The Benefits of an Insurance Review for Commercial Insurance

Business owners often overlook a critical component of protecting their business by failing to have regular reviews of commercial insurance coverage. Since there is no cost to conduct an insurance review, all businesses benefit from making a regular insurance review a part of their long-term strategy for success. By working with your agent at Wasatch Preferred, serving Sandy, UT and the surrounding communities, it is possible to determine if any gaps exist in commercial insurance coverage that leaves a business exposed to risks that should be avoided.

An Insurance Review is an Annual Checkup for a Business

In a similar way that a person should see a doctor for an annual checkup, business owners should talk with their insurance agent to make sure commercial insurance is adequate.

Here are some items to consider and discuss:

  • Material Changes in the Business Operations: Examples in this category include changes in the product line or services offered. Increases or decreases in employees. Plans to open or close locations.
  • Changes for the Business Owner(s): This category includes adding new owners, owners retiring, and owners getting married or divorced. Small businesses benefit by having key person life insurance as part of their overall commercial insurance needs. This type of insurance protects the business if it depends heavily on the participation of one or a few key persons. It helps the business continue if a key person can no longer work for the business because of death or a permanent disability.
  • Changes in Equipment and Commercial Property: Reductions and additions of valuable equipment used for a business may change the commercial insurance needs. Adding or retiring commercial vehicles does the same. Also, renovations of commercial property need to be considered.
  • Look for Gaps in Coverage: Gaps are uninsured or under-insured things. Imagine worst-case scenarios and how commercial insurance would mitigate the risks. Be especially wary if there are big gaps in coverage, combined with large potential risk. A catastrophic occurrence in these areas can destroy a business that is not insured properly.

Material Changes Require a Commercial Insurance Review

Besides having a regular annual checkup with a commercial insurance review, if there are any material changes that occur during a specific year, it is a good idea to have an insurance review right away. For material changes, do not wait for the regularly scheduled review at the end of the year.

Contact your agent at Wasatch Preferred in Sandy, UT for a commercial insurance review to make sure you have adequate coverage.

Home Insurance for Temporary Homes

As a homeowner, you probably have a homeowners’ insurance policy on your home which you believe protects your property throughout the year. However, that’s not always the case. There are several special circumstances that may result in your annual homeowners’ insurance policy becoming invalid or render the policy incapable of catering for your home insurance needs. What do you do when you find yourself in such a situation?

Going uninsured is not an option, so you need to find an alternative that can provide sufficient coverage for your residence. That’s where temporary home insurance comes in. This coverage protects your home from disasters – natural or otherwise – on a short-term basis. Temporary home insurance comes in handy in providing full or reduced coverage depending on your home insurance needs at the moment. If you are looking for temporary home insurance in Sandy UT, Wasatch Preferred insurance can help you out.

When You May Need Temporary Home Insurance

There is a number of everyday situations that may necessitate a temporary home insurance. For instance, you may need temporary coverage when you are moving to a new house. If there are delays of any kind and you’ve already communicated dates with your insurer, your house will be uninsured. Taking temporary home insurance for the period is the only option. Another key reason for getting temporary insurance is if your home is undergoing major renovations and you have to look for an alternative place of residence.

If you decide to get a short-term rental or any other form of temporary residence, you will need to get temporary home insurance. This type of home insurance allows you to get the appropriate home insurance cover for your situation. Its flexible, you can choose to either insure the structure or just the contents of your temporary home. You can purchase short-term insurance for your temporary home from Wasatch Preferred in Sandy, Utah. Call us for more information on temporary home insurance coverage.

Do You Need Umbrella Insurance?

Many people do not know much about umbrella insurance but that does not mean that it is not a good insurance to have in many situations. Before you say that you do not need to have it in Sandy, UT, you should consider everything that it can offer to you. These are just a few ways that umbrella insurance from Wasatch Preferred can be useful.

