small-and-son

Is Wedding Insurance Necessary?

Thu, 07 Oct 2021 19:53:03 GMT

The ways wedding insurance can help you when the wildly unexpected erupts on your big day.

We don’t usually insure ourselves for birthday parties or holidays, but when it comes to your wedding there is a lot at stake. When working with various, costly, vendors like catering companies and venue sites, you should consider getting wedding insurance before shelling out the big checks.

How can wedding insurance help us?

In Pennsylvania, the average cost of a wedding can range from $27,000 to $33,000 depending on the size and location. So planning a wedding without insurance can almost be compared to buying a bunch of used cars that can cause chaos at any moment and accepting the damages they can all cause. Weddings have a lot of moving parts, various vendors, and that also means many things can go off plan and put your money and event at risk as a consequence.

Some scenarios where wedding insurance can help you can include:

Weather:

You and your partner have been planning your wedding for months, if not an entire year, and when the day comes your venue becomes inaccessible from a severe ice storm forcing you to cancel your wedding. With the right insurance, you can be covered from your caterer down to your nonrefundable deposits for musicians and florists.

Sickness or Injury:

If you, your partner, or an important guest are experiencing an emergency situation, like a car accident, where the event needs to be rescheduled at last minute, you can be covered. (However, cold feet are not necessarily covered!)

The Wildly Unexpected:

In 2020, a global pandemic severely affected large events like weddings, forcing couples to unexpectedly have to cancel their event. About 56% percent of couples lost non-refundable deposits. With the right wedding insurance, you and yours can be covered from the wildly unexpected.

When should you get wedding insurance?

The sooner the better. Let’s say you find your picture-perfect venue and pay your deposit months in advance to hold your date. Then all your vendors are booked and paid. The week of your wedding comes and it has just burned down to the ground. Wedding insurance may never be needed, but the pure purpose of insurance is protecting you against the wildly unexpected and making sure you are safe from any financial loss.

Talk to an insurance agent today to discuss your event and how a wedding insurance plan can keep you covered.

Why Do You Need Business Insurance

Mon, 20 Sep 2021 17:56:14 GMT

Starting a business is not a small matter since it is often very time consuming and costly. It may also be really risky because owning a business often comes with a lot of potential problems that may occur. Although sometimes, when you think of a business, you often think of big corporations that make billions of dollars per year and have plenty of money to spare, it is often not the case. Not all businesses are big corporations. There are many more small businesses that do not have the funds to solve financial problems by themselves without the protection of business insurance .

There is no guarantee of a business’s success when they first start so it is important to take precautions and be prepared in case of financial difficulties that could pose a threat to your assets, financial state, legal responsibilities or loss of income.

Financial Stability

Owning a business comes with a lot of costs and even potential damages that may require a lot of money to pay off. Business insurance covers a majority is not the whole of potential financial problems that may occur.

For example, if someone gets injured on the company property due to problems holding the business responsible, the business would need to be financially prepared to deal with the consequences. In the times of natural disasters, the business may not be financially capable of covering all the costs of repairing the damages. Because of that, insurance companies would be able to help with covering the costs.

Because owning a business could be very profitable at times, it could also be very financially risky. Business insurance lifts off that financial burden off of business owners.

Legal Liability

Owning a business comes with a lot of responsibility, especially legal responsibility. They are also more susceptible to legal issues since people often target them under the pretense of businesses having a lot of money and that they should be held responsible for things that they are sometimes not responsible for. But in some times, a business may actually be responsible for damages or problems they may have caused for its customers.

Some cosmetic or skin care businesses could get into legal trouble when they use harmful chemicals or cause severe skin issues. One of the more common legal problems that businesses of all types may get into is when they may unintentionally hurt people of different cultures or beliefs by not understanding them or using stereotypes to put them under a very negative light.

Those problems often cause anger among the business’s audience which could lead to legal problems when the people who got hurt decide to take the issue in a legal approach. Dealing with problems legally are often very costly and the business could potentially lose even more when the result plays in the audience’s favor. This is why it is important for business insurance to cover the costs that could come from legal proceedings.

Lost Income Protection

Owning a business does not mean that there will be a constant flow of profit. In some times, the profit may skyrocket and at other times, there may be barely enough profit to keep the business going. Unfortunately, this is often the case since business can not guarantee that there will be a contestant flow of high profit margins.

Although larger businesses may have less problems when dealing with loss of profit, it could become a major problem for smaller businesses who do not have access to huge amounts of funds when they are not making enough profit.

