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Avoid these Commercial Insurance Mistakes

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If you own a business, you must buy commercial insurance to protect the time and money you’ve invested in it. There are several types of insurance a business owner needs, and you may have questions about which types of insurance your company needs. If you live near Quinlan, TX, we invite you to talk with one of our team at Slaughter Insurance Agency about your commercial insurance needs. We’ve been working with clients in your area since 1988.

Avoid these Commercial Insurance Mistakes

Our team’s years of experience have shown us that many companies make errors in choosing their commercial insurance policies without proper guidance. For example, according to Business Insurance USA, don’t underinsure your business. If you have a growing industry and need an accurate valuation, contact a business appraiser. An accurate estimate of your company’s worth can be valuable when purchasing commercial insurance.

Keep in mind that businesses will change in value over time. So, don’t make the mistake of neglecting to update the limits of your commercial policies as your business grows. According to Business Insurance USA, some businesses make the mistake of not buying business interruption insurance. There’s no way to conclusively predict whether your business will need to close temporarily, so buying business interruption insurance is an investment any wise company should make.

Call Us Today for Your Appointment

Don’t be caught short if a claim is made against your business. Our team at Slaughter Insurance Agency will help you understand all the types of insurance your business needs and provide options that make sense to you. Residents of the Quinlan, TX, area can feel confident when trusting us with their insurance needs. Call us for an appointment today, and let’s talk about insurance.

Three Reasons to Ask Your Agent for a Home Insurance Review

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Home Insurance Review in Quinlan, TX

If you reside in Quinlan, TX, and are considering a home insurance review, Slaughter Insurance Agency is here to assist. We comprehend the significance of having the proper insurance to safeguard your home and possessions. Our agents are ready to collaborate with you to find the coverage that suits your requirements. Here are three primary reasons to request a review of your home insurance policy from us.

  1. You’ve made a significant change to your home, such as an addition or substantial upgrade.
  2. Your policy hasn’t been reviewed with an agent in over a year.
  3. There have been material changes in your household that could impact your home policy.

Any of these events could indicate that your insurance coverage needs to be updated. If you’re uncertain whether a change in your home or any other experience necessitates a modification, it’s always safer to inquire. Our agents can then inform you if you need to update or adjust your policy, providing you with increased peace of mind and assurance that you’re adequately covered.

We would be delighted to review your current policy and provide quotes from multiple insurers, allowing you to see which option best suits you. Sometimes, a change in your home or living situation suggests that a different policy would be more suitable than your current one. This is a significant reason why reviewing your coverage with an agent is so beneficial.

Contact us today at Slaughter Insurance Agency if you’re in the Quinlan, TX, area and seeking a home insurance review. We’ll help you ensure that you have the appropriate policy for your needs, giving you confidence that your home is protected.

What is Umbrella Insurance and Why Do I Need It?

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Many residents in Quinlan, TX and across the state frequently inquire about umbrella insurance and if such coverage would be a worthwhile investmewhether.

Umbrella insurance is merely a layer of protection to your existing liability coverage that could be indispensable in certain situations. This extra insurance kicks in once the current limits of your home or vehicle policy have been reached, offering coverage for claims that exceed the limits of standard liability policies for auto, homeowner, or landlord insurance.

Umbrella Insurance Coverage in Texas 

Umbrella insurance provides coverage for several situations beyond bodily injury liability. When you contact our agents at Slaughter Insurance Agency, we can discuss what umbrella insurance covers and whether the extra coverage would benefit your circumstances.

Requirements for Umbrella Insurance in Quinlan, TX

Umbrella insurance is not mandatory in Texas and is entirely optional.

Benefits of Umbrella Insurance

Providing extra protection for coverage exceeding liability policy limits for damages and injuries to others, umbrella insurance may be a sensible choice, especially for individuals with an expansive portfolio of financial assets. Those with homeowners, auto, or other insurance with higher limits than minimum coverage requirements may not find umbrella insurance necessary. However, many individuals value the peace of mind extra coverage provides, irrespective of their existing insurance coverage.

Contact Slaughter Insurance Agency

At Slaughter Insurance Agency, we demystify the complexities of what, why, and when you need umbrella insurance. Contact our agents and let us guide you in making the right decision about your coverage needs.

Things to Know about Classic and Vintage Motorcycle Insurance

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Insuring Classic and Vintage Motorcycles in Quinlan, TX

Texas issues vintage license plates to vehicles, including motorcycles, that are 25 years or older. However, the state law does not outline separate insurance requirements for classic or vintage motorcycles. Insurance companies usually have specific requirements for vintage vehicles. If you reside in or near Quinlan, TX, and need information about classic or vintage motorcycle insurance, the Slaughter Insurance Agency team is here to discuss your options.

What Distinguishes Classic and Vintage Motorcycle Insurance?

Texas law doesn’t differentiate insurance requirements based on a vehicle’s age. All motorcycles and vehicles must fulfill the same 30/60/25 bodily injury and property damage liability insurance requirements. Insurance companies typically set other criteria. Usually, the motorcycle must be around 20 to 25 years old, appear in new condition, or be undergoing active restoration. It’s usually acceptable to have non-original pieces as long as the overall bike looks factory fresh. Additional conditions often include limited mileage riding and secured garage storage.

