Commercial Insurance Can Protect the Ones You Love

Commercial insurance protects your business against lawsuits and other events that threaten your business assets. Without commercial insurance, your business could go under with a single lost case. However, did you know that you could be held personally accountable for property damage or personal injury caused by you or an employee? Your Epic Insurance agent in Lees Summit, MO can help you understand the type of commercial insurance that can protect your family and personal assets against claims filed against the business. 

How Can Commercial Insurance Safeguard Your Personal Assets?

If you want to retire, you’ve probably built up a retirement account and paid off the car and house. If you’re lucky, your assets make you fall into the high net worth category. One day, an employee crashes your company van into another vehicle. No one is hurt and there’s surprisingly little damage to your company van. However, the other vehicle is totaled and the passenger is in bad shape. If you have the right policy in place, your insurance has you covered and the injured parties can’t come after your personal assets.

What Commercial Insurance Covers

Commercial insurance works like personal liability except it applies to the business, effectively separating your personal and professional liability.

  • Bodily Injury. If you or an employee works at a job site and someone if hurt,  your commercial insurance pays for medical treatment for the injured party. This saves you from covering the expense out of the business account and prevents the injury party from coming after your personal assets.
  • Property Damage. If a truck driver working for you crashes the company truck into someone’s living room, your commercial auto insurance pays for the damage.

Product liability and business disruption are just two of many types of commercial coverage available. Ask your Epic Insurance representative the best policies to protect your personal assets from professional liability concerns is Lees Summit, MO.

Do you need business income coverage?

Your Lees Summit, MO company is on the upswing of things to the point of you feeling like the good times will roll on forever. You know in your heart of hearts, though, that downturns are inevitable. Now is the perfect time for you to consider business income coverage offered by Epic Insurance. 

What is business income coverage?

Business income coverage is a commercial insurance add-on that pays when damages affect your company’s revenue. A prime example of business income assurance in practice would be the barbershop owner who, through no fault of his own experiences a power outage that leads to him having to close for a day. The business owner can recuperate his losses by filing a claim with his indemnity provider for lost income during the outage.

Another instance of business income assurance at its finest is the restaurant owner who loses his business to a natural disaster. The add-on can serve as a placeholder concerning daily earnings until the owner is able to get back on his feet and re-established. 

Business Income Limitations

Of course, with every good thing comes restrictions. Business income is no exception to this universal rule and comes with a few limitations. First, a business can only claim a maximum amount of coverage. You cannot expect to reap $500,000 in lost income if your policy only allows for claiming up to $50,000. Also, business income takes into account what is known as the "restoration period." It is only during the time of "restoration" that you can claim losses to income. You can expect funding to stop after you have gotten your Lees Summit, MO company back on its feet. 

An agent at Epic Insurance can help you navigate the path of commercial insurance and determine if business income coverage is the right option for your company. Call them today for a quote!

Auto Insurance for Customized Vehicles

Customizing vehicles is popular and can increase the value of a vehicle, which means it may need additional insurance coverage after the custom work is finished. Auto insurance for customized vehicles, such as monster trucks, outfitted minivans, and modified “low-riders” has to take into consideration the value of a standard model of the same type of vehicle and the amount invested in the custom work. The combination of these two amounts determines the replacement value that the vehicle should have insurance coverage for, in case of an accident or theft.

Does modification of a vehicle change insurance requirements?

Be sure to ask your insurance agent at Epic Insurance in Lees Summit, MO if the customized vehicle can still be insured because some insurance companies have coverage exclusions for vehicles that are severely modified due to safety concerns. It is also important to inform your insurance agent if the vehicle is going to be used in any sports competition, such as what is done frequently with monster trucks because this creates a different kind of insurance risk that needs special coverage.

Simple modifications like changes to the exhaust system (while keeping noise levels in mind), adjusting the suspension, and having a custom paint job, do not usually change the insurance requirements vary significantly. However, there usually is a need to pay more for repairs and it is more costly to repaint over any damage to a customized paint job.

Changing tires, rims, and suspension all have to comply with standards. So does installing window-tinting film. There may be restrictions about the grade (of darkness) permitted when using window film.

Conclusion

Many people enjoy working on their own vehicles to customize them. It is important to discuss modifications that you intend to make with your insurance agent at Epic Insurance, serving Lees Summit, MO, and the surrounding area, to make sure you can still get insurance coverage after the custom work is finished. Contact your agent to discuss these issues today before starting a customization project.

How Often Should You Review Your Commercial Business Insurance?

As time goes on, businesses grow and change to meet the needs of their customers. In Lees Summit, MO, the agents of Epic Insurance understand that when a business grows or expands, its insurance needs change. Taking the time to make sure your policy is up to date is the best way to secure your company’s future.

