Why A Small Business Needs Insurance

Many business owners who have no insurance are vulnerable when a liability occurs. Running a business comes with certain risks, and you can fall into financial ruin if you’re not prepared for them. Let’s look at a few reasons why every small business needs insurance. 

Insurance is required by law – Businesses with employees are mandated to provide worker’s compensation, unemployment and disability insurance policies. 

You’re always at risk of being sued – A lawsuit can hit your business spontaneously, but if you have liability insurance, you’ll have peace of mind. 

Insurance makes you credible. If your clients ask to see proof of your insurance and you don’t have it, you’ll appear amateurish. Insurance lends credibility, which is crucial if you’re in business. 

Every small business in America needs some type of insurance to protect themselves. Kelly Williams provides a variety of business insurance in Long Beach, CA. Whether you need insurance for your employees or a plan to cover you in case of a liability, we can serve your needs.  Contact Kelly Williams Insurance to get the right coverage for your small business. 

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Are Earthquakes Covered By Your Homeowner’s Insurance?

Southern California experienced a few startling earthquakes in July of 2019, and a bevy of questions came along with it. Here’s one of the major questions we commonly encountered: 

“Does homeowner’s insurance cover earthquakes?”

Homeowner’s insurance typically covers damages from a wide range of sources— fire, smoke, hail, lightning, and theft are covered by most policies. Earthquakes, however, are not usually covered. 

When an earthquake occurs, damage to the structure of the home and the home’s materials can occur. Those damages aren’t covered by homeowner’s insurance. However, if your home has a fire as a result of the earthquake, most homeowner’s insurance policies will cover the damages from that fire. 

While these last two earthquakes in the Southern California area were far from devastating, it makes one pause and consider their options to protect their home in the event of a major catastrophe. 

So, if homeowner’s insurance doesn’t have you covered, what does? 

Earthquake insurance. And while earthquake insurance isn’t the most common policy to acquire, it’s something you may need to consider— especially if you live in an earthquake-prone area (like California). 

It’s important to know that earthquake insurance policies are typically more expensive in states like California because they occur more often. 

When considering earthquake insurance, ask yourself these questions: 

  • Can you afford to pay for major damages out of pocket? 
  • Can you replace your personal belongings if they are lost or destroyed? 

While it’s not a guarantee, there are nonprofit organizations in California that can rebuild your in the event of a devastating earthquake (as well as provide emergency services). The California Earthquake Authority (CEA) is one of those organizations. 

Have questions about your insurance options? Kelly Williams Insurance is a Long Beach, CA insurance agency that has a variety of plans to keep you covered in different situations. Contact us today to learn more.

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How to Find A Great Fire Insurance Plan

In the unfortunate event of a fire, you need to make sure your losses are covered. Your fire insurance plan must be lock-tight, otherwise you put your home and possessions at a severe risk. 

Look for a plan with the right amount of coverage. Before you begin shopping for a plan, make a list of what you want to insure. You want a plan that covers everything you need. 

Most homeowner’s insurance includes fire damage. Here are the areas that are typically covered: 

Main dwelling. This includes your actual home and attached areas (such as the garage or deck). 

Detached structures. Detached structures are considered to be detached areas of the property (such as separate garages or guest homes). This is not always covered by the plan. 

Personal property. The possessions inside your home are included. This includes furniture, jewelry, appliances, art, etc. If these items are destroyed in the fire, the plan will cover only a portion of the value— typically 40-75%. 

Living expenses. In the event of a fire, you likely may not be able to live at home. Many plans will include hotel stays, meals and other costs that are associated with the fire. 

When shopping around for a plan, it’s crucial that you find something that will protect your home and your possessions. Contact Kelly Williams Insurance today to inquire about fire insurance coverage. 

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Why You Need Insurance For Your Marijuana Business

Do you own a cannabis business? One of the smartest things you can do is have specialized cannabis insurance.

