What You Should Know About Landlord Liability Insurance

Many homeowners in Evergreen Park, IL make the mistake of assuming that their homeowner’s insurance will protect their property in case of an accident, natural disaster, or other situations that cause damage. Often, homeowners insurance will not cover your home if you are renting out to tenants. Landlord liability insurance helps to protect your property if something goes wrong.

What Is Landlord Liability Insurance?

Landlord liability insurance covers you financially in case a tenant or guest attempts to file a lawsuit against you for damages. Damages include financial harm, emotional distress, physical injuries, and a fatality. It assists with paying for costs if it’s determined that you’re legally liable for an injury on your property.

What Is Covered By Landlord Liability Insurance?

Liability protection: This typically covers medical or legal expenses that may occur if a tenant or guest experiences an injury as a result of poor property maintenance (example: shoddy sidewalk, mold, icy walkways, etc).

Property damage: This covers property damage that stems from fire, gas/electric defect, irresponsible tenants, or from a natural disaster.

Loss of Rental Income: This covers you in the event that your property becomes completely uninhabitable due to termites, rat infestation, mold. With some insurance policies, you will receive a temporary rental reimbursement to offset the rental fees you would have received otherwise if your property was not occupied by tenants.

Why You Need Landlord Liability Insurance

Even with homeowners insurance in Evergreen, IL, chances are your policy will not cover your property if it’s occupied by tenants. With landlord liability insurance, the structure of the property is protected and includes liability coverage that can help you avoid expenses paid out of your own pocket if it’s determined that you are at fault in particular situations.

Takeaways

If you’re considering landlord liability insurance, it’s essential that you speak with an agent at The Martin Insurance Team to tailor coverage that best fits your situation. The Martin Insurance Team will review your needs and help you determine which type of landlord liability insurance is the most appropriate for you.

How Can Personal Umbrella Insurance Help You in Illinois?

Personal Umbrella Insurance

Having standard homeowners, auto, or other types of insurance may not be enough coverage to keep you protected in special circumstances. Your dog attacks someone, your kids get in trouble throwing a party and someone is injured, or any number of incidents that involve other people can be financially devastating in the event of a lawsuit. This is where having more coverage with an umbrella insurance policy comes in.

Having extra umbrella insurance can safeguard against costly lawsuits and give you greater peace of mind. You may regret not getting this extra coverage especially if you have a lot of valuable assets to protect. Martin Insurance Team in Evergreen Park, IL has years of experience helping individuals with the most affordable umbrella insurance tailored to their needs.

Staying Protected

The layers of liability protection from an umbrella policy far outweigh the minimal extra costs. Lawsuits that involve other parties can be costly, but can also generate extra stress. In the unfortunate event of a lawsuit, you will be happy you invested in extra coverage. The amount of extra coverage is really up to you and your budget. If you have many high-dollar assets and properties, having extra coverage becomes almost a necessity if you don’t want to suffer big losses.

Insurance Professionals in Illinois

The professional team at Martin Insurance Team of the Evergreen Park, IL area can help you learn about your different options when purchasing additional umbrella liability policies. We have years of experience working with our clients to make sure they and their families are protected above and beyond with the best quality umbrella insurance policies. Stop in or give us a call today to see how we can help.

What Is Included in a Cyber Insurance Policy?

In Evergreen Park, IL, the agents of Martin Insurance Team are available to discuss the benefits of cyber insurance and how it can protect both individuals and business owners who rely heavily on the internet for their day to day activities and operations. 

Covers the Loss of Confidential Information Caused by Data Breaches

Data breaches can affect everyone. While many people believe that businesses are the primary target, individuals are sometimes targeted as well. Confidential information like social security numbers, birthdates, and other identifying information is compromised which can lead to stolen identities and other suspicious activities. Cyber insurance can minimize your risk if this type of breach occurs.

Restores Financial and Personal Information

Cyber insurance also can assist you in recovering your personal information and restoring your financial accounts. This includes credit cards, bank accounts, and any investments you may have. Restoring your personal information may require the services of an attorney. Most cyber policies include payments to attorneys and other recovery professionals.

Recovers Damages to Computers and Other Devices

Hackers and other cybercriminals often use malicious software and viruses that can damage your computers and other electronic devices. Cyber insurance offers compensation that covers any repairs that may need to be made. It will also cover the cost to replace any equipment that cannot be prepared.

The agents of Martin Insurance Team are experts when it comes to dealing with cyber insurance and the many issues involved in hacking and cybercrime. If you live in the Evergreen Park, IL area and want answers, all you have to do is call and schedule an appointment with one of their agents. Don’t risk your financial security. Schedule your appointment today!

An Outline Of Everything That Restaurant/Liquor Insurance Entails

Based in Evergreen Park, IL, Martin Insurance Team assists the community by helping them find insurance coverage. We have established partnerships with several of the top insurance companies in the nation. This allows us to offer our clients flexible policies that will help them protect their assets.

