Insurance

How to Ensure You Have an Appropriate Umbrella Insurance Policy

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Chances are you already have auto and homeowners insurance if you own a home. Having an umbrella insurance policy can be a way to protect all your assets and earnings. If you find yourself in a severe bodily injury liability lawsuit or are being slandered, legal fees can be expensive. Umbrella insurance can help you cover expenses and losses from these costly types of proceedings. High Favor Insurance of Birmingham, MI can help with exploring your options to make sure you the right umbrella insurance policy to keep you protected.

If you are interested in keeping all your assets and belongings completely protected, this type of insurance may be right for you.

Benefits

There are many benefits to having umbrella insurance. It can help cover things regular auto and homeowners policies do not. Some of the benefits are:

  • Renting a property and the liability suits that may follow with renters

  • Bodily injury suits involving your home and guests or individuals that are injured

  • Paying expensive legal fees to defend yourself

  • extensive property damage

Staying Protected

Homeowners and auto insurance will only cover specific amounts of property damage and bodily injury. With umbrella protection, incidents that go beyond typical liability claims will be covered. For instance, if you are in an auto accident, and the other person vehicle is destroyed, your auto insurance may not cover this. An umbrella policy will step in and reduce costs.

If you are interested in getting an umbrella insurance policy, High Favor Insurance in Birmingham, MI can help. Our agents are knowledgeable about umbrella insurance matters and what will be covered. We can help you create a policy that works for you. Give us a call and speak with an agent today to discuss different umbrella insurance options in addition to other insurance you may need.

Renting a Home? Why You Need Renter’s Insurance

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Homeowners aren’t the only ones who need insurance protection. As a renter, you can benefit from renter’s insurance to protect your personal goods. Your landlord’s insurance is designed to protect his structure, not your personal possessions. With renter’s insurance from High Favor Insurance in Birmingham, MI, you can protect your personal property against theft or unforeseen disasters. Here’s what a renter’s insurance policy can do for you.

Covers Damage or Loss of Personal Goods

If your personal goods are stolen or damaged in a major disaster, your renter’s coverage would help pay to have them repaired or replaced, according to the type of coverage you have and the limits on your policy. You can’t predict when disasters will happen but you can be prepared with insurance protection.

Renter’s insurance covers all manner of goods, from furniture and electronics to clothing, jewelry, artwork, appliances and more. If you own expensive goods, consider replacement cost coverage as it covers the cost of replacing your goods if they’re stolen or totally destroyed in a covered peril.  

Renter’s insurance protects your goods at home, in your car or even when you travel. If your luggage is stolen while traveling abroad, you can make a claim under your renter’s policy.

Provides Liability Protection

Renter’s insurance comes with liability coverage to protect you against lawsuits if someone were to have an accident on your property. If a friend slips and falls down your stairs and you’re found at fault, you could be held liable for injuries he sustains in the accident. Liability coverage pays for medical costs of accidental injuries so you don’t have to cover these expenses out-of-pocket. It also covers legal fees if you’re sued for damages.

To learn more about renter’s insurance options and costs, contact High Favor Insurance located in Birmingham, MI.

Which kinds of commercial insurance does a small business in Michigan really need?

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As a small business owner in Michigan, you know how much work it takes to stay on top of all the things that can go wrong. You need to pay attention to the details and remain vigilant because you are responsible for what happens. Commercial insurance may seem like an inconvenience, but it helps to minimize your risks and let you stay focused on your real business.

At High Favor Insurance, we understand how important it is to be able to find the right protection so you can cut down on unnecessary stress. We also know every business is different, so what works for another small business might not work for yours at all. You may only need basic coverage, while another small business may need additional policies for special risks.

You can save money by combining the two most important kinds of insurance into one package, a Business Owners’ Policy. A BOP will generally provide property protection and general liability insurance, which can protect you from injuries at your business.

Businesses with three or more employees need to have workers’ compensation so they can protect their valued employees who become ill or injured as a result of working there. Anyone driving in Michigan needs to carry auto insurance, and if you are using a vehicle for business, you will need a commercial vehicle policy.

Your insurance coverage also covers the legal fees associated with the claims made against you. Since legal fees can account for more than damages, that takes a lot of pressure off you as the one responsible.

If you have a small business in Michigan, don’t wait to get the coverage you need. If there is extra protection you want to discuss, or if you have questions about an existing policy, please feel free to call High Favor Insurance today.