Keeping Your Doors Open: Why You Need Business Income Coverage

What would you do if your Oxford, MS business suffered a loss that forced you to shut your doors and resulted in income loss? How will you pay your continuing expenses? Business income coverage from Tackett Insurance, Inc. will protect your company against any loss of income resulting in a shutdown to your business operations. Also called business interruption insurance, this coverage may be issued in combination with expanded coverage or in a separate policy. Business interruption insurance is crucial if you want to keep your doors open in the event of a loss.

What Is Considered Business Income? 

Business income is generally regarded as: 

Your net income – This is the income (including profit or loss) your company typically would have brought in before your income taxes are subtracted. 

Your continuing expenses – These are your normal operating expenses you’ll continue to pay after a loss, such as a payroll, electricity, property taxes, and rent. 

What Are My Business Income Coverage Options? 

When purchasing business income coverage for your Tupelo or Oxford, MS business, you have one of three options: 

  • Business Income Including Rental Value  
  • Rental Value Only  
  • Business Income Without Rental Value 

Requirements for Business Income Coverage 

A business income loss for your business will only be covered if all of the following conditions are satisfied: 

  • You suffer income loss 

  • You suffer a physical loss of a covered peril  

  • You are within your scheduled limit  

Suspension During Period of Restoration  

A suspension occurs if due to a covered peril, your business operations and income slow down or cease completely. If you are a landlord and your insurance coverage includes rental value, then a suspension will occur if all or some of the covered premises become uninhabitable due to damage by a covered peril. 

For more information about how to cover your business from income or rental income loss, call the experts at Tackett Insurance, Inc. today. 

How To Protect Your Home From Theft This Holiday Season

Packages are left at the front door. Time is spent away from home at parties. Hundreds of dollars worth of gifts are stored in the home. Food to make, gifts to wrap, events to plan, so many things that leave you distracted and off guard. All of these things combined create the perfect environment for thieves during the holidays. Even if you live in a safe neighborhood in Oxford, MS, you’re not free from risk. At Tackett Insurance, Inc., we know that thieves are thieves, and they don’t care what neighborhood they’re in. Taking a few precautions can go a long way in protecting your home and your possessions.

Inside Your Home

  • Always lock your doors and windows

  • Leave porch lights as well as some inside lights on if you are going to be away from home

  • Don’t set your Christmas lights to go on and off at the same time each day

  • If you’re traveling for more than a day, have the post office hold your mail

  • Don’t leave your gifts out in the open, and especially not in front of a window

You don’t want thieves to enter your home, but you also don’t want them to steal things without actually going into your home either. Unfortunately, package theft is a big problem, especially during the holidays. Make sure you protect the outside of your home as well.

Outside Your Home

  • Require a signature for all packages or schedule delivery for when you will be home

  • If possible, have your packages delivered to your work or have a neighbor pick them up for you

  • Keep your bushes around your home trimmed and don’t clutter your yard or porch with too many decorations. Overgrown bushes or large decorations provide the perfect place for thieves to hide.

  • Invest in a video doorbell so you can stop a package thief right in their tracks

When someone takes advantage of you by stealing, you can feel violated and not even know what to do next. If you do find yourself in this situation and you live near Oxford, MS, Tackett Insurance, Inc. is here to help you out.

Common types of renters insurance.

Often at times, when disaster strikes, it does not matter whether you are a homeowner or renter. According to Tackett Insurance, Inc. in Oxford, MS, as a renter, it is essential to have your personal items protected by purchasing renters insurance to protect your personal property against losses within the rented property. Some people underestimate the value of their property not knowing the how important certain items are.

The common types of renter’s insurance policies include:

1. Coverage for personal property

This type of coverage protects your personal property from loss due to theft, lightning, vandalism, explosion, fire, and any other types of loss. As a renter, it is important to buy enough renters insurance that will cater for replacement of all your personal possessions in case of any loss. You can choose between replacement cost coverage which will provide enough payment for replacement of your possessions or actual cash value coverage which includes a deduction for replacement.

2. Personal liability protection

Personal liability protection provides liability protection against any legal actions for bodily injury or property damage instigated by the renter or any of their family members. The coverage covers lawful justification costs up to the limit of your policy. Also, it includes a no-fault medical coverage as a section of the liability protection which facilitates the bills of an injured person under your rented property.

3. Additional living expenses protection/Loss of use

Loss of use or additional living expense provides coverage for safeguarding against financial risks of an indemnified catastrophe which has made it indispensable to stay somewhere else in the short term while their rental homes are being repaired or rebuilt.

Purchasing renters insurance is always worth the hustle, especially when you consider the value of your items vs. the cost of coverage. At Tackett Insurance, Inc. in Oxford, MS, we are always ready to help you get the protection you need. If you are a tenant looking for this coverage, don’t hesitate to call us. We will be glad to help you and make sure you are covered.

