Insurance 101 Personal & Business Insurance

Transcription

1 Insurance 101 Personal & Business Insurance

2 Homeowners, Auto, Health, Life & Disability PERSONAL INSURANCE

3 Homeowners You re throwing a party at your home. One of the guests trips over a water hose and breaks his ankle. At the same time, your dog gets out of the yard and attacks your neighbor. Who pays the medical bills? What if you re sued?

4 Homeowners Why get homeowners coverage? To protect your personal assets Coverage options Limitations: flood, earthquake, jewelry Protect your liability What homes fall under homeowners insurance? Home Condo Townhouse Vacation home Renters (Personal Property) Farm & Ranch

5 Auto You re driving out to South Padre and you re in a fender bender caused by the driver behind you. Suddenly, the other driver takes off, leaving you to deal with the damage. Who is paying for the damage to your car?

6 Auto Why get auto insurance? It s the law Texas requires you to carry the minimum coverage limits of 30/60/25 It protects your liability, you, your passengers, and your vehicle. What affects how much it costs? Full coverage vs. liability only Deductibles Driving records and claims history

7 Health You need it to pay for the majority of (or all of) any medical bill Individual Major Medical Health Care Reform Tax penalties 2.5% of household income OR $695 per adult in household, whichever is higher Under 26

8 Life You have graduated with $200,000 in debt and you die unexpectedly. Who will pay off your debt? Why get life insurance? Income protection Pay off debt

9 Disability You re a couple of years into your own practice. You find out you have cancer, which puts you out of work for at least a year in treatment and recovery. What will pay your salary?

10 Disability TVMA & TexCap are working in conjunction with the College of Veterinary Medicine to provide 3 rd and 4 th year students with disability insurance. Provide $1500 monthly income up to age 65 Pay off up to $200,000 of student loans while disabled Convertible to permanent disability insurance upon graduation Cost - $55 per year

11 Animal Bailee, Professional Liability & More BUSINESS INSURANCE

12 Business A dog bites one of your employees and then escapes the vet clinic. Since your clinic is right next to a major highway, the dog runs out into traffic and is hit by a car. What claims might you have? Workers Compensation Animal Bailee Professional Liability

13 Animal Bailee Property coverage for animals in your care, custody, or control This is specifically for businesses that hospitalize, board, or transport animals Texas case law $5000 per animal lost

14 Professional Liability & License Defense Liability placed against you due to bodily injury caused by your negligence as a veterinarian (medical malpractice). License defense will defend your license by providing coverage on your behalf up to $50,000 if you are called before a regulatory board because of a malpractice issue.

15 Workers Compensation Workers Compensation provides wage replacement and medical benefits to employees injured on company premises or doing company business. Texas is the only state that allows employers to opt out of the workers compensation system, but those who opt out are open to Liability Major expenses

16 General Liability Why get general liability coverage? Protects yourself against lawsuits Employment Practices Liability Employer Benefits Liability

17 Business You operate a mobile vet clinic. One day, your van containing medical equipment and vaccines is involved in a multi-car pile up. From what you can tell, the van and its contents are completely destroyed. What claims might you have? Inland Marine Business Auto Umbrella

18 Inland Marine Protects property while in transit and high-value mobile items Scheduled equipment coverage Mobile practices X-ray machines Ultrasound machines Medications/vaccines Miscellaneous tools

19 Business Auto Why can t my personal auto policy cover my business auto? Types of coverage Liability Uninsured/underinsured motorist Physical damage Specified causes of loss/comprehensive Hired/Non-owned auto Personal injury protection/medical payments

20 Umbrella Excess liability coverage on top of your underlying business liability coverage General liability Auto liability Professional liability Employer liability on Workers Compensation

21 Business Your veterinary clinic takes credit card payments through a standard card swiper. You find out that your customers credit card information has been compromised. Not only that, but through obtaining the credit card information, the thieves have obtained some customers personal information, like SSN. What claims might you have? Cyber Liability

22 Cyber Liability is the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology. First Party Liability Occurs when your own information is breached Ex: hack results in exposure of your own trade secrets Third Party Liability Occurs when customer or partner information your organization promises to keep safe is breached Ex: hack results in exposure of your customers Social Security numbers

23 Scott Miles COO & Partner TexCap Insurance P: E: Mike Bass Senior Vice President & Partner TexCap Insurance P: E: