Can You Add Commercial Coverage to a Home Business

When it comes to a home business one of the most important things is to make sure it is fully covered if something happens. That being said, some home policies do not cover home businesses, and you may need extra coverage. For those in the Warwick, RI area, the agents with The Slocum Agency, Inc. can help you to find the perfect coverage for your home business.

There are a few different things to consider when covering a home business. The first is the size of the business. Smaller businesses can generally be covered through home policies, larger home businesses, however, may need extra commercial coverage. For those that have a home business and that want to cover it with a commercial policy, you are going to want to take out a commercial general liability policy to cover your business.

This type of policy is going to provide you with general coverage and is going to be perfect for home businesses that need to be covered, but that may not be covered through your home policy. You can adjust your commercial general liability coverage easily and can add more or take some of the coverage back as well. This is going to cover inventory, products, equipment, and more. You can always talk with an agent to find out just what your coverage is going to take care of and what you need to add.

For those that live in the Warwick, RI area, the agents with The Slocum Agency, Inc. can help you determine if you need an extra commercial policy or if special consideration in your home insurance policy is going to be enough to protect your home business and keep you working and serving customers every single day.  

3 Little-Known Issues Often Covered By Homeowner’s Insurance

Most homeowners fully understand the value of homeowner’s insurance in the event of a disaster, such as a fire, tornado, or hail. However, certain things can take place in your Warwick, RI home that could be covered by your homeowner’s insurance policy and you may not even know that they are covered. Take a look at three little-known issues often covered by The Slocum Agency, Inc. homeowner’s insurance policies.

Damage to Your Neighbor’s Property 

A limb falls from a tree in your yard and damages the neighboring home’s window. Before you get out your wallet to pay for repairs, make sure you file a claim with your homeowner’s insurance. Most homeowner’s insurance policies do cover damages to neighboring properties if the damage was your fault or caused by something on your property. 

Injuries Someone Sustains While On Your Property

Say you are having a backyard get-together and a relative trip on the patio and falls down the stairs. Legally, you can be held responsible for their injuries, and most homeowner’s insurance covers a certain level of property liability if you have elected that as an option when building your policy. 

Damages to Appliances During a Storm

If lightning hits your home and sends a power surge through the outlets, it can damage everything from your expensive television to your smart refrigerator. Most homeowners assume there is nothing they can do but go out and replace the damaged items or pay for repairs, but it’s possible that homeowner’s insurance will pick up the tab. 

Overall, the homeowner’s insurance policy you have in Warwick, RI could cover more than you know. Reach out to The Slocum Agency, Inc. for more information about obtaining the proper coverage for your home. 

4 Ways to Take Care of a Classic Car

There’s nothing better than going out on the open road in Warwick, RI and taking a cruise in a classic car. When you invest in a classic car, though, you want to make sure you are doing everything you can to protect your investment. Here at The Slocum Agency, Inc., we’ve put together a helpful guide that will help ensure you are taking care of your classic car the right way. 

Keep the Car Clean

One of the most important tips for taking care of your classic car is to make sure you keep it clean. Even if you go out for a short drive, once you get back, you’ll want to hand wash the car to ensure it’s clean. Notice that we said hand wash. Never should you take a classic car through an automatic wash.

Keep It Waxed

To help protect the paint job on your classic car, which you probably invested a lot in, you’ll need to ensure it gets a wax job on a regular basis. Ideally, you’ll wax the car every time after you hand wash it. 

Keep the Interior Clean

In addition to cleaning the outside of the car on a regular basis, you’ll also need to clean its interior. This includes wiping the windows, dash, seats, and vacuuming it at least once a week.

Change the Oil

Changing the oil and performing basic maintenance on the classic car is essential to keeping it on the road for as long as possible. 

Want to learn more about taking care of your classic car and how you can get an insurance policy? If so, contact The Slocum Agency, Inc. serving the Warwick, RI area.

Can You Add Full Coverage Boat Insurance?

A boat is a fantastic investment, and with the right insurance coverage and protection, you can have a great boat and feel confident that you are going to be able to have fun and have your boat covered. For those in the Warwick, RI area, the agents with The Slocum Agency Inc. can help you to find the right boat coverage policy every time.

What types of boat insurance can you have?

For starters, in some cases, you are going to be required to have at least liability coverage to help take care of your boat and make sure that if you are in an accident, you can help cover the bills of the person in which you are in an accident with. This means that when you are looking at buying a boat, you may want to consider where you are going to be boating and if they require insurance on it.

