good subject for breakfast, lunch, or any other time but it is an important matter that should be thought about. This is most important when you are the breadwinner of your family. Life insurance is the best way to keep your loved ones protected in case of unforeseen circumstances. 

 

What is individual life insurance?

Life Insurance is complicated and many do not understand how it works. This is due to its flexibility and various coverages to cater to the needs of all types of families. Generally, life insurance has two typesterm life insurance and permanent life insurance. 

 

Term life insurancethis policy has a specific time and coverage amount. When a policyholder dies within the specified term, the insurance company pays the coverage amount to the beneficiaries. 

 

Permanent life insurancethis policy includes whole life, universal life, and variable life insurance. When a policyholder dies, the insurance company pays the beneficiaries a death benefit and an accumulating cash value. 

 

Life insurance covers many expenses, including, but not limited to the following

  • Stay-at-home labor expenses
  • Living expenses for the family
  • Burial expenses
  • Loans from family members
  • EState taxes that heirs must pay for their assets
  • Mortgages
  • Co-signed debt such as student loans

 

London Insurance Agency has experienced and skilled agents who can explain to you your options. You’ll also be given quotes from top insurance companies to help you pick the right company. 

 

What is a beneficiary?

A beneficiary is someone named by the policyholder as the recipient of the death policy’s death benefit. Depending on the client, the beneficiary can be a family member, a person unrelated to you, a business, or an organization. The holder has the sole freedom of choosing his/her beneficiary even without the permission of the beneficiary. The holder may also choose to have more than one beneficiary and decide how to split his benefits between his beneficiaries. 

 

When choosing your beneficiary. 

Be specific with the words that you use with your beneficiary designations. Don’t forget to always name a secondary beneficiary too. 

 

How much life insurance do I need?

To know how much insurance you need, you’ll have to talk to your agent to examine your current and future financial obligations and the resources that your family has. The future obligation means the cost that your family may need after you pass away including shelter, food, clothing, utilities, taxes, college tuition, and retirement funds.

 

Subtract the financial obligations from the resources that your surviving family could have to get the approximate life insurance you need. If you aren’t able to compute this, you can go to your agent to figure out how much life insurance you need. 

 

How do I find the right agent?

Looking for an agent by yourself can be exhausting and there’s a lot of trust issues that may arise. It will do you good to ask for recommendations from your friends, professional lawyers, or accountants. Ask about their experience and background and make sure that they specialize in the service that you are looking for. 

 

Choose the agent who listens and answers your questions clearly. Call our agents now to see how they can address your insurance needs. 

How Does Farm Insurance Work?

Your house needs protection, your car needs protection, and you need protection. Your farm and ranch are no different!

 

Farmers and ranchers know that their production depends not only on their skills but also on their environment and the season. For better or worse, there are many factors that may affect their production. In the worst-case scenario, the prepared farmers and ranchers know that nothing offers more protection than a good farm and ranch insurance policy. 

 

What’s covered in farm and ranch insurance?

 

Insurance policies differ from one to another. The base policy usually protects the home, the building, machinery, equipment, livestock, and other materials needed for the operation to start or function. The policy can also be tailored to your needs. You just have to talk to your agent about it. 

 

Understanding farm and ranch insurance 

There are subtle nuances in ranch and farm policies that you need to know before making the big decision. The usual farm insurance policy is a combination of standard coverage, commercial property, and liability coverage. Depending on certain factors, the policy can be changed from the standard homeowners’ policy to a ranch and farm policy. 

 

Factors to consider: 

  • Additional structures aside from a pool house and garage. This includes stables, hay barn or storage building. 
  • Kind of animals owned 
  • Number of horses and the manner of keeping the horses on the property (whether it’s with cash or via trading services)
  • Workers employed on the property 

 

These things tell you the kind of policy you need. If your farm and ranch are used for business, you may need to consider adding other coverage in case of loss of income, workers’ compensation, or commercial auto. Another policy you may want to consider is crop insurance. It protects you from income losses in the event that your crops suffer from natural causes.  

 

The cost of your policy depends on the type that you get. Some may be pricier than others due to additional coverage. However, rest assured that you will get what you pay for. 

 

Kentucky Farm and Ranch Insurance with London Insurance Agency 

 

London Insurance Agency is packed with capable agents who value your voice and opinion in picking out the coverage that’s best for your needs. Our agents will guide you and present your options to protect your farm or ranch regardless of its size. 

 

Some of the coverages we offer for farms and ranches are as follows: 

  • Homeowners – this coverage protects your house and your personal properties from natural disasters including wind and hail. It also protects your home and properties from theft and fire. 
  • Livestock, barns, and other structures 
  • Liability – this protects you when someone is injured on your property or there are damages to other properties caused by your party and there are legal expenses to shoulder.

 

There is no universal insurance and what may fit others may not be applicable to your needs. Reach out to us and we’ll make sure to give you the policy that fits what your farm and ranch needs. 

 

What is Personal Insurance?

