Travel Insurance From Your Credit Card Provider

When most people think about the rewards associated with owning a credit card, they imagine reward points, cashback, and air miles. Did you know, however, that many credit cards now come with free travel insurance? When you use those cards to pay for trips, not only do you earn points and air miles, you also get free complimentary travel insurance coverage. The insurance typically covers lost luggage claims and the cost of medical treatment in the event of an illness or accidental injury.

Perhaps one of the most popular cards for seasoned international travelers is the Chase Sapphire Reserve credit card. When the card is used to pay for travel costs, spenders can enjoy lots of benefits including a reimbursement of up to $10,000 in the event that a trip has to be canceled due to unforeseen circumstances. The card also provides up to $500 of cover for travel delays and cover for lost or stolen baggage. Furthermore, the travel insurance benefits extend to a cardholder’s immediate family members, even when the main cardholder is not the one traveling. Unfortunately, the card does have a steep annual fee of $450, so you need to be a frequent traveler in order to justify the fee.

The Citi Prestige credit card is another card that is popular with frequent travelers. It providers baggage delay cover of up to $500 per traveler. Make sure you read the terms and conditions carefully, as the insurance benefits do not cover items purchased during the trip.

The American Express Platinum credit card is arguably the best card for providing medical emergency insurance cover during a trip abroad. A cardholder can call the Premium Global Assistance Hotline at any time during their trip if they require medical attention. The hotline team will coordinate medical evacuation from the site of injury or illness. Falling seriously ill while overseas is one of many international travelers’ biggest fears, as the cost of international healthcare can be thousands of dollars. The Platinum Card From Amex offers travelers peace of mind.

So, before you book your next travel plans, make sure you check whether any of the credit cards you already have offer free travel insurance. If none of them do, it might be worth applying for a new credit card that does. A benefit like this could help you to save a lot of money when it comes to obtaining insurance for your international travel. What’s more, some of the best credit cards also offer zero fees on all foreign currency transactions.

The Benefits Of Having Small Business Insurance

There are a few risks that come with running a business. For instance, the property might be destroyed by a natural disaster, an employee could be injured while on the property, or a client can sue because of a contractual breach. That’s why small business insurance policies are important. Here are a few reasons why you should apply for small business insurance today.

A Legal Requirement: By law, you’re required to apply for various types of insurance policies such as worker’s compensation, disability insurance and unemployment insurance for your business. Failure to have these coverages will result in penalties and heavy fines. Also, your business could be excluded from public contracts.

When Sued: People have become very litigious and if there’s a liability claim from one of your clients without the proper insurance, your business will close down. Whether it’s a disgruntled employee or dissatisfied client, your business could fold completely without an insurance cover. With liability insurance cover, you’re completely protected.

Keep The Business Open: In the event of a natural disaster like an earthquake or flood, an insurance policy will replace the loss of property and possessions. Also, if you have a business owners insurance policy, you can get back the money you lost when the business was closed. Therefore, you will not be taking a loss during the renovations because you’re completely covered.

Credibility: Did you know that having insurance for your small business makes it look credible? Your clients will immediately know that you’re a safe choice. Also, in the event that something goes wrong when you’re providing your services, you can always compensate effortlessly.

Employee Protection: Did you know that the success or failure your business is determined by your employees? Therefore, they are the most important assets your business can ever acquire. By law, you’re required to have worker’s compensation insurance policy. That way, your employees are protected in the event of an accident and your business can survive the liability claims.

Protection From Natural Disasters: Due to global warming, the tides have turned and the weather has become completely unpredictable. Now more than ever, there are reports of floods, hurricanes, tornados and much more. Therefore, with the right insurance policy, your business is protected from these acts of God.

In conclusion, if you want to run your small business successfully, you need business insurance. However, make a point of comparing different insurers to make an informed choice on the right policy for you.

Weird Types of Insurance

If you’re like most people, you have auto, home, and life insurance. You probably think you have all your bases covered. But what happens when something out of the ordinary occurs? WIll you be protected?