In the case of natural disasters, the absence of important business members or other factors that may interfere with the business from generating the most profits to their capabilities, especially if so little profit is generated that the businesses are unable to be run, business insurance covers that.

If you're looking for a business insurance quote, give us a call today.

Why Do I Need Auto Insurance?

Tue, 17 Aug 2021 16:03:00 GMT

Although cars have brought us many conveniences in life such as faster and easier transportation, there are some risks. In unfortunate events cars can collide, causing accidents. Car accidents mean that there will be damages, in some cases not just to the car. People could potentially be harmed. Damages and injuries means money is involved to repair the car and to treat injuries from accidents.

But don’t let that scare you because car accidents are not very common due to strict regulations on driver conditions, road conditions, and pedestrian safety. But for the sake of protection both for safety and financially, it’s a good idea to purchase auto insurance, where in most cases it's mandatory .

Financial Protection

Car accidents usually require high costs to cover damages and sometimes medical bills. Auto insurance covers some if not all potential costs from a car accident.

Because of that, the small investment of paying for auto insurance may benefit you in the long run in case of a car accident. Some examples of costs that could add up and become pricey are medical bills, money lost from not being able to work, legal fees if they decide to take you to court, and potentially property damage.

Repair Costs

In car accidents, it may not just be payments to the victims that would add up and become very expensive. Usually there is more than one car involved in an accident. Other than paying to repair the victim’s car, chances are you may need to pay to repair yours too. Repairing cars is not cheap and that could potentially be very detrimental to your financial stability without auto insurance.

With auto insurance, that financial burden could be lessened if not completely taken off your shoulders. So would you rather invest a little and get more than you paid for in case of a car accident, or be forced to pay a large amount of money that you can’t afford?

Safety

Like many other insurances, safety plays a major role in its importance. Potential safety risks are common worries whenever driving, and we’re not just talking about the other cars on the road. For example, if other factors caused an accident, perhaps a motorcycle or a bike, auto insurance would provide relief in the form of repair and hospital bills. Going to the hospital may be expensive, but it's important for your overall health.

Legal Liability

Accidents needing payout from auto insurance companies not only cover damages and hospital bills, but in some cases small accidents such as bumping into a car, causing a scratch, or shattering glass.

In the case of luxury cars, insurance is usually very pricey to accommodate the pricey payout that the auto insurance companies would be responsible for. But if they were damaged by another car, they could potentially take the accident to court due to the expensive nature of the car. Pursuing an incident legally involves a lot of people and therefore could become very costly. Auto insurance protects you from that legal liability by paying some if not all the legal costs.

At Small & Son Insurance , we help you get the coverage you need to keep moving forward — in your car and in life. After over 100 years of experience insuring vehicles, we’ve learned that auto insurance isn’t about cars and trucks – it’s about the people inside them. Give us a call today at (570) 421-0111 to contact our friendly and professional insurance agents for a personal quotation!

Breaking Down the Different Types of Life Insurance

Wed, 28 Jul 2021 13:16:06 GMT

Life doesn’t come with a manual. It can never prepare you for those unexpected days. Having a life insurance policy can help your loved ones in the case that you may be unable to take care of them, or if you’re young, it can help prepare you for that moment. Many people opt to buy life insurance so that their families have financial security in the case of death. However, there are many different policies to choose from. Here are the different types of life insurances that one must think about before one makes a decision.

The Different Types of Life Insurance:

Term Life

Term life insurance differs from other life insurance policies in that it is the only one that isn’t permanent. It provides coverage for up to 30 years and compared to other types of insurance policies, term life insurance is the most affordable option as it is only in place for a set amount of time. Payments, or premiums, are determined based on how much the policy is, as well as age, gender, and health of the person. However, a disadvantage of the plan is that if you outlive the policy, you and your beneficiaries will not receive the money that you paid.

Whole Life

Whole life insurance , the most common type of life insurance, lasts for a policyholder’s lifetime. As opposed to a term life insurance’s affordability, whole life insurance is usually more expensive. It is a cash value insurance , meaning it has a tax-deferred savings account and a death benefit. An advantage of being a cash value insurance is that the cash value has living benefits and you can use it as a loan once you accumulate a good amount of money.

Universal Life

Universal life insurance is another type of permanent life insurance. Like whole life insurance, it has both a cash value and a death benefit. It is considered a more flexible plan since you can adjust the amount you pay for your premium and death benefit. Nonetheless, the cash value has an interest rate based on market conditions or the minimum interest rate.

