Courtesy of iii.org

Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.

Having your vehicle stolen is bad enough, but carjacking—having it taken while you’re behind the wheel—is potentially dangerous, even lethal. Foil would-be car thieves and keep yourself safe with these precautions.

Motor vehicle theft takes a human as well as a financial toll

A motor vehicle—car, SUV, truck, bus or motorcycle—is stolen in the United States approximately every 45 seconds. In addition, parts of cars, like airbags and catalytic converters (which are stolen for their recycling value) are stolen out of the cars themselves. Cars and car parts stolen in the United States often wind up on overseas markets, making recovery impossible.

And, though armed auto theft represents a small percentage of the incidents, carjacking is a violent crime that can add a dire emotional toll and even bodily harm to the financial loss.

Auto theft is covered under the comprehensive portion of a car insurance policy. However, as always, it’s better to prevent a loss than to deal with the fallout of having your vehicle stolen.

Prevent motor vehicle theft

There are a number of things that make your vehicle attractive to thieves—including make, model and the value of certain parts. Know that it’s not always the most valuable, the flashiest or the most expensive car makes and models that are most desirable. So whatever your car, don’t make it convenient for would-be criminals. Take these precautionary measures—and check with your insurer; some may even help lower your premium.

• Keep your doors locked and windows shut anytime you’re not in your car, even for a few minutes.
• Make valuables invisible. Don’t give thieves more motivation to break into your car. If you have to leave personal property in your car, keep it in the trunk. Even in areas you think are safe, don’t leave a purse or other valuables on the car seat unattended.
• Park in secure, highly trafficked and well-lit areas. In public parking garages or areas, stay as close as possible to guard booths or store entrances. Best case, keep your car in a garage and always lock the door to your home garage.
• Make use of anti-theft devices. Use a security device like a steering wheel lock or a gearshift column lock—the more difficult it is to take the car, the less likely a would-be thief will target your vehicle. Most new cars include tracking devices, which can help locate a stolen car, but these are available for purchase and installation into older cars, as well. Check with your insurance pro about how your anti-theft device might qualify you for a discount.
• Exploit your vehicle identification (VIN) number. The VIN number is utilized by a number of law enforcement agencies and databases and insurance databases to make it harder for car thieves to sell a stolen car or its parts.

The VIN is usually found on the dashboard on the driver’s side of the car. Mark your VIN prominently: Use paint or an indelible marker to put the VIN under the engine hood and trunk lid and on the battery. This will make it harder for thieves to unload the car, and make it easier for the police to identify the vehicle if recovered.

If the worst happens and your car is stolen, you’ll want to file a police report. Then check that your policy covers car theft and get the claims process started. Notify your insurance professional about the incident as soon as possible—the longer you wait, the harder it will be to remember the details. Note that many insurance companies now use mobile apps, which can help you get the claims filing process started immediately.

Prevent carjacking

Although carjacking is relatively rare, because carjackers are armed when they commit their crimes, it is especially dangerous. Avoid being a carjacking target with these additional precautions:

• Always have your mobile phone handy—and charged.
• Avoid being alone in your vehicle in certain areas, such as high crime neighborhoods, isolated roads and intersections and desolate areas of parking lots.
• Be aware of your surroundings. Pay special attention to people who seem to be lurking or cars that suspiciously follow you into driveways. Call 911 and use your key fob or other car alarm if you feel a threat.
• Be wary of how carjackers lure victims. These include bumping your car, pretending to be stranded motorists or flashing their lights as if there were something wrong with your car. In each of these scenarios, you might be tempted to pull over—only to have your car taken. Stay inside with the windows shut and the door locked and, if you feel a threat, drive to the nearest police or fire station.
• Practice safe parking. Stick to well-lit areas. If you have any doubts about where you parked after the fact, find a security guard to accompany you to your vehicle.
• Don’t sit in your car with the door unlocked or the windows rolled down.
• Don’t stop at isolated ATMs, which might put you and your bank accounts as well as your car in danger.

Courtesy of http://www.iii.org/press-release/what-do-women-business-owners-want-credible-accurate-insurance-advice-022616

Women have made great strides in the business world in the past few decades. And business insurance is essential to protecting their hard-earned capital, according to the Insurance Information Institute (I.I.I.).

Forty years ago women owned just 5 percent of all small businesses in the United States. Today, they own one-third, generating nearly $1.5 trillion in revenue and employing over 7.9 million people. Between 1997 and 2015, the number of women-owned firms increased by 74 percent, according to the 2015 State of Women-Owned Businesses Report. And the majority of new women-owned firms launched in 2014 were owned by minority women.

