Get a Hobby

Aug 21, 2019 | Personal Insurance

I have been told to get a hobby so many times that I have lost count. But what my friends and family do not understand is that I have a hobby – insurance. I have been an insurance agent for about 9 years now. I have met people from all walks of life and often tell them that I eat, breathe, and life insurance. You see, from the moment I wake up until I go to bed, and even in my dreams, I can only think of insurance.

People usually think I am joking. I mean…come on, right? Of all the things to be thinking about day after day, it can’t be something so boring and serious. But that is until they engage in deep conversation with me, and then they change their tune. People will know that I mean business when I talk about it.

While I love being an insurance agent, my family does get a bit frustrated with me and how I constantly remind them of how my mind is to tightly wound around the insurance industry. I would like to share with you several instances in Denver, Colorado where it has ever so slightly taken over my life.

Imagining Insurance In Every Situation I Encountered

To get a hobby means you would go for something that is your passion. In my case, my passion is to deliver knowledge about insurance and how it makes a big difference in everybody’s life. Others may think I’m a little off, but that is what I am. I love insurance!

In everything I do, I have a say about how insurance works for that situation I saw or have been into. I enjoy what I do and sharing them with others is my way of giving ideas to what is best for that certain moment. Others may say it is not needed. But what if in that situation I may do something for a person that may change his or her perspective? Gaining a client means having a new friend too.

Here are some of those scenarios I had dealt with. I explained the insurances it entails that you might want to check and avail of soon depending on your needs.

How watching a movie made me think about Business Income Insurance?

We recently went to the movies and while we were watching a scene where a building gets blown up, everyone in the theater is “oohing” and “aahing”. What do I do? I was thinking about how a claim would payout when given that scenario, and I hope they had business income with the extra expense on their policy.

To explain further about the type of insurance that applies here, do you know that your business needs this in times of trouble and unforeseen events? 

Business Income Insurance And Its Coverage

Business income insurance, also known as business interruption coverage, is commercial property insurance that specializes in covering income loss of business. If your company suffered due to damages of its premises and therefore led to suspension or interrupted operation, this coverage would save your business. It applies to the loss while your property is under repair or replacement.

You see, it would be an advantage for a business owner if he knows there’s a back-up for these uncontrollable situations. They cover for fire, theft, and wind. The first example was what I mentioned earlier while watching the movie. If your business caught fire while operating, of course, you would have to shut down your business while you repair. The loss of income during those times that your business is under repair will earn a payment from your business income insurance. 

It can cover:

  1. Rent or lease payments of the location space of your business
  2. Profit or revenue your business might be having if your business is operating
  3. Payments for loans that you might avail during those times
  4. Employees payroll
  5. Monthly or quarterly taxes
  6. Costs of relocation if you have to transfer to a temporary location due to damages

Another situation is if some thieves robbed your shop, you have no choice but to close the shop temporarily. This insurance will help you with income loss. The records of expenses and the income of the business are the basis of the payment amount you will receive. Keep the records safe as this would be your proof when you file a claim. To ensure safety, you may choose digital locations for saving them. 

Exclusions And Extra Expense Coverage

However, some exclusions are not covered such as:

  • Damages from flood and earthquake (covered by another separate policy)
  • Income that undocumented and not listed on the financial records of your business
  • Broken items caused by the covered loss or event
  • Utilities ( usually turned off when the business closes because of damage)

As I have mentioned about the extra expense coverage, it is optional but very helpful. It is additional coverage that you might need to cover for your extra expenses after the damage has happened. That is a big help too to keep your business running during the restoration period. 

Others would not be ready enough to operate right away after the disaster. In that movie, if the building needs to be repaired or rebuilt, the business won’t continue for the time being. They would have to rent another location to continue operating. That is where extra expense applies.

How My Thoughts About Jewelry Insurance Come Out During A Dinner Party

I was at a dinner party where the host was telling everyone the story of how her mom left her all these antique jewelry. The other guests asked questions like, “How old was the diamond ring?” and “Is that piece gold or platinum”? I, on the other hand, waited for a break in the conversation to ask, “Do you have those rings scheduled out”? The question was met with a collective eye-roll from everyone.

For me, wouldn’t it be a relief to know your precious possessions are safe and secured? Yes, standard homeowners’ insurance policy covers jewelry, artworks, antiques, and furs. The case is, it has a limit. Theft, for example, has a low limit in standard policies. Mostly you won’t be paid more than the usual dollar limit of $1,500 which is generally the payment given to standard homeowners policy. Imagine a piece of stolen antique jewelry. The high price it costs won’t be compensated by that amount!

Defining Jewelry Insurance And Floater Policy

The price of jewelry insurance is inexpensive. The computation is 1 to 2% of the total cost of the jewelry. However, there is a limit on claims that range from $2000 to $5000 maximum. It covers disappearance, accidental loss, and coverage for loss or theft and damage worldwide.

  • Mysterious disappearance or missing jewelry is an event where jewelry is missing without you noticing it. It could be that you are not sure if you misplaced it or got stolen or just misplaced it somewhere. 
  • Accidental loss is a situation where you mistakenly lost jewelry or you can not replace it in an accident. Sometimes it happens when a necklace, for example, can not undergo repair due to a car accident that had damaged the necklace.
  • Coverage in any area or worldwide must be ensured as it is applied to your jewelry during travel. If you were able to purchase jewelry insurance or a floater policy, the jewelry would be replaced. Even if it got stolen or lost in other parts of the world, it would cover you.