Restaurant/Liquor Insurance Overview

Opening a restaurant in the Evergreen Park, IL area is an exciting time for many entrepreneurs. In order to help your business achieve its full potential, it’s important that you protect it. Restaurant insurance allows you to protect your investment. Liability coverage ensures that you are protected in the event that someone is injured while dining at your restaurant. Restaurant insurance also allows you to cover all of the equipment used to help operate your business. You can breathe a little easier knowing that you are covered in the event that your property is damaged.

You’ll also be covered in the event that a natural disaster causes your food to spoil. Worker’s compensation allows you to protect your employees and ensure that your workforce has high morale.

If you plan to obtain a liquor license so that you can sell liquor at your restaurant, consider the benefits of liquor liability insurance. The policy protects you against some of the risks of allowing liquor at your restaurant. If an inebriated customer starts to cause problems, you will be covered from any potential liability issues. You can also amend your policy to classify your employees as regular patrons just in case some of them try to drink on the job. The policy also covers your restaurant from being held liable in the event that a patron suffers psychological damage from drinking.

Martin Insurance Team Will Help You Protect Your Investment

For more information on restaurant/liquor insurance policies, visit our website today!

Does General Liability Insurance Cover Professional Errors?

There’s no need to tell you that businesses can make some serious errors from time to time. Whether it’s a technical glitch in a computer system or a grave error committed by the staff, there’s no end to potential disasters. When it comes to general liability vs. professional liability, the two types of insurance are easily confused in Evergreen Park, IL. Martin Insurance Team wants you to know more about how the two functions and what you might need to stay safe. 

General Liability Insurance 

General liability insurance tends to cover bodily injury as opposed to more abstract errors. So if a client is allergic to the pillow mints used in a hotel or a shopper slips on an unmarked patch of a wet floor, general liability would likely be able to provide support. If you happened to leave out a clause of a contract though and a client or vendor decides to sue you for this mistake, then general liability would be unlikely to help. 

Taking the Precaution 

You never really know what’s going to happen on a daily basis, and small business owners especially need to be careful not to assume that they’re immune from major consequences. Planning ahead means having enough insurance to keep your livelihood up and running. From missed time off work to bodily injury, the impact of even one incident can end up being serious for even large companies let alone small businesses. 

If you’re in Evergreen Park, IL and what to understand more about how general liability will work for you, call Martin Insurance Team to go over your options. We’re here to explain which incidents are covered and whether the extra protection is right for how your business operates on a daily basis. 

Why should I get workers comp insurance in Illinois?

When someone is going to start a business in the Evergreen Park, IL area, there are a lot of important decisions that need to be made along the way. One item to spend time thinking about is your need for business insurance. One form of insurance that you and your organization may need is worker’s comp coverage. There are a variety of reasons why a business in Illinois should get this type of insurance for their organization. 

Protects Employees 

One of the main reasons to get a workers comp insurance is that it can protect your employees. No matter what type of business you operate, there is going to always be a risk that someone could get hurt while they are at work. If this happens, a workers comp insurance policy will ensure that your employees have their medical bills taken care of. This is can protect all members of your team.

Required by Law

You should also get workers comp insurance for your business because it is required by law for many employers. Due to the benefits and importance of workers comp insurance, the state of Illinois is similar to many other states by requiring that you carry proper insurance coverage. When you do get this insurance, it can help to ensure are in compliance with state law and are able to avoid penalization.

If you are looking for a new worker’s comp insurance policy in the Evergreen Park, IL area, you should call the Martin Insurance Team. At the Martin Insurance Team, the insurance professionals are focused on helping their customers build and choose policies that properly protect their organizations. This can include helping you better understand all of your insurance obligations and answering any questions that you have when it comes to worker’s compensation insurance coverage. 

Why do I need transportation insurance?

Shipping a product is the step when completing a sale with a customer. For those that are in the Evergreen Park, IL area, it is very important to take this step seriously and recognize the risks that can come with losing a valuable product. To help mitigate this risk, a business owner can get transportation insurance. There are several reasons why this may be needed. 

Protects your Assets

A transportation insurance policy is designed to provide coverage for assets that are owned while they are in transit. If your assets and items are stolen, damaged in an accident, or incur another type of loss, the cost to replace them would be significant. Fortunately, you can get a transportation insurance policy that will provide you with the coverage you need to replace these assets.

Requirement of Stakeholders

In many situations, a business will also be required to carry transportation insurance to ensure they are in compliance with various stakeholders. Some common stakeholders that you may need to comply with can include lenders, investors, and other interested parties. They will often want to make sure that you have all the valuable forms of insurance in place, which often includes transportation insurance, before completing a contract or investment with you and your company. 

Getting a quality transportation insurance policy is practically a necessity for people all over the Evergreen Park, IL area. Since this is a unique form of insurance, those that are in this area of the state should reach out to someone experienced with this form of insurance. The Martin Insurance Team can help people in this area of Illinois to determine their insurance needs and build an appropriate insurance policy. The Martin Insurance Team will also be able to explain all of your options and how they can mitigate your risks. 

Truck Insurance Coverage Options for Evergreen Park, IL Truckers

As a commercial truck driver, you’re the largest vehicle on the road, which means you have to take extra caution for your safety and the safety of other drivers while traveling. As a trucker in Evergreen Park, IL, here are the coverage options you need to consider.

