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FAQs

What is included in my Homeowners Insurance policy? Is there anything specific I need to keep in mind before buying a policy?

 

HOMEOWNERS:

Erie Insurance's premier package offers the highest levels of security for you and your home. Coverage’s including:
• Your home and any attached structures. (Replacement Cost Settlement)
• Other structures at your premises that are separate from the dwelling. (Replacement Cost Settlement)
• Personal property wherever it may be. (Replacement Cost Settlement)
• Loss of use, which covers the additional living expenses you incur due to temporary relocation.
• Personal liability for bodily injury, property damage or personal injury claims brought against you anywhere in the world.
• Medical payments to others who are injured in an accident arising from your premises or personal activities


AUTO: ERIE’s auto insurance policy protects you against financial loss if you have a car accident. General types of auto insurance coverage include property, liability and medical. Uninsured and underinsured auto coverage pays you and the other passengers in the car if the driver who crashed into your car has no insurance or has insufficient auto insurance.

Get a 12-month auto insurance quote online

 

BUSINESS: The success of any business depends on hard work and ingenuity. Business insurance ensures that all the effort and money you have invested in your business is covered in case a disaster strikes. In general, businesses need to purchase at least the following four types of insurance:
 

Property insurance compensates you if the property you use in your business is lost or damaged by common perils such as fire or theft. Property insurance covers not just a building or structure but also what insurers call business personal property.  

 

Liability insurance protects you in the event that someone claims that your business caused him or her harm. Your liability insurance pays damages to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits, as well as legal fees. It also covers the medical bills of any people injured by your business.


Business vehicle insurance provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding and other events.
 

Workers compensation insurance or workers comp, as this coverage is generally called, pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.
 

Other Types of Policies You May Need  In addition to the basic coverage’s highlighted above, there are various other policies needed by some businesses, including the following:


Business catastrophe liability or umbrella policies provide coverage over and above your other liability coverage’s. It is designed to protect against unusually high losses. For the typical business, the umbrella policy would provide protection over and above general liability and auto liability policies.


Specialized liability insurance policies are designed to meet specific needs of individual businesses specialized for liability policies needed by some businesses. They include Errors and Omissions Insurance (E&O)/Professional Liability Insurance, Employment Practices Liability Insurance (EPLI) and Directors and Officers Liability Insurance (D&O).

Error and Omission Insurance

 

What Is Errors and Omissions Insurance?

If you’re ever confronted with potentially catastrophic litigation, your company’s survival and your own financial security could depend on whether or not you have Errors and Omissions coverage.

Errors and Omissions insurance, also known as Professional Liability insurance, is a fundamental safeguard for your IT business. Errors and Omissions insurance protects your technology business if a client alleges that your company was professionally negligent or failed to perform professional duties.

Why Do I Need Errors and Omissions Insurance?

Errors and Omissions insurance protects your technology company or any kind of professional business from professional liability risks that can drain your company’s bank account and tie up your human resources for years.

Your small technology or any kind of professional business may be as vulnerable to errors and omissions lawsuits as a massive software giant or multinational hardware producer. From catastrophic software crashes to network failures that shut down a client company’s business for hours, unexpected technology failures or all-too-human oversights can result in a lawsuit.

If you’re sued, you don’t want to be without Errors and Omissions insurance. Why? Because Errors and Omissions insurance protects you and your business from the potentially disastrous costs of fighting your case in court. Without Errors and Omissions coverage, the high cost of a legal defense could put you out of business.

Protect Yourself Now from Legal Unknowns

Errors and Omissions insurance is particularly important for technology professionals because their industry is still relatively new. There are few established precedents for computer consulting and contracting law, and as more cases wind their way through the courts, tort laws governing technology contracts continue to evolve.

Courts are still defining the various types of computer professionals and the expectations related to technology services and contracts. What may not be actionable today could result in huge court awards next year. Errors and Omissions insurance protects you from new legal threats, so you never have to worry that work you do today could result in a devastating lawsuit months from now.

Some of your clients may require that you and your subcontractors carry Errors and Omissions insurance. Many computer consulting companies also require their subcontractors (generally those workers receiving a 1099 instead of a W-2 at the end of the year) to carry Errors and Omissions insurance. If a client sues the technology firm for a perceived error or omission, even if the problem occurs months after the initial consulting activities, both the consulting firm and subcontractors can be held liable. The right kind of Errors and Omissions insurance can protect both parties.


