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An Introduction to the Business Owners’ Policy

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An Introduction to the Business Owners’ Policy

You might start your Chandler, AZ business on a shoestring budget. When looking for ways to obtain all the needed information, equipment, funding, and insurance, San Marcos Insurance Group recommends you purchase a business owners’ policy (BOP).

The BOP means you obtain four insurance policies typically needed by a business in a bundle that costs you less in premiums than purchasing them separately. The standard BOP provides these four types of insurance:

  • business interruption,
  • liability,
  • named perils,
  • property damage.

Besides those essential coverages that protect your property and equipment as well as your liability protection, you can also add other coverage to the BOP. They will function as standalone policies but in conjunction with the BOP. For example, you could add a commercial auto policy to protect your commercial vehicle from any type of damage since commercial auto automatically provides full coverage. A crime policy protects a business’ storefront or office space from theft, vandalism, and other crimes of property.

Your business may not need nor qualify for a BOP. San Marcos Insurance Group determines your qualification for a BOP by considering your business’ class, size, location, and annual revenue. Those businesses that do not immediately qualify can apply for a policy under special circumstances.

Contact San Marcos Insurance Group of Chandler, AZ, today to apply for your BOP. Consult with us to learn what other policies your business might need. We can help you find the insurance coverage you need to protect your new business. We want your Chandler, AZ business to grow, so let us help you obtain the insurance protection it needs to thrive.

Who should get home insurance in Arizona?

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People that move to the Chandler, AZ area are going to have a lot of housing options. For many people, buying a home instead of renting is a great choice as it provides many benefits to those that want to stay for a while. As you are looking for a new home here, you also need to spend time assessing your insurance needs. In almost all situations it makes sense for someone to get a home insurance plan. 

Those with Requirements

A situation when you should get home insurance is when you want to get coverage to comply with your insurance requirements. Anyone that is going to buy a home will likely have insurance requirements set by the mortgage lender and even a home association. It is important to meet these requirements as you could face penalization if you are not able to maintain a proper policy.

Those that Want Protection

Those that do not have any home insurance requirements should still get a proper policy. When you purchase a home you are making a major investment for your future. The best way that this investment can be protected is by getting insurance for it. With this insurance, you will have the coverage you need to repair or replace your home and even receive additional protection against liability risk. 

Those that live in the Chandler, AZ area need to make sure that they get proper home insurance for their property. When you are looking for a new plan, it would be wise to contact the team at the San Marcos Insurance Group. The team of professionals here can help by answering your questions and assessing your risks. They can then help you to build a policy that offers the ideal coverage for your situation. 

Will Minimum Insurance Cover Car Theft?

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If you want to drive around Chandler, AZ with the minimum legally required insurance, you’re free to do so. But there are a lot of good reasons why you might want to pick up the phone, call San Marcos Insurance Group, and extend your coverage.

Here’s one: If your car is stolen and all you have is a liability, you’re not getting your car replaced by your insurer.

Many drivers actually don’t know this. But liability is only there to protect the other party. It saves you from bankruptcy if you are found to be at fault in an accident, but it doesn’t replace or repair your car. It does you no good if your car is stolen, either.

At a certain point, a used car might not be worth protecting with collision & comprehensive. A good rule of thumb is to check the Bluebook value, and weigh that against ten insurance payments. If the insurance payments come out to be more than the car’s total value, then you might want to drop collision & comprehensive, and just cover liability and Personal Injury Protection. But if your car still costs more than you’re willing to part with, that collision & comprehensive insurance will come in very handy.

If you have any questions, get in touch with San Marcos Insurance Group. Whether you’re looking for the basic, minimum legal insurance for an old clunker or you’re ready to buy the full package for a brand new set of wheels, San Marcos Insurance Group can connect you with a provider who will get you a good deal on a great auto insurance policy.

Do I need to get auto insurance in Chandler?

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When you are in the Chandler, AZ area, owning a car is a practical necessity. If you want to be able to get around this city and the rest of the surrounding communities, you will need to have your own vehicle. If you are going to buy a car here, you will want to get insurance for it. There are a few reasons why you need to get a full auto insurance plan for your car here.

