How to Fill in Coverage Gaps With Peace of Mind

When you insure something, you’re essentially bringing yourself peace of mind that, in the event of a claim, you will not experience a total loss. Whether you’re insuring a life, a business or valuable possessions, this peace of mind is an integral part of your daily life entrusted to your insurance agent. Although there are numerous products on the market, you might be surprised to learn that most standard policies contain gaps in coverage, leaving you and your assets vulnerable. At Wiedemann Insurance Agency, we are not tied to any one company’s products, but represent various companies, so we can offer you custom-tailored coverage. And with over 30 years in business, we have the experience to know how to help you fill in those coverage gaps with peace of mind.

Here are five insurance products that fill in commonly overlooked gaps; letting you rest assured that you’re protected:

1. Professional Liability

Most businesses are familiar with general liability insurance, which protects against claims of property damage and bodily or personal injury. While obtaining this coverage is important, it does not protect you from claims of negligence, misrepresentation or violation of good faith. These claims can happen to any business or individual that offers advice or service to others and arise when a client feels they suffered a loss due to the negligence of you or your company. For example, a real estate agent fails to disclose a mold problem to their buyer. The agent could be sued by said buyer for all costs associated with removing the mold. In this case, the professional liability insurance would cover the realtor’s costs incurred while defending themselves against the claim, as well as any that may arise from the judgement. Widely used by medical offices, construction companies and accounting firms, it can give you peace of mind knowing you’re protecting your business from potential financial loss.

2. Special Events

Special events, such as a birthday party or your company’s holiday banquet, can require a lot of meticulous planning and can also leave you vulnerable to situations beyond your control. That’s why we recommend protecting yourself with special events insurance, which can cover you or your business from claims of physical injury or property damage occurring during your event. This could be anything from someone breaking their arm during a wedding to a damaged venue bathroom at the company summer picnic. If a claim arises, it would cover potential incurred costs not covered by your general liability policy. In situations where anything can happen, it’s important to have this coverage to help minimize your chance for financial loss resulting from a claim.

3. Accident

Let’s face it, accidents happen. And they can happen to anyone, at any time. Accident insurance can help fill in the gaps in your health insurance coverage when you need medical attention as a result of an accident. For example, you break your leg climbing a ladder to clean your gutters. Accident insurance would help cover costs such as: health insurance deductibles and co-pays, medical supplies, physical therapy, gas, food and lodging expenses associated with getting to and from doctor’s appointments. It can also help cover any lost income due to missing work. These are not costs that would be typically covered by health insurance. By obtaining an accident policy, you would have the peace of mind that comes along with knowing you won’t have to drain your savings account in the event of an accident.

4. Scheduled Personal Property

Many people have valuables, keepsakes or memorabilia they want to protect, but not everyone is aware that a basic homeowner’s policy will not cover everything they own in the event of a loss. High-value items such as musical instruments, firearms, collections, jewelry, furs or artwork are not fully covered by a basic policy and will need this extra protection. Don’t take the risk of having a fire destroy your childhood baseball collection or take the chance of losing your grandmother’s wedding ring on your tropical vacation—make sure your valuables are scheduled and protected from the start.

5. Bonds

Imagine that you’ve hired a contractor to work on your home. Some of us might simply take their proper licensing as bond that they’ll finish the job you’ve hired them to do. Unfortunately, this leaves you open to risk due to coverage gaps in the contractor’s insurance. This is a situation where a contract bond can help you. A contract bond obligates said contractor to complete the job and is guaranteed by the issuing company. In the event the work is not completed, the issuing company is obligated to find another contractor to finish the job. How’s that for peace of mind? Bonds come in many forms and for many reasons; such as probate, license and permit bonds. Each type of bond has their own purpose, but all serve to protect your interests.

These are just a handful of ways we can fill in your coverage gaps, giving you the peace of mind you deserve and entrust to us. Contact us for a consultation or follow the links below for more information.