Running a successful business is no easy feat. Owning your enterprise comes with a string of obligations, responsibilities, financial and operational risks. Proper business insurance coverage can help protect your small enterprise when certain challenges arise in your entrepreneurial journey. Natural disasters, lawsuits, theft, on-site injuries, property damage, and other circumstances can risk your business going bust.

Sadly, over 75% of U.S. businesses are underinsured. And 40% of small business owners do not have any insurance coverage. Insurance is a vital part of your business operations that can help cushion you from the operational upheavals. The cost of paying the premiums is only a fraction of what you may incur when an unexpected incident occurs.

Here are seven reasons why you should consider picking up business insurance.

1. Protect Your Business Assets

Most businesses require some sort of infrastructure to keep them running. Taking out coverage from your insurance agency can help protect the substantial investment made in inventory, equipment, or property. You can replace your assets in no time to resume normal operations.

2. Safeguard Your Employees

Most states require that business owners have a worker’s compensation plan for all their employees. The insurance process helps you to compensate any member of your team that sustains injuries while at work. The compensation may cover their lost wages, medical bills, physical or emotional pain.

3. Build Your Brand Credibility

Modern clients and customers are increasingly picky about the brands that they purchase from or source their services. Business insurance can help quell their worries by indicating that you take managing risks seriously. Savvy clients can now conduct quick background checks that can reveal if you have insured your business or not. You can net more business for your enterprise by getting insured.

4. Keep Your Business Afloat

Natural disasters, cyberattacks, and civil lawsuits can all run your business to the ground. Forced closure of your business for an indefinite period can spell trouble for your enterprise. Indemnity can act as a backup plan and bail you out to start afresh.

5. Comply with the Law

Some industries are heavily regulated, requiring business owners to have insurance before operating. Failure to carry certain mandatory insurance policies such as worker’s compensation can result in punitive fines, civil or criminal penalties, cease and desist orders, or exclusion from public contracts. These consequences will cost you more than the price of paying premiums to your insurance company.

6. Help Venture into New Risks

Risk-taking is a crucial factor for business success. However, no matter your diligence in calculating your risk, there is still a chance that it would blow up on your face. Business insurance enables you to venture out without worry. The insurance payout can help you get back to your feet and start over.

7. Protect You and Your Business from Lawsuits

Lawsuits are quite costly. Disgruntled employees, unsatisfied clients, or your industry competitors can initiate legal proceedings against you and your business. Insurance can help protect you from lawsuits and their outcomes. Fines and settlements paid up through insurance can help keep your business afloat.

Insurance is a key part of any business. To discuss the different business insurance coverage that you need, reach out to AOA West, Inc. We also offer renters insurance, insurance for antique cars, and home insurance.

Your home is supposed to be your safe space for you and your family. Owning a home is one of the most significant investments anyone ever makes in their lifetime. Obtaining insurance for a home should always be just as important as choosing how you will live, move, and create memories in your home.

Insurance for a home is not always required by law, but in America, at least 85% of homeowners have homeowner’s insurance. Being a knowledgeable insurance agent in the Portland area, we get our fair share of questions about homeowner’s insurance. Here are some frequently asked questions surrounding insurance for a home.

Why does homeowner’s insurance go off replacement costs instead of resale value?

Replacement costs are the actual costs of fixing or replacing a home if a qualified claim is made against the insurance policy. If the materials and labor costs are higher in today’s market than 15 years ago, then the replacement cost may be higher than the sale price from 15 years ago. In some areas of the country, the opposite is true. Sometimes labor and materials cost less than the home’s resale value, so the homeowner’s insurance policy will be for a smaller amount.

What is a qualifying event?

Qualifying events are outlined in your insurance policy. Many homeowner’s insurance policies cover hail, lightning, theft, vandalism, and other common issues. In some areas of the country, you must pay for additional flood, windstorm, hurricane, tornado, and earthquake coverage. Each policy explains what is covered and what is not covered. A qualified insurance agent can walk you through your unique needs.

If homeowner’s insurance isn’t required by law, why does my mortgage company make me have it?

Homeowner’s insurance isn’t required by law for those who own their homes outright. For homeowners who still have a lienholder against the house, the lienholder may require sufficient insurance coverage to protect the investment if foreclosure conditions are met. When the home is paid in full, you can drop the policy altogether, although we strongly discourage that.

