What Does Commercial Insurance Cover?

Your business is not only a huge investment of time, money, and hard work, it is also your livelihood so you will want to ensure it is protected and the best way to do that is through obtaining a commercial insurance policy.

A commercial insurance policy is designed to protect you, your business, and your employees and has several coverage options.

Most Common Coverage of Commercial Insurance

Property Insurance

Commercial insurance will cover your business itself, including the building that you own that houses your business. If you rent the space, it will cover just your business and inventory. This is important in the event your business is damaged by a fire, vandalism, or natural disaster. It will also cover your business and products if your business is broken into and items are stolen or vandalized.

Liability

It is important to have liability insurance that will cover medical expenses if one of your customers or visitors to your business is injured while on your property. This part of your policy will also cover someone who is injured due to an accident or other incident that is caused by a product you sell or by an employee of your business. It will also cover damages caused by an incident, such as something falling while your employees are working and injuring a passerby.

Worker’s Compensation

This part of your policy covers your employees if one or more of them is injured on the job. For example, if you own a tree trimming business and an employee falls from a tree, this part of your policy will cover your employee’s medical bills.

To create the best policy for you and your business and learn more about coverage options, visit the experienced and trusted commercial insurance agents at Tackett Insurance Inc in Memphis, TN.

Tips for making a home insurance claim

Tips for making a home insurance claim

While it is always every homeowner’s wish never to make a home insurance claim, they still happen, and sadly, most of them are rejected. According to GoCompare, one in six household insurance claims are denied every year. That is a good confirmation that many homeowners in Memphis, TN, and other states, don’t know much about their home insurance policies.

So, how do you go about filing a home insurance claim? Tackett Insurance, Inc. will help you with several tips to help get the most in the event of a claim process.

Focus on what is covered and not the price.

If you have never gone through your insurance policy, this is the time to have a serious look at what is written down there. Read between the lines as you focus on what is included. This will help you know what is covered and what is not covered.

Take an inventory of your belongings.

It is imperative to have an inventory of your property, or else how will you prove to your insurance company that a specific item was stolen when you can’t prove that you owned it? Keep receipts, photos, or videos.

For major claims, hire an insurance adjuster.

While insurance companies have their insurance adjusters, it is crucial to hire one if you have a significant claim. Your insurance adjuster will take over the claiming process and ensure the claiming process goes smoothly until you are settled.

Act quickly

In case of an accident like fire, your speed matters a lot. Save what you can save, such as important documents and valuable items. If there are repairs to be done, call your contractor and make sure to notify your insurer. Sometimes your insurance company in Memphis, TN may require to assess the damage themselves; in this case, don’t touch anything.

Remember to be honest and offer complete details when filing your home insurance claim. If you still have more questions, feel free to write to us at Tackett Insurance, Inc., and our experts will get back to you.

Do You Really Need Renter’s Insurance in Tennessee?

You may wonder if you need to have renter’s insurance for your apartment in Tennessee. This is a complicated matter that would best be answered by a professional at an agency such as Tackett Insurance, Inc. in Memphis, TN.

Should I Get Renter’s Insurance?

The simple answer is that you aren’t required by the state to have renter’s insurance. However, it is a commonplace for landlords to ask that you get a policy. This stipulation will be included in the lease agreement if that’s the case.

If the homeowner’s policy your landlord has in place doesn’t cover your belongings, it’s vital to seek out coverage yourself. This way, you won’t have to deal with the added frustration of paying to replace or repair your possessions if they are damaged or stolen. The appropriate amount of coverage will depend on the value of your items, which you should assess with the help of an expert before you go in to sign up for your renter’s insurance.

Know What You’re Getting Into with Your Insurance Policy

It’s a big deal to have insurance, and you want to know that it’s aligned with your specific needs and situation. Though such a policy isn’t required by law in Tennessee, it’s in your best interest at least to look into if it’s right for you. Keep in mind that there will be some tricky terms, so it will be helpful to read up on the most common aspects (like cost value and replacement costs) of a renters insurance policy beforehand.

Ask a qualified expert any questions and talk about your concerns. You can contact Tackett Insurance, Inc.in Memphis, TN to find out about our options for quality renter’s insurance.

What Is Umbrella Insurance?

Umbrella insurance is often misunderstood by many. This insurance steps in after policy maximums have been met for homeowners, auto, or watercraft policy coverage. In other words, this insurance covers what your other insurance policies don’t. However, several things must be understood to figure out who is best served by this type of insurance and how it works. 

How Does it Work?

