someone's knee in a brace for physical therapy

The Benefits of Workers’ Compensation Insurance for Kentucky Business Owners

As a business owner in Kentucky, you are required by law to carry workers’ compensation insurance. This may seem like just another pesky expense associated with doing business, but it actually provides some real benefits. But that’s not the only reason you should have it. Peace of mind and employee well-being are some other valuable benefits that this type of insurance can provide.

What is workers’ compensation insurance?

Workers’ compensation insurance, also known as workman’s compensation or workers’ comp insurance, provides medical benefits, wage replacement, and vocational rehabilitation to employees who are injured or become ill while at work. It also pays death benefits to the families of employees who are killed on the job.

Life and business can be unpredictable. Workers’ compensation insurance is there to protect you in those unpredictable moments.

Benefits of workers’ compensation insurance

While Kentucky and many other states require this type of insurance, it provides benefits beyond simple compliance. Aside from the legal and financial aspects, this type of insurance has some intangible benefits as well. These benefits include peace of mind for you and overall well-being for your employees.

Peace of mind

Having workers’ compensation insurance for your business can provide you with peace of mind in a way few other things can. We know that as a business owner, your employees are important to you. You are likely invested in your employees and you want what’s best for them.

Unfortunately, this can create a lot of stress for you. It’s easy to worry and become anxious over what would happen to them if a workplace accident occurred. Worst-case scenarios may begin to swarm your mind. But workers’ compensation insurance is an antidote to this! With workers’ comp insurance in place, you can feel confident that should an accident occur, your employees will be taken care of.

Employee well-being

When you have workers’ compensation insurance, you are providing a safety net for your employees in case of an accident or injury. This peace of mind can lead to a more relaxed and productive work environment. Employees who know that they are taken care of in the event of an accident will be less likely to worry or be stressed out. This can lead to improved morale and a happier workforce.

In addition, workers’ compensation insurance can help with the rehabilitation process if an employee becomes injured or ill as a result of their job. This can include things like physical therapy, counseling, and job retraining. By providing these services, workers’ compensation insurance can help employees get back on their feet after an accident and return to work as soon as possible.

Get a customized workers’ comp insurance package

London Insurance Agency & Insurance Service Center of Corbin can offer many different programs for different industries in Kentucky. This allows us to create a customized package that fits your specific needs in your industry. We take a proactive approach to our clients’ workers’ compensation challenges. We will work to reduce your insurance costs, thereby saving you money this year and in the years to come.

3 Benefits of Builder’s Risk Insurance

If you are a builder, contractor, or developer, then you know that there are many risks associated with your work. One way to protect yourself and your business from these risks is by purchasing builder’s risk insurance. This type of insurance can provide you with peace of mind knowing that you are covered in the event of a loss. In this blog post, we will discuss three benefits of builder’s risk insurance.

Your equipment is protected

One of the main benefits of builder’s risk insurance is that it can protect your tools and equipment. If your equipment is lost, stolen, or damaged, builder’s risk insurance can help to cover the cost of repairs or replacements. This can be a huge financial relief, especially if you have expensive tools and equipment.

If you’re in this business, you’ve most likely invested a lot of money in the tools you need to get the job done right the first time. Oftentimes, you’ll have no choice but to leave some of your equipment unattended at a job site. This can be a huge liability for you if you aren’t properly insured.

The new build is protected

Another benefit of builder’s risk insurance is that it can protect your new build. If there is damage to the property during construction, builder’s risk insurance can help to cover the cost of repairs. This type of insurance can also provide coverage if the project is delayed due to weather or other unforeseen events.

Builder’s risk insurance can give you peace of mind knowing that your investment is protected. You’ve worked hard to get to this point and you don’t want anything to set you back. This type of insurance can help make sure that your project stays on track and on budget.

The specifics of what’s covered on your new build depend on your policy. However, most policies should include coverage for property damage, theft, natural disasters, man-made disasters, and soft costs. Below is a list with examples of each of these.

