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It's obvious that having the right commercial property insurance is key to protecting your business against unforeseen risks. But have you taken practical steps to reduce the potential impact of storms, floods, earthquakes, or other natural disasters beyond obtaining insurance?

By combining the right property insurance with responsible disaster planning you greatly increase your odds of weathering a disaster with minimal loss to your business.

While reducing your business exposure to major disruptions from natural disasters takes careful planning, it is not necessarily expensive. Having solid plans can make the difference between days vs. weeks of serious business disruption and loss of income.

Here are some tips to help your business recover more quickly from a natural disaster:

Perform a Risk/Impact Analysis & Create a To-Do List

Begin by creating a list of natural disasters that could impact your business. Rank them from high to low in terms of likelihood, and then separately by the amount of impact (harm) they could have on your business. Next, identify what can be done to address the more likely ones first. Of the more likely ones, address them in order of the potential harm they could cause your business.

Example:
If your business is in a flood plain or low lying area then your exposure to flood or water damage will be greater than if you are located on high ground. If a flood were to occur, how much damage could be caused? How long would it take to recover? Do you have expensive electronic equipment on the first floor or basement? Could it be moved to the second floor? Could you alter the landscape in such a way as to divert water away from your building so as to avert damage?

Example:
Are you in an area susceptible to damaging high winds, hurricanes, or tornadoes? Could a heavy snowfall of a foot or more cause damage or leaks to your roof that could ruin equipment or force portions of your office or factory to become unusable for a period of time? 

Create a Disaster Emergency Plan

Your emergency plan may not have to be elaborate. Even a simple, well-thought-out plan can be of tremendous benefit when needed. Be sure that your employees know their part in the plan, and have easy access to the documentation (I.e., to the portion of the documentation that applies to them or to their department). Among other details, your plan should include:

• An evacuation plan and designated meeting location.
   
• A list of cell and home phone numbers of managers and key employees.
   
• A description of who is responsible for taking various actions, including identifying the point person(s) responsible for contacting the media, emergency personnel, key customers and suppliers, department heads, and employees.
   
• A data recovery plan (consider backing up all data on the cloud daily so it can be accessed remotely even if your internal computer system is destroyed). Identify and rank the key types of data in terms of importance to your business continuity.
   
• A description of how the business will perform certain key functions off site, including things that could be outsourced. Break it down by department (customer service, accounts payable, accounts receivable, production planning, manufacturing, distribution, I.T., etc.).
  
  

After you have completed the basic plan above, or at least an outline, consider contacting a disaster recovery specialist who can identify weaknesses in your plan, and suggest appropriate remedies.

Perform a Commercial Property Insurance Review

Your independent insurance agent can perform an insurance vulnerability analysis for all types of insurance coverage across your business that may be needed in the event of a natural disaster. This includes basic property insurance, business interruption insurance, spoilage insurance, inventory insurance, and other forms of expanded insurance coverage. Your level of coverage should not only be adequate for your current level of business, but also for the projected level of business to cover you properly until the date of the next scheduled insurance review (annual or otherwise).

Contact Us - We're Commercial Insurance Experts You Can Trust

When it comes to commercial property insurance and other types of business insurance, you can't do better than the independent agents at American Insuring Group. As independent agents, we work for you, not an insurance company. We'll identify the right combination of business insurance policies from many insurance carriers, and put together a plan that fits your needs and budget. See why more business owners in Philadelphia, Reading, Lancaster, York, Harrisburg, Allentown, Pittsburgh, Erie and beyond rely on us for all their commercial insurance needs.

Contact us today: (800) 977-1270 or (610) 775-3848

Dirty Harry Was Right About Disability Insurance

Clint Eastwood's Dirty Harry character could have been speaking about disability insurance when he said those famous words, "Do you feel lucky, punk? Well, do ya'?". Whether you are an employer looking to reduce the cost of disability insurance claims, or an individual looking for a better quality of life, it pays to work on reducing your exposure to the risk of being disabled.

