Home insurance vs. business insurance

By Kathleen Gorman and Carole Krytusa

It’s estimated that between a quarter and a third of Americans have a “side gig” – that is, an additional source of income beyond their day jobs. Of those, almost 90% are not properly insured. That’s partly because so many don’t understand what is and isn’t covered by a homeowner’s policy, or what is and isn’t covered by a business owner’s policy.

While some homeowners’ policies contain limited endorsements for business property, most do not consider anything used for business purposes to be personal property. If the equipment you use for your side gig breaks or is damaged, and is not specifically named on your homeowner’s policy, you’d be on the hook for repairs and replacements. Or, if you or your products cause damages in any way – physical, property, reputational, errors/omissions, etc. – your homeowner’s policy may not cover your liability. A business owner’s policy would.

Depending on the size and scope of your side job, you may need:

• Business Owner’s Policy (BOP)
• Professional & General Liability, Product Liability (if you manufacture anything)
• Business Auto Insurance
• Property & Casualty
• Workers’ Compensation / Employment Practices Liability (if you have employees) Please note: In New York, NYS Disability may also be required
• Cyber Insurance
• Business Interruption Insurance

If the exposures you incur through your side job are small enough, you may have additional options for keeping yourself covered with just your personal insurance. Some carriers add additional business endorsements to homeowners’ policies as long as the circumstances meet certain parameters.

When you’re busy running an extra source of income, the last thing you want to worry about is insurance. Work with an agent or broker who can help you understand your needs and can work with the appropriate carriers on your behalf to secure the right coverage. Your agent will act as your advocate and advisor, and will make the process seamless, easy and personal. You’ll know that in case of any mishaps, you’ll be covered.

Want to learn more or talk to a OneGroup agent about insuring your side business? Call us at 800-268-1830

Kathy Gorman is senior vice president, personal insurance at OneGroup, She can be reached at 315-558-6772 or KGorman@OneGroup.com

Carole Krytusa is senior vice president, business insurance at OneGroup, She can be reached at 315-413-4416 or CKrytusa@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

You know that you need car insurance, but do you know why?

By Janice Kophen

Auto liability insurance pays for the other person’s expenses if you cause an accident, and protects you from legal responsibility for harm caused to other people or things.

Comprehensive coverage and collision provide physical damage coverage to your own vehicle.

Coverage for the other party

There are two types of auto liability insurance, and both are included in the same policy. Drivers are required to have auto liability in most states.

The two coverage types are:

• Bodily Injury Liability: If other people are injured in an accident that you caused, this coverage will help you pay for their injuries, including monetary awards for pain and suffering.
• Property Damage Liability: If someone else’s property is damaged in an accident that you caused, this coverage will help you pay for their vehicle’s repairs and replacements. This coverage extends beyond cars involved in the accident – it also covers repairs of damage to building structures, public utility poles, and other such property.

Both bodily injury and property damage liability are subject to the coverage limit identified on your policy. This means that your insurance carrier will cover your costs up to that amount. For coverage that goes beyond that limit, talk to your agent about an umbrella policy.

Coverage for you
Two types of auto insurance coverage that are easily confused, but possess important distinctions, are comprehensive coverage and collision coverage. Both are subject to limits and deductibles.

• Comprehensive coverage provides repairs or replacements due to damage from falling trees, extreme weather, vandalism, floods, and animals. For example, if you collide with a deer this is the type of coverage you’ll want to have.
• Collision coverage protects your vehicle anytime you collide with another car or object. In the event of a crash, your collision coverage will help you repair or replace your vehicle, no matter who is at fault. (Remember that collision coverage will not cover the damage to the other car or property you collided with – for that you’ll need auto liability insurance.)

To summarize, a standard auto policy is made up of several types of coverage – those listed above, as well as uninsured/underinsured motorist coverage, personal injury protection, and medical payments coverage.

Each helps to ensure that your out-of-pocket costs are as low as possible when you are involved in an accident or need to make a claim.

Be sure to work with your agent so you can be confident that you’re prepared for whatever the future might bring.

Janice Kophen is vice president, personal insurance operations at OneGroup. She can be reached at 315-558-6777 or JKophen@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

OneGroup invokes Nietzsche in the wake of Covid-19

By Pierre Morrisseau

As the German philosopher Friedrich Nietzsche famously said, “Out of chaos comes a dancing star,” meaning that in order to be inspired to be creative and accomplish great things, it often requires a loss of comfort and “normal.”

