About Us
Wanting to purchase a new home and want to make sure that it is protected? Starting a business and need income insurance? No idea where to start? Look no further, Powers Insurance Agency is here to help you.
Once contacted, we will provide you with a high-quality insurance assessment and a policy that you can believe in. Whether your concern is the price or you need full-coverage for your assets, we have something for everyone.
Our highly professional team will be happy to give you any advice necessary. We believe you deserve the power to choose the insurance that suits you best.
Essential Types of Business Insurance to Protect your Business
From the first day any entrepreneur sets up a business, every business carries a certain amount of risk and uncertainty. At any moment, unfortunately, some risks or circumstances can arise, that is why it is important to have insurance in place to protect your business at all times. Every business can become exposed to risks and uncertainty all the time, essentially in the case of certain events that could have serious financial consequences which is why insurance is a must in the protection of your livelihood and business. Insurance will give you peace of mind knowing that your business is protected at all times. So, let’s take a look at the different types of business insurance that are available from insurers on the market.
Public Liability Insurance
If your business deals with the public on an ongoing basis, public liability insurance is something you should consider purchasing from a reputable and reliable insurance company. This type of insurance policy is there to protect you if a member of the public sustains an injury due to your business negligence. If an accident does occur on your premises you will be liable to pay for expenses once you have public liability insurance in place you will be covered for these expenses.
Employers Liability
Employer’s liability insurance will protect your business in the event an employee becomes injured in your workplace. If this is the case you will be liable to compensate employees. Having an employer’s liability insurance policy in place these expenses will be covered protecting your business at all times.
Product Liability
Product liability will protect your business if someone becomes hurt by a product you sold them and you are legally liable for this. It may not be your fault, however, if you do not have cover in place you will face significant legal costs for defending yourself in court. As with any business insurance, it will give you peace of mind knowing you are protected while supplying and selling your products.
Commercial Property Insurance
Theft, vandalism, and fire are all threats that every business may face. Commercial property insurance will cover and protect your business with the repairs and costs or even rebuild if your property becomes damaged in the event of a fire, smoke, or vandalism. Property insurance covers your furniture, property, and equipment. All costs will be covered under this policy in the event your business or property becomes damaged or stolen. Even if you rent a property, it is still necessary to have commercial property insurance in place.
Commercial Auto Insurance
Commercial auto insurance is a must as it will help cover the financial costs in the event of a car accident. If an employee sustains injuries in an accident and this may result in a liability claim made against you, you will be covered under this policy. A company should also insure against third-party injury but commercial auto insurance will cover damages to the vehicle as well. It will also cover vehicles used by delivery personnel who may be carrying goods and offering services for a fee.
Business Interruption Insurance
This policy can be sometimes marked as an extra on a commercial property insurance policy. Business interruption insurance covers your business in the event your company comes to a standstill for a period of time due to hazards such as vandalism, fire, and theft. The policy will compensate you for the loss of income you may endure.
Officers and Directors Insurance
With officers and director’s insurance cover the officers and directors of the company are protected in the event action is taken against them in connection with the performance of their duties in relation to the company which is covered under this policy. All loss and damages that occur due to a lawsuit will be covered under this policy.
The Benefits Of Using Insurance Brokers
Getting insurance is important. Not only will it protect you, but it can give you the peace of mind you need. However, insurance can get expensive. Because of this, you want to shop around. Doing research can save you a lot of money on your insurance. However, that can take up a lot of time and you still might not end up with the best price. Luckily, there is a better way. Working with an insurance broker can end up saving you both time and money. By using a broker, you can leverage their experience, networking, and skills to get the best price on your insurance by comparing cheap insurance brokers. Below, we will be going over some of the benefits of using one.