Personal Insurance is a general term used to define various types of insurances. While some of these insurances are optional, many are required by law. 

 

Explaining personal insurance

Personal insurance is your safety net when things go wrong, including the death of the insured individual, serious accident, or injuries that may leave the person disabled and unable to work.

 

These situations can affect one’s ability to provide financially. It can cause difficulties in one’s financial commitments. Personal Insurance can help to pay the debts, the daily expenses, and other medical bills you can claim.

 

There are four types of personal insurance that you can consider. 

 

Life insurance 

Life insurance is a pay-out to the insured or the beneficiary when then holder dies or is diagnosed with a terminal illness. Life insurance is helpful to provide financial security for your family or beneficiaries in case you will no longer be there to support them. 

 

Total and permanent disability insurance 

This type pays you a lump sum in the event that you become totally and permanently disabled due to accident, injury, or illness. The financial burden is lifted with this kind of safety net. The insurance can pay for the wages that the injured party will no longer earn as well as medical expenses such as rehabilitation. 

The disability doesn’t only affect the person but the entire family that is involved. 

 

 Income protection insurance

Income protection can provide up to 75% of one’s regular income if the insured is unable to work due to an illness or injury. The money can be used to pay medical expenses, daily living expenses, and other financial commitments. It will help you while you’re still recovering or looking for a new job. 

 

Trauma insurance

Trauma insurance pays out a lump sum to help the insured recover financially after a traumatic event such as cancer, stroke, or heart attack. This insurance is different from private health insurance since the latter doesn’t give a lump sum. Health insurance helps in paying out medical bills and rehabilitation exercises but no payment is given. 

 

Manage your insurance policy 

It is important that you check your insurance policy status every one in a while. Your agent will check it for you but knowing the stats of your policy makes everything sure and clear. Review your coverage when major events in your life happen such as getting a child, paying off the mortgage, or retiring. 

 

You also have to see if your policy increases due to inflation. This happens for automatic insurance, so check that out with your agent. 

 

London Insurance Agency aims to protect you and your family from unexpected events. Our professional agents are excellent at finding the right insurance coverage for you. We can tailor the policy to cater to your needs. 

 

The financial safety of both of you and your family are our top priorities. Getting personal insurance is imperative to lift off the financial burden from your loved ones when you pass away or suffer injuries or terminal illness. 

 

Call us now at our personal lines  and our staff will b there to answer your questions. 

Why You Need RV Insurance

RVs are one of the best ways to relax and travel to places, but make sure you have RV insurance so you’re always on the safe side of things.

Here in London Insurance, we don’t only offer insurance for wheeled RV, we also look for the best agents from top insurance companies for your motorcycle, ATV, boat, and personal watercraft such as jet skis.

What is a recreational vehicle?

RVs are not only limited to camper vehicles. The category includes motorcycles, ATVs, boats, and other personal watercraft.

Wheeled and Camper RVs

RVs are split up into three different classes – there’s class A, B, and C. Class A are the modern RVs that are equipped with six wheels and are the most comfortable for camping. Basic models for class A RVs start at $70,000 and can reach up to $1 million.

Class B RVs on the other hand, often start as vans and then are converted into a motorhome by raising the roof height, installing new hardware, and other necessary renovation. Class C RVs are more of a truck than a van. It has an overhanging section that goes beyond the roof of the front cab that’s often the bunk overhead.

RV Insurance

RVs provide epic weekend getaways and awesome family camping trips. However, it’s difficult to fully enjoy your time if you keep worrying about the possible unforeseen situations along the way. It can be even more stressful if you’re not fully covered. Your insurance rate depends on the make and model of your RV and other factors.

You need to have appropriate coverage to keep you and your family protected in case of injuries or accidents. Your RV and auto policy is similar except that RV has additional coverages that could include the following:

  • vacation liability
  • personal effects
  • emergency vacation expenses
  • pet coverage
  • custom equipment
  • personal effects
  • roadside assistance
  • diminishing deductible

Kinds of coverage for RV insurance

  • Liability coverage – this type includes bodily injury and property damage liability coverage which is required in most states. This means that when you’ve caused an accident or caused harm, your policy can pay for the damages and possible lawsuits.
  • Medical payments coverage – your coverage will pay for any medical expenses incurred due to vehicle injuries regardless of who’s at fault.
  • Collision coverage – This coverage pays for the damage to your vehicle if it hits another vehicle.
  • Comprehensive coverage – the policy will pay for any damage that isn’t caused by the collision. This is helpful in the case of theft, natural disasters, and vandalism.
  • Uninsured/underinsured motorist coverage – this is a safety net coverage in the case that the accident is caused by someone with no insurance or underinsured. This is to ensure that medical costs and pay for the damages are accounted for.

Get RV insurance [KR1] so you can enjoy your trips worry-free. As an independent insurance agency in London, Kentucky, we have a connection with the top-rated insurance companies in the state that offer competitive rates.

Contact us now and have your questions answered. You can also request a quote. We service throughout the state of Kentucky and our dedicated experts work together to address all your concerns.

