What Is Involved in a Business Owner’s Policy?

A Business Owners’ Policy (BOP) may be something that you need to get or are interested in for your own small company. If this is the case, you would benefit from having a discussion with an agent from Green Family Insurance Inc. of the Illinois area about what it is and how it can help you. 

What is a Business Owners’ Policy? 

This is a policy that bundles liability and property coverage into one package. It ends up offering the same level of protection for a more affordable cost than you would have to pay otherwise. BOPs tend to be available for those businesses that have 100 or fewer employees. 

How Does Such a Policy Work? 

Many of the insurance companies out there offer BOPs.to small businesses. After you pay for the policy, the insurer can give you a proof of insurance document. This is important to have when you are signing leases for your business. You should get a declarations page, BOP form, common conditions section, and one or several endorsements as part of this if you get a standard ISO policy. 

What’s Included in Your Average BOP? 

A typical BOP includes commercial property, general liability, and business interruption coverage. Commercial property covers buildings that are located at the premises that have been described in the declarations, tenant improvements, property belonging to others (if you rent or something similar), business personal property that’s in covered buildings, building glass that’s owned by you. You can get a special version of the form if you want extended coverage. 

General liability coverage includes personal and advertising injury liability and bodily injury and property damage liability. Another aspect of this is medical payments coverage for medical expenses of someone who has been injured due to your business activities. This coverage is used in the absence of a lawsuit. 

Business interruption coverage protects your business if there’s a natural disaster or another covered event that interrupts you conducting your business. In the scenario that you have to close your company activities, business income coverage replaces your lost revenue. 

Some additional types of coverage that you may have with a BOP include electronic data, civil authority, accounts receivable, newly acquired property, and mold coverage among other things. 

Reach out to talk to an independent agent from Green Family Insurance Inc. of Illinois about getting set up with a business owners’ policy. You’ll be happy you took the opportunity to do so. 

Illinois Residents: Why Homeowners Insurance is Essential

If you’re a resident of Illinois, you know what a wonderful state it is to live in.  Homeownership can be one of the greatest accomplishments of a person’s life — and it should be treated like the huge investment that it is. 

Homeowners Insurance in Illinois

As an Illinois resident, you’ve most likely experienced the storm seasons that can cause damage to homes and anything else in its path. In order to protect yourself from this kind of natural, unpredictable damage, maintaining a quality homeowner’s insurance policy is essential. 

If you’ve owned your home for a few years or more, the team at Green Family Insurance Inc. always recommends doing a full review to ensure you have the coverage you need to protect your assets.

In the event of a loss, homeowner’s insurance will ensure that you are financially covered. Meaning, if any damage occurs to the actual home and your belongings inside the home, insurance will often cover the financial loss associated with damages. 

Because we can’t predict damage or other unforeseen events, insurance provides the peace of mind that "just in case" something does happen, you won’t suffer a huge financial loss to complete repairs and otherwise rectify the situation.

Whether someone is injured on your property or your home is damaged in a fire or storm, insurance protects you as the owner. Financial support is key in these scenarios, so make sure you are covered. 

As a homeowner, it’s still your responsibility to verify that your homeowner’s insurance offers the coverage you need. Reach out to Green Family Insurance Inc. and together, we can review your policy, identify any gaps in your coverage, and get you the updated policy you need. We’re just one phone call away!

Renters Insurance Explained

According to an observation by Green Family Insurance Inc., most people who rent homes, condos, or apartments in Illinois have no idea whether they need renters insurance. And to make it even worse, some don’t know even know what it is. 

Supposing you are one of the renters who hasn’t subscribed to renters insurance, this post seeks to address you. Here we will tell you:

  • What renter insurance refers to
  • What it covers 
  • The common myths you should ignore regarding the same

Renter insurance defined

This policy offers coverage to a policyholder’s valuables, liabilities, and possibly loss of use expenses when perils occur. It’s available to individuals subletting or renting a condo, apartment, single-family home, and so on.

