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13975 Connecticut Avenue, Suite 312
Silver Spring, MD 20906

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How Commercial Insurance Can Help Your Business When It’s Sued

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No business is safe from the possibility of being sued. Luckily, there are insurance options for business owners who want protection against lawsuits. Renee Oliver Insurance Agency Inc. in Silver Spring, MD is here to help you understand how to secure your business when needed.

Which type of insurance helps protect a business against lawsuit judgments?

Commercial insurance is a type of insurance that helps businesses cover the costs of legal action taken against them. The policy will typically cover any claim made against the insured company. Commercial insurance can help pay for damages, court costs, and legal fees if you are sued and found liable.

Commercial insurance is essential because even if a business is found not liable, it can still be subject to expensive legal fees and court costs. These expenses can quickly add up, especially if the company has many lawsuits involving potential damages over $50,000. Because of this, many businesses buy commercial liability insurance to protect themselves from the high costs of litigation.

There are different kinds of commercial insurance policies available. While some policies provide coverage for bodily injury and others for property damage, others offer both.

What are the other benefits of commercial insurance?

There are many other benefits of commercial insurance. One is that it can assist with a disaster. This can help a business to recover quickly and get back on its feet. Your policy could also help provide temporary help when your business is interrupted due to a disaster, vandalism, or other reasons.

Renee Oliver Insurance Agency Inc. in Silver Spring, MD offers commercial insurance to protect businesses against lawsuits. Coverage includes protection for business owners, employees, and property. Contact our office to learn more!

What’s Covered by My Homeowner’s Policy?

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Your home is likely your most valuable asset, so it’s important to ensure it’s properly protected. A homeowner’s policy is one of the best ways to do this, as it can cover a wide range of expenses related to your home. But what exactly does a homeowner’s policy cover? Consult with Renee Oliver Insurance Agency Inc. in Silver Spring, MD for expert insurance advice on your homeowner’s policy. 

Here’s a look at some of the most common types of coverage:

1. The Structure

One of the most important things your homeowner’s policy will cover is the physical structure of your home. This includes the walls, floors, ceilings, and any other structural components. If your home is damaged or destroyed by a covered event, such as a fire or severe weather, your insurance company will help you pay to repair or rebuild it.

2. Your Personal Property

Another important thing that your homeowner’s policy will cover is your personal property. This includes things like furniture, clothing, electronics, and other belongings. If your personal property is damaged or destroyed by a covered event, your insurance company will help you pay to replace it. However, there are usually limits on how much coverage is available for personal property, so it’s important to check your policy to see what those limits are.

3. Living Expenses

Some homeowners’ policies also cover living expenses in the event that your home is uninhabitable due to a covered event. This means that if you have to stay in a hotel or rent an apartment while your home is being repaired or rebuilt, your insurance company will help you pay for those expenses.

4. Liability Coverage

Liability coverage is another important part of a homeowner’s policy. This coverage will help protect you if someone is injured on your property or if you’re sued for damages. If you’re found liable, your insurance company will help you pay for the damages you owe.

Give Us A Call

These are just a few of the things that are typically covered by a homeowner’s policy. To ensure you have the coverage you need, contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD. We’ll be happy to help you find the right policy for your needs.

What Do I Need To Get Motorcycle Insurance?

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If you’re shopping for motorcycle insurance, you should consider looking at the exclusions and limitations of your current insurance. You can find out more about your current insurance at your insurance provider or online. 

If you have questions about your insurance, get in touch with your insurance agent or choose one of our convenient online customer service centers to get answers. For inquiries, consult with Renee Oliver Insurance Agency Inc. in Silver Spring, MD. 

Motorcycle Insurance: What You Need To Know

You need to have a good idea of what to cover and the cost of the insurance. You can find these by doing a search on any of the websites that offer motorcycle insurance. These websites usually have reviews of all the companies that have provided the insurance, as well as a list of the cost of the insurance. 

If you’re looking to start out as a rider, you can probably cover the basics like helmets, food, and hydration. However, you’ll need to cover more expensive maneuvers like full-face helmets and advanced rider training. 

The most important thing to remember when it comes to obtaining motorcycle insurance is that you need to have the necessary insurance to make sure that you have enough money in the right place to keep up with maintenance and get your motorcycle fixed. 

The best advice is to start out with the lowest amount you can afford and work your way up. If you are still at a point where you cannot afford the cover, understand that most insurance companies will pay up after a certain amount of coverage has been received. 

Give Us A Call

The minimum required amount of liability insurance for motorcycles varies from state to state but is often equivalent to that required for automobiles. In most cases, you will want to ensure that you have enough liability insurance as well as guest passenger liability cover. 

These types of insurance policies will compensate third parties for their injuries and/or property loss if you caused the accident. For expert insurance advice in the greater Silver Spring, MD community, reach out to Renee Oliver Insurance Agency Inc. 

What Condo Insurance Offers

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Your condo complex says you must purchase condo insurance, so you visit Renee Oliver Insurance Agency Inc. serving Silver Spring, MD. You don’t actually know what condo insurance does yet, but you know you have to have a policy so you can move into your new home.

