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Protect Your Livelihood with Commercial Insurance

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Are you a business owner in or around Flowood, MS? If so, the Insurance Protection Specialists can provide commercial insurance to protect your business.

Protect Your Livelihood with Commercial Insurance

The major part of business operations is protecting it from devastating financial loss. Being adequately prepared for an event like this can mean the difference between survival and shutdown. The best preventive measure is a commercial insurance policy.

Small businesses need to be prepared for a customer falling, damage to computers because of a leaky overhead pipe, or accidents involving company vehicles.

Here are some examples of the type of coverage available:

Workers’ compensation insurance protects a business if an employee is hurt, contracts a serious illness, or dies due to an accident on the job. It can cover legal fees, medical expenses, and lost wages if the employee is unable to work.

Professional liability insurance could protect you from the cost of legal fees and damages if a claim is made that your professional service caused them or their business financial harm. Coverage includes mistakes on the part of the company and failure to perform a service. This type of coverage is necessary if your business provides professional advice, offers a service, or has contractual requirements for the coverage.

General liability insurance is important because contractors and landlords many times require a policy before they hire you. It covers legal costs and damages that result from injury claims made by customers and other people you don’t employ. It covers slander, libel, and copyright infringement.

Business owner’s insurance is commonly referred to as a business owner’s policy or BOP. It combines coverage for your business’s property and general liability insurance. You will have protection for your building, any space you lease, and property needed for the operation of your business. You will also receive coverage for business interruption. It will replace lost income and other costs related to getting the business up and running.

Give Us A Call

Insurance Protection Specialists in Flowood, MS can provide a quote or answer any questions you have. Contact us today.

Are You a Homeowner? Make Sure You Have Homeowner’s Insurance for the Protection You Need

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Are you a homeowner or planning on becoming one? If so, it is important to know that if you are carrying a mortgage on your home, you need homeowner’s insurance. Do you live in or near Flowood, MS? Then Insurance Protection Specialists can provide the homeowners’ insurance you need.

Home Insurance: The Coverage Basics

A standard policy has four key coverages: dwelling (home), other structures (garage or storage shed), personal property, and liability. Homeowner’s insurance pays for damage and losses to your property when the unexpected occurs, such as a burglary or fire.

When you have a mortgage, the lender wants to ensure its interest is protected. That is why proof of a homeowner’s insurance policy is required.

The most vital part of a homeowner’s policy is the level of coverage. The most common level of coverage is an HO2 policy which protects against 16 perils that are named in the policy. Things such as age, wear and tear, or neglect are not covered. Most policies will include replacement or repairs due to fire, wind, or other weather events as noted in the policy.

Gradual water damage occurring slowly and over time will not be covered. But water leaks and damage that occurs suddenly or if a pipe randomly bursts, the damage will be covered by insurance.

If you have a homeowners policy and allow it to lapse, this will violate the terms of your mortgage agreement. The lender could then force you into a more expensive policy or put your loan in default, which puts you at an increased risk of losing your home.

You need enough coverage to rebuild your home if it is destroyed. For your personal property, you want coverage limits that are at least 50% of your home coverage amount. Liability coverage should be high enough to cover all assets.

Contact Us Today

Talk to the professionals at Insurance Protection Specialists in Flowood, MS today. Obtain a quote or get any questions answered. We are glad to assist. 

What Risks Do You Face By Skipping Renters Insurance

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Renters insurance is for people renting a home, apartment, or condo. Typically, it provides coverage for personal belongings from such damages as fire, theft, vandalism, smoke, and others, It also protects a tenant if a guest or visitor gets injured on the rented property and decides to take legal action. Many people renting property decide to skip rental insurance and do not realize that they are taking a big risk. Consult with Insurance Protection Specialists in Flowood, MS for expert insurance advice. 

Here is a list of risks you face if you do not purchase renters insurance:

1. Damaged Belongings

If a fire or flood happens and damages your personal belongings, you will have to repair or replace them. Without renters insurance that would protect you financially, this may cost you a lot. 