The thing about the sage advice you are about to receive is that your grandmother or anyone with a gradeschool education probably could have figured this out. Nothing against grandmothers (they tend to be very wise after all), but this stuff isn't rocket science!

Let's take a look at the things employers should consider when developing employee incentives to reduce liability insurance claims, which are the same things individuals can do to become healthier and safer.

#1. Lose Weight. Do it Now. 

We may have started with the toughest item first, but getting down to a healthy weight is key to avoiding disabling diseases and accidents. Things like blood pressure, diabetes, heart failure, and the risk of falling increase dramatically as our weight gets out of control. Hey, you've been wanting to do this, right? Now you have some additional motivation. Think Nike: just do it (diet and exercise, that is).

#2. Throw Out the Cigarettes. And Cigars. And oh Yeah, the Pipe Too. 

Do you like coughing, wheezing, and shortness of breath? Does anyone really think it's worth polluting your lungs and bloodstream by smoking? According to the National Heart, Lung, and Blood Institute, the risks of smoking include:

• Thicker blood that carries less oxygen
• Increased blood pressure and heart rate (can you say "heart attack"?)
• Lowers good cholesterol, increases bad cholesterol
• Damages blood vessel walls (hey, they only carry the essence of life!)
• Increased inflammation leading to plaque buildup in your arteries (so you can help fund the drug companies with all that extra medicine you'll need!)

#3. Get Regular Checkups and Screenings.

#4. Drink Responsibly or Not at All. Wear Seatbelts.

#5. Take Care of Yourself. Avoid the Key Causes of Disability Insurance Claims.

Sage Advice

Get the Right Disability Insurance Protection

Are You Procrastinating Over Life Insurance?

Life insurance. It's one of those decisions that can be so easy to ignore, a can we like to kick down the road, whether that road hails from Philadelphia, Reading, Allentown, Lancaster or beyond. If you've been procrastinating about resolving your life insurance needs, then this article is for you. Let's think this through and get that monkey off your back, shall we?

Life Insurance When Married or Single, With or Without Children

Life insurance is typically purchased to protect our loved ones from the financial hardships they would otherwise face in our absence. With that in mind, let's get real about the nature of those hardships. For those with children, the ante is upped. Yet even for couples with no children, the financial hardships faced by the surviving spouse can be onerous and life changing, to say the least.

Life Insurance to Protect Your Spouse or Partner

For starters, your spouse will need the financial resources to cover all your existing monthly bills without the benefit of your ongoing income. Big ticket items such as your monthly mortage are typically the first thing most people consider when figuring out how much insurance may be needed. However, couples with large credit card balances should also consider the impact of the high interest rates on credit card debt were the surviving spouse forced to make smaller or even minimum monthly payments on that debt. This alone could amount to a life sentence of unending high-interest debt that robs your loved one of the opportunity to save properly for retirement. With the proper life insurance these risks can be mitigated or avoided altogether.

Likewise, consider the amount and nature of all other consumer debt, from your spouse's car, RV, or motorcycle loan on up to truly big-ticket items such as a vacation home. If your spouse were forced to sell these things to help make ends meet, would the proceeds pay off the remaining debt on those items, or would your spouse in effect be "under water"? Consider the emotional impact on your spouse of losing a cherished item such as a vacation home or family car while being saddled for years to come with the remaining debt after the sale. 

Funeral costs are sometimes overlooked by those purchasing life insurance. With average funeral costs exceeding $6,500 before ancillary costs such as flowers, grave markers, and other cemetcry fees, your spouse may be forced to put this expense on a credit card if your life insurance policy is inadequate or if the insurance funds are needed for other purposes.

