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Gill Insurance Advisors Blog

Does A Home Business Need Commercial Insurance?

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If you have a home business, you should have commercial insurance. There are many different types of policies, and it’s important to find one that will cover your particular needs. Gill Insurance Agency can help Plainfield, IN home business owners choose the best policy. We have a wholehearted interest in your business. 

Does A Home Business Need Commercial Insurance?

Home businesses need a variety of types of insurance to protect their assets. In addition to liability coverage, home business owners should consider professional liability insurance, also known as errors and omissions insurance. This coverage protects your business from claims of negligence in the provision of professional services. Worker’s compensation insurance is required for home businesses with employees, but different policies apply to different types of home businesses. It’s important to remember that business property insurance covers your business equipment. Homeowners’ policies do not cover business equipment, so be sure to purchase a separate policy for your home business.

Small business owners have three basic choices for their insurance needs. They can either add endorsements to their homeowner’s insurance policy or buy a Business Owners Package (BOP) policy that offers all the necessary coverage for their home-based operation. The choice depends on the nature of your home-based business and how much you’re willing to spend. Some policies offer liability coverage for visitors to your home. For smaller businesses that receive very few business visitors, this endorsement is optional.

If you run a home-based business, you’ll need to adjust your policy on a yearly basis. You’ll also need to update your policy in case something happens to your property. A home-based business policy will only cover some of the risks, and it’s important to make sure you know all the details. 

Give Us A Call

Running your own business takes a ton of time and effort. Let Gill Insurance Agency, now serving the greater Plainfield IN community, take away the headache of commercial insurance shopping today.

Is Home Insurance Legally Required?

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Although home insurance is not required by law, it is likely that your bank will require it before underwriting your mortgage. However, even if the bank does not or you purchased your home without financing, home insurance is a no-brainer purchase because it protects you and your loved ones from devastating financial loss. If you do not have home insurance and your house is destroyed in a fine, you are financially responsible for all costs associated with the incident up to and including rebuilding the structure. Unless you have an extra few hundred thousand dollars laying around to rebuild your home, you’ll want to have the security that homeowners insurance offers. If you are on the fence about home insurance, ask yourself – if your home and all your belongings are destroyed; could you afford having to start over from nothing? If not, you’ll want to have home insurance coverage. 

Most mortgage lenders will ask that you insure your home to at least the rebuilding value which is determined by the insurance company. Aside from being financially protected by a home insurance policy, you’ll also receive liability coverage, so if a third party is injured on your property, your insurance will kick in until your liability coverage is exhausted. Most home insurance policies will also include dwelling coverage that pays for damage to the structure of your home that is caused by a storm, wind, or other covered incident along with additional living expenses if your home is uninhabitable because of a covered loss.

At Gill Insurance Agency in Plainfield, IN we know that you have lots of questions about home insurance so we encourage you to give us a call to learn more about our agency and how we can help you with all your insurance needs. 

What coverage comes with an auto insurance plan in Plainfield?

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For most people in the Plainfield, IN area, owning a car is considered a necessity. When you are an owner of a vehicle, you will have a much easier time getting around town and going to work or school. Once you buy a car, it is crucial that you also get a quality insurance plan. Your auto insurance plan will offer various types of support that make coverage well worth the investment. 

Liability Support

One type of coverage that you will receive with your auto insurance plan is liability support. If you drive a car, you will run the risk that you can cause an accident. If this occurs, you will need to cover damages incurred by the other driver or other parties involved. Your auto insurance plan will offer you the support required to cover these damages if a situation like this arises. 

Protect Assets

You also will want to have auto insurance to protect your assets. If you purchase a car, you will be making a significant investment. A great way to protect this is with a comprehensive and collision insurance plan. This coverage will give you support if your car is stolen or damaged in an accident or you incur another type of covered loss. 

In the Plainfield, IN area, you will likely want to own a car. Due to the necessity and importance of a vehicle, you will also want to ensure that you get the right insurance for it. As you are looking for an insurance plan here, you can start your search by calling the Gill Insurance Agency. There are a lot of choices to make when looking for coverage, and Gill Insurance Agency can help you build an ideal plan. 

Life insurance for parents: 3 Reasons to buy a policy in Plainfield, IN

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Gill Insurance Agency understands that life insurance isn’t only for you. It protects your entire family too.

For this reason, every member of your family needs their own policy. If a parent doesn’t already have life insurance, consider purchasing a plan. With their consent, life insurance can alleviate some of the stress, worry, and financial burden that comes with caring for an aging parent.

If you are still on the fence, Gill Insurance Agency can help. Their experts list three benefits of buying a life insurance policy for a parent.

Cover expenses and debts

Sadly, the last several years of a person’s life are typically expensive. And this is often unavoidable. Bills pile up quickly. Medical bills are the main concern. But existing mortgages, loans, and credit card debt also require attention. After a parent passes away, a life insurance policy can help pay any lingering debts that are left behind.

