Who needs liability insurance?

Anyone who owns a business, provides professional services, manufactures or sells products, or interacts with the public should consider liability insurance. It is particularly important for business owners, contractors, consultants, landlords, and professionals like doctors, lawyers, and accountants.

Can I cancel my term life insurance policy anytime?

Yes, you can cancel at any time by stopping payments or notifying the insurer. However, you won’t receive a refund for premiums already paid unless it’s an ROP policy.

Can an insurer cancel my policy?

Yes, an insurer can cancel a policy due to non-payment, fraud, misrepresentation, or significant changes in risk factors affecting coverage.

What types of risks can a captive insurance company cover?

Captives can cover a wide range of risks, including general liability, workers’ compensation, property damage, cyber liability, professional liability, product liability, and employee benefits. Businesses often use captives to cover risks that are difficult to insure through traditional insurance providers or to supplement existing coverage gaps.

Can I deduct flood or earthquake insurance premiums?

No, premiums for flood and earthquake insurance are generally not tax-deductible unless the policy is for a rental property or a business. Homeowners cannot deduct these premiums.

What is the difference between first-party and third-party cyber insurance coverage?

First-party coverage deals with direct costs to the business, such as data recovery and notification expenses, while third-party coverage addresses costs related to lawsuits and claims from affected individuals.

What does comprehensive auto insurance cover?

It covers damage caused by theft, vandalism, natural disasters (like hurricanes and tornadoes), falling objects (such as tree branches), animal collisions, fire, floods, and riots. It does not cover damage from a car accident or mechanical breakdowns.

How do I file a claim under my insurance policy?

To file a claim, notify your insurer, provide necessary documentation, complete claim forms, cooperate with investigations, and follow the insurer’s process to receive compensation according to policy terms.