2. Lawsuits 

If a visitor or guest comes to your rented property and gets injured or bitten by a dog, you may be responsible for an injury and will have to cover legal and medical expenses. If you do not have renters insurance, attorney charges and hospital charges will not be covered. 

3. Eviction

Often, one of the requirements of a lease agreement is to have renters insurance. This means that you may not be able to rent a home without purchasing proper insurance. Therefore, by signing a lease agreement, you agree to carry insurance. If you fail to do so, your landlord can evict you. 

Get Renters Insurance Today

If you are currently shopping for renters insurance and need some help, our team at Insurance Protection Specialists in Flowood, MS is here to assist you. We specialize in all types of insurance, including renters insurance as well. We have over 50 years of combined professional experience in serving clients in Flowood, MS and other surrounding communities. If you have questions about insurance policies and you want to know more, feel free to contact us. 

What Riders Should Look for in a Motorcycle Insurance Policy

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Motorcycle insurance is a vital part of owning a bike. Not only is it required by law in most states, but it can also provide crucial protection in the event of an accident. However, with so many different policy options available, it can be difficult to choose the right one.  Insurance Protection Specialists in Flowood, MS can help you navigate this important coverage.

Here are a few things that riders should look for when shopping for motorcycle insurance:

Coverage Limits

The first thing to look for in a motorcycle insurance policy is adequate coverage limits. This means choosing a policy with high enough limits to cover the cost of any damage or injuries that may occur in an accident. Riders should also make sure to get uninsured/underinsured motorist coverage, which can help cover the costs of damages if they are hit by a driver who doesn’t have insurance.

Cost

Of course, riders also need to consider the cost of their motorcycle insurance policy. While it is important to get adequate coverage, riders should also be mindful of their budget and choose a policy that fits their needs. Riders can often save money by bundling their motorcycle insurance with other types of insurance, such as auto or homeowners insurance. However, don’t sacrifice coverage to save money. It’s not worth it if you end up being underinsured.

Fine Print

Finally, riders should always read the fine print of their motorcycle insurance policy before signing up. This will help them understand exactly what is and isn’t covered by their policy. Riders should also be aware of any deductibles or exclusions that may apply to their policy. By taking the time to understand their policy, riders can be sure they are getting the coverage they need.

Give Us A Call

Choosing the right motorcycle insurance policy doesn’t have to be difficult. Riders just need to make sure they understand their coverage needs and budget. By shopping around and comparing policies, riders can find the perfect policy for their needs. Need help finding the right motorcycle insurance policy? Insurance Protection Specialists in Flowood, MS can help. We’re here to answer any questions and ensure you’re getting the coverage you need.

Contact us today to get started.

What every boat owner needs to know about liability insurance

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When it comes to boat insurance, boat owners  in the Flowood, MS area can depend on the team at Insurance Protection Specialists. Owning a boat is a whole lot of fun, but it’s also a big responsibility. If you want to make sure you’re protected, we can help you find the most appropriate boat insurance policy for your needs. Call or stop by today!

What to know about liability coverage when it comes to boat insurance

Like most states, Mississippi requires that boat owners carry a certain level of insurance. This regulation is a great way to encourage responsible boat ownership and make sure that everyone is protected. However, it is often not enough to simply have a policy that offers the minimum level of protection.

When your policy provides a robust level of liability coverage, you can protect yourself in a variety of different scenarios. For instance, if you are involved in an accident where there are injuries, you will want to have adequate coverage. This is also the case if your craft is in an incident where there is loss or property damage. Without the right level of protection, you can be held financially responsible for losses and damages. It makes sense to carry the right amount of liability protection.

Protect your boat with the right insurance policy

The folks at Insurance Protection Specialists are here to help boat owners in the greater Flowood, MS community to get the protection they need. If you’re considering buying a boat soon, or you want to review your current policy with a local agent, we are here to help. Contact our office to set up an appointment, or stop by to talk to an agent to learn more. We look forward to working with you!

