What is Umbrella Insurance?

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Umbrella insurance also known as personal excess liability covers gives you extra protection against lawsuits and claims made against you that exceed what your normal policy covers.

For example, say you are in an accident and you must pay $500,000 in bodily injuries to the other party but your bodily injury limit only covers $200,000.  Where does the other $300,000 you owe come from?  Well this in effect is the beauty of having an umbrella insurance policy because it will cover the remaining $300k. 

Ok, so what does it cover?

What's covered under umbrella insurance:

  • Bodily injury
  • Personal injury
  • Property damage
  • Landlord liability

What typically isn't covered under umbrella:

  • Personal belongings
  • What's Covered
  • Intentional or criminal acts or omissions
  • Written or oral contracts

Who should have it?

Generally, anyone who has 1 million or more in net worth should always have an umbrella policy because the minimum amount sold on a policy is $1 million. However, it might make sense for someone who falls below that number to purchase it.

Arnold Insurance Agency can answer any questions about personal umbrella policies, so you can decide whether having additional liability coverage makes sense for you. Give us a call today at 614-863-0455 or toll free at 1800-345-BOND. 

 

What you need to know about OSHA's Electronic Reporting Rule

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What is it? 

OSHA is taking information that employers are already required to collect and using these data to help keep workers safer and make employers, the public, and the government better informed about workplace hazards. Releasing the data in standard, open formats will:

  • Encourage employers to increase their efforts to prevent worker injuries and illnesses, and, compelled by their competitive spirit, to race to the top in terms of worker safety.
  • Enable researchers to examine these data in innovative ways that may help employers make their workplaces safer and healthier and may also help to identify new workplace safety hazards before they become widespread.

https://www.osha.gov/recordkeeping/finalrule/index.html

Who needs to report and how?

  • Organizations that are already required to create and maintain OSHA injury and illness records and have 250 or more employees. Forms, 300A, 300, 301
  • Have between 20 and 249 employees and belong to a high-risk industry , Forms 300A
  • Receive a specific request from OSHA to create, maintain and submit electronic records, even if they would otherwise be exempt from OSHA record keeping requirements.

Who doesn't need to report?

Organization who have under under 20 employees guidelines are as of now, not required to report to OSHA at the July 1st deadline. But be sure to keep up to date with all OSHA updates because they change all the time. https://www.osha.gov/

Be sure to follow Arnold Insurance on social media for updates on future OSHA requirements and other safety tips throughout the year! Facebook, Twitter

What is an Independent Insurance Agent???

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What is an independent insurance agent? The first thing to consider is that they are not just an "salesperson" trying to sell you an expensive policy but more of a producer who represents the insurance companies and works with you to guarantee that you are getting the best available option in terms of coverage at the right price. Think of them as a personal shopper who goes out to the store and picks out the groceries (policies and coverage's) that fits your budget and your needs. 

They are trained and licensed experts: Our agent have years of experience working to understand the complexities of the insurance industry so that they are able to explain to you what you are purchasing is easy to understand terms. This knowledge also gives them to ability to know exactly what to look for in getting you the best policy that fits your needs. 

They create a one-stop shop: By now we know that our agents can shop dozens of policies across dozens of companies all at once for you to guarantee you are getting the best option available, but did you know they can take care of all your insurance needs all at once as well? If you own a small business, you can secure commercial insurance coverage from Arnold Insurance Agency along with insuring your car and home too!

They are with you every step of the way: While you can buy insurance online yourself, too many people either buy too much coverage or not enough while paying way too much. Having an agent walk you through a tailored policy ensures that you have the right coverage and do the work for you in finding the right price. When the unexpected happens and you need to file a claim or need to change your coverage, your agent can be your advocate, working with the insurance company on your behalf.

Independent insurance agents save you time, save you money and build a relationship with you that can last a life time to ensure you always have peace of mind while buying the best policies. Arnold Insurances goal is to protect you and your family from those unexpected events by finding the right coverage at an affordable rate. Give us a call today!