Insurance Policies You Never Knew Existed

Where there is fear or a feeling of uneasiness, there will be a need for a “what if” plan. That’s where these policies come in. Policygenius out together a list of the weirdest insurance policies they could find. Some policies will make sense, others, not so much. Check out the list below.

Wedding Insurance

When you are planning a wedding a bevy of emotions will overtake you. You will be nervous, stressed, and emotional, all while being filled with affection for your partner. You can relieve some of the financial stress of having a wedding by purchasing a wedding insurance policy. Wedding insurance is designed to assist with financial damages that may occur if there is an unexpected interruption with the planned date. Most policies define this as a natural disaster or a personal tragedy. Wedding insurance policies also have the option or liability protection. In other words, if the location does not have alcohol liability coverage or if severe weather gets in the way of your outdoor ceremony. Insurers like Allstate will even go as far as offering a couple honeymoon insurance.

Cold Feet Insurance

Cold feet insurance is meant to provide financial safety to the costs of a wedding if the bride or groom gets cold feet and decide they no longer want to get married. The technicalities of this coverage are that the wedding must be called off one year in advance and only the parents of the former couple will be reimbursed, no the couple who split.

Alien Abduction Insurance

Yes, believe it or not, there are companies that sell alien abduction insurance to those who are afraid their nightmares may turn real. A UK-based insurer has been able to sell over 30,000 policies across Europe. Premium or this type of insurance can be as high as $150 per month for a $1.5 million dollar coverage option. The biggest issue you may run into is that in order for you to be covered, you must show proof of alien life — which may be quite difficult to obtain.

Lottery Insurance

We have all thrown a few bucks in the office lottery ticket pool. The insurance that is offered in the United Kingdom protects businesses in the event that all of their employees win the lottery and decide they’re ready to retire.    

Multiple Birth Insurance

When you’re expecting a baby, you will be overcome with the anticipation of a son or daughter; but what happens when you it turns out twins or more are on the way? Well, that’s where this policy kicks in. Multiple birth insurance is to be purchased upon pregnancy. The policy is designed to compensate couples for the birth of an unexpected baby, aiding with the cost that comes along with it.

Bed Bug Insurance

If you are renting or own a home, you may have a pretty detailed policy for renters or homeowners insurance. One thing that those policies do not cover is bed bugs. Bed bugs will infest your home quicker than you can imagine, feasting on your skin as you sleep. Hiring an exterminator to rid your home of the bed bugs can be costly. Bed bug insurance will cover the cost and protect you from unwanted house guests.

Food Truck Insurance

Food truck insurance is different from restaurant insurance. Food truck insurance policies protect food trucks from disasters, like their truck bursting into flames, and it protects the owner from liabilities like foodborne illness and personal injury.

Tips For Choosing Car Insurance

If you’re a new driver, then finding the right car insurance for you can seem like a daunting task. Even if you’ve been through the meat grinder a time or two before, the insurance industry changes so often that you might benefit from a moment to update your search to find the right kind of insurance for you. But how do you choose the right kind of insurance? Well, it depends on a lot of factors. Here are a few of the most important tips we can offer.

If you haven’t purchased a vehicle, then do your research. If you buy a sports car, then you can expect pay higher premiums no matter what insurance provider you choose. On the other hand, if you pick a vehicle made by a manufacturer with high safety standards, you can expect to pay less. Check out any safety-related awards won by the vehicle you want to buy.

Before adding coverage, compare how different insurance companies rate. Some will provide much better service when preparing claims. No one needs the added headache after an accident. So do your due diligence now.

Beware of deductibles. A high deductible can reduce your premium, but if you get into a bad accident you might end up paying more out of pocket than if you didn’t have any insurance, to begin with.

Do a routine search for discounts that might lower your insurance. Defensive driving courses will often provide this benefit to new and old drivers alike, and can really help cut costs. If you have a great driving record, more experience, or you’re married, then you might find additional discounts to better serve you.

