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What Should I Look For In A Commercial Insurance Policy?

Commercial insurance policies typically come in two types. The first is a liability insurance policy. This type of policy will protect against financial losses caused by another party. 

The second main type of commercial insurance is coverage for property, liability, or both. This type of policy will protect against financial losses caused by things such as natural disasters or accidents. For questions, consult Pethel Insurance Group serving the greater Kannapolis, NC community. 

What to Look For in a Commercial Insurance Policy 

Commercial insurance is purchased by a company or business rather than an individual. A commercial policy typically covers what a standard homeowners’ or auto policy would cover, such as property damage or accidents. But it goes beyond to insure things such as your business, advertising, inventory, and stock. 

Commercial insurance is designed to protect businesses against the risk of financial loss due to a covered peril. The most common types of commercial insurance policies include liability insurance, which protects a company against the risk of being sued due to an injury or loss to third parties. Typically, the policies are: 

  • Unique in that they are not tied to a specific business, industry, product, or a single location. Therefore, there are a number of different types of commercial insurance available, and it is important to know the difference between them. 
  • Have a shorter duration, typically ranging from one to five years.
  • Have a higher deductible, which means you must pay a percentage of the claim before the insurance company is responsible for paying anything. 
  • Have a maximum claim limit.
  • Have a minimum amount of coverage that you must have, which means you can be left without enough coverage to cover the cost if something happens. 

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A commercial insurance policies come in different forms and you can purchase them directly from an insurance company or through a broker. First, you should ensure the policy comes from a reputable insurance company. 

Second, make sure the coverage you purchase is exactly what you need. For expert assistance in the Kannapolis, NC area, consult Pethel Insurance Group.

How Often Should I Review My Home Insurance Policy?

It’s best that you stay on top of your home insurance policy to ensure that you are not only getting the best protection for your home but also the best deal on your premiums. This is why you should frequently review your home insurance policy. Here’s how often you need to do this as a Kannapolis, NC homeowner. 

How Often Should I Review My Home Insurance Policy? 

Annually, at renewal time:

Most home policies offer protection for 12 months, after which the policy will expire unless you renew it, or it will be automatically renewed. You should take advantage of this renewal to review your home policy. You can change your home insurance policy to fit your current protection needs, like adding or removing some coverages or increasing or lowering deductibles. 

When renovating or remodeling:

Renovating or remodeling your home will typically increase its value. Therefore, you should contact your insurer to review your home insurance and make sure that it reflects the renovations and the remodeling done and the increased value of the property. 

When you purchase expensive stuff: 

At Pethel Insurance Group, we recommend that whenever you purchase something pricy, such as a piece of art or jewelry, you review your home insurance policy. This will ensure that your recently priced possession is covered under your home insurance in case of loss or damage. 

When you rent your basement or a room:

You should let your insurer know when you lease your basement or a room in your home while still living there. This will prevent your home policy from getting canceled by the insurer for violation of terms. Also, review your home insurance policy to increase your coverage since more people live there and there is more personal property in the home. 

 

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If you need more info on your home insurance policy in Kannapolis, NC and surrounding areas, Pethel Insurance Group is happy to help. Contact us today.

Do I Need Renter’s Insurance?

Renting your home is a great way to save on many types of expenses. Maintenance, taxes, and some insurance costs will be covered by your landlord. However, as a renter, you should know that the insurance your landlord carries is not enough to protect you in the event that your rental home is damaged. At Pethel Insurance Group, we want to help our clients make smart insurance decisions in Kannapolis, NC, and the surrounding areas. Keep reading to learn more about renter’s insurance. 

Why Do I Need Renter’s Insurance?

A landlord will be required to carry a certain amount of property insurance for the property that you are renting. This type of policy, however, does not provide any coverage or reimbursement if your personal belongings are damaged or lost. Your personal belongings could be at risk if there is a fire, natural disaster, or burglary. 

Renter’s insurance is a type of policy that renters can purchase to protect their belongings. 

