Does your business need umbrella insurance?

The Slocum Agency Inc. wants to let the greater Warwick, RI business community know that we are here to help you with all of your commercial insurance needs. Reach out to us today, and let’s set up a time to discuss the insurance solutions that can help you protect your company.

Is it time for your business to have umbrella insurance?

There comes a time when many businesses outgrow their original insurance policies. They may grow beyond their current policy limits or make investments in equipment that requires additional coverage. Part of company growth is the likelihood that your firm will need to reevaluate its current insurance policies.

When making this reevaluation, many firms realize that an umbrella policy is necessary to provide the protection they need. Sometimes it’s easier to think of an umbrella policy as a complementary policy that stands beyond your primary commercial insurance. This secondary policy will come into play if your primary insurance is exhausted by a substantial claim that causes you to reach your policy limits. 

Having this additional protection can help business owners to avoid personal liability, protect the firm’s assets, and make it easier to recover from a covered, catastrophic event. These are important aspects of keeping your business viable following a significant loss. Without an umbrella insurance policy in place, it may be too difficult to recover from a catastrophe and get back to the same level of success you once had.

Learn more about your commercial insurance options today

Warwick, RI area business owners can rely on The Slocum Agency Inc. for their commercial insurance needs. Whether you are an established company or are just starting, we can help you find the right policies for your needs. Call and schedule a consultation today.

4 Facts You Should Know About Flood Insurance

Flooding continues to be the most common and worst natural disaster in the United States. Given the ubiquitous nature of floods, you need flood insurance from The Slocum Agency Inc. of Warwick, RI to protect your home when the unthinkable strikes. Want to buy flood insurance? Here are things you need to know about this coverage.

It may be required

No law in Rhode Island requires homeowners to purchase flood insurance, but this may not be the case if your house is under a mortgage. If your house is located in a high flood-risk zone, your financial institution will insist you buy flood insurance. Like you, the lender has vested interests in your home and would like to protect it when the unexpected strikes.

Typical home insurance doesn’t cover floods.

Listen to this if you have home insurance. Typical home insurance doesn’t cover your home against flood damage. Regrettably, most homeowners don’t know this and find the bitter truth when filing claims after damage. Invest in flood insurance to protect your home and loved ones against floods to be on the safe side.

This is what flood insurance covers.

When you buy flood insurance from the National Flood Insurance Program (NFIP), it covers your building and the contents inside. The dwelling coverage has a limit of $250,000, and the contents coverage is limited to $100,000. The good news is that you can opt for flood insurance from private carriers for higher coverage.

Flood insurance exclusions

While flood insurance comes in handy in protecting your assets, it has its shortcomings. Typical flood insurance won’t cover the following:

  • Vehicles
  • High-prized assets like cash and jewelry
  • Properties outside the insured building
  • Business losses
  • Loss of use
  • Earth movement, even if the floods cause it

Need more info on flood insurance? If you are in Warwick, RI, or the surrounding area, please get in touch with The Slocum Agency Inc. for more insights.

Life insurance FAQs

When you are in the market for life insurance in Warwick, RI, finding an independent insurance agent will get you the most options. At The Slocum Agency Inc., we have more than 70 years of experience helping clients find the right products. Life insurance is not one size fits all. Determining the amount and type of insurance that is best for your needs requires an insurance agent who has experience making suggestions that suit your situation.  

Do unmarried people need life insurance?

Life insurance is designed to provide for those you leave behind or who depend on you. It is also a way to leave a legacy for those you love. You don’t need to be married to meet any of those criteria. You also want to make sure you provide for any debt you may have and your final expenses. 

Do I need my own life insurance if I get some as a work benefit?

Work-provided life insurance should always be considered supplemental and not primary insurance. Can you guarantee that you will work for this one employer for the rest of your working career? What if you become ill and need to leave your job or the business closes? Your life insurance should be completely under your control. Always have a policy of your own. 

Should I keep my life insurance when I retire? 

That is an individual decision. Do you still have someone who is dependent on you? Have you provided enough retirement income to support them if you should happen to pass away? If you have plenty of finances and no dependents who are counting on the death benefit, then no, you probably don’t need life insurance after you retire. 

Contact The Slocum Agency Inc. in Warwick, RI to take advantage of our experienced team when considering your life insurance needs.

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. 

Good Driving Habits Rhode Island Auto Insurance Companies Want You to Have

When it comes to staying collision-free as a driver in Warwick, RI, it all comes down to good driving habits. This is not to say that every accident is the driver’s fault. However, you can avoid a lot of collisions by being a good driver.

Auto insurance companies reward good drivers. At The Slocum Agency Inc., we want you to have good driving habits so that you can keep that insurance record crash-free. Follow these easy tips that will become habit soon enough.

