How commercial insurance can save your small business

Posted on December 20, 2022December 20, 2022 by admin

Small businesses face lots of challenges every day. The risk level for failure is very high. While commercial insurance can’t protect you from everything, it offers a variety of lines that can come in very handy. At Toedt Insurance Agency LLC in Albany, NY, our team of insurance experts can help discuss your commercial insurance needs and determine the coverage that offers the most protection.

How commercial insurance can save your small business

Commercial liability insurance

One of the biggest perils that businesses face and small businesses in particular is the danger of being sued. It is so common that about 30% of all businesses will be sued in any given year. In an atmosphere where suing is something that can bankrupt your small business, protecting yourself is vital. With commercial liability coverage, you will be able to pay a judgment up to the limit of your policy and also the legal cost associated with it.

Commercial property insurance coverage

Commercial property insurance is different from individual home property insurance. Not only does it cover the physical building, but it also covers all the things you use to do business. This makes it valuable coverage for renters as well as building owners. It covers your tools, your machines, your office equipment, display cases and racks, raw materials, inventory, and lots more.

Business interruption insurance

When something happens to your business to make it close its doors for the short term, income may come to a halt. Unfortunately, your expenses usually don’t. If you don’t have business interruption insurance coverage, you may not be able to recover from a temporary closure. It can help you to pay your bills and even payroll. It is a lifesaver.

Give Us A Call

Contact Toedt Insurance Agency LLC in Albany, NY when you need to talk about the benefits of commercial insurance for your small business.

What is a Home Inventory Sheet?

Posted on November 17, 2022November 17, 2022 by admin

A home inventory sheet is an essential tool to help you in the event of a claim after a disaster. In addition, this can help you select the right amount of insurance to purchase, and your Toedt Insurance Agency LLC representative will be happy to answer any questions you have in this regard.

What is a Home Inventory Sheet?

Your inventory should, at its most basic, include a list of all possessions kept on your property. Secondly, there should be an in-depth description of the item itself. Video helps in this endeavor, as you can film from multiple angles and show the condition at the time of filming as well as any special features.

Be sure to write down any pertinent serial numbers, the make and model, or any other identifier. Also, record the date of purchase along with a copy of the receipt. It’s also recommended that you take a photograph of the receipt, as these can tend to degrade with age.

It’s important to state the purchase price but also the amount you estimate it would cost to replace the item. Keep a backup of this document at a separate location, in cloud-based storage, on a home inventory sheet app, or in a safe deposit box. Keep the information current, updating all copies at periodic intervals.

Homeowners insurance is not a requirement in the state of New York by law but is usually mandated by your lender as long as you have a balance. Some Albany, NY residents choose to continue carrying this indemnification for the benefits it confers.

Let Us Meet Your Insurance Needs

We at Toedt Insurance Agency LLC in Albany, NY work hard to get the right coverage package for you. You can reach us by phone or email, and we invite you to stop by our office.

Is it worth it to get roadside assistance as part of your auto policy?

Posted on October 28, 2022November 1, 2022 by admin

If you are a car owner in Albany, NY or the surrounding area, you can count on the team at Toedt Insurance Agency LLC for all of your insurance needs. We can help you find the policy that works well with your needs. Contact our office today!

Benefits of including roadside assistance with your auto policy

In addition to the basic coverage that you expect from your auto insurance policy, there are also a number of exciting add-ons available. Features like roadside assistance can be of great benefit if you are ever involved in a mishap or experience a breakdown.

One of the main benefits of securing your roadside assistance service through your auto policy is the fact that you know that any service providers dispatched by the service will be approved by your insurance carrier. This can give you peace of mind during a very stressful situation.

Your insurance carrier has a vested interest in keeping you and your vehicle as safe as possible. Roadside assistance that is provided as part of your auto service is sure to be efficient and effective. Being involved in an accident, or finding yourself stranded by the side of the road are incredibly stressful situations. Knowing that you have help on the way can help to alleviate that stress. Find out more today about roadside assistance and the other great feature add-ons available.

Find out more today!

Toedt Insurance Agency LLC is proud to serve the insurance needs of our friends and neighbors in the greater Albany, NY area. If you have questions about the many auto insurance policy add-ons that are available in our area, give us a call or stop by our office today and learn more.

Commercial Insurance Considerations For Your Growing Business

Posted on September 29, 2022September 29, 2022 by admin

If you own your own business of any size in the state of New York you want to be knowledgeable about New York insurance requirements. The good news is that the state’s commercial insurance requirements are straightforward and serve to protect business owners and their employees. At Toedt Insurance Agency LLC we serve Albany, NY and the surrounding areas with insurance services for businesses, homes, autos, and more. We will be happy to answer any questions you may have about coverage.

How Much Commercial Insurance Does Your Business Need?

The basic requirements for insurance for New York businesses are Worker’s Compensation and Disability for each and every employee (even if that employee is family), and commercial auto insurance if you use a company vehicle. These policies are easy to purchase and cover the basic needs of a business.

However, a wise business owner will look further than the basic legal requirements for insurance and add specific coverage for the unique risks and needs of their business. For example, if your business stores a significant amount of inventory, you may want to increase insurance on the building and its contents, if you work one on one with clients you have an increased liability and may need coverage for your protection. If you work with large sums of money it only makes sense to have specific coverage that protects your business in case of theft or fraud. You may be surprised at the individualized policies available for your specific business needs and unique risks.

Contact Us Today

If you own and business in or around Albany, NY contact us at Toedt Insurance Agency LLC to discuss your commercial insurance needs today.