What Does Renter’s Insurance Cover?

A renter’s insurance policy can be customized to cover anything you would like to add. To evaluate the value of your items, you will need to sit down with an insurance representative. This professional will be able to help you understand the value of your belongings so that the proper amount of insurance can be purchased. 

In most cases, the renter’s insurance will cover personal belongings such as clothing, jewelry, electronics, vehicles, and other valuables. You may want to talk with an insurance representative to find out if pets are covered as well. 

If you would like to learn more about our services, please contact us at Pethel Insurance Group, serving Kannapolis, NC, and the surrounding areas. We will be happy to answer your questions and help you find the right insurance products today. 

 

Motorcycle Insurance Overview

Pethel Insurance Group is an independent agency. For over 10 years, we have helped Kannapolis, NC residents find the coverage they need to protect their assets. We work closely with multiple carriers throughout the South. This allows us to assess our clients’ needs on an individual basis. We will consult with you to figure out which policies most align with your current situation.

Motorcycle Insurance Overview

While operating a motorcycle is fun, it can also be dangerous at times. Much like driving a car, navigating unpredictable road conditions can lead to accidents. Motorcycle insurance protects you as you travel through Kannapolis, NC and beyond. The policy covers you if you make an impact with a vehicle or object and damages occur. Liability coverage protects you if you are held responsible for causing damages or an injury. Comprehensive coverage protects your motorcycle in multiple ways. Perhaps you are riding through a rural area, and you accidentally make contact with a deer. Comprehensive coverage covers any damages to your motorcycle as a result of the collision. You are also covered if your motorcycle is stolen or vandalized. Comprehensive coverage also covers any necessary repairs if your motorcycle is damaged due to severe weather.

If you are operating your motorcycle with a passenger and an accident occurs, liability coverage will take care of the medical treatment if your passenger suffers an injury. If you are traveling long distances on your motorcycle, consider adding emergency assistance coverage. This type of coverage protects you if your motorcycle is having mechanical issues. You will receive urgent service to fix the problem and help you stay safe.

Pethel Insurance Group Will Help You Protect Your Assets

Visit our website to learn more information about motorcycle insurance.  

Life insurance FAQs

At Pethel Insurance Group in Kannapolis, NC, we are independent insurance agents who have been helping our customers to find the right coverage for more than 15 years. We are family-owned, and we will work hard for you to get the right policy at a price you can live with. Life insurance is not a type of insurance where everyone’s needs are the same. Your needs are personal and getting to know you is part of the process. 

Is term life insurance right for me?

Term life insurance offers coverage for a certain number of years. What you are paying for is a death benefit. If you are alive at the end of the term, the insurance ends and there is no longer a benefit. It is the perfect type of insurance when you require a large amount of coverage for a certain number of years. It is affordable and provides peace of mind that your dependents will be taken care of in the event you die. 

Do I need life insurance if I get some from work? 

Do you know exactly how much life insurance your employer provides? Is it enough to provide for your dependents in the event you pass away? Can you keep the policy if your employment is terminated either by you or your employer? Having your own life insurance is always a good idea. Consider employer-provided insurance a nice supplement to the coverage you already have. 

When should I review my life insurance coverage? 

Life is not static, it changes over the years and, like so many things, you need to take a good look at your coverage when any of these events happen:

  • When you change jobs
  • When you buy a home
  • When you get married
  • When you have children
  • When you retire

Contact Pethel Insurance Group in Kannapolis, NC to discuss your life insurance coverage. 

The Basics of Auto Insurance Deductibles

If you’ve never had auto insurance or are new to it, you might not know about deductibles. This is a crucial element that you should learn about before you will end up needing to do anything with it. You can discuss this with an agent from Pethel Insurance Group of the Kannapolis, NC area if you have some specific questions. 

What Is an Auto Insurance Deductible? 

A deductible is what a driver will have to pay out of pocket for any repairs before they can tap into the insurance. They only apply when it comes to comprehensive and collision claims. The premium typically will be lower when the deductible is higher. This means that you’ll pay less for your insurance in general. 