Terrorism insurance is offered to owners of commercial property as mandated by the Terrorism Risk Insurance Act, enacted by Congress in 2002. Insurance losses attributed to terrorist acts under these commercial policies are insured by private insurers and reinsured by the federal government.

To learn about the details on the specifics of your business policy or to inquire about what type of coverage is right for you, contact me @ martha@mbiagency.biz or just give us a call at (703) 860-0906.


LIFE INSURANCE:

Life insurance products are not all the same. While some provide coverage for your lifetime, others provide coverage for a specific number of years.


Determining the right product depends on a number of factors. ERIE’s life insurance calculator can help determine the amount of life insurance you may need. To learn more about the different types of life insurance give me a call @ (703) 860-0906 or e-mail me martha@mbiagency.biz I can help you decide what products and options best meet your needs.
There are two basic type of life insurance: term life and cash value life.*


Term life insurance:

Term insurance provides coverage for a term of one or more years. The 20-year plan is the most popular version. Term insurance pays a death benefit if death occurs during the policy term. However, it does not include a cash value that can be used in the future.
Some term insurance policies are renewable for one or more terms, even if your health changes, though the premium usually increases with each renewal. Inquire about renewal premiums before you buy. Also ask if there is an age when you can no longer renew the policy.
Most term policies also include an option to convert to a cash value policy without having to provide evidence of insurability. Make sure you understand how the convertibility option works. The annual premium for term life insurance is usually less during the early years than the premium for a cash value insurance product. Be sure to compare the long term cost of each product before you buy.
Erie Family Life’s term life insurance policy provides coverage to age 95. The face amount of the policy remains level until then and the policy owner can choose from a 10, 15, 20 or 30-year guaranteed level premium period. After the level premium period, the premium increases on an annual basis.


Cash value life insurance:

Cash value life insurance is designed to last an entire lifetime. Most products provide coverage until age 100 or later. The premium for this type of insurance is higher than term insurance during the early years of the contract when compared to term life insurance. The premium that is not used to cover expense or the cost of insurance is invested by the insurance company. That investment builds a cash value that increases with time. That cash value can be borrowed to:
• Fund a business or investment opportunity.
• Pay education expenses, such as college.
• Enhance your retirement income.
• Pay emergency medical expenses.
There are several types of cash value life insurance, including whole life, universal life and variable life.


Whole life insurance provides coverage for as long as you live. The annual premium is usually payable for a period of time such as 20 years or to age 65. Some are payable forever. The premium amount never changes unless there is a change in benefits. The cash value is guaranteed as shown in the policy.


Universal life insurance is a flexible premium adjustable life insurance product that allows you to vary the premium payment within certain limits as defined by the insurer and the tax code. The death benefit can be increased or decreased as defined in the policy without having to buy a new contract. The cash value earns interest at a rate determined by the insurer and that rate is subject to fluctuation based on market conditions. Like whole life, the cash value can be borrowed. Additionally, the cash value can simply be withdrawn, thereby avoiding interest expense charges, subject to policy limits.


Variable life insurance can be structured as whole life insurance or as universal life insurance. The distinguishing feature of variable life is that the cash value is dependent on the investment performance of one or more separate accounts. In other words, the policy owner is subject to financial risk and the loss of their cash value. Be sure to read and study the prospectus before buying this type of policy. Erie Family Life does not offer variable life insurance products.

For information on your life insurance policy or the features and benefits of other products that Erie Family Life offers, contact me @ (703) 860-0906 or martha@mbiagency.biz

RENTERS:

Your apartment is as much of a home as a house is. ERIE's Tenantcover Policy safeguards your:
• Personal property, wherever it may be.
• Loss of use, which covers the additional living expenses you incur due to temporary relocation.
• Personal liability for bodily injury, property damage or personal injury claims brought against you anywhere in the world.
• Medical payments to others who are injured in an accident arising from your premises or personal activities

 

For information on any of the above Insurance Products or the features and benefits of other products contact us @ (703) 860-0906 or martha@mbiagency.biz