Insuring your Teen Driver, Coverage to Consider

Virtually every insurer requires you to include all family members with a license on your insurance, even if they don’t drive your car. Make sure to tell your insurer when your teen gets a learner’s permit. You don’t have to list them until they are licensed. If you aren’t sure whether you need to include a teen driver on your policy in Frisco, TX, call TAB Insurance Agency, LLC for more information. In the meantime, here’s some information to start you out.

Divorced Parents of Teen Drivers

For divorced parents with part-time custody, the coverage policies vary by insurer. The best case scenario is that the parent with primary custody insures the new driver, but sometimes both have to. You can get an exclusion to avoid paying an extra premium in certain circumstances. However, if your teen driver gets into an accident, they aren’t covered.

Most of the time, it’s cheaper to add teens to your policy than to leave them off and get them their own insurance. 

Choose a Car That is Insurance Friendly

One way to save money when insuring teens with their own car is to make sure the vehicle you buy is safe. This keeps down the cost of insurance because insurers take the safety record of the make, model, and year of your vehicle when they set premiums. If there are several vehicles in a household, assign your teen driver to the one with the cheapest value, since the value of the vehicle is another important factor used to determine your insurance rates.

If your child is going to buy their own car, you can check out the safety ratings on the IIHS’s website, which provides insurance losses by make and model. Older vehicles with fewer auto insurance losses usually have lower premiums and provide more coverage if your teen is in an accident.

Call TAB Insurance Agency, LLC in Frisco, TX to find out what insurance options are available when insuring your teen driver.

Are There Different Types of Commercial Insurance?

A lot of people are confused when they think of commercial insurance. They wonder if there are different types, and if so, they wonder what types they need. Thankfully, TAB Insurance Agency, LLC serving the Frisco, TX area has put together a helpful guide to help you understand the different types of commercial insurance. 

Business Owners Policy

One of the most common types of commercial insurance can be seen in a business owners policy. Commonly referred to as a BOP, this type of insurance serves a very important purpose — to protect the business interests of its owner. This type of policy is generally very affordable, especially when pairing it with other types of coverage. 

Business Property Insurance

With business property insurance, you can rest easy knowing you will likely be provided compensation if your business property was to be damaged. Most policies will provide varying coverage for your business’ building structure, any documents, inventory, and machinery. It is crucial to look over the exact terms and conditions of the policy to ensure you are obtaining the type of coverage you are in need of. Most business property insurance policies can be customized to meet your unique needs. 

Commercial Auto Insurance

Many business owners use separate vehicles from their personal vehicles to carry out business-related activities. If this applies to you, then you need to invest in a commercial insurance policy that provides commercial auto coverage. You can add everything from cars to work vans to this type of policy. 

Want to learn more about commercial insurance options? If so, contact the TAB Insurance Agency, LLC serving the Frisco, TX area.

Frequently Asked Questions About Loss of Use and Your Homeowner’s Insurance Policy

Insurance policies can be complex and there can be a lot of terms in your policy that you may not fully understand. Here at TAB Insurance Agency, LLC, serving the greater Frisco, TX area, we want to help you understand as much about home insurance as we can. If you are looking at your policy and see the terms loss of use, you may have a few questions. Here are a couple of the questions you may have about loss of use and your homeowner’s insurance policy. 

What is Loss of Use?

Following a catastrophic event, you may find yourself unable to reside in your home. Your home may have been destroyed by a fire or flooded by rising river waters. If the event is covered by your homeowner’s insurance policy, loss of use of your home will kick in. Loss of use helps you to cover the costs associated with living out of your home, such as a hotel room and eating at restaurants until your home is habitable again. 

What Should Your Homeowner’s Insurance Policy Say About Loss of Use?

Most homeowner’s policies have limits related to loss of use. Typically, there is a deductible and a policy limit related to how much money the policy will pay for the loss of use. Always carefully read through the policy to see what the deductible is and what the policy limits are. 

Buying the right homeowner’s insurance policy can help to protect you against the unexpected. If you are in the market for a new policy, contact TAB Insurance Agency, LLC, serving the greater Frisco, TX area today. We can help answer your questions and help you to find the right policy for your needs. 

Unknown Motorcycle Damage and Coverage

You parked your motorcycle in a lovely spot between two cars in Frisco, TX. Met friends, went inside a restaurant, had a great time, and spent a few hours reminiscing. However, when you exited the restaurant at the end of a great evening, you came outside to find your bike unceremoniously dumped on the ground with parts broken off or scratched. Worse, nobody saw anything, and the cars nearby have no scratches themselves or are too far away. The only thing left to figure out is whether your motorcycle insurance is going to help cover the repairs. And the answer to the question depends on what kind of a coverage policy a motorcycle owner has.

Basic coverage which, unfortunately, a lot of riders opt for, probably won’t cover damage to the motorcycle owned, according to the experts at TAB Insurance Agency, LLC. That’s because bottom-barrel coverage is typically liability only, coverage damage caused to others either as medical or property loss. A policy needs to have additional terms beyond liability alone to provide the means to help with repairs.

The ideal option in most cases would be a comprehensive motorcycle policy or an uninsured policy, which plans for just such situations where damage is caused by a party that can’t be found right away or by a non-collision event. The policy will still provide the means for repair, and the insurance provider may pursue recovery if the guilty party is found out later on. To see the difference in policies in detail, talk with the folks at TAB Insurance Agency, LLC. We have seen claim after claim how better coverage plays out when folks plan beyond just liability alone in Frisco, TX. Contact our offices for more information.

