An umbrella policy is an excess liability policy. Here’s just one example of how a personal umbrella policy works. If you’re at fault in an accident that injures another driver, your auto insurance may cover the other driver up to the limit you selected. Lets assume that limit is $250,000.
Now the question is: what happens if that limit is not enough to cover the other driver’s medical bills?
You may be responsible for the damages exceeding the $250,000. If sued, your personal assets could be at stake.
We hear so many people underestimate just how expensive an auto accident can be. Medical costs alone can easily exceed $100,000.00
With an umbrella policy you are creating another layer of protection for liability suits.
Its important to understand that an umbrella policy will kick in only after the underlying policy limits have been used.
We live in a very litigious society and even if a jury does not rule against you, its likely you’ll have to pay for a lawyer to defend yourself.
With an adequate umbrella policy, the money at risk can be your insurance company’s, not yours. Sometimes this means corporate lawyers will take on the case, and your defense costs can be covered as part of the umbrella policy. (note: not all policies are created equal. This article is an educational guideline and should not be viewed as a document that outlines what will or will not be covered under your umbrella policy. We are not claims adjusters, we are advisers that help you mitigate risk. Please contact your independent insurance broker for more information on what product best suits you)
The nice thing about umbrella policies is that the premiums are very affordable. We’ve written two million dollar policies for under $700 per year, one million dollar policies for less than $300
Another great thing about umbrella policies is that they are easy to set up. They can be added to your existing policies, often times with only one phone call. Purple Sun Insurance Services will take care of the rest. There’s typically no long applications or credit checks involved.
Like other insurance policies, an umbrella policy enables you to share the risk with others in an effort to protect you and your family. One catastrophic event can greatly alter, if not ruin people’s lives. With an umbrella policy you can sleep better at night knowing that if a tragedy should occur, you have an additional line of defense.
Client or not, we’re here to answer questions. 916-750-2489
Okay we admit the photo is a little dramatic. They look so unhappy!
In all seriousness though, increased auto rates is a stress inducer! Hopefully this article will help you get a better understanding what to do after a car accident.
In a previous blog post we examined how a car accident can affect shopping for insurance. In this blog post we will talk about the affect that a car accident has on your existing insurance coverage.
In some states, insurance carriers offer first accident forgiveness coverage. This of course comes with an increase in premium. But in the state of California, this offering is actually illegal because it’s too difficult for insurance because of the difficulty in clearing it with the state insurance department.
Here in California, when you get into an at fault accident, there’s several things that could happen.
The insurance carrier can raise your premiums at the next renewal. They can apply this increase to a single vehicle, or straight across the entire policy.
You may be forced to increase your deductible.
The insurance carrier may offer you a new policy with their non standard market. This of course requires a cancellation of the existing policy, applying for a new policy, re-writing the policy, and finally, putting down a new down payment.
Cancellation of your policy.
Many people become frustrated when insurance carriers punish a long standing customer at first sight of an accident. But, its important to note that carriers have the right to change the terms of the policy regardless of your tenure as a customer.
Remember the 3 or 5 year lookback period we talked about in our last blog post? If you are involved in a new accident, the carrier will now re-evaluate you as a driver. This time they will look at all previous information, and add this new accident into the mix.
The insurance carrier then makes a decision as to how they want to proceed with the policy.
A quick note here: don’t take these actions against you personally. Evaluation of policy terms is something the insurance carrier must do, and they’ve hired some of the brightest minds in the world to analyze the data.
Regardless of what action is taken by the carrier, you do have options. You are not required to continue giving them your hard earned dollars. There are many other carriers out there that would love the opportunity to compete for your business.
That’s where we come in. With access to over 30 carriers, we are in a great position to find you the best deal for your hard earned dollars. We take all of the work out of your hands, because you have other things to worry about.
Give us a call at 916-750-2489. We’re happy to help, and the process is smooth
At Purple Sun Insurance Services we have this topic come up frequently. A married client comes to us interested in discussing their options for life insurance, and later points out that they do not intend for their stay at home wife or husband to carry the insurance because they don’t earn money at a job.
Many people have a hard time conceptualizing why its not just the breadwinner who needs the coverage.
While stay-at-home parents don’t earn money, they save the family piles of cash. Part of the reason for this they take on many different roles in their children’s lives. The job is a 365 day a year commitment.
Attending soccer games, cooking, cleaning, chauffeuring, tutoring… these are just some of the roles stay-at-home parents play for their rapidly changing children.
Its important to remember that if the unthinkable were to happen to a stay-at-home-parent, the surviving partner would immediately need to scramble to find someone to take over the duties that were once handled by their partner.