If you already own car insurance, then be sure to review it on a regular basis. If you never increase the amount of your policy, then you may not have enough to cover expenses for any liability incurred in the event of an accident. Be careful, and be prepared to spend what you need to spend. That said, be sure to compare rates whenever you review your insurance. Just because one company is a better option one year doesn’t mean it will be the next.

Tips For Choosing Small Business Insurance

If you’re an entrepreneur, you’ve chosen one of the most challenging yet potentially rewarding career paths available to anyone. You’re doing your part to jolt your regional economy, and you should be proud of your individual achievements. That doesn’t make any of the obstacles you face any easier, of course. Here are a few tips for choosing insurance if you’re a small business owner. They could make your life a whole lot easier down the road.

One of the most common injuries in the food service industry is the slip and fall. Although most employers require employees to wear slip-resistant footwear, accidents still happen. Those floors need to be mopped nightly in order to keep the building on par with health regulations and guidelines, and that means things get slippery. As a small business owner, you need to make sure you’re insured for injuries like these.

If you work in construction, food service, retail, or any other industry, you should have a general idea of the risks inherent to your business. Those risks will determine your insurance requirements. What kind of workers compensation, disability insurance, and unemployment benefits will you be required to provide? These are simple questions that need to be asked and answered, especially when figuring out your bottom line. Opening a business the right way isn’t cheap.

You’re certainly heard the phrase “you break it you buy it” but that doesn’t really hold weight in court. You need to not only protect your business from theft, but other forms of shrink as well. There are many insurance options out there, so think carefully before you decide the right ones for you. In addition, find out what kind of accidents your insurance coverage will provide. Do you have protection against fire damage or flooding? You should.

An agent can help you determine the best options for your small business, but you should also be on the constant lookout for easy discounts. You might find that combining policies could save you some money. Before you make a final decision, ask about what you can add or delete from your insurance package to spare yourself a more painful headache down the road.

Is Identity Theft Insurance Worth It?

Identity theft can take place in many shapes and forms, but it’s usually done for financial gain. In other cases, it occurs because an individual would like to assume your identity in order to better blend in with society. The threat is becoming better realized these days. The number of ways that criminals can steal your identity is growing as well, and so we should all take the appropriate steps to defend ourselves. Identity theft insurance could be one way to do just that, but only if you want limited protection.

According to a 2017 Identity Fraud Study by Javelin Strategy & Research, at least $16 billion has been funneled away from unassuming victims in just 2016 alone. Of the 330 million U.S. citizens, at least 15.4 million fell victim to identity theft in 2016. If you do the math, then you’ve probably figured out that over a lifetime it’s more than likely you’ll be attacked–more than once.

Even worse than that? That number acknowledges two million more victims than were attacked in 2015, only one year earlier.

Most identity theft insurance policies will actively monitor your accounts for wrong-doing, and make you aware if they find any illicit activity. Two things to note about this: first, most big banks provide this service to prevent fraud anyway, and they actively take steps to track down the perpetrators after it happens. Second, insurance policies do not take those next steps. All they do is make you aware of what already happened. Taking the next step is on you, the victim.

Insurance policies won’t freeze funds to prevent criminals from accessing them. After you’ve been hit and you need to respond, your policy probably won’t offer much in the way of reimbursement. It’s not like flood protection or renters insurance. You’re not going to recover even a fraction of what you stood to lose in the first place. In fact, insurance policies only offer limited protection from a couple types of fraud, which leaves you open to plenty of others.

At the end of the day, you’re better off trying to find a lawyer who specializes in helping the victims of identity theft and fraud. You’re a lot more likely to gain compensation for your losses.

Lower your Auto Insurance!

How to Reduce Auto Insurance after an Accident

If you have ever been in a car accident, you know how it can affect your insurance rates. If you have not, car accidents typically cause your rate to increase. In some cases, your premium can increase 20%-25% for about three years, if the other party was injured. There are a number of steps you can take to reduce your auto insurance policy. Most of them have to do with showing the insurance company that you are dedicated to being a safe driver.

Ways to Reduce Your Auto Insurance

There are a number of ways that you can lower the cost of your auto insurance. Some may be effective almost immediately while others will take some time. Below, there are some recommendations on how to lower the cost of auto insurance.