  • It can cover excess home and auto needs. If your home or vehicle is worth more than you can cover it with in insurance with a standard home or auto policy, umbrella insurance can cover the extra. It can cover the gaps in coverage because standard home and auto insurance can only go so far and if your home is worth more than that limit, it is a good back up coverage.
  • It provides extra liability insurance. If you like to have people over to your home all the time or you have a pool that people swim in, it is a good idea to have more liability insurance to protect you in the case of an accident on or in your property. Sometimes other insurance is not enough in these situations so it is good to have extra coverage.
  • It can protect your from slander and libel. If you are well known in the community, you may become the victim of something like this and you will want to have additional protection in place to help with the lawsuit, if needed.

Understanding how umbrella insurance works can be a game changer for many people. If you think that you may be in need of umbrella insurance, be sure to reach out to us here at Wasatch Preferred, serving Sandy, UT, today. We can run a free quote for you and even make sure the policy fits within your budget.

Three Ways to Prepare for Your Future

You are never too young to think about your future. In fact, the sooner you start preparing for it, the better. One of the best things about turning 16 and getting to drive a car is that you get to start enjoying more freedoms. In addition to getting your own insurance policy, or having yourself added to your parent’s policy, there are several other tips to follow. Wasatch Preferred would like to share these with you to help you prepare for your future. 

Think about college

While you’re young, you’ll want to think about college and the field of study you want to pursue. You don’t want to get to college and waste time and money on courses that don’t actually help you pursue the career you are wanting. This is why it’s best to have a decision made about your occupation of choice before you enroll. Knowing which career path you want to follow will also help you choose the most appropriate school.

Invest in life insurance

You probably don’t think much about life insurance when you’re young, but the truth is, purchasing this type of policy when you’re young is the best choice to make. The younger you are, the lower your monthly premium rates are going to be. And you may even be able to lock in these rates for the rest of your life regardless of any health issues you face as you get older. You’ll want to speak with a qualified life insurance agent to get a better understanding of life insurance and the importance of buying a policy while you’re young.

Consider where you want to live

Considering where you want to spend your life is vital to making sure you don’t waste money on rent. If you know for sure you want to live in Sandy, UT, then it will make the most financial sense to buy a home here, pay off the mortgage, and then have the equity to borrow from on an as-needed basis. 

To learn more about preparing for your future, contact Wasatch Preferred serving the Sandy, UT area. 

What Is The Difference Between Renters And Homeowners Insurance?

Wasatch Preferred in Sandy, UT specializes in homeowners insurance and for all categories of homes. Utah’s Insurance Department has developed detailed provisions of both homeowners and rental insurance policies, advising the Utah citizen of how to analyze these policies. There are dramatic differences in the policies, despite their similarities, which affects their rights as to liability coverage and personal property coverage.

Structure

Homeowner’s insurance covers the house and any other building structures on the homeowner’s property. There are limitations as to coverage, valid claims, and exclusion. Rental insurance does not cover the building containing the rental, which is the responsibility of the landlord. While a fire in the building, damaging the renter’s personal property, is covered by homeowners, but if the fire is caused by the renter, renters liability insurance will cover the damages.

Expense

Renter’s insurance is more affordable, usually less than $50 a month since the renter does not pay for any structures. A homeowners policy costs a bit more because it covers the structure of the home as well as a multitude of other things. 

The reason why renters buy insurance is that the landlord’s policy will not pay for damage to the renter’s personal property even if the renter’s property is stolen.  

Exclusions

Both policies have exclusions such as for earthquakes and floods.

Requirements to Be Insured

Homeowners have no choice but to insure their property as required by their mortgage and financing company. Homeowners have the opportunity of choosing which type of homeowners policy to use which covers fewer perils. Renters are not required to carry insurance. However, landlords could require insurance which would reduce the amount of the premium the landlord would pay for any damage to renters personal property.

Wasatch Preferred’s agents will advise homeowners, landlords, and renters as to the best insurance policy. Please call us or visit our Sandy, UT offices.

How Will Commercial Insurance Protect Me?

Business owners have a lot of very important decisions to make on a regular basis. One very important decision that most owners have to make is whether or not to get commercial insurance. Business owners should almost always opt to get commercial insurance as it can help to protect a business several different ways. 