In addition, many stay-at-home-parents enter the workforce once the children get a little older. A simple and affordable term life insurance policy would help soften the blow in a big way when tragedy strikes.
Life insurance also provides immense peace of mind for those mourning the loss. Losing a parent or partner is considered to be one of the most emotionally challenging things we experience as humans.
Its imperative that plans are put in place that protect the surviving partner and children’s way of life.
At Purple Sun Insurance Services we have a variety of options to offer clients. Regardless of how small your budget is, there ARE products out there that will make your passing much easier on those left behind.
Nobody likes planning for their own death. But a lack of planning creates a great deal of unnecessary pain. Pick up the phone and call us, we’re happy to talk about what options you have. 916-750-2489
What is the California Fair Plan?
For some folks, the California Fair Plan (CAFP) is a last ditch effort to get their property insured.
So what exactly is the Fair Plan? Simply put, FAIR Plans help cover high risk properties when the standard markets won’t.
But first lets answer the question: what makes a property high risk?
A property that is prone to natural disasters, be it fires, tornadoes, windstorms, mudslides. Some properties are considered high risk because they are in areas prone to high levels of crime, but today we will focus on the FAIR Plan as it pertains to the current fire crisis in California.
“FAIR” stands for Fair Access to Insurance Requirements. Ironically, the program was NOT designed in an attempt to insulate us from the worsening of fires here in the state we love.
The FAIR plan is an insurance pool that was created in 1960 in order to give people a place to acquire property insurance. But FAIR Plan can only be utilized once standard markets are exhausted.
The program is not taxpayer funded. All California property insurers are required to participate in the program. If they don’t participate, they aren’t able to conduct business here in California where some 40 million residents live.
The Fair Plan policies are bare bones policies. They provide considerably less coverage than coverage afforded in the standard markets.
FAIR Plan consumers would do well to really educate themselves (with the help of a broker) on what the policies do and do not cover.
FAIR Plan is by nature restrictive because it only covers losses stemming from certain perils. That list of perils is shorter than would be on a standard market policy.
Its very important to understand that the FAIR Plan is a last resort approach to insuring your property.
So what should you do if you’ve seen your premiums skyrocket, or even worse, are unable to find coverage? The best plan of attack is to contact an independent broker who has the ability to write insurance with many carriers. Bonus points if that broker is appointed by the state to write FAIR Plan policies.
At Purple Sun Insurance Services in Roseville, CA, we have the education and carrier access to find insurance for your high fire risk property. If we’re unable to find a carrier that will take your risk, we are also appointed with the state to write FAIR Plan policies. Simply put, if there’s insurance out there to protect your property, we can make it happen for you.
We know this crisis is creating a bunch of stress for hard working folks across the state. Even if you just need to ask a question or vent about the current situation, give us a call, we’re eager to help out as many people as possible. That number is 916-750-2489.
In California, accidents appear on your driving record for 3 years (on aveage). However, its important to note that a car accident can affect your insurance even after its disappeared off your motor vehicle report.
When you request a quote for your auto insurance, one of the things that underwriters look at is your driving record. Your driving record is a combination of tickets and accidents. We run the MVR (motor vehicle report) and CLUE report (CLUE tells us any paid claims) because these items are a normal part of the underwriting process.
Here is where it can get a bit confusing. Each insurance carrier has a different “lookback” time period. Some will only go back three 3 years, others may look as far back as 5 years. The insurance carrier uses this information to determine whether you qualify for insurance with them, and at what rating tier.
Each carrier can be different with their ratings tiers, but the cleanest driving record get the best rates. The driving records with more claims and tickets will receive a higher rate. This is because the driver of the vehicle with a not-so-great driving report is more likely to file a claim.
Sometimes when drivers have many marks on their record, they are classified as a “high risk” driver. If you are classified as a “high risk” driver, you can count on higher premiums. The carrier also reserves the right to refuse coverage entirely.
If you are denied coverage or feel as though the premium is too high, its time to start looking at another carrier. Its entirely possible that another carrier will not classify you as a “high risk” driver. Because carriers operate on such different criteria, its very beneficial to be working with an independent insurance broker who can easily access many different products at once.
Go ahead and call us to hear what your options are. 916-750-2489.
In this blog post we will discuss why our agency is different, and what to look for when forming a relationship with an independent insurance broker.
About us: We do not cut corners. We do not skimp on coverage. We are in the business of providing financial guarantees. Nobody wins when an insurance agency creates financial uncertainty in order to save the customer a few bucks.
At Purple Sun Insurance Services in Roseville, CA we give fundamentally sound advice. We also build strong relationships built on trust and accountability. A good insurance broker should remove the need for you to think about insurance at all. They take care of all the work!
