Business Life Insurance

Life insurance for businesses, often referred to as key person insurance or business life insurance, is a type of coverage designed to protect a business against the financial loss that may occur due to the death or disability of a key employee or owner. Here’s how it typically works:

1. Key Person Insurance: This type of policy insures the life of a key employee or owner whose death or disability would significantly impact the business’s operations and finances. The business pays the premiums and is the beneficiary of the policy, receiving a payout in the event of the insured individual’s death or disability. The funds can be used to cover expenses such as recruiting and training a replacement, paying off debts, or compensating for lost revenue.
2. Buy-Sell Agreement Funding: In closely held businesses with multiple owners, a buy-sell agreement is often established to outline what will happen to an owner’s share of the business if they die or become disabled. Life insurance can be used to fund the buyout of the deceased or disabled owner’s share, ensuring that the remaining owners have the funds to purchase the shares from the deceased owner’s estate or from the disabled owner.
3. Business Loan Protection: Businesses that have outstanding loans or debts may use life insurance to protect against the financial impact of the death of a key person responsible for repaying the loans. The insurance proceeds can be used to repay the outstanding debts, preventing financial strain on the business.

Overall, life insurance for businesses provides financial security and peace of mind by helping businesses mitigate the risks associated with the loss of key individuals who are vital to the company’s success.

Apartment Owners Insurance in Seattle

What is apartment owners insurance?

As an apartment building owner, you have a responsibility to protect the buildings you own. Residents must get their own coverage to protect their belongings. But, the building structure and common areas are yours to protect with apartment owners insurance.

What can apartment owners insurance do for you?

Residents’ rental policies are limited and rarely cover the building itself. If a covered event damages your building, apartment owners insurance can help fund the repairs. A comprehensive policy can include the following:

• Building coverage: Protects the building structures, common areas and tools/vehicles used to maintain the property.
• Liability coverage: Protects you against lawsuits filed by visitors who suffer injury or property damage while in common areas. If these claims occur within a resident’s unit, it often defaults to his/her renters insurance.

There are other coverage options that can help protect your property. We will help you determine which options best suit your needs.

Get started!

Apartment owners insurance cannot help you until you get a policy. Contact our agency for personalized assistance today.

Restaurant Insurance in Seattle

Restaurant owners have much to consider when designing their insurance portfolios. Here are just a few of the insurance options restaurateurs can pick from to help minimize their financial risk from lawsuits, failed equipment and property losses.

• Property insurance: Offers financial protection in the event that the restaurant’s property (either its building structure or contents) is ruined or damaged in an insurable event such as a fire or theft.
• Spoilage coverage: Provides payment if power is lost or equipment malfunctions and the perishable food on hand spoils.
• Employment practices liability: Protects against lawsuits for various employee complaints including discrimination, provided the treatment was not willful.
• Equipment breakdown: Covers the cost of repair for equipment that has broken down including cookers, refrigerators and air conditioning units. It’s worthwhile to note that if the breakdown occurs due to lack of proper maintenance, the claim may not be covered.
• Workers compensation insurance: This pays for medical expenses and some lost wages should an employee be injured on the job.
• Business continuation insurance: Provides ongoing income in the event that your business is forced to shut down. Alternatively, it could pay for some of the expenses of temporary relocation of your restaurant.
• Liquor legal liability insurance: This can help pay legal expenses and claims brought on by customers who may be injured by an individual who was drinking in your establishment.

Restaurants may also be able to secure all-in-one coverage, which is a comprehensive policy that is tailored to the many facets of risks that restaurant owners face.

Builders Risk Insurance in Seattle

Builders risk insurance may help provide coverage for buildings under construction. This specialized coverage, also called course of construction insurance, can provide the backbone of your risk management program.

Contact us today to learn more about properly insuring your construction project.

Who Needs Builders Risk Insurance?

Companies and individuals with a financial interest in a construction project often rely on builders risk insurance to help protect structures and buildings under construction. A builders risk policy may help financially protect materials and supplies, equipment in transit or on-site, and the structures being built.

Insured entities may include the following:

• Lenders
• Architects
• Subcontractors
• Property owners
• General contractors

What Coverage Does Builders Risk Insurance Provide?

Builders risk coverage may help protect a construction project from specific types of property damage. It may also help cover certain expenses not directly related to the construction project when property damage causes delays, including the following:

• Real estate taxes
• Additional loan interest
• Lost sales
• Rental income

It’s crucial to consider the risks and exposures of your project at each phase of construction. Depending on your needs, your agent may recommend that you purchase broad protection, or they may customize your policy for specific risks.

