Author: agentinsure

What Is Transportation Insurance And When Should You Think About Buying a Policy?

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When shipping goods, risks like accidents, theft, and natural disasters can jeopardize your cargo. Transportation insurance, or cargo or freight insurance, acts as a safety net for your business investments. Here’s some information about this product from Martin Insurance Team, which provides transportation insurance in the greater Evergreen Park, IL region. 

Understanding Transportation Insurance

Transportation insurance protects your goods during transit via land, sea, air, or rail. Its primary purpose is to offer financial protection if your cargo is lost or damaged.

When to Consider Transportation Insurance

  1. High-Value Cargo: Transportation insurance is vital to avoid significant financial losses if your shipments contain costly items like electronics or luxury goods.

  2. Long-Distance Shipping: The risk of accidents and unforeseen events increases for international or lengthy journeys, making insurance crucial.

  3. Fragile or Perishable Goods: Delicate or perishable products are more prone to damage or spoilage during transit, making insurance a wise choice.

  4. Unpredictable Routes: If your shipments pass through regions with uncertain conditions, like extreme weather or political instability, insurance helps mitigate risks.

  5. Legal Requirements: Some shipments, such as hazardous materials, may require transportation insurance due to legal mandates.

  6. Customer Expectations: Many customers expect suppliers to have transportation insurance in place, which can enhance their reputation and competitiveness.

Transportation insurance is an essential tool for safeguarding your business interests. While it may raise shipping costs, the peace of mind it provides and protection against unexpected events make it a worthwhile investment for logistics and shipping businesses. Don’t wait until disaster strikes; consider transportation insurance today to secure your shipments and business. Contact the Martin Insurance Team today if you want to learn more about transportation insurance in the greater Evergreen Park, IL area. 

When to Review Your Home Insurance Policy

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Home insurance is something people tend to purchase and then not think about again for years. However, your home insurance should actually change along with your home, as well as your life.

If you’re in or near Evergreen Park, IL, the Martin Insurance Team will be happy to review your policy with you and update it. But in the meantime, here’s a quick rundown of some of the most important times to review your home insurance.

It’s Been a Year or More

Even when nothing’s changed recently, homeowners should go over their policy and review it for possible changes once a year. It’s the best way to determine whether your needs are the same and prevent winding up underinsured in an emergency.

You’ve Improved Your Home

Remodels, upgrades, and additions all increase a home’s overall value. The same goes for decisions like having your home equipped with a security system. Any upgrade in home value should trigger a review of your insurance coverage.

You’re Facing Additional Liability

Your home insurance might not be the first thing on your mind when installing a pool or finally getting your kids that dog they’ve always wanted. But it would be best if you were still prepared for the possibility that the dog might bite a visitor or someone could get hurt in your pool at your next barbecue. Updating your policy is part of that.

You’re Facing Less Liability

Some life choices actually mean less liability and more insurance-related benefits for you. For example, a person who stops smoking is less of a fire risk. So, anytime you make similar life choices, you should consider whether they correlate to your insurance.

Suppose you’re unsure whether it’s time to reassess your Evergreen Park, IL home insurance policy, call the experienced agents of Martin Insurance Team. We’ll be happy to help you make sense of it all.

Four common mistakes business owners make when they buy commercial insurance

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As a business owner, you need to know how important it is to choose the right commercial insurance option. At Martin Insurance team, we’re here to provide quality coverage to businesses in Evergreen Park, IL.

The following are four common mistakes business owners sometimes make when buying commercial insurance. 

Being unaware of all the types of coverage that are available

A commercial insurance policy can contain numerous coverage types like liability, property, vehicle, business interruption, and workers’ compensation coverage. Ensure you know which insurance types you need before buying a policy. 

Thinking that the least costly policy is the best one for your company

You shouldn’t only look at premium costs when deciding which insurance coverage option to invest in. You should also consider the amount of coverage you’re getting, the reputation of the insurance provider in question, and numerous additional factors before you choose your policy. 