Umbrella insurance isn’t difficult to understand. This insurance covers/pays once you have used up or reached the maximum liability limits of your insurance policy. It may also cover things that aren’t covered at all in your insurance policy. Your primary insurance company will pay the maximum amount according to your policy coverage. However, it should be noted that umbrella insurance won’t pay for your expenses or anything that isn’t part of your coverage. It also won’t cover any exclusions listed in your policy. It is designed to kick in once your policy has reached its maximum limit, and more coverage is needed. At Tackett Insurance, Inc., we understand that this type of insurance is not recognized by many. This is one of the many reasons why we are dedicated to helping Memphis, TN residents who might benefit, learn the ABC’s of this type of insurance. This insurance covers a wide variety of different things. It can be beneficial by protecting you in bodily injury and property damage liability claims, in addition to slander, legal fees, and false arrest.

Most people who invest in umbrella insurance opt to have, at the least, a million-dollar policy, even if the assets they own are less than a million in value. This level of coverage can cover many unforeseen situations and circumstances. Think of umbrella insurance as additional liability coverage when damages or other situations max out your primary insurance limits. This insurance steps in to cover the rest. 

In short, umbrella insurance helps cover any financial responsibility due to an injury or loss to someone else and supplements other policy coverages. We take pride in educating people. Your win is our win. Give Tackett Insurance, Inc. a call.

What to look for when choosing insurance for your Tennessee condo

If you have recently purchased a condo in the greater Collierville or Memphis, TN community, we want to welcome you! The team at Tackett Insurance, Inc. is here to provide all of your insurance needs, and we can help you determine which condo policy is right for you.

Important Coverage You Need from Your Condo Insurance Policy

Owning a condo is a bit different than owning a house, and the insurance requirements also differ. While your condo association will have a policy that covers the condo structure itself, along with common areas within the building, you are responsible for any damage that occurs within your own unit. This responsibility also includes any damage that may be caused by a neighbor, such as leaking pipes, that also affect your home. Because of this, it is vital to have the right coverage at the correct policy limit levels to ensure that you are protected in the event of a mishap, no matter who may be the cause of the damage. We recommend that condo owners review their policies regularly to ensure that they have adequate protection for their needs. Don’t find out that you don’t have the coverage you need after the damage is done! Get the right policy now that provides the coverage you need.

If you are in the greater Collierville or Memphis, TN area, and need a new or upgraded condo insurance policy, it’s time to talk to the team at Tackett Insurance, Inc. We are here to help you determine which policy is right for you and help you make sure that your coverage limits are adequate to your needs. Call or stop by today to learn more about the condo insurance policy options that are available in our area.

How Does Whole Life Protect My Family?

Whole life policies were created to provide your family with the financial security they need when you can no longer provide for them. In Memphis, TN, local residents have the option to choose between different types of life insurance policies. The agents at Tackett Insurance, Inc. have the information they need to make an informed choice when buying a life insurance policy for themselves.

Provides an Income to Make Up for Losing Yours

A whole life policy will pay the entire face value of the policy upon your death no matter how long you have been paying into it. The rule of thumb is to choose a policy amount that will sustain your family’s current lifestyle for two or three years if you are no longer there to support them. In most cases, this would be three times the amount of your annual income. Although the money will not replace you, it will allow your family to be cared for in your absence.

Offers Long-Term Stability Through Trusts 

If you choose, you can decide on a higher amount so the extra money can be put in trust accounts for your children. This money is set aside and will continue to grow interest. When your children reach a certain age, typically 18 or 21, they can use the funds for college or whatever they choose.

If you’re near Memphis, TN, take a few moments and call the agents of Tackett Insurance, Inc. Each agent understands the sensitive nature of life insurance and caring for your family’s needs. You can get the answers you need by merely making an appointment and talking to an agent. Call today!

Are Pets Covered by Auto Insurance?

For many, pets are a part of the family, and it’s natural to want such furry family members to live as long and healthy a life as possible. Unfortunately, those lives can be cut short in the event of an auto accident. This is especially true when pets aren’t safely restrained by a seat belt over their body or by a belt connecting their crate to the seat. But even with such safety restraints, a pet may suffer injuries in an auto accident. Tackett insurance, Inc. offers a look at what happens if you are in a car accident with your pet and whether an auto insurance plan will cover your pet:

Are Pets Covered by Auto Insurance?

The answer is that it depends upon who is determined to be at-fault for the accident and what type of insurance coverage you choose.

  • If you are found not at fault. Both the government and insurance companies currently see pets as property. Thus, if someone else is found at-fault of the car accident in which your pet was injured, restitution for your pet’s injuries are likely to be covered under the other person’s property damage (or liability coverage). You will need to file a claim with the other driver’s insurance company (keep all of our receipts), but generally, your pet’s medical expenses will be paid or reimbursed by this policy. 
  • If you are found at fault. If you are deemed at fault for a car accident, then your pet’s injuries sustained by that accident may still be covered, but only if it’s explicitly stated by the policy. Generally, this is a free or cheap add-on to collision or comprehensive auto coverage.

