Commercial Insurance Requirements in New York

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Business owners in New York, as long as they have at least one part-time or full-time employee, are required to carry state minimum commercial insurance coverage. While having commercial insurance may result in an additional cost for the business owner, it’s a no brainer. Not only does commercial insurance provide coverage in the event of a disaster, but also it has auxiliary benefits that few think of, such as potentially improving your bank and supplier credit because you will be seen as a safer option to lend money too.

At the core, commercial insurance consists of two central tenets – workers’ compensation insurance and commercial auto insurance. Workers’ compensation insurance offers benefits to both you and your employees by providing monetary coverage – up to your policy limits – for workplace injuries and illnesses. Additionally, commercial auto insurance is required for any enterprise that has company-owned vehicles. If you require your employees to use their personal vehicles for company use, it is imperative to give serious thought to augmenting your commercial auto insurance policy with hired and non-hired insurance. 

In addition to workers’ compensation and commercial auto insurance, your business may also want to consider additional coverage depending on the type of work done. For instance, companies that store consumer data or have a heavy online presence may also want to purchase commercial cyber insurance, which helps pay for the monetary loss associated with a data breach or cyber attack.

At VAC Insurance Agency in Brooklyn, NY, our trained and professional agents will take the time to learn about your business so we can make personalized policy recommendations and develop a tailored policy that meets your needs. Give us a call today to schedule your no-obligation and complimentary insurance consultation. 

Insurance benefits of renovating your home

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Home renovations are not only exciting to do, but also come with many advantages. Apart from improving your home’s appearance, they provide a more comfortable, secure, and efficient living environment for you and your family. To top that up, they can also lower your home insurance premiums. So, if you are planning to renovate your Brooklyn, NY home, inform your insurance prior. Let’s look at the general benefits of home renovations.

Improves the overall look of a home

The primary purpose of a renovation is to improve the look and longevity of a home. Many people in Brooklyn, NY tend to renovate the kitchen and bathroom while others prefer to go further and add a few rooms. Whatever you choose to add, the whole intention and purpose are to make your home better.

Increases the value of your home

When a home is in good condition, its value goes up. Similarly, your insurance rates are likely to go down as the chances of filing a claim are considered minimal. However, some additions improve the home but raise the rates. Additions such as a swimming pool or an office improve your home’s value but increase the insurance rates.

Some improvements make your home safer.

Getting rid of the old slippery tiles or covering those cracks on the patio not only makes your home safe for your children but also keeps insurance claims away. While some accidents are inevitable, adding safety features in your home significantly minimizes accidents hence a lower number of injuries and claims. If you have children or pets in your home, the VAC insurance Agency recommends speaking to a home insurance expert to help you identify some of the safety features you can add in your home to reduce accidents.

At VAC Insurance Agency, we understand that completing a home renovation is not always easy. That is why we are here to answer any questions that you may have. Try us today!

5 Important Facts You Should Know about Flood Insurance

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If you own a home or business in Brooklyn, NY, you should know the facts about flood insurance. Flood disasters have only increased over the years in different parts of the country. Flood coverage from VAC Insurance Agency can make a difference between compensation for flood damage or total loss. Here are some important facts every homeowner should know about flood insurance.

FACT: Home insurance won’t protect you from flood damage.

Home insurance covers all types of disasters to include fire, theft, tropical storms, windstorms, lightning strikes, and tornadoes. It doesn’t, however, cover flooding from severe rainstorms, rising river waters, or tidal surges. If you want flood protection, you need to buy a separate flood policy.

FACT: Approximately a quarter of flood claims in the U.S. come from people who live in low risk or moderate-risk areas.

This puts just about anyone at risk of flood damage. Smart homeowners in Brooklyn, NY will be prepared with flood insurance.

FACT: Flood policies for your home and your belongings are purchased separately.

You can purchase home coverage for replacement cost with a limit of $250,000. Coverage for your belongings, however, is only available for actual cash value with maximum limits of $100,000.

FACT: Flood policies don’t start right away; you usually have to wait 30 days before coverage goes into effect.

That’s why it’s vital to purchase your policy in advance to ensure you have the protection you need when the time comes. It’s better to be safe than sorry when it comes to the danger of flooding.