Neglecting to explore coverage options from numerous providers

It would be best to compare options by getting policy quotes from a few different commercial insurance providers. This way, you can find select a commercial insurance provider that is competitively priced and offers optimal coverage for your company’s needs. 

Failing to update your commercial insurance policy as time goes on

Your commercial insurance needs can change if your company grows or starts additional business activities. That’s why you should periodically update your commercial insurance policy and ensure all your insurance needs are still being met. 

Call us or visit us online to get a quote on a commercial insurance policy for your business in Evergreen Park, IL. Learn more about our policy options at Martin Insurance Team so that you can get your business covered!

What Kind of Problems Can Summer Heat Cause a Car?

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Who doesn’t love backyard barbecues, swimming pools, and playing in the park? Summer is four months of freedom from cold weather, accidents on slushy roads, and being bundled up in layers of clothes and coats. On the other hand, the heat causes severe and costly problems to your car. Here’s what Evergreen Park, IL’s Martin Insurance Team wants you to look out for with your auto.

Heat Doesn’t Always Make Things Expand

Did you know that heat will thin the motor oil in your car? As it circulates through the engine, it thins, leaving not enough oil to reach all the corners of your engine.

Did you also know that the heat causes your tires’ air pressure to increase? This could mean a blowout, which in turn could mean a wreck.

Here are other ways summer heat affects your auto.

Battery Trouble

The chemical processes inside a car battery are delayed in the summer heat. This means the battery won’t hold a charge even if it generates enough power. Additionally, battery fluids evaporate faster in summer. Check your battery regularly in all seasons.

The A/C

While it doesn’t impede the car’s operation, it does make the summer heat more bearable. If you find your a/c sluggish or not putting out enough cold air, by all means, get it checked. 

Windshield

You wouldn’t think the windshield would matter in the heat of August, but it definitely does. Anything can cause a crack to start, such as a stone or something flying through a bad storm. The problem comes when the heat causes that crack to expand. Get any windshield problems fixed immediately for safety.

We usually consider storms and icy winter roads when considering what could happen to our auto. Call or stop in Evergreen Park, IL to ask Martin Insurance Team for more information.

How Do I Know if I Have Enough Home Insurance Coverage?

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You know you need homeowner’s insurance, but you may not know if you have enough coverage. At Martin Insurance Team in Evergreen Park, IL, our skilled agents are here to ensure you have the coverage you need. 

The Right Coverage Matters

If your home is destroyed, your homeowner’s policy will determine how much money you have to replace it. Ideally, having enough to replace a home similar to your current one would be best. 

Dwelling Coverage

Dwelling coverage is designed to replace your home if it’s destroyed, which is known as a total loss. 

The cost to replace your home may be more than what you paid, and the average home prices in your area aren’t a great indication either. 

The best way to know if you have enough dwelling coverage is to get an appraisal from a local contractor or appraiser. 

If it’s been years since you had your home appraised or you’ve added to the structure of your home, there’s a good chance that you need more dwelling coverage. 

Contents Coverage 

You’ll also want to check your content coverage. If your home is destroyed, you’ll lose most or all of your possessions as well.

You may need to increase this coverage if you have accumulated valuable items since you took out your homeowner’s policy. You may also need to add a rider for very valuable items, like jewelry, antiques, and art. 

Lender Requirements 

Lastly, if you have a mortgage, you should ensure that your policy meets your lender’s requirements. This requirement will vary based on your mortgage company and the amount of your mortgage. 

Homeowner’s Insurance with Martin Insurance Team

If you need homeowner’s insurance in Evergreen Park, IL, contact us at Martin Insurance Team. We will discuss your needs and help you select the proper coverage. 

How Much Auto Insurance Do You Need in Illinois?