  • Tell the truth
    • After you get into an accident, it is important that you are truthful with your insurance provider. If they find out that you have not been telling the truth, the insurer withholds the right to refuse to honor your policy. This will leave you personally liable for any damages you may have caused.
  • Inquire about accident forgiveness
    • This is only applicable for some insurance companies. If it is your first accident, you may be entitled to accident forgiveness. Insurance companies understand that mistakes happen; they may be willing to overlook your first mishap.
  • Defensive Driving
    • Attending a defensive driving course or driver’s education will show the insurance company that you are trying to improve your driving skills. You should take this course after an accident and let your insurer know when you are planning on taking it and after the course has been completed.
  • Increase your deductible
    • Increasing your deductible will lower your monthly payment. This should only be done if you have the extra money to pay the deductible in the event of another accident. Increasing your deductible by $200 – $500 has seen a decrease in monthly payments by 15% – 30%.
  • Look for discounts
    • Sometimes, you might have applied for extra coverage that isn’t necessary. You may be able to adjust your plan in an effort to lower the payment. If you drive less than 10,000 miles per year, your insurer may have an accessible discount for you. If you have been with the company for a long period of time, the company may be able to give you a break.
  • Find a new policy
    • There are a variety of auto insurers on the market today. Do your research; find a company that will give you a lower rate. You can use the lower rate as a negotiating chip or switch your insurance to the company with the lower rate. In addition, you can try to package any other insurance you need in with your car insurance. For example, if Allstate insures your home, they may give you a lower rate when signing up for auto insurance as well.

Do I need Workers’ Compensation Insurance?

What is Workers’ Compensation Insurance?

Workers’ Compensation insurance is a type of insurance that protects business owners from incurring personal liability if an employee suffers a workplace injury. In most states, (49; with the exception of Texas) businesses are required to have workers’ compensation insurance if they have an employee(s). In a few states, there is a mandate for businesses to have workers’ comp insurance, even if they do not have any employees.

What Does Workers’ Compensation Cover?

Workers’ compensation insurance provides a variety of benefits to the injured worker. The insurance policy will cover:

  • Medical expenses
  • Travel expenses to and from the doctor
  • Lost wages
  • Death benefits
  • Funeral costs

Why do I Need Workers’ Compensation Insurance?

First of all, unless your business operates Texas, you are likely required to have workers’ compensation insurance. Even if you are not required to have workers’ compensation insurance, it is smart to do so. Without workers’ compensation insurance, you can be held liable for an injury suffered by your employee.

Sometimes, despite following safety regulations, things go wrong. The insurance policy provides your business something to fall back on if something does go wrong. If you do not have workers’ compensation insurance, you can be held liable for the damages suffered by the employee. This can include paying for their medical expenses, lost wages, travel to and from the doctor, pain and suffering, and more.

How Much Does it Cost?

Generally, the cost of workers compensation is a payment per $100.00 in employees wages. The amount you pay per $100.00 varies by state. For example, in New York, the payment per $100.00 is $1.41, but in Alaska the payment is $2.74 per $100.00. Another factor that weighs into the cost of workers compensation is the type of industry your business is in. Lower risk industries, like an office job or sales job, are going to have a lower rate. High risk industries, like construction or natural resource extraction, will have a higher rate.  

The cost of workers’ compensation has reached its lowest rate in 25 years. Many legislators are fighting the low rate. Judges are stating that the rewards are not enough to cover the medical expenses and the lost wages that an injury will cause. Recently, a Florida judge ruled that the benefits from workers’ compensation are not enough. The judge believes that if you are going to give up your right to sue your employer, you should be compensated accordingly, not at the rate of $1.27 per $100.00 (the rate in Florida).

If you would like to learn more about workers’ compensation insurance, talk to an insurance or business law attorney. They can help you navigate this tricky area of the law and make sure you are covered if someone has been injured on the job.

What Is Liquor Liability Insurance?

Liquor Liability Insurance otherwise known as dram shop liability insurance is an insurance policy that business who sell/serve alcohol are required to obtain.

