What is Commercial Insurance?

Maybe you have heard of the term commercial insurance. If you have a business in Warwick, RI, then you should definitely be familiar with this term. Commercial insurance, also known as business insurance, is a type of insurance that protects businesses from loss. This could be to protect employees, equipment, or the business in general. Learn more about commercial insurance and what it covers with the Slocum Agency, Inc. 

What Does Commercial Insurance Cover? 

Commercial insurance can cover anything that could potentially damage your business, both physically and by reputation. Here are some areas of which commercial insurance provides coverage: 

  • Property Damage: This would be if any damage was sustained to any physical property of the business, like the building or any equipment. 
  • Liability: This would be if any damage was done to the property or persons of another business or entity. This protects your business from being damaged by those repercussions.
  • Worker’s Compensation: This is one of the more common areas of commercial insurance. This protects workers in the case that they are injured while on the job and on the business property. 

To know more about how what kind of coverage you can receive with commercial insurance, visit the Slocum Agency, Inc. in Warwick, RI. 

Why Get Commercial Insurance?

If you own a business, big or small, commercial insurance is a must. It’s vital to protect your employees and equipment as they are the bloodline of what keeps your business going. Just you like you would want protection on your home or car, you need to protect your business. Commercial insurance offers the kind of protection to keep your business safe in the worst situations. 

Get Covered with the Slocum Agency, Inc.

To help keep your business in Warwick, RI going, visit the experts at the Slocum Agency, Inc. to get all the coverage you need. You can contact us online today! 

Home Insurance Options for Warwick, RI Residents

As a resident of Warwick, RI, you have different insurance options. One of the insurance coverage options is home insurance. Being a resident of Rhode Island, you do not have to have an active home insurance policy, but it’s a good idea to have it for many reasons. Here’s a detailed look at home insurance and its benefits.

Why Is Home Insurance a Necessity?

You might be wondering why you need home insurance if it’s not required by law like other insurances. Home insurance provides homeowners with a variety of benefits, especially in the event of mishaps and accidents. If you have an active mortgage, the lender may require you to have an active home insurance policy until you pay off your mortgage.

This type of insurance is a necessity because it protects your home from accidents, such as your home becoming a loss due to a fire or other instances, such as a tornado or hurricane. Home insurance also protects dwellings that are not attached to your home, including sheds and garages. Your home insurance policy can cover the items in your home, such as furniture, appliances, electronics, and similar items.

Having liability coverage is priceless because it can save you tons of money and help if someone is injured on your property. If you are held liable for injuries that occur in your home, you could be facing expensive medical bills. Having an active home insurance policy helps with covering those medical expenses.

Let the Professionals Help

Here at The Slocum Agency Inc., we are here to help you find the most reasonable insurance solution for your unique insurance needs. Contact us now so we can discuss your insurance options in full detail and help you make a decision. We look forward to assisting you. 

What are the benefits of getting classic car insurance?

Owning a classic car is something that a lot of people in the Warwick, RI area would love to do. At the same time, being a classic car owner can also be a great form of investment. While there are plenty of advantages that go along with classic car ownership, it is also important that you carefully consider all of your responsibilities. One thing that you will have to do is get an appropriate insurance policy. There are many benefits that come when you get classic car insurance. 

Personalized Liability Insurance Coverage

One of the benefits of classic car insurance is that you can receive personalized liability insurance. Having liability insurance is required if you ever drive your car. However, classic car owners likely drive their cars very infrequently. When you go for this form of insurance, the insurance company will take your mileage driven into consideration. Often times, this will result in lower insurance bills. 

Agreed Upon Value Coverage

Coming up with the value of a classic car can be complicated. To ensure that the value of your classic car is appropriately considered, the process of getting a classic car insurance policy will include working with the insurance company to determine a fair value. This will ensure you get a fair level of coverage that both you and the insurance company are comfortable with. 

Choosing classic car insurance in the Warwick, RI area is an important decision. To ensure that you get a good insurance policy for your situation, you should contact The Slocum Agency, Inc. When you work with The Slocum Agency, Inc., the insurance team will provide you with the guidance and support that you need to choose a quality insurance policy that meets the coverage needs of your vehicle. 

Three reasons to invest in boat insurance

There are numerous reasons why it’s always a good idea for Warwick, RI boat owners to carry boat insurance coverage. At The Slocum Agency Inc., boat insurance is one of the numerous insurance products we offer.

The following are three of the most important reasons why you need boat insurance. 

You can meet insurance coverage requirements that your lender set forth as part of your boat loan. 

If you used a lender to finance the purchase of a boat, chances are pretty high that you’ll be required to purchase boat insurance coverage.

Boat insurance coverage ensures that any damage to a boat will be paid for by the insurance provider. This is important for lenders because the boat itself is securing the loan until the loan is paid back. Only when the loan is paid off do you as the borrower get full ownership rights of your boat. 