Keeping Your Commercial Policy Up to Date

There are times when it’s important to update your commercial insurance policy. If you expand your business or purchase new equipment, the overall value of your business will increase meaning that your level of coverage should increase as well. If you have a service-oriented business, you may want to increase the amount of your liability coverage. This is especially true if you are taking on more clients or increasing the number of services you offer or employees you hire.

When Should You Review Your Policy

Any time you make major purchases in terms of inventory, equipment, or property, you should contact your insurance agent for a comprehensive policy review. Even if you don’t make any major changes, you should still consider having your policy evaluated every few years to ensure you have the right amount of coverage. Take the time to go over your business’s assets and evaluate its strengths and weaknesses Once you have a good picture of the overall financial health of your business, contact your insurance agent.

If you own a business in Lees Summit, MO and have questions about your commercial insurance coverage, the agents of Epic insurance can help. They can answer all of the questions you may have and schedule a detailed review that will help you keep your policy up to date and your business financially secure.

 

Do You Need to Have Home Insurance in Place at Closing?

Buying your first home can be an exciting time in your life. But, it can also be a confusing time. There are many elements that go into buying a home, and if a mistake is made, it can slow down or delay the home buying and closing process. As a first time buyer, one of the questions that you may have is whether you need to have home insurance in place at closing or whether this is something that you buy after the home closes. Here at Epic Insurance, serving the Lees Summit, MO area, we are often asked this question. Here is the answer we provide to our new or existing clients. 

Do You Need to Have Home Insurance in Place Before Closing on a Home?

Most lenders will require you to have home insurance in place before you close on a home. However, if you do not have insurance in place before closing, many lenders work with insurance agents who can provide you with a supplemental policy that allows you to have insurance in place to close. Unfortunately, though, these policies are often expensive and provide little coverage, so it is always recommended you come with your own insurance. 

Why Do You Need Home Insurance in Place Before Closing on a Home? 

As soon as you close on a home, it is now yours. If the home catches fire a minute after closing, it is your issue to deal with. As such, lenders require you to have home insurance before closing to minimize any risk from unexpected events, such as fires and hail damage. 

If you are preparing to close on a home and are in need of a new home insurance policy in the greater Lees Summit, MO area, let Epic Insurance help you. Contact us today and let us find you the right policy before your closing date. 

Home business insurance benefits

At Epic Insurance serving Lees Summit, MO, they understand that although you may be a professional, working at home gives you the privilege to dress in jammies and bunny slippers if you choose. Although your dress may be casual, your attitude isn’t, nor should your approach to commercial insurance.

But the conundrum is, if you live and work at home, why would you need commercial insurance?  

Unfortunately, your homeowner’s insurance doesn’t cover anything business-related, for example, your home office or office space, important paperwork,  samples, inventory, computer equipment, data and more.

The right commercial insurance can cover things like the cost of replacing your lost property. replacing your lost income and the liability for injury to employees and clients.

However, you need an insurance professional to help you find the right insurance for your area and home business.

Here are some questions you should talk over with your insurance agent.

  • Is this where your primary business conducted? 
  • If so, do the clients or customers come visit you at your home to do business?  Or is all your business conducted off-site or remotely?
  • Are there any employees?   Do the employees come to work in your residence, or do you contract with them remotely?
  • Are there any business signs displayed?
  • Is there a separate entrance and office?
  • Or do you meet with someone in your living or dining room?
  • How many clients or customers visit the business a week?
  • Does the business use any flammable or hazardous materials?
  • Is there some kind of construction or small manufacturing done at this location?
  • Do you do shipping from this location?

At Epic Insurance serving Lees Summit, MO, they are happy to guide you through the process of choosing the insurance that works best for you and your home business.

RVs and Wintertime: How Insurance Works for You

Most think of summertime activities at the lake when they think of RVing. Sometimes the lure of the open road strikes in the fall and wintertime. The agents at Epic Insurance will ensure that you have the right insurance coverage for your RV and your lifestyle. Serving the Lees Summit, MO area, they are knowledgeable about insurance products for different classes of RVs and owners’ lifestyles. 

There are several factors that go into selecting the best RV insurance. Basic RV insurance will include liability coverage. Personal injury liability, collision and uninsured/uninsured motorist coverage is also available and familiar to most consumers. A comprehensive plan will cover damage to the vehicle and can include coverage for theft and vandalism. Talk with your agent and make sure that you understand fully what you are covered for. Having problems on the road is frustrating but it can be especially challenging in the winter months.

RV insurance also varies based on the class of vehicle. Class A motor homes are the largest with full size dining, bath and bedroom areas. Camper vans fall into the Class B category. The more economical, mid-size motor homes are Class C. Due the varying size and weights of RVs in each category, different insurance products are used. Also, policies are available to cover your personal items, vacation liability and permanently attached items such as satellite dishes or side canopies. 