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Auto insurance is mandatory in Illinois. All drivers must have a policy that meets or exceeds the state’s minimum liability coverage requirements. If you’re currently looking for an auto insurance policy in Evergreen Park, IL (or Florida in the Cape Coral, Bonita Springs, and Naples areas), be sure to contact us at Martin Insurance Team to learn more. In the meantime, check out how much auto insurance you’re required to attain in Illinois:

  • Bodily Injury Liability: $25,000 per person and $50,000 per accident. This coverage pays for injuries or death to another person if a driver is at fault in an accident.
  • Property Damage Liability: $20,000 per accident. This coverage pays for damage to another person’s property that occurs in an accident where a driver is at fault. Usually, this means damage to another vehicle, but it can also cover buildings, utility poles, fences, and other structures.
  • Uninsured Motorist Bodily Injury: $25,000 per person and $50,000 per accident. This coverage pays for injuries to drivers and their passengers if they are involved in an accident with an uninsured driver who is at fault.

In addition to these minimums, Illinois requires at least $15,000 in uninsured motorist property damage coverage with a $250 deductible for hit-and-run accidents.

While these are the legal minimums, it’s often recommended that you carry more than the required amount of insurance to protect yourself financially. This is especially true for drivers with significant assets that could be at risk in a lawsuit.

Optional coverages that you might consider include collision coverage, which pays for damage to your own vehicle in an accident; comprehensive coverage, which pays for damage to your car from things like theft and natural disasters; and medical payments coverage, which pays for medical or funeral expenses for you or others riding in your vehicle regardless of who is at fault in an accident.

And remember, if you’re currently looking for an auto insurance policy in Evergreen Park, IL (or Florida in the Cape Coral, Bonita Springs, and Naples areas), be sure to contact us at Martin Insurance Team today!

Understanding Home Insurance Terminology

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Home insurance is a complex subject, and the terminologies used can confuse anyone. So our team at Martin Insurance Team made a glossary for our neighbors in Evergreen Park, IL!

Deductibles:

Deductibles are the amount you pay out of pocket when filing a claim. Homeowners’ insurance typically includes a deductible. The deductible amount is set when you purchase your policy. If you have a higher deductible, you can lower your premium costs for your policy. When purchasing a deductible, you must consider the amount you can afford to pay out of pocket.

Endorsements:

Endorsements are upgrades or add-ons to your homeowner’s insurance policy. You can customize your home insurance coverage by adding endorsements to your policy. Endorsements offer coverage beyond what standard home insurance policies provide.

Exclusions:

Exclusions are specific events or circumstances your home insurance policy does not cover. Typical policy exclusions include flood damage, earthquake damage, and damage caused by neglect or normal wear and tear.

Policy Limits:

The policy limit refers to the maximum amount the insurance company will pay in case of a covered loss. Standard home insurance policies have limits on coverage for specific perils.

Premiums:

The premium is the amount you pay for home insurance coverage, typically annual, semi-annually, or monthly. Your premiums are determined by the coverage and level of protection you desire. Various factors, such as geographic region, construction materials, credit score, and house age, influence the premium amount. It is essential to keep your premiums affordable without compromising the coverage that you need.

Did we miss a term you want to define? If you live in the Evergreen Park, IL, area and have questions about your home insurance, contact the Martin Insurance Team.

Landlord Liability Insurance Explained

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Landlords are liable for many things. While being a landlord can be rewarding financially, they still have to shoulder considerable risks. Fortunately, however, landlord liability insurance and other insurance policies can help reduce risks. This way, property owners can enjoy peace of mind while they serve their local communities and build their businesses. Are they looking for landlord liability insurance? Contact Martin Insurance Team, serving Evergreen Park, IL, and beyond.

Landlord Liability Insurance 101

First, your general homeowner’s insurance policy may not cover any rental properties you own. Often, landlords must instead take out separate insurance policies to cover rental properties.