Getting Commercial Truck Insurance

Getting commercial truck insurance can be difficult because there are a lot of factors you need to consider. We at Martin Insurance Team are here to help. All minimum trucking insurance requirements are set by the Federal Motor Carrier Safety Administration (FMCSA). The specific coverage requirements depend on the commodity and weight of the truck. The type of transportation business you work for will also be considered when determining your insurance premium.

Truck Insurance Coverage in Evergreen Park, IL

Primary Liability 

Primary liability coverage provides protection from damages and injuries to other drivers and their passengers due to a truck accident. This insurance is mandatory. Driving without primary liability insurance will result in expensive penalties and fees. Keep in mind primary liability insurance and general liability insurance are two different things.

Comprehensive Physical Damage and Collision Coverage

Comprehensive physical damage and collision coverage provides protection for your truck and trailer. This insurance offers repair and replacement coverage due to damages caused by:

  • Hail
  • Fire
  • Windstorm
  • Collision
  • Earthquake
  • Flood
  • Vandalism
  • Mischief

Motor Truck Cargo Coverage

Motor truck cargo coverage is insurance that protects you, the trucker, and your responsibilities in the event of a damaged or lost freight. This type of insurance covers losses due to damaged goods. If for whatever reason the cargo does not make it to the client, because the goods are damaged, the client is reimbursed.

General Liability Insurance

General liability insurance covers business risks that occur outside of the ruck operation. Different situations general liability insurance can cover include:

  • The delivery of goods to the wrong location 
  • Slander that results in a lawsuit
  • A client that slips and falls in the workplace

At Martin Insurance Team, we provide Evergreen Park, IL residents with a variety of insurance solutions, including auto, home, commercial, and a variety of other insurance options. We also provide transportation insurance for truckers. Contact us today to get a personalized quote.

Do Illinois Drivers Need Auto Insurance?

The state of Illinois requires all vehicles on the road to carry liability insurance, specifically a 25/50/25 policy. If you used a loan to purchase your car, the lender will likely require that you obtain full coverage of the vehicle for the life of the loan. There are several elective policies, between the minimum and full coverage, that can cover particular incidents that may arise outside of your control. The Martin Insurance Team, serving the Evergreen Park, IL area, can help determine what insurance you need.

State Minimums

Illinois state law requires a liability policy of a minimum of 25/50/25 coverage. This means that the policy will pay up to:

  • $25,000 for medical expenses per individual.
  • $50,000 for the total of the medical expenses. 
  • $25,000 for property damage to the other parties.

Optional Policies

Though you can do your best to avoid accidents, there are things that can happen beyond your control that will result in damage to your vehicle. Your own liability coverage will not cover your vehicle as it would be expected the other person is responsible. Sometimes, nature is responsible. 

Uninsured/Underinsured Motorist Coverage

Should someone cause damage to your vehicle and that damage exceeds their coverage, this will cover the disparity. 

Medical Payments

Should you be responsible for an accident, liability only medical coverage only pays for the other parties’ medical expenses – not yours. This policy will cover any medical expenses that you may incur should you need to seek treatment. 

Auto insurance needs can be as unique as the individual seeking coverage. Full coverage may be overkill for some vehicles, but minimum coverage can lack enough protection. Speak with one of the experienced professionals at the Martin Insurance Team, serving the Evergreen Park, IL area, to learn what policies are available to suit your needs.

What You Need to Know About Tax Free Retirement Insurance

When most people think about tax-free retirement income options they think of their traditional choices. The 401 (k) comes to mind as well as Roth IRAs and traditional savings accounts. As the cost of retirement goes up for many people, and life expectancy grows longer, you might be hoping to look into more tax-free options for retirement income. Life insurance policies are quickly becoming popular vehicles for tax-free retirement income. The Martin Insurance Team, serving Evergreen Park, IL, is here to teach you more about this option.

A New Option for Tax-Free Retirement Income

Although often thought of as a way of supporting your family after your passing, today’s permanent life insurance is being looked at in a whole new way. Whole and universal life insurance policies, which build cash value over time, can actually be treated as a form of tax-free retirement income. The insurance policy works like this: an individual invests in the policy through paying premiums. The insurer, which holds the policy, will deduct the expense of the policy. The remainder is considered the cash value of the policy. Depending on how long you have been paying in, the cash value can grow substantially. If an individual chooses to withdraw the cash value of the policy (for use during retirement) the money is tax-free.

What You Need To Know

If an individual chooses to access cash this way, it is considered a policy loan. The insurer will have certain rules and requirements on how this is done. You will need to review these rules and requirements to make sure you understand everything and are comfortable with this arrangement. Some of the most common rules include limitations on how many years the policy must be in place before a withdrawal is made and percentage caps on how much can be withdrawn.

Learn More

In order to learn more about this tax-free retirement income option, you should talk with an insurance representative. They will be able to answer your questions and help you decide if this is a good retirement option for you. If you would like to learn more, please contact our friendly staff at The Martin Insurance team, serving Evergreen Park, IL