Hitting the road during the winter can create fun family times. Touring areas with changing foliage or exploring the snow covered countryside can bring new experiences. The team at Epic Insurance wants you to be able to focus on family in the Lees Summit, MO area and beyond. Call them today and get the coverage you need throughout the year.

Tips for Small Business Owners When It Comes to Commercial Insurance

If you are starting your own business, there are several key tips that you’ll want to keep in mind when it comes to purchasing commercial insurance.

Remember that your home business also needs coverage.

First, remember that if you’re starting your small business in your home, you will still need commercial coverage.

Make sure your coverage is in line with state requirements.

Next, keep in mind that state requirements are different in every state, so make sure that you are aware of the commercial insurance requirements in your own home state.   

Make sure you know who your employees are and what contractors are working for you.

There is a difference between hiring contractors who work as freelancers and do small projects for you and working with your own employees. Naturally, you will need to have worker’s compensation policies in place for your employees, but you’ll be treating “contractors” differently.

Keep an eye on your coverage as you grow as a business.

Finally, as your business continues to grow, make sure that you keep an eye on the coverage that you have. You’ll want to make sure that you update your coverage when you have more employees, different products and services, and different property.

Contact Epic Insurance for More Information

If you are a resident of Lees Summit MO or have a business there and are looking for commercial insurance, let Epic Insurance help you find a plan that will work for you. We proudly serve businesses and residents in and around Lees Summit, MO, and we’d love to locate a plan the fits all your needs. Find out more by giving us a call directly or stopping into our nearest office location at your convenience. We look forward to working with you!

When Should You Increase Your Life Insurance?

At Epic Insurance, serving the greater Lees Summit, MO area, we are often asked how much life insurance a person should carry. However, there is not a one size fits all answer. Your life insurance policy may need to be increased or decreased as changes occur in your life. This may lead you to wonder when your life insurance policy should be increased. Here are a few of the times when you should think about increasing your life insurance policy.

You Are Adding to Your Family

One of the reasons you should increase your life insurance policy is because you are adding to your family. Your household expenses rise with each baby you have. As such, you need to increase your life insurance policy after the arrival of each of your children.

You’ve Taken on New Debt

Life insurance can help you spouse pay down debt if you pass away. As such, if you have taken on new debt, either by buying a new home, taking out a second mortgage to renovate your home, or taking out student loans to go back to school, you will want to increase your life insurance policy to cover this debt.

Your Pay Has Drastically Risen Since Your Last Life Insurance Increase

The last reason you will want to increase your life insurance policy is because your pay has drastically risen since you last took out a policy or increased it. Most people get used to living to a certain standard based on what they make. If you are making more than you did in the past, your spouse and kids may be used to this lifestyle. If you pass away, you want to ensure they can live the way they have become accustomed to by increasing your policy amount.

If it is time for you to increase your life insurance policy in the greater Lees Summit, MO area, contact Epic Insurance. We can help you determine how much life insurance you should have and then draw up a policy.

Reasons to Get a Business Owner’s Policy in the State of Missouri

Entrepreneurs are often concerned about what to do if something were to happen to their place of business, which is why they need to have an insurance policy so they can be covered for these types of liabilities. There are different types of coverage available, and all of them are meant to protect you against certain perils. You have the option to purchase a more comprehensive plan that can offer a more complete solution than just one type of coverage, and you can get that with a business owner’s policy (BOP).

Advantages of a Business Owner’s Policy

By getting a business owner’s policy, you can tailor it according to your specific needs, and it can be less expensive than getting each type of coverage individually. A business owner’s policy can include the following coverage options:

•    Property insurance
•    Business interruption/continuation insurance
•    Liability insurance

A business owner’s policy won’t cover professional liability, which is anything that was the result of a wrongful practice. And it doesn’t include any of the following:

•    Auto insurance
•    Workers’ compensation
•    Health insurance
•    Disability insurance

These policies must be purchased separately if you think it’s necessary

If you want to find a business owner’s policy that will meet your specific needs, then you need to get in touch with Epic Insurance in Lees Summit, MO. We have agents who understand commercial insurance in detail, and we would be happy to help you find what you’re looking for.

Who Can Qualify for a Business Owner’s Policy

Not everyone can qualify for a business owner’s policy, because certain industries have a unique set of risks that may be too costly for an insurance company to cover. These businesses may need a more customized form of coverage than what may be offered in a business owner’s policy. A home-based business with a small amount of people could start out with a business owner’s policy, and it can expand its coverage as it continues to grow.
To find out if you can qualify for a business owner’s policy, then you need to get a hold of Epic Insurance. We have served the people of Lees Summit, MO for a long time, so we understand the needs of the community. Get in touch with someone at our office to find out what we can do for you and your business!