Commercial Insurance & Riot Damage – P.J. Miller Discusses Coverage with Expert Insurance Reviews

In the article “Commercial Insurance & Riot Damage,” Expert Insurance Reviews interviewed partner P.J. Miller to examine what’s covered under commercial insurance for riots and looting, and how businesses can recover from damage and other losses. 

P.J. commented:

“The types of insurance that cover riot and looting damage would be: 

• Most standard property insurance policies would cover riot damage including the policy terminology of civil commotion and vandalism, as typically these are automatically covered with some specific conditions excepted.

• Looting most likely requires some form of ‘theft’ coverage, as looting would typically not fit within the definition of vandalism. Vandalism means they damaged the building or contents but didn’t take anything. Looting fits the definition of theft, burglary, or possibly robbery. 

Many business owners have been impacted by the coronavirus because the business had to temporarily or permanently shut down and, just as important, all business policies exclude (do not cover) the loss of business income.

Property policies require physical damage to the building or contents to trigger coverage and only then can your presented ‘loss’ be considered for a business interruption claim.

The exception to an indirect circumstance would be the building down the road that sustains damage and civil authorities prohibit entering that area which, in turn, creates a loss of income for the business owner since no one, including potential customers, is allowed into the detoured area.

Most property policies contain the clause and limit the exception to a business interruption claim for a two-week period. The impact of riot damage and the coronavirus is potentially significant for each circumstance.

Rioting

While widespread across the country, rioting can cause disruption to specific locations and communities in the form of moratoriums on property coverage. The people getting ready to close on a house or commercial building might find it difficult in obtaining the necessary coverage until the moratorium is lifted. 

Additionally, even not-at-fault claims can be taken into consideration when buying or renewing insurance, so if you were affected by riot damage or looting, it most likely will show up on your claim history and can impact your premium, deductibles going forward, and your acceptability when shopping around for different coverage and pricing.

Property Insurance and Liability

While the coronavirus is being debated on the property insurance and liability insurance fronts, the entire industry is holding its collective breath.

Most estimates indicate little to minor impact to COVID-19 as it stands, but in the event of legislation to the detriment of the industry, the estimates then lean toward massive to complete devastation of the property and liability insurance industry.

On the property side, the main issue is business insurance in the form of business interruption or loss of income coverage. The restaurant that was coming off of a great year in 2019, all of a sudden went to zero sales with staff layoffs and the inevitable closure.

Insurance industry insiders are suggesting coverage be implemented through a program similar to a FEMA flood plan, while others suggest charging for business interruption or loss of income coverage and removing the exclusionary language. The impact on business owners’ bottom lines could be significant, if not unaffordable. 

In the meantime, coverage remains unobtainable. In southwest Ohio, in my town of 60,000, protesters and rioters caused minimal disruption and relatively low levels of damage, estimated to be $75,000 to $100,000. Add to that the cost of overtime of law enforcement and emergency repairs for boarding of buildings.

Numerous panes of glass were damaged in business and governmental buildings, in addition to municipality vehicles. Streets were closed, law enforcement was in-place and several arrests were made, in addition to curfews set for two nights. 

Fortunately, only minor injuries were reported. Law enforcement handled the situations and their presence helped keep the disturbance to a low level and they attributed most of the problems to a select few, ending in their arrests.”

Continue reading the full article to learn more about commercial insurance coverage for riots and looting.

Questions about business insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Dayton Business Journal Ranks Wallace & Turner Among Top Property & Casualty Insurance Agencies

Wallace & Turner was once again recognized on Dayton Business Journal’s annual list of top Dayton-area Property & Casualty insurance agencies for 2020. Operating locally in Springfield, Ohio since 1870, Wallace & Turner is one of the oldest independent insurance agencies in the state. We provide personal insurance, commercial insurance and life & health coverage. 

View the full list (requires subscription).

