Workers’ Compensation Insurance- Are You Covered?

As a Lansdale, PA business owner, being sued is probably one of your worst nightmares. All responsible business owners do their best to keep employees safe on the job, but no matter how careful you are, accidents happen. When accidents happen, you’ll want to have the peace of mind to know that your business will not be in financial ruin due to bills incurred by the injured employee. It’s important that you protect your assets by making sure that workers’ compensation insurance is a part of your commercial insurance plan.

What Farrel Insurance Associates, Inc. wants you to know

There are a few different things that workers’ compensation insurance will do for your business. First, your insurance will pay the medical bills of the employee who is filing the claim. The insurance can also pay for the wages that the employee misses out on due to their injury. This is especially important if the employee ends up not being able to work for an extended period of time. Secondly, workers’ compensation insurance will allow you to comply with the law. In Pennsylvania, all businesses with one or more employees must have workers’ compensation insurance. Lastly, workers’ compensation insurance will protect your assets in the event that the injured employee sues you and/or your business. 

Most workplace injury claims cost businesses upward of $35,000. The last thing you want is to have to dip into your hard-earned cash to pay for something that happened by accident. It’s important that you protect yourself, your business, and your family from losing the income you’ve worked so hard to build. Call a qualified agent at Farrell Insurance Associates, Inc., serving Lansdale, PA, today to discuss a policy that makes sense for the needs of your business.

Your Classic Car: A Hobby and an Investment

Classic car enthusiasts put a lot of love and care into preserving these beautiful vehicles, but they also invest a fair bit of money as well. If your classic car were to become damaged or stolen, having the proper coverage in place can make a terrible situation a little more bearable. The entire team at Farrell Insurance Associate, Inc. is dedicated to making sure that our clients in the Lansdale, PA area have the comprehensive coverage that is right for their needs, especially those with expensive hobbies such as classic car collecting.

Protect Your Classic Car and Your Monetary Investment

Even if you did not refurbish or restore your classic car, it is likely that you have invested a lot of time and energy into its acquisition and upkeep. Classic cars are a fulfilling hobby and they can also represent a serious monetary investment. It is important to take the time to ensure that you have adequate coverage and protection for your classic car.

Many owners choose to keep these vehicles at a storage location away from their main domicile which may complicate coverage issues in some cases. Our agents can review your classic car policy with you to make certain that all eventualities are protected against and that you have adequate insurance in place, no matter where you choose to keep your classic car. Having adequate coverage can provide replacement parts or replace your vehicle with an agreed upon value set in place for your car.

Farrell Insurance Associate, Inc. is dedicated to serving our clients’ insurance needs in the greater Lansdale, PA area. If you own a classic car and worry that you may not currently have adequate coverage, call or stop by today for a consultation with one of our professional agents.

Renter’s Insurance and Fire Damage

Many renters in Lansdale, PA and elsewhere are unclear on exactly how they are protected by a landlord regarding their safety and property protection when the building or property they are renting is damaged, particularly by fire. According to Farrell Insurance Associate, Inc., most properties renting to tenants are required to have some kind of building insurance for the structure itself. However, this does not mean the financial protection extends to tenants’ property. As a result, while the building structure may be restored, anything inside belonging to a tenant is entirely on the tenant’s shoulders to replace.

A typical renter’s insurance policy anticipates the typical types of damage that can occur to a tenant’s property in a shared building. This can include theft, water damage, and fire damage. Because a building frequently has multiple tenants in it, each tenant is at risk to how the other behaves, which is why building fires often are the most prominent threat. And even if a given tenant’s property is not burned, the smoke from a fire and the water from the fire sprinklers or firefighters can do just as much damage as well. As a result, any tenant who has a long-term interest in a property or lease with a lot of belongings stored is well-served by a tenant policy including protection from fire and fire-related damage or loss. For those in the Lansdale, PA area, a proper tenant property casualty policy can be obtained through Farrell Insurance Associate, Inc. Our experts work with all types of renter situations and can easily craft a policy that protects a renter, his or her family, and belongings adequately.

Tips for Staying Safe When Riding Your Motorcycle on Slick or Icy Roads

At Farrell Insurance Associates, Inc. serving the greater Lansdale, PA area, we see motorcyclists filing insurance claims in the winter because the roads are icy and slick. This makes it hazardous to ride and can present riding conditions that you are not used to riding on. We want to keep all of those on the road safe. As such, we offer you three tips on ways to stay safe when riding your motorcycle on slick or icy roads. 

Make Sure Your Tires Are In Good Condition

When it is cold outside, motorcycle tires lose some of their traction. Mixing this with an icy or slick road can cause a major hazard. To minimize the risk, inspect your tires. You want to ensure your tires have a decent amount of tread and are not bald or damaged. If they are, they should be replaced to help you stay safe on the road. 