At Small & Son Insurance , we ensure that not only will you receive the best coverage, but that you have peace knowing that you will be prepared for life’s unpredictable moments. Be sure to contact us at (570) 421-0111 or through our website for more information regarding life insurance!

8 Types of Business Insurance You Should Have

Wed, 23 Jun 2021 14:40:07 GMT

Owning a business is challenging but rewarding. The last thing you want to happen is a lawsuit, property damage, or some event that turns your business upside down. That’s where business insurance comes in to protect your hard work and investments. Just like auto , life , or homeowners insurance , it is important to make sure you have the right coverage for your business.

Here are 8 types of business insurance you should invest in:

1. General Liability Insurance

As the name implies General Liability Insurance covers general financial loss due to bodily injuries, property damage, medical expenses, lawsuits and more. Although it sounds like it covers pretty much everything, make sure you read the fine print and understand exactly what your policy covers, as each one is different. General Liability Insurance is a good choice for any business.

2. Professional Liability Insurance

If your business provides services to customers then you will want to get Professional Liability Insurance. This insurance covers against financial loss from malpractice, errors, and negligence. There is no “one size fits all” when it comes to Professional Liability Insurance , as each business has their own concerns they need to cover.

3. Product Liability Insurance

Product Liability Insurance protects businesses that manufacture, wholesale, distribute, or sell a product from financial loss due to injury or bodily harm from a defective product. This insurance is very important to have if your business sells products, as any business can find themselves in a lawsuit due to a defective product.

4. Business Owner’s Policy

Business Owner’s Policy insurance is intended for small business owners, mainly those who work from home. This insurance is a bundle option that combines all of the typical coverage options into one package, often helping save small business owners money on insurance.

5. Commercial Property Insurance

For businesses that have commercial property and physical assets at different locations than their home, Commercial Property Insurance can cover loss and damage of their commercial property due to fire, smoke, wind, hail, theft and more. Although it does not cover events like floods and earthquakes. If you are in a high risk area, you will need to get additional insurance to cover those events. Commercial Property Insurance is important for those with a significant amount of commercial property for their business.

6. Commercial Auto Insurance

Any vehicles that are used by the business should be insured. It is important to make sure you insure the car itself, as well as whoever is driving it and to protect against any third-party injuries.

7. Home-Based Business Insurance

Businesses that are run from the owner’s home should invest in Home-Based Business Insurance . It is added to the owner’s homeowners insurance as a rider and can protect business equipment and against third-party injuries.

8. Workers Compensation

For those who employ workers in Pennsylvania, you must have Workers Compensation insurance as it is the law. Workers Compensation ensures that an employee will have medical and wage-loss benefits if they are hurt on the job. Employers are then covered from lawsuits from any injured employee.

At Small & Son Inc. Insurance you can protect your most important assets, including your business! Call us today at (570) 421-0111 to contact our friendly and professional insurance agents for a personal quotation!

What is Renters Insurance and What Does it Cover?

Thu, 13 May 2021 18:32:53 GMT

Just like how homeowners insurance is a necessity to a homeowner, renters insurance is becoming more and more of a necessity to someone renting. But in 2014 only 37 percent of renters had renters insurance and some may say this is because many renters do not understand the importance of renters insurance.

Renters insurance is property insurance that covers the renter’s belongings, liabilities , as well as possible living expenses. Renter’s insurance is available to those who are renting or subletting a single family home, an apartment, duplex, condo, studio, loft, or townhouse. The biggest part of renters insurance is protecting against the loss of the renter’s personal belongings on the rented property.

It is becoming increasingly more popular for landlords to require proof of renters insurance from the renter since personal belongings normally do not fall under the landlord’s property insurance. For example, if a flood or fire were to happen on the rented property, the structure of the rented property would be covered under the landlord’s property insurance, but any personal belongings of the renter would not. This would leave the renter to pay out of pocket for any loss to their personal belongings if they did not have renters insurance.

With renters insurance, you will get 3 different types of financial protection:

Coverage of personal belongings
Liability protection - injuries that occur on the rented property that are not due to structural problems
Additional living expense protection

Additional living expense protection is protection that helps cover costs of the renter if they were to be displaced from the rented property for some reason. Reasons can include flood, fire, and any other reason the place may become uninhabitable. Additional living expense protection can help pay for a hotel, meals, storage costs, and other moving or displacement costs. Many people may not think they could be displaced from their rental property, but it could happen to anyone at any time.

How much should you get?

It is a good rule of thumb to buy enough renters insurance to replace all of your personal belongings if something were to happen. You can easily figure out how much this would be by creating a detailed list of your belongings with an estimated total value.

