Sole Proprietor Advantages Using Commercial Insurance

Most small businesses in Arizona run by a single person are bootstrap operations when started. Insurance is often skipped for the business if the sole proprietor already has insurance coverage through personal policies. That can include renters’ and homeowners’ insurance, auto insurance, and even regular day job health insurance. But this assumption can be mistaken, especially when it gets discovered that the claim against one of these policies turns out to be related to a sole proprietor business. That’s because when the personal policies were created, the insurance providers assumed they were addressing the risks of a private individual, not a business owner. The policy language may bar or limit anything associated with a business risk. The same is even more likely if the sole proprietor gets sued by a business’ customer and damages are sought from the litigation.

Commercial insurance solves the above problem for a sole proprietor. It is specifically designed for a business, and the risk assumed is business-related right from the start. Typical risks covered can and usually do include injuries during the course of the business, losses to the business property, and even lawsuits against your business activity. It’s almost a given that a private homeowner’s insurance is not going to accept these kinds of claims in comparison. For sole proprietors in Arizona, Genesis Insurance can find an appropriate provider, depending on the business need. Our staff regularly works with small businesses of all types in the commercial insurance market. So, to choose a policy or learn more about how commercial insurance works, give Genesis Insurance a call.

Prepare Your Home for a Flood

Floods are considered one of the most dangerous and expensive natural disasters in the world. Flooding does not always occur in a designated floodplain. Although you may be at greater risk if you live near a levee or large body of water, flooding can happen anywhere. There are ways you can protect yourself and your home from flooding as a result of a severe rainstorm or an overflowing of water. The Genesis Insurance agency in Phoenix, AZ would like you to have all of the information to be able to protect your home from a flood.

Outside of the Home

  • Raise your home – Some homes can be elevated or raised on stilts to prevent flood waters from entering your home.

  • Coat the foundation – Certain types of waterproof sealants can be sprayed or painted onto the surface of your home which seals cracks. This can prevent water from seeping into any cracks in the foundation.

  • Buy sandbags – Sandbags can be purchased at your local home improvement store. Place the filled bags around the outside to keep water away.

Inside of Your Home

  • Use a safe – Place important documents, such as birth certificates, passports, and insurance policies, inside a waterproof safe.

  • Lift valuables off the floor – Move valuables and furniture to a higher level, if possible.

  • Turn off all electrical items – Electrical items, like televisions, game consoles, and cable boxes should be unplugged and moved to higher ground.

Obtain Flood Insurance

In Arizona, you’ll need to purchase a separate policy for floods. Homeowners policies usually do not cover floods. Most people will need to acquire coverage with the National Flood Insurance Program. The agents of Genesis Insurance in Phoenix, AZ are available to help answer any question you may have about flood insurance in your area.

Can You Add Your Parents to a Life Insurance Policy?

Life insurance is something that more people can benefit from than they currently do. Life insurance can help not only make life after your passing easier for family, but it can also be borrowed against and taken out in the event of a major accident. So who can you add to your policy? Your immediate family like spouses and children are obvious choices, but you can also add your parents. For those in the Phoenix, AZ area, the agents with Genesis Insurance can help.

You can add parents to your life insurance policy under certain circumstances. For instance, if you have a parent that lives with you, that is your dependent, and that can be counted on your taxes, you can add them to your life insurance policy. You must have a vested interest in their lives and their care to put them on a policy, however. You will not be able to add parents that are independently living and non-dependent on you because you do not hold power of attorney over them.

The role of life insurance is to help ease the burden of costs associated with the death of a loved one. As such, most life insurance policies are going to require that those that you are adding to your policy are directly related to you and that you are responsible for their expenses and, therefore, would be responsible for their expenses if they were to pass. When adding parents, you will need to prove that they live with you and that they are your dependent. For those in Phoenix AR, the agents with Genesis Insurance can help you create a perfect life insurance policy for you and your family.

Does Commercial Insurance Have Any Type of Property Damage Payout?

If you operate a business in Phoenix, AZ, then it is of the utmost importance that you invest in commercial insurance. There are many benefits to having this type of insurance, including the ability to receive coverage in the event of an unforeseen covered event, such as fire to your business’ building structure. The exact benefits to be gained by this type of policy will be outlined in the policy’s terms and conditions as well as in the fine print. It is important that you speak with a qualified agent from Genesis Insurance to learn more about the ways you can benefit from commercial insurance. For now, let’s take a look at commercial insurance and its benefits regarding property damage payouts. 

You never know when a disaster could occur, such as a major windstorm blowing through Phoenix, AZ. When this type of disaster occurs, you want to make sure your business is protected by commercial property damage coverage. There are certain kinds of property damage payouts that can be obtained from your commercial insurance policy during a disaster like a wind storm, but the fine print of your policy will tell you what is and is not covered. 

