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Does My Home-Based Business Need Commercial Insurance?

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Individuals operating full-time or part-time businesses from home often understand the importance of separating their home and business finances. However, the same understanding may not extend to their insurance policies. It’s crucial for anyone running a home-based business to consider insuring it adequately, separate from their home policy. If you reside in Wisconsin and require a home and business insurance plan, the OnQuote Insurance team is here to assist you.

Home-Based Businesses and Insurance

Home-based businesses vary widely. Most require office electronics and furniture, while others may have inventory, supplies, or tools stored at home. As the company expands, the value of these materials also increases, necessitating proper insurance. Growing businesses also have additional insurance needs.

As a home-based business owner, it’s important to note that the typical home policy caps business asset coverage at $2,500. If your business assets exceed $2,500, commercial insurance is necessary to protect these assets. You may also have other commercial insurance requirements.

For small home-based businesses, adding a rider to the home policy to double the coverage of your business assets may be sufficient. However, additional measures should be considered when your business assets surpass this amount or your business requires professional, business liability, or other commercial insurance.

Businesses with revenues under $250,000 can secure comprehensive in-home business insurance that covers property, liability, and other commercial insurance aspects. A Business Owner’s Policy (BOP) suits businesses with revenues exceeding $250,000. A BOP can include the Workers’ Compensation coverage you may need.

Partnering with OnQuote Insurance

The OnQuote Insurance team is dedicated to serving Wisconsin homeowners and businesses. Call us at (847) 380-3400 to schedule an appointment and create an insurance plan tailored to your needs.

How a Total Loss is Calculated for Home Insurance

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When you buy a home, it’s crucial to protect your investment with home insurance. If you live in Wisconsin and have questions about home insurance, our team at OnQuote Insurance is ready to help you get the coverage you need. We’ve been serving clients in your area since 2015.

Calculating a Total Loss for Home Insurance

While you purchase home insurance to protect your home, you hope you’ll never need to use it. According to US Insurance Quotes, if the cost of repairing damage to your home exceeds its worth, the insurance company will declare your home a total loss. The worth of your home is determined by its current market value.

When your home is declared a total loss, the insurance company will pay you the amount of the policy limit. Any exceptions or deductibles included in your policy will be subtracted from your payment. Most homeowners use this money to rebuild their homes. However, according to US Insurance Quotes, if your mortgage has been paid in full, you may have the option to accept a cash settlement instead of rebuilding your home.

Contact Us Today

Whether you’re a first-time homeowner with questions or looking to make changes to your current policy, our team at OnQuote Insurance can help you make the right choices. As an independent insurance company, we can offer you a wide range of policy options. Clients in Wisconsin can feel confident discussing their insurance needs with our team. Call us for an appointment today, and let’s talk about insurance.

I’m Buying a New Car. What Kind of Auto Insurance Should I Get?

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When buying a new car, choosing the right type of car insurance for your needs is crucial. The professionals at OnQuote Insurance, serving Wisconsin, can help you choose car insurance that fits your budget while also reassuring you that you have a suitable car insurance policy. In this article, we’ll go over the car insurance options to help you choose the best policy.

What Are My Car Insurance Options?

There are several types of car insurance that you can choose from when buying a new car. Here are some examples:

  • Liability only: This type of car insurance pays to replace or repair the other driver’s vehicle if you cause a car crash.
  • Collision insurance: This type of car insurance pays to repair or replace your vehicle if you are in a car accident, even if you caused the accident.
  • Comprehensive insurance: Comprehensive insurance covers damage from a range of non-collision events, such as fire and vandalism.
  • Full coverage: This type of insurance combines all the other insurance types above.

Am I Required to Get a Specific Type of Car Insurance?

If you have a car loan, your lender may require you to get full coverage insurance. If you aren’t getting a car loan, you may be required to get liability-only insurance to comply with state driving laws.

Which One Should I Choose?

Choosing from all these car insurance options can be challenging. It’s important to consider your budget, driving record, and the value of your new car. Many people who buy new vehicles want full coverage car insurance because they want to protect their investment. If you are purchasing a new car, contact OnQuote Insurance, serving Wisconsin, to get started with your new car insurance policy.

What are primary and contingent beneficiaries on a life insurance policy?

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At OnQuote Insurance, we are here to help all Wisconsin residents make the best choices for their families’ financial needs regarding life insurance. When it comes to benefits on a life insurance policy, you designate the policy funds to be left to a beneficiary upon your passing.

A life insurance policy has two types of beneficiaries: primary and contingent.

Understanding Primary Beneficiaries

The primary beneficiary is the first person, group, or organization to which you leave your death benefits. It’s important to note that you can have multiple primary beneficiaries. You would designate a certain percentage of the policy proceeds to each. For example, if you have three children, you are leaving $100,000 of life insurance benefits; you can list all three as primary beneficiaries and split their payout however you wish. You could divide the proceeds into thirds (33.3% each) or choose the oldest to have (50%) $50,000 and the other two to receive (25%) $25,000 each. The choice is up to you.

