How Commercial Insurance Helps Businesses Recover from Lawsuits

Posted on February 28, 2025February 26, 2025 by admin

Running a business comes with inherent risks, and one of the most challenging situations a company can face is a lawsuit. Legal battles can be costly and time-consuming, whether it’s a customer injury, a contract dispute, or an employee claim. Without the proper protection, a single lawsuit could put your business in financial jeopardy. That’s why commercial insurance from Senz Insurance Agency Inc., serving the Beloit, WI area, is essential for protecting your company and ensuring you can recover from legal challenges.

Covering Legal Costs and Settlements

Lawsuits often come with hefty legal fees, court costs, and potential settlements or judgments. General liability insurance can help cover these expenses, ensuring that your business isn’t forced to cover the cost out of pocket. Whether it’s a slip-and-fall accident or a property damage claim, this coverage provides financial support to help your business stay afloat.

Protecting Against Employee-Related Claims

Employees are the backbone of any business, but disputes can arise. Wrongful termination, discrimination, or harassment claims can lead to expensive legal battles. Employment practices liability insurance (EPLI) helps protect businesses from these types of claims, covering legal fees and settlements so that a lawsuit doesn’t derail operations.

Keeping Business Operations Running

When a lawsuit arises, it can disrupt daily operations and even damage your company’s reputation. The right insurance can help provide the resources needed to navigate the legal process while keeping your business running smoothly. With financial protection in place, you can focus on what matters most—your customers and employees.

If you want to safeguard your business against legal challenges, Senz Insurance Agency Inc., serving the Beloit, WI region, is here to help. Contact us today to explore commercial insurance options that provide the protection and peace of mind your business needs.

Home Insurance 101: Should I Update My Insurance Following a Home Renovation Project?

Posted on January 31, 2025January 29, 2025 by admin

One of the joys of homeownership is the freedom to personalize your space. Whether it’s remodeling a basement into an entertainment room or extra bedroom, building an addition, or installing a deck or swimming pool, our homes are a reflection of our choices. However, revisiting your home insurance policy after any home renovation project is crucial. Keeping your home insurance policy up-to-date is essential, which is why homeowners in and around the Beloit, WI area trust the experienced team at Senz Insurance Agency Inc. for their home insurance needs.

The Importance of Updating Your Insurance After Home Renovations

Home renovations can either have no impact or significantly increase the value of your home. Improving the resale value of your house and ensuring that your home insurance policy adequately protects your home are key reasons to discuss any changes to your home with your agent. Working with an experienced and knowledgeable agent will help ensure that your home and any renovations are accurately reflected and covered under your policy or if you need to adjust your current home insurance plan.

Home Insurance Solutions for Wisconsin Homeowners

If you live in the Beloit, WI area and have questions about home insurance or need insurance for your home, we’re here to help. Contact us to learn more and schedule an appointment for the protection your home needs at Senz Insurance Agency today.

Can You Purchase Personal and Business Umbrella Coverage?

Posted on December 31, 2024January 5, 2025 by admin

Businesses and individuals in Beloit, WI, often ask Senz Insurance Agency Inc. about umbrella insurance. We’ve realized that most people don’t know that you can buy two umbrella policies—a personal umbrella policy and an umbrella policy for your business. Both insurance policies work to protect your liability separately.

Umbrella Insurance Quickly Explained

Any primary policy, such as an auto, home, or commercial insurance policy, that you buy through our agency qualifies you for an umbrella policy purchase. An umbrella policy, a secondary policy type, adds liability coverage, typically in increments of $1 million of coverage. Once a primary policy’s liability coverage pays out, the umbrella policy kicks in to pay the remainder of a settlement.

Personal Umbrella Coverage

When you buy a personal umbrella policy, it protects your finances from settlements arising from:

• Accidents at your home

• While you or a family member covered by your auto insurance operate your vehicle

• Libel or slander cases arising from personal activities, such as volunteering in your community.

