How Umbrella Insurance Can Protect Your Business

Catastrophe sometimes quickly hits your Memphis, TN, company in the form of an unexpected lawsuit. Umbrella insurance provides your business with an extra layer of protection from many types of unexpected risks, including lawsuits, liability claims, employee vehicle accidents, and much more. Tackett Insurance Inc. can advise business owners on how much umbrella insurance coverage is appropriate for their company.

A Policy Can Give You Peace of Mind

If you work in a litigation-prone industry, you could easily go bankrupt. A single jury award can wipe you out financially if the amount goes past your limits from other policies like general liability.  New businesses are especially at risk if unsatisfied customers claim inexperience or an accident on your property harmed them. Umbrella policies can also protect you from multiple smaller claims, which can slowly max out your liability limits.

Who Can Benefit the Most?

All companies can benefit from umbrella insurance, especially small ones. However, some industries have inherent risks that make them more vulnerable. Consider getting an umbrella policy for these reasons:

  • Your company manufactures dangerous materials
  • Employees are frequently in dangerous situations
  • Employees frequently drive for business
  • You rent heavy equipment
  • You work on others’ property

Anyone who has commercial property open to the public is also at risk. If someone sustains an injury on your property or an employee acts inappropriately, lawsuits can quickly follow. Some contracts may also require you to carry umbrella insurance. Government contracts usually require you to carry umbrella insurance, but almost any contract can.

Umbrella insurance is also less expensive than most people realize, making it a worthwhile investment. Let Tackett Insurance Inc., serving Memphis, TN, help you find an appropriate umbrella policy to offer your business extra protection. We will gladly customize one that fits your needs.

Your Condo Renovations May Require More Insurance Coverage

Renovations that are made in your condo may influence your decision to upgrade your insurance policy. Review the renovations below. Then, contact one of our agents at Tackett Insurance Inc. for additional assistance.

Cosmetic Upgrades

Painting, polishing, and patching surfaces within your home are cosmetic upgrades that may improve its overall value and beauty.

If the upgrades will require a considerable investment, you may want to increase the coverage your condo insurance policy provides.

Structural Upgrades

The construction of a new wall or floor will alter the appearance and layout of your condo. Structural upgrades should always be considered when modifying your existing insurance policy.

The cost of materials and labor should be considered when deciding how much coverage to add to your current condo insurance policy.

Functional Upgrades

Functional upgrades include any addition that will change the manner in which you utilize space within your condo. Each functional upgrade should be assessed separately.

If any of the upgrades are at risk of becoming damaged in the future, they should be added to your existing insurance policy.

Loose Possessions

Determine the value of any loose items you plan to add to your living space. Considerably valuable items should be included in your insurance policy. Prepare a list specifying all the loose items you want to add to your condo insurance.

Contact Tackett Insurance Inc.

One of our agents who represents the Memphis, TN, area will help you update your condo insurance policy. They will record information about each material or personal possession that you would like to cover. Reach out to our team about a quote.

End of Life Planning is Difficult – Life Insurance Can Make it Easier

One of the core goals of insurance is to provide relief at times of dire need, with life insurance effectively demonstrating this aspect. At Tackett Insurance Inc., we understand how end-of-life circumstances can take an emotional, mental, and financial toll on your loved ones in the Memphis, TN area, thus emphasizing the importance of life insurance.

How Life Insurance Can Assist

The experience of losing a beloved one is inevitably painful and challenging. To many, the planning and arrangements that follow may compound the sorrow. The response to grief is highly individual, and whether you see end-of-life planning as a means to express love and respect or struggle to deal with it is wholly personal.

The good news, however, is that the right life insurance policy can significantly ease this journey, regardless of your preferred grieving approach. Life insurance alleviates the financial stress of end-of-life expenses and holistically plans the logistical aspects. This assurance brings peace in an otherwise strenuous phase.

Addressing Your Life Insurance Queries and Requirements

The team at Tackett Insurance Inc. is dedicated to providing comprehensive life insurance solutions in the Memphis, TN, area. Whether you are actively looking for a policy or seeking clarity on your existing plan, our experts are more than ready to help.

Reach out to Tackett Insurance Inc. for reliable life insurance options today.

Do You Need Commercial Insurance for a Home-Based Business?

Memphis, TN, entrepreneurs who operate businesses from their homes should understand commercial insurance and how it might apply to their businesses. At Tackett Insurance Inc., our knowledgeable agents can provide expert advice on whether your home-based business should be covered by commercial insurance.

Liability Insurance

Liability insurance is a cornerstone of risk management for any business, including those based in a home. It protects against claims arising from your business activities, such as injuries or damages caused to third parties. 

Even though a home business may be small, it takes just one lawsuit to devastate a business financially. That’s why liability coverage is important for virtually every business, regardless of location.