Pay for final arrangements

Funeral expenses are costly too. This burden often falls on the child of the deceased. A plan to provide a parent’s end-of-life directives is imperative. Life insurance plans can allocate enough money to execute these wishes. Burial or funeral insurance is created specifically for this reason.

Support a surviving parent

A parent passing away is tough. Caring for a surviving loved one can be even more difficult, especially if they need to relocate. Downsizing and moving requires added expenses, but a parent may also need an assisted living facility or in-home nursing care. Life insurance can help, ensuring an easier transition.

Ask an agent serving Plainfield, IN

You’ll likely have questions about what life insurance policy is right for your parents. Fortunately, Gill Insurance Agency has answers. Serving Plainfield, IN, they can create an individualized plan that protects both you and your family.

What Does Commercial Insurance Cover?

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The agents at the Gill Insurance Agency that serves the entire Plainfield, IN area want you to know all of the commercial coverage options that are available to protect your Indiana business.

You have invested an incredible amount of time and money into your amazing business and you want to protect that investment. The best way to achieve that is to have the appropriate amount and types of commercial insurance in place for your business.

Commercial Auto Liability Insurance Coverage

In the state of Indiana, you must have commercial auto liability insurance in place. You need to have liability auto insurance to legally drive on any public streets, roads, and highways and that law applies to any vehicles that are owned by your business or that you use to conduct business. You can also obtain other coverage options when it comes to business auto insurance if you so choose and you can discuss that with your agent.

Worker’s Compensation

In the state of Indiana, you must also have worker’s compensation insurance in place through your commercial insurance policy that will cover any employees you may have if they are injured on the job. This type of coverage will help compensate them for lost wages and help with medical bills from their injury.

Business Liability Insurance

You will want to have a general liability insurance policy in place under your commercial insurance umbrella since it will cover any injuries that are sustained by a customer or other person who is visiting your business and is injured on your property. This will also cover anyone that is injured because of an incident that happens involving your business.

Other Commercial Insurance Options

Other insurance options that are available when it comes to commercial insurance include cyber insurance and professional liability insurance period these types of coverage can assist you with any lawsuits or other legal issues that may come up as well as any breach in the security of your customers’ information due to a cyber-attack.

To discuss the options you have when it comes to commercial insurance, contact the agents at the Gill Insurance Agency in Plainfield, IN today to create your policy to protect your business.

Auto insurance riders to consider

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Drivers in Indiana are required to carry basic auto insurance. This is liability coverage and protects other people from you, the driver who causes an accident. At Gill Insurance Agency in Plainfield, IN, our team doesn’t believe in one size fits all. As independent insurance agents, we have more flexibility to customize the right insurance product for all of our customers. 

Beyond basic insurance, there is insurance to cover your vehicle which is collision and comprehensive. Besides that, there are some riders, also known as endorsements, that are options you can choose to add to your policy. 

Roadside assistance

When you are out on the road and have a breakdown or a flat tire, it is good to know you can just call and assistance will be on the way. This is basically the same coverage you would get from an auto club membership but for a lot less money. In the event that you have an accident, the insurance company will send roadside assistance to get your vehicle out of danger. 

Gap Coverage 

When you drive your new vehicle off the lot, it loses value in the insurance company’s eyes immediately. If you have an accident within a short time, you could be in the unenviable position of owing more money on your vehicle than the insurance company will pay you to replace it. Gap coverage will make sure you are not left in the lurch. 

Accident Forgiveness

Not every company offers accident forgiveness, but many do. This will guarantee that if you have an accident, it is not going to affect the premium that you pay for your insurance. But, not all coverage is the same. Be sure to take a good look at it to determine if it is worth the cost. 

Contact Gill Insurance Agency in Plainfield, IN with all your insurance questions and needs. 

Indiana Home Insurance: Check Your Liability Coverage Before You Renovate

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When you are renovating your home, you have several hundred thousand worries on your mind. One of them is the potential for accidents or liabilities. That is what home insurance is for, and what contractor insurance is for if you are hiring one. 

At Gill Insurance Agency, we want Plainfield, IN residents to make sure they know what their liability coverage looks like before they renovate. Here are a few things to keep in mind before you get that first hammer swinging. 

Notify Your Home Insurance Company Before You Renovate

When you are renovating, you will need to check with your home insurance company before you do so. They will want to know if the cost of your home will go up after the renovation is complete.

Increase Your Liability Coverage

They also want to make sure that your liability limits are high enough, in the event of an accident during the renovations. There could be any problem happening during a renovation. A nail could get stepped on and it turns into a year-long crisis, a fall could occur, or damage could occur that you may be held liable for. 

This is important whether you are hiring a contractor or not. All too often, we do it ourselves, and get an extra hand from a friend, and something happens. Nobody wants to sue anybody, but somebody still has to pay for the damages.

Increasing your liability coverage helps you to feel more secure in the event that something like this happens. If it happens on your property,  you are going to be held liable.