Although it functions the same way, commercial umbrella coverage differs in the situations covered.

Commercial Umbrella Coverage

A commercial umbrella policy protects a business and its C-level employees from out-of-pocket settlements arising from business activities. Commercial umbrella covers every type of commercial liability, from a restaurant’s delivery driver causing an auto accident to its CEO libeling someone in a speech.

Contact Our Insurance Firm Today

Don’t let your Beloit, WI, business, or personal liability go unprotected. Call or email Senz Insurance Agency Inc. today to purchase your umbrella insurance policies. Cover all your bases with umbrella coverage.

What Can My Life Insurance Benefits Pay For When I Die?

Posted on November 27, 2024November 26, 2024 by admin

Life insurance is a very helpful type of insurance policy that can help your beneficiaries in the event of your death. When you die, your life insurance policy will pay your designated beneficiaries the amount stipulated in your policy – an amount you get to choose for each beneficiary.

People who sign up for life insurance should know that their beneficiaries will receive money and can control how much. At Senz Insurance Agency Inc., servicing Beloit, WI, we can help answer your questions about life insurance. Below are some common questions people ask before signing up for this type of insurance.

What Can Life Insurance Benefits Pay For?

Life insurance benefits can be used to pay for anything from a vacation to a mortgage. Many people will tell their beneficiaries that the money has an intended purpose, but the money can be used for anything. Some examples of ways that your beneficiaries might use your life insurance money:

Pay a mortgage
Pay for a child’s education
Pay bills and cover expenses that your salary might have covered

Who Can Be Named Beneficiary?

In some states, life insurance must be left to a spouse unless the spouse gives permission to do otherwise. In states that do not have this rule, the money can be left to anyone.

Are Life Insurance Benefits Taxed?

Life insurance benefits are not usually subject to income tax, but beneficiaries should consult with a tax professional after receiving this kind of benefit.

Do you have more questions about life insurance? The professionals at Senz Insurance Agency Inc. servicing Beloit, WI can help. We offer assistance to people who want life insurance, and we can help you choose a type of life insurance that’s right for you. Call today to make an appointment and learn more about life insurance policies.

What Happens to Auto Insurance After a DUI or Major Violation?

Posted on October 31, 2024October 28, 2024 by admin

A DUI (Driving Under the Influence) or major traffic violation can have significant consequences on auto insurance in Beloit, WI. When a driver is convicted of a DUI, insurers view them as a high-risk driver, leading to increased premiums. Major violations like reckless driving or speeding can also cause substantial rate hikes and have a long-term financial impact.

Higher Insurance Premiums

After a DUI or major violation, auto insurance premiums typically increase dramatically. Insurers see these offenses as risky behavior indicators, compensating for the likelihood of future claims by charging higher rates. Depending on the severity of the offense and the driver’s record, premiums could double or even triple. Some insurance companies may refuse to renew policies altogether, forcing the driver to seek coverage with higher-risk, more expensive insurers.

SR-22 Requirement

In many states, a DUI or serious traffic violation requires the driver to file an SR-22 form, which proves that they carry the state’s minimum liability insurance. This form, filed by the insurance company with the state, is often necessary to reinstate driving privileges after a suspension. SR-22 coverage is typically more expensive and remains on the driver’s record for several years, further increasing insurance costs.

Long-Term Effects

A DUI or major violation can remain on a driver’s record for up to 10 years, depending on state laws. During this time, the driver will likely face inflated insurance rates. However, with time, a clean driving record can help reduce premiums. Some insurers offer discounts or forgiveness programs after several years without further violations.

Contact Senz Insurance Agency Inc. for More Information

Senz Insurance Agency Inc. is here to answer all your insurance questions. We serve Beloit, WI, and surrounding cities. Contact us today.

Do You Need Errors and Omissions Insurance?