Ask Your Tackett Insurance, Inc. Agent About Pet Coverage

Not sure if your pet is currently covered? Contact our team at Tackett Insurance, Inc. in Memphis, TN today to talk with a friendly team about updating your auto insurance policy. 

Three mistakes small business owners often make when it comes to commercial insurance

Commercial insurance is essential for growing companies. However, many business owners make big commercial insurance mistakes that detract from the value they get out of their coverage.

At Tackett Insurance, Inc., we offer commercial insurance policies to business owners in Memphis, TN. We recommend that small business owners avoid the following three commercial insurance mistakes. 

Purchasing a policy with liability limits that are low to save money

It’s true that monthly premiums will be lower on policies that offer less liability coverage. However, low liability limits can really create problems for business owners if they need to file a claim. 

Low liability limits mean that a company needs to pay for any expenses over the liability limits out-of-pocket. It’s also important to note that commercial insurance that is required by law should specify how high the liability limits need to be. Business owners must meet any liability limits that are required by law to avoid harsh penalties. 

Overlooking important types of coverage

There are a lot of different types of commercial insurance coverage out there. Business owners need to be aware of all the coverage options to choose the ones they most need for their companies. Some commercial insurance types that are often overlooked include errors and omissions coverage, commercial property insurance, and premises liability coverage. 

Neglecting to update a commercial insurance policy as one’s company changes

As your company grows, it may take on new liabilities and responsibilities. You need to adjust your insurance coverage accordingly. Discuss your insurance coverage with a representative from your commercial insurance provider as your company changes. Make sure your coverage is regularly updated to adjust to changes at your company. 

To explore the policies we offer to Memphis, TN business owners, contact us at Tackett Insurance, Inc.

What Your Renters Insurance will Not Cover

Your renter’s insurance policy from Tackett Insurance, Inc. is a great investment. It makes sure that if you lose your personal possessions due to fire or theft, they will be replaced. It also helps out with medical bills if somebody has an accident inside your Collierville or Memphis, TN home. However, there are limits to what it can do.

Storage Areas in the Basement

Most renters policies only protect items in your dedicated space–not any kind of common area. If you have a storage bin in the basement or attic of the building, its contents would not likely be protected by your insurance. This is due to the fact that multiple people have access to the area and damage would not be limited just to your items in the event of a disaster or criminal entry.

Common Parking Garages

If your apartment has a garage that is accessible only by your unit, that area would be protected by your policy. If you park in a large shed that houses multiple vehicles from different units, that would not be covered. Any tools or accessories you store in this area may not even be covered by the apartment building complex policy.

Decks and Patios

Finally, your shared deck or patio would also no fall under your single unit policy and that would extend to the furniture, BBQ, or bicycle that you leave there. In order to be covered by most renters’ insurance policies, the deck would need to have a tall fence surrounding it with a locked gate preventing any passersby from causing harm or absconding with your gear.

If you have questions about which areas are considered common in your Memphis, TN apartment building, take the time to speak with both your building manager and your agent at Tackett Insurance, Inc.

Car Safety Rules for New Drivers

Learning to drive can be fun, but it can also feel overwhelming at times. One thing to keep in mind is that it doesn’t matter how long you have been driving; there are always things you can do to improve your safety and the safety of others on the road. Here are a few tips that Tackett Insurance, Inc. agents in Memphis, TN recommend for new drivers.

Know the Vehicle You’re In

Most people spend at least two or more hours in their vehicles every day. You’ll be spending a lot of time in your car, so you’ll want to make sure that you are comfortable and familiar with everything. Each vehicle has minor differences, and most vehicles are the same when it comes to the main mechanics. For example, the brake, accelerator, and emergency brakes are always in the same place. The turn signals, windshield wiper switch, and other devices may be in a different location on some vehicles. 

Make Adjustments

Minor adjustments can make significant differences whenever you enter a vehicle. First, adjust the seat to your comfort. Your feet should feel good on the brake and accelerator pedals, as well as your hands to the steering wheel. Then, adjust the mirrors. Your right and left side mirrors. The left mirror should be positioned so you can see only part of your vehicle in view.

Avoid Distractions

Focus on driving while you’re driving. If you’re a new driving, you should keep the music down. Pullover to the side of the road or into a parking space if you need to use your phone. Don’t eat or drink to avoid spills, which can lead to distractions.

Near Memphis, TN? Stop in today to see what the associates at Tackett Insurance, Inc. can do for you.