Builders risk coverage is typically temporary, so your agent will help you understand when your coverage begins and ends. Your policy may provide coverage until one of the following:

• The policy expires or is canceled.
• The building is put to use.
• The building is occupied.

Typical builders risk insurance policies may include exclusions for wear and tear, mechanical breakdowns, damage due to faulty design, and employee theft. Talk with your agent to understand exactly how your coverage works.

How to Find the Right Builders Risk Insurance Policy

Working with an experienced agent to find appropriate builders risk insurance is essential to get the coverage you need at a great rate.

Contact us today to start building your customized insurance plan and get a personalized quote.

Liquor Liability Insurance

When selling or serving liquor is part of your business’s regular operations, you must account for many different risks and exposures. Alcohol can exacerbate situations or circumstances that may already have their own inherent risks. Even a well-trained company and staff may not be fully capable of preventing small problems from becoming significant incidents. Fortunately, acquiring the right insurance coverage can protect your company and limit your losses.

What Is Liquor Liability Insurance?

Liquor liability insurance is a type of business insurance tailored toward businesses that sell, serve or distribute alcoholic products. For such companies, this type of policy is an integral component of a suitable insurance portfolio.

By purchasing a liquor liability policy, your company can be covered for the following expenses:

• Medical bills—If an intoxicated customer causes a bodily injury after your company served them alcohol, you may receive financial aid if held liable.
• Property damage—This coverage provides assistance in the event your company is held liable after serving someone who causes property damage.
• Legal expenses—If a lawsuit forces you to acquire legal representation or imposes settlement costs, this coverage can help recoup your losses.

Who Needs Liquor Liability Insurance?

In general, any company involved in the creation, sales, distribution or serving of alcohol should consider liquor liability coverage. This includes the following:

• Restaurants
• Bars
• Grocery stores
• Liquor stores
• Caterers

Get the Right Coverage

Given the wide variety of businesses that serve alcohol as part of their regular services and operations, there is also plenty of variance regarding specific needs required within policies. Speak to one of our qualified agents to construct coverage that meets the needs of your business. Contact Hjorth Insurance Independent/Broker Commercial & Personal today to get started.

Earthquake Insurance

Earthquakes are devastating natural disasters that can completely shake up your world. An earthquake can cause extensive damage to your home or even destroy it completely. Given the potential ramifications of these disasters, many homeowners should consider the benefits and protections of earthquake insurance.

What Is Earthquake Insurance?

As its name suggests, earthquake insurance is a specific type of policy intended to provide coverage for damages and losses directly related to an earthquake. Most homeowners and renters insurance policies do not include earthquake coverage, so separate coverage must be purchased.

In general, earthquake insurance includes coverage for the following:

• Dwelling—If your home suffers damage that requires repairs or even a full rebuild, this coverage can help cover your costs.
• Personal property—Possessions damaged or destroyed by an earthquake, such as furniture or electronics, can be fixed or replaced using this coverage.
• Loss of use—This coverage can help you recoup additional expenses if an earthquake makes your home uninhabitable. This may include expenses for a temporary dwelling, meals and transportation.

It’s essential to package earthquake insurance with other coverages. For example, separate flood insurance may be necessary if an earthquake causes external water to flood your home.

Who Needs Earthquake Insurance?

There are many factors that must be considered when determining your insurance needs, including:

• Proximity to active fault lines
• Frequency of earthquakes near you
• Time elapsed since your area’s last earthquake
• Structural details of your home and property
• Value of your home and contents

Get the Right Coverage

Earthquake insurance can mean the difference between being able to repair your home and losing it altogether. These policies can be invaluable investments, particularly for those living in areas where earthquakes are frequent. Contact Hjorth Insurance Independent/Broker Commercial & Personal today to receive a quote or to learn more.

Condo Association Insurance in Seattle

Although individual condominium units are owned by residents, the building and common areas are usually the responsibility of a condo association or management company. With that in mind, they need adequate insurance coverage.

What Is Condo Association Insurance?

Condo association insurance provides critical coverage beyond unit owners’ private residences. For those in charge of a condo complex, risks and hazards may abound. Fortunately, the right condo association insurance portfolio provides a broad safety net. Specifically, condo association coverage typically includes the following:

• General liability insurance—If a tenant or visitor is injured on the shared property and you are held liable for the incident, this coverage can help pay for resulting expenses.
• Building insurance—This coverage protects shared buildings and exterior elements of structures, such as hallways, elevators and roofs.
• Possessions insurance—If a covered event causes damage to property owned by your association, such as equipment, furniture and electronics, this type of coverage may be able to help you recoup losses.
• Errors & omissions liability insurance—In the event your condo association makes a mistake while conducting its professional services, this coverage may help pay with resulting legal fees or settlements.
• Directors and officers liability insurance—If a senior member of your condo association becomes the target of a lawsuit, this coverage can offer protection.
• Workers’ compensation insurance—This coverage may provide funds for medical expenses, lost wages and restitution if an employee is injured or develops an illness on the job.