Is Church Insurance Necessary?

There are multiple policies in play when getting church insurance. What are they? Keep reading to find out.

The church is not exempt from unforeseen occurrences. Like any other establishment, churches have to be protected from situations that may risk the integrity of the building and the things in it.

Who needs it?

There are multiple policies covering different risks involved in church insurance. The church often picks a policy that’s matched to their specific risks. Church insurance is applicable to religious organizations including mosques, temples, and synagogues. This insurance is important to have because churches also need to protect their assets.

Some other spiritual institutions  that may need insurance are the following:

  •       Traveling preachers – these are preachers who travel from one location to another. Their policy includes property transit.
  •       Meditation and other related practices – these spiritual practices may need business insurance to protect their assets.
  •       Home churches – these informal prayer groups are often part of the homeowner’s insurance. However, if it accepts donations and is connected to larger organizations, they will need church insurance.

Insurance options in Kentucky

Churches are places not only for worship but for almost all activities in the community. This includes prayer groups, daycare centers, preschool, and community meetings. It means that churches face greater risks when it comes to asset safety.

Some of the major risks that are covered in church insurance are as follows:

  1. Theft and burglary – Churches are often victims of theft and burglary. These things result in financial loss and damages to church properties. Church insurance covers valuable items including religious artifacts and stained-glass windows.
  2. Fires – Church fires cost $98 million in damages yearly. This cost doesn’t include the indirect damages caused by the fire like the supposed income-generating activities, rental space for meetings, and the outreach programs for the community. Usually, church fires are caused by faulty wiring, arson, and candles. With insurance coverage, the fire damages and other liabilities may be covered.
  3. Sexual misconduct liability – Churches are not exempted from sexual misconduct. Insurance protects the church from legal liabilities coming from acts of sexual misconduct by a member of the staff or volunteers.
  4. Employee benefits liability – This policy provides coverage for errors or omissions arising out of the administration of employee benefits programs.
  5. Hired and non-owned auto liability – This coverage includes liability and medical coverage for the church in case of legal liability issues from non-owned/hired auto.

 

Insurance services here in London Insurance

Here at London Insurance Agency, we want to make sure that your religious organization is properly protected. We are partners with some of the best companies to give you the insurance help that you need. Give our agents a call to inquire about church insurance now.

We have two offices that you can visit. We’re at 309 North Broad Street and at 100 North Kentucky Avenue, Corbin. Feel free to swing by!

 

What is Motorcycle Insurance and What Does it Cover?

Ride your bike and feel the wind on your face, but not without motorcycle insurance.

Riding your motorcycle is liberating with the thrill of the ride. It’s a great escape and an expression of freedom. But you want to be protected while riding your bike so that if something happens, you and your bike are protected.

What is motorcycle insurance?

Motorcycle insurance is a coverage which provides financial protection in case of motorcycle accidents, theft, loss, and damages. This insurance covers liability in the event that you are responsible for another person’s injuries or property damage.

The standard motorcycle insurance policy covers a portion of the costs in case of damages to your bike. It also provides enough compensation if you’ve caused damage, harm to another individual, or legal fees when accidents happen. Included in the insurance is bodily injury and property damage liability if you are at fault in the accident.

Depending on your situation, you can customize your policy to include the following:

  • Medical fees if medical care is needed
  • Damage or loss of gear and upgrades
  • Uninsured/underinsured motorist coverage when the other driver is at fault
  • Comprehensive coverage to pay for damage due to ‘other collision’ including weather damages, damage from animals, and motorcycle theft
  • Full replacement of the bike if the motorcycle has been totally destroyed

It is important that you get a coverage that’s within your budget but doesn’t compromise your safety or the safety of your bike.

Do you need motorcycle insurance?

The state of Kentucky requires anyone who owns a motorcycle to have insurance coverage. So the simple answer is yes, you need motorcycle insurance. Kentucky is one of the two states with single liability limits. It is recommended to have an uninsured motorist coverage to save yourself from becoming a victim of uninsured drivers or underinsured drivers.

How much is motorcycle insurance?

Motorcycle insurance works similarly to car insurance. The price of your motorcycle insurance depends on the type of coverage you get. The more inclusions you have, the bigger the insurance payment is. For example, comprehensive coverage includes motorcycle theft or parts of it.

In case of loss, you can file an insurance claim and get the compensation up to the limits of your policy. If you have a $500 deductible, and you went through a $1,300 damage due to a collision, the insurance company will pay for the $800 while you pay for the first $500 to fully repair the bike. However, there’d be no compensation if the damage is less than the deductible amount. If you want to lower your deductible, you have to pay for premiums. If you pay a higher deductible your premiums will be lower.

Call our agents and customize your policy depending on your need.

London Insurance Agency services

Our agents in London Insurance Agency are experts in many insurance types. We are an independent insurance agency with a number of companies for your insurance needs.  We offer several insurance coverages to our clients including individual life insurance, auto insurance, and many more.

Give our agents a call and make sure to protect yourself from accidents and other damages.