Life Insurance Protection for Those With Children

In addition to the above, those with children should consider the following financial needs or the surviving children, whether or not you are married or single. First, you will want to protect your children from the additional hardship of being forced to move into a different home. Losing a parent can be traumatic in itself, but the shock can be compounded when financial hardship forces a change of surroundings and a feelings of insecurity that often accompanies a forced change in the place they know as home.

Education is obviously important. However, beyond covering your child's college costs, consider if their current schooling situation will be forced to change. Tuition for private grade school or high school may be the first thing to go if funds are low, resulting in further disruption to a child's life at a most difficult time.

Child care is yet another concern, and for two reasons. First, if the surviving spouse is forced to go into the workforce after having stayed at home to raise children, those children may have to leave the familiarity and comfort of home at a most difficult time. Second, if the spouse had been working and continues to do so, she or he may be forced to find alternate care at a lower cost, and possibly a lower quality, again forcing a lifestyle change for a child at a very difficult time.

Think Through Your Life Insurance Needs

The above scenarios provide just a few examples of how your loved ones' lives can change when insurance planning has been poorly executed, or worse, completely avoided. Don't procrastinate. Instead, take the time to think through the needs of your loved ones should they be forced to cope without your income. Every situation is different, which is why consulting with your independent insurance agent can be key to obtaining the best life insurance situation to suit your unique needs.

In summary, we've covered 7 common-sense reasons to get the proper life insurance protection for your peace of mind and your family's welfare. Are there additional financial needs beyond these that apply to your situation?

1. Protect your family from financial hardship in general
2. Credit card debt
3. Other consumer debt
4. Funeral costs
5. Allow family to stay in current home
6. Cover college and private school tuition (avoid change)
7. Cover child care costs (avoid change)

Contact Us

Don't kick the can down the road when it comes to life insurance. Please click here to contact us today, or call us at (800) 947-1270 or (610) 775-3848 for help in obtaining the right life insurance protection to meet your needs and budget.

The Washington Post reported in April that federal workers compensation costs have roughly doubled since 1995, with 8.8 million Americans receiving disability benefits to the tune of $260 billion per year. Over a quarter $ trillion annually - that's a trully staggering figure.

The Post went on to claim that much of the increase may be due to the changing demographics of an aging population. Whether you buy that explanation or not, many employers fear that some employees are cheating on workers compensation insurance and staying away from work longer than legitimately needed.

Workers Comp 101: How Much Should You Trust Your Employees?

Let's face it, as with almost everything in life, things are seldom black and white. Seemingly good and honest employees sometimes do dishonest things when they feel threatened or insecure. Workers compensation can be an area where a good employee is tempted to stretch the limits of a workers compensation insurance package if your internal company policies are not balanced in such a way as to help keep the system honest and balanced.

Incentives and Disincentives to Return to Work: How Do Your Workers Comp Policies Stack Up?

Many view our national unemployment policies as lacking the common sense checks and balances required to filter out waste and abuse. Fair enough, but have you analyzed your own policies by the same yardstick? A well-balanced set of policies is one that properly provides for the needs of employees during a disability while also achieving the checks and balances that keep the system honest by removing disincentives to return to work, and removing incentives to stay out longer than legitimately needed. And that insurance principle applies as much for a small business as for a larger one.

Here are some things to consider when striving to keep your workers compensation policies properly balanced:

• How long will you hold a job open while an employee is out on disability? Is there a defined limit? Obviously a reasonable but limited time period should be the goal. In today's job market, fewer are willing to gamble with finding a new job should they exceed the period that their current position will be kept open for them.
  
  
• What percentage of an employee's salary is collected during a workers compensation event? If your policies are too generous then the incentive to stay off longer increases.
  
  
• Do you allow benefits to accrue while an employee is away from work? For example, will sick time and vacation time continue to accrue? If so, should the policy be changed?
  
  
• What about high-end benefits? If you offer special benefits such as a company car or other benefits directly related performing on the job, then consider placing them on hold until the employee returns to work.

