What Are Commercial Insurance Plans?

Commercial insurance plans protect your business. You don’t want anything to happen that would cause you to spend more money than necessary. Unfortunately, life in Milwaukee, WI can be unpredictable. The last thing you want to deal with is someone getting injured on your property, an employee slipping and falling, or a commercial vehicle accident. With the right commercial insurance plan, you can be covered against virtually anything that can happen.

There’s no one-size-fits-all commercial insurance plan. At Dern & Company, we can assist you in creating a plan that works best for your business.

The average commercial insurance plan references liability. It protects your business if someone gets injured on your property or if one of your employees damages someone else’s property. If something like this happens, you can file a claim with the insurance company. You would only be financially responsible for the deductible.

Liability alone may not be enough insurance for all that you have going on. This is when you may want additional policies to protect your business in Milwaukee, WI. If you have commercial vehicles, you need commercial auto insurance. If you have a certain number of employees, the state will require you to have workers compensation. You may also want to look at business interruption insurance, ensuring that you can get compensated for lost sales while you recover from a disaster.

It’s important for a commercial insurance plan to work for you. Without sufficient coverage, you’re left vulnerable to what could happen. As such, it makes sense for you to have a plan built that focuses on your individual needs. Further, you want your plan reviewed annually because things can change inside of business from year to year.

You don’t have to figure out what coverage you should have on your own. Contact us at Dern & Company so that one of our independent insurance agents can help you every step of the way.

 

Commercial Insurance Add Ons to Consider

When it comes to your business it is of critical importance to protect it as best you can. This is why you have commercial insurance taking out on your business. With commercial insurance you’ll bring in essential protection, so you don’t have to completely pay out of pocket for unforeseen expenses. However, there are likely add ons you should consider that will take your commercial investment protection to the next level. If you live in or around greater Milwaukee, WI, Dern & Company is here to help. 

General Liability Insurance

This is an important form of insurance coverage that will extend the level of liability protection for your business. This way, if the product you produce or the services your business offers ever causes bodily harm to a customer the insurance policy will protect you (and help pay for any legal damages). 

Property Insurance

Even if you don’t own the property your business is in you probably own the machinery and other equipment within the business. Property insurance will help protect these investments and replace what is damaged. 

Commercial Auto Insurance

If you drive your vehicle for business, or if you have a vehicle designed specifically for business, you’ll need commercial insurance. This is because your auto insurance likely won’t cover damages sustained while using the vehicle for work. 

You have put a considerable amount of time, money, and energy into the opening and creating your business. This is why you already have commercial insurance on the property. However, standard commercial insurance may not always be enough. That is why you need to consider insurance add ons. For more information on these and other additions to your current commercial insurance policy and your place of business is around greater Milwaukee, WI, now is the time to reach out and contact Dern & Company. 

Caution Renters: Your Landlord’s Insurance Does NOT Protect Your Belongings!

If you are renting an apartment you may think that your dwelling is covered by your landlord’s insurance. This is often not the case, and many renters do not discover this fact until it is too late. Rather than hope that nothing bad happens to your belongings, why not gain the peace of mind that comes when you have adequate renters insurance? If you are living in the greater Milwaukee, WI area and do not have any insurance to protect your possessions you are living with an avoidable risk! The team at Dern & Company is here to provide the information you need to determine the right rental insurance policy to meet your needs.

When you have an appropriate rental insurance policy you will have protection for:

  • Personal belongings that are lost or damaged due to a catastrophic event at your place of residence
  • Burglary or theft of your possessions from your home
  • Off-premises damage, loss or theft of any items that are included on your rental insurance policy

Your landlord’s insurance will likely cover any damage to the structure itself or any common areas throughout the building. The contents of your unit will likely not be covered by such a policy and you will be responsible in the event of their loss. Your local insurance agent can provide a quote for a range of policy options to help you determine which type and level of coverage best suits your needs. Don’t wait until disaster strikes to find out that you don’t have the coverage that you need!

Don’t leave your belongings at risk for damage, theft or loss! Contact your Milwaukee, WI team at Dern & Company today to learn more about how the right rental insurance policy can protect you!

The Importance of Boat Insurance in the Winter

You may not use your boat very often in the winter, but it is still a good idea to have boat or watercraft insurance because many insurance claims are made in the colder months in Milwaukee, WI.

Is Boat Insurance Required?

Boat insurance is not required by the state of Wisconsin, however, if you have financed your boat, the lender will require insurance on it to recoup any losses on his asset until it’s paid off. Some marinas and docks also require you to have watercraft insurance for their own protection if you use their facilities.