If you have a loan on a boat, you are going to be required to have coverage for the cost of the loan to make sure you can pay the money back in the event that the boat is totaled. You want to be able to pay back this loan and may need to be able to pay back the cost of medical bills or other bills that are associated with the accident in question. You can have liability coverage if you do not have a loan on the boat, and you can also have full coverage insurance on your boat much like you would if you were buying insurance for a car.

For those that live in the Warwick, RI area, the agents with The Slocum Agency Inc. can help you find your perfect boat policy.

Do Properties and Vehicles Need Separate Umbrella Plans?

You might not think that liability is a big issue in Warwick, RI, but the truth is that no corner of America is exempt. Protecting yourself from lawsuits and the like can be a tricky business, so the experts at The Slocum Agency, Inc. have put this guide together to help you better understand umbrella insurance.

The Liability Breakdown

Umbrella insurance is often called excess liability insurance. That’s going to make sense in a moment. Homeowners and auto insurance policies include a certain amount of liability coverage. Most states even have minimum liability requirements. Umbrella plans don’t kick in until these existing liabilities are exceeded. Things are slightly more complicated than that because a lot of insurers don’t offer an umbrella policy until you have certain amounts of liability coverage (usually more than the minimum) from these other policies. It’s kind of like getting a premium channel from the cable company. They have progressive packages that build up to that channel instead of offering it directly.

Going the Extra Mile

That might feel a little complicated, but it actually makes things simpler. Your agent will help you assess your overall liability risk and compare it to the coverage in your home and auto plans. If you deem it worthy, they can help you get a personal umbrella plan. What you can note is that these plans are designed to help cover liability from any source (unless you have separate business insurance). That means one umbrella plan can be applied to auto accidents, home accidents, toy accidents (like on a boat), or a number of other issues. In short, most people only need one umbrella plan.

This should be enough to show that even in Warwick, RI, insurance can be a complicated mess. Whenever things feel less than obvious, you can always speak with your representative from The Slocum Agency, Inc. They’ll be happy to help you demystify any concepts and help you find comfort in your insurance plans.

Basics of Flood Insurance Coverage

When you purchase a new home, your lender will require that you carry a certain amount of homeowners insurance. This protects both you as the owner and the lender because you both have invested in the property. With the required coverage in place, you might consider it a closed matter. It’s important to understand the level of flood risk your area has. Flooding is one risk that is not covered by homeowners policies. By understanding the level of risk your area has, you can consider additional flood insurance if needed. 

Flood insurance is available through the National Flood Insurance Program. This program was created because flood damage is the most common and expensive disaster that homeowners face. Usually, flood risk is not covered by policies designed for renters or homeowners. While it is essential to find out your area’s flood risk, realize that over 20% of flood damage claims are filed in areas that are not considered to be high-risk areas. 

The agents at The Slocum Agency, Inc. serve clients in the Warwick, RI area. They know the risks that home and business owners in the area face. This makes them the perfect partner to help you understand the types and levels of coverage that best suit your situation.  If you decide that you need flood insurance for the structures on your property, they can help you get that coverage. As flood insurance only covers the buildings, they will ensure that the insurance you carry also covers the contents and your personal possessions. 

Get the answers you need from the experts. Call the agents at The Slocum Agency, Inc. in the Warwick, RI area; we are always ready to help. So, contact us for more information. Then, call or visit our offices. Don’t wait until it’s too late!

3 Reasons to Buy More Life Insurance

Life insurance is an important part of your long-term financial plan. Your policy ensures that your children, spouse, or loved ones are provided for when you are gone.

Are you sure you have enough life insurance?

Use these tips from the Slocum Agency, Inc. in the Warwick, RI area to determine if your current policies are enough.

  • What does your life insurance payout need to cover? The fastest way to estimate life insurance needs is to multiply your monthly expenses by 12. Then, multiply the product by the number of years your loved ones will need to establish their own financial stability. Add in special funds like education, burial costs, and cash for any outstanding loans or obligations that your family may need to pay.
  • Small business owners should consider adding a commercial life insurance policy to their portfolios. This coverage provides funds to help your business partner pay off mutual debts, to save your family from shouldering the weight of your business obligations, or give your surviving partners the needed cash flow to stay afloat while they rebuild their lives.
  • Show your gratitude and leave a legacy by naming your favorite charitable organization as a beneficiary. Your favorite charity can receive any portion of your personal life insurance payout. Use this strategy with a whole-life policy. These policies accumulate cash value over time, which you can use during your lifetime for investments or personal emergencies.