A Workers Compensation Lesson from Ronald Reagan?

Regardless of your politics, President Ronald Reagan had a principle that served the US well in dealing with foreign policy, and one that President Barack Obama recently quoted: trust but verify. Yes, we would like to trust all employees to do the right thing when it comes to workers compensation insurance benefits. However, given that things are rarely black and white when it comes to human behavior, it is wise to craft your company polices in such a way as to verify that your hard-earned dollars spent on workers compensation costs are being wisely used and not wasted.

Need Help with Workers Compensation Insurance? 

We're here to help. We're an independent insurance agency with the resources to find the right workers comp insurance to meet your needs and budget. Click to contact us today to learn more, or call us at (800) 947-1270 or (610) 775-3848.

Considering the millions of dollars spent daily on TV commercials for single-brand insurance offerings, you would think that the independent insurance agent is a thing of the past. It's tough to go an hour on TV without seeing at least one commercial for AllState, Nationwide, GEICO, State Farm, or other single brand ("captive") insurance solution. That's because with few exceptions, only the big brands can afford to run national TV ads.

Bigger May Not be Better When it Comes to Insurance

Most people realize that big budget advertising does not necessarily equate with the best solution for all kinds of things in life. That's why, for example, many people avoid the pay-per-click ads found on search engines and instead click on the unpaid search results: they seek a high-quality answer to their search instead of one paid for by the competitor with the deepest pockets. In plain English, they don't want to be "spun" by the marketing machines behind the ads.

Let's apply the same thinking to an independent insurance agent vs. the mega-brands. Here are 4 reasons why an independent agent is likely to provide a superior personal or business insurance solution to satisfy your needs.

#1. Your Needs are Unique and Your Insurance Policy Should Fully Meet Your Needs

Insurance is complicated. It is difficult, if not impossible, for those outside the insurance industry to understand all the insurance options for meeting their needs. Only an independent insurance agent understands the pros and cons of each insurance company and their policy offerings as it pertains to protecting you against your unique combination of risks and liabilities.

#2. Independent Insurance Agents are a Valuable Advocate, and They Cost You Nothing

Your independent insurance agent will check multiple companies and insurance solutions in detail to arrive at the best combination of value, price, and insurance protection to properly and fully address your individual or business insurance needs. That can be very time-consuming, but that service typically costs you nothing.

#3. Your Independent Agent is a Single Source for All Your Insurance Needs

Insurance companies typically handle only certain types of insurance. However, your independent insurance agent handles insurance from multiple companies, thereby covering virtually any need, including business insurance, homeowners and car insurance, boat, RV, and motorcycle insurance, life and health insurance, umbrella insurance, pet and vacation insurance, workers compensation insurance, disability insurance, and virtually every kind of liability insurance to protect any type of business need. Being a single source with access to multiple insurance companies and solutions, your agent can create the best blend of policies to provide the right protection with minimal overlap and waste between and among your insurance policies.

#4. Unparalled Service

When you have an insurance question or need, your independent agent is there for you. You are not relegated to a faceless, nameless individual connected to an 800 number. Instead, you have the comfort and confidence of dealing with someone who you know, like, and trust for all your insurance needs. Think about it. Doesn't that kind of service and flexibility mean more to you than putting yourself in the hands of someone you don't know, and who offers only one solution or brand? 

We're Independent Insurance Agents, and We're Ready to Serve You

At American Insuring Group we pride ourselves in helping our customers not only save on insurance, but also in finding the right insurance protection. We'll put together a plan that will meet your needs, and we'll review your needs on a regular basis to see if it may be time to adjust your insurance to meet your changing needs, or to take advantage of better pricing that may become available as your needs change. Contact us today for a free consultation.

Too Busy to Assess Your Risk?