Renters Insurance Coverages

Not considering purchasing renters insurance? Think again. These are the benefits you accrue when you invest in renters insurance.

Protects your assets

Renters insurance shields your rental home valuables such as your clothing, furniture, appliances, and other items within the house.

Liability protection

If an accident occurs in your home and causes injuries, your renter insurance can help manage medical bills.

Loss of use coverage

If a covered event destroys your home to the extent that it’s inhabitable, your renter’s insurance will provide reimbursement.

Medical bills to third parties

If someone visits you and sustains injuries that call for treatment, the medical bills are payable by renters insurance.

Rental Insurance Myths

Be aware of the following myths when subscribing to renters insurance:

My landlord is responsible for damages or lost properties

This statement is not true. Your landlord’s insurance will only protect the building and not your property!

I don’t need renter insurance since my roommate has it 

Whereas you and your roommate might share contents in the house, their renter insurance covers their personal belongings and not yours. 

No need for renters insurance since I don’t have many valuables

If you think what your own is not valuable, wait until perils occur — you will find it a huge challenge to replace it all. To avoid this, obtain renters insurance.

Buy renters insurance today in Illinois!

Now that you know what renters insurance is, it’s time to purchase coverage from Green Family Insurance Inc. Contact us today for an affordable quote. 

How Can Illinois Umbrella Insurance Cover You During a Lawsuit?

Coverage for lawsuits and liabilities is the exact reason that umbrella insurance exists. Unfortunately, the world we live in is now a world of liabilities. A slip and fall can derail your financial future, if you don’t have umbrella insurance.

At Green Family Insurance Inc., we want to make sure that Illinois residents are protected from these problems in life. We can help you to design the umbrella insurance policy you need to feel secure against every legal threat.

What Does Umbrella Insurance Cover?

Umbrella insurance covers you for liabilities that occur for which you are responsible and did not intentionally cause. This insurance can provide protection when home or auto insurance liability coverages are capped out.

An umbrella insurance policy can also provide protection against libel, slander, defamation, and false arrests or imprisonment. If these problems happened and someone else is responsible for that damage, you can file suit against them to recoup your financial losses and suffering.

Umbrella insurance is always liability insurance. It will protect you when you are being held liable for a problem.

What Lawsuits Does Umbrella Insurance Provide Protection From?

Umbrella insurance provides protection against certain lawsuits on their own, and when your home, auto, or renters’ insurance doesn’t cover your damages.

The kinds of lawsuits that umbrella insurance covers include:

• Slander – spoken statements
• Libel – written statements
• False arrests or imprisonment
• Malicious or false prosecutions
• Mental anguish
• Other liabilities

It can also cover you for lawsuits related to home or auto accidents. If you have a slip and fall at your home, your renter’s or home insurance liability coverage will pay for that. If you have a car accident you are sued for, you will probably need insurance beyond what your policy provides. An umbrella insurance policy will cover any amounts above those coverage limits.

Protect Yourself With Umbrella Insurance

You can protect yourself from lawsuits with umbrella insurance. At Green Family Insurance Inc., we want Illinois residents to sleep better knowing they are covered when accidents happen. Call us today for a quote on umbrella insurance.

What Homeowners Need To Know About Flood Insurance

Your home is probably one of your biggest investments. Protecting your home against unforeseen disasters is crucial to your family’s financial stability and security. At Green Family Insurance Inc, serving Illinois, we make it easy for you to choose insurance products with confidence. If you are looking for information on flood insurance, we are here to help. 

Is Flood Insurance Included in Home Insurance?

This is an important question. Many homeowners assume that flood insurance coverage is included in their homeowner’s policy. In most cases, flood insurance is an entirely separate type of insurance product. It is important to read your home insurance policy carefully. If flood insurance is not included, it may be wise to add this coverage. 