Benefits Of Using Insurance Brokers:
1. Save Time
One of the best things about shopping through an insurance broker is the ability to save time. Because a broker is constantly working with insurance companies, you should be able to get very quick service with one. They will offer a much smoother and much more convenient experience because they are typically much more proactive and engaging than what you would get with direct insurance agents. Because they work on brokering deals on a daily basis, you are likely going to get direct advice that you can use to effectively shorten the entire process from start to finish. Going through a direct insurance agent is going to be a much more tedious process because you will have to contact multiple agencies.
2. Save Money
An insurance broker will be uniquely positioned to save you money on your insurance. While you might assume that going direct to an insurance company would offer you the best savings potential, an insurance broker is typically going to be able to get you better rates. This is primarily because insurance companies work with these brokers and offer them lower rates for their expertise and their ability to drive in customers. Insurance companies typically offer brokers lower rates because they are typically very good at assessing risk and they usually provide much better and more direct service when helping their customers choose the right policy. Therefore, you should be able to save money by going through a broker due to its ability to minimise the risk that the insurance company has to take on.
3. Service
A broker is going to offer a much more comprehensive service than what you would be able to get direct from the company itself. They rely on providing a service to their customers. Whereas, an insurance agent works for a single company. A broker knows how important customer service is and they provide quality service before and after the fact because of it. Therefore, if you value the service you will receive throughout the entire process and if you want to develop a relationship with your insurance agent, it is always recommended to go through a broker.
4. Independence
The mere fact that the broker is not tied to any single company means that you are going to get the best quotes and the best advice with no bias. A broker essentially works for you (the client). Whereas, when you go to an insurance company, the agent is working for a specific company. Therefore, they have no incentive to offer you the right plan that is going to provide you with adequate coverage. Instead, their goal is to sell you on whatever the company offers even if they don’t have a plan that is suitable to your needs. Therefore, you will get an agent that has an inherent bias when they are providing their service. When you opt for a broker, you are getting an independent agent that is not going to be tied to a specific provider when they are looking through plans and rates. Therefore, you will get honest advice and you will be able to trust that they have your best interests at heart.
5. Training
A broker is going to have much better overall training than an agent. They are typically trained to handle all aspects of insurance. Thus, they have the requisite knowledge in order to be able to evaluate your business and what your needs might be as far as insurance is concerned. A broker will offer much better overall experience and knowledge which should put your mind at ease when it comes to finding the right insurance plan that is going to provide you with adequate coverage. An agent might not be positioned to be able to give you specific advice to your respective situation which could put you at a disadvantage to being able to figure out what you need. Thus, you might end up spending more on coverage that you don’t need or getting a plan that isn’t sufficient for your needs.
Overall, there are plenty of different benefits that you will be able to enjoy from using an insurance broker over an agent for a specific company. By going through a broker, you will be able to save money. Along with this, you will be able to get much better full service throughout the entire process. Instead of going to someone that has an inherent interest in getting the best deal for their respective company, you will be able to get someone that is ready and willing to work in your best interest. It is simply a better way to go about getting the best expert and tailored advice for your insurance needs.
When Do I Buy a Policy?
Insurance policies are there to help you, so the policies you require will change and grow as you go through life. Insurance is all about managing risks, so when something changes in your life then it may be time to buy or cancel a policy. You can only claim while you are covered so make sure all your things are accounted for.
You’re Going to Buy Something
If you are planning on acquiring a new asset, especially something very expensive like a car or a business, you will want it to be protected. You will usually want to buy insurance as close to that new purchase as possible meaning that it is covered from the get-go. Generally, within the week works best.
When you buy a new car, you will have to purchase insurance before you can legally drive the vehicle, which means it will have to be arranged quickly. Luckily many companies like Powers Insurance Agency, offer an online quote option as well as being able to call them and buy a policy.
You will be issued with a policy number and then your car, house or even business will be safe from any upcoming troubles. Before you buy an asset, it is advisable to take the time to browse different insurance companies to find which is best suited to you.