Lyft Insurance Explained – Ben Galbreath Talks With Insurance.com About Obtaining the Right Kind of Coverage

Ben Galbreath

There are at least 1.4 million Lyft drivers in North America, according to the most recent estimates. If you're planning to become one of them and hit the road for Lyft, you need to have the right insurance coverage. Insurance.com interviewed producer Ben Galbreath to discuss what you need to know about Lyft's insurance and how to make sure you're completely covered as a driver.

Your personal auto insurance only covers your vehicle’s personal use—not commercial activities that earn you money.

"Your personal auto policy is not written to handle the exposure of commercial operations in regards to driving an individual for pay. Not to mention the amount of liability limits are limited," commented Galbreath.

Galbreath says if you're driving for a rideshare company, you should have enough coverage to protect your assets. This includes not only your car, but your home, investments and anything else of value that could be at risk if you were involved in an accident and were found liable.

He recommends "at least $1 million of liability coverage, higher medical payment options and third-party liability coverage," which will take the pressure off your personal auto policy.

Continue reading the full article.

Questions about Lyft, rideshare or auto insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

What You Need to Know About Uber Insurance – Ben Galbreath Interviewed by Insurance.com

Ben Galbreath

There are millions of Uber drivers across the U.S. who use the service to generate full-time or part-time income, and drivers are essentially operating their own small business. This means they need insurance to protect their business and reduce their financial liability. If you're a rideshare driver, you should know that your personal auto policy only covers your vehicle’s personal use. If you're driving your car for business, you'll need a commercial policy.

"Traditional car insurance is not set up for the liability and medical payments exposure, and the liability a driver exposes himself or herself to while getting paid to transport individuals," commented producer Ben Galbreath.

Galbreath says rideshare drivers should consider their personal assets, such as home, car, bank accounts and investments when thinking about coverage. 

"Auto claims have high bodily injury payouts, so medical bills and liability payment could bankrupt individuals if the right type of coverage isn't purchased," he adds.

Galbreath says if you're looking for coverage, you should take the time to compare policies and that you shouldn't base your decision on price alone.

"My advice would be to look into coverage options and pay for what you need to be protected based on your personal liability," he says. "The cost of insurance would not come close to the potential loss a driver could risk personally or professionally." 

Continue reading the full article.

Questions about Uber, rideshare or auto insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Cyber Fraud & Identity Theft: Protecting Yourself from COVID-19 Scams

The cyber fraud and identify theft landscape continues to evolve as criminals and hackers find new, aggressive ways to scam consumers and businesses. From robocalls and stolen credentials, to phishing and malware, vital information is increasingly being accessed online and through technology by the wrong people. The COVID-19 outbreak is creating the perfect storm for these type of attacks to flourish, and scammers are taking advantage of the pandemic to steal information.

Consumer Identity Theft and Fraud 

In the coming weeks, taxpayers will be on the lookout for an economic impact payment from the Coronavirus Aid, Relief, and Economic Security Act. This sets the stage for fraudsters to pose as government officials contacting individuals via email, texts and social media in an attempt to gain access to personal information and steal their identity. Individuals could be misled into providing bank account numbers, passwords or even installing malware on their computers for fraudsters to illegally access this information. Consumers need to be vigilant for scams related to COVID-19.

Below are tips to protect yourself from identity theft and fraud.

• Hang up on robocalls. Scammers are using robocalls to illegally obtain social security numbers, bank account information and offer bogus coronavirus treatments. Don’t press any numbers or say anything; simply hang up.

• Avoid clicking on links in unsolicited emails and be wary of email attachments. Instead of clicking a link, you can have it scanned for virus code using the VirusTotal URL scanner. Copy the link and paste it into the scanner to have dozens of malware detection engines review the contents of the link to see if any are harmful. See Using Caution with Email Attachments and Avoiding Social Engineering and Phishing Scams for more information.

• Only use trusted sources. Look legitimate sites such as government websites for information about COVID-19. Many sites will appear to offer helpful information, but you can often spot fakes by poor grammar, misspellings or missing contact information. Type a company or product name into your favorite search engine with words like “review,” “complaint” or “scam” to confirm legitimacy.