When it comes to choosing your renters insurance, you can choose between replacement cost or actual cash value coverage:

Replacement cost will provide enough money to replace your old items with new ones at the current retail price
Actual cash value will provide enough money to replace your old items based on their worth at the time they were damaged or destroyed

Paying out of pocket? No way!

It is very important to get renters insurance if you are renting or subletting a property, as renters insurance will save you from paying out of pocket to replace your belongings or pay for living expenses if you are displaced from the property.

Looking to get renters insurance? You can rely on Small & Son Inc. Insurance to get you the proper renters insurance at the most competitive price. Call us today at (570) 421-0111 to contact our friendly and professional insurance agents for a personal quotation!

Understanding Auto Insurance and Tips to Follow

Wed, 14 Apr 2021 13:35:24 GMT

Understanding how auto insurance works and figuring out what is the best option for you is not always a clear picture, as auto insurance works in many different ways and has many different options. When buying auto insurance though it is important to understand the basics and follow some key tips so that you know you are making the right choice.

What is Auto Insurance Based on?

Auto insurance is based on two things: underwriting and rating .

Underwriting is assessing you to see your risk and if they will insure you based on your risk.
Rating is based on the underwriting and takes into account many factors, which allows them to decide how much financial responsibility they need to have for you.

Rating factors normally include your driving record, where you live, gender, age, marital status, if you have had prior auto insurance coverage, your vehicle use and condition, and the make and model of your car. It is important to understand that each factor plays into how much risk you are as a driver. Being seen as “more risky” will mean you will be paying more for your insurance as they will have to have more financial responsibility for you.

The Types of Auto Insurance

When it comes to auto insurance there are many different types and options, as well as additional coverage options to pick from. It is important to understand each one so that you can make the best choice for yourself.

Here are the most common types:

Liability Coverage : Covers the cost of an accident you cause, including property damage and injury
Personal Injury Protection : Covers medical expenses if you or someone in your car is injured in an accident
Uninsured / Underinsured Motorist Coverage : Covers the cost if someone you are in an accident with does not have insurance or will not fully cover the costs
Collision Coverage : Covers the cost of damage to your vehicle no matter who is at fault
Comprehensive Coverage : Covers damage to your car that is done when it is not being driven like flooding, fire, theft, and other situations

You can also add on additional coverage options, like roadside assistance or new car replacement coverage if you feel the need to. The most important thing though is making sure you have the correct amount of coverage. Take into account how often you drive your car and where to, how much your vehicle is worth, and how much you are willing to pay out of pocket for damages.

Tips to Follow

Here are some tips you may want to consider when looking to purchase auto insurance:

If you already have homeowners or renters insurance it might make the most sense to get your auto insurance from the same company, as they can often bundle them together for a lower cost.
Make sure you pick a deductible or premium you are comfortable with. If you are willing to pay more out of pocket after an accident, then go with a deductible for a lower premium. It all depends on if you would rather pay out of pocket now or more later.
If you have a teen or college student who is driving, you may be eligible for a good student discount . This is because teens and college students with good grades are often seen as more responsible and therefore less risky.
Make sure you are watching your credit score and improving it as needed, as having a good credit score can lower your insurance costs .
Fun fact : Did you know that auto insurance is mandatory in every state but New Hampshire and Virginia?

At any time make sure you get in contact with your insurance company with any questions you may have.

What is Life Insurance and How can it Protect My Family?

Wed, 10 Mar 2021 20:06:03 GMT

As time moves forward and you find yourself getting married, having kids, buying a house, or even starting a business, it is important to understand how life insurance can play a big role in your family and loved ones' lives.

What is Life Insurance?

Life insurance is simply a contract that guarantees that a certain amount of money will be given to any named beneficiaries when the person passes. This is done by the person with life insurance, who is paying premiums during their life. There are many different types of life insurance policies including term , universal life , whole life , and so many more. Each type is different to meet the different needs and preferences people have. And how much life insurance you buy is different for everyone too. This is because the amount of money the beneficiaries would need to continue to maintain their standard of living is different in each case.

Aside from understanding the basics, there are some very important reasons to get life insurance. Here are some reasons you should consider getting life insurance:

It can Protect Your Family and Loved Ones

If you are the one supporting your family financially, then having life insurance is important as your life insurance will replace your income. They may even need to cover other costs for day-to-day household tasks, like cleaning, laundry, cooking and childcare.

Set Up as an Inheritance

You can use life insurance as a way to give your children or other members of your family an inheritance by naming them as your beneficiaries on your policy.

