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.

What Is Covered Under a Home Insurance Policy?

In the event that your home or property is damaged or destroyed, homeowners insurance will provide you with financial protection. Homeowners insurance will also come in handy in the event that you or a family member are held liable for damage to the property of another person or the injury of another person. The vast majority of mortgage lenders in Lees Summit, MO require homeowners to have a home insurance policy like that offered by Epic Insurance.

What Is Covered Under a Home Insurance Policy?

The vast majority of home insurance policies will cover damage incurred by vandalism, theft, fire, lightning, windstorms, hail, and other perils. Certain homeowners policies cover more perils that are typically excluded, such as earthquakes and floods. You have the option of purchasing supplemental insurance for perils that aren’t covered.

What Do Most Home Insurance Policies Provide?

  • Dwelling coverage – In the event that your home is damaged or destroyed, dwelling coverage will pay to rebuild or repair your home. This includes heating and air conditioning, electrical wiring, and plumbing. The damage or destruction has to be the result of a cause of loss that is covered.
  • Other structures coverage – Other structures coverage will pay for damages to fences, garages, cottages, sheds, and other detached structures.
  • Personal property coverage –  This coverage will reimburse you for any personal items in your home that have been damaged or destroyed by a cause of loss that is covered. Some examples of personal items include electronics, furniture, sporting goods, and clothes.
  • Loss of use coverage – While your home is being restored, loss of use coverage will pay for your living expenses and additional housing.

For more information about what is covered under a home insurance policy in Lees Summit, MO, feel free to reach out to us here at Epic Insurance.

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!

Will Your Auto Insurance Repair Your Car?

Lees Summit, MO residents are no strangers to car accidents. If your car suffers damage in an accident, you may think your insurance policy will kick in to help cover repairs. Most basic insurance policies don’t cover repairs. If they do, they may only cover very limited circumstances. Here’s a look at how car insurance works when it comes to repair.

Know Your Policy

Don’t assume your car insurance policy will cover damage of any sort. You should know precisely what your auto insurance covers and what it doesn’t. Many people only have liability coverage. Liability will only cover damage to the other person’s car or injuries to their body.

Collision and Comprehensive Coverage

You typically need optional coverage for things like car repair. Your policy may already have a limited amount of collision or comprehensive coverage, but that may not cover your car for severe damage or a total loss.

Optional collision coverage will cover repairs to your vehicle or replace it. Comprehensive coverage will kick in if something outside of your control damages your vehicle. This can include things like fires, storms, and vandalism.

If you’re not sure if your policy already has some form of collision or comprehensive coverage, then ask your insurer, or contact Epic Insurance. You may find you have none at all. If that’s the case, you should certainly consider adding this additional coverage to your policy.

In cases where you’re still making payments on your car, the lender may require you to have collision and comprehensive coverage. Occasionally, such as with older cars, this type of coverage isn’t always necessary. For example, if you own a vehicle you can easily replace out-of-pocket, then paying for the extra coverage may not seem feasible.

Everybody’s requirements differ in Lees Summit, MO. Because of that, it’s best to contact Epic Insurance today about the possibility of adding additional coverage.

Is It Time To Update Your Homeowners Policy?

Lenders require homeowners to carry an insurance policy to protect their interest in the event of a loss. The State of Missouri doesn’t force you to buy coverage, although it definitely provides a sense of financial security. But what type of policy and how much coverage can be a gray area for many homeowners. Our Epic Insurance professionals are here to help people in the Lees Summit, MO community. We’re available to answer questions and will work with you to update a policy to reflect your current coverage needs.

The True Cost of Rebuilding

It seems logical to carry replacement coverage in the amount of a home’s value. Unfortunately, there is no one-to-one cost basis. Homes depreciate over time and the real estate market rises and falls. Just consider property values before and after the last housing market crisis.

Construction is determined by a separate set of factors that include the price of materials, cost of labor and regulations, among other things. To rebuild a home after a total loss could cost upwards of $150 per square foot. That number doesn’t include demolition, debris removal and permitting. Older homes and those with high-end design, woodworking and materials require the workmanship of skilled craftsman and expensive products. If you want to restore your home to its original luster, that could far exceed $150 per square foot.

Assets Evaluation

When it comes time to renew your policy, take time to make an inventory of the assets you’ve accumulated. Many policies cover personal items on a percentage basis of the home’s value. But as you acquire high-end items, that coverage may be insufficient. Tally up what you own and go over it with your agent. Don’t get caught underinsured.

Epic Insurance proudly serves the people of Lees Summit, MO. Our insurance professionals are available to review and update your homeowners policy to ensure it provides you with secure coverage.

Teens and Car Insurance Pricing

There are lots of things in life that seem unfair, and car insurance pricing is one of them when it comes to teens. Hands down, male teenage drivers are going to cost more on average to insure than female teen drivers in Lees Summit, MO and elsewhere. It is it a conspiracy against male teens? Not quite. Remember, insurance is about risk. An insurance provider offers protection from risk for a price. If the likelihood of that risk occurring is high, then the insurance to protect against it is going to be more expensive as well. While the cost won’t be the actual expense of the risk occurring (otherwise what would be the point of having insurance anyway) due to pooling customers together in a larger risk pool, higher risk customers create less profit for an insurer. So, to overcome this problem, higher risk accounts pay more than those who are safer, older drivers with experience, according to Epic Insurance.