Increase Your Following Distance

Seeing ice on the road can be hard. But often times, cars will tip you off to the fact that there is ice if they slide across it. Always maintain a safe distance from cars if you suspect the conditions may be icy. You don’t want them to slide into you or you to slam on your brakes and slide into them. 

If In Doubt, Use Another Mode of Transportation

Lastly, keep in mind that riding a motorcycle on an icy road is challenging, even for experienced riders. If you doubt your ability or think the streets may be too icy, it is better to be on the side of caution and either stay home or use a different mode of transportation to get around. 

Learning how to navigate slick or icy roads on your motorcycle not only helps you to stay safe, but it also helps to keep your motorcycle insurance as low as possible. If you are looking for a new motorcycle insurance policy in the Lansdale, PA area, let Farrell Insurance Associates, Inc. help. Contact us today to get started. 

How Do I Know If I Need Flood Insurance?

The devastation of a flood can destroy your biggest assets including your home. Knowing when you need to protect your home from the effects of flooding can seem confusing when you are presented with conflicting information. The team at Farrell Insurance Associate, Inc., serving Lansdale, PA, can help you assess your property and determine your level of risk. While homeowner’s policies cover many aspects of property damage, they do not cover damages caused by flooding. 

One of the first steps that you can take is to reread the “Natural Hazards” section of your home inspection packet during the purchase. Areas that are designated “Zone A” or “Zone B” are areas that annually experience higher risks for flooding. Next, visit with the staff at Farrell Insurance Associates, Inc. With their extensive experience serving the Lansdale, PA area, they will be able to provide valuable information about whether you need the additional protection of flood insurance.

Another resource is the National Flood Insurance Program.  This FEMA program provides flood insurance for homeowners in participating communities. While not every community participates, the website has important information for homeowners about flood risk and insurance. For instance, it has been demonstrated that only 20% of flood insurance claims come from high-risk areas. 

Other sources of flood damage can come from events such as dam failures, snow melting, and heavy rains. These are emergencies that can occur even in areas with a low risk of flooding. The team at Farrell Insurance Associate, Inc. is ready to help you assess your risk level and get you the coverage you need. Visit our website and give us a call. Protect your assets with the coverage you need from Farrell Insurance Associates, Inc.

Common Health Insurance Terms

When shopping for health insurance, many people do not fully understand all of the terminologies. There is a big issue with this because it can cause you to choose the wrong plan for you, cost you a lot more money in the long run, and more. To better understand health insurance terms, so you know exactly what you are getting, use these definitions from Farrell Insurance Associate, Inc. serving Lansdale, PA.

  • Premium – The premium is the amount that you will have to pay every month for your insurance policy. This is usually the number that people look at first but it does not tell the whole story, and you should not use it on its own to make any decisions.
  • Deductible – The deductible is the amount that you will have to pay for your health services out of pocket before your health insurance kicks in. For example, if you have a $1,000 deductible but your service cost is $400, you will pay the $400 and your insurance will not assist. You will want to choose a policy with a deductible that you can pay for out of pocket based on your income.
  • Co-Pay – Co-pays are the amount that you will pay to see your doctor. This amount may or may not be included in your deductible equations. Additionally, the amount you pay for your co-pay is determined by your insurance. Before you purchase any policies, you will want to see what the co-pays are for specific services to ensure you can afford them.

Now that you know what specific terms within health insurance policies mean, you can better choose the best option for you and your family. For more information about health insurance policies or to find one right for your budget and needs, be sure to contact Farrell Insurance Associate Inc. serving Lansdale, PA today.

How Life Insurance Premiums are Determined

You may not realize that your life insurance premiums in the Lansdale, PA area are based on several factors. As you may imagine, part of your score is based on your health status, but did you also know that your age, gender, height/weight, lifestyle choices (drug or alcohol use), family health history, driving record, mental health, and credit history also factor into the equation? 

When applying for life insurance, be prepared to answer questions in these areas of your life. The idea behind the life insurance score is to place you in a classification that is used to predict the likelihood of you filing a claim. These categories were determined by gathering data from claims submitted. Here are the top classifications as examples:

  • Preferred Select – the person has excellent health, average height and weight, no tobacco use in 3-5 years, risky lifestyle choices, no family health risks like heart disease, no mental illness, a high credit score, and have no more than 2 moving violations in 3 years.
  • Preferred – the person has the same things as the preferred select, but they may have a couple of minor issues like a slightly elevated cholesterol level, arthritis, or asthma, and their credit score may be lower.