The cannabis industry is still relatively new and exciting, but it’s also volatile. Here’s how different types of cannabis businesses can use insurance:

Dispensaries. Burglary, fire, and vandalism are all a possibility. If a disaster occurs, would your dispensary have the monetary cushion to remain afloat?

Cultivators. If you cultivate cannabis, your operation is exposed to possible fire, theft, and equipment breakdown.

Processors/Manufacturers. You face many of the same regulations as manufacturers of everyday products. Manufacturers should never operate without some form of insurance.

Here are the common insurance types available for cannabis businesses:

Product Liability. As a business owner, you can be sued for any damage caused by your products. This liability policy will cover your legal expenses and will cover the medical costs of others who are harmed by your products.

Property & Casualty. This plan covers damage to your business property as well as the contents within it, including furniture, computers, office supplies and your business inventory.

Cargo & Transportation. In the event your inventory or supplies get damaged during transportation, this plan covers this loss.

Worker’s Compensation. As an employer, you’re required to have worker’s compensation insurance. Accidents can happen while your staff is on the job, so this plan will cover their medical care as well as lost wages.

Your marijuana business needs insurance. Contact Kelly Williams Insurance to find the plan that will fit your needs.

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3 Tips For Buying Renters Insurance

Due to tight lending restrictions and rising house prices, many are opting to rent rather than buy. You save yourself from harsh property taxes, and you have very little risk when you rent.

However, if there’s a problem at the property, your landlord won’t cover your personal possessions. And if the property becomes uninhabitable due to some unplanned issue or event, your landlord won’t cover your hotel expenses. It’s important that you purchase renters insurance to properly protect yourself. We have compiled three of the best tips when looking to buy renter’s insurance.

  1. Know the coverage amount. The purpose of renters insurance is to cover your personal belongings, but in many cases but there will be a monetary limit to how much is covered. Before you get an insurance plan, you should tally the value of your possessions. Once you do so, look for a plan that best accommodates the value of those possessions. 
  2. Know what’s not covered. To avoid surprises, know what isn’t covered by your plan. For example, some policies don’t cover earthquakes. By knowing what’s not covered you can better find a plan that’s optimal for you. 
  3. Bundle your insurance policies. One of the best ways to save money on your renters insurance is to bundle it with your other insurance policies. For example, if you can bundle your car insurance with your renters policy, it can be very economical.

Have questions about renters insurance? Kelly Williams offers Long Beach, CA residents renters insurance that can keep you protected during an unplanned event. Contact us today to learn about the different plans available to you.

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Tips on Selecting the Best Insurance Plan for Your Small Business

The purpose of insurance is to mitigate risk for your business, so a good insurance plan is a necessity. The problem is that there are a myriad of different business insurance plans in the market, and trying to decide which plan fits you best is much easier said than done. We’ve compiled a few of our best tips to help you choose your plan and get started on the right foot.

1. Understand the different types of plans.

There are several different insurance plans you’ll likely consider. These include (but aren’t limited to):

  • General liability. This is essentially blanket coverage of your business. It will generally cover property damage, theft, and lawsuits (among other things).
  • Property insurance. Protects your property from theft, vandalism, and damage.
  • Product insurance. Have product-specific coverage. This will protect you from things like design flaws.
  • Worker’s compensation. Worker’s compensation will protect your employees if they get injured on the job. This insurance is typically mandated by the state (requirements do vary state-by-state).

2. Assess your risks

You may or may not be accepted for the plan based on the risks associated with your business. Insurance companies assess your risk with a process called underwriting. The insurance company will decide to either fully deny you, give you a portion of the coverage, or cover you fully. If you’re unsure how to properly assess the risks of your business, one of the reps from Kelly Williams Insurance can help.

3.  Work With a Reputable Agency

Your business insurance is simply too important to not use the help of a real and reputable insurance agency. At Kelly Williams Insurance, we’re in your corner every step of the way, and we’ll help you find the best insurance policies for your business. Get started today.

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