There’s Something New in Your Life
When you first start getting insurance, it is most likely to be for small objects – your phone or perhaps holiday insurance for a short trip. However, as you get older, your responsibilities and expenses will grow. One day you may find yourself with a mortgage and this means you will have to prove you have accounted for future risks.
When you own your own home, you will then own all the furniture, the contents and possibly even a car to go with it. This scenario has a far greater risk of financial loss than breaking your laptop at university.
As your assets, income, and circumstances change, it is beneficial to ensure against the loss. This will protect your lifestyle and allow to gain more assets over time, while still protecting what you have. There are different levels of cover and premiums available, but if you feel your needs are not standard, you can talk to an insurance specialist who will be happy to advise you further.
Insure Before the Risk
If you are aware that your house exists on a flood plain or there have been several cyclones over the last decade, you will need to purchase insurance before this type of event takes place.
Many insurers will place embargoes on policies when a disaster is approaching, so you will need to have purchased the cover beforehand. However, if the company does still allow you to take out a policy, the premium will be significantly higher so again it is beneficial to have taken out a policy before.
Why Purchase Insurance?
Insurance is a necessary part of life; like brushing your teeth, paying your taxes or dropping your phone – at some point in life you will need a policy. Although there may be long periods where you don’t make a claim, when the time comes, having insurance will help you afford the related costs.
Instead of being left with a giant bill, you will be able to process the claim and move past whatever incident life has thrown at you. There is a myriad of reasons to get insurance and at Powers Insurance Agency, we have you covered.
When you purchase a policy, you are managing your risk and transferring the cost of losses to an insurance company. You are left with only a premium and the peace of mind your stuff is protected. The insurance companies will invest funds securely so that they have enough money to pay out a claim.
Protect Your Home
If you are buying a home than it is very likely that your mortgage lender will want to know your home is protected. Home insurance will protect you from damage that incurs throughout your house. If you are willing to pay extra for a smaller premium, then you will benefit from being able to replace or repair damaged items from around the home for a lower cost.
Not only are you protected from damage you cause, but you are also covered for accidents that are out of your hands. If someone breaks into your home, you will be able to claim items that have been taken. This way you can focus on returning to normality and letting the agency handle to cost.
Similarly, if your home is burnt by fire or suffers from water damage, the effects can be catastrophic. This is the perfect example of when having a policy will mean the difference between making a claim and the possibility of persistent debt.
Driving a Car
Car accidents are no joke. Unfortunately, road traffic in the ninth most frequent cause of death worldwide, which is why good car insurance is a must. The cost of vehicle repair alone would leave a person out of pocket by thousands in a bad case, making insurance the only viable option.
There are several options you can pick which range from third-party (where you are only insured for the costs of the other party) to comprehensive insurance that also covers your vehicle. A thorough comprehensive policy covers claims against theft, weather and even malicious damage.
Pick the policy that suits you best, but just remember, auto insurance is a legal requirement. You want one that will cover all medical/damage costs.
Run a Business
Running a company can be hard enough, without having to account for all the problems that can arise with having an office and a team of staff. There is a wide range of policies to help account for every scenario.
Business liability insurance will help cover claims made against your business. This means you are covered if a customer or a member of staff injures themselves on your property in an avoidable manner.
You can also protect yourself against a potential loss of income. By purchasing business income insurance, you can cover the loss of income you would suffer due to something like extensive water damage. This means you can still pay bills and staff while they can’t work.
If the worst happens and a member of staff can’t work temporarily/permanently due to an issue with your business, taking out workers’ compensation will provide financial support to employees who are unable to work.
What if I Don’t Want Insurance?
Nothing is forcing you to take out an insurance policy, but the pros outweigh the cons. It might feel like an additional expense, but if the day comes that you need to use it, the amount the insurance company pays out will be far greater than what you ever paid.
Not sure what policy is right for you? Want to know if you can combine several policies into one bundle? Or just looking to cut costs? Powers Insurance Agency is here to help. We are happy to answer any questions so please get in touch as soon as possible.
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