Property Insurance

While homeowners’ insurance covers personal property, it often doesn’t extend to business equipment or inventory. Therefore, home-based business owners in Memphis, TN might need additional property insurance to protect their business assets. This can include computer coverage, specialized equipment, and inventory stored at home. Coverage is also needed when equipment or inventory is taken elsewhere, such as to a worksite or customer location.

Whether you should have commercial property insurance depends on what assets your business has. One of our agents at Tackett Insurance Inc. can help you evaluate whether this coverage should be included in your commercial insurance policy.

Balancing Coverage with Business Needs

The extent of commercial insurance needed by a home-based business can vary. Contact us today, and we’ll ensure you find liability and property coverage (if required) that works for your business.

Moving Out? Make Sure Renters Insurance is Included in Your Budget

People move into an apartment or rental property for a variety of reasons. They may be going to college, taking a job in another city, or don’t want the commitment involved with buying a home. Some may not have the financial resources to buy or are downsizing. No matter your reason for moving out into an apartment, don’t forget to include renter’s insurance in your budget.

For those moving to or within the Memphis, TN, area, Tackett Insurance Inc. can help get you covered. Here are some aspects of renter’s insurance you should know.

Renters Insurance Covers Your Personal Property

When you sign up for renter’s insurance, your items like clothing, furniture, small appliances, kitchenware, bedding, and more are covered. This is why roommates should each have renters’ insurance, so all tenants’ possessions are covered.

Liability Protection

Renter’s insurance can also include liability protection. This means you will be covered if a friend, visitor, or delivery person suffers an injury while at the rental.

Liability protection can cover legal costs associated with a liability claim and any settlement or judgment.

Coverage While Traveling

Renter’s insurance may cover the personal possessions you take with you when traveling.

It is Generally Affordable

One of the big reasons to include renter’s insurance in your budget when you move is that it is frequently very affordable and easy to acquire.

Contact Tackett Insurance Inc. to get started with renter’s insurance. If you rent a home or apartment in the Memphis, TN area, put renter’s insurance in your budget. We look forward to assisting you.

Reasons You Need Life Insurance

Life insurance is a critical insurance policy to have because it provides the peace of mind and security that you need and deserve while you are still on this earth. This type of insurance serves as a safety net that can ensure that your family is financially protected in the event of your untimely death.

The Importance of Life Insurance

Our agents at Tackett Insurance Inc., serving the Memphis, TN area, want you to know and understand how important a life insurance policy is.

Life insurance is essential because it can serve as an income replacement for your family so that they can maintain their standard of living, pay bills, and cover their other expenses. This type of policy can also help you with debt coverage on your car loans, credit card bills, and mortgage payments after your death or even while you’re still alive.

Even smaller life insurance policies, such as one you may have through your employer, can help cover your funeral expenses, which will spare your family from having to shoulder that financial burden during an already difficult time.

Types of Life Insurance Policies

There are many different types of life insurance policies that you can choose from. Listed below are the four most common types.

Term life insurance will provide coverage for you and your family, but only during a specified period. Those terms usually are 10, 20, or 30 years. This policy will offer a debt benefit, but only during the term it is in effect. Remember that you can renew it at the end of its term.

A whole life insurance policy will provide your family with a guaranteed death benefit, and it even has a cash value component that will grow over time. The premiums are higher than those for a term life insurance policy, but the death benefit will remain the same throughout the duration.

A universal life insurance policy is the most popular with most people. This is because you can adjust your death benefit and premiums throughout the time you have it in place and can borrow money from it to pay off debts ahead of time.

Contact Tackett Insurance Inc.

One of our experienced and trustworthy agents at Tackett Insurance Inc., serving the Memphis, TN area can assist you in choosing the correct type of life insurance policy for you and your loved ones. Call today for an appointment.

Commercial Insurance and International Business

Expanding business operations in and around the Memphis, TN area for international purposes offers exciting growth opportunities. Still, it presents a complex web of risks that can impact the success and stability of a company. Organizations need to understand the unique insurance considerations when venturing into international markets, including coverage for foreign liability and global property protection.

Foreign Liability Coverage: Mitigating Legal and Regulatory Risks

Foreign liability coverage, often called international liability insurance, helps protect businesses from legal claims and lawsuits arising from their global operations. This coverage addresses risks such as:

  1. Third-Party Bodily Injury or Property Damage: Foreign liability coverage helps mitigate financial losses from legal actions.
  2. Product Liability: International liability insurance helps cover legal expenses and potential damages if a company product causes harm to consumers in another country.
  3. Compliance with Local Regulations: Foreign liability coverage assists businesses in navigating complex local laws and regulations, ensuring compliance and minimizing legal repercussions.