Condo Insurance: A Type of Home Insurance

Condo insurance does exactly what homeowners’ insurance does. This type of home insurance provides protection for the interior of your condominium and its patio or balcony. It includes coverages for:

  • property damage protection,
  • liability,
  • named peril,
  • temporary housing coverage.

Named Peril and Property Damage Protection

If a named peril, such as fire or tornado damages your home, the property damage coverage kicks in and pays for the repairs to the condo. This includes the patio or balcony attached to your condo. If you store items in a storage unit assigned to your condo on the property and it incurs damage, thereby damaging your property, that’s covered, too.

Liability Coverage

The medical care and settlement paid to any individual who incurs an injury while at your home also falls within the coverage of your condo policy. If the individual sues you, the liability coverage pays the court costs, attorney fees, and the court settlement, too.

Temporary Housing Coverage

Some condo policies also offer payment for temporary housing if a named peril damages your condo to the point that you cannot safely stay there. The housing payments last for the time that repairs take place.

Contact Renee Oliver Insurance Agency Inc.

Let Renee Oliver Insurance Agency Inc. serving Silver Spring, MD help you fulfill your condo complex’s condo policy requirement. Call us today.

Do You Need Umbrella Insurance?

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Most people don’t give much thought to their insurance coverage until they experience a loss. Then, it’s too late to add coverage. That’s why it’s important to understand the limitations of your insurance policy and whether you need additional protection. After all, your home, renters, and auto insurance policies all have limits. If you experience a major loss, those limits could quickly be reached, leaving you responsible for the remainder. That’s where umbrella insurance comes in.

Umbrella insurance is designed to provide protection beyond the limits of your homeowners, renters, or auto insurance. It kicks in when you’ve reached the limit on your other policy and can help pay for things like medical bills, legal fees, and damage to property. In some cases, umbrella insurance can even provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. Renee Oliver Insurance Agency Inc. in Silver Spring, MD provides you with this guide on navigating umbrella insurance. 

How It Works

For example, let’s say you’re found responsible for a car accident that resulted in $100,000 in damages. Your auto insurance policy has a $50,000 limit for bodily injury liability. That means your insurance company would pay up to $50,000 toward the damages. The other driver could sue you for the remaining $50,000, and you would be responsible for paying that amount out of pocket.

If you had an umbrella policy with a $1 million limit, it would pay the remaining $50,000, so you wouldn’t have to.

An umbrella policy can also provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. For example, if you’re sued for libel or slander, your homeowner’s insurance policy likely won’t provide any protection. But an umbrella policy would.

If you’re looking for extra protection beyond the limits of your homeowners, renters, or auto insurance policy, Renee Oliver Insurance Agency Inc. in Silver Spring, MD can help you get the coverage you need. Give us a call today to learn more about umbrella insurance and how it can help protect you from major financial losses.

 

Why You Need Full Coverage for Your Silver Spring MD Auto Loan

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Do you have a car loan in Silver Spring, MD? If so, you need full coverage auto insurance.

Here are three big reasons:

1) Reduce Risk for Your Lender

If you have a loan on your car, the lender is the vehicle’s legal owner until you pay the balance in full. That means if your car is totaled or stolen, the lender is out of the money they lent you—and they will want that money back. Full coverage auto insurance protects your lender’s investment and you from paying the entire loan amount if something happens to your vehicle.

2) Get Back on the Road Faster in an Accident

If you’re in an accident and they deem your car a total loss, the insurance company will pay off your loan, and you can get a new loan if you still qualify. Without full coverage, you would have to come up with the money to pay off your loan yourself. That could take months or even years, depending on how much you owe.

A Renee Oliver Insurance Agency Inc. agent can help you find the right policy to get back on the road as soon as possible after an accident in Silver Spring, MD.

3) Stress Less When You’re On the Road

The peace of mind that comes with knowing you’re fully protected is priceless, no matter what happens. When you have full coverage, you can relax and enjoy the ride—without worrying about what could happen.

Full coverage auto insurance is a must if you have a car loan in Silver Spring, MD. It protects your lender and gives you the peace of mind to enjoy your car. Contact Renee Oliver Insurance Agency Inc. today to get started on your policy.

Protect your family with a whole life insurance policy

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The Renee Oliver Insurance Agency Inc. is here to help families and individuals in the greater Silver Spring, MD area with all of their life insurance needs. If you wonder which type of life insurance is the appropriate choice for your lifestyle, we can help! In this article, we will look at the benefits of whole life insurance policies.

Benefits of whole life insurance

With a whole life policy, you will receive a death benefit as you will also build up a cash value within the policy. The main advantage of whole life policies is that you can access the cash portion of the policy during your lifetime. 

If you are looking for alternatives to a term life policy, whole life may make sense for you and your family. Many people choose to access the accumulated cash value of their whole life policies once their children are grown. When one’s children have grown and become financially independent, a parent may choose to access the funds that have grown within their policies. 

