Friday, October 23, 2015

What is Uninsured and Underinsured Motorist Coverage?

You have just been in an auto accident.  The driver that hit you doesn’t have insurance at the Lake of the Ozarks.  How will the cost of the accident be paid?  Most states have some sort of criminal fine for driving without insurance; however this will not help you with your loss.  

Uninsured Motorist Coverage 


If you are ever in a car accident with someone that does not have insurance you may be able to get compensation from your own insurance under the Uninsured Motorist coverage.  Uninsured Motorist (UM) doesn’t normally cover damage to your car; however it will generally cover medical bills, wage loss, and loss of earnings capacity.  Damage to your car would be covered under your Collision coverage subject to a deductible.

Underinsured Motorist Coverage


Underinsured Motorist (UIM) coverage is similar to Uninsured Motorist; however this limit is for when you are hit by an insured driver, but their limits are not enough to pay damages for the entire loss.  For example: you have a $300,000 UIM limit, the other driver has liability limits of $50,000 per person and your damages are $150,000.  You would receive $50,000 from the other carrier and $100,000 from your carrier for a total of $150,000.  Some other states will allow you to stack limits while Missouri allows up to the limits on your policy for all reimbursements that are made.

Adding UM and UIM to Your Policy


There is a charge to add UM and UIM coverage to your policy and the cost to increase these limits is normally very reasonable.  Unfortunately, many people have UM and UIM limits much lower than their primary liability limits.  Often policies with liability limits of $1,000,000 have UM/UIM limits of $25,000.  Why not protect the people inside your car as much as you protect those outside your car?  The additional Lake of the Ozarks insurance coverage is worth the minor cost.

Be sure to talk to your insurance agent at the Lake of the Ozarks about your specific situation.  Steve Naught is a Certified Insurance Counselor with the Naught-Naught Agency in Osage Beach.  Give him a call at 573-348-2794 or fill out our online quote request

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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Thursday, October 15, 2015

Is Your Business Insured for Growth?

A growing business is a great thing to have. With your personal life, when you get married or have a baby, your insurance needs to change, the same goes for changes in your business. Don't let your business insurance needs get overlooked with all the excitement of business growth. Are you sure that your insurance still covers everything now that your business has grown? Not having adequate insurance can set you back financially, or in the event of a disaster, could put you out of business all together. Protect your hard work by reviewing your Lake of the Ozarks business insurance policy to make sure it fits all of your business needs.

Insurance Tips for Growing Businesses


It doesn't take much effort to make sure your business policy is up-to-date. Here are a few items to discuss with your trusted insurance agent at the Lake of the Ozarks:

1. Additional Employees - If you're business is growing, chances are you're hiring a few more employees to cover the extra work. You'll want to make sure you update your worker's compensation payroll to account for the additional exposure.  No need to get surprised at an audit. In addition to increasing your payroll there are a few things you can do internally to prevent insurance claims. Be sure to get background checks on new employees to avoid a bad hire. Also, to reduce employee injuries, make sure all employees (new and old) are properly and persistently trained.

2. Building Expansion - Has your business outgrown your current work space? Do you need more offices or a larger manufacturing area? Whether you're adding on to your current building, purchasing a second building or moving to a new building altogether, you need to make sure that the new space is covered under your business insurance policy. Even just the addition of one office on the side of the building adds value to the property and that increase in value means you need increased insurance coverage.

3. Increased Inventory - Business growth often leads to the need for increased inventory. Is that additional inventory properly stored and protected? Think about all the consequences of damaged inventory. What would that cost be to you? Would you have to shut down business for awhile? Make sure your inventory, as well as where it's being stored, is properly insured.  In addition, ask about policies that cover you in case a supplier goes out of business or a third-party warehouse damages your inventory.

4. Data Breach & Cyber Liability - No business is too small to avoid the risk of hackers. Small businesses suffer cyber and hacking losses at the same rate of big businesses. Make sure that your business policy covers business data loss. The resulting lawsuits and fines from a data breach can be expensive. Be sure to ask about policies that cover remediation and customer notification services.

5. Updated BOP - If you don't already have a "Business Owners Policy" or BOP, you may be eligible for one. If you're company is expanding, you need to make sure that the policy accommodates all of your specific business needs. This includes the need for new equipment and a growing payroll. At a minimum, you'll want a package policy with property coverage and business interruption insurance that will repay your profits.

Protecting your business as it grows will give you the peace of mind as you plan to take your business to the next level. Contact Insure the Lake today at 573-348-2794 to discuss all your business insurance needs. Our Lake of the Ozarks insurance company does annual reviews with customers to update changes in payroll and receipts, as well as discuss changes in operations. We also review property values and liability limits to make sure they are adequate in the event of a loss.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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Tuesday, October 6, 2015

7 Most Common Auto Insurance Claims

While you could be the best driver in town, that doesn't mean you won't ever get into an auto accident. Even if you're doing everything right, you could still be involved in a situation where a Lake of the Ozarks auto insurance claim is necessary. Knowing what the most common types of auto insurance claims are can help you try to avoid them. Let's take a look at a few of these claims:

1. Fender Bender


A "fender bender" is the term given to a small accident that usually involves another vehicle, in which no one is hurt and the damage is typically under a few hundred dollars. These types of accidents typically occur in parking lots, driveways and narrow intersections. While this claim doesn't seem major, it can still have an effect on your insurance premiums. 