If my spouse injures themselves while working in the garage, will the homeowner’s insurance pay for the medical bill?

Typically, the answer is no. Homeowner’s insurance only covers medical bills for those who do not live in your home.

Contact Your Portland Homeowner’s Insurance Company

Faithfully serving the Portland area for the last 40 years, we’re here to help you find the proper homeowner’s insurance for your needs. Contact us today for a free quote!

If you don’t ride, you may not understand. The hum of the engine, the rush of the wind against your body, and the smell of the road are all lures for the motorcycle enthusiast. With warmer weather making its appearance, motorcycle riders are venturing out into the streets.

A Motorcycle Insurance Policy is Part of Your Safety Gear

While we understand firing up the bike and getting out on the road can’t be helped, we know that approximately three-quarters of motorcycle accidents involve a collision with another vehicle. As a locally owned insurance company with over 40 years of experience, we want nothing more than for our community members to enjoy life to the fullest. Just like you should never ride without a helmet, you should also never hesitate to add a motorcycle insurance policy to your coverage.

Customize Your Insurance Like You Customize Your Rides

No two riders experience the same thing while out on the road. No two insurance policies will be the same. One insurance policy might work for one person, but another may not need the same type of coverage. Our insurance agents help you pick what you might need.

• Minimum liability coverage pays for damages and medical bills for others involved in an accident and is required by law for most bikes.
• Comprehensive and collision coverage helps you get repairs done to your bike with a deductible.
• Trip interruption coverage helps pay for things like rental vehicles or hotel stays, depending on your situation.
• Layover coverage may help you save money if you don’t ride year-round.

Pricing Flexibility in Stand Alone or Combined Policies

Our insurance agents can help determine which coverage and combinations can save you the most money. Your policy configuration depends on a few things:

• Are you already insured with us on another vehicle?
• Is the bike being financed, or is it paid in full?
• The age and classification of the bike.
• How many customized parts exist.
• How many operators exist.
• How often the bike will be ridden and the approximate annual mileage.
• The purpose of the motorcycle (commuter, cruising, occasional use, etc.)

Discounts May Be Available

Riders who take an approved motorcycle safety course, ongoing educational courses, or other certifications may qualify for insurance discounts. Discounts are never guaranteed but are worth checking into based on your local area and your riding preferences.

Contact Your Portland Area Motorcycle Insurance Agency

Faithfully serving Portland and the surrounding areas, we’re here to help you find the right motorcycle insurance policy for your needs. Contact us today for a free quote!

Did you know there are 74% more renters today than there were in 1960? That makes renters insurance a big business. Renters are often told by friends and family to “get some renters insurance”. Strangely enough, those same people are often unable to explain exactly why you need it or what it is.

Why Do I Need Renters Insurance?

If you are thinking that your personal property is insured under your landlord’s insurance, guess again. As a renter, you are responsible for your personal property, liable for accidents that may occur in your unit, or expenses that you may incur due to not being able to use your unit. A landlord’s insurance will normally only cover their building and possibly the unit you live in.

What Types of Things Are Covered by Renters Insurance?

A rental insurance policy can, but does not always, cover the following:

• Replacement costs for your personal property, such as household items, in the event that they are damaged, destroyed, or stolen;
• The liability you may face due to an accident in your residence. For example, if a guest is seriously injured while visiting you, your insurance may cover their medical bills or lost wages;
• If you can not live in your home due to an unforeseen event that is covered by your insurance, often your rental insurance will cover those expenses.

What Should I Look for When Purchasing an Insurance Policy? What Questions Should I Ask?

Because all insurance policies are a bit different, it is important to do your due diligence before you buy an insurance policy:

• read it, including the small print;
• have your insurance agent go over anything you don’t understand;
• ask what the deductible is (the amount you will pay before the insurance kicks in); and
• confirm exactly what is covered and what is not.

You should also keep in mind any special circumstances you may have. Just a few examples of questions you might want to ask are:

• I have a roommate, are they covered?
• What about my dog or cat?
• What does the policy say about water damage?
• Am I covered if there is a theft or fire?