Posted on September 30, 2024September 29, 2024 by admin

If your business operations in Beloit, WI, involve regularly offering professional advice to clients, it’s worth considering obtaining an errors and omissions (E&O) insurance policy. Also known as professional liability insurance, this policy can protect you against claims from unsatisfied clients alleging misinformation, regardless of any fault on your part. At Senz Insurance Agency Inc., we can provide you with the necessary insight to make an informed decision about this coverage.

What is Errors and Omissions Insurance?

This type of insurance is a protective measure against professional liability and is intended to safeguard you and your employees. E&O insurance helps with legal costs if a client sues you, which can occur quite often, even in the absence of a legitimate claim. Associated court costs can be substantial and may pose a threat to your business. Without this coverage, your company might be forced to dissolve. Besides legal costs, E&O also caters to the cost of legal claims. However, if your business operates at a high profile, you may also need to consider umbrella insurance to cover excess liability.

Who Requires an E&O Policy?

Professionals across various fields can derive value from having an E&O policy. While some local laws or professional organizations might mandate E&O insurance, it’s generally in your company’s best interest to possess one, even if it’s not a requirement. Consider this policy if your company operates within one of the following industries:

Accounting
Advertising
Graphic design
Investing
Marketing
Real estate
Consulting
Architecture and engineering
Health and beauty
Day spas
Contracting
Information technology

Procuring an E&O policy is as straightforward as obtaining other forms of commercial insurance. At Senz Insurance Agency Inc., we serve clients in Beloit, WI, and surrounding areas by customizing policies that cater to their unique needs. Contact our office today for more information and to get started on comprehensive coverage.

Does Home Insurance Cover Spoiled Food?

Posted on August 30, 2024August 29, 2024 by admin

Power outages can lead to various challenges, including the loss of considerable quantities of food that spoils when it’s not refrigerated, especially if you have a large refrigerator or chest freezer. If such a situation arises, will your home insurance cover the loss? The experts at Senz Insurance Agency in Beloit, WI, can help clarify this for you.

What’s Covered?

Generally, homeowners’ policies cover food spoilage when a power outage results from a covered event, such as a fire or a lightning strike. You may or may not have to pay a deductible. Some insurance providers also cover spoilage when a power surge causes your refrigerator or freezer to malfunction.

Producing Documentation

If you decide to file a claim, you will need to provide evidence that you had purchased food and that a power outage occurred. Write down the items lost, photograph the spoiled food, and save your grocery receipts. Consider asking your power company for written confirmation of the outage.

Exceptions

Home insurance won’t cover spoiled food in some instances. For example, if your electric service was disconnected due to non-payment or your refrigerator halted due to mechanical failure. Coverage is likewise typically unavailable when an outage is caused by something within your control, such as cutting down a tree that falls on a power line.

Apart from a home insurance policy, there are other avenues to seek reimbursement if you lose food in a way that isn’t covered by your policy. Under certain circumstances, the loss may be covered by power utility companies, home or extended appliance warranties, or Wisconsin’s state food benefits program, FoodShare.

If you’re interested in ensuring your home insurance policy covers food spoilage or are looking for comprehensive home insurance coverage, the professionals at Senz Insurance Agency in Beloit, WI, are here to help. Contact us today to learn more about our offerings.

How Much Umbrella Coverage Do I Need?

Posted on July 31, 2024July 31, 2024 by admin

Umbrella coverage can protect your assets and secure your financial future. However, you must ensure you have the correct amount of coverage. At Senz Insurance Agency Inc. in Beloit, WI, we specialize in providing comprehensive umbrella insurance.

What is Umbrella Coverage?

Umbrella coverage is designed to shield you from massive liability claims. Generally, it’s sold in increments of $1,000,000.

To qualify for umbrella insurance, you need to have auto and home insurance policies with the maximum coverage limits. If a liability claim exceeds these limits, umbrella coverage covers the difference up to its coverage limit.

Who Needs Umbrella Insurance?