  • Property damage- this is coverage for construction materials like scaffolding or fencing that are used on the project.
  • Theft- this is coverage in case someone steals building materials like lumber or copper wire.
  • Natural disasters- this covers your new build in the case of something like a bad rainstorm or a tornado.
  • Man-made disasters- coverage for a man-made disaster includes things like destructive vandalism or an explosion during construction.
  • Soft costs- this covers additional costs that could come from the building project being delayed. Rental income is one potential example

Remodeling projects are protected

Did you know that your client’s home insurance doesn’t cover remodeling projects? This means that if there is damage to the property during the remodel, you or your client could be left with a huge bill. Builder’s risk insurance can help to protect you from this type of financial loss.

Builder’s risk insurance offers can offer coverage for a remodeling project the same way it does for a new build.

What isn’t covered by builder’s risk insurance?

Builder’s risk insurance is intended for large construction projects. Small jobs typically wouldn’t require the same type of coverage as the projects that this insurance is designed to cover.

Additionally, any incident that is specifically excluded from your policy isn’t covered by builder’s risk insurance. This may seem obvious, but it’s important that you have a strong understanding of your policy so that you don’t get blindsided by unexpected expenses.

Builder’s risk insurance through London Insurance Agency

At London Insurance Agency, we’re you’re local guides for all things insurance. If you’re looking for builder’s risk insurance to cover your projects, give us a call today!

(606) 864-5152

We’d be happy to walk you through the entire process.

Errors and Omissions – What it Means for Your Small Business in 2022

Does your business provide professional advice and service? If yes, then errors and omissions insurance is still as important as ever. 

 

What is errors and omissions insurance? Simply put, it’s professional liability insurance that aims to protect the business against client claims. Otherwise called E&O insurance, this policy covers the legal and settlement costs for lawsuits related to your business services. 

What does it cover?      

Mistakes happen in businesses, no matter what industry you’re in. Because mistakes happen, getting the right insurance service to protect you from them is crucial. E&O insurance also covers misrepresentation, negligence, inaccurate advice, and violation of good faith/fair service. 

 

While all states don’t necessarily require businesses to get errors and omissions insurance, it’s still an excellent way to ensure that you’re not paying claims from your pocket. If the claim is proven true, the insurance company will pay the settlement and other covered costs for you. 

It doesn’t only protect you financially, but it protects your employees too. Lawsuits can ruin your business. There’s the cost of court fees, the time wasted, and the potential loss of reputation that you have built for years. 

What it does not cover?

Things not covered by errors and omissions insurance are the following: 

 

  • Patents and trade secrets 
  • Work-related illnesses and injuries 
  • Illegal acts
  • Data leaks
  • Employment practices 
  • Discrimination/harassment claims from employees 

 

With errors and omissions insurance, the coverage should be in place before the claim is made in order for your insurance company to cover the cost. If the coverage lapses, your business will no longer be protected. 

Cost of Errors and Ommissions Insurance

The cost varies depending on your chosen provider. Some insurance policies start from $250 annually. The cost can increase based on your business situation and the number of your employees. The higher the risk and the more employees you have, the bigger your annual cost will be. Other factors that impact the annual cost are your type of business, location, and claims history. Small business owners usually pay between $500 to $1,000 annually for their errors and omissions insurance policy. 

 

There are ways to save money on your E&O insurance policy. You can pay for your entire premium yearly instead of paying for it on a monthly billing cycle. Some insurers provide discounts to businesses that pay an annual premium. It’s also important to ensure that your policy is active when the claim is filed and the mistake supposedly happened. 

London Insurance Agency | Insurance Provider in London, Kentucky 

London Insurance Agency is an insurance provider that aims to protect your business against professional negligence claims. The cases can last for years and the cost of damages can impact your business for the worse. With us, you are in good hands. We will evaluate your insurance protection and ensure that you have the right policy at the right price.

 

Call us for a free quote or a review of your policy today. 

Types of Surety Bonds for Your Small Business

The surety bond acts as a safety net for your clients. It means that they’re reimbursed should you fail to deliver. But does it benefit you too? 