• Do not reveal personal or financial information in email. Call the organization to speak with someone directly. Research the company on Google and the Better Business Bureau if you are unsure.

• Be cautious about installing applications. Avoid downloading anything via email if you don’t know the source. For mobile devices, only install apps via the official app stores; avoid clicking from social media.

• Choose secure passwords. Don’t repeat the same password across multiple accounts. This makes it easier for scammers to access all of your information if they are able to gain entry into one account.

• Install security software that updates automatically. Make sure the security software, operating system, browsers and apps on your computer and smartphone are up to date. This may help protect your devices against potential identity thieves who try to take advantage of bugs or security holes in outdated software, systems or browsers.

• Talk to your agent about identity theft insurance. Having coverage will help you recover costs for obtaining credit reports from bureaus, notarizing affidavits, attorney fees, replacing documents, including driver’s license, passport and Social Security card, among other critical actions.

You can sign up for free scam alerts from the FTC at ftc.gov/scams. If you spot a scam, report it at ftc.gov/complaint. Your reports help the FTC and other law enforcement investigate scams and put an end to this type of fraud.

Business Cyber and Data Liability

The majority of employees are working from home, and they may not have the same level of internet and computer security, leaving businesses susceptible to cyber and data breaches. Companies must be prepared and have a plan in place to respond to incidents of fraud. This is true whether you are a small business or a large corporation.

Talk with your employees:

• Awareness: Make sure your employees have knowledge of the type of malicious calls, emails and websites they may experience.

• Educate: Train your staff on what to do if they receive a suspicious call or email with questionable links and attachments. Preach caution. If employees are unsure, they should speak with management or your IT team before responding to any communications. 

• Preparation: Work with employees to create a secure home office environment. Implement security measures to strengthen passwords, create multi-factor authentication for programs and applications, and set up strong VPN connections.

Planning and reacting to a data breach:

• Create a written security policy. Identify various types of security incidents that could occur; prepare a communications plan; designate roles and responsibilities among staff. Train staff on the plan.

• Use security tools: Implement software and other tracking methods to detect suspicious communications.

• Contain breached data. Isolate the affected information from the rest of your network to prevent the spread of unauthorized access/malware within your organization. Assess the impact and determine if additional information is at risk.

• Identify the cause of the incident. Correct broken security measures that allowed scammers in. Take steps to protect against identity theft and account takeover such as updating passwords and installing new malware.

• Gradually bring systems back up. Test systems to confirm they are working properly before giving employees access again.

• Contact your insurance agent. If you have cyber liability insurance, your insurer can assist with your response capabilities and start the claim process.

• Communicate with clients and consider regulatory obligations. Clients need to be made aware if their information may be compromised, and how you’re handling the situation. Clearly explain measures that are being taken to prevent this from happening again. Ensure you’re complying with all state and federal laws.

• Review the incident with your staff. Make sure they understand how the breach occurred and how it could be prevented in the future. Update your response plan accordingly.

A tremendous amount of time and money can be wasted trying to restore your credit, finances and reputation. While there’s no fool-proof method to prevent identity theft or data breaches, there are tools that can make the recovery process faster, and save you money with less aggravation should you become a victim.

Want to learn more about Cyber Crime and Data Breach Insurance? Download our free e-book.

Questions about identity theft or cyber and data liability? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

To Purchase or Not To Purchase Rental Car Insurance, That is the Question

Ben Galbreath

You’re standing at the rental car counter and they inevitably ask the question that makes you second-guess your response, “Do you want to purchase insurance coverage for your rental?” You’re probably thinking, “Why do I need to purchase their insurance when I already have auto coverage? But if I don’t accept it, am I leaving myself exposed if I’m in an accident or the car is stolen?” The answer is, it depends. Do you carry collision and comprehensive coverages on your own car? Is this rental for personal or business reasons? How much are you willing to pay out-of-pocket if your policy doesn’t cover the damage? Your answers will guide the type of rental insurance coverage you really need.