Significant life expenses, such as a house down payments, college tuition, weddings, and retirement, can be defrayed with the funds from a whole life policy. Of course, it is also possible to leave the funds to be passed on to the policyholder’s beneficiary.

Now is a perfect time for you to find out more about the available life insurance options in our area. 

Learn more today!

If you are a resident of the greater Silver Spring, MD area, Renee Oliver Insurance Agency Inc. can help you with all of your insurance needs. Please stop by our office and learn more about the whole life insurance policy options available in our area.

Determining Coverage for Your Business

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When it comes to insuring your business in Silver Spring, MD, there are some commercial policies that will benefit every business and some that will benefit certain types of businesses or industries. Even if you are just starting out, it’s imperative to get the right insurance for your business.

General liability insurance is recommended for every business since it provides protection against common customer incidents, such as property damage, bodily injuries, or advertising injuries. Any accident can lead to big legal bills, which is why this policy is so important to have. Other liability policies can also be needed, such as professional liability insurance if you provide professional services to clients. 

The risk for your business will determine what other policies you need. An agent at Renee Oliver Insurance Agency Inc. can help you determine your risks and the best policies for your business. If your business has valuable property then you may want commercial property insurance, since this covers your physical assets against damage or loss. If you have a small business and are in a low-risk industry, you may be able to bundle commercial property insurance with commercial liability in a business owner’s policy. These two policies address just the bare bones but it’s important to consider your location, operations, and industry when building a policy.

If you have employees, you will want to have workers’ compensation insurance and it’s required for businesses in Silver Spring, MD. Workers’ comp insurance will cover on-the-job employee illnesses and injuries. If you have business-owned vehicles then you should have commercial auto insurance. If you have a large online component for your business then cyber liability insurance can protect you from costs associated with data breaches and can cover notification costs, legal expenses, and credit monitoring. 

Contact Renee Oliver Insurance Agency Inc. to get a quote for commercial insurance. 

Home inventory: 5 Steps for finding the right home insurance coverage in Silver Spring, MD

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"How much home insurance do I need?"

Renee Oliver Insurance Agency Inc. gets asked this question often. While there are a lot of variables to consider, the answer starts with a home inventory.

A home inventory catalogs your belongings. In the event you need to make a claim, this document will speed up the process and help maximize your payout. But it also ensures you have the proper protection from the start.

That’s why Renee Oliver Insurance Agency Inc. recommends beginning here before purchasing home insurance. Located in Silver Spring, MD, their agents list five steps for conducting a thorough home inventory.

Organize each area

Avoid getting overwhelmed by dividing your home into sections. Complete one area before moving on to the next. Find a process that is easiest for you.

Record key information

Include descriptions of each item, purchase dates, and estimated prices. Also, for appliances and electronics, jot down makes, models, and serial numbers too. Scanning or taking pictures of sales receipts is encouraged.

Group like items

Save time by lumping similar items together. Low-cost goods, like clothing and dishes, are too time-consuming to list one by one. Assign a value to the entire group

List expensive items individually

However, all high-end valuables should be listed separately. Jewelry, antiques, and other collectibles may require additional coverage beyond traditional home insurance. Consult with an agent to ensure these will be covered.

Update frequently

This list should grow as you make more purchases. At a minimum, review the home inventory every year. Add in any new items. Update your digital records, but also store a backup copy somewhere safe.

Find an agent serving Silver Spring, MD

Using your home inventory, Renee Oliver Insurance Agency Inc. can better determine how much home insurance coverage you need. Schedule an appointment today.

Umbrella Insurance FAQs

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Liability insurance is included in your homeowner’s, automobile, boat, and renter’s insurance. In other words, you are covered if you are found responsible for an accident. However, in the event the losses of the other party exceed your policy’s limits, the difference could come directly out of your pocket. This could leave you bankrupt. In situations like this, umbrella insurance can be beneficial. Here are some commonly asked questions Renee Oliver Insurance Agency Inc. has had, along with their answers, for Silver Spring, MD residents.

What Exactly Is Umbrella Insurance?

Look at umbrella insurance as a backup to your standard liability coverage that can work with all of your insurance policies. In the event that the damages of an incident exceeds the limits of your policy—be it home, auto, or commercial—your umbrella insurance policy will kick in, take over, and cover the difference.

What Does Umbrella Insurance Typically Cover?

Umbrella insurance is designed to provide coverage for the difference between the liability limits of your insurance policy and another party’s losses. Therefore, if you are found at-fault for an accident that resulted in $150,000 in damages and only have $50,000 in liability coverage, your umbrella insurance would cover the remaining $100,000.

What Happens If I Don’t Have Umbrella Insurance?

If you don’t have umbrella coverage, you could potentially be held liable for any damages that go over the limits of your existing liability coverage. The other individual could sue you for their losses, potentially taking your home, savings, retirement fund, and other assets.

Insurance can offer much-needed peace of mind, and umbrella insurance adds even more to that. If you would like to learn more, reach out to us at Renee Oliver Insurance Agency Inc. We have helped many residents of the Silver Spring, MD and can help you as well!