3 Key Benefits of Umbrella Coverage

An umbrella policy is an extended coverage that comes into play if you must defend yourself against litigation or are at fault in a covered loss that exceeds your existing liability limits. When is this useful? Here are three benefits to umbrella coverage you may not have considered. 

1) Legal Defense for Landlords

There are two primary protections built into umbrella insurance landlords may find helpful. The most important is coverage for defense costs, legal fees, court fees, and damages owed when you are deemed liable for unlawful eviction. 

2) Financial Shield Against Accidents

A key benefit that everyone can use is bodily injury liability coverage. If you or someone in your household is the at-fault party in a significant accident, this coverage will kick in when your auto insurance liability limits are exhausted. There’s no deductible required to access this coverage. Since medical payments in serious accidents can be ongoing and damages may also include pain and suffering and lost wages, the bill can be steep. Umbrella policies grant significant coverage, a million or more, for less cost than you might expect. 

3) Liability Woes Begone

All of us face liability risks. Every time someone visits our home, we drive somewhere, we own a pet. Even simply existing in our communities opens us up to potential litigation. An umbrella policy is an affordable way to take worry out of our daily lives with the knowledge that should the worst occur, we have the funds to meet our obligations without the risk of losing our financial security. 

If you are in the Warwick, RI area and ready to discuss how an umbrella policy could help you, reach out to one of our friendly agents at The Slocum Agency Inc. We can review your financial assets and help you determine what umbrella coverage would best serve your interests. 

Two Important Coverages to Discuss This Time of Year

It’s December, and we think it’s the perfect time for you to have a discussion about investing in two important things: protecting their home systems and service lines before the winter sets in and their identity while they are doing more online shopping than any other time of the year. 

Identity Theft

It’s only natural that people are more distracted during the holiday season. Between buying decorations and gifts, holiday dinners out with friends, and grocery shopping for family gatherings, people’s bank cards get a workout. Which makes it the perfect time of year for Grinches to steal others’ identities. So, if you haven’t had the conversation about adding Identity Theft Protection and Recovery coverage to your policy, now seems like the perfect time to have the talk.

Home Systems and Service Line Protection

Now that people are entertaining again, having your home systems in proper working order is vital. Imagine if your grandma was visiting and the furnace went kaput in the middle of the night, leaving the house too cold. It’s expensive to replace a furnace any time of the year, but in the middle of the holiday season, it can put even more strain on an insured’s wallet. Possibly saving your money on this repair cost is just one of the many reasons to add the Home Systems and Service Line Protection endorsement to your policy.

Why New Parents Should Consider Umbrella Insurance

Umbrella insurance is a sometimes overlooked addition to a family’s financial protection, and this affordable policy is a secure safety net for when things go squarely wrong. Let’s take a deeper look at umbrella coverage and consider how it secures your growing family. 

New Child? Protect Your Future

Our financial assets are not just for our protection but for the wellbeing and maintenance of our family. As your family expands, your assets become increasingly important. Your risks also broaden. Children play, and the potential for injury on your property grows. To protect your home and financial assets, consider reviewing your insurance coverage. An umbrella policy is an affordable option to ease your mind and enjoy the sound of laughter in the backyard instead of fretting about the risks of boisterous kids.

What is Umbrella Insurance?

Your homeowner’s and auto policies both contain some form of liability protection for you and your family. That means if someone is injured on your property or in an accident involving your vehicle, your insurance can cover damages up to a certain amount. For significant accidents that incur serious medical debt, pain and suffering, and wage loss, your existing liability protection may not be sufficient to meet your obligations. That’s where an umbrella policy shines. You can obtain significant coverage, a million or more, affordably, and that’s enough to protect your assets if the worst should occur. 

What Financial Assets Does Umbrella Insurance Protect?

If you are deemed responsible for an injury, you are at risk of litigation to cover the costs that exceed your liabilities. That doesn’t just impact your bank account; they can claim your financial accounts, savings, investments, and property like your home and vehicles. Even future income is also fair game for repayment. That’s a severe consequence that could lead to financial ruin. 

When you are ready to protect your family against financial decimation over an accident, new parents in Warwick, RI can call or stop by The Slocum Agency Inc. today. Our friendly, knowledgeable staff can help you review your assets and determine the best coverage to meet your needs.

How much life insurance is enough?

Life insurance is personal. No one answer will be appropriate for everyone. At The Slocum Agency Inc. in Warwick, RI, we treat each customer as an individual with individual needs. As independent agents, we can offer more choices and, by getting to know you, we can make sure that you get exactly what you need at a price you can afford to pay. 

To answer the question of how much life insurance is enough, you have to understand what life insurance does and what it can do for those who survive you. Many factors go into making the decision about how much life insurance to buy and at what time in your life. 