You can protect the investment you make in purchasing your boat.

A boat is an expensive piece of equipment. If you don’t insure your boat, you won’t be compensated at all if it gets destroyed in an accident. This means that you’ll lose all the money you’ve put into your boat.

If you purchase insurance coverage for your boat, you won’t risk losing everything you’ve invested in your boat in the event of a severe accident. 

You can prevent yourself from going into debt as a result of a boating accident. 

If you’re determined to be at fault in a boating accident, it could cost you a great deal of money. Liability coverage on your boat insurance policy will cover any resulting expenses so that you can enjoy boating without taking any financial risks. 

At The Slocum Agency Inc., we’re here to provide insurance coverage to boat owners in Warwick, RI. Contact us to learn more about our boat insurance policies. 

Add an Extra Layer of Protection With Umbrella Insurance

When you’re looking for protection and security, there are a lot of different things to consider. One of the ways you can get more security and peace of mind is through an umbrella insurance policy. This kind of policy is designed to add to the coverage you already have and increase the maximum benefit you can receive in the event of a covered incident. While this type of policy isn’t for everyone, there are more reasons to consider it than you might think. At The Slocum Agency Inc., we offer all our Warwick, RI area customers the opportunity for umbrella coverage, and are happy to answer questions about whether it’s right for them.

If you’re not sure whether an umbrella policy would be right for you, our agents can discuss your specific needs and situation. These kinds of policies aren’t just for business owners, celebrities, or people with a very high level of assets. They can also be good choices for others who want or need additional coverage. No matter what specific situation you have in your life, our trained professionals are dedicated to helping you find what’s going to work best for you and give you proper protection. When standard policies just aren’t enough, an umbrella policy may be exactly what you need for the level of security you’re looking for in life.

If you’re in the Warwick, RI area, The Slocum Agency Inc. can help you get the umbrella insurance policy that fits your situation. Not only will that give you more protection and peace of mind, but it can also help your family feel more secure, too. You don’t have to settle for lower levels of coverage. Reach out to us today, and let’s talk about the insurance policy that’s going to provide extra, added protection, and the security you want and need for all your important assets.

Do I Need Flood Insurance on My Warwick Home?

Living in the Warwick, RI area can be a great option for a lot of people. When you are here, you are going to have access to many different local amenities and a good economy. When you are going to live in the Warwick area, it is important that you properly insure your home. One form of insurance that may be beneficial is flood insurance. There are several situations when having flood insurance could be a necessity.

Lender Requirement

One situation when you are going to need to have flood insurance is if it is required by your lender. If you are in a high-risk zone, as determined by FEMA, your lender will almost always require that you have your home insured with flood insurance. Usually, you will also have to escrow for your payments monthly to ensure coverage does not lapse. 

Flood Not Covered by Home Insurance

You may also need to get flood insurance if the flood damage is not covered by your home insurance. If you are concerned about the risk of flood, even if you are in a low-risk area, you should check to see if it is covered by your home insurance policy. If that coverage is limited, you should still consider getting more flood insurance. 

If you are in the market for a flood insurance policy, it is a good idea to speak with someone that is experienced in helping those in the Warwick, RI area to get proper insurance. One great company to reach out to in this situation is The Slocum Agency Inc. At The Slocum Agency Inc., the team of insurance professionals can help you to identify your personal risks and determine if flood insurance is necessary. If it is, they can then get you into a policy that provides the right coverage and gives you peace of mind. 

Best Life Insurance Policies for People Under 50

Life insurance isn’t always the most colorful thing to think about. For starters, it can be a complicated issue, and there are a lot of pieces to the life insurance puzzle. Secondly, many young people, which we’ll define as people under 50 years old, don’t even give life insurance a second thought. A lot of us think we should only consider purchasing life insurance when we become older. However, if you’re under 50, having life insurance can pay off.

Not all life insurance is created equal, so it’s important to know what types of life insurance will suit your specific needs. It may not be beneficial for a 25-year-old to have the same life insurance as a 75-year-old. Here at The Slocum Agency, Inc.in Warwick, RI, we want to help you explore the best options. Let’s take a look at some of the best life insurance policies for people under 50.

  • Permanent Life Insurance – Permanent life insurance offers more than just a death benefit that all other life insurance policies offer. Permanent life insurance offers the potential for an incredibly high cash value. This is achieved by the cash value on these policies accumulating over time. The advantage younger people have with this kind of policy is that they have more time to let the value accumulate than older people.
  • Term Life Insurance – Term life insurance only provides coverage for a set amount of time or term. Term life insurance pays a death benefit to your beneficiaries if you die before the term. Most term life insurance policies typically only cover a range of 10-30 years, so this may not be the most suitable for someone in their 20’s or 30’s. However, the biggest attraction younger people have to term life insurance is the lower premiums, and when you’re just starting out, lower insurance costs can go a long way.