 

Oftentimes, clients require surety bonds to reassure them of reimbursement in case something happens later on such as failure to complete the project, failure to follow regulations or failure to follow the terms stipulated in the contract. It may be difficult for you to pick which kind of bond you need for your business. 

Why get surety bonds?

The bond does not protect the business, rather it protects your clients. It’s an assurance that the business will do the job. For businesses, the bond is how they’re able to show that they are held accountable and reliable for their actions. When clients are looking for businesses to partner with, they will likely choose a business with surety bonds. It gives them peace of mind knowing that they won’t lose money. 

 

While it’s not required, your bond serves as an edge over your competition. It shows that you are reputable, responsible, and trustworthy. These are factors that help clients decide on which businesses they want to work with. 

Types of surety bonds

To date, there are over 20,000 kinds of surety bonds. You don’t need all of them to help your business but there are common surety bonds that most small and large businesses get to protect their customers. 

 

Contract Bond

A contract bond is a guarantee that all the terms of the contract are fulfilled. If the terms aren’t met, the contract owner can claim the bond to recover from financial loss. Contract bonds are typically required by government agencies for construction projects. The total cost of the bond depends on the contract amount. It’s always somewhere between 1% to 3% of the total contract. 

 

Commercial Surety Bond

This bond protects the client or consumers from fraud and misinterpretation. Commercial surety bonds usually cost somewhere between 0.5% to 3% of the bond obligation. Most private owners use commercial surety bonds for contractual obligations. 

 

License and Permit Bond

License and permit bonds provide customers with a safety net when businesses fail to comply with the laws of the land. All the states require businesses to have a bond and a license from their local authority. The bond acts as proof of legitimacy, trustworthiness, and that the business complies with the codes required by the local government. It’s a necessary part of any business as people choose to work or partner with licensed parties. 

 

Are you looking for the best bond insurance for your business? Look no further. The London Insurance Agency & Insurance Service Center provides you with the right solutions. We specialize in several types of bonds for small and large businesses including contract bonds, subdivision bonds, commercial surety bonds, license and permit bonds, and court bonds. Call us today with your questions and we’ll get back to you in no time. You can also email us and get connected. 

What Kind of Insurance Does Your Restaurant Need? 

Protect your restaurant with the right insurance coverage. Here are three kinds of insurance coverage to consider for your restaurant business. 

 

Insurance may not be a great happy-hour subject to talk about but it is a necessary topic that you need to put some thought into. Insurance isn’t only to protect yourself, your home, or your vehicles. It can also protect your businesses and other assets. For business owners like you, it’s critical to put a safety net to ensure that whatever happens, you and your business will be protected against accidents and other unexpected issues. 

 

All kinds of insurance policies aim to protect their policyholder but they are not all the same. You need to purchase the one that best minimizes risks and protects your restaurant from financial loss. So, which policy is the best one for your business? Here’s a list of restaurant insurance options to consider. 

3 Types of Restaurant Insurance

A quick online search will give you lots of options but the search results may be overwhelming for you. Don’t fret. We compiled the most important ones for your consideration.

General Liability Insurance

This coverage protects you against lawsuits caused by incidents such as bodily injuries or property damages. Without this coverage, you may need to pay for damages with your personal money. Other things covered by general liability are: 

 

  • Medical costs if customer/s are hurt while inside your establishment
  • Damages on rented properties caused by fire or explosion
  • Reputational damage caused by malicious word of mouth, slander, wrongful eviction, and violation of privacy 
  • Legal fees for defending your business against lawsuits and claims
  • Settlements for customers or clients’ lawsuits

Workers Compensation Insurance

Simply put, this coverage is for your employees. If your employee is injured while at work, the insurance will pay for medical and rehabilitation costs. This also pays for the employee’s salary if he/she needs some recovery time or death benefits. 

Commercial Property Insurance

This is most important for restaurant owners who only rent a space for their business. This coverage protects the building, tools, inventory, furniture, and more. You don’t need to finance the building repairs and replacements in case of damages from fire and explosions. On top of that, it also helps you in case of business interruption or loss of income. 