Why Is Flood Insurance Not Included?

Flood insurance coverage amounts are determined based on very specific flood risks. These flood risks can vary greatly from one area to another. This is why it is very difficult to create a one size fits all type of insurance coverage to bundle into a home insurance policy. 

How Do I Add Flood Insurance?

If you are interested in adding flood insurance, the first thing you should do is contact your current home insurance company. In many cases, your home insurance provider will be able to guide you on the steps needed to add flood coverage to your existing policy. 

An insurance representative will most likely need to evaluate your property to ensure you get the right type of coverage. Each property will be different so it is important that your property be evaluated. 

If you would like to learn more about our services, please contact us at Green Family Insurance Inc. serving Illinois. We will be happy to answer your questions concerning flood insurance or any other insurance products. 

Items Covered by Condo Insurance

Condo insurance can sometimes be confused with homeowners insurance due to both policies acting as property coverage. While homeowners insurance protects the internal and external structure of homes, condo insurance only protects the interior of a condo unit. To break it down further, Green Family Insurance Inc. discusses what condo insurance within Illinois covers.

Personal Property

Condo insurance covers personal belongings, with examples of these items being clothing, furniture, and electronics. When covered perils such as fire, theft, or vandalism occur, condo insurance helps you cover your repair and replacement costs when these disasters lead to property damage.

Building Property

The interior structure of your unit also falls under condo insurance, with examples of areas protected being your floors, tiling, and walls. In addition to this, fixtures such as sinks, bookcases, and cabinetry are also covered when faulty electrical systems or fires damage them. Condo insurance ensures that you get compensation for fixing these items or when you need replacement costs.

Loss of Use

If your condo is rendered uninhabitable due to significant damage, condo insurance will help you pay for your additional living expenses. These can be your hotel fees, meal costs, and transportation expenses until your condo is fixed.

Personal Liability

Personal liability is another item covered by condo insurance that helps you pay for your lawsuit costs when sued for property damage and bodily injury. In addition to paying for your legal fees and damages, condo insurance ensures that you cover any medical costs arising from guest injuries. It also provides compensation for repair and replacement fees when a guest’s property is damaged.

Loss Assessment

When you are required to contribute to shared losses after perils destroy areas such as swimming pools, condo insurance ensures that you are covered during such events. It helps you offset any loss assessment that condo owners incur, allowing you to reduce your financial setbacks.

To ensure your condo is protected from disasters, consider reaching out to Green Family Insurance Inc. today. We provide condo coverage suited to Illinois property owners.

Health insurance terms you should know before choosing your coverage

Choosing health insurance is never easy, but understanding some terminology you might encounter can make it easier to understand. The choice you make determines the coverage you will have for the next 12 months. A wrong choice could be difficult to live with. At Green Family Insurance Inc. in Illinois, we are an independently owned insurance agency. Our passion is helping our customers to find the insurance products they need.  

Here are a few of the health terms you should understand:

  • Deductible– The deductible is the amount you will need to pay every year before your health care starts to pay for services. High deductible health insurance policies are more affordable than lower deductible policies, but they can leave you with very little coverage for routine services. 
  • HSA– An HSA is a health saving account. This allows you to save an amount each year, determined by the IRS, tax-free toward your health care expenses. It is the perfect complement to a high deductible health insurance policy. 
  • Copay– A copay is your portion of any covered service. Once the deductible is met, and the health insurance starts covering services. 
  • Out-of-pocket limit- This is the most you will pay for health care services in any given year. This is an important figure, especially if you have a catastrophic illness that requires an extended stay in the hospital. Just a few days with tests can run you many thousands of dollars. 
  • Network– The network is a group of health care providers who have contracted with a health insurance plan to provide services to its members at an agreed-upon price. Most healthcare plans have their own network. Making sure the one you choose includes your doctor is an important part of choosing your health insurance plan. 

Contact Green Family Insurance Inc. in Illinois with your health insurance questions. 