These are all questions you can ask your insurance agent if they apply to you. If you have personal items that are valuable, such as expensive jewelry or art, you also may want to ask about whether these items are covered by your rental insurance policy, or if they should be insured separately.

More Americans are renting than ever before. In fact, in the fourth quarter of 2020, 42 million homes were occupied by residents who rent. If your apartment is damaged, it’s easy to be confused about whether you’ll be responsible for repairs or if your landlord should be handling them. If you carry renters’ insurance, however, your policy may cover quite a bit of the damage so that you don’t have as much stress. Let’s look at a few common situations that you could experience as a renter, and learn how insurance for renters can help.

Flooding

When you live in an apartment complex, the last thing you want is to walk in the door only to realize that your ceiling is dripping water from the apartment above you. Luckily, insurance for renters can help you handle the expenses for anything that is damaged by flooding. Depending on the type of policy you purchase and how much coverage you buy, you’ll likely be covered for any of your belongings that are damaged.

Fire

In the event of a fire, the owner of the rental will be protected by their homeowners’ insurance or property insurance, which will cover repairing the property, water remediation after the fire, and more. However, you’ll need insurance for renters to protect you. This insurance will pay to replace your belongings, pay for a rental while the repairs are done, and reimburse you for expenses. As a renter, it’s vital that you protect yourself with this type of insurance.

Break-Ins

Renters are also not typically covered by homeowners’ insurance in the event of break-ins. If you have expensive possessions like jewelry, electronics, collectibles, or art, it’s important that you protect your investment with insurance for renters. These policies are designed to protect your investments during just this type of issue. While no one wants to experience the trauma of a break-in, it will certainly be easier to deal with the aftermath if you don’t have to pay for replacements out of pocket. An insurance agent can consult with you to help you determine the amount of renters insurance coverage you’ll need to cover your possessions.

As a renter, it’s important to protect yourself financially against negative experiences like fires, floods, storm damage, break-ins, and more. Insurance for renters can help make sure that you’re covered, even during some of the worst events in life. Contact a local agent to learn more about the policies that are available for renters.

There are 30.2 million small businesses in the United States. Small business owners often work with companies that are specialized in small business insurance needs. But unfortunately, homeowners don’t have this asset. As a result, many of them end up with gaps in their insurance coverage which may be overlooked by the average homeowner. Here are five common gaps in home owners insurance that you’ll want to address when selecting your coverage.

Percentage Deductibles

Percentage deductibles are essentially a portion of your home’s assessed value, meaning they can be very high if your home has a high assessed value. It’s important to explore the various deductible options you may have, especially if your home is valued highly.

Lack of Jewelry Coverage

Many home owners policies limit jewelry to $2,500, which makes it essential to talk with your agent about any high-value items you may have. Assess the value of our collection, keep up with it over time, and call your agent any time you add a large purchase to it.

Low Liability Limits

Liability is the portion of home owners insurance that manages the expense of any damage or harm to others while they’re on your property. Often, this portion of the coverage is too low to fully cover a homeowner’s assets. Be sure to check your policy figures to be sure your coverage is more than sufficient.

Water Backup

This can be added by an endorsement to your home owners insurance policy. Generally speaking, sewage backup is the fault of the utility company, not the homeowner. But many companies will only claim responsibility up to the curb outside your home, leaving you to deal with the damage inside.

Personal Injury Exclusions

This is commonly excluded from home owners insurance policies and can also be added by an endorsement. Personal injury covers libel, defamation, and slander, and covers you the way liability covers others. In a rapidly changing and sometimes unsettled world, it’s good to have all the protection you reasonably can.

There are many budget decisions to be made when it comes to your home, but your homeowner’s policy really isn’t the place to cut costs. We hope these five common gaps in insurance coverage have helped you out and gotten you thinking about your own policy more carefully. For more information, please contact us today.

According to the National Association of Insurance Commissioners, the average U.S. auto insurance expenditure increased by 5.3% (to $935.80) in 2016 (from $889.09 in 2015). Increases like these aren’t uncommon, but do you know why your car insurance premium seems to jump up suddenly?

An insurance agency will never raise your premium without a reason, but there are several root causes as to why your car insurance premium may have gone up. Some are fairly obvious, but others may not be. Here are a few common reasons an insurance agency may have increased your premium.