Understanding Contingent Beneficiaries

A contingent beneficiary is a person, group, or organization that would receive the death benefits if your primary beneficiary was deceased and unable to receive the benefits left to them. For instance, if you named your spouse as a primary beneficiary but listed your children as contingent beneficiaries, your children will inherit the policy benefits if your spouse is deceased before you.

Similar to a primary beneficiary, you can have multiple contingent beneficiaries. Without naming a contingent beneficiary on your life insurance policy, the benefits may be subject to a probate court decision, which could delay the payout of the policy benefits.

Contact OnQuote Insurance for More Information

To learn more about beneficiaries and life insurance-related topics, contact OnQuote Insurance today. We serve clients all over Wisconsin. Call (847) 380-3400.

Does My Small Business Need Commercial Insurance and Commercial Vehicle Insurance?

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Commercial insurance helps small business owners meet their companies’ legal and contractual obligations and cover their businesses’ risks. The amount of insurance you carry as a small business owner should match those obligations and your willingness for risk exposure. Still, some small business owners take unrecognized risks by relying on their personal auto insurance to cover their commercial vehicle use. To avoid that or other commercial insurance mistakes, let the OnQuote Insurance team, serving the Wisconsin market, create a commercial and commercial vehicle insurance plan that meets your business’s needs.

Commercial and Commercial Vehicle Insurance

Wisconsin small businesses come in various shapes and sizes. Their commercial insurance needs vary by industry, business type, presence of employees, and whether they use motor vehicles to conduct business. Of course, almost every Wisconsin business today uses motor vehicles for some aspect of their business.

Business owners smartly acquire commercial property, workers’ compensation, general liability, and other necessary commercial coverage as needed. However, many fail to acquire commercial vehicle insurance, thinking their personal insurance policies provide adequate protection. However, only a commercial vehicle policy will cover vehicles:

  • Owned by a business
  • Driven for business purposes by you or an employee
  • When transporting work tools, products, employees, or clients

Personal vehicle insurance often has lower liability limits than a commercial vehicle policy. If you use a vehicle for one of the abovementioned purposes, you should acquire commercial vehicle insurance to protect yourself and your business and avoid unnecessary risks.

Working with OnQuote Insurance

OnQuote Insurance proudly serves Wisconsin’s private and business communities. We use our commercial insurance experience to structure policies to protect businesses against unforeseen events. Stop in today or call us at (857) 380-3400 to discuss your commercial insurance needs and options.

What Natural Disasters Are Covered By Home Insurance?

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As a homeowner, you may face natural disasters that are beyond your control. These events can cause damage to your home, necessitating quick repairs so you can return to your normal life. Here are the natural disasters that home insurance policies typically cover.

Lightning Strikes

While rare, lightning strikes can cause significant damage to your home. They often affect your electrical circuit and, if they strike in the right place, could even cause a fire.

Hail Damage

Hail can cause damage to the roof and exterior of your home. Hail can sometimes be so large and powerful that it can even damage windows. After a severe hail storm, you’ll likely need some roof repair.

Wind Damage

At times throughout the year, wind gusts can become unusually high unexpectedly. This doesn’t usually relate to a storm but rather to unusually high gusts causing damage. This type of wind can affect the shingles and siding on your home, causing damage. If you have a fence or other structure on your property, they may also experience some damage from the wind.

Wildfires

Wildfires can occur anywhere and at any time. With a home insurance policy, the damage sustained to your home will be covered if the fire is classified as a wildfire and not caused by anything else. Wildfires can cause significant damage, and in some cases, completely destroy a home.

If you’re looking for home insurance in Wisconsin, contact us at OnQuote Insurance today for your personal quote.

Is Insuring an Electric Vehicle Any Different Than Insuring a Gas Vehicle?

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The rising popularity of electric vehicles (EVs) has sparked many drivers’ curiosity about how insurance for these greener alternatives compares with that of traditional gas vehicles. Here at OnQuote Insurance, serving the entire state of Wisconsin, we aim to demystify the differences and similarities in the insurance for these two vehicle types.

Grasping the Coverage Needs

The insurance requirements for an electric vehicle are quite similar to those for a gas vehicle when it comes to basic coverage. Both necessitate liability, collision, and comprehensive insurance to guard against accidents, theft, and other types of damage. However, it is important to be mindful of the unique considerations that accompany EVs.

Taking Account of Cost Factors

A significant difference lies in the cost of insurance premiums. Insurance for electric vehicles often incurs higher premiums due to the elevated repair costs associated with specialized parts and advanced technology inherent in these vehicles. Additionally, the vehicle’s value influences the premium cost, and EVs tend to be priced higher initially.

Specialized Coverage Options for EVs

Additional coverage options may be beneficial for electric vehicles. For example, some insurance policies offer protection for EV charging equipment—a critical aspect for EV owners. It’s also advantageous to consider coverage that addresses battery-related issues, considering the battery’s significance in an EV.

Discounts and Incentives

On the brighter side, many insurance companies offer discounts to electric vehicle owners. These discounts often form larger initiatives to promote eco-friendly practices. When shopping for insurance, it’s always wise to inquire about such incentives.

