Starting a Home Business?

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The 3 Insurance Gaps Every Business Owner Should Know

Starting a home-based business can be one of life’s most liberating decisions, adventurous career moves, and riskiest ventures.

There’s a lot to consider, and plenty of planning to do. However, as business savvy as you may be, too often, owners overlook how a home business may affect aspects of their existing home insurance…and the potential coverage gaps it may open up.

With help from Farmers agent Edward van Eckert, though, you can help spot and fill coverage gaps like:

1. Risks are everywhere! Make sure you have the appropriate type of coverage.

Liability risks are all around us, and home businesses are no exception. Let’s say you’ve ordered a couple of new computers to fill out the home office, and when they arrive, the delivery person slips on a step and gets hurt. Now you’re at risk of a lawsuit!

Under normal circumstances, your homeowners and/or umbrella policy can cover these types of losses. Opening a home business means you’ll spend more time at home though, and that may expose you to greater liability risks or liability coverage gaps. If that’s your plan, it’s smart to consider reviewing your existing policies with a Farmers agent, because your homeowners and your personal umbrella policy would likely not cover you in a business-related liability issue.

To prevent any potentially costly coverage gaps, talk to a Farmers agent about your insurance needs before you start your home business.

2. Building a home office? Make sure your insurance will cover it.

Thinking about doing some renovations on your home, to make it easier to do business? Do you want to build a home office or an addition to work from?

Renovations can do wonders for your life and your home’s value, but it’s important to know they can also create gaps in your homeowners insurance.

A home remodeling project, big or small, can change your home’s reconstruction costs (what it would take to rebuild your home after a loss). Since that’s what homeowners insurance covers, it’s crucial to update your limits to reflect the cost to rebuild your home after the remodel.

If the limits are not updated, there could be a glaring difference between what you’re covered for and what it could actually cost to rebuild your house...leaving you to foot the bill in the event of a disaster.

3. Protect your family, spouse, and employees. Review your Life insurance.

According to a recent study by the US Department of Labor, in 2014, 57% of private businesses offered employees a life insurance plan, with an average of 97% employee enrollment.* That means a huge percentage of working people have life insurance through their job. If that’s your case as well, then leaving your existing job and starting a home business may lead to a life insurance gap.

No longer can you rely on work to provide life insurance, or even supplement your life insurance. As a small business owner, that’s your responsibility now.

If you’ll be the company’s only employee, consider talking to a Farmers Agent about reviewing your personal life insurance policy needs to make sure you’re covered the way you want to be.1 If you have, or plan on having employees though, it’s also smart to talk to your Farmers Agent about life insurance options related to your employees.

Major life changes, like starting a small business, can alter your coverage needs as well. Without taking the time to review your policies, you could expose yourself and your business to a variety of insurance gaps.

Thankfully, no one is better suited to help you spot gaps like Farmers agent Edward van Eckert; to help you find gaps that may be hiding in your coverage.

Edward van Eckert

Farmers Insurance

54 Pearl Street

Metuchen, NJ 08840

732-548-4444

www.farmersins.agency

*http://www.bls.gov/news.release/ebs2.t05.htm

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

1 Life insurance, annuities and accidental death insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.
Products & features may not be available in all states & may vary by state.
* Securities offered through Farmers Financial Solutions, LLC, 30801 Agoura Rd. Bldg. 1 Agoura Hills, CA 91301. Member FINRA & SIPC.
* Products and Services/Auto or Home/Questions you may have about Risk Assessment Indicators

Our Small Business Story

The question was asked for us to share the story of our business.

Growing up in Metuchen, Edison and Woodbridge, I'm proud to be the local Farmers® agent in my own New Jersey communities. 

As the owner of the local agency for Farmers Insurance, the 3rd largest property and casualty insurer in the United States, I specialize in a comprehensive selection of home, auto and life insurance products that meet the asset-protection needs of my valued clients. Our discounts for military, law enforcement, teachers, firefighters, doctors, nurses, engineers, accountants and many other categories are just the beginning of the commitment to our fellow citizens. With personal roots in the Metuchen, Edison and Woodbridge communities, I understand the needs that are particular to our part of New Jersey and strive to offer socially-conscious products and services that make life here a little better for everyone.

One of the things we do that we're most proud of is our support of  "Thank America's Teachers" progam.We've been involved in a dozen grant presentations of $2500 each to local teachers in support of their classroom projects. We truly believe in a business model, that by be actively involved in the betterment of the community, the karma will extend to the business being successful.  

To give some background on the brand we sell, founded in 1928, Farmers Insurance is one of the country's largest insurers of vehicles, homes and small businesses and provides a wide range of other insurance and financial services products. Farmers not only prides itself on helping you plan wisely for the unexpected, but also on helping restore order when it occurs, so you can keep moving along the road of your life’s plans.