Violations and Accidents

This is one of the most common reasons that an insurance agency will raise your premium. Violations such as a DUI or multiple speeding tickets tell your insurance agency that you’re at a higher risk for an accident than drivers with no violations. Likewise, an accident signals to the company that you may be more likely to have another accident, prompting an increase in your rates.

Comprehensive Claims

Filing a claim can often lead to an increase in your insurance rates — even for incidents that are out of your control, such as hail damage and other acts of nature, fire, theft, glass breakage, and vandalism. In some cases, you may not have much of a choice but to file a claim. But for less expensive fixes, you may want to consider whether a potential rate increase is worth filing a claim over.

Claims in Your Zip Code

Rates are often calculated based on insurance data available for your zip code. This means that your rates may increase if your car is registered to an area wherein a high number of claims were filed for weather-related incidents or other comprehensive claims. As unfair as this may seem, it’s simply seen as a bit riskier for companies to cover vehicles in your area.

Age

Your insurance premium is likely to increase after you turn 70. Many insurance agencies view senior drivers in much the same way they view teen drivers. That said, senior discounts may be available in your area to help keep your rates lower.

Changes to Your Credit Score

If your credit score has recently gone down, you should expect your rate to increase. Many insurance agencies use credit scores as a way to gauge the likelihood of someone filing a claim. Currently, there are only three states in which insurers are prohibited from using a client’s credit score to help determine their rate.

There are a few other possibilities as well, such as the loss of a discounted rate, or a lapse in insurance coverage, but generally, your rate increase will be covered by one of these reasons. If you’ve found that your insurance rates have increased and you want to shop around for new coverage, we’re here to help. Contact us today for a quote or for additional information.

If you need reliable and responsive motorcycle insurance, you are not the only one. You would be surprised to find out how many people struggle to find motorcycle insurance that fits their needs. This article aims to provide you with frequently asked questions about motorcycle insurance that may be beneficial for finding insurance coverage that fits all of your needs as well as your budget.

Why Is Motorcycle Insurance Required by the Law?

The simple answer is that motorcycle insurance is essential and is required by state laws because it protects everyone. When a motorcycle owner has bodily injury liability coverage alongside property damage liability coverage, they are protected from losing their assets in case of an unexpected accident. Moreover, your minimum coverage can assist with covering court costs if you are sued following an accident.

How Much Does Motorcycle Insurance Cost?

Prices for motorcycle insurance vary. As a result, independent insurance agencies compare coverage options from a myriad of companies to ensure that they find the right one to fit your affordability requirements. However, motorcycle insurance can be more expensive than motor vehicle insurance because motorcycle drivers are perceived to be high-risk drivers due to several factors. There are considerations that you take to minimize your insurance costs such as, taking a motorcycle safety course, buying a motorcycle with a smaller engine, and speaking to your insurance agent about discounts.

Does Motorcycle Insurance Cover Theft?

It depends on the type of insurance coverage that you opt for. Generally, comprehensive insurance coverage options cover motorcycle theft regardless of where it happened. Moreover, an adequate comprehensive insurance policy will cover any other items that were stolen from your motorcycle. However, to ensure that your insurer pays for theft, you need to ensure that your losses exceed your deductibles. This means that to lower your deductibles, you may be required to pay more premiums. But you can negotiate the number of your deductibles before you purchase your insurance policy.

Will My Motorcycle Insurance Cover Other Riders?

You can tailor your insurance policy option to cover other riders. However, bear in mind that this is dependent on the type of insurance and the provisions that are set out by the insurer. In some instances, other riders may not be covered and a distinction needs to be made between a passenger and a person who borrows your motorcycle. It is important to discuss this alongside the additional costs with your insurance provider.

Everyone wants to run an established and successful business venture. As much as this is your dream, it is crucial to understand the various factors that need to be considered. The knowledge you have about businesses will help you find the right avenue and make the right decisions. Having insurance coverage for your business is among the crucial factors that you need to consider. Business insurance helps your company and staff recover quickly after accidents, has a strategic risk management platform and loss reduction. It can be hectic finding the best insurance coverage for your business with limited information. However, by seeking answers to the frequently asked questions about business insurance, achieving your goals becomes easier.