Covid-19 certainly upended the status quo – rapidly and globally! Much of what we accepted as normal vanished. New processes and procedures were required, such as working from home, wearing masks, staying distant from people where normally we are inclined to shake hands or hug, and so many other dramatic changes. This forced many to learn new technologies such as video conferencing and productivity software, along with learning to use new computer and telephony appliances. Life as we knew it was turned on its head.

Now that Covid-19 appears to be well in hand across most of the country, and we are seeing a return to what we feel is a more normal life, we are seeing that many of the changes we were forced to make have made our lives better, our companies leaner and nimbler, and enhanced our life/work balance. For example, we found that for many, working at home dramatically increased productivity while allowing more flexibility to care for our families and our own mental health. We learned that many of our clients prefer virtual meetings and enjoy our ability to pull together more experts at once to help them solve issues more rapidly than ever before.

What we’ve also learned is that relationships and experiences matter far more than we thought. While our clients like our ability to serve them remotely, they crave and value personal, trusted relationships. As a result, we’re learning how to create more rewarding experiences where we can work and play. For example, OneGroup is deeply involved with Pineview Run Auto and Country Club in La Fayette, NY, where we can meet clients and guests to enjoy the thrill of an enclosed road course race track, horseback riding, shooting, and more outdoor activities. We’re active on many other fronts as well and looking for more!

Despite the convenience of working remotely, we were also surprised to learn that our associates want and need to work together again. They want to collaborate, debate, and work together to serve our clients’ needs. As a result, we are safely bringing people back into the office and, where our clients allow, back meeting with clients. We will continue to bring people back together in all of our locations while being open minded about the benefits of both in-person and remote work.

In short, OneGroup has always been an innovator. As we see our way out of the chaos created by Covid-19, we see tremendous opportunity to do things differently. To toss out “normal” and find new ways to do things even better. In fact, we’re grateful that circumstances forced us to break away from the status quo and provide us the impetus to live up to our motto: Better Every Day!

We’re still learning! We would love to hear from you about what you are doing that’s making a difference for the better, and we’re always happy to share what we’ve learned.

Here’s to “dancing stars!”

Pierre Morrisseau
Chief Executive Officer
PMorrisseau@OneGroup.com

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

June 30, 2021

If you have been watching OneGroup over the past several years, you are aware that we are intent on growing our business to better serve our clients. There are advantages to being at scale—while maintaining an entrepreneurial spirit and speed. As the world becomes ever more complex and new risks emerge, it is critical to me and all of our team that we become better every day.

One area which had become increasingly important to our clients was our ability to serve their needs in southern states, particularly in Florida where many own second homes, autos, boats and valuables.

I am extremely proud today to announce today that OneGroup is now in Florida to serve our clients’ needs. We most recently merged with NuVantage, a fast-growing and well-respected agency centrally located in Melbourne on the east coast of Florida. I’m looking forward to working closely with Tom Wienckoski, founder of NuVantage, and his team of talented insurance professionals.

While we will be focused primarily on personal insurance in the Florida market, with an eye on helping clients through Florida’s volatile market for coverage, we will be able to provide business insurance as well as benefit insurance and human resources consulting.

“We are very excited to have the support of OneGroup’s access to markets as well as their more than 200 experts and specialists,” said Tom Wienckoski. “Our plan is rapid growth across the state of Florida and we have already begun hiring remote producers and speaking with agency owners who may desire partnering or being acquired.”

We have also opened a new agency in Spartanburg, South Carolina and are in the process of hiring producers there as well. In short, we’re working hard to be where our clients need us to be!

Pierre Morrisseau
Chief Executive Officer
PMorrisseau@OneGroup.com

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

If you have an active and adventurous lifestyle, you need responsive and customizable protection.

June 1, 2021

We tailor our clients’ insurance coverage to fit their unique lifestyles, but nowhere is that more apparent than in securing coverage for your recreational vehicles. The active, adventurous lifestyle of an RV owner needs responsive and customizable protection.

Independent agents can help you secure robust coverage at a price that works for you for traditional RVs including:

• Campers
• Motor Homes
• Conventional Travel Trailers
• Motor Coaches
• Fifth Wheel

Or non-traditional recreational vehicles like:

• Boats
• Jet Skis
• Snowmobiles
• Dirt Bikes
• Golf Carts
• All-Terrain Vehicles (ATV)
• And More

RV insurance generally works just like auto insurance. It can protect you from costs associated with repairs and replacements in the event of a crash or other damaging event, as well as costs associated with accidents you may be found liable for.