Pay Off Debts and Other Expenses

Just like how your life insurance will help your family with their financial needs, life insurance can also be used by your family to pay off your debts and other expenses. This can include car loans, credit cards, mortgages, and other debts you may leave behind.

Handle End-of-Life Expenses

Life insurance policies with specific benefits can help your loved ones pay for expensive end-of-life expenses, like funeral services, headstone costs, and the burial.

Protect Your Business

Having life insurance as a business owner can help make it so your partners and employees are not left out to dry. Having life insurance with specific benefits will help your business stay afloat while things settle.

Will Give You Peace of Mind

No amount of money can ever replace you or someone in your family, but having life insurance can give you peace of mind knowing that your family will not have to worry about finances. Life insurance not only financially protects your family, but also helps them through a tough time of loss.

Life insurance makes it possible for you to protect your family and loved ones, and there is nothing more important than providing for and protecting your loved ones. That is why at Small & Son Insurance we help you insure the most important things in life.

Interested in insuring what matters most? Give us a call today at (570) 421-0111 or check out our website for more information.

How to File an Auto Insurance Claim After an Accident

Mon, 15 Feb 2021 16:37:58 GMT

Being in a car accident is scary and unfortunately they happen everyday. Not only do you have to worry about yourself and the other people around you, but now you also have to figure out how you are going to file an Auto Insurance Claim and what information you need to do that.

To make it easier on you we have compiled this list of information you should obtain before filing a claim, as well as some tips on what to do and not to do after a car accident.

Let’s start with the basics:

Of course, immediately after the accident make sure everyone is okay. Call 911 for medical help if needed. You should also get in contact with law enforcement, as in some states you must get in contact with law enforcement after a car accident and you can obtain an accident report this way. Just make sure you get the name and badge number of the officer helping you. Stay as calm as you can.

After everyone is okay and help is called, start talking to the other drivers to gain the information you need to file your auto insurance claim. We highly suggest to never make a deal with the other drivers to accept cash for the accident instead of filing a claim. Even if they offer a large amount of cash or say they have no auto insurance, accepting a cash deal from them could cost you down the road.

What information should you get from the other drivers?

Name and contact information
Insurance company and policy number
Drivers license and license plate number
Type, color and model of car
Location of the accident
Pictures or videos of the damage of both cars
Try to talk to witnesses if any are available and write down what they say happened, as well as get their contact information
Write down everything you remember and include weather conditions, injuries, and any other information

After you obtain all that information, it is time to start your auto insurance claim . Make sure you get in contact with your insurance company as soon as possible. The quicker you get in contact with them, the quicker they can help you through the process. This may include filling out forms and sending over pictures and videos of the accident. Your insurance company will know how to assist you through this and what may be included in your policy.

At any time make sure you get in contact with your insurance company with any questions you may have.

The Importance of Having the Right Amount of Home Insurance

Thu, 21 Jan 2021 18:51:49 GMT

As a homeowner, home insurance is a necessity. But a lot of homeowners may wonder how much home insurance they actually need.

A good rule of thumb is the 80% rule for home insurance. This 80% rule is a standard for most insurance companies and follows the rule that the insurer will cover the cost of damage to your home or property if you have purchased insurance coverage of at least 80% of your home’s total replacement value. This amount should be able to rebuild your home, replace your belongings, cover injuries or damages that happened on your property, and reimburse your living expenses while you cannot live in your home.

This is very important to understand, as if you have purchased less than 80% there is a chance the insurance company will only reimburse you a proportionate amount of the required minimum coverage. This amount may not be enough to rebuild your home the same, cover expenses while you cannot live at home, or be able to replace all of your belongings.

According to a report from CoreLogic , a housing data firm, about 60% of all homes in the United States are underinsured by an average of 20%. This may be because of inflation, as it can cause the replacement value of your home to increase without you knowing it. It may also be due to capital improvement , which is the addition of a permanent structural change or the restoration of an aspect of a property that will increase the property’s overall value. Therefore, it is always important to review your insurance policies and replacement values from time to time to make sure you have the correct amount of coverage.

Although 80% might sound like a lot, the good news is that you can fine-tune your home insurance to make sure you have the right type and right amount of coverage.

Looking to insure your home? Homeowners coverage from Small & Son Inc. Insurance provides options for everything from a wide-open Craftsman to a split-level ranch and every style in between. Whether you need to insure your primary residence, single family home, condo, rental property or vacation home you can rely on our experience to get you the proper homeowner coverage at the most competitive price. Call us today at (570) 421-0111 to contact our friendly and professional insurance agents for a personal quotation!