Farmers Provides:

-Auto Insurance
-Home Insurance
-Life Insurance
-Business Insurance
-Renters Insurance
-Motorcycle Insurance
-Recreational Insurance
-Financial Insurance
-Umbrella Insurance
-Pet Health Insurance

Contact Us Today For A FREE Farmers FastQuote:

Edward van Eckert

Agency Owner

Farmers Insurance

evaneckert@farmersagent.com

http://www.farmersinsurance.guru

732.548.4444

7 Ways To Help Prepare Your Home For Winter

7 Ways To Help Prepare Your Home For Winter

Winter is on its way and, for most of the country that means freezing temps, wind, snow, ice and heavy jackets.

To prepare your home and your household for the colder months ahead, review this handy checklist, which is designed to help you be more prepared for whatever old man winter has in store. Please keep personal safety in mind when checking items off this list, and connect with a trusted professional or contractor for help with anything you are unable to do yourself

1. Invest in weather stripping

Weather stripping is a good way to help seal warm air in and cold air out of your home. Available in almost any hardware store, weather stripping installs quickly around windows and doors and can help prevent air leaks.

Before winter arrives, check the following parts of your home for leaks or drafts:

• Windows
• Doors
• Vents and fans
• Plumbing areas
• Air conditioners
• Mail chutes
• Electrical and gas lines

2. Clean your gutters

Clear gutters help drain water away from your roof and your house. If they're clogged however, especially in colder months, they're more apt to freeze, causing additional blockages. Blocked gutters can allow melting ice and snow to seep into your roof, or flood your home's foundation, causing damage.

If it's safe to do so, take some time before winter hits and clear out your gutters, or work with a trusted roofing professional or contractor to have your gutters cleaned.

3. Evaluate your roof to prevent ice dams

While a roofing professional is cleaning the gutters, see if he or she can evaluate your roof for ice dams too.

In cold weather, heat escaping your home can melt and refreeze ice and snow on your roof, leading to ice dams. These block off drains, and let water and ice continually build up on your roof – and possibly under it – weakening your roof and putting your home at risk.

To help prevent ice dams:

• Insulate your attic - Your attic should have plenty of insulation to prevent too much heat transfer from your living areas to the attic. Check parts of the attic that may not be well insulated, like:
  • Pipes and vents
  • Chimney systems
  • Light fixtures
     
• Ventilate your attic - If your attic wasn’t built with a ventilation system, contact a trusted professional or contractor about ventilating your attic before winter. Proper ventilation allows cold air into the attic, while the insulation seals heat in your living areas. This can help prevent warm air from melting ice on the roof, leading to possible damage.

4. Buy a roof rake to keep snow from building up

According to the Insurance Institute for Business & Home Safety (IIBHS), an average roof can handle up to four feet of fresh snow before it’s stressed. However, as snow packs down from multiple storms, could cause a roof collapse!

If you expect a lot of snow this winter, invest in a roof rake. It can help you easily clear snow off your roof and protect your home during those blizzard months.

5. Prune trees around the house

If there are long tree branches hanging near your house, your roof, or your gutters, prune them before it gets too cold. Branches broken from heavy snow and ice can cause all kinds of damage to your home. A few hours with the pruner now could save you thousands of dollars in damages later this winter.

6. Stock up on basics

You know what happens when the news calls for bad weather; stores flood with people, all buying milk, bread, batteries, flashlights, and duct tape by the truck load. How do you avoid this mess?

Stock up on basic supplies before winter, and stay cozy in your home.

Strong winds, blizzards, ice, and snow can cause blackouts and power outages, which can wreak havoc on your home in the winter. To prepare, keep supplies on hand, and read more about the types of alternate heating sources available for purchase.

7. Protect pipes from freezing

According to the IIBHS, a burst pipe can cause more than $5,000 in water damage! Thankfully, you can do something to help protect your pipes from freezing in bitter cold weather.

Don't turn the heat down too much when you’re out of the house. You may not be there to enjoy it, but your pipes need the heat to prevent freezing.

Let faucets drip during serious cold snaps to provide relief for your pipes.

Give your home a once over for any exposed or vulnerable piping, and wrap them with insulation. Hardware stores usually carry foam rubber or fiberglass sleeves for pipes, which are easy to install.

Caulk up cracks or holes in your walls to keep cold air away from pipes. This might not be practical for the average homeowner, so speak to a trusted contractor.

If your pipes do freeze, and water stops flowing from faucets, call a plumber immediately!

Considering this checklist can help provide information so you can prepare for the trials and tribulations of winter. However, sometimes seasons throw us curveballs we simply can’t plan for. Talk to Farmers® agent Edward van Eckert about the coverage you want, and any concerns you have going into this winter season.

Edward van Eckert

Farmers Insurance

54 Pearl Street

Metuchen, NJ 08840

732-548-4444

www.farmersins.agency

The information is provided for general informational and educational purposes only. It does not constitute professional or expert advice and does not signify an endorsement in any manner. No representations or warranties of any kind, express or implied, are made with respect to this information, including, but not limited to, the completeness, accuracy, timeliness, reliability, suitability, or availability with respect to this article or the information, products, or services. You are solely responsible for any reliance you place on this information, for any injuries or losses incurred, and for decisions made in connection with this information.