How Much Umbrella Insurance Do I Need?

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Umbrella insurance is a one-of-a-kind personal liability coverage that protects your savings, income, and assets from large claims and lawsuits that are above the policy limit of your auto, homeowners, boat, landlords, renters, and boat insurance. Many Flowood, MS residents contact us at Insurance Protection Specialists to find out how much umbrella insurance they need. Here’s what to know:

How Does Umbrella Insurance Work? 

Umbrella coverage picks up liability where your homeowners, auto, and any other liability insurance you have leaves off. This policy is sold in $1 million coverage increments and can go as high as $100 million. The cost for the first $1 million umbrella coverage ranges from $150 to $350.

For example, you own a car and have auto insurance coverage with a limit of $300,000. Suppose you get into an accident that involves 10 vehicles and several people get injured and you are the at-fault driver. In that case, your liability in property damage and injuries can amount to more than $800,000. Your auto insurance will pay the $300,000 part of your liability, but you will still be left with $500,000 in liability.

If you have umbrella insurance, it will kick in and settle the remaining $500,000 in liability. If you didn’t have umbrella coverage in such a situation, you would have had to pay the $500,000 remaining liability using your savings, assets, and even future income. The remaining $500,000 of your umbrella policy would be used to settle your legal fees if there was a lawsuit.

How Much Umbrella Coverage Is Enough? 

For most people, a $1 million umbrella coverage is enough. However, if you own multiple cars, boats, rental properties, savings, and other assets adding up to more than $1 million in value, you will need more umbrella insurance. Generally, you need umbrella coverage that’s at least half of your net worth up to $100 million.

Contact Insurance Protection Specialists for more info on umbrella insurance in Flowood, MS.

Do you need to have RV insurance in Mississippi?

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Having an RV in the Flowood, MS area can be a great investment and provide you with a fun way to get around the state. When you are looking for a new RV in this area, you will also want to ensure you get the best insurance for it that you can. There are various reasons why having this type of coverage should be considered a necessity.  

Do you need to have RV insurance in Mississippi?

Cover RV and Meet Lender Requirements

A reason that many RV owners in this part of the state need to have RV insurance is so they can cover their RV and meet standards and requirements set by their lender. Taking out a loan to buy an RV is quite common and when you do, the lender will likely have specific insurance obligations. This often includes the requirement that you carry a complete collision and comprehensive plan to protect their loan collateral.

Drive the RV Legally

You also need to have an insurance plan in the state of Mississippi to drive the RV legally. Similar to when you drive other vehicles in the state, you have to carry liability coverage. With this insurance, you will have support to pay for damages that could be caused when driving. Beyond being a legal requirement, it also greatly reduces your personal liability risk.

Those in the Flowood, MS area need to ensure they have the right RV insurance support and coverage at all times. As you are looking to get a proper RV insurance plan, starting your search with the Insurance Protection Specialists is a good option. The team with the Insurance Protection Specialists can offer any guidance you need to build an insurance policy that will appropriately protect your RV and ensure you are in full compliance. 

Flood Insurance Benefits

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As the summer approaches, severe weather and flooding can threaten your home. If you live in an area prone to flooding, it’s important to have flood insurance. Here is a guide to choosing the right policy in Flowood, MS.

Flood Insurance Benefits 

Peace of Mind

Knowing you’re protected from financial devastation in the event of a flood can give you peace of mind. Over the past few years, the weather’s been more and more extreme, resulting in costly damage to homes. The worry of not being able to afford repairs or replacements can be overwhelming. With flood insurance, you’re covered financially.

Protection for Your Home

Your home is likely to be your most valuable asset. If it’s damaged or destroyed in a flood, this insurance can help cover the costs – which can be a lifesaver if you can’t afford it on your own. An agent with Insurance Protection Specialists can help you get the coverage you need.