How to Make a Boat Insurance Claim

Though filing an insurance claim may be the last thing you want to do after you purchase your fishing, sailing, or speedboat, it is necessary when you are involved in an accident or when the boat is stolen or vandalized. Whether your boat spends more time at the dock, in your storage facility, or on the water, it is at risk of theft, damage, and other accidents. Luckily, insurance coverage offers the protection you need to repair or replace the boat when a risk occurs. Knowing how to make a boat insurance claim after an unexpected occurrence will give you peace of mind. At TAB Insurance Agency, LLC, we help Frisco, TX boat owners with various insurance services.

Here are basic steps on how to get that insurance claim underway after an unfortunate event of unexpected loss or accident:

Contact the police

When you are affected by crimes like vandalism, theft, or a severe accident, you must contact the police to report the incident.

Check the product disclosure statement

Reviewing your product disclosure statement helps you see if the incident is covered by the insurer and that it isn’t included as an exclusion. This also informs you of the excess amount you need to pay if need be.

Contact your insurer

Communicate with your insurance provider to get your claim process underway. You may be required to complete the claim over the phone, or fill out a written form.

Offer proof

You must provide evidence to the insurance company to validate your claim. Consider taking photographs of the damaged property and draft an incident report to describe what happened. You may also need to offer documentation like original receipts, police reports, medical certificates, valuation reports, etc.

If you are a Frisco, TX resident and you need assistance with boat insurance claims, consider contacting TAB Insurance Agency, LLC for more information.

 

Why You Need to Have a Commercial Insurance for Your Startup

Launching a startup in Frisco, TX can be an amazing way of transferring your innovative idea into a company using a flexible business model. However, growing your business from a simple startup into a multinational company will not be a walk in the park. You will face a lot of challenges, and the only thing that will determine the fate of your startup will be how you handle the problems.

TAB Insurance Agency, LLC cares about your startup and offers you the right commercial insurance policy that will protect your startup from a significant financial loss when the worst happens.

Here are the top three reasons why you need to have a commercial insurance policy for your startup:

Protect Your Business Property

Typically, one of the most significant expenses for any startup is the money spent on acquiring the right equipment that you will need to operate. A commercial insurance policy covers any physical business property that could experience damage. Several instances such as vandalism, fire, and hail storms can damage your business property. Our commercial insurance policy will also cover any lost income resulting from business interruptions due to particular damage.

Protect Your Employees

Keep in mind that your business will not remain a startup forever. As your business grows, so will your to-do list. At some point, you will need to employ a few people to help you handle various tasks. Employee compensation is critical for protecting your workers and your overall business. The workers’ compensation coverage that is part of a commercial insurance policy will help you when your member of staff suffers an injury on the job or requires medical attention for a long-term problem.

Protects Your Business from Expensive Liability Claims

General liability insurance is essential to your business startup since it covers legal fees for lawsuits resulting from negligence, accidents, and personal injuries that may occur at your business premises. A single unfortunate incident in your office could bring down your business startup if you lack liability coverage.

Are you a the owner of a new business in Frisco, TX? Contact TAB Insurance Agency, LLC today for your commercial insurance needs and to learn more about a policy.

How Does Home Insurance Really Work?

Being a homeowner in Frisco, TX comes with a sense of pride. Thankfully, TAB Insurance Agency, LLC has the basics of home insurance right here to protect your home from the dangers of nature and human intervention. As you continue to read, we will educate you on the benefits and workings of a home insurance policy.

Insurance 101

No matter the type of insurance, it all works through the same idea. You make a monthly payment to the insurance company. If you run into trouble that is covered by the policy you agreed to, then the insurance company will help you pay costs that arise. The amount of money they provide and how they pay it all depends on the details of the contract. The basic idea is that if enough people pay into a collective insurance group, there’s always enough to help the few in need.

Choosing a Policy

This is the real component of home insurance that gives most people pause. How do you know that you have the right policy? Mostly it boils down to two things: satisfying your mortgage lender and maintaining peace of mind. Simply put, banks and lenders won’t sign a loan until you have a policy that satisfies them. Because of that, you can trust that the basics are covered. Weather, accidents and the most common causes of damage will usually have reasonable coverage. As for peace of mind, that depends on you. How much are the things in the house worth to you? Answering that question will help you determine the personal belongings portion of your policy. The last consideration is liability. Any policy is going to have at least some liability coverage. If you want more, consider supplementing it with an umbrella policy.

Handling a Claim

If your home is damaged, you are sued, or something is stolen, then you need to contact your insurance agent. Obviously, you should contact emergency services first. Once there is no immediate danger, talk to your insurance company. They’ll help you handle any paperwork necessary to file a claim, and they’ll walk you through your expectations. Homeowners’ claims are handled much the same as car insurance. They’ll review the case and work with you on the way to make payments where they are do. Sometimes that means writing you a check; other times it means paying contractors directly. It’s all case by case, so let your agent be your guide.

If you have any questions, feel free to contact your TAB Insurance Agency, LLC representative serving Frisco, TX. We’re the experts, and we’ll be happy to help you understand.