When you find a good one, an independent insurance broker should be treated as a trusted advisor because that’s what they are. Because an independent broker doesn’t work for an insurance company, they act on your behalf and make insurance carriers compete for your dollars.
That brings us to our next point. Its best to align yourself with a broker that has a diverse pool of carriers to choose from in both commercial and personal lines. This ensures that you will be offered a variety of coverage options. Remember insurance is not a one size fits all industry. Each situation is unique and only a broker with strong carrier alignment can serve your unique needs.
Consider that there’s more to an insurance broker than price alone. At Purple Sun Insurance Services we do not charge fees for our work. But some brokers do. That’s in part because of how time consuming it is for brokers to thoroughly evaluate and shop your insurance. Brokers often times put in 10+ hours on a commercial account and many times the consumer decides to go another route. That’s okay, its a part of the business.
Your insurance broker should be easy to access. In the modern era you can contact your broker by text, email, or phone call. While us brokers don’t work 24 hours a day, a good broker should be responsive to all your requests.
A good insurance broker will do a complete job, the very first time. What this means is paperwork and answering questions that some people may deem to be unnecessary. Without a comprehensive understanding of your situation, a broker can not give their best advice. Find a broker that doesn’t want to rush through the process and you’ll be protected much better than someone who does business with an agent who does an incomplete job.
This is a big one here so take notice of this next paragraph. Find an insurance agent who provides you with a policy that is set up to protect you, not sell you. We see this so often in the industry: insurance policies that are written to sell and not protect. Corners are cut, coverage amounts are decreased, deductibles are raises. All these tricks in an effort to make the premium lower so that you sign on the dotted line.
If you aren’t in love with your current broker, if you haven’t heard from your broker in a long time, or if you’re simply looking to ask a question… give us a ring! 916-750-2489
There are many different types of policies in the world of California property insurance. Homeowners, renters, condos and landlord. You may have heard of a landlord policy being referred to as a dwelling fire policy.
At Purple Sun Insurance Services in Roseville, CA we have clients come to us confused as to what type of insurance they need. No problems there, insurance IS confusing.
Renters insurance is fairly self explanatory. You are renting an apartment or home from someone who has a mortgage on the property. What you are in need of is coverage for your personal items inside of the apartment, home, or condo that you are renting.
Condos have different requirements than a typical homeowners policy. These condo policies are written in a way to fit those specific needs.
Homeowners and landlord policies create confusion for many people. Which one is right for the property you own?
This is determined by who occupies the home.
Do you occupy the home that you own? A homeowners policy is what’s needed for owner occupied home.
But lets say you have a tenant in one of the homes you own. A landlord policy is designed for tenant-occupied homes.
For the sake of clarity, even if you are not charging the tenant rent, you still need a landlords policy if you do not live in the home.
Aside from occupancy, a homeowners and landlord policy differ in coverage options too.
- Coverage A- Dwelling
- Coverage B- Detached Structures (your tool shed, the detached garage)
- Coverage C- Personal Property (your stuff that isn’t part of the house. I tell clients this is anything that would fall out that if you picked up the house and shook it upside down. All your stuff that is not part of the home. By the way, we don’t recommend trying to pick up your house. Bad idea)
- Coverage D- Additional Living Expense (pays for expenses should you have to move out due to a covered loss- hotels, apartment, meals out, laundromat, etc.)
- Coverage E- Personal Liability
- Coverage F- Medical Payments to Others
A landlord policy includes:
- Coverage A- Dwelling
- Coverage B- Detached Structures (your tool shed, detached garage). Depending on the company, this coverage may not be automatic, but instead added on.
- Coverage D- Loss of Rental Value (similar to Coverage D above, except this pays for rent you can’t collect because your tenant has had to move out due to covered loss- house fire is a great example).
- Coverage E- Personal Liability
- Coverage F- Medical Payments to Others
So what’s the difference? No Coverage C for Personal Property in a landlord policy. Why? As a landlord it is not your responsibility to insure a tenant’s personal property. That is what a renter’s policy is for.
With that said, its a good idea for landlords to insure items that they furnish for the rental property: stoves, refrigerators, washer and dryer. You can add Personal Property to insure those items.
Its always best to get an insurance broker to hear your specific needs. From there they can give you an idea of how best to protect yourself. If you own or rent a home in the state of California, give us a call at (916) 750-2489.
Employee turnover has seemingly forever been a pain point for the janitorial industry, especially during a very strong economy. During a strong economy the average employee has more job choices than usual.
We live in an era in which employees feel as though the way to get ahead is by jumping from opportunity to opportunity. Gone are the days when employees feel that long term loyalty to a single company will provide them enough income to one day retire.