Since the risk profile and liabilities for a rental property may be different from a private, personally-owned dwelling, costs and terms between homeowners’ and landlord liability insurance policies often differ. This is true even for the same exact house or other building.

If a tenant is injured on your property, say suffering a slip and fall in the parking lot, you might ultimately be found liable as a landlord. If you have the right insurance policies, they can provide protection during many events. Of course, it is essential to closely vet the terms and conditions when considering any insurance policy, including a landlord liability policy.

A landlord insurance policy may also cover damage caused by adverse weather events, like lightning or a tornado. However, many insurance policies will only cover certain weather events, so make sure you ask an insurance agent about any gaps or other risks.

Before purchasing a property to use as a rental property, it’s wise to take a holistic look at all the risks involved. Examining risks doesn’t mean you need to shy away from them, far from them. However, it would be best to have a good grasp of the challenges involved before making any significant decisions. This way, you can consider how to mitigate risks from the get-go.

Want to learn more about landlord liability insurance and other insurance policies? Folks living in or near Evergreen Park, IL should swing by and chat with the Martin Insurance Team.

Differences Between Personal Umbrella Insurance and Business Umbrella Insurance

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At Martin Insurance Team in Evergreen Park, IL, we are happy to help business owners, and homeowners navigate the insurance process. No matter your questions, we can answer them all at our office or over a convenient phone call. If you have difficulty differentiating personal umbrella insurance and business umbrella insurance policies, we’ve listed some key differences below.

What is business umbrella insurance?

Business umbrella insurance provides coverage that extends commercial insurance policies. For example, if you have commercial auto insurance, business umbrella insurance can help increase the mileage of the policy by covering liability expenses beyond the commercial auto insurance policy’s limit. For general commercial liability insurance, a business umbrella policy can be helpful in the same way.

What is personal umbrella insurance?

For homeowners and personal vehicle owners, personal umbrella insurance can give you an added amount of liability protection on top of your current home insurance or car insurance policy. While you already need to have a home or car insurance policy to add umbrella insurance, it can be helpful if you anticipate a high risk for liability or want more coverage than your existing policy provides.

What is the difference between personal and business umbrella insurance policies?

As you can probably tell, the main distinction between personal umbrella insurance and business umbrella insurance is the types of policies under them. For commercial insurance policies, you will want to add commercial umbrella insurance. You will want to add personal umbrella insurance for all personal insurance policies.

If you still have difficulty telling these insurance policies apart, our staff at Martin Insurance Team in Evergreen Park, IL is here to answer all your questions over the phone or in person!

What is Cyber Insurance and Who Can It Benefit?

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If you are a business owner, cyber insurance may be something you should consider purchasing. However, many businesses have never heard of this insurance product and, as such, have no idea what it is and how it may benefit them. At Martin Insurance Team, serving the greater Evergreen Park, IL region, we want to help you learn more about cyber insurance. Read on to get started. 

What Is Cyber Insurance?

Cyber attacks can be costly. If you suffer a data breach, you may have to pay for credit monitoring services for all of your clients or customers’ information that was impacted by the breach. Additionally, you may have to pay to upgrade your security after that happens. If you suffer a ransomware attack, you may have to pay a large amount of ransom to get your protected information back. And there are other types of cybersecurity incidents, including malware attacks, can negatively affect your business. Cyber insurance helps to offset the costs related to these types of cyber attacks. 

Who Can Benefit From Cyber Insurance? 

These days, nearly every business has some protected information that is being stored. This may include personal customer information or protected business secrets. If you have information that is being stored in a cloud or network, you can benefit from purchasing cyber insurance. 

Cyber insurance is designed to protect your business against any losses it may have suffered as a result of cyber attacks. If your business has a protected network or protected data, you could benefit from cyber insurance. If you want to learn more about this product or wish to obtain a quote, Martin Insurance Team, serving the Evergreen Park, IL area, would love to assist you. Reach out to us today to get started.