2. Theft


A comprehensive insurance policy will cover your vehicle being stolen. The cost of the premium is determined on the likelihood of having your car stolen, i.e. the neighborhood you live in, the value of your car, etc. You can decrease your premiums by installing anti-theft devices such as an alarm system, GPS tracking, etc.  

3. Windshield Damage  


Another common claim is windshield damage, usually the result of a rock or some other small flying debris. Many people opt for comprehensive coverage to cover nicks, cracks and breaks. A new windshield is quite expensive, so you don't want to end up paying that out of pocket.

4. Vandalism


From unruly teens to vengeful exes, vandalism is another common auto insurance claim. This can include finding your vehicle keyed, with broken windows or with various other parts removed or damaged. Much like with theft, the higher the risk of vandalism, the higher your premiums will be.

5. Whiplash


One of the most common injury claims is whiplash, as it only requires a jerking of the neck motion. Even if you aren't actually in an accident, whiplash can occur just by slamming on the breaks in order to prevent the accident. 

6. Back Injuries


Back injuries are the second most common injury claims. They can range from something as simple as a strained back muscle to something more severe like a slipped disk. Auto insurance MedPay can help cover medical costs for you and your passengers. 

7. Animal Collisions


Even if you live in a big city, you can still hit a deer or other animal in the road. Depending on the size of the animal, as well as the speed and angle you hit it at, that animal could do some major damage to your vehicle. With deer season just around the corner, this is one to be especially aware of.

While you can't avoid all situations that could end up requiring an auto insurance claim, being aware of these common claims can help you practice better driving to avoid these situations as much as possible. It's also important to understand what your auto insurance at the Lake of the Ozarks covers. Are you covered for all of the above situations? You never know when  you could find yourself in one of these auto insurance claim situations. Contact Insure the Lake today at 573-348-2794 for all your insurance coverage questions.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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Friday, October 2, 2015

5 Reasons To Consider Disability Insurance Coverage


Insurance at the Lake of the Ozarks is used to protect a variety of things, from your car and house to your health and life. Many people forget to insure their most important asset though, the ability to work and earn a living. You never know when tragedy will strike, leaving you unable to work and provide for yourself and your family. Let's take at some reasons you should consider disability insurance for yourself:

Reasons to Get Disability Insurance


Disability insurance is used to protect against loss of earnings due to not being able to work. There are two types, short-term and long-term. Short-term provides payments if you are out of work for an extended period of time due to illness or injury. Long-term disability provides payments if you are permanently unable to return to work. Here are a few situations where disability insurance could come in handy:

1. Debt Obligations - Do you have a mortgage payment, car payment, student loan payments? What would happen if you temporarily lost your income? One of the biggest concerns for most people is making their mortgage payment, sometimes it's hard to do even with a steady income. Disability insurance may be the only thing keeping you from losing your house if you are unable to work and make an income.

2. Family Obligations - Do you have children that rely on you? Is your wife a stay at home mom, and you're the only source of income? What would your family do if there was no more money coming in because you weren't able to work? The head of household is the most common purchaser of disability insurance for this reason.

3. Predisposed Condition - If you have a family member that became disabled due to a stroke, arthritis, etc., the condition may have been transferred to you genetically. In this case, you have a greater risk of becoming disabled and should consider disability insurance. While you're insurance may be slightly higher in this case, think about the consequences of not having it.

4. Dangerous Profession - While everyone has some risk of becoming disabled, some professions are more dangerous than others. Those people in riskier professions should consider short-term disability insurance, as they face a much higher incidence of disability. These types of professions include manufacturing jobs, constructions jobs, etc.

5. No Emergency Fund or Savings - Many people today are living paycheck to paycheck, with no extra money to put into savings or an emergency fund. If you don't have any money set aside for an emergency situation, such as becoming disabled, you should consider short-term disability insurance. If you were unable to work for an extended period of time, you could face immediate financial crisis.

Disability Risk Statistics


Take a look at these statistics showing how great your risk of becoming disabled actually is in a given year: 
  • 1 in every 88 homes catch fire
  • 1 in every 70 vehicles get in a serious accident
  • 1 in every 106 people die 
  • 1 in every 8 people become disabled 

Think about how your life would be affected if you became disabled tomorrow. Which of the above situations could apply to you? Seeking out some form of disability insurance to protect yourself might make sense. Contact your Lake of the Ozarks insurance agent at 573-348-2794 today for more information. Insure the Lake is here to help with all your insurance needs!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


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