Many small business owners are so busy these days that they have little time to slow down and properly analyze their risks and business insurance needs.  And it’s no wonder. Small businesses from Reading PA in Berks County, to Philadelphia, Allentown, Lancaster, and all across the nation drive a significant portion of the country’s economic growth. However, they tend to be lean, which means the typical small business owner is wearing many hats and putting in long hours. Many are too busy to take the time to properly analyze risks, and to obtain adequate insurance protection to address the risks of their growing businesses.

Just How Big Can a Small Business Be?

Statistics available from the US Small Business Administration (www.sba.gov) indicate that small businesses employ more private sector personnel than mid-sized and large businesses combined.  In the US, small businesses are generally defined as manufacturing businesses with less than 250 employees, and non-manufacturing companies with under $7 million in annual receipts.

Engines of Economic Growth 

Small businesses are the engines of private sector economic growth, creating approximately 2/3 of new non-government jobs while generating over 40% of the private payroll in the US. Small businesses account for a similar proportion of total US high-tech jobs as well.

Questions Small Business Owners Must Ask to Determine Risk and the Right Level of Business Insurance Protection

Regardless of how busy you may be, busyness is no excuse for ignoring risks that could sink your business.  Here is a brief list of questions every business owner should answer as a first step in assessing risk and the need for stronger insurance protection:

• Disability Insurance:
  Who will run my business if I become disabled permanently or for an extended period? Will my company have the financial resources to pull through this type of crisis?
  
  
• Life Insurance:
  If I die will my business survive? Will my employees all lose their jobs? Will my family be able to keep our house and maintain a good lifestyle?
  
  
• Key Person Insurance:
  What if a person who is vital to my business dies or becomes permanently disabled? Will my business have the financial resources to survive until a new person can be found, hired and fully trained, or will it set me back several years?
  
  
• Workers Compensation Insurance:
  Are my employees properly classified for workers compensation insurance? Could my business survive a workers compensation insurance audit without undergoing major penalties for misclassifying employees? Is my workers compensation insurance coverage fully up to date to reflect my changing business needs and the expanded types of positions my employees currently hold?
  
  
• Property Insurance and Business Interruption Insurance:
  Are my buildings, equipment, and other business property insured against the full range of potential risks? In the event of a claim that disrupts my cash flow for a prolonged period, will I receive compensation for the loss of income during that time, or merely for the cost of the damage to my business property?
  
  
• Professional Liability Insurance:
  Am I covered if an employee were to cause harm to a customer or to their business, and a court found it to be due to negligence? How vulnerable is my business to various types of lawsuits?

Be Smart – Be Informed on Business Insurance

Our staff can properly address these and other business insurance questions. We’re a Trusted Choice independent insurance agency. That means we offer a range of business insurance plans from competing insurance companies. We’re well positioned to find the right business insurance coverage at a significant savings.

Contact us today at 610-775-3848, or click to Contact Us online.

Among the Most Destructive Storms In US History

Hurricane Sandy was one of the most destructive and deadliest hurricanes in United States history. Twenty-four American states and seven other countries were affected. Coastal towns once pulsing with beachcombers by day and clubbers by night were submerged within hours. Businesses were out of operation for much longer than ever anticipated and the damages sustained were astronomical.

Catastrophes of this magnitude are rarely expected, even in the world of insurance. Sewers backed up. Equipment broke. Food spoiled. Power was lost. In the aftermath of Hurricane Sandy we discovered insurance protection that proved critical for restaurant owners, including: sewer backup, equipment breakdown, food contamination, and loss of sales/ loss of income due to extended power outages.

Insuring Against Sewer Backup

We all know the quote from Jumanji: “A little rain never hurt anybody…but a lot can kill.” Well, a lot of rain can kill your sewer system. When more rain pours down than your sewer and pump can handle, raw sewage backs up and escapes in some less-desirable places, such as the bathroom faucet - need we say more? Unfortunately, most people do not realize that sewer backup is generally not covered under their personal or business insurance policies. This additional coverage is not only recommended, but can be invaluable to your business.