Insurance is Required in Arizona

A reason that people in the Chandler area need to have coverage is that it is required by the state. If you want to be able to drive anywhere in Arizona, you need to have liability insurance protection in place at all times. Those that do not maintain this coverage could face penalization. This can include being assessed a penalty or even losing your license to drive. 

Insurance Protects Car

You will also want to get auto insurance here to ensure that your vehicle is protected. Your car is a very important asset that you will rely on daily. To ensure that you are able to drive this on a regular basis, you will want to have insurance. With this coverage, you can be protected if your car is stolen or damaged during an accident and needs repair or replacement. 

Those that are in the Chandler, AZ area and want to get an auto insurance plan should call the insurance professionals with the San Marcos Insurance Group. If you do call the San Marcos Insurance Group you can learn a lot about your different insurance options. The team here will also be able to help you assess your needs and build a policy that protects both you and your vehicle.

What are the benefits of having health insurance?

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When you are in the Chandler, AZ area you will have a few different types of personal insurance needs. One type of insurance that you are going to need to get is health insurance. There are several benefits that will come when you get a health insurance policy. 

You Will Have Access to Affordable Care

One of the primary advantages that come when you obtain a health insurance plan is that you will have access to affordable care. Anyone that would like to get health insurance in this area of the state will then be able to find a local physician to provide their primary care. If you ever become ill or hurt, you will also be able to receive the care that you need at a far more affordable rate. Ultimately, this can help to ensure you get care when needed without breaking the bank.

Policy Will Ensure Legal Compliance

You will also want to get health insurance as it can help to ensure you stay in legal compliance. Everyone across the country is required to obtain health insurance for themselves and their dependents. If you do not have this coverage, you could be required to pay a penalty when the year comes to an end. 

Those that are in the Chandler, AZ area and would like to get a proper health insurance plan should call the San Marcos Insurance Group. The team with the San Marcos Insurance Group understands how important it is to select the right health insurance. They can provide great service by assessing your personal situation to determine what type of coverage you should get. This will help to ensure that you get into a policy that is right for you and provides access to the healthcare that you need. 

How Does Whole Life Insurance Work?

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A whole life insurance policy works very differently from a term life. It has its own rules and benefits, and it’s a popular choice for those who want to financially protect their families. If you need life insurance, call us at San Marcos Insurance Group in Chandler, AZ to find out more. 

A Lifetime of Insurance

While term life is in effect for a specific time period, whole life stays in effect for the rest of your life. It is an insurance type that is there when you need it, no matter what your age. If you keep paying the required premiums, your insurance cannot be canceled by the insurance carrier. And, the rate doesn’t go up over time. There is a set rate for your premiums, and this will not increase as you get older. Upon death, it pays a specific death benefit to the beneficiaries as agreed in the contract. 

Building Cash Value

Another facet of whole life insurance is that it slowly builds a cash value. The insurance company that issued the policy will take a portion of the profits made on it, through the company investing the premiums, and puts it into a cash value that you can borrow against if you ever need to. When you borrow it, the borrowed amount is deducted from your death benefit until the loan is paid back. If you were to die before the loan is fully paid off, the remaining amount is subtracted from your death benefit. 

Get Insurance for Life

If you are interested in getting a whole life insurance policy, call us at San Marcos Insurance Group in Chandler, AZ to get more information and to talk to an agent about your specific coverage needs. 

Commercial Insurance for Doctors

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Although Arizona does not require medical practitioners to carry malpractice insurance or E&O insurance, many of its hospitals do. San Marcos Insurance Group wants you to protect your Chandler, AZ medical practice with the types of insurance policy those in the medical field need.

While the state does not require doctors, nurses, or other medical practitioners to carry commercial insurance, you should do so to protect your business’ financial health. Most hospitals require each medical practitioner to purchase a malpractice policy, one of the types of commercial insurance that applies to medical personnel.

This type of policy pays the settlement costs and legal and court costs if you, the medical practitioner, act with negligence in the course of delivering your expected level of care. While the hospitals also carry insurance, they require each individual practitioner to also provide their own policy.

A physician who builds medical devices, whether of a prosthetic nature or equipment to treat a medical issue requires E&O insurance. The E stands for errors and O stands for omissions. This type of insurance applies to situations where the device fails and harms the patient and/or fails to function as intended. The patient can sue for damages, and the E&O policy pays the settlement, legal, and court costs. Many medical practitioners do not require this policy, but those who design prosthetics do, as well as those who develop medical equipment, implant technology, etc. Hospitals typically require this policy if a doctor or nurse, or technician works on developing any type of medical equipment.

