Are There Limits to How Much Commercial Insurance you Can Have?

Commercial insurance is something that is very useful and very helpful for those business owners that do want to protect their investment. Commercial insurance does have limits and knowing how to establish them can help you to create your perfect policy. For those that live in the Perrysburg, OH area, the agents with Brown & Brown Insurance can help you to create a policy that works for you.

Commercial insurance has limits that prevent business owners from taking out more coverage than their business is actually worth. You can only take out as much insurance coverage as the business itself and the equity in it is worth. This means that you cannot take out a ton of coverage over what your business is worth. A good example is a business that is worth $1 million with assets, this means that you are not going to be able to take out an insurance policy for $25 million. Insurance policy numbers are set by the policyholder and by the insurance adjuster that comes to the business to assess the value and see just how much the commercial business is worth. This helps to ensure that the business is not insured for more than it is worth and that there is not an enticement to destroy the business and get a huge payout.

It is important that when you do take out a commercial policy your insurance company is going to work to appraise the property to get you the right amount of coverage and so that you can get the coverage that is needed to keep your property safe and sound. For those that live in the Perrysburg, OH area, the agents with Brown & Brown Insurance can help you get the policy that works best for you.   

Is Auto Insurance Required in Ohio?

The process of purchasing, managing, and maintaining a personal vehicle is one that over 88 percent of Americans will follow over the course of their lives. With so much to worry about and so many deadlines to hit, getting an auto insurance policy may be the last thing on your mind. Some people may even believe that they don’t need an auto insurance plan to drive, but this is simply not true. If you live in Perrysburg, OH, not only should automobile coverage be an integral part of your insurance portfolio, it’s also required by law. 

The state of Ohio affirms that the operation of motor vehicles without insurance is a criminal offense. In fact, it’s even illegal for family members and friends to operate your insured vehicle if they don’t have a plan of their own. If you want to drive in Ohio, you’ll need to own proper auto insurance coverage. 

Proof of auto insurance policies must be kept within the corresponding vehicle and presented at official traffic stops, the scenes of car accidents or collisions, and your yearly state vehicle inspections. There are certain minimum requirements that insurance carriers must have on their plan in order to continue legally driving. These minimums include: 

  • $25,000 for the bodily injury or death of a single individual. 

  • $50,000 for the injury or death of two or more individuals. 

  • $25,000 for damage to property in the event of a collision or accident. 

If you’re in need of an auto insurance policy that’s uniquely catered to your needs, contact the professionals at Brown & Brown Insurance, your Perrysburg, OH experts on auto insurance and beyond. We are proud to offer our clients the knowledge and flexibility that only excellence can bring. Contact Brown & Brown Insurance today.

Is Your Home Insurance Coverage Enough?

Ensuring you have enough coverage for your home insurance in Perrysburg, OH and around the state is important, and the amount of home insurance you need can change over time as you update your home and acquire new belongings. Home insurance is divided into four main areas: dwelling coverage, personal property, liability coverage, and additional living expenses. It’s important to have enough coverage for all of these situations and an agent at Brown & Brown Insurance can help.

Various Coverage Options

You should have enough dwelling coverage to allow you to rebuild your home and attached structures. You should account for replacing appliances as well. Ask an agent about actual cash value and replacement cost value to help ensure you have enough coverage to rebuild your home with inflation accounted.

Your personal property coverage should be enough to protect your belongings if they are destroyed. You should take an inventory of everything you own to give you an idea of coverage needs. This will be necessary if you need to file a claim later. Check for item specific limits, such as for jewelry or furs, and get additional coverage as necessary.

When it comes to liability coverage, the more assets you own, the more you are at risk of being sued. This means you will need more liability coverage. If you have a pool, trampoline, or dogs, consider higher liability coverage limits in order to protect your assets. Assets that could be taken in a lawsuit include vehicles, investments, future wages, and personal items. If your total assets are higher than the liability limits, consider extra coverage through an umbrella policy.

Many companies will set additional living expenses as a percentage of the dwelling amount. Having this coverage is useful because it will cover moving costs, food costs, and rent or hotel fees.

Contact Brown & Brown Insurance, serving Perrysburg, OH, to get a quote on home insurance.