Get the Right Coverage

Condo associations must account for many different risks and hazards. The specific features and offerings of your property play a major role in shaping your insurance needs. Fortunately, our agents are well-equipped to help you get adequate coverage. Contact Hjorth Insurance Independent/Broker Commercial & Personal today to get a quote.

Personal Lines Insurance

Numerous types of insurance protection can safeguard the financial livelihood of people. Any coverage purchased by an individual or family to protect themselves is known as personal lines insurance.

What Are Examples of Personal Lines Insurance?

Personal lines insurance can include homeowners insurance, health insurance, auto insurance, renters insurance, disability insurance, umbrella insurance and other types of property and casualty insurance. It’s important to note that personal lines insurance may not cover all incidents that can be financially devastating to an individual or family. Our expert advisors can assess your needs to determine the appropriate level of coverage.

How Can I Learn More About Personal Lines Coverage?

All insurance buyers need to understand their coverage options and risks. Personal lines buyers have many options, and they may not be aware of the various types of insurance available to them or the factors that might affect their coverage. We can help you get more information on auto, home and life insurance so you can be confident in your choice of coverage.

How to Get Personal Lines Coverage

Personal lines insurance may give you the peace of mind you need for your daily risks. Call Hjorth Insurance Independent/Broker Commercial & Personal today to learn more about personal lines insurance or to get a no-obligation quote.

Manufacturing Insurance

Manufacturing operations face risks specific to the industry. Having appropriate insurance can help provide financial protection to help the organization reach its goals.

What Insurance Does a Manufacturing Business Need?

Manufacturing companies may require multiple insurance policies to help provide proper coverage for common perils. Your agent may recommend some of the following insurance policies:

• Commercial property insurance
• Data breach insurance
• Business interruption coverage
• Employment practices liability insurance
• Commercial general liability insurance
• Professional liability insurance
• Equipment breakdown coverage
• Workers’ compensation insurance
• Inland marine insurance
• Commercial auto insurance

Get the Right Insurance for Your Business

Your manufacturing company’s needs are unique, so it’s crucial to consult with insurance agents that understand how best to support your organization with the right insurance coverage. Contact Hjorth Insurance Independent/Broker Commercial & Personal today to learn more about manufacturing insurance and get a quote.

High Value Home Insurance in Seattle

Your home is one of your most important and valuable investments. With that in mind, it’s necessary to understand that standard homeowners insurance may not always be enough to cover certain properties. For those owning expensive homes with values over $750,000, additional coverage should be strongly considered.

High-value home insurance offers extra security and protection for residences that would require significant funds to repair or rebuild. Specifically, this could include properties with historical or architectural significance or structures built with rare or expensive materials.

What Does High-value Home Insurance Cover?

In general, high-value home insurance policies provide coverage for a variety of potential expenses which could affect your residence but might not be included in standard homeowners coverage, such as:

• Home inspections—Insurance providers may cover the cost of home inspections at no additional cost. By performing this due diligence, policyholders and providers can ensure the property is properly covered.
• Employment practices liability claims—If an employee who works in your home alleges they were treated unfairly or wrongfully terminated, a high-value policy can provide coverage for the claim.
• Partial losses—If only a small part of your home—such as half of a tiled floor—is damaged, high-value insurance can help ensure repairs and replacements properly match original materials.
• Damage to pairs or sets—If damage is sustained by property that comes in sets or pairs—such as furniture—this coverage can help policyholders replace the entire collection, including undamaged items.
• Sewer and pipe issues—While most standard homeowners insurance policies do not include coverage for drainage, sump pump and sewer problems, high-value coverage often will.
• Temporary living expenses—In the event your home becomes unlivable due to a covered loss, a high-value home policy can help cover temporary housing and meals without imposing a substantial change in your day-to-day diet or lifestyle habits.

Get the Right Coverage

In addition to protecting you from additional incidents compared with a standard homeowners insurance policy, high-value home insurance can also provide coverage for certain features or risks which may not be common for an average home, such as swimming pools. In addition, homeowners with high-value coverage may need to consider acquiring additional protection for certain valuables, such as jewelry and electronics.

Like many other insurance policies, high-value home coverage can be augmented and customized to suit your lifestyle and fit your property’s needs. Contact Hjorth Insurance Independent/Broker Commercial & Personal today to learn more.