Global Property Protection: Safeguarding Assets Across Borders

Operating internationally often involves establishing physical assets in foreign countries, such as offices, manufacturing facilities, and warehouses. Global property protection insurance ensures that these assets are adequately covered against risks such as:

  1. Property Damage: Natural disasters, fires, theft, and vandalism can lead to significant property damage. The safeguard is on a broader scale of coverage. 
  2. Business Interruption: A disruption in operations due to property damage can lead to revenue loss. Global property protection is for financial support during the recovery period.
  3. Political and Currency Risks: Businesses may face political instability or currency fluctuation risks in certain regions. Global property protection lessens the losses resulting from these unpredictable events.

Tackett Insurance Inc. Can Help You

At Tackett Insurance Inc., we can answer all your questions concerning commercial insurance. We assist the Memphis, TN region. Contact us today.

Renter Responsiblities

Choosing to rent is a great housing option for many people. To make the most of your rental experience, though, you need to be aware of your responsibilities as a renter. Here at Tackett Insurance Inc., serving Memphis, TN, we want to help reduce liability risks in all aspects of their lives. Keep reading to learn about important renter responsibilities you should be aware of. 

Property Cleanliness

The renter is always responsible for keeping the property clean and free of clutter. Cleaning the property may not seem like a big deal, but it can affect your relationship with the landlord over time. If your lack of cleaning causes any safety hazards or pest infestations, you might also be held liable. Always keep your rental home clean to avoid these risks. 

Replacement or Repair of Broken Items 

Your lease will outline which if any, broken items you will be responsible for replacing or repairing if you are the one who broke the item. Some examples might be windows, door frames, ceiling fans, light fixtures, faucets, door handles, or other items. You should take care not to damage things in a rental home, but it does happen sometimes. 

Report Damage or Repair Needs

You are responsible for quickly reporting any damage or things that need maintenance. When you fail to do this, you might create bigger repair issues later. For instance, if you notice that a toilet is leaking and you do not report it, the leak could cause water damage which is expensive and difficult to repair. 

If you want to learn about renter’s insurance, contact us at Tackett Insurance Inc., serving Memphis, TN, and the surrounding areas. We will be happy to help you find the right policy today. 

When does umbrella insurance kick in?

Umbrella insurance is a form of coverage that can provide additional protection when other insurance policies have reached their limits. It can help protect you from the financial costs associated with lawsuits and other legal issues here in Memphis, TN. We at Tackett Insurance Inc. are often asked when umbrella insurance kicks in. 

Umbrella insurance typically kicks in after your primary liability coverage has been exhausted. If you are facing a lawsuit, your auto or homeowners policy will pay out up to its maximum limit, but your umbrella insurance policy will cover any additional costs. For example, if you were sued for damages exceeding $500,000, but your auto or homeowners policy only provides up to $200,000 in liability coverage, the remaining $300,000 would be covered by your umbrella policy. 

Umbrella policies also offer personal injury protection, which can cover legal fees and court costs associated with a lawsuit. Since umbrella policies don’t come with a deductible like other forms of insurance, they can provide great peace of mind should you ever find yourself needing additional coverage beyond what your primary insurer offers. 

Ultimately, when it comes to understanding when umbrella insurance kicks in, it’s best to speak with an experienced agent who can explain the details and help determine if it’s right for you. Protecting yourself and understanding when additional coverage is needed is critical to ensuring you’re adequately insured for unexpected events.

For more information or to explore a policy that will protect you, call us at Tackett Insurance Inc. today. We proudly serve the Memphis, TN area and would be happy to help you find a policy that suits your needs and budget.

Renting out your condo – what you need to know

Renting out your condo in Memphis, TN can be a great way to supplement your income, but knowing what you’re getting into is crucial before you start. From condo insurance to tenant screening, there are a lot of factors to consider to ensure a smooth and successful rental experience. Tackett Insurance Inc. is here to help.

Condo Insurance

One of the most important things to consider when renting out your condo is your insurance coverage. Your regular homeowner’s insurance policy may not provide coverage when tenants live in your unit. You’ll need to purchase a separate landlord insurance policy that covers rental property. This policy can protect you from damage caused by tenants, liability claims, lost rental income, and more. 

Tenant Screening 

Selecting the right tenants is essential to a successful rental experience. You want tenants who will pay the rent on time, take good care of your unit, and respect your property and neighbors. Before renting out your condo, be sure to screen potential tenants carefully. This should include a credit check, employment verification, and references from previous homeowners. 

Rental Agreements 

A clear and comprehensive rental agreement is important to protect you and your tenants. This agreement should cover the rent amount, due date, late fees, and rules and expectations for living in your unit. It’s a good idea to have a lawyer review your rental agreement to ensure it’s legally binding and enforceable in case of any disputes.

Take the time to secure the right insurance coverage, select the right tenants, create a comprehensive rental agreement, keep your unit well-maintained, and handle rent increases fairly and transparently. If you are based in Memphis, TN, contact Tackett Insurance Inc. for more information about landlord insurance coverage.