 

Are you planning to get restaurant insurance for your business? The London Insurance Agency is here to help. We have professional insurance agents who are here for you. They can walk you through the process and answer any of your queries. We offer property insurance, crime/employee dishonesty, general liability, liquor liability, and employee benefits liability.

 

Paying an insurance premium is well worth the long-term protection it provides. We’ll help you find the coverage that best meets the specific needs of your business.

 

 Give us a call today and let us help you find the right coverage.

Do you need flood insurance?

You have homeowners’ insurance, which is already a good thing. But how do you know if you also need flood insurance?

Nothing good comes from destructive natural disasters, especially if your homeowner’s insurance policy doesn’t cover the damages. Regardless of an impending catastrophe or not, your heart is more at peace knowing that your property and your belongings are safe. You’re off to a good start if you’ve already purchased home insurance. However, how do you know if you need more protection? Here are some things to consider before you decide if you need flood insurance as well. 

Flood insurance 

Most homeowners don’t bother with flood insurance. But for those who live in flood-prone areas, purchasing one apart from the homeowners’ insurance is a wise thing. Floods are one of the most common natural disasters in the U.S. Flood insurance is your safety net in case you experience damages from a devastating flood.

 

If you live in a low-risk area, do you still need flood insurance? Well, that is a personal preference. However, just because you don’t usually experience flooding doesn’t mean that you never will. Statistics show that between 2014 – 2018, homeowners in low-risk areas have reported over 40% of NFIP flood insurance claims, and about a third of the disaster assistance was issued. 

Do you need it?

Location is a primary factor in deciding whether you need a flood insurance policy or not. Homes in coastal and flood-prone areas should invest in flood insurance. Homes with mortgages from federally regulated lenders are required to get flood insurance.

 

There are two types of flood insurance, private flood insurance and the National Flood Insurance Program. 

NFIP 

The state government supports this insurance, and it’s for homeowners, renters, and business owners in specific communities who want to prevent as much financial loss as possible if a flood happens. Check out this link to see if your area is qualified for the NFIP. If your community qualifies, you can call their hotline to enroll in the flood insurance policy. 

 

Private Flood Insurance

Insurance companies also offer flood coverages. London Insurance Agency has professional insurance agents who can help you find out the best coverage for you, whether you’d want the NFIP, a standalone flood insurance coverage, or supplemental coverage. 

 

Homeowners’ insurance coverage is already good protection, but it doesn’t cover all the damages brought by other natural disasters such as floods. It’s better to make sure that you’re protecting your home from any damages and risks before they happen. In case of hurricanes, tropical storms, and long rainy days, you can be confident that your home and properties are protected and financially covered. 

If you’re unsure if your homeowners’ insurance covers flood damages, don’t hesitate to call one of our agents. Ask your questions and get answers here.

What is ATV Insurance and what does it cover?

ATV insurance is important but not many know just how beneficial it is. Let’s talk about ATV insurance, what it is and what it includes.

 

The Insurance Information Institute (III) says that ATV (all-terrain vehicle) insurance is a legal requirement depending on where you ride. Some states look for proof of ATV insurance when the ATV is being driven on state-owned property. Pennsylvania only allows owners to drive their ATVs off their property if they have proof of liability insurance. If you are an ATV owner, you’ll need to check the laws and regulations of the place you live.

ATV Insurance defined

Every state may have its definition of what an ATV is, but these definitions are almost all the same. ATVs are often defined as any motorized vehicle with either two or more wheels for off-road driving. These vehicles are unlike others in the sense that they’re not meant for highway use and they’re not licensed. However, like any other vehicle, it may pose danger to both the rider and the people around it if not used properly. Repairs and replacements are also expensive. ATV insurance is a practical protection. Insurance is also necessary if you want to use your ATV in places other than your land. 

What’s covered in ATV Insurance?

What’s included in the coverage depends on your needs. Your ATV insurance may include liability, comprehensive, underinsured, and collision coverages. There are also add-ons if you deem them necessary. 