You don’t have to limit yourself to just one life insurance policy. A skilled insurance agent can help you create a personalized package that covers all the essential things in your life. Contact the Slocum Agency, Inc. in Warwick, RI to discuss your insurance needs today.

How Often To Change Your Oil

The Slocum Agency, Inc. in Warwick, RI can help you rest easy with the knowledge that you have reliable coverage, but that’s only half the battle. The other half is proper car maintenance, and the backbone of proper car maintenance is regular oil changes. Having your tires rotated now and then is important too, of course, and you should use premium gas if that’s what your auto calls for, but oil changes will keep your car running smoothly for years to come.

So, how often should you change your oil? The longest you can typically go is five thousand miles. That’s not recommended, though, because you’re pushing your luck. The best way to manage your oil changes is to have it changed once every three thousand miles, or once every three months.

The next question you may be considering: Do it yourself or have someone do it for you?

Unless you like the idea of doing all your basic maintenance yourself, we recommend having it done professionally. It’s a very easy job, but in Warwick RI you are required to dispose of your oil safely, you can’t just pour it down a storm drain or throw it in the trash. This can take precious time out of your day. But auto garages are set up to get rid of it for you, so it’s just a little less effort on your part.

The Slocum Agency, Inc. can help any driver in Warwick, RI to get the auto insurance they need for their car, truck, you name it. But without proper maintenance, you can’t expect your car to last. Reach out to our agents to learn more about car maintenance and how it can affect your auto insurance.

How to Decide on the Right Commercial Insurance for You

Commercial insurance doesn’t have to be a puzzle for business owners if they know how to look at it. Unfortunately, too many people only see a price tag when it comes time to choose a policy. So they may assume that as long as they’re staying within their legal boundaries, they should save money by picking the least comprehensive plan. Before you make the same mistake, consider the following tips for picking the right commercial insurance plan for you. 

Threats in Warwick, RI

There are plenty of threats in Warwick, RI that owners should consider, but the key is to think about the ones that are most likely to affect you. So if you operate in a fairly bad neighborhood, you may want to protect against vandalism or criminal theft. If you store customer data on your computer systems, you may want to ensure you have enough protection to cover a cyber attack. If your windows are old or your building has seen better days, then you may want to get additional weather protection so that you don’t have to go out of business just because of a bad storm. 

Getting Help

The Slocum Agency, Inc. has been helping business owners get the insurance they need to keep their heads above water for many years. It’s our job to help you identify the most common threats in your area so you can get the help you need to stay afloat. While we always encourage people to focus on prevention as much as possible, commercial insurance is sometimes the only thing a person can turn to in a time of need. If you’re a business owner who wants to protect their livelihood, give The Slocum Agency, Inc. a call today.

Do I Need to Create a Home Inventory?

Warwick, RI residents are not required by law to purchase homeowners insurance, but many lenders will require that their customers do so. It is also common for people without mortgages to obtain coverage, because it will offer indemnification in many circumstances and will serve to protect financial assets. Part of good fiscal planning involves the creation of a home inventory, and we will discuss this at more length. 

Home Inventory Basics

A home inventory will make things easier for you and your insurance company in the event that you have to file a claim, and it will help the process go faster. It is important to keep this list as up-to-date as possible because this tool can help insurance adjusters accurately identify items that have been damaged or destroyed. A home inventory can also aid in filing property tax reports involving personal property losses, making it an essential part of every homeowner’s record keeping. 

It is best to take photographs of everything you own, documenting entire rooms and taking care to focus on specific items that are of high value, such as pieces of jewelry, artwork, tools, and expensive equipment. Make a list on paper or on a spreadsheet of all your belongings, room by room. It is vital that you videotape your items and that you keep the footage on your computer and on a backup drive. You will want to keep copies of your photos, lists, and film in a separate location, such as a safety deposit box. 

Talk to the Slocum Agency, Inc.

We at the Slocum Agency, Inc. can answer your questions regarding homeowners insurance, and we will be glad to offer you a quote. We have experience serving the Warwick, RI area, and we look forward to working with you. Contact us, and speak to one of our knowledgeable and friendly agents today!