Check Your Contractor’s Insurance

If you do have a contractor, be sure that they have liability insurance as well. You can ask to see a copy of their policy or get a copy of their policy number in the event of a problem. You can get a copy of their worker’s compensation policy as well. They may ask to see your policy number as well, but for the most part, this is a question contractors shouldn’t be afraid to hear.

This is important and tells your contractor that you are paying attention to liabilities. It may be their nail that you hurt yourself on. You won’t be held responsible for that.

Increase Your Liability Coverage Today

It’s never too early to increase your liability coverage. At Gill Insurance Agency, we want Plainfield, IN home owners to feel comfortable with their home insurance policy. Call us today to update your home insurance policy, and increase your liability coverage before you renovate.

Common Life Insurance Questions Answered

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At Gill Insurance Agency, our many Plainfield, IN customers regularly asks many questions about life insurance. That’s why we’ve compiled a list of the most common of these questions and provided meaningful answers.

Is Life Insurance Necessary?

Many people feel this kind of insurance is excessive or unnecessary. But ask yourself this question. Will your loved ones be okay financially if you pass away without a policy? If not, you need to buy life insurance right away to ensure that they can handle life financially after you. 

How Do I Choose a Beneficiary?

Pick someone who you can trust to use your life insurance money wisely. A spouse, a family member, children, or even friends can help to make this process easier. In essence, you need to pick someone you know will have your back and minimize any complications. 

Do I Have to Share My Health With Them?

Some companies may not ask you to share your health status with them before providing a policy. However, you may find that your payments are much higher than you wanted. Make sure that you fully understand this potential risk before you work with one of these teams. 

Should I Get Whole Life Insurance? 

Term life insurance is suitable for people who are likely to pass away before the term ends but must be renewed if you want continual coverage. Whole life is more expensive but will cover you until you pass without the need for renewal. The choice ultimately depends on your needs.

We Can Answer Your Questions

If you have more questions about high-quality life insurance, please make sure to contact us at Gill Insurance Agency right away. Our team works with Plainfield, IN residents to help understand their coverage needs and ensure that they are covered.

Don’t Make These Common Commercial Insurance Mistakes

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At Gill Insurance Agency, we provide insurance policies for many Plainfield, IN businesses. Unfortunately, however, many of our customers make the following coverage mistakes that impact their bottom line.

Mistake One – Picking the Cheapest Policy 

When you’re covering your business, you shouldn’t skimp out on your insurance policy. Yes, it might save you $1,000 a year if you get a policy that is $100 less per month than a better coverage option. However, you might find yourself with lapses in your policy that cause serious financial troubles. 

Mistake Two – Underinsuring Yourself 

This mistake is often connected to the first but may be separate in some circumstances. For example, you might get a high-value policy to find that it isn’t suitable for your business needs. You may need to upgrade to a more comprehensive policy designed for larger companies like yours. 

Mistake Three – Buying Too Much Insurance 

While it might seem tempting to insure your company for more than it is worth, your policy will never pay more than that. So, if you get insurance for $1 million and your company is only worth $250,000, you might be surprised to find that you won’t get that $1 million. 

Mistake Four – Not Understanding Your Insurance Options 

Insurance companies often provide various commercial options that help cover you and ensure that you are safe. For example, a Business Owners Policy can cover things like your property, liability, and interruption coverage. That kind of protection is critical. 

Speak With Your Agent Today 

If you want commercial insurance from Gill Insurance Agency to protect your Plainfield, IN business, please don’t hesitate to contact us right away to learn more. Our team will help you better understand your policies and give you the insight that you need.

What Does Auto Insurance Cover?

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Choosing auto insurance can be very confusing yet vital. You need to ensure you are choosing adequate coverage that will protect you when something happens. As Gill Insurance Agency of Plainfield, IN explains, here is what auto insurance covers.

Bodily Injury Liability

This type of coverage offers you protection when you accidentally hurt someone in an accident. It helps cover their medical expenses, including things like doctor visits, prescriptions, and ambulance rides. In addition, if the injured party decides to sue you for damages, this coverage can help pay those legal fees.

Property Damage Liability

Property damage liability helps cover repairs to a third party’s property if you damage it in an accident. It can be a house, car, fence, mailbox, or store. However, note that repair to your vehicle is not covered in this scenario, and you will need a separate policy for that.

Collision Coverage

This type of coverage helps cover repairs to your vehicles due to a collision with another car or object. It also helps cover an accident involving your vehicle alone, such as a rollover accident. If your vehicle is too damaged to be repaired, this cover will help replace it.

Comprehensive Coverage

Comprehensive coverage helps pay to repair or replace your vehicle when exposed to various risks other than collisions. Such risks include fire, damage, vandalism, theft, and falling objects like trees or hail.

Insured/ Underinsured Insurance

You may find yourself in an accident where the negligent driver lacks sufficient insurance or is uninsured. In such cases, this coverage can help pay for medical expenses and repairs to your vehicle, preventing you from a financial loss.

If you own a car in Plainfield, IN, and you need to know of the available coverage at your disposal, feel free to contact Gill Insurance Agency. We have experienced agents ready to answer your questions and help you choose the right policy for your car.

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