These two specialized liability policies provide protection for the practitioner and the hospital. Contact San Marcos Insurance Group of Chandler, AZ to learn more about insurance policies best suited to medical practice.

Required Auto Insurance in Arizona

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States set their own requirements for the auto insurance their citizens should have in place. In Arizona, the law is slightly different from most states. If you need auto insurance, or you want to add to your auto insurance, call us now at San Marcos Insurance Group in Chandler, AZ to talk with an agent.

A Fault State

Some states are no-fault states, requiring coverage for themselves for bodily injury no matter who was responsible for the accident. However, Arizona does have fault rules. If someone has been found to be responsible for causing an accident, they are at fault for it. They have to be financially responsible for the accident. 

Financial Responsibility

The main rule for Arizona drivers is that the driver has to take financial responsibility for an accident they cause, and they must be able to prove that they are able to do so. For most people in the state, this is done by getting auto insurance. There are mandatory minimum amounts for the bodily injury liability for each person and another amount per accident. It also requires property damage liability coverage that comes with its own mandatory coverage minimum. 

Another way that drivers can legally prove that they can be responsible for an accident is to have a specific amount in a certificate of deposit. This has to be kept by the Arizona State Treasurer’s Office, and the driver must show proof of this money is available. 

Both of these options may be too small to take care of a serious accident, however. It’s a smart decision to add to them so that you can pay for serious accidents that have a lot of injuries and property damage. 

Get Your Insurance Policy

To get your auto insurance policy, call us at San Marcos Insurance Group in Chandler, AZ to make your appointment with an agent. 

Is home insurance in Chandler necessary?

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The Chandler, AZ area is a very popular place for anyone to move to or visit. People continue to be drawn to this community due to the great weather and access to many local amenities. This can make it a great place if you want to be a property owner. If you are interested in purchasing a new home in this area, you should make sure that you get a proper insurance plan. There are several reasons why this insurance protection should be considered a necessity.

Insurance Offers Valuable Coverage

The main reason that you should consider home insurance to be a necessity is that it can offer you very valuable coverage. A quality home insurance policy will give you coverage to repair or replace your dwelling, replace your personal items, and even liability coverage. In a situation where there is a fire, theft, or other forms of loss, this coverage will prove to be very valuable.

Coverage is Required for Many

A home insurance policy is also necessary because it is required for many Chandler property owners. Many people here are required by mortgage lenders to carry home insurance as it will offer protection for the bank’s collateral. Additionally, if you live in a home association, there will be bylaws that will cover your need to carry home insurance. 

Owning a home will provide a lot of benefits to people that are in the Chandler, AZ area. If you are looking to purchase a home here, you should call the team at the San Marcos Insurance Group. When you do call the team at the San Marcos Insurance Group you can get the insight you need to pick a policy that is right for your situation. This will ensure that you and your home are properly covered and protected at all times. 

Hidden Health Insurance Facts Arizona Residents Should Be Aware Of

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Based in Chandler, AZ, San Marcos Insurance Group serves the community by offering different types of insurance coverage. As an independent agency, we offer our clients flexible policies that suit their individual needs. Providing excellent customer service is one of our top priorities.

Hidden Health Insurance Facts

Health insurance is an asset that assists you in maintaining good physical conditioning. The policy covers yearly health checkups with your doctor, as well as any urgent care visits. If you are diagnosed with an illness and you have to be hospitalized, health insurance will protect you. The policy also covers any medication that your doctor may prescribe to help you feel better. While you are researching different policies, here are some hidden health insurance facts that you may not be aware of.

Alternative Treatments

Your health insurance policy may cover you if you pursue alternative forms of treatment. If your doctor recommends that you try acupuncture, yoga, or some chiropractic treatments, your health insurance policy may allow for it.

Staying Fit

Be sure to research the terms of your policy carefully to see if there are any benefits for striving to maintain a healthy lifestyle.  It is possible that your policy may include extra benefits for going to the gym regularly and staying active. The policy may also include benefits if you are adhering to a strict diet or are generally trying to watch what you eat. To assist you, your policy may include tips on different types of food to try.

In Home Visits