Equipment Breakdown

Equipment breakdown coverage is usually considered “optional” on an insurance policy. If just one of the primary machines in your restaurant breaks down, such as the air conditioner or water heater, you are probably not covered for fixing the equipment or for the loss of income sustained due to the failure. Be sure you are covered if 100 degree temperatures inside your restaurant due to an air conditioner failure turn away potential customers. 

Food Contamination

No matter how diligent you and your employees are, food contamination and food spoilage can strike anyone in the restaurant industry. If a machine breaks or your power goes out temporarily and food spoils, you will be held personally liable for the expenses incurred unless you are insured for this type of event.

Insuring Against Loss of Sales/ Loss of Income from a Power Outage

Hurricane Sandy not only flooded businesses, but also caused large-scale power outages. Is your restaurant covered for business income losses due to loss of power? There is a good chance the answer is no. Unless you have a best friend who sells generators and you specialize in candle-light dinners, power loss is never good. When power loss equates with income loss, you want to be sure you are covered.

Learn from Hurricane Sandy:
Get the Right Restaurant Insurance Protection

We all hope and pray that a disaster of this magnitude never again strikes our land and our loved ones. Yet, as we in the insurance industry know all too well, you can never be too prepared. As restaurant owners, it should be easy to grasp the importance of insuring against these four risks that Hurricane Sandy uncovered.

Peace of Mind and Protection from Uncertainty

By being properly insured, you will be protected if the big rainfall that surpasses the five-inch prediction causes your sewer to back up. If storm winds topple the power lines down the street and you aren’t prepared to play Pioneer Days with your customers, you will be covered. If your employee mistakenly undercooks the chicken for your famous chicken piccata dish, you will be covered. If your air conditioner works overtime and decides to take a siesta for a day, you will be covered.

Play it smart: contact us today to be certain that your restaurant business is fully insured! 

(610) 947-1270

It's Not Just About the Midwest

Wind storms and hail are known for causing severe damage to private property throughout the U.S.  Although hail damage is more frequent throughout the Midwest and Great Plains states, the mid-Atlantic and Northeast regions are also surprisingly susceptible.

$3.9 Billion for State Farm Alone

According to State Farm, its 2012 wind and hail damage insurance claims cost the company and those insured over $3.9 billion combined.  To view a series of photos showing examples of wind and hail damage for each of the states above, click here. 

Are You Covered for Wind and Hail Damage?

Is your homeowner’s or commercial property insurance properly protecting you from the risks of damage due to wind, hail, and other forces of nature? Contact us today for an insurance check up.

According to a May 2013 report by the non-profit Council for Disability Awareness (CDA), there is a sharp mismatch between the high value employees place on their ability to earn a living vs. their financial preparedness to handle a disability that would threaten their income as evidenced by having adequate levels of disability insurance.

Most are Ignorant of the Real Need for Disability Insurance

The report titled “Disability Divide: Employer Study” is based on a 2012 survey of over 500 human resources professionals. The key findings, as reported by the Insurance Word Blog, are as follows: 

• ¾ of HR professionals surveyed said employees viewed their income-earning ability as their most valuable financial resource, ahead of medical insurance, their homes, and retirement savings. However, only ¼ said employees considered it “very important” to prepare for potential disability, and a similar portion felt their employees were prepared to handle the financial hardships of the loss of income due to illness or injury.

• A prior CDA survey of over 1,000 wage earners yielded similar results, with most respondents stating they are most likely to agree with the statement, “I never really thought about” preparing for a potential disability.
   
• The HR experts surveyed generally felt that employees should begin planning for disability early in their careers even though most don’t begin until age 40 or older, if ever. According to statistics, approximately 100 million members of the US civilian workforce have no private disability insurance.
   
• Most of the HR experts as well as the wage earners dramatically underestimated the likelihood of incurring a disability during their careers.