 

Bodily injury liability coverage includes paying for the damages you caused to another driver or person. This also pays for the legal fees from litigation processes. There’s a limit for bodily injury liability and it’s usually a cost per person and the total cost spent per accident. 

 

The best way to avoid liabilities is to keep your ATV secured in a private area/garage with supervision. Know that you’d still be found liable even if you’re not the one riding the vehicle if the driver doesn’t have permission to drive ATVs. It’s important to only allow those who have permission to drive ATVs to use your vehicle. It’s equally necessary to always be aware of the regulations for ATV use in your state and to follow these laws diligently. 

 

Property damage liability 

This coverage pays for the damages you caused to another person’s property. This may include damages to the other person’s ATV, his/her yard, his/her home, and others. The claim is limited per incident. 

 

Other coverages such as medical payments, underinsured/uninsured, collision, and comprehensive are optional. 

 

Are you planning on buying an ATV or have just brought one? Then make sure that you are protected from financial liabilities. Get ATV insurance today. Here at London Insurance Agency, we have professional independent agents to help you get the right coverage for your specific needs. We want to help you protect your investment and guide you to the right coverage at a competitive rate.  

 

Your Homeowners Insurance vs Natural Disasters

Your home is one of your biggest investments so it should be protected. One way of doing so is by getting homeowners insurance. Over 350,000 Kentuckians recognize how helpful home insurance is. Regardless if your home is located in a natural disaster-prone area or not, homeowners insurance is a good safety net. 

 

The typical homeowner’s policy covers several disasters including tornadoes, lightning strikes, and winter storm damage. These events are called insurance perils. However, the disasters covered still depend on the kind of policy you get. It’s best to know the potential damages before you pick the insurance policy for your home. 

Homeowners Policies – What’s not covered?

Generally, homeowner’s policies cover your home and all that’s in it. You can go as specific as you can with the items in your home you want to be covered. Naturally, not all disasters are covered by your homeowners’ insurance. What isn’t covered?

 

Earthquake losses are usually not included in the basic coverage although they can be purchased as additional coverage. If you are unsure, always ask your agent or insurer if your coverage includes earthquake losses and damages. 

 

Flood losses are generally excluded from homeowners’ policies as well. You can get this coverage straight from the National Flood Insurance Program or you can reach out to one of our agents. Professional agents here in London Agency Insurance work with several insurance agencies and they may be able to help you connect with private insurers.

 

Car damages due to natural disasters may be covered but ask your insurer or agent to be sure. 

Extend your Home Insurance Policy

There is nothing wrong with making sure that all your bases are covered. Not all kinds of damages and repairs are covered by your home insurance. Some homeowners decide to get more coverage options for better protection. Some policies cover the entire cost of rebuilding a house. 

 

Your agent can help you get the additional coverage you want. But as always, it’s best to sit down and think of it beforehand. Consider your needs and requirements, your finances, and the potential damages in the future. All these should be factors in deciding whether you need the additional protection or not. 

 

The average homeowner’s insurance rates in Kentucky differ because of three things – location, the size of your home, and the neighborhood’s safety. Every home is unique and so are the things inside it. The same rate isn’t applicable for all kinds of homes. 

 

Are you a homeowner without homeowners insurance yet? Give our agents a call today to get the right coverage for the right price. Our agents will assist you from beginning to end. They’ll sit with you, consider your insurance needs, your budget, and get you coverage to protect your home. 

Building Maintenance and Property Insurance

How does property maintenance affect insurance claims? Learn more below. 

 

Your property is an investment, and it’s only logical that you protect it at all costs, regardless of the size of your business or the kind of facility you have. Building maintenance is an integral part of the trade – from regular cleaning to repairs. It helps ensure that your building lasts, your business is protected, and it helps during the claims process. 

 

In many states in the US, property maintenance is part of the claims process and underwriting. This is true for residential and commercial properties

Tips for Building Maintenance

Interior and exterior maintenance are equally important. However, exterior repairs and maintenance are more challenging. Check out these tips for building maintenance. 