Replacement Cost Coverage

Many homeowners’ insurance policies only cover the actual cash value of your home. With only this coverage, you’ll only receive the current market value of your home minus any depreciation. Flood insurance typically offers replacement cost coverage. This means you’ll receive the funds necessary to rebuild your home, regardless of its cost.

Less Out-of-Pocket Expenses

If you need to file a claim for flood damage, your out-of-pocket expenses will probably be reduced with flood insurance. Most homeowners’ insurance policies have a deductible for water damage. There’s usually no deductible with flood insurance, which can save you a lot of money if you need to file a claim.

These are just a few benefits of having flood insurance in Flowood, MS. If you’re interested in learning more, contact Insurance Protection Specialists. We’ll be happy to answer your questions and help you get the coverage you need.

How Does Life Insurance Work?

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Most people know what life insurance is, but few understand how it works. This article will explain the basics of life insurance and how it can be a valuable tool for protecting your loved ones. We’ll also discuss some of the different life insurance policies available and help you decide which one is right for you.

What is Life Insurance?

Life insurance is a policy that pays out money to your beneficiaries when you die. Your loved ones can use the money to cover things like funeral expenses, debts, or even college tuition. It provides peace of mind that they will have the funds if anything happens to you.

How Does Life Insurance Work?

There are two types of life insurance: term and permanent. With a term policy, you choose a period for which you want to be insured – say 25 or 30 years – at the beginning of the policy. In return, the insurer promises to pay your beneficiaries a sum of money if you die during that time. The policy expires at the end of the term, and you no longer have coverage.

With permanent life insurance, a cash value grows over time. This cash value can be taken out of the policy, but it also doubles as your death benefit. Permanent life insurance policies don’t expire. You’ll continue to pay premiums until you die or decide to cancel the policy.

What Kind of Life Insurance Should I Get?

The type of life insurance you decide on depends on your personal situation and financial goals. Your age, health, budget, and assets contribute to how much coverage you need. The younger you are when you take out a policy, the cheaper it will be because your risk of death is lower.

If you have a family to support, your need for life insurance will be greater than if you are single or retired. You’ll want to factor in debt, salary, and the costs of raising children when deciding how much coverage to get.

Need Life Insurance in Flowood, MS?

Life insurance provides financial protection for your family if something happens to you. Insurance Protection Specialists can help you decide which type of policy is right for you and guide you through the application process. Contact Insurance Protection Specialists in Flowood, MS today to get a free quote.

 

Does Auto Insurance Cover Rental Cars?

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You find yourself standing at the rental car counter having just secured a great deal on your rental car for the week. You are ready to get your family vacation started and the long line behind you is growing restless. The next thing you know, you are handed paperwork filled with confusing options for insurance. Suddenly, you are left wondering if you should sign on the dotted line.

Rental car insurance is not something that most people think about regularly. Therefore, it is easy to become confused and overwhelmed in the heat of the moment. Take the time before renting your next vehicle to learn if you really need rental car insurance in Flowood, MS or if you are covered under your existing auto insurance policy. If you need answers right away, contact Insurance Protection Specialists.

How To Determine If You Need Rental Car Insurance

A common question that insurance providers are asked in Flowood, MS is whether or not rental insurance is necessary. The first thing that you need to do is to check your current auto insurance policy. You can also call your provider to determine the type of rental car coverage that is included in your policy. If you have liability coverage and comprehensive coverage on your personal car, typically that coverage will extend to provide coverage for a rental car.

If the car that you are renting is similar in value to your everyday car on your auto insurance policy, then it is highly likely that the coverage that you already have is adequate protection for the rental. However, if you are taking the opportunity to rent a car that is usually beyond your means, like an exotic sports car, then you may want to consider investing in additional coverage.

If you are still not sure if your auto insurance policy will cover your rental, contact the experts at Insurance Protection Specialists. Give us a call today.