FACT: Anyone can purchase flood insurance, not just homeowners.

If you own or rent a condo, townhouse, ground floor apartment, or mobile home, you can purchase flood coverage to protect your property and belongings.

To purchase flood insurance for your Brooklyn, NY abode, call or visit VAC Insurance Agency.

Protect Your Business with Commercial Insurance

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Opening up your Brooklyn, NY based business is an exciting and scary time. Uncertainty, hope, and nervousness vie for supremacy in your thought process as you prepare to open your doors to the public. While natural, perhaps one of the best course of action, as an entrepreneur, is to ensure that you have commercial insurance that will help give you the peace of mind knowing that you have coverage against an array of potential liabilities. For detailed commercial insurance information regarding your Brooklyn business, you will want to sit down with an agent from VAC Insurance Agency to discuss your options.

Protect Your Business with Commercial Insurance

Commercial insurance policies are designed to protect your business from the uncertainties of an uncertain world. Specifically, a commercial insurance policy underwritten by VAC Insurance Agency offers protection against a range of potential liabilities.

In general, commercial insurance will cover not only your business property such as cars, building, or equipment but also against business liability, as well as providing Workman’s Compensation should you or an employee suffer an injury.

The first step in getting the Brooklyn commercial insurance that you need is having a conversation with one of our knowledgeable and licensed team members here at VAC Insurance Agency. We understand that your business is unique, so there is no such thing as a one-size-fits-all commercial insurance policy. Indeed, our goal is to learn as much about your business, so we can craft a commercial protection policy that you can rely on for your Brooklyn-based business.

Call Our Team at VAC Insurance Agency

When it comes time to shop around for your commercial insurance policy, we invite you to come to speak with us regarding your specific needs. Building a business can be scary, but getting commercial insurance in Brooklyn, NY shouldn’t be a harrowing experience.

What’s Inside a Typical Homeowner’s Policy?

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Your mortgage company may require you to carry homeowners’ insurance, or you may elect to continue coverage after purchase. Maybe you just paid off your mortgage, and you’re riding the fence about renewing your policy. VAC Insurance Agency of Brooklyn, NY wants you to understand exactly what a standard homeowner’s insurance policy covers and why you need it.

Protecting Your Investment Four Ways

Your standard policy provides vital financial protection for your investment. The home policy protects you from physical property loss due to a named peril like fire or tornado, as well as from accidents such as a teenager who drives into the garage while the garage door remains closed. The policy also covers theft, so if a burglar breaks in and steals your big screen and stereo, the insurance pays for the replacement, plus the repairs for how the burglar broke into the home. The same standard policy provides liability protection. That means if your neighbor visits to watch a football game and falls down the front steps leaving to go home, the home policy pays for their medical bills. If they sue, it would also cover your attorney fees.

Named Perils

The standard homeowner’s policy covers the expense of repairing or rebuilding the home when it becomes damaged or destroyed by a named peril. That means a specific cause named in the policy. In a standard policy, a named peril refers to fire, hail, hurricane, lightning, or tornado, but not flood. The latter requires a standalone National Flood Insurance Program policy. Some states include earthquakes in the named perils, and others do not.

The other structures not attached to your home also receive coverage in the amount of 10 percent of the insured value of the house. Other structures refer to a garage, gazebo, shed, or workshop.
Talk to VAC Insurance Agency of Brooklyn, NY about the homeowner’s policy you need. You can include items like additional living expenses (ALE), so you can live in a hotel while the home receives repairs. You can also add extra liability coverage, helpful if you host a lot of parties or run a home business. Let’s discuss your needs, so your home investment remains protected.

3 Reasons You Need Flood Insurance

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Flood damage can be disastrous, as evidenced by recent floods all over the country. Over the last few years, there have been massive floods in both flood zones and areas where floods are generally not as frequent. By purchasing flood insurance from VAC Insurance Agency, you can take preventative measures to protect yourself against the threat of flooding. Here’s why you need flood coverage in Brooklyn, NY.