Life insurance isn’t really about you. While some policies do have a cash value and thus are a way to save, that is not why most people purchase life insurance. Most insurance is purchased to protect the people who count on you. 

When you are young, most likely no one is dependent on your income. You may have a few bills, but you have minimal requirements for life insurance. If you get some as a benefit of your employment, it is likely enough to cover any debt you have.

Once you have a wife and children, a mortgage, and looming college, you need to think a lot more seriously about exactly how much life insurance you need. You need approximately seven to ten years of your income in life insurance to keep your family supported without you. Of course, you need to be able to afford that amount of insurance and that requires a serious discussion with your independent insurance agent. 

At The Slocum Agency Inc. in Warwick, RI, making sure that our customers are satisfied with the products we have to offer is our main goal. If you are ready to discuss your life insurance, we are ready to help. 

Policies to Consider for Your Employees

Policies that protect your employees also protect you as a business owner. Whether you purchase Worker’s Compensation or occupational accident insurance, these policies help your employee cope with an injury while also helping you bear the financial responsibilities associated with an accident. In the Warwick, RI area, The Slocum Agency Inc. is a go-to for gaining insight and assistance in selecting employee-related insurance policies. 

Accident Coverage for Employees

There are two common insurance policies that business owners will purchase for their employees: occupational accident insurance and worker’s compensation. Whether you are required to hold one or the other or neither depends on the state where you live.

Rhode Island is among those states that require employers of all sizes to have worker’s compensation. This type of policy is subject to state minimum requirements, and employers can purchase the policy from the state or from an insurance broker. 

If you purchase a worker’s compensation insurance policy, know that you can have peace of mind in the event of an accident. Additionally, it is helpful to know that many insurance agencies will offer discounts when you fulfill certain qualifications, like worker safety training.

Other Coverage Options that Benefit Your Employees

Additional policies you might want to consider for your employees include business interruption insurance. This policy helps business owners cover expenses like rent and payroll when their business unexpectedly has to close down.

Typically, you will be able to customize this policy to suit your needs. Like any insurance policy, there will be exclusions to what it covers. For instance, the amount of time your policy pays out in a crisis could vary.

Additionally, there might be different coverage options for small, medium, and large businesses. Discuss your coverage options with the professionals at The Slocum Agency Inc. in Warwick, RI. 

What makes a classic car insurance plan a good investment in Warwick?

Becoming an owner of a classic car can be a dream for many people. If you do want to own a classic car at some point in the Warwick RI area, having the right coverage for it is very important. A classic car coverage policy can be a great investment for any classic car owner as it offers unique coverage that is ideal for this type of vehicle. 

Cover Asset and Collectible Value

An important reason to have a classic car insurance policy is to cover the asset value of your car. With a classic car, the value of your vehicle can increase a lot as the years go by. Due to this, you will want to know that the collectible value is covered by your insurance plan. When you have a classic car plan, you will get to work with the insurance provider to ensure you have a replacement value that reflects this value.

Realistic Liability Risk Coverage

No matter what type of car you drive in Rhode Island, you need to have liability insurance for it. With a classic vehicle, you likely will drive the vehicle infrequently, which means your actual risk of a liability claim will be much lower than it would be with a primary vehicle. If you invest in a classic car plan, the coverage will reflect this reduced risk. 

A resident in the Warwick, RI area should ensure they get the right insurance for their classic car. As you are in the market for your next classic car, speaking with The Slocum Agency Inc. can be helpful. There are a lot of choices that need to be made and The Slocum Agency Inc. can help you build a plan that will protect you and your classic car. 

Rhode Island Boat Insurance Guide: What to Expect With Yacht Insurance

A yacht is defined by the National Boat Owner’s Association as a vessel that is over 27 feet long. Anything below that length is considered a pleasure boat. Yachts by nature have more involvement when it comes to their insurance, as they tend to travel farther and are exposed to more risks than a pleasure boat. 

At The Slocum Agency Inc., we want Warwick, RI to have everything they need when it comes to yacht insurance. Here is a starting point when you are looking for yacht insurance.

Yacht Insurance Values

When you get yacht insurance, you will choose between a policy that offers actual cash value in claims, or agreed values. An actual cash policy will be less expensive, and for a claim, you would get the depreciated value of your yacht.

Some discounts may be available that will lower your policy premiums if you want a policy with an agreed value. If you have education in boating, install or purchase security and safety measures, or have a hybrid boat, you may see a reduced premium. Having a deductible on your policy may also help reduce premiums, and that is usually 1 percent of the total value of your boat.