Keep Your Focus

When you have focus, you are a better driver. Distracted driving kills Americans every single day. Keep your eyes and your mind on the road. 

Help yourself with this by planning ahead, knowing your route, keeping your phone silent and put away, and avoiding other distractions such as eating. Pick your music before you drive or wait until you get to a red light at an intersection. Stay focused.

Stay Calm

When you are driving, it is easy to get annoyed in traffic. Rush hour is too slow, traffic accidents are extending commutes, angry drivers are doing a really bad job at driving. 

Stay calm. When you are emotional when you are driving, it is a kind of distraction you may not be able to afford. Stay calm every time you drive and this becomes a good driving habit quickly.

Know Your Limits: Speeding, Fatigue, Alcohol

Speeding is one of the leading causes of car accidents in America, and drinking and driving kills Americans every day. 

Know your limits when you drive. Obey the law, stay in the speed limit, and don’t drink and drive. Try not to drive when fatigued as well. It is a kind of impaired driving that could be fatal. 

Update Your Policy

You may want to consider updating your auto insurance policy in Warwick, RI to reflect some safer driving habits. Roadside assistance is a popular add-on, but at The Slocum Agency Inc., there are other ways we can help you to add coverage that keeps you safer. Call us for a quote today and we’ll help you to get the policy you need that honors your good driving habits.

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. 

Costly Mistakes to Avoid When Buying Auto and Motorcycle Insurance

Today, purchasing and renewing auto or motorcycle insurance is more straightforward than it was a decade ago. However, there are some common mistakes individuals make and end up making a regrettable choice. That is why at The Slocum Agency Inc. serving Warwick, RI, our team of professional agents gives clients essential details about every insurance package before purchase.

Additionally, the following tips can help you avoid making more mistakes when buying auto or motorcycle insurance:

Using a Minimum Cost Search Policy

While price is one of the top factors to consider when buying auto insurance, it should not be your top priority. Some cheap policies may provide you with maximum coverage of less than half the overall price of your vehicle or motorcycle. It is a clear indication that such an insurance company may not cover your car in cases of heavy damage.

At The Slocum Agency Inc. serving Warwick, RI, the staff look into consumer needs and consider their budget for the most appropriate offer.

Failure to Take Policy Documents Seriously

When you receive your policy documents, take time to go through them carefully and understand all the inclusions and exclusions. You should also check your name, motorcycle or vehicle model and model number, and other crucial information on the policy.

We ensure customers get all the materials necessary to learn about the policies before making an informed decision.

Sharing Inaccurate Information

The success of an insurance company is mainly based on mutual trust. While the company sticks to its policy wordings, policyholders are expected to provide truthful information when required. It is unethical and against the law to try and hide information to minimize the payable premium. When such activities are discovered, you can be charged in a court of law.

You can drive your car or ride your motorcycle without worry when covered by the right insurance company. Call The Slocum Agency Inc. serving Warwick, RI today for more information about auto and motorcycle insurance policies.

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. 

Do i Need to Get Home Insurance in The Warwick, RI area?

Owning a home in Warwick, RI implies needing quality coverage for your most prized belongings. Home insurance is one of the crucial ways to safeguard your most expensive asset. Regrettably, many Warwick, RI residents assume that perils like fire, major storms, or theft won’t happen until the worst strikes in reality. Home insurance can save you from serious financial setbacks propagated by these covered calamities. If you are willing to discuss your option for home insurance coverage, please contact us at The Slocum Agency Inc., and we will handle all the work while you save.

Why home insurance is a worthwhile investment

Unluckily, many homeowners in Warwick RI view home insurance as just another unnecessary expenditure. However, when the unexpected happens, they realize how home insurance is a crucial tool to safeguard their dwellings and families. Below are stipulated reasons why you need home insurance.

Provides liability protection: Irrespective of how vigilant you are, accidents are bound to happen. Liability protection coverage protects you against probable lawsuits culminating from bodily injury and property damage you and your family members inflict on other parties. Personal liability coverage comes into play to cater to medical costs arising from injuries acquired by your visitors while on your property or elsewhere. These liabilities include bites from your dog to your neighbor and friend slipping and hurting their leg on your premises.

Structure protection: Calamities like fire, theft, vandalism, and storm can transform your dwelling into a nightmare. If you procure coverage for your dwelling, it will repair or rebuild your house if the covered perils ravage it.

Protect your belongings: Home insurance safeguards your possessions such as sports gear, clothing, furniture, and electronics if they are damaged or burglarized.

Provision of additional living expenses coverage: Is your home uninhabitable due to fire, hail, or storm damage? Don’t worry. Home insurance caters to additional living expenses while you are seeking shelter elsewhere.

Caring for your home and loved ones is critical in Warwick, RI. Call or visit us today at The Slocum Agency Inc. to get home insurance coverage matching your needs and budget designed by our charismatic agents.