What does the rental car insurance cover?

Purchasing the rental car insurance coverage from the rental car company can be costly, although an easier claims process, in the event of a loss. The insurance can be $30+ dollars a day after adding on all the different coverages the rental car company offers, e.g.  Enterprise Rent-A-Car: Damage Waiver for $19.99 to $25.99 per day, Personal Accident Insurance for $12.00 per day, and Supplemental Liability Protection $13.80 per day. By purchasing this coverage, the rental car company is essentially waiving its right to make you legally liable for loss or damage to the car while it’s in your possession, regardless of fault (with a few exceptions).

When you are considering renting a vehicle for a personal trip, your personal auto insurance will kick in, but to what amount? You will need to contact your insurance agent to review your policy. If you only have liability coverage on your personal auto(s), your insurance will not cover for physical damage of the rented vehicle. To cover the physical damage on the rental vehicle, you will need to have Comprehensive and Collision coverage on at least one of your owned vehicles. This will save you money when renting a car.

Loss of Use charges

One big problem for rental car coverage is called “loss of use.” Rental car companies can charge you after damage has occurred to the rental vehicle while it is not in service. They will charge you per day while the vehicle sits in a tow yard, at the body shop or while the claim is being settled by your carrier. This process could become very costly due to the negotiations between the rental car company and your insurance company. Insurance companies vary on how they evaluate this coverage. Be sure to speak with your insurance professional to see what your personal auto coverage will handle.

Check with your credit card company

Do your due diligence by calling your credit card company to see if any coverage is provided. Many do, although it seems credit cards are offering this perk less and less these days. The extent of coverage will likely vary from card to card so be sure you understand what they’re offering, or not. For example, your credit card may provide collision damage waiver coverage for the physical damage of a rented vehicle. In the U.S., it is secondary coverage, but the credit card company will pay for the deductible, then your personal auto coverage would step in for the rest if loss of use is charged. For international rentals, the credit card company may cover the rental car due to a collision loss for first dollar coverage (a type of insurance policy with no deductible where the insurer assumes payment once an insurable event occurs).

Rental car insurance for a business trip

If you are renting a vehicle for a business trip, there are many different factors that come into play. You will need to consult with your independent agent on how coverage will apply to the damage of the vehicle. “Hired auto coverage” will cover your liability for any damages you incur to the other party’s vehicle, but this will not cover the vehicle you have rented. It’s in your best interest to notify your agent about your business trip so they can review your coverage and make sure Hired Auto and Hired Car physical damage is included in the policy. In this instance, it would be advisable to use your company credit card and rent it in the company’s name. This is what triggers the business policy.

Generally speaking, if you’re renting a car and driving a long distance, the rental car company’s coverage may be the way to go. If something were to happen, you can simply call the rental car company, they deliver another vehicle and you’re on your way. This avoids the extra step of calling your insurance company, credit card company or any other outside companies to cover the rental car. On the flip side, if you’re going to drive the car locally wherever you are, personal coverage and/or your credit card company’s coverage should be sufficient, but as always, check with your agent first.

Questions about rental car insurance coverage? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

P.J. Miller Discusses Why Businesses Need Inland Marine Insurance Coverage with FitSmallBusiness

P.J. Miller

Inland marine insurance is a type of business insurance that covers products, equipment, and valuable goods as they are transported over land or stored at an off-site location. Unlike commercial property insurance, inland marine covers property while it is away from your main premises. Inland marine can also cover property owned by others that is in your possession. This may include cargo you are transporting, or others’ property being held on your premises.

There is a greater risk for accidents and theft when things are on trucks or trains, and standard business insurance policies don’t automatically include inland marine coverage. This creates a coverage gap for many small businesses that don’t always keep products or equipment in their main business location. 

In the FitSmallBusiness article “Inland Marine Insurance: Cost, Features & Providers,” Partner P.J. Miller discusses common instances in the normal course of business operations in which items are not covered.