When Old Man Winter Arrives

You most probably don’t go out on The Great Lakes too often in the winter due to the ice formations, however at the beginning of fall and spring when the waters thaw; you may want to go fishing. It is still the best idea to keep insurance on your boat all year round for your protection, as many losses do occur in the winter. Even if you store your boat in your garage, house fires in the winter often spread to the garage and you could end up with a total loss. Thefts of boats occur often in the winter because most people don’t think about checking their storage unit too often in the winter with a boat in it. Lightning is more prevalent with winter storms and can destroy your boat whether it is in open storage or a facility that is completely closed in Milwaukee, WI.

What is an At-Risk Boat Policy?

An at-risk boat policy from Dern & Company gives you the best protection for your boat. It protects you while operating the boat on the water and while it is stored. This policy can also cover losses that result from a failing part. You are covered in this type of policy for theft, vandalism, fire, grounding, sinking, and lightning. You can also add coverage for all of your personal items on the boat too.

Call us at Dern & Company or stop in to see one of our knowledgeable agents to learn more about your boating policy and find which will protect your assets to the fullest.

 

 

Major Catastrophe Planning Includes a Commercial Insurance Evaluation

An industry survey of 150 risk professionals, who are in charge of risk analysis for major companies, gave some startling results when they were questioned about their emergency plans for catastrophic events.

One of the questions asked by the survey was if the company had run a simulation drill for a catastrophic loss that included an analysis of the effectiveness of the coverage by commercial insurance to mitigate some of this risk.

The surprising answers to this question show a very low amount of preparedness:

  • Only about 25% had conducted such a simulation drill during the past two years.
  • Only 11% reported that there was such a drill conducted during the last five years.
  • Over two-thirds say they never conducted such a drill.
  • About 28% reported that they were not sure if the company ever had such a drill.

Best Practices for a Commercial Insurance Review

Work with your agent at Dern & Company, serving the Milwaukee WI area, to analyze the commercial insurance for the business and to discuss the scenarios possible that may cause a catastrophic loss.

The considerations for adequate commercial insurance include:

  • Review all policies before a loss.
  • Understand the coverage that would be available for a loss.
  • Analyze the detailed definitions in the policies in order to understand the exact terminology and what it means.
  • Make a plan for documentation of the information needed before and subsequent to a loss.
  • Upgrade and add to commercial insurance as necessary to make sure it is adequate.

Things to Look Out For

There are many things to consider with the help of your insurance agent that include total policy limits, sub-limits for specific items, deductibles and how they are applied, how property is valued, and how claims will be resolved if more than one policy applies to a loss.

Summary

In a catastrophic drill, imagine the worst-case scenarios. Get a comprehensive review of commercial insurance with the help of your agent at Dern & Company in Milwaukee, WI. Make sure the coverage is appropriate and adequate for the company’s needs before a loss occurs.

Should Short Term Renters Buy Renters Insurance?

If you are renting a home for a long period of time, you likely know the importance of purchasing renters insurance. But, not everyone rents a home for a prolonged period of time. You may be renting a home for a couple months while a new home you are having built is constructed. You may be renting a home for a month while traveling. Or you may be renting a space for a couple months while overseeing a business project. One of the questions that we at Dern & Company, serving the greater Milwaukee, WI area are asked is whether short-term renters should buy renters insurance. Here is our advice. 

When you are deciding whether to purchase a renters insurance policy, the first thing to consider is what belongings you are storing in the home. Some people may be renting a space that is completely furnished for them. As such, they may just have a suitcase filled with the clothing that they bring with you. If you don’t have much in the house, you really don’t have anything of value that will get damaged or stolen. As such, you may not really need a renters policy. 

On the other hand, if all of your belongings are in the house, regardless of how long they are there for, and/or you have items of value that can be damaged or stolen, it is a good idea to invest in a renters insurance policy. Most renters insurance policies are month-to-month, so you can buy one for a short period of time. 

Whether you are looking to buy a policy for the long term or a short-term renters policy in the greater Milwaukee, WI area, Dern & Company would love to help you. Contact us today to get started. 

FAQs About Boat Insurance in Wisconsin

There is no better way to enjoy one of Wisconsin’s 15,000 lakes than in your own boat. At Dern & Company, we want to make sure you are protected when you take your boat out this season. We proudly serve Milwaukee, WI, and the surrounding areas, so if you have any additional questions about boat insurance, come on in to discuss them with a representative. 

Boat Insurance Frequently Asked Questions

  • Can my child drive the boat, and still be covered?  If your child or guest is born on or after 1989, then it is required in Wisconsin to complete a boating safety course in order to operate any motorized boat while in Wisconsin, according to the Wisconsin Department of Natural Resources. If the boat operator is within their legal rights, then you will likely be covered. 
  • What if I loan out my boat for the weekend? Your friends will not be covered while they borrow your boat. This is where an umbrella policy that specifies such a situation is a good idea for extra protection. Discuss your need for an umbrella policy with one of our experts to find out more. 
  • Should I carry insurance during the offseason? It depends on if you will ever use it. At a minimum, it is a good idea to make sure it is covered by your homeowner’s insurance policy while it is parked. If there is a chance you will use it even for one weekend, it is better to be safe than regret not having coverage later. 