Losing employees hurts in the short term. You’ll be scrambling to fill the previous cleaner’s now vacant spot. Without cleaners, you can’t uphold the promises you made to your clients who rely on your service as a key component to their business.
In the long term it hurts because your cleaning company won’t establish a culture or identity if turn over is a constant.
One day its this employee, the next week its a different employee.
At Purple Sun Insurance Services LLC in Roseville, CA we’ve learned clients really appreciate a smooth predictable customer experience.
With all that said, here are three tips to prevent turnover and all the negatives it brings to your business.
1.) Allow your workers to grow
Employees are there to earn a paycheck, but also to experience growth in their career. Can you blame them? You’re a small business owner. If anyone should embrace this, its you. Nearly ⅓ of employees say that their employer does not provide enough opportunity to grow. Your company should have a culture that encourages their personal and career development.
2.) Make working less mundane
Employees get bored and start to experience the grass is greener syndrome. Make working for your company fun and exciting if you can. This type of approach goes a long way. Remember, if your employee anticipates that they would have a more exciting job at another cleaning company, that’s when they start sending our applications.
3.) Care about your employees
Really though, care about your employees. Many employees are more motivated by feeling appreciated than receiving a paycheck. Thank them for their work. Tell them that without them, you wouldn’t be able to grow your business. Say it because you mean it. Say it because its true. Say it because you know that showing gratitude is an excellent way to receive more of the universe’s pleasantries.
Comprehensive insurance coverage for a cleaning company is unique. Why? Nearly 100% of the job is spent working on other people’s property.
Your employee can damage property that belongs to someone else, or another business.
For instance, a computer can be damaged during the cleaning process. Now you may say to yourself, computers are cheap, that desktop is probably only worth a few hundred dollars. And you’d be right. But the data recovery, or worse yet, loss of sensitive data can be very costly.
Because your employees have access to your customer’s equipment, theft, and dishonest practices are always possible. If an employee is held responsible for a crime, you could be held responsible for the loss.
But, the good news is, we’ve got your back at Inspire Insurance Services in Roseville. We also can write bonding insurance which acts as a way to fill in the gaps where other insurance may leave off, covering replacements of electronics, or other high-value items that get destroyed or go missing.
Naturally, you and or your employees are driving vehicles from job to job, and as such you need an auto policy that will cover you in the event of an accident that takes place while using the car for business usage.
Many times when we examine policies written by other agencies, we discover there is, in fact, no business usage coverage on the policy.
In this blog post we’ve outlined some, but not all of the exposures that are unique to the janitorial industry. If you took nothing else from this post, remember that because there’s such a wide variety of losses that can occur in your line of work, it is crucial that you have your broker or agent evaluate your policies from top to bottom to ensure there are no gaps.
We frequently repeat these words to our clients:
“Your insurance policy is only as good as the person who wrote it. Many brokers or agents will leave gaps in coverage because of a lack of knowledge, or they have cut corners to bring the premium down and increase their chances of closing the deal. The cheapest policy today could be the most expensive policy tomorrow.”
If you don’t love your current broker or agent, call us. Heck, even if you do love your current broker, we’re still happy to evaluate your insurance to make sure you’re in a good spot. At Inspire Insurance Services LLC in Roseville, CA – we are true experts when it comes to cleaning company insurance. Please contact us if we can be of assistance.
We write across many different classes of business but we’ve made janitorial and cleaning companies one of our main areas of focus. We’ve done this for a number of reasons:
First, we have a list of carriers that are among the most competitive in providing comprehensive coverage that will enable you to sleep better at night. Oh, and we find carriers that do this for a very reasonable price.
Secondly, focusing in on a few classes of business enables us to get the complete story on what your needs are, and learn the industry inside and out. We aim to be one of your most trusted advisors.
But why does a cleaning company need insurance anyway?
Business insurance can protect you against a whole host of “oopsies” events! Maybe a cleaner damages something of high value while dusting or vacuuming. Or, a cleaner trips and injures themselves while vacuuming.
At Inspire Insurance Services in Roseville, CA we have a wide variety of carriers to pick from, so we’re able to be sure to get the MOST bang for your buck. In short, we are in a position to have the carriers compete for your business.
Some of these plans come with bells and whistles that fit your specific situation. For instance, maybe you want $25,000 worth of employee dishonesty coverage added to your policy. No problem there.
If you are running your business without insurance now, just know that if your business is like most other businesses, the difference between being covered and not covered in the event of a major injury or damage to someone else’s property is likely the difference between going belly up or not.
When we write your insurance, we cover all the bases so that you can stop worrying about the what-ifs, and do what you do best… run your business!
Go ahead, drop us an email. We don’t bite, and unlike some agencies, we won’t pressure you to buy from us. That’s a promise.