Think of your jewelry and its price. Is it beyond $5000 when it is appraised? Because if not and the price of your jewelry is too high, I suggest you avail of a floater policy. You may add it to your homeowners’ insurance to have the easiest way of covering for your most valued possessions. It is sometimes called adding a rider or referred to as scheduling an item. Even incidents like dropping your jewelry down the drainage are also covered. 

Jewelry Needs Appraisal

Jewelry is a valuable asset that needs appraisal. The price or value of each jewelry will be the basis of how much it would be insured. The basis is not the price of the jewelry when you bought them at retail. A detailed description of the appraisal includes the cut, metal quality, stone clarity, and appearance. It would be a good choice to give a copy of the appraisal description to your insurance provider for future use.

Have your precious pieces appraised once every 2 to 3 years to ensure they are insured properly. Your jewelry might be subjected to an increase and decrease of market fluctuations so it is better to ensure its appraised value. Ask only reputable appraisal agencies.

How Discussion About Insurance Coverages Of Drivers Is A Good Example For Fleet Auto Insurance

Once, I was in a focus group discussion about a pretty serious subject and the next thing I knew, we were discussing the difference in coverage between a commercial cab and a Lyft driver. And if I might add, the subject matter actually became quite heated. Luckily, I was there to give “expert” advice.

There is a big difference in the coverage of both types of drivers. A lot of people have easy access now to the internet and grabbing a car service. It is a good business though. And more comfortable for the customers as they just have to sit and wait for them to arrive. As for the manager or the owner, do you think they find it difficult to insure their drivers and their vehicles one by one?

What Is Fleet Insurance By The Way? 

It is the easiest way to ensure the whole business contains all the vehicles in one policy. Have you imagined different policies for each vehicle that you have? That would be a big headache! Fleet insurance is a requirement that will insure your vehicles legally. The name of the company, the director, or a partner may be the one to appear in the registration.

In the discussion that I had mentioned, taxis or commercial cabs may avail fleet insurance under the Taxi Fleet policy. It would be good if business owners consider having one. Managing two or more cars that deliver products and services to the clients make the fleet business successful. However, as the owner of vehicles having commercial cabs for example, have you ever thought of purchasing fleet policy? Do you know its benefits? 

Fleet Insurance Coverage

Just like car insurance it also has the same coverage but more on business purposes. There are also featured policies such as “any policy” that pertains to different types of vehicles. In a fleet, sometimes, the vehicles used are not uniform. That is why that policy is good for them as the fleet uses different types such as vans and trucks. Fleet insurance covers:

  • Driving abroad
  • In an event of an accident, a vehicle is recovered
  • If there is damage or the vehicle is lost
  • Legal fees for lawsuits and damages
  • Protection against loss or damage in any personal belongings
  • Windows or windscreens damage
  • Stolen keys are replaced with replacement locks
  • Financial support for medical expenses on injuries of passengers in an accident
  • Covers breakdown

There are too many coverages available in fleet insurance that you may avail of. One policy for all is a great help for fleet managers. Take a step and ask reliable agents about how fleet insurance works in your place. There may be different policies that suit the type of business you have.

How I Ended Up Advising About How An Umbrella Policy Works

Honestly, I don’t think it is my fault that while talking to a neighbor about their baby taking their first steps, it ends up with me giving them advice about an umbrella policy. I mean business yes, but I also extend my expertise to help people realize the importance of insurance and its levels for better protection. 

Having a back up once everything falls is a great relief you would be grateful for when hard times hit you. Taking care of our family is our responsibility. One of those responsibilities is to provide well for them financially. But what if you are pushed to the edge after an undesired event happened? Would you still be able to stand up from the loss? Consider this Umbrella policy and think about its significance.

What Is An Umbrella Insurance Policy?

It protects you and acts as a shield from the claims that your existing insurance policy can not handle anymore. In the case of a car accident and you caused damage to someone’s property and other people, your existing insurance would work for you. But in the long run, if you do not have an Umbrella policy, you might suffer for all the money you need to spend.

Exclusions 

The amount of defending a lawsuit, repairs, replacements on damages, and also the bodily injuries the accident might cause to other passengers would empty you up to the last cent.

There are exclusions, however. Injuries and damage to your property that you caused to yourself are not covered and also, flood damage. If you have a home-based business, income loss of your business is not covered because that one needs business liability insurance.

What am I trying to convey with this conversation I had with my neighbor? I was trying to explain the advantages of having an Umbrella policy that may soon be a lifesaver to everyone. The baby is too young and their family has a lot of good things to come ahead of them. It could help to know they are properly and safely insured from all the possible accidents and uncontrollable damages they may cause to others.

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Conclusion

People need insurance, that is a fact. Protection can not be bought anywhere and would not pop out even if you wish for it to arrive in times of need. Only insurance experts could give you the right advice and the steps you need to take to kick start your policy. 

If someone asks me about how I can help with their insurance needs, I will surely advise with a smile on my face. It is not just a business for me, more so, it is a responsibility I committed to helping others. It may be crazy for some people that I always think of insurance in every situation, but that is me. I love what I do. I am a Mom, a soon-to-be wife, and I am an insurance agent. Who needs a hobby when my career is my hobby? I think I am pretty darn lucky! People around me are too! 

P.S. I do have one more hobby – BAKING. It’s a nice outlet. A very different kind of break from anything insurance-related, which of course I love if you couldn’t tell.