Is umbrella insurance always a necessity?

 Making sure that you are adequately covered by insurance is extremely important. When you were considering your insurance needs, there are many different types of policies that you may need including home, auto, and medical. One additional type of insurance that some people need is umbrella insurance.

Umbrella insurance is a type of liability insurance coverage that is typically on top of the coverage you receive from your home and auto policies. While most people may be OK with the base liability coverage that they receive through their home and auto policies, there are situations in which you may need to have umbrella insurance.

Significant Assets

The first situation in which you should consider having umbrella insurance is if you have significant assets. If you have a high net worth and are a notable person in your community, you are also more at risk of being sued for liability. Because of this, you may want to have a better umbrella insurance policy in place to provide you with protection.

Risk of Items Not Covered

When you have a home and auto insurance policy in place, you will receive some basic liability coverage. However, this coverage often does not include liability coverage for some specific issues. For example, if you are a reporter or author, you will not receive coverage for libel or slander. Because of this, people in these fields should always consider having an additional umbrella insurance policy in place to provide the protection that they need.

If you are in the Oxford, MS area and are curious about your umbrella insurance needs, speaking with the team at Tackett Insurance, Inc. would be a great option. The professionals at Tackett Insurance, Inc. in Oxford, MS will be able to review your situation and give you an honest assessment of your needs for this coverage and help determine how much coverage you should acquire. 

The Pros And Cons Of Condominium Insurance

The agents of Tackett Insurance, Inc. in Oxford, MS are experts in all categories of home insurance and should be consulted before you purchase your home. When you are purchasing your first home, you better know what you are buying. Are you buying a condominium, townhouse, single family home, or a detached condominium? 

An inexperienced real estate agent or an attorney whose area of specialty is not real estate cannot be depended on to determine the right category of home. The time to decide on the right category of a home must be made before closing or buy the property. There are situations where the developer did not follow state regulations and a homeowners association was not established after the last lot in the development was sold. The legal implications are dire if you thought you were buying a condo and ended up buying a townhouse or you thought you were buying a single family home where you owned the land and houses interior and exterior, and then found out that you purchased a detached condominium.

Condominium insurance is unlike homeowners insurance. The condo owner’s policy typically would cover interior walls, personal property, valuables, and appliances. It will also pay for fire and smoke, explosions, wind and hail, theft, vandalism, lightning, and burst pipes, but will not pay for earthquakes, floods, nuclear hazards, damage from birds, rodents and insects, wear and tear, and damage from underground water (such as sewer backups).

Your policy will also protect the condo owner against liability claims if the owner is responsible for a third person’s injury, medical expenses, or property damage, or any legal fees as a result of a lawsuit.

Contact Tackett Insurance, Inc. in Oxford, MS and make an appointment. Please call before you purchase!

5 Ways Life Insurance Benefits Singles

Just because you’re single doesn’t mean you can’t benefit from the financial help that life insurance has to offer. As a single, life insurance from Tackett Insurance, Inc. in Oxford, MS can provide you with the following benefits and more:

Financial Security for Loved Ones   

You may not have a spouse and children, but there are probably people you care about who could benefit from financial assistance if you were to pass on suddenly. Life insurance benefits could help your aging parents in retirement, or younger siblings pay for their college education. Benefits can even go to your favorite charity to help those in need.

Funds to Liquidate Debts

Some debts are automatically liquidated when a person dies. Co-signed debts, however, will need to be paid off. Life insurance benefits can help liquidate co-signed debts such as private student loans, mortgage, joint credit cards, business loans, etc., so your relatives or business partners don’t have to assume this financial burden.

Monetary Help for Business Partner

If you own a business with one or more partners, your sudden demise could leave them in trouble due to depending on your financial investment. Life insurance can act as financial security for your business partners, providing them with the monetary assistance they need to continue the business after you’re gone.

Funds to Pay Funeral Costs 

Life insurance benefits can help cover your funeral costs, so your parents or siblings aren’t burdened with this unforeseen expense upon your demise.  

Security for Future Family

You may not have children now, but that could change in the future. Getting a life insurance policy now will provide financial security for your spouse and kids in the future.

To learn more about life insurance options and costs, talk to an agent from Tackett Insurance, Inc. in Oxford, MS.

What Does My Auto Insurance Policy Cover?

According to Mississippi laws, all drivers must have at least the minimum liability insurance. However, it is wise to buy additional coverage for better protection. Auto insurance protects you from financial losses in case of insured risks. Reach out to Tackett Insurance, Inc. for your auto insurance needs from Oxford, MS to Memphis, TN. 