“Mailing or shipping through a common carrier (e.g., FedEx, UPS) may or may not be insured through the cargo carrier. If equipment is leased or rented from a supplier, the renter business might need its own coverage on the equipment. If property is damaged while it’s being repaired, whether working on your own property or working on someone else’s property, it’s usually not covered by property or general liability.” 

Read the full article.

Questions about business insurance? Contact Wallace & Turner at (937) 324-8492 or info@wtins.com.

Lisa Miller Becomes Certified as a Nationwide Farm Insurance Agent

Lisa Miller Operations Manager & Commercial Lines Account Manager

Commercial Lines Account Manager & Operations Manager, Lisa Miller, recently completed Nationwide’s Farm Certification which provides in-depth education on farm and ranch operations. As a Farm Certified agent, Lisa has extensive knowledge about farm and ranch risks and exposures, and can protect your property and operations with a tailored policy. Lisa joins Producer Ben Galbreath, who is also certified by Nationwide and has particular expertise in farm insurance. 

As the largest insurer of farms and ranches in the U.S., Nationwide insurance policies offer protection in the following areas:  

• Home and contents, including detached garages and other personal use buildings

• Ranch personal property

• Ranch structures

• Liability protection

Nationwide can also customize your insurance policy with optional endorsements and coverages, including protection for your vehicles, home, property and livestock. 

As a partner of Nationwide, Wallace & Turner can work with you to develop an insurance policy that ensures the right amount of protection for your agribusiness operations, from small farms and rural acreage, to expanding farms and ranches with commercial exposure. Contact us here or at 937-324-8492 to discuss coverage for your farm or ranch.

Professional Liability Insurance: What’s Covered (and Not)

Myles Trempe

Professional liability insurance provides coverage for claims resulting from negligent acts, errors or omissions and personal injury arising from the provision of professional services. Professional services include, but are not limited to, advertising agencies, auctioneers, technology consultants, employment agencies, contractors, architects, lawyers, doctors and accountants. For professions with a professional exposure, this line of coverage is as critical as general liability.

What’s covered and not covered

Professional liability is a separate coverage which can be purchased as an endorsement to a business owners policy or commercial insurance package. Although professional liability policies are not uniform, most commonly these policies provide coverage on a claims-made basis, which include two dates. First, the retroactive date is usually specified in the Declarations page. The error or omission of the potential claim must have taken place after the stated retroactive date and be prior to the expiration of the policy. Second, the claim must be initially reported during the covered policy period or the extended reporting period. These polices usually exclude exposures which are covered on other policy forms such as general liability. Losses based on fraud, dishonesty or criminal acts are not covered (the cost of defense for such claims may be paid). Other exclusions include bodily harm to any person, libel and slander, illegal discrimination and insolvency.

The most common specific types of professional insurance, include:

• Malpractice insurance: To assist medical professionals accused of negligent behavior or mistakes.

• Errors and omissions liability: Professionals that consult and or deal on knowledge and advice.

• Directors’ and officers’ liability: Specifically dealing with any negligent behavior or errors committed by top ranking officials.

• For profit and nonprofit entities.

How a professional liability policy can cover you

Example: An IT consultant has been contracted to back up their clients’ records and website. The backup is either not completed or the attempt fails, and all data is lost along with the website. The client depends on their website for customer traffic and all sales. It takes one month to redesign the website and the business has a substantial loss of revenue and key accounts. A professional liability policy would protect the IT consultant for their negligence and indemnify the client.

Example: A real estate agent fails to disclose a known problem or defect in a property, such as a problem with mold or radon. The home buyer learns of the problem after the sale is complete, and sues the agent for not disclosing the problem and for the additional costs involved in remediation.

In summary, general liability coverage protects a business from claims resulting from bodily injury or property damage suffered by a third party. Professional liability protects a business from economic damage claims resulting from professional mistakes. 

Contact Wallace & Turner Insurance to learn more about a professional liability policy.