When a business decides to serve or sell alcohol there are associated risks involved:

  • selling alcohol to an already intoxicated customer
  • contributing to the over-toxication of a customer
  • serving alcohol to a minor

What is Covered Under Liquor Liability Insurance?

In the event that any of these things occur, that is not sufficient to file a liquor liability claim. However, if any accidents or injuries to the consumer, minor or an unrelated third party that caused by the aforementioned three events then the business might be held liable. This is the reason why these businesses are required to have this type of insurance to protect their business from these claims.

Claims can include bodily harm, mental harm, legal defense costs, property damage, and coverage over misdemeanors and felonies like assault and battery, and sexual assault.

What does Liquor Liability Cost?

Liquor liability insurance can be extremely expensive depending on what state the business is located.

The following factors are taken into consideration when determining the cost of your liquor liability insurance:

  • Types of alcohol sold
  • Hours of operation and closing time
  • Food versus alcohol receipts (if applicable)
  • Square footage of bar or restaurant
  • Average price of drinks
  • Happy hours and drink specials
  • Entertainment venue, live music, and karaoke
  • Bouncers and Door Keepers
  • State where business is located
  • Server training and certifications

There are reports that in some states, such as Iowa, where they are calling for reform to help lower the price of insurance because a lot of business have trouble finding carriers to take on such a liability without having to pay a high premium per month.

Each state has their liquor liability laws so it’s very important to know what they are. Here’s a directory on where you can find the laws mandated by your state: https://www.legalbeer.com/liquor-laws-by-state

Life Insurance After Suicide

Generally speaking, life insurance is rather easy to interpret as far as its name goes. A policy is meant to ensure the financial security of loved ones upon a person’s passing. However, while the literal definition is rather easy to understand, the ability to collect life insurance can actually be a tedious and exhausting process. Depending on the circumstances of a loved one’s death, investigations could tie up a beneficiary’s money for some time. We’ve all seen the news stories (or even television shows) featuring heinous murders that occurred due to a want of money through a life insurance policy. Life insurance policies surrounded by suicide cases could have similar complications, though even in matters that involve no underhanded schemes, receiving your money as a beneficiary could still prove difficult under certain circumstances.

There are two specific clauses that need to be taken into consideration when dealing with life insurance policies, specifically as they pertain to suicide cases. The first one aptly named the “suicide clause,” states that no insurer will pay benefits out to beneficiaries if it is proven that the insured committed suicide within two years after taking out the policy. This clause also states that should the insured individual replace an old policy with a new one – regardless of how much time has passed in the interim – the effective time frame for the suicide clause resets to zero and another two-year cycle begins for the new policy.

Obviously, this is meant to protect insurers from paying out massive insurance policies to beneficiaries of those who commit suicide in so short a time after the policy is taken out. Much like the life insurance fraud schemes that are sensationalized even more through various Hollywood films, there are very likely existing cases of desperate parents looking for an easy way to set their kids up for a better life than they may already have, among other conditions.

The other clause that ties into suicides and the life insurance policies potentially attached to them is the “contestability clause.” This clause concerns the non-disclosure of certain conditions of hopeful policyholders, predominantly the likes of smoking, drinking and other health conditions. Generally speaking, this does not exclude mental health. With depression (and mental health in general) being as serious of an issue as it is in today’s world and mental health concerns leading to several thousand cases of suicide each year, the contestability clause applies just as strongly as the suicide clause. If non-disclosure can be proven in an attempt to collect on a life insurance policy, the insurer will not likely pay benefits. Of course, being honest about your conditions is noble and preferred, but the bottom line, unfortunately, is that it will hurt your chances of being eligible for a life insurance policy as well.

As serious as the entire concept of suicide is in modern society, the bitter reality is that, despite whatever reasons may have applied to such tragedy, it could very well extend past an individual’s death. However, this is hardly the norm regarding even suicide cases involving a life insurance policy. According to a statistic from insurancequotes.org, 99% of all (yes, all) life insurance policies end with full benefits paid out.