How much does business insurance cost?

Your insurance needs to determine how much you will spend to cover your business. The cost of insurance also differs with the size and history of the business. Small businesses with a small budget will aim for insurance coverage at a low cost, while established businesses with higher risks will opt for higher coverage.

What kind of insurance does a small business need?

Small businesses need to hold General Liability and Property Insurance. This should also be alongside Unemployment Insurance, Disability Insurance, and Workers’ Compensation Insurance. With small businesses, mistakes made by employees can be expected. Having Professional Liability Insurance will be vital in such instances. The nature of the business and the related activities will determine how to handle your insurance needs.

Is business insurance tax-deductible?

The costs of conducting the business are deductible from your income taxes, according to the IRS. The premiums you pay for business insurance are inclusive of the general costs. It is, however, crucial to talk to your accountant or tax attorney to gain in-depth knowledge on tax and insurance needs.

How does workers’ compensation insurance help?

Worker’s Compensation Insurance is beneficial as it covers lost wages, medical bills, compensation for permanent disability after accidents on the job, legal fees, and death benefits. You should note that to cover the premiums, you as the employer have to incur the costs regardless of the policies.

Can business insurance cover cars?

With the need for businesses to have functional automobiles, buying the right one is vital. The more business owners buy cars, the higher the need for effective insurance coverage. Did you know about 6 million cars are sold annually in the United States? It is advised that the company or individual applies for specific car insurance instead of depending on business insurance coverage.

Conclusion

Business insurance opens the right path to business success, especially for startups. It is, however, essential to understand your business needs against your insurance needs and how best to benefit by answering the frequently asked questions.

Winter is over, and you are ready to take your classic car for a drive. Before you get your automobile out of storage, review your insurance agency’s policies. Antique car insurance is a unique automotive insurance coverage that only benefits collector cars. Given that most people do not understand the different auto insurance plans, it has led to many poor insurance decisions.

There is no sweeter pleasure than driving your vintage car, knowing it is protected. So, what should you know about insurance for antique cars?

1. It Is Cost-Effective

Did you know that you can get up to a 40% reduction with antique insurance, unlike regular auto insurance plans? Most vehicles 25 years and older that are properly maintained are more likely to obtain this plan. If the driver and automobile qualify, it is advisable to select this lower-cost category.

2. Replacement Value

Antique car insurance gives you actual cash value if you lose your car in an accident, fire, among others. Cash value means your vehicle’s value has depreciated over time, which is the opposite of vintage cars. The older your automobile is, the higher its worth. On the other hand, insurance for antique vehicles offers the agreed value for compensation. That means you have to discuss with your agent and decide on an estimate of how much the automobile is worth.

Professional services are fundamental if you want a fair valuation. With your documented appraisal and the experience of an expert, you will get an approximate value.

3. Optional Coverage

Classic cars have lots of coverage options that are specific to that category. Fender benders, theft, and whiplash are the most common insurance claims. Old-fashioned vehicles are more likely to break down. They are also more likely to be stolen due to their worth. Therefore, ensure your coverage includes spare parts, roadside assistance, repair, traveling coverage, and other specific options that suit your car’s condition.

Insurance for antique cars covers the requirements of owning, maintaining, and driving unique vehicles. Additionally, your automobile will be protected even when it is in storage or a shop.

4. Standard Qualifications

Collector car insurance is not for all old-fashioned cars. First of all, it should not be your everyday vehicle. The vintage car should not exceed 8,000 kilometers per year. Next, your automobile should be more than 25 years old and well-maintained. However, age restrictions vary among companies. Some consider some old vehicles that were mass-produced ineligible. Other insurance carriers allow some newer models to considered classic cars.

It is also essential to ensure your car is at least at the original factory value, if not above. Even though some factors differ, these qualifications apply to most antique insurance plans.

Standard auto insurance policies are not the best option for your vintage car. A clean driving record is necessary if your vehicle falls under the antique category. Your automobile should also be in good condition or undergoing restoration. Always consult with your insurance agency before choosing a plan. When looking for reliable insurance for antique cars in Portland, look no further than AOA West Insurance – your number one family-owned agency.