Protects Against Liability

One of the most important ways that a commercial insurance plan will protect a business and its owners is against liability. A commercial insurance policy will almost always have a liability component to it. If you deal with customers, having this liability is a necessity as you will be covered if your customer is hurt through the use of your product or service. Ultimately, this could save you a lot of money.

Protect Your Assets

If you own your own business there is a very good chance that you could have invested a lot of capital into the business by buying a property, equipment, or inventory. If you have purchased these assets, you need to make sure that all of your investments are properly covered by insurance. When you get a commercial insurance plan, a Salt Lake City, UT area business owner can be assured that their assets are properly covered and protected.

When you are trying to get a better idea of the benefits of having commercial insurance, speaking with Wasatch Preferred first is a good option. When you meet with Wasatch Preferred, the company will be able to provide you with a better sense of what all of your business risks are and how insurance can protect you. They will then be able to help Salt Lake City, UT area business owners get into a commercial policy that gives the right type and amount of coverage. Reach out to Wasatch Preferred for more information.

For Landlords: Three Reasons You Need Umbrella Coverage

Your property is your livelihood. Protecting your assets from lawsuits is your number one priority. One nefarious tenant on a mission, one accident, or even an argument can escalate into a claim that could ultimately threaten your property. Liability insurance in Sandy, UT only goes so far in this matter. Once it has reached its limit, there is an additional option that can help to secure your properties, umbrella coverage.

Umbrella Coverage – The Rundown

Umbrella coverage goes over and above what liability insurance covers. Imagine for a moment that a tenant fell off of the balcony of your apartment due to the faulty railing. The court awards the tenant two million dollars, but your liability coverage only covers one million of the judgment amount. Umbrella coverage picks up the rest of the balance owed. It protects you and your property. Listed below are three reasons you need umbrella coverage:

  1. In today’s society, litigiousness is all the rage. "Free stuff" or just the thrill of getting over on someone is a ripe reason for a bad actor to find a reason to sue you. 
  2. Recently, a perceived duty of landlords to protect their tenants from crime in common areas has emerged. This increases your liability and exposes you to a lawsuit for events out of your control. Given the outrageous amounts, being awarded in some of these cases, sometimes in the millions of dollars, umbrella coverage can help you avoid a disaster if you ever find yourself in this predicament.
  3. Other areas where you can get into trouble, where umbrella coverage would truly benefit you, include animal bites, tenants who harm other tenants in some way, and even the possibility of being accused of slander or libel, as these cases are also on the rise. Discrimination and invasion of privacy claims are rising as well. 

Now that you understand what umbrella coverage is, are you ready to ensure that you have all of your bases covered? Reach out to Wasatch Preferred. We have a policy that will suit your needs. Serving the Sandy, UT community with passion and integrity since 2009.

How to File a Life Insurance Claim as a Beneficiary

Once a loved one passes on, it is your responsibility as their beneficiary to collect the life insurance claim they entrusted to you. This is particularly important if the survivors relied on the deceased individual for financial help. They may require urgent cash for ongoing expenses like credit card and mortgage payments. 

Proceeds from a life insurance policy can offer quick and much-needed income for surviving family members after their loved one passes on. Being a beneficiary, you probably need to get the claim procedure started as quickly as possible. To accomplish this, consider finding out some key answers to these questions.

  • What kind of insurance policy did the deceased have? Was it whole life, term, or variable life insurance plan? 
  • Did the deceased have any credit insurance (for paying off amounts owed to large purchases like furniture or credit card balances), or mortgage insurance? 
  • How many beneficiaries were listed? 
  • Was the policy still in force when the deceased passed on? 
  • How much should the company pay? 

To claim the life insurance benefits, a beneficiary needs to contact an insurance agency like Wasatch Preferred located in Sandy, UT for professional guidance. You can also check the insurance company website for more insights on how to file a claim. Remember that some companies ask beneficiaries to begin the claim process by sending a form that reports the death of the policyholder. After that, the company sends forms and instructions to the beneficiary explaining how the claim process should be done.