We here at The Slocum Agency, Inc. in Warwick, RI hope this was helpful as you plan your journey into the world of life insurance. Remember that just because you’re young doesn’t mean you should overlook the benefits of life insurance. Because there are so many options you’ll want to make sure you pick the right kind of coverage that fits your needs and circumstance.

Why You Need More Than State Minimum Auto Coverage

Rhode Island mandates the type of auto insurance policy and minimum amounts motorists must carry to legally drive. While it may be tempting to just purchase what the state requires, in many cases, these limits aren’t enough to make you whole after an accident. Our agents at The Slocum Agency in Warwick, RI offer a variety of auto insurance policies to make sure your vehicle is fully covered. 

Minimum auto insurance in Rhode Island

Drivers in Rhode Island must secure minimum amounts of bodily injury and property damage liability insurance. Liability insurance covers other drivers’ injuries or property damage if you get into an accident that is your fault. You must also purchase uninsured motorist coverage, which protects you and your vehicle in case of a hit-and-run accident. It also covers you in case the other person doesn’t have insurance or doesn’t have enough to cover the damage the accident caused. 

Why you need more auto insurance coverage 

 The first reason is stated above—if you get into an accident that isn’t your fault and the other driver doesn’t have enough insurance to cover the entire cost of damages, you’ll get stuck with the bill. Upping your coverage costs to a level above the state minimum helps with this. State-mandated insurance also doesn’t cover damage to your car if you’re not in an accident. This includes damage from snowstorms and vandalism. Adding a comprehensive insurance plan will cover these types of incidents. 

You don’t need to worry about whether your car is fully covered when you purchase a policy from The Slocum Agency. We offer policies to motorists in Warwick, RI, and surrounding areas. You can get an online quote on your auto insurance by using our free tool, or call our office to learn more about the policies we offer. 

Who Needs Umbrella Insurance?

Umbrella insurance can be a confusing concept, but The Slocum Agency, Inc. in Warwick, RI can make it easier to grasp. For a simplified definition, imagine yourself going out into the rain. You have already put on your rain boots, raincoat, and rain hat, but there is always the chance that rain will hit you in the few spots that are exposed. Using an umbrella will help cover those extra spots.

Umbrella insurance works the same way. Sometimes, even when you insure everything as you think you should, there is the chance that some parts are still exposed. Umbrella insurance is extra liability insurance that works in addition to your current home, auto, and even watercraft insurance. 

If, for instance, you are in an accident and are found at fault, you will be responsible for the damages. Should those damages be more than the amount of your coverage, you may find yourself losing other personal assets, such as your home or even your life savings. 

Sadly, if you have more assets than the average person, you may find yourself the target of advantageous characters and unjust court cases. While everyone with any assets can benefit from umbrella insurance, those with a lot of money and valuable assets should consider an umbrella policy. Additionally, an umbrella policy can come in handy if you have vacation homes and condos. At times, an umbrella policy will cover these additional belongings without the need for other coverage. 

If you are interested in what umbrella insurance can do for you, how it can help protect you, or how much you need, The Slocum Agency, Inc. in Warwick, RI wants to help you. Stop by or give us a call today to make sure you and your assets are adequately protected!

Preparing Your Vehicle for Winter’s Fury

Winter can be a brutal season, with the tyranny of its deep snow, hail, sleet, and winds. It is vital to store certain supplies in your vehicle and to perform routine repairs in case a winter emergency happens while you’re on the road. Here are some tips on preparing your car for winter, courtesy of The Slocum Agency, Inc. serving Warwick, RI.

Store antifreeze

Gasoline inside a car or truck can freeze and expand, causing damage to the inner workings of your vehicle. So store antifreeze in your car during the winter. Always keep antifreeze away from children and pets.

Stash shovels in your vehicle

When you’re driving on a country road in the middle of a snowstorm, a couple of shovels can mean the difference between being stranded and being safe.

Store an ice scraper

Ice can become caked onto your windshield, obstructing your view of the road. So have an ice scraper in your vehicle just in case.

Keep blankets in the vehicle

If you ever become stranded in a blizzard, blankets could save you from frostbite and hypothermia. Besides, they feel cuddly and could help comfort you during an emergency.

Have bottled water handy

If your car or truck broke down, or if you become lost, you might have no way of getting to a place to access water. So having bottled water in your vehicle could save your life.

Perform routine maintenance before winter

If your vehicle needs any repairs, have them done promptly before the winter comes. After all, if you’re driving in the middle of a blizzard and your transmission goes out, you might have to wait hours to have a mechanic come and fix it.

If you are looking for a quality insurance agency serving Warwick, RI, contact The Slocum Agency, Inc. to see what we can do for you. Our agents are ready to answer your questions and help you get a quote.