Auto Insurance Coverage Options

Liability Coverage

Liability insurance protects you from financial losses if you are legally liable for injuries or property damage to others. It does not cover injuries to you or damages to your car. Bodily injury liability helps you pay for the medical fees, loss of income, or funeral costs of another person in case of an accident where you are at fault. Property damage liability helps you to pay for the costs of repairing or replacing their property including their car, signposts, or home. If they sue you, your liability coverage compensates you for all legal charges that you incur.

Collision Insurance

Your collision insurance coverage compensates you for the costs of repairing or replacing your car after an accident. Your car needs to have collided with another car or object for you to claim this policy. You may also get compensation if your car rolls or falls over. Your collision insurance does not cover you for injuries to other people or damage to their property.

Uninsured/Underinsured Motorists Insurance

Even though car insurance is a requirement in Mississippi, some drivers may have insufficient or no insurance. If you get into an accident involving such drivers, they may not have a way to pay you. In such instances, you may claim your uninsured/underinsured motorists insurance. The policy may also cover you in case of hit-and-run accidents.

Contact Tackett Insurance, Inc. to discuss your auto insurance quote in Oxford, MS. Our agents can work with you to find the auto insurance policy that fits your needs.

Four common types of commercial insurance plans.

Commercial insurance from Tackett Insurance, Inc. in Oxford, MS is the insurance that protects businesses by covering them against losses arising from the damage to property or injury to employees. Usually, it includes property, liability, and workers compensation. Often, this type of insurance varies significantly from business to business because of the disparity and uniqueness. You can get an additional specialized coverage depending on your business, but for a start, a basic commercial policy is a utility.

Below are the four most common types of commercial insurance:

Property insurance

Property insurance plans generally cover damages to your business property that include structures and inventory. However, it might not cover all your property. Which means that you’ll have to purchase an add-on property coverage to cater for other items not included in the basic policy like income coverage, boiler and machinery insurance, crime insurance, builders risk insurance, tenants insurance, and ordinance or law insurance.

Liability insurance

This type of plan covers any detriments that the policyholder causes to third parties. A basic liability insurance plan only covers common risks like injury to customers on your premises, therefore, it is necessary to get a more specialized type of liability insurance to cater for other elements like errors and omission insurance to cater for unintended mistakes which cause injuries to third parties and malpractice insurance, also known as professional liability insurance.

Workers Compensation Insurance

This plan covers your employees if they are hurt in the line of duty. However much you may try to keep your workplace safe, it is difficult to have control over the state of your business completely. Therefore, purchasing a workers compensation policy will be beneficial to your employees since many state laws forbid employees from filing a negligence lawsuit against an employer for injuries connected to work.

Commercial auto insurance

Commercial automobile plans cover trucks, vans, cars, and buses used in your business. In case your driver injures a person or your vehicles are damaged or stolen, the coverage will reimburse you depending on the vehicle type. Premiums for this plan will depend on the risks related to the items you are moving and your business’ driving record.

The cost of commercial insurance policies always vary with the size and risk level of your business. For any legal guidance on what is good for your organization, don’t hesitate to talk to our agents at Tackett insurance, Inc. in Oxford, MS.

When Can You Claim Your Home Insurance

It’s crucial to insure your home against various uncertainties that may happen at any time. Natural disasters are prone to occur, and you may find yourself homeless if you lack a homeowners’ insurance policy in Oxford, MS.

Typically, you pay for the homeowners’ insurance to protect yourself against incurring significant financial losses when something happens to your home. Tackett Insurance, Inc. is here to help you and safeguard your property. However, the biggest challenge that exists among homeowners is knowing when to claim their homeowners’ insurance and when not to claim. Read on to find out.

When to File a Claim

You should file a claim for your homeowners’ insurance if something happens and the cost of replacing or repairing it is above your deductible amount. Let’s say that you have a $250,000 deductible. A tornado occurs and the roof of your house caves in. You discover that the cost of replacing your roof is $300,000. In this case, you should file a claim even if you can afford the $300,000 since your homeowners’ insurance policy covers your house’s structure.

You should also file a claim if something valuable is stolen from your home that can cost you a lot of money to replace. For example, when you lose $100,000 worth of silver, you’d be better off filing a claim than replacing the property from your own pocket.

Homeowners should also file their insurance claim if a third party files a liability claim against you; maybe for property damage or in case of a slip and fall case.

Information is Your Best Protection

Although it’s the insurer’s job to compensate you, it’s your responsibility to prove losses. The more information you can provide, the higher your chances of being compensated. Be sure to keep all the records and record your version of the occurrence. Take photos if possible and make sure that you obtain a police report.

Are you a homeowner in Oxford, MS? Contact Tackett Insurance, Inc. today for your homeowners’ insurance policy.