Home Insurance Doesn’t Cover Flood Damage

Standard home insurance in Brooklyn, NY doesn’t cover flood damage. This leaves homeowners at risk of paying for flood damage out of their own pockets. It only takes a few inches of floodwater to devastate a home and destroy personal property. Flood insurance helps compensate New York homeowners for their losses so they can recuperate quicker from a flood disaster.

Floods Can Occur Anywhere

Contrary to what many homeowners think, floods can occur anywhere, even in non-flood zone areas. If a flood hits your area, a lack of insurance can put you in jeopardy of losing everything you own. New York is prone to severe tropical and winter storms that can lead to flooding. By adding flood insurance to your home insurance package, you can be prepared for any eventuality. 

Flood Damage Can be Catastrophic

Flooding can cause tens of thousands of dollars’ worth of damage in a very short time. In a worst-case scenario, you could lose your home and all your belongings in one fell swoop. Flood coverage gives you the financial means to rebuild your home and replace your goods without having to deplete your savings or retirement funds. The affordable price of flood coverage makes it a worthwhile investment in protecting your valuable investments.

For quality flood coverage to protect your Brooklyn, NY home, call or visit an agent from VAC Insurance Agency today.

Here are the essentials of commercial insurance

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There are many elements associated with starting and maintaining a business in New York. Commercial insurance is one of the essential tenets of entrepreneurship. The agents at V.A.C. Insurance Agency in Brooklyn, NY can help you understand the details of commercial indemnity policies. Read on to learn the basics of commercial insurance!

What is commercial insurance?

Commercial insurance is an indemnity plan that many business owners use to cover their assets when the unexpected happens. There are many types of commercial insurance in Brooklyn, NY, which include:

  • Property Insurance

  • Business Income Insurance

  • Umbrella Insurance

  • Business Auto Insurance

  • Workers’ Compensation Insurance

Depending on the situation, commercial insurance may be optional. Businesses with employees, however, must obtain at least workers’ compensation insurance. In addition, those business owners who rent locations may have to obtain property insurance as a part of their lease agreement.

Umbrella insurance is not just for businesses, entrepreneurs stand to benefit from a policy. Under this plan, business owners receive compensation for losses that their initial policy fails to cover. An umbrella insurance policy can be a lifesaver when your losses exceed the limits of your standard policy. An umbrella plan fills in the gap so that you do not have to pull out of your pocket to pay for expenses.

Business income is another indemnity option that serves as a lifesaver. This commercial insurance plan compensates for income lost during a power outage or other unexpected incident that impedes your ability to earn money during a workday.

Business income is especially ideal for small business owners whose company operates online. A power outage could lead to detrimental effects in the area of finances. Business income assurance provides a safety net so that you can move forward without feeling the need to make up for lost earnings.

How much commercial insurance do you need?

The type and amount of commercial insurance you need depends on the size of your company as well as the nature of your business. An agent at V.A.C. Insurance Agency can help you find the plan that works best for your situation. Call today to get started with a quote!

What can your home insurance policy cover?

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Your home insurance policy is for more than looking pretty. A good indemnity plan can shield you from heartache and incredible loss when the unexpected happens in Brooklyn, NY.

The agents at V.A.C. Insurance Agency can tell you about all the benefits of having a good home insurance plan. Read on to learn what a policy can do if you are a victim of theft or Mother Nature.

Natural Disasters

The average home insurance plan covers natural disasters such as lightning and damages related to hail. Weather conditions related to hurricanes and massive flooding may not be covered under a traditional home insurance plan.

It is important to check with your agent at V.A.C. Insurance Agency to learn what your policy covers regarding natural disasters. You do not want to wait until tragedy strikes to learn that your coverage may not be enough.

Personal Property

Theft violates you in more ways than one. You have to live with the reality of someone coming into your dwelling space without authorization. You also must grapple with the notion of them taking items that can never be replaced.

Home insurance can help you recover with personal property protection. This type of assurance pays cash for items lost in a robbery. An agent at V.A.C. Insurance Agency can help you find the policy that covers some of your most treasured possessions.

A homeowner should never go without home insurance. It only takes a few seconds for you to lose everything and be left with the reality of starting over. The agents at V.A.C. Insurance Agency in Brooklyn, NY can help you better prepare for the unexpected. Call us today to get started with a home insurance quote!