Five Mistakes People Make When Buying Home Insurance

Posted on August 31, 2022September 2, 2022 by admin

Home insurance is one of those things that you hope you never have to use, but it’s there for peace of mind if the worst happens. However, many people make mistakes when buying home insurance that can cost them dearly if they ever need to make a claim. This blog post will explore five of the most common mistakes people make when buying home insurance. By avoiding these pitfalls, you can be sure that you’re getting the best coverage for your needs. So read on to learn more.

1. Not Reading the Policy Documents Carefully

When taking out any insurance, it’s essential to read the policy documents carefully to understand exactly what is and isn’t covered. This is especially true for home insurance, as there can be a lot of small print that you may not be aware of. Many people skim over the policy documents or don’t read them at all and then find themselves disappointed when they try to make a claim and discover that it’s not covered. So take the time to carefully read your policy documents to know exactly what you’re covered for.

2. Not Disclosing Any Relevant Information

When applying for home insurance, you’ll be asked to disclose relevant information about your property and lifestyle. It’s vital that you answer these questions honestly, as failing to do so could invalidate your policy.

3. Buying the Bare Minimum of Coverage

Many try to save money by only buying the bare minimum of home insurance coverage they need. However, this can be a false economy, as if you ever need to make a claim, you may find that your damages aren’t fully covered. It’s always better to err on the side of caution.

4. Not Shopping Around

When it comes to insurance, it’s important to shop around and compare different policies before you decide on one. Many people go with the first policy they come across without research, but this could cost you more in the long run.

5. Not Reviewing Your Policy Regularly

Your needs and circumstances can change over time, and it’s important to review your home insurance policy regularly to ensure that it still meets your needs. Many take out a policy and then forget it, but this could leave you underinsured or even completely uninsured.

If you’re looking for home insurance in Albany, NY, Toedt Insurance Agency LLC can help. We offer various policy options to suit your needs, and our team can help you find the right coverage for your situation. Contact us today to get started.

DWELLING VALUES AND HOMEOWNER RENEWAL PRICE INCREASES

Posted on August 22, 2022August 22, 2022 by Sherry Toedt

If you have been wondering why homeowner renewal prices have gone up more than usual, then wonder no more. The price increase is mainly due to increasing material and labor costs. This increase results in increases to the dwelling (or home) valuation or better known as your replacement cost. The average increase in valuation to replace your home is around 14%. Typically dwelling (home) values increase around 4-6% annually to keep pace with inflation. Since inflation is high and some materials still on back order or in short supply, dwelling replacement values have significantly increased. If you wish to discuss your dwelling values or premium increases, we’re here to help. Contact me at: toedtinsuranceagency@nycap.rr.com.

PROPERTY VALUATION RISK

Posted on August 16, 2022August 16, 2022 by Sherry Toedt

Accurately stating a building’s replacement cost or actual cash value with an adequate and current valuation has always been important for insureds. High inflation and supply chain constraints have further complicated matters making proper building valuation more important than ever.

The consequences of an undervalued building could have big implications for insureds, in the form of potentially large out-of-pocket expenses. Accurately stating a building’s replacement cost is important in order to help ensure that you-the insured have the level of protection you expect and need.

Common misperceptions with valuation
• Misperception #1: Purchase price or market value reflects an accurate value for a building’s replacement cost.
o The price of the building or current market value may not be an accurate reflection of its replacement cost.
• Misperception #2: Tax and mortgage costs show a building’s value.
o Assessed value for tax purposes can be vastly different from the cost of materials and labor to repair or replace building when it’s damaged.
o Similarly, appraisals performed to establish loans are typically performed at the beginning of the loan term and not updated until the financing program is renegotiated.
• Misperception #3: Keeping a valuation as is, despite inflation, will be fine.
o Property market dynamics vary, but if insured value does not increase over the course of a few years, there is a strong possibility it is undervalued. This dynamic is even more relevant in the current inflationary environment.
• Misperception #4: Buildings should be valued at the minimum amount required in the coinsurance clause.
o Coinsurance clauses in property policies allow for a buffer in the valuation, to help protect the policyholder in a situation where the value fluctuates over the policy period. Insuring a building at the minimum amount required by the coinsurance clause can increase the risk to the insured because using the minimum does not allow for common material and labor cost fluctuations.

Below is a simple example of how a valuation change can negatively affect a property owner:
• A commercial office building insured for $600,000 when the owner purchased it appreciates in value a few years later and suffers a total loss from a fire, costing $1M to replace. The property policy has scheduled limits of $600,000, meaning the insurer will pay a maximum amount of $600,000 for the claim (additional co-insurance penalties may apply). The building owner therefore faces at least $400,000 in out-of-pocket costs to rebuild.

It’s important that you-the insured knows that replacement costs have, in most instances, drastically increased in today’s market. Using values from prior years presents you-the insured with a significant risk. Our team of educated property professionals at Toedt Insurance Agency, LLC is here to help. We’ll help you use historical valuations, current local cost per square foot pricing and site specific details to arrive at an appropriate valuation. Contact Us Today!

WELCOME TO OUR WONDERFUL WORLD OF INSURANCE

Posted on August 10, 2022August 10, 2022 by Sherry Toedt

Welcome to all our past, present and future customers. This blog is the place you can come to find out about every type of insurance, why it’s important, whether or not you need it, what does it do and can you get it at a good price. Our 35+ years of experience on the company and agency sides will guide you in making the best decisions for your family or business. Stay tuned as we’ll be posting weekly.