insurance coverage Archives - Page 3 of 3 - Premier Insurance Services

Understanding the Term ‘Totaled Vehicle

Post author:Mark Kofalt
Post published:January 13, 2021
Post category:Personal/Family

You've had an accident and your vehicle is in bad shape. After you report your claim, the insurance company sends out an adjuster to determine if it is worth paying out for the required repairs or instead of paying you for the value of the vehicle at the time of the accident. If the cost of repairs exceeds the value, the insurer may tell you the car is "totaled," even if it doesn't look that way. Before an accident occurs, it is wise for you to learn how insurance companies determine the value of your vehicle, which will mean one…

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Three Major Cyber Threats to Businesses

Post author:Mark Kofalt
Post published:January 11, 2021
Post category:Business

Cybersecurity threats have continued growing, in fact they been ramping up during 2020, and the trend according to experts is that the risks will continue to grow at an exponential rate. And small to mid-sized firms that think they will fly under the radar of cyber threats are sadly mistaken, as they are usually easier pickings for criminals. Worse yet, one incident could put a firm out of business. To protect your company from attack, here are three cybersecurity threats you should prepare for now. Ransomware attacks In a ransomware attack, hackers access your data and hold it hostage until…

Five Tips for a Safer New Year for Your Family

Post author:Mark Kofalt
Post published:January 6, 2021
Post category:Personal/Family

As we ring in the New Year, one of your resolutions for the year should be to improve safety for you and your family. There are many things we can all do better in terms of ensuring that we are safe and that our home and valuables are protected. This year we offer up these five actions you can take to reduce the chances of one of your family members or a house guest getting hurt, and to see your possessions are well protected. Remember too that after the New Year, robbers are on the prowl, looking for opportunities to…

The Story Behind Increasing Commercial Auto Insurance Rates

Post author:Mark Kofalt
Post published:December 21, 2020
Post category:Business

Commercial auto insurance rates have been on the rise since 2011, increasing often by more than 10% a year as accidents and claims costs have soared. The trucking industry has been the hardest hit by the steep increases, and there are a number of factors contributing to the rate hikes, according to a recent study by Risk Placement Services. One of the biggest factors is that insurers have had trouble keeping up with increasing accidents and spiraling claims costs, leaving them in the red for most of the past decade. Huge court verdicts, higher maintenance expenses, reduced freight demand and…

Commercial Insurance Rates Continue Climbing

Post author:Mark Kofalt
Post published:November 30, 2020
Post category:Business

Despite the ongoing COVID-19 pandemic, commercial insurance rates are continuing to move higher, pretty much across the board with the exception of workers' compensation. A new report by online insurance exchange MarketScout found that in the third quarter of the year the highest rate increases were in liability lines, but hefty rises in property insurance were also noteworthy. Most of these rate hikes were occurring before the COVID-19 pandemic, but their magnitude increased recently. "The composite rate is up 6.25% for the third quarter of 2020, as compared to up 4.8 percent in the second quarter. Rates began adjusting upward…

Protect Your Boat with Insurance, Winterization

Post author:Mark Kofalt
Post published:October 28, 2020
Post category:Personal/Family

Now that summer's over and the weather is cooling down, if you own a boatyou have likely pulled your vessel out of the water and parked her at home orsome other dry dock.While it's sad to think that you won't be back on your boat until next year,you also need to ensure that you keep her primed and protected by properlypreparing for fall and winter. We are offering up the following tips, but remember to also read yourowner's manual for the manufacturer's recommendations for keeping your boatprotected during the colder months: The engine Follow the manufacturer's instructions when winterizing the engine, but…