Why should I get life insurance in Illinois?

Anyone that lives in Illinois will have different personal insurance needs. A type of insurance that all people need to think about getting is life insurance. There are a lot of reasons why someone here should obtain a life insurance plan in this state. 

Insurance Gives Financial Protection to Dependants

People here will need to have life insurance because it can give financial support to those who rely on you. When there are people that rely on your income for living expenses, you need to make sure that they have financial protection in the event you passed away. Even if you do not have specific dependents, ensuring that your loved ones can handle end-of-life expenses is also important. When you get life insurance, you can create a plan that will protect your loved ones’ needs.

Insurance Can Add to a Financial Plan

It would be best if you also considered getting life insurance to add to your financial and investment plan. Investing and planning for your future is essential. A great way that anyone can do this is with a whole life insurance plan. While this type of life insurance, you will receive an investment benefit on top of your life insurance benefit. This makes it a good conservative investment option that people should consider. 

Picking a life insurance plan in Illinois is a big decision. When you are looking for a new life insurance plan here, it would be wise to speak with the team at Green Family Insurance Inc. When you call Green Family Insurance Inc., you can learn a lot about the different life insurance options that you have. We can also give you the guidance needed to build a plan that is ideal for your situation. 

What’s the Minimum Auto Insurance Required in Illinois?

Are you a new driver, or have you recently moved to Illinois and want to know what’s required to drive your vehicle on the roads? Then you’ll need to learn about the minimum auto insurance requirements of the state. Talk to an insurance agent at Green Family Insurance Inc. of Illinois to determine what should be your next step. 

Get an Auto Insurance Policy 

You’ll need to obtain insurance coverage from an insurance company or independent agency. The minimum required automobile insurance in Illinois is liability coverage. This protects you in the instance you cause an accident and damage someone’s property and/or hurt them. Note that you won’t have coverage for yourself and your own vehicle with this type of policy. 

Parts of Liability Coverage 

There are two parts when it comes to auto liability coverage – bodily injury and property damage liability. With bodily injury, there is a minimum coverage amount in place for each injured person and each accident. With property damage, there’s also a certain minimum coverage amount for damage during each accident. You might also have coverage for bodily injury to uninsured motorists. Be sure to find out if the agency offers this and if it’s recommended for you.

Carry Proof

When you have auto insurance, you must carry proof in your vehicle. A law officer may ask to see this at some point, and you also need to have registration available to show them. 

Don’t let auto insurance become a hassle. Set up an appointment to sit down and discuss policy options with an agent at Green Family Insurance Inc. of Illinois, and you’ll be pleased with the results.

How commercial insurance can save a small business

The backbone of the American economy is small businesses. They are defined by the small business administration as businesses with less than 500 employees. Small businesses are responsible for two-thirds of the jobs in this country. 98% of businesses in Illinois are classified as small businesses. Owning a small business can be a dream come true or a nightmare depending on how many risks you face and how well you are protected. At Green Family Insurance Inc., we strive to provide Illinois businesses with the coverage they need to survive and thrive. 

If your small business is hit by a fire, a theft, or a devastating storm, you may not be able to continue to do business in the location where your business is today. It might be a total loss, or it may need a lot of repairs. That can take time. Time your business may not have. If you have commercial property insurance, it protects the building where you are operating and all the things you need to operate. Your commercial insurance can help you get a temporary location and help replace and repair what you need to carry on. 

During the time a covered peril puts you out of business, commercial business interruption insurance can make sure that you don’t have to let your staff go and you can pay your operating expenses. Not every peril is covered, so read your policy carefully. 

Commercial liability insurance can save your small business if you are sued by someone injured while visiting your place of business or by a product or service you provide. Additionally, it can help with the legal expenses that defending yourself can entail. Every small business is vulnerable to legal action. 

Contact Green Family Insurance Inc. for all your Illinois commercial insurance needs.