The increased number of areas the individual has issues in, the lower the classification. The lower the classification goes and the higher the life insurance premium goes. Keep in mind that you can make changes to your health, credit, driving record, and lifestyle choices and you should have your life insurance premiums evaluated periodically.

Farrell Insurance Associates, Inc.

Farrell Insurance Associates, Inc. provides coverage across the Lansdale, PA area. Figuring out life insurance premiums can be complicated, so contact a Farrell Insurance Associates, Inc. agent to help you find the life insurance that fit your needs.

Preventing Dog Bites (Even if Fido is Friendly)

From a homeowner’s insurance perspective, owning a dog is one of the riskiest liabilities out there. According to the Centers for Disease Control, approximately 4.5 million people in the United States are bitten by dogs each year. What makes this statistic even scarier is that most of these victims are children and most incidents involve family pets they are familiar with.

For help with the protection of your family, our Farrell Insurance Associates, Inc. team has put together this list of ways for Lansdale, PA homeowners to help prevent dog bites, even if you consider your pet to be friendly.

Understand the Temperament of Your Dog with Guests

For some dogs, the arrival of company means someone extra to give belly rubs, cuddles, and treats. Others see this as a threat to their space and family, which could cause aggression. Understand the temperament of your pet and act accordingly. If an animal acts negatively to new faces, cordon him or her in a crate or special area of the home to prevent incidents.

Educate Children on How to Behave Around a Dog

Many bite incidents that happen between a family pet and a small child occur because the dog took the movements and body language of the child as aggression. Teach your kids from a young age not to pull ears, tails, paws, etc. Also, teach them that they should never to put their face up to the dog’s and keep rough play to a minimum.

Use Warning Signage

If all of the above fails and you do have an aggressive animal, it might be time to put up some warning signs. While this may not ensure that a bite doesn’t happen, it could take a bit of the liability off of you in the event of an incident because visitors were notified before entering your yard.

For more information about homeowner’s insurance in Lansdale, PA, please contact Farrell Insurance Associates, Inc. today. We are here to answer your questions and address your concerns.

3 Tips for Choosing the Right Commercial Insurance in Lansdale, PA

When you own your own business, you depend on it for your livelihood. It is also something you can pass down from generation to generation, ensuring the financial future of children, grandchildren, and great-grandchildren. For these reasons and more, it is important to have commercial insurance in Lansdale, PA. When it comes time to find the right commercial policy for your business, here are three tips to help you get started.  

Compare Policies

There are many variables of protection when it comes to insuring a business. For example, a swim school will need a different kind of policy than say a pie delivery business. A trusted, reputable agent will be able to look at your business and discuss different coverage options. They will help you compare policies and choose the right one for your business.  

Bundle Policies

Do you currently have a different kind of insurance policy, such as auto or home insurance, with an insurance company? If so, look into the discounts available for bundling your insurance policies with the same company. Also, depending on other factors concerning your business, security measures such as installing outdoor security lights, may make you eligible for additional discounts.

Update Your Policies Every Year

It’s a good idea to go over your commercial policy every year with your insurance agent, just in case there have been any changes to your business or in case you are eligible for additional coverage.

To learn more about commercial insurance in Lansdale, PA, contact the Farrell Insurance Associate, Inc. Our friendly, knowledgeable insurance agents will answer all of your questions and help you find the perfect policy for your business. Farrell Insurance Associate, Inc. can be reached at 215-631-9390. We look forward to hearing from you!

Are Your Possessions Covered by Your Auto Insurance Policy in Lansdale, PA?

Farrell Insurance Associate, Inc. offers various types of auto and home insurance to residents who live in the Lansdale, PA area. Many residents have questions concerning what their auto insurance covers when it comes to their personal possessions and what is covered if their car is broken into. First, it is important to know what type of coverage you have and whether or not you have a homeowner’s policy. Most insurance companies offer discounted rates for individuals who combine all of their policies into one. This not only saves money, but it also helps to keep things organized.

The only type of insurance that will cover your car once it has been broken into or vandalized is comprehensive or full coverage. While full coverage will pay for the damages to your car, it will not pay for the items that were stolen. You do have the option of turning the stolen items in on your homeowner’s policy, but that may be more costly. Homeowner’s policies are normally reserved for items of the most value that is why the deductibles are higher than for an auto policy. It may not be cost effective to turn the item in on your homeowner’s insurance if you have to pay a high priced deductible before you get the money to cover your lost items.

If you live in the Lansdale, PA area and have concerns about your auto insurance policy, call the agent of Farrell Insurance Associate, Inc. today. We can answer your questions and make sure you have the right policy for your individual needs. Also, for quotes right from home, try our online rating tool for your auto and home insurance policies.