Yacht Insurance Coverages

There are two elements of our yacht insurance policy. They are hull insurance and protection and indemnity. Hull insurance covers damage that is direct to the hull of the vessel. This also provides a replacement cost on some losses or damages to some parts of the boat, such as sails, outboards, and batteries.

Protection and indemnity coverage often called P & I is broad liability coverage. Workers are also often covered under this. This coverage will protect you against financial losses in the event of a lawsuit in admiralty or maritime court.

Get a Quote for Yacht Insurance

Yacht insurance can be confusing because of the different kinds of liabilities involved. When you are purchasing yacht insurance, contact The Slocum Agency for a quote for your policy. We know what the residents of Warwick, RI need when it comes to maritime protection.

3 important benefits of umbrella insurance

The Slocum Agency Inc. is here to provide business owners with the insurance coverage they need to protect their companies in the greater Warwick, RI area. If your business is growing, it may be time to add an umbrella policy to your current insurance portfolio. Additionally, if you operate in an industry that has a lot of liability risk or is highly litigious, it is worth considering an umbrella policy.

Check out these 3 important benefits of a commercial umbrella policy

Owning and operating a successful company takes a lot of work. An umbrella policy is an effective way to protect that hard work and provide future protection.

  1. An umbrella policy will provide ongoing protection if and when your primary policy is exhausted. Because policies have maximum coverage levels it is important to have further measures in place to protect your company.
  2. Umbrella policies will protect the personal assets of the firm’s stakeholders. Once insurance coverage is maxed out, it may fall upon the company owners to cover any financial liabilities that may arise.
  3. Owning a company is a lot of hard work, and the major benefit of an umbrella policy is the way that it protects the holder from insolvency. An umbrella policy provides the ongoing protection necessary to keep your company operational.

Primary commercial policies are an important part of financial security for any business, but they are not always sufficient for every company’s needs. Find out more about how a supplemental umbrella policy can provide the protection you need.

Is it time to give your insurance coverage a boost? Contact us today

We are proud to serve the insurance needs of the greater Warwick, RI business community. If it’s time to review your commercial policies, give The Slocum Agency Inc. a call today!

What You Need to Know About Flood Insurance

Homeowners want to make sure that the investment they have made into their home is adequately protected. Purchasing homeowner’s insurance, however, is usually not enough to cover all of the important layers of home protection. At The Slocum Agency Inc., serving Warwick, RI, we understand that the only way families can make good insurance choices is by having access to good insurance information. Keep reading to find out what you need to know about flood insurance. 

Is Homeowner’s Insurance Enough?

The truth is that homeowner’s insurance is not enough to protect you from the expenses of flood damage. Homeowner’s policies usually do not include flood protection. The reason for this is because the risk of a flood can vary so much from state to state and from region to region within a state. This makes it very difficult for insurance companies to create a one size fits all policy. 

What Should Homeowners Do?

It is very important for homeowners to review their homeowner’s insurance policy carefully to see if flood insurance is included. If flood insurance is not included, then you should consider adding this coverage. In order to understand your risk of flood for your area, though, you will need to sit down with a knowledgeable home insurance representative. This professional will be able to help you assess your flood risk and choose a policy that is right for you and your budget. 

If you would like to learn more about our insurance products and services, please contact us at The Slocum Agency Inc. serving Warwick, RI. We will be so happy to sit down with you to discuss your options.

3 reasons to choose whole life insurance

Term life insurance is often the first type of indemnity converge individuals pursue when they are searching for financial security that lasts after they have passed in Warwick, RI. Many purchase a term indemnity policy, though, without fully understanding what comes along with such a plan. In most instances, it is better to spend more on whole life insurance. 

The agents at Slocum Agency Inc. can help you find the right life insurance plan. Here are three reasons to pick whole life insurance over a term indemnity plan. 

1. Whole life insurance lasts for the entire life cycle

A term life insurance plan lasts for a certain period. Most policies provide coverage up to 20 years from the date of the first monthly premium. 

Whole life insurance lasts the entire life cycle. This perk is especially beneficial to those who develop a chronic illness. A whole life insurance plan ensures you do not have to pay more in monthly payments because of your illness. 

2. You can enjoy the benefits of a policy while living

Whole life insurance accrues interest that may be cashed out for vacations or financial emergencies. Your timely monthly payments, therefore, go further than just providing financial security for your loved ones after your death. 

3. Whole life insurance may offer higher policy limits

Many term insurance policies have coverage limits because they do not require physical exams from a doctor in Warwick RI. A whole life insurance plan may offer protection up to $1 million to those willing to pay higher monthly premiums. 

The agents at The Slocum Agency Inc. can help you understand the many benefits of a good whole life insurance plan. Call them today to get started with a quote for coverage.