“Whether launching a new business, growing your business or competing in the global marketplace, it is essential that women business owners get the right type and amount of coverage,” said Loretta Worters, a vice president with the I.I.I. “Without adequate insurance, a natural catastrophe, employee lawsuit or even the death of a business partner could destroy what they’ve built,” she warned.

In recognition of Women’s History Month, the I.I.I. recommends the following six strategies to ensure that your business is financially protected:

1. Assess your risks. What business property, including inventory and equipment, do you own? Do you have employees? What is the nature of your business? This basic snapshot will help an insurance professional provide recommendations about the type of coverage your business needs.

2. Find the right insurance professional. When shopping for insurance most business owners use an insurance broker—you’ll want to find one who is familiar with the risks of your specific business. A qualified broker can help collect all the necessary information and paperwork to apply for a policy, and comparison shop among several options and quotes. Here are some tips for finding the right fit: Finding the Right Insurance Professional for Your Business.

3. Compare rates. As a general rule, you’ll want to get business insurance quotes from at least three different companies. Try to find policies that offer similar coverage so that you can clearly compare prices.

4. Evaluate insurers, policies and services. When purchasing business insurance, price is just one consideration. Make sure a potential insurer is reputable and in good financial condition. In addition, review and compare policies in depth. Does one policy have exclusions that another does not? In the case of litigation, does the insurer provide an attorney or reimburse you for an attorney you choose?

5. Lower your premiums. Choosing a higher deductible can lower your premiums significantly and insurers will often lower your rates for putting in place programs to minimize losses from fire, theft and employee and customer injuries. This is particularly important for start-ups that are low on initial capital.

6. Review your risks and insurance policies annually. Talk to your insurance professional prior to renewing you coverage each year to determine what adjustments should be made to your business insurance policies. If your business is expanding, you have purchased or replaced equipment or have started working with vendors internationally, you may have new liabilities that require higher insurance coverage.

Don’t Overlook These Coverages

Life insurance is vital to any business—both personal and for the company. Should you die prematurely, a personal life insurance policy can replace your income from the business and protect your family. In the event an owner, partner or key employee dies, life insurance will take care of your business.

Another key coverage is disability insurance. More than twice as many people will be disabled during their career as will die before they retire. “Income protection for small business owners is critical for the long-term security of the owner and the company if they cannot work due to an injury or illness,” said Worters.

Courtesy of iii.org

You may have read the recent story featured in the I.I.I. Daily about raccoon damage and homeowners insurance. The gist: raccoons got into a house and caused $80,000 worth of damage. The homeowners were surprised to learn that their insurance wouldn’t cover any of it.

So what’s the deal with animal damage and insurance?

Homeowners insurance

Let’s start with the easy stuff. If your dog Fido rips through your couch or pees all over the wall, you’re out of luck. Standard homeowners policies won’t cover any damage to your house or personal property caused by a pet. And”pet” is a pretty broad term. Doesn’t matter if it’s a Shih Tzu or a Clydesdale horse, pets are any animal you own.

What about animals that aren’t pets, like deer or birds or – God forbid – rats? That’s where things get interesting.

Building damage: You probably aren’t covered for any damage to the building caused by birds, rodents, insects, or vermin. There also probably won’t be coverage for any nesting or infestation. Insurance policies can vary widely, however, so make sure you ask your agent what is and isn’t considered a rodent or vermin (some insurers will say raccoons are vermin, some will say they’re not). The specific details of your policy will determine your coverage.

Damage to the building from other wild animals could be covered, though. If a moose runs through the sliding door to your deck, the damaged door would be covered.

Personal property damage: Unfortunately, your personal property is probably not covered no matter what kind of animal does the damaging. If a moose runs through your sliding door and wreaks havoc on grandma’s china, then you’re covered for damage to the door, but not the china.

Liability: You go to your friend’s house and bring Fido for a dog playdate. Fido then rips through your friend’s couch. Are you covered? Yes. Homeowners liability protection will cover the damage to other people’s property caused by your pets. Just not your property. Friendship saved.

Personal auto insurance

A squirrel chews through the wiring in your car. Fido dents your door chasing after a squirrel. A moose rams your car in a fit of rage, smashing the windshield. (Why do I keep thinking of moose scenarios?)

Does personal auto insurance cover animal damage? Yes, if you have optional comprehensive coverage. If you only have collision coverage, then you’re not covered.

Collision only covers damage when a car overturns or hits another car or object. Comprehensive covers…more or less everything else: damage from falling objects, fire, explosions – and birds and animals.

So if you paid the extra premium for comprehensive coverage (like most Americans do), then you’re covered for damage from chewing squirrels, incautious Fidos, and rampaging moose (meese?).