At OnQuote Insurance, we provide auto insurance policies across the state of Wisconsin. Our commitment extends to guiding you through the process of insuring your vehicle, whether it’s electric or gas-powered. Contact us today to explore your options and ensure you have the most suitable coverage for your needs.

When Should I Increase My Life Insurance Coverage?

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Understanding Motorhome Insurance in Louisville, KY

Driving a motorhome is a unique experience. You’re essentially steering a small home on wheels. Given this, the insurance requirements for a motorhome are more complex than those for a typical car and considerably more vital to understand. At Family Select Insurance in Louisville, KY, we’re here to help you navigate your insurance options and make the right choices.

A Class of Their Own

Motorhomes, often referred to as RVs, come in diverse types—Class A, B, and C. For instance, Class A motorhomes resemble buses and are the largest of the group. Class B motorhomes, also known as van conversions, are the smallest RVs, and Class C motorhomes fall somewhere in between, closer in appearance to trucks. Each class has unique insurance needs depending on its variations in size and construction.

Comprehensive RV Coverage

Comprehensive RV coverage is highly recommended to protect your motorhome from potential damages or losses. This insurance can cover theft, fire, or other damages from severe events like storms that could severely impact your RV.

Collision

This form of coverage is crucial in case your motorhome gets into an accident. Collision insurance can help you manage the costs of repairing or replacing your RV after an accident.

Bodily Injury and Property Damage Liability

These forms of insurance can help cover costs if you cause an accident that results in injuries to others or damage to their property. This is especially important when you consider the size of most motorhomes and the potential damage they could cause.

Uninsured and Underinsured Motorist

Unfortunately, not all motorists have ample insurance coverage. If you’re hit by someone who is uninsured or underinsured, this part of your coverage can help cover costs.

At Family Select Insurance in Louisville, KY, we can help you fully understand your motorhome insurance needs and ensure you’re adequately covered for a stress-free journey. Contact us today to learn more.

What Types of Businesses Should Get Professional Liability Coverage?

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All businesses operating in Wisconsin require some form of liability insurance to protect their assets. However, for some, simply obtaining general liability coverage isn’t sufficient. Even umbrella insurance may not provide comprehensive protection. The solution lies in a professional liability policy. OnQuote Insurance can assist in crafting a professional liability policy tailored to your company’s requirements.

What is Professional Liability Insurance?

It’s a known fact: no one is perfect. Also referred to as errors and omissions insurance, professional liability insurance covers the costs associated with negligence-related claims or lawsuits. These claims don’t necessarily have to be true. While some clients may overlook a minor error, others may file a lawsuit. These types of lawsuits can jeopardize a business, even if a court determines you’re not guilty. If you’re held liable, professional liability insurance covers your defense, court costs, and compensation. Please note that professional liability insurance doesn’t cover purposeful or criminal acts, copyright, patent or trademark infringement, physical injuries, or property damage. Other insurance policies may cover some of these risks.

Who Needs Professional Liability Coverage?

If your business offers professional advice to customers, investing in professional liability policy is wise. These policies cater to a range of professions, enabling customization of coverage to fit your business. Typical businesses requiring professional liability include:

  • Lawyers and legal professionals
  • Consultants
  • Accountants and CPAs
  • Architects
  • Engineers
  • Advertising agencies and graphic designers
  • Interior designers
  • IT and tech professionals
  • Real estate agents and brokers
  • Tax preparers and financial advisors
  • Aestheticians and hairdressers.

Other fields are also vulnerable. If you’re not sure about your Wisconsin business’s coverage needs, we’re here to help. Contact the agents at OnQuote Insurance to outline your requirements and get started on a holistic policy.

Will homeowners insurance pay for renovations made to my home?

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Homeowners’ insurance covers many different aspects of home ownership. From coverage for your home’s foundation to liability coverage for visitors who may get injured on your property, it’s wise to view homeowners insurance as a group of bundled coverages. Without this crucial insurance, excessive out-of-pocket expenses could overwhelm many homeowners during unexpected events and accidents. At OnQuote Insurance, we understand that many homeowners don’t fully comprehend all aspects of homeowners insurance. We commit ourselves to fostering understanding and helping Wisconsin homeowners obtain the coverage they need.

What does homeowners insurance cover?

Homeowners insurance typically covers your home’s foundation, the interior and exterior structure, plus all the structures on your property. Your personal belongings are also covered by your policy. Other situations, including vandalism, theft, some natural disasters, and liability, are typical parts of a homeowners’ insurance policy. Your policy also provides financial coverage for the cost of rebuilding or repairing your house and the other structures on your property. Liability coverage provides protection for anyone who’s injured on your property or damage you may cause to someone else’s property.

Will homeowners insurance pay for renovations made to my home?

Whether homeowners insurance will pay for home renovations is situational. If the renovations being made are upgrades you initiated for improvement, the answer is no. However, if a covered event that negatively alters or damages your home or its structures causes the need for renovations, your homeowners’ policy will typically pay for these. Please note that damage from termites, some natural disasters, neglect, and natural wear and tear from age, aren’t covered by your homeowners’ policy. If you have questions regarding homeowners insurance, we welcome your call. We’d be happy to answer them.