Generally, beneficiaries apply for the proceeds by filling out the claim form provided by the insurance company and submitting it along with the insurance policy document and a certified death certificate.

In case several beneficiaries were named in the policy, each of them needs to submit a claim form. If the primary beneficiary passes on before the life insurance holder; the alternate beneficiary is entitled to claim these proceeds. An alternate must submit both death certificates (for the policyholder and primary beneficiary) when submitting the claim form. 

You can rely on Wasatch Preferred in Sandy, UT for all the help you need to acquire a life insurance plan or make a life insurance claim. Talk to us today for more information.

3 Odd Things a Homeowner’s Policy Can Cover If You Ask

Homeowner’s insurance is weird. This is as true in Salt Lake City, UT, as it is anywhere else. So, since you pretty much have to have a policy, you might as well understand some of the niches that might come into play. Wasatch Preferred’s insurance plans, like those of most insurers, have a lot of peculiarities. Here are a few odd things that could be covered, and they usually don’t require huge boosts to premiums.

Falling Objects

Sure, you’ve seen ads on TV that show a tree falling on a house. What you might not consider is that aircraft often lose small things in flight. They also frequently fly over residential zones. This doesn’t apply to commercial aircraft either. Some stories have included tales of planes in emergencies clipping rooftops. Parts have crashed clean through roofs. Before the FAA changed their rules, blue ice dumps were a real thing. The point is, humans have put a lot of stuff in the sky, and it’s prone to falling. It’s not entirely uncommon for a homeowner’s policy to afford some protection for exactly these scenarios.

Spoiled Food

Hold your horses. This will not cover milk that stayed in the fridge too long. That’s just not how it works. However, there are clauses in homeowner’s policies that can protect you from extended power outages. The rule of thumb is that the outage can’t be your fault, and the value of food for reimbursement usually falls between a minimum and maximum limit, but you can potentially have the food in your refrigerator and freezer covered by insurance.

Dorm Rooms

This is important for all of you parents and guardians out there. Dorm coverage is not necessarily a default, but if you have a student in your future, you might be able to cover them without getting an additional plan. This insurance usually only applies to dorm rooms and not apartments. It also only covers personal belongings. That said, dorm theft is a common problem on campuses, and you can afford at least some protection to your studious kids.

As is always the case, insurance policies and coverage limits vary by situation. Always speak with your Wasatch Preferred rep to be sure what is and isn’t outlined in your contract. If you take the time to ask, you could be the most insured homeowner in Salt Lake City, UT, without having to pay for a bunch of exclusive extras. Reach out to our agents to get a quote and learn more. Also, try our online rating tool for quotes from home.

Do You Know How to File a Commercial Insurance Claim?

Commercial insurance coverage protects your Sandy, UT business against accidents and disasters that occur on your property. As a business owner, you should be fully aware of what your coverage has to offer. You should also know how to file a claim to expedite recovery from a loss.

The following steps can help when filing for a business insurance claim.

1. Plan Ahead

By planning ahead, you can be prepared to handle the fallout of accidental injuries or damage to business property. Having digital cameras on hand will make it easier to record the aftereffects of an event to substantiate a claim. Various employees can be designated the job of recording incidents that occur to ensure it gets done. Surveillance cameras around the entrance, exit, and parking lot of your business will help document incidents of vandalism and theft.

Ask your Wasatch Preferred agent to provide you with standard report forms to facilitate making a claim when the time comes. These forms should be made available to employees so they can easily document accidents that happen on the job.

2. File a Claim

When accidents occur, notify your insurance agent right away. Accidental fire, theft, auto accident, disaster damage, or liability injuries should be reported immediately to be eligible for coverage. Criminal activity such as theft or vandalism should also be reported to the police.

Work with your agent to file a claim. Your claim will be forwarded to your insurer who will assign an adjuster for processing. If you have photos, video, or inventory of damages, these should be included in your claim.

3. Follow Up

Follow up with your adjuster and agent to stay abreast of your claim. Working closely with your Wasatch Preferred insurance agent in Sandy, UT is key to getting quick, effective results from your commercial insurance claim.