Preventative maintenance 

Set up a regular maintenance plan, including inspection, testing, servicing, replacements, and repairs. Look out for missing and lost parts. Check the gutters and ensure it is free from any leaves, twigs, and other debris. Roof inspections greatly help in extending your roof’s longevity and they reduce costly emergency repairs later on. 

 

Do preventive maintenance inside the building as well. Perform regular inspection on flashing and roof perimeter. Look for signs of water damage such as stained walls, peeling paint, and mold. These things are the usual suspects of roof damage.

Set up regular checks

Check your property’s HVAC system at least once a year. Take note of even the tiniest plumbing leak, as this can cause more significant problems in the future. It may result in increased water bills and expensive repairs. You may even have to close down the businesses indefinitely when you let these small leaks turn into uncontrollable leak damage. 

 

Public restrooms (if you have any in your building) must also be checked. Toilet leaks cause ceiling collapse. This isn’t only dangerous for you, your employees, and your customers. It’s dangerous for the business as well. 

When making a claim

Proper documentation is the key to an efficient claims process. Make it a habit to record every scheduled, working, and completed project. You can also choose to create timelines for these projects.

Get business property insurance today

Is your business insurance-ready? Even with regular and proper maintenance, it’s still best to financially protect your investment. Business property insurance is a great option. It doesn’t just protect your building but everything in it, such as computers, fixtures, furniture, etc. It doesn’t have to be the most expensive coverage, but it should address all of your needs. 

 

London Insurance Agency is an agency that serves as a platform for our independent agents. With us, you have the freedom and opportunity to work with a professional agent connected to several insurance companies. This gives you more options for what your needs are. The goal here is to provide you with the perfect coverage for your needs. For more than 95 years, the London Insurance Agency has been offering services, insurance, and products for businesses. 

Do you have insurance? If not, it’s time to get it now.

Tips for First Time Home Buyers in 2022

Buying a home is a huge decision and responsibility. Check out these tips before buying your first home! 

 

Homes have been selling for above asking price, and buyers have been bidding against each other since early last year. It’s truly become a competitive space that first-time homebuyers may find intimidating. But there are ways to get yourself ready for the bidding war. Here are some tips for first-time home buyers. 

Things to remember for first time home buyers

We’ve compiled here a list of tips to help you navigate this housing market. Take note and keep learning. 

Determine your budget

Know your financial limit before you start looking for the home you want. Think of how much of a downpayment you can afford and how much you’ll need to finance. The rule of thumb is to not spend over 28% of your income on housing-related payments every month. Look for a mortgage calculator to see if the home’s price fits your budget. 

Be fully committed to a loan

A house loan is a long-term plan, and on average, it takes about 15-30 years. Ask yourself if you will stay in your home for the next five to ten years, have enough emergency funds to cover your expenses, and have a stable income. If you’re unsure, it’s best to put your plans on hold and revisit it when you’re more financially ready. Take your monthly expenses, your income, and your safety net into account before closing on a home loan. 

Save up for a downpayment

The key to more straightforward and quicker approval is to show your mortgage lender that you can pay up for the long run. It’s why your downpayment is a critical part of the process. The more money you save for the down payment, the better interest rate and terms you’ll get. 

Get pre-approved

Don’t skip the mortgage pre-approval process. Don’t confuse pre-qualification with pre-approval. Prequalification is the estimate of the amount of home loan you can get based on your income evaluation. On the other hand, pre-approval is a document from your lender that dictates the amount of financing you can get based on several factors, including your W-2s, credit score, and bank statement. 

The preapproval helps determine if you can afford the house you want, and it takes out any financial surprises along the way. 

 

Your home is an investment. You need to explore your options to see which one fits your budget, needs, and lifestyle. Once you’re done with all these, your next step is to protect your investment. There are various ways to do that. You can schedule regular maintenance, pay for the mortgage regularly, and get your home insured. Check out your homeowner’s insurance options. Give us a call today! We’d be more than happy to help.