Another example of when your commercial insurance policy may pay out for property damage is when a delivery truck driver accidentally backs into your building instead of the docking port. If their insurance doesn’t cover the extent of the entire loss, your insurance may kick in and pay for what his insurance didn’t cover. 

To learn more about commercial insurance and the types of property payouts that it has, you need to speak with an agent from Genesis Insurance serving the Phoenix, AZ area. Reach out to our offices to get started.

When Can You Claim Flood Insurance?

A flood insurance policy is designed to protect you and your property in the event of a flood in Arizona or Texas. This is a unique type of insurance that is offered as a separate policy from your standard home insurance that covers floods explicitly. Most homeowners tend to think that their standard home insurance policy protects them against floods which isn’t true. If you are a homeowner, then you need to purchase both your home and flood insurance policies from Genesis Insurance in Phoenix, AZ.

Unlike other coverages that may be confusing as to when you can file a claim, things are quite straightforward when it comes to flood insurance. You are expected to file a claim whenever you experience a flood.

What Is the Difference Between a Flood and Water Damage?

To help you understand when you can file a flood damage claim; we shall distinguish between these two confusing terms. You need to keep in mind that you can’t file water damage as flood damage and vice versa. Typically, water damage will occur when water destroys your home. This could be as a result of broken pipes, burst water mains, overflowing bathtubs, damaged washing machines, and so on.

The Federal Emergency Management Agency, (FEMA) defines a flood as a general and temporal condition of either complete or partial submergence of at least two acres and at least two properties of normally dry land. This means that flood damage can only occur as a result of either mudflow, overflow of tidal or inland waters, or collapse of an area along the shore of a river or lake.

Therefore, before you contact your insurance provider to file a claim, make sure that the damage qualifies to be classified as flood damage and not just water damage. You should also make sure that you document the entire damage by taking photographs and making a list of the damaged items before you initiate the process of filing a flood insurance claim.

Are you a homeowner in Texas or Arizona? Contact Genesis Insurance in Phoenix, AZ today for a flood insurance policy.


Life Insurance for a Marriage is Just as Important as a Will

Life is a fragile thing and, as we have all seen in so many stories and events, the unexpected can happen very quickly and with little or no warning. For the individual with no significant others or those depending on him or her, people enjoy life for what it is. However, for those who have a partner, family, children, and dependents, the sudden loss of people can be devastating for more than just the lives lost. Those left behind can be changed dramatically, and far more than just with the grief of a loved lost one passing. This is why it is so important that when one considers developing a financial portfolio that others will depend on, a life insurance plan is a critical component as well.

It is the one aspect of a financial portfolio that directly addresses what happens if the unexpected occurs. Think about it; every other aspect of savings or investing assumes building a nest egg over time. However, what other assets need protection while anticipating the investor suddenly passing away? Only the life insurance plan directly addresses this contingency for loved ones or a family dependent on the investor/income earner.

No one wants to think about it in general discussion, but a sudden loss can turn the life of a left-behind spouse upside down. Genesis Insurance in Phoenix, AZ can help craft a life insurance plan before the unexpected occurs. Arizona is no different than any other location, accidents and unplanned situations occur regularly. But with help from Genesis Insurance in Phoenix, AZ, your loved ones or family will be taken care of if something occurs that would otherwise leave them stranded without you. Your planning with the proper life insurance tools makes sure this unwanted possibility never happens to them.

Reach out to our offices for more information.

Commercial Insurance For Your New Business

More people are feeling the entrepreneurial spirit and starting new businesses that serve their Arizona and Texas communities in creative ways. The new business owner has many issues demanding his or her attention. They need to have the business license for the services they provide, a good building, dependable employees, a website, and a catchy business name. It’s important to remember commercial insurance as well. Commercial insurance protects you from those unpredictable events that can close down a business unexpectedly. Here at Genesis Insurance, our agents are ready to assist you in acquiring your commercial insurance. We will listen to your questions, respond to them with answers you can understand, and help you get the policy that serves your business best.

Whether you need a studio, a warehouse, or an office for your new business, you need commercial insurance that matches your needs. Genesis Insurance has been providing access to that coverage to Arizona and Texas with a focus on customer satisfaction. We know the facts about various kinds of liability as well as professional indemnity. Let us help you get a grasp on what might be new terms for you. Professional indemnity is the responsibility that can come to a business owner when a variety of unfortunate incidents happen. From IT issues that interrupt your business and perhaps cause data problems for your clients to the situation of a disgruntled employee causing mischief that brings harm to customers, we’ve seen it all. We can inform you of the issues your kind of business is most likely to encounter. We can provide specialized insurance for your specialized tools and equipment. Call us or visit today and let us enlighten you, provide insurance coverage options, and give you peace of mind.