Call Dern & Company today to discuss your insurance needs. We serve boat owners in Milwaukee, WI and the surrounding areas with quality no-hassle insurance. 

Commercial Insurance: A Must for Small Businesses

As a small business owner, you have a wide range of options for insuring your business. Your choice of commercial coverage will depend on the type of business you run and the risks you face in conducting your business affairs. If you’re starting out, consider the following basic commercial insurance coverage from Dern & Company in Milwaukee, WI to protect your interests. 

Business Liability

Business liability coverage is essential to protecting your business against lawsuits. If a customer or client has an accident on your business property, he or she can sue you for injuries or damages. Business liability insurance covers your legal fees and the cost of a settlement. Business liability will also pay for medical expenses of those injured on your business premises, so these costs don’t come out of pocket.

Worker’s Compensation

Many states require workers’ comp insurance for businesses that have three or more employees. This coverage pays for medical care of employees injured on the job and helps cover lost wages during their recovery. By protecting the interests of your employees, workers’ comp coverage can reduce your risk of lawsuits.

Property Insurance

Whether you own or rent your business property, there’s always the chance of it suffering physical damage from fire, flood, wind, hail, or other natural disasters. Property insurance will protect your business building along with what’s inside, i.e., business equipment, furniture, and inventory, so you don’t have to spend thousands of dollars in repairs on your own. With property insurance coverage, you will have the help you need to get back on your feet quickly, so your business doesn’t suffer financial loss.

The right commercial insurance policy from Dern & Company in Milwaukee, WI can make a world of difference in protecting your small business and helping it grow. Reach out to our agents to have your questions answered and learn how to get started.

Renters guide on liability insurance

For most tenants, renters insurance is a formality in a lease agreement. However, other than being one more expense in the quest of getting an apartment of choice, renter insurance coverage plays a significant role in protecting the tenant, their assets, as well as third parties such as visitors. In Milwaukee, WI, Dern & Company offers guidance to renters with information in regards to liability insurance.

Firstly, it should be taken into account that most landlords take up landlord’s insurance coverage that indemnifies them from any losses that may land them in court. Secondly, renters are accountable for liabilities that occur within their homes. Subsequently, the issues presented should always be considered when purchasing renter’s insurance.

Always take into account Personal Liability Coverage

According to most renters lease agreements, unless negligence is proven, a landlord is usually never responsible for any loss from theft of a tenant’s personal property. With this taken into consideration, all losses are to be covered by the renter. For example, in a case where a tenant’s house is broken into as he or she losses a variety of belongings that include building appliances without any fault from the landlord, he or she is expected to pay the compensation. If the tenant has a renters insurance policy, the agency will offset all losses on his or her behalf.  

Renter’s insurance policies cover Third-Party Property liability

There are instances where a tenant accidentally damages property belonging to another landlord. In such a case, renters insurance covers all costs and protects both the parties involved. Additionally, landlord insurance policies are known to protect property owners from third-party damages; for instance, if the tenant is found legally responsible for a visitor’s injury in the home. However, if the tenant has renters insurance, all liabilities are transferred to the insurance agency.

For more information on renters insurance, please contact the agents of Dern & Company in Milwaukee, WI. We can help you get the answers you need and the insurance you want.

Does My Boat Insurance Cover Travel to Canada or Mexico?

Dern & Company knows your boat provides the key to exploration and you’ll probably want to take it much further than the waters local to Milwaukee, WI.

Navigable Waters Covered

Your policy states which navigable waters it covers, called the navigational warranty. Policies differ so some cover the neighboring countries of Canada and Mexico, while others do not.

Also, most policies offer damage coverage, but not liability outside of US waters. That means you need other liability insurance. For example, Mexico requires boaters in its waters to carry Mexican liability insurance.

Obtaining Foreign Insurance

You can’t wait until arriving in Canada or Mexico to obtain insurance. Dern & Company can help you get an appropriate policy written by a company in the country you want to visit.

Travel to Other Countries

Boating to a foreign local provides an adventure. You explore waters new to you, but it’s important to familiarize yourself with that country’s laws. Those still apply even if you’re floating in their inland waters.

You’ll also need to plan for your arrival. Research which ports have a customs house. Navigate directly to this port with appropriate documentation when entering that country. Each country requires different entry requirements, but at a minimum, you’ll need your passport, license, registration, proof of insurance, and vaccination records. Some countries require a visa.

Remember to fly your country of origin’s flag. For vessels, except sailboats, fly it off the stern. For a sailboat, fly it off the leech of the after-sail.

Contact Dern & Company when you decide to explore beyond the local waters of Milwaukee, WI. We’ll help you insure your boat to ensure you have a relaxing trip.