Collusion and comprehensive coverage differ for vintage motorcycles compared to newer bikes. While new bikes are insured based on industry averages, vintage bikes are insured based on a mutually agreed-upon value. This agreement usually involves an inspection to verify the bike’s age and the brand of the parts. Also, when making a claim on a vintage motorcycle, insurers often cover the costs for OEM or the brand of installed parts in case of losses. They usually permit customers to use their preferred repair shop or conduct the repairs themselves.

In Partnership with Slaughter Insurance Agency

If you live in or near Quinlan, TX, our team at Slaughter Insurance Agency is ready to assist with your motorcycle and other insurance needs. Don’t hesitate to stop by today or call us at 903-356-6500 to schedule an appointment.

Understanding the Difference Between Collision and Comprehensive Coverage

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When most consumers hear the terms comprehensive and collision, they can be confused about what they mean. Your friendly agents at Slaughter Insurance Agency in Quinlan, TX, hope to simplify these concepts to help you make informed decisions about protecting your vehicle.

When financing or leasing a new vehicle, dealerships and finance companies require you to purchase "full coverage" insurance before driving the vehicle off the lot. When they speak of full coverage, they refer to comprehensive and collision coverage.

What is Collision Coverage?

Collision coverage pays for repairs to your vehicle if you collide with another car or object, such as a building or tree. If the other driver is at fault, their liability insurance will pay for your repairs, and you won’t need to file a collision claim on your insurance policy. However, you can use your collision coverage if you’re at fault or involved in a single-car accident. It will pay for your repairs, minus the deductible, up to the total value of your vehicle.

What is Comprehensive Coverage?

Often referred to as "other than collision" coverage, comprehensive coverage helps repair your vehicle if you collide with an animal or if there is a fire, flood, theft, vandalism, hail, or falling object incident. Comprehensive coverage covers almost every type of incident other than a collision unless otherwise listed in your policy. Like collision coverage, comprehensive also covers damages, minus a deductible, up to the total value of your vehicle.

Let Us Help You Today!

If you have any questions about comprehensive and collision coverage for your vehicle and would like more information, call us today at Slaughter Insurance Agency in Quinlan, TX. Our number is (903) 356-6500. We would be more than happy to assist you in any way we can.

Will my commercial insurance cover my car’s damage? I had a wreck while using my car for work.

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Commercial or business insurance provides peace of mind for many business owners. Addressing unexpected situations, accidents, and events can be daunting without the help of commercial insurance. Few would be equipped to deal with many situations out of pocket. Our Slaughter Insurance Agency in Quinlan, TX, is committed to helping businesses understand the benefits of commercial insurance and obtain the coverage they require.

What does commercial insurance cover?

Commercial insurance typically offers financial protection from theft, property damage, liability, and medical coverage. The medical coverage is often in the form of workers’ compensation. However, other forms of coverage can be added if your business has other unique needs. Many business owners would struggle to meet their business’s financial and legal requirements if an unexpected event, accident, or situation arose.

Will my commercial insurance cover the damage to my car?

It depends. If you add commercial car insurance to your insurance policy, your car’s damage is covered. However, if you only hold a personal auto insurance policy, your commercial insurance will not cover the damage. Your personal insurance policy would not cover any damage to your car if you had an accident while using it for business purposes. Personal auto insurance only covers accidents that occur while you use your car for personal purposes. You need business auto insurance to cover any accidents or situations that occur while it’s being used for business purposes. Commercial auto insurance is designed explicitly for vehicles used for business purposes, with conditions tailored to the needs of businesses. If you have additional questions about commercial insurance, please don’t hesitate to contact us. We’d be more than happy to answer any questions you have.

Learn About Loss of Use Coverage

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Loss of use coverage is a standard part of a home insurance policy. This type of coverage will reimburse you for expenses you incur while you are unable to reside in your home.

Loss of Use Coverage

This insurance component can benefit anyone who is suddenly displaced. A fire, a burglary, a windstorm, or another event that makes a home uninhabitable could require you to find alternate living quarters temporarily. Loss of use coverage offers the flexibility to select temporary housing that is suitable and accommodating.

Temporary Housing

  • Space within a friend or family’s home
  • Trailer set up on residential property
  • Motel or hotel room

If your home becomes uninhabitable, you may choose one of the above places for temporary housing. Your loss of use coverage will reimburse you for the cost of the temporary housing. It is important to keep track of the cost of a temporary housing arrangement. 

Food and Other Expenses

If you cannot stay home, you may need to replace food, toiletries, and other items that you cannot bring from your home. The replacement items may be covered by your home insurance policy’s loss of use coverage. Review your home insurance policy for a full list of all the items that are covered.

Travel Essentials

Loss of use coverage may also cover gas, transportation, and other travel essentials. If you are temporarily staying out of town, keep track of all the travel essentials that you are responsible for.