Insurance companies will sometimes offer diminishing deductibles on someone’s auto insurance policy. This is also known by the terms "disappearing" or "vanishing" deductible. It is additional coverage that serves as a reward for safe drivers. Drivers who don’t get into automobile accidents and continue to have a clean driving record end up with a decreased deductible amount as a type of reward. 

Can You Choose Your Deductible? 

Yes, in many cases, you will be able to choose if you have a low or high deductible. Auto insurance deductibles are different from health insurance because there aren’t any annual deductibles that you have to meet. However, you are responsible for the stated deductible in your insurance policy each time you file a claim. Once you pay this amount, your insurance company will pay out the rest of the cost to replace or repair your vehicle. 

The process of getting and maintaining your auto insurance is made easier when you work with a trustworthy agent such as those at Pethel Insurance Group of the greater Kannapolis, NC area. Contact us today to get more information on deductibles and other aspects of auto insurance.

How commercial insurances saves small businesses

Owning a small business is challenging. Risks are around every corner and it may seem at times as if the world is out to get you and put you out of business.  20% of small businesses fail in their first year and by year 5 it is 50%. The odds really are against you, but having the right commercial insurance can certainly help mitigate some of the risks of doing business. In Kannapolis, NC,  Pethel Insurance Group is an independent insurance agency that can help customize a commercial policy to your business. 

Commercial property insurance

Property coverage in the commercial sense covers the building where you do business. But more than that, in the event you are a renter, it covers all your business machinery, tools, and equipment. If you use it to do business, you are covered. It can be your office equipment, inventory, raw materials, tools, etc. The coverage is tailored to the type of business that you do. If a peril strikes, you will be able to get back to business as usual quicker. 

Commercial liability insurance

Small businesses are very susceptible to being sued. Every year, 36-53% of small businesses have to deal with a lawsuit. A lawsuit if you don’t have commercial liability insurance, can be devastating and it could mean your business will not survive. Between customers, vendors, and disgruntled employees, there is an almost endless supply of possibilities. 

Commercial auto insurance

If your business owns a vehicle,  it should be covered by commercial auto insurance. It is wise to keep your business and personal finances separate. 

Business interruption insurance

When a covered hazard hits your business, you won’t have any money coming in. Business interruption insurance will provide the money you need to pay your bills and meet your payroll. It can definitely save your business. 

Contact Pethel Insurance Group in Kannapolis, NC to discuss your commercial insurance needs. 

Things that home insurance won’t cover

Home insurance is designed to protect your home from many different hazards. But like most insurance, it has exceptions, things that it won’t cover. Some of them may surprise you if you haven’t read your home insurance policy. In Kannapolis, NC, Pethel Insurance Group is your local independent insurance agent. Independent insurance agents are not like captive agents, they can offer you more than one insurance carrier, which means you have more choices and a better chance of getting the perfect fit. 

Earth movement

When the earth moves and damage results, the damage will not be covered. This includes earthquakes, sinkholes, and landslides. You can buy an endorsement to cover this type of damage if you are concerned it might happen to you. 

Flood

Floods cause a lot of damage and flooding can lead to mold and other problems if the water sits and the weather is warm.  Floods and mudflow are not covered by traditional home insurance. You can purchase dedicated flood insurance as long as you are in a community that participates in the National Flood Management Program. 

Water damage

Water damage can happen from other things besides flooding. If you have a sump pump and it backs up or you have a sewer backup into your home, it won’t be covered by your home insurance. 

Owner neglect

Your insurance company expects you to maintain your home. If there is a danger of your house is infested with termites or other bugs, it is up to you to get your home treated and to maintain the treatment. If things just wear out, like your roof or your furnace, they are not covered by home insurance. If a tree dies and then falls on your home, you could be out of luck. 

Contact Pethel Insurance Group in Kannapolis, NC when you need to update your home insurance. 

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