You should consider umbrella insurance if your assets total more than $500,000. Essentially, the greater your wealth, the higher the risk of being sued.

Umbrella coverage is a sensible choice even if your current assets are limited. A liability claim could target your future earnings, making it crucial to protect your financial future.

Coverage Based on Assets and Net Worth

A straightforward way to estimate how much umbrella coverage you need is to tally up all your assets, including property, investments, and liquid assets—everything you could lose in a judgment against you. Your coverage should be at least equal to your net worth.

If you anticipate a significant increase in future income, consider that when choosing your coverage. It’s prudent to plan ahead with an umbrella policy that protects you now and in the future.

Coverage Based on Risk

Consider your level of risk when determining how much coverage you need. If you frequently host parties, own a pool or trampoline, or participate in recreational activities, you may want to consider adding more coverage.

Umbrella Insurance at Senz Insurance Agency Inc.

If you need umbrella insurance in Beloit, WI, contact Senz Insurance Agency Inc. Our agents are ready to discuss your needs and help you select the most suitable coverage.

Rarely Known Benefits of Life Insurance

Posted on June 28, 2024June 25, 2024 by admin

Senz Insurance Agency Inc. is pleased to serve the Beloit, WI, area with a range of loss prevention and insurance products. Our focus is on auto, home, life, and even business insurance.

Of those, life insurance may be considered the most straightforward. However, many life insurance policies have hidden benefits that many are not aware of. Here is a closer look.

Accidental death benefits.

Many life insurance policies will pay a multiple of their death benefit should death occur by accident.

Loss of sight or limbs.

Some life insurance policies provide benefits should the insured suffer the loss of a limb or vision. Most aren’t aware of this hidden benefit.

Waiver of premium benefit.

A waiver of premium benefits takes over the premium payments for an insured when certain conditions, like a disability, occur. This can be very valuable should an accident or illness make it difficult to keep up with life insurance premium payments.

Guaranteed insurability.

Some life insurance policies may contain a provision that guarantees the insured can purchase additional coverage even if health issues may otherwise prevent it.

Cash value.

Whole-life insurance or permanent insurance may build cash value as the years pass. This value can be tapped into in the future for opportunities or to overcome financial challenges. It can also be used to purchase paid-up insurance.

Get a life insurance policy review.

Does your current policy offer any of these benefits? We can let you know with a free life insurance review from Senz Insurance Agency Inc. of Beloit, WI. If you currently don’t have life insurance or if coverage is inadequate, we can also help with a price quote. Reach out to us today and enjoy life insurance’s benefits and peace of mind.

Understanding Different Types of Auto Insurance Coverage in Beloit

Posted on May 31, 2024June 7, 2024 by admin

Vehicle ownership is widespread for anyone in the Beloit, WI area. If you are going to purchase a car here, you do need to make sure you are properly insured. There are various types of coverage to consider getting, which can help ensure you have a well-rounded policy.

Liability Coverage

One type of insurance you need to make sure you have in Beloit is liability coverage. This type of coverage is mandatory for all motorists in Wisconsin. When you have this type of coverage, it will ensure you have support if you are at fault in an accident. This can include covering damage to other vehicles or property or medical bills.

Collision Coverage

Collision coverage is also an important form of insurance to have. It will provide support if your vehicle is damaged in an accident. Whether you are at fault or not, it will help ensure you are able to make repairs or completely replace your vehicle.

Comprehensive Coverage

A comprehensive insurance policy offers additional coverage if you incur other types of loss. Some types of loss that are included and covered include theft, vandalism, natural disasters, or if you are involved in an accident with an animal. This and collision coverage will typically be required if you have a car loan outstanding.

Those who are living in the Beloit, WI area will likely want to own a vehicle. When you are a car owner here, you should call us from the Senz Insurance Agency, Inc. At Senz Insurance Agency Inc., we can help you understand your risks and insurance requirements to ensure you build an appropriate plan for your situation.

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