So why are male teens considered a higher risk? A lot of it has to do with that age-old practice of dating. Male teens have a well-known streak of being competitive and interested in finding a partner at some point in their young years. And that means they will engage in behavior to impress, to compete for a favor, or to entertain to get a date. That also means male teens are more prone to do unsafe things than female teens, particular with a car, to meet the objectives of the above. Ergo, they then become a higher risk for accidents, car damage, and similar things that cause an insurance policy to realize a claim. That said, there are ways to find more affordable policies even for a male teen driver. The folks at Epic Insurance can help, being able to produce coverage products for all types of insurance needs, including Lees Summit, MO teenagers.



Lees Summit: Get A Car Or Keep The Bus Pass?

Some towns aren’t car towns. If you live in a place like New York City, San Luis Obispo, or small towns like Winter Haven, Florida, you might discover that a car is more trouble than it’s worth. On the other hand, there are cities like Albuquerque where there’s not much public transportation to speak of, and everything is spread out, so you need a set of wheels if you don’t want to be constantly begging friends and family members for a ride.

Lees Summit, MO is one of those cities that can go either way. It’s an incredibly walkable town. There are plenty of affordable spots in the Downtown area, so if you work in the same neighborhood, there’s no reason why you’d need a car for your day to day life. Likewise, the public transportation in Lee’s Summit is pretty good. It’s not hard to get around by bus, for shopping, for work, even going on dates.

Not everyone in Lee’s Summit needs a car, but there are a few reasons to consider getting a car of your own. For instance, there’s plenty of work to be found in Lee’s Summit, but if you find a great job in one of the surrounding towns and suburbs like Grandview or Raymore, then you’re looking at a two hour bus ride or an Uber trip that costs you twice what you’re earning for a day’s work. Your car opens up your opportunities for advancing your career, and it means that you don’t have to live by the bus schedule. Not to mention road trips, and getting a little bit of privacy and space to yourself while you’re out and about.

If you’re considering getting a car of your own, we can help you to get a great insurance plan to keep you covered.

Neighbor Construction and Damage to Your Home

People in Lees Summit, MO generally get along fine with their neighbors until one does something that affects the living condition or enjoyment of the other. If not resolved correctly and quickly, these incidents can boil up into outright Hatfield vs. McCoy altercations in some case. Fortunately, unlike the old days, property damage issues can be resolved in a civil manner through a number of avenues. However, what many wonder is whether their homeowner’s insurance will get involved when there is damage to their own home.

The cause of the damage, the property line location and type of coverage purchased often dictates how involved the policy provider will be in the matter, according to Epic Insurance. Generally, damaged caused by an outside man-made force or action tends to be addressed. So whether a construction truck backed into a fence or home wall, or whether a crane dropped material on someone’s roof and damaged the tiles, the damage would likely be addressed. Then the insurance provider would file a claim against the neighbor and contractor to recover the expense. However, where the construction simply interferes with one’s enjoyment of his own property, such as an addition blocking out sunlight to one’s backyard, these issues are not structural and don’t really affect a home’s physical function. So they would not be covered. The homeowner would need to seek a civil action in court on his own to pursue recovery, usually through a nuisance lawsuit.

For those in the Lees Summit, MO area who need a second opinion on what a neighbor’s new construction project might mean to their policy, folks can give Epic Insurance a call for expert advice. Their agents have seen and worked with all kind of situations and can easily answer most technical questions adequately.

Get In On The Ground Floor: Home Insurance Concerns For Your Kitchen, Diningroom and Living Areas of Your Home

Do We Need to Know It All?

It is not our contention that every homeowner needs to know every aspect of their home insurance policy. However, it is a great idea to gain some knowledge as you look around your home to look at things in the perspective of what it means to protect it.

  • Kitchen – with the amount of electricity used in this one room, you want to ensure that all lines are properly maintained. Hear the water running? Homeowners should understand that maintaining water pipes is a responsibility as well. Insurance is impacted by flooding, fires and another calamity that originates in this room.
  • Living Room, Dining Room  – the place where we do most of our entertaining. Make certain the flooring is secure and properly maintained to ensure your guests don’t take a spill.  All aspects of these rooms must be maintained such as electricity and windows so that the threat of accidents are minimized or eradicated.

It is an epic affair when you decide to make Epic Insurance your insurance agent. Serving the Lees Summit MO area and the surrounding areas we act as a true agent of your insurance concerns and needs. In this way, you get the savings of the huge companies coupled with the personal attention of a personal agent who is aware of your individual situation and the needs that will answer your unique set of circumstances.

If you can make it into our offices in Lees Summit, MO or need to contact Epic Insurance via the website you will feel like you got in on the ground floor in so far as taking great care of the insurance for your home.