If you’re considering purchasing an RV to take advantage of all the adventure life has to offer, be sure you can do so with the peace of mind that solid, secure coverage allows.

More information on insurance for recreational vehicles and watercraft.

Call a OneGroup agent today to discuss your options: 800-268-1830.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

Umbrella policies act as added layers of coverage when your standard policy is exceeded.

This article was first published as part of our personal insurance educational email series. The series has been so well received that we wanted to share the information with you. If you’d like to join our personal insurance mailing list, email insurance4u@OneGroup.com to let us know!

Insurance claims exceed standard policy limits all the time.

You might have enough property coverage to make home repairs after a fire, but not enough to cover a lawsuit after a 10-year-old is severely injured at your child’s pool party. Your auto policies may replace your car if you’re in an accident, but won’t pay the other driver’s long-lasting medical bills if they need extensive care.

Umbrella insurance policies are added layers of coverage. They enhance your existing policies and may act as primary coverage in areas excluded on your home/auto policies.

Umbrella policies cover the costs of injuries sustained by others who may be hurt in accidents involving you or your property. These may include auto accidents, boating accidents, trips/falls on your property, etc. They cover court and attorney fees if you are sued. They can also extend to the other members of your household, like if your teenager is found responsible for a major car accident, or throws a party involving underage alcohol consumption when you’re not around.

An umbrella policy can even protect your future income in the event your current assets do not add up to what you’re asked to pay in a settlement. (Yes – a judge can rule on money you have not yet earned!) 

Umbrella policies do all this for a fraction of the cost many expect. In fact, umbrella policies require some of the lowest premiums on the market.

Your agent or broker can help you decide if an umbrella policy makes sense for you. Your exposure to risk, the value of your current assets and your existing policies’ limits will all be important factors to consider.

Want to learn more, or speak with an expert to see if an umbrella policy is right for you? Connect with one of our team members today.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.

Do you have the risk mitigation strategies in place to protect your company from a cyber attack?

By Dennis Ast, CPCU, CCIC

When cyber insurance first appeared on the market, carriers needed lots of incredibly detailed information about their clients before they would consider writing their cyber coverage. Good policies were hard to secure because the exposures were so new. Cyber insurance applications could be more than ten pages long, and many companies needed to get multiple teams involved in order to complete the applications to even begin the underwriting process.

Eventually the cyber marketplace’s capacity grew, leading to shorter applications, broader coverage and lower premiums. However as claims frequency and severity grew the market began to change and then the pandemic hit and everything changed.

Higher numbers of remote workers opened insureds up to more cyber attacks. Increased time online gave cyber criminals more opportunities to strike on networks that were not properly secured. The sophistication of attack tactics became more advanced, and breaches and their resulting claims drove the cost of coverage sky high. Carriers are once again requiring lots of detailed information from companies hoping to secure cyber policies. There are new sublimits on some coverage types, coverage limiting endorsements and a few carriers have simply left the market altogether.

How can you ensure your company is cyber resilient?

• You can still protect yourself and your company from cyber attacks. With the right plans and a market-savvy insurance expert on your side, you can stay ahead of these trends.
• Continue to practice good cyber hygiene. Update your software often. Use multi-factor authentication and strong password protocols. Install End Point Detection and Response (EDR) software and establish protocols for remote access users. Always have a clean immutable backup of your data and test it.
• Have a “Cyber Response Plan.” Know exactly what you would do and who you would call the moment you suspect an attack. Alerting your cyber response team and your employees, accessing backups and having an adequate cyber insurance policy in place should all be part of the plan.
• Work with an expert on your insurance. Given the tumultuous state of the cyber market, it’s more important than ever to work with an agent that knows the industry. Your agent will stay up-to-date on the quickly changing trends in the cyber insurance market, and can accurately and effectively advocate your case to carriers.

If you want to learn more about any of the above information, give me a call using the information below.

Dennis Ast is a senior account executive at OneGroup. He can be reached at 716-572-2410 or DAst@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

ONEGROUP EXPERTS ARE READY TO HELP

Fill out the form below and an expert from OneGroup will contact you.

For Immediate assistance call 1-800-268-1830

Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.