Contact Slaughter Insurance Agency

Contact a representative of Slaughter Insurance Agency to learn more about loss of use coverage. One of our agents, who serves Quinlan, TX, will outline your home insurance coverage.

How Umbrella Insurance Works With Your Home and Auto Policies

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If you have home and auto insurance, you may feel you have as much insurance coverage as you need. However, this generally isn’t the case. You may lack enough liability coverage, and this can leave you vulnerable. The intelligent choice is to get an umbrella insurance policy to give you more coverage. When you need better insurance coverage, call us at Slaughter Insurance Agency in Quinlan, TX to learn more about umbrella insurance. 

More Liability Coverage

Sure, there is liability coverage on your auto policy and home policy. However, these policies often don’t have much of it. Getting an umbrella policy adds more coverage to both policies simultaneously. When you don’t have this kind of coverage, you may be left with a lot of overage bills to pay. These are bills that weren’t covered by your home or auto insurance because the policy maxed out. When you have umbrella insurance, the policy picks up where the home or auto policy left off. It pays those overages for you, so you aren’t personally financially responsible for the accident. Medical bills can be extremely high, so it’s essential to have this coverage. 

Saving Money On Premiums

Getting umbrella insurance to supplement your home and auto policies is highly cost-effective. If you were to go to both your home and auto policies and add more coverage directly to them, this would cost a lot. Getting an umbrella insurance policy to give you more coverage for both is much more affordable. Umbrella is relatively low-cost, and the maximum payouts are extremely high. 

Get Umbrella Insurance 

If you have an auto and a home policy, it’s time to get an umbrella policy. Call Slaughter Insurance Agency in Quinlan, TX.

I only drive my motorcycle once a year. Do I still need insurance?

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Most states require residents to invest in motorcycle insurance to drive legally. However, some states allow drivers to secure alternative forms of insurance, like certificates of financial responsibility or proof of assets equal to the state’s minimum insurance coverage limits. Florida law doesn’t require motorcycle owners to invest in insurance. The Slaughter Insurance Agency is dedicated to helping drivers in Quinlan, TX, get the coverage they need.

Does the state of Texas require motorcycle owners to invest in insurance?

Yes. If you want to drive your motorcycle in Texas, you must purchase liability insurance. You must invest in liability insurance that meets the state’s minimum requirements. Liability insurance covers damage to other people’s property as well as their injuries. Liability coverage doesn’t cover any of your injuries or your property damage. Liability insurance provides medical and property damage coverage if you’re found at fault for an accident or incident. Liability coverage does not protect your injuries or damage to your bike. Texas requires all motorcycle owners to carry $30,000 in bodily injury liability coverage per person and $60,000 per accident. Motorcycle owners must also carry $25,000 in property damage liability coverage. 

I only drive my motorcycle once a year. Do I still need insurance?

Yes. Regardless of the frequency, all Texas motorcycle owners must carry liability insurance. Florida doesn’t require motorcycle owners to invest in insurance. However, Texas owners must carry insurance. Also, Texas motorcycle owners must carry liability insurance that meets the state minimum requirements. Texas motorcycle owners can invest more than the state minimum requirements as needed. If you have questions regarding motorcycle insurance, call us. We’d be happy to explore your options.

How Comprehensive Auto Insurance Protects Your Quinlan Vehicle from Flood, Hail, and Twisters

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Texas families have a strong sense of community where loved ones and friends often gather for backyard barbecues. However, a recent surge in extreme weather patterns, including blazing hot sun, record-breaking temperatures, and nearby hurricanes, can suddenly unleash nature’s fury, threatening the tranquility of home and automobile owners. 

Trusted insurance professionals at Slaughter Insurance Agency in Quinlan, TX, can help safeguard your family from the devastating effects of damaging storms that cause flooding, hail, twisters, and coastal hurricanes. 

Protect Your Automobile from Weather Damage

Comprehensive auto insurance adds a secure layer of financial protection against various perils – including those caused by Mother Nature’s wrath. Full-coverage insurance can shield policyholders against the high costs associated with collision and non-collision-related events. 

Natural Disasters and Weather-Related Events

Natural disasters can strike without warning and leave a trail of emotional and financial devastation in their wake. Severe weather systems can spawn hurricanes and twisters that drench local neighborhoods in flash floodwaters or storm surges that can reach inland for miles. 

Windstorms and lightning strikes can cause physical damage to homes and automobiles when falling debris is launched at high speeds. Electrical damage can result from lightning strikes that spark electrical lines and transformers. 

  • Flood Damage: Protect your car from significant water damage caused by floods. 
  • Hail Damage: Repair or replace components of your auto affected by hail damage. 
  • Fallen Debris: Shield your auto from fallen debris left behind by devastating twisters. 

Non-Collision-Related Protections

  • Animal Collision Coverage 
  • Theft and Vandalism Coverage
  • Civil Disturbance Coverage

Don’t wait until the inevitable happens, and it’s too late to get comprehensive coverage! 

Contact the licensed and friendly insurance experts at Slaughter Insurance Agency in Quinlan, TX, to get a comprehensive auto insurance quote today!