Surprising Disability Insurance Statistics

The post goes on to quote some surprising statistics from the CDA’s Personal Disability Quotient calculator:

• An average 35-year old male office worker who is a non-smoker and has no health history issues has a 13% risk of incurring a long-term disability prior to retirement.
  
  
• For women with the same profile the risk is higher: 18% or nearly 1 in 5. Those surveyed had estimated their risk at only 1-2%.
   
• The 35-year olds noted above, if earning an average of $50,000 per year, are likely to earn approximately $2.4 million on average by the end of their careers.
  
  
• Clearly, the contrast between the risk of losing millions in income and the lack of disability insurance is striking!

Key Takeaways

Americans are much less protected against income loss than in the past due to several factors, including:

• The relative lack of solid pension plans
• Much lower savings rates
• Home mortgages with higher balances
• Rising college education costs
• Given the poor economy, the much greater likelihood of the need to continue to support children beyond their college years

What to do About Disability Insurance

Given these facts, the only wise course of action is to acquire the proper level of disability insurance to cover the gap between your current savings and the funding that would be needed to cover your financial needs during a long-term disability. If you are a business owner, the risks of inadequate disability insurance may be even greater due to the financial consequences of being unable to work.

We’re Here to Help if Needed

If you have questions on how to determine the right level of disability insurance you need to protect both you and your loved ones, then please contact us at 610-947-1270, or Contact Us online.

GAP insurance refers both to Guaranteed Asset Protection and Guaranteed Auto Protection. In both cases it is designed to cover the difference (or gap) between the actual cash value of an asset and the amount still owed on the related loan or lease.  While, strictly speaking, GAP insurance may apply to any type of asset, the vast majority of GAP insurance policies are written for cars, trucks, vans, and other types of vehicles.

Why Bother With GAP Insurance?

GAP insurance may be a wise choice in cases where a low down payment has been made, and on high-interest loans of 60 months or more. It is often offered by finance companies at time of purchase, and by auto insurance companies.  This loan scenario frequently applies to vehicle purchases, which is why the term “GAP insurance” most often refers to added insurance protection for a vehicle.

GAP Insurance Considerations When Buying a New Car or Other Vehicle

Cars, trucks, motorcycles and other vehicles are assets that depreciate rapidly in value. In cases where a low down payment is made on the initial purchase, it is common for the amount remaining on the loan to exceed the fair value of the car.  This is because cars often lose up to half their retail within 3 years from the purchase date, at which time the remaining loan may far exceed that amount. If your car becomes stolen or is totaled, the replacement value you receive from the insurance company may be far less than the amount remaining on the loan. In such cases a GAP insurance policy would cover the difference. If you would be unable to cover the difference without GAP insurance in such cases, or if this would represent a significant financial hardship, then GAP insurance may be right for you.

How to Get GAP Insurance for Your Vehicle

GAP insurance may be purchased from an insurance agent or through a car dealership. GAP insurance coverage is often financed as part of the loan or lease, and typically comes into play when a vehicle is subject to a total loss. Some finance companies require GAP insurance when financing a loan. 

How to Save on GAP Insurance

We suggest checking first with your independent insurance agent before signing a GAP policy related to a vehicle purchase. Your independent agent may be able to save you money by adding this coverage to your vehicle insurance policy rather than taking out a separate policy through your car dealership. To learn more about getting the right GAP Insurance for your vehicle, call us at 610-775-3848 or use the Contact Us form.

GAP Insurance for Your Business

When it comes to insuring your business “GAP insurance” refers to Guaranteed Asset Protection, and often comes in the form of a “guaranteed replacement cost” or “agreed value” insurance policy. In such cases your business property is insured for an amount that is guaranteed in advance regardless of what the market value may be at the time of your claim.  This speeds the time to settle your claim, and may help you sleep better at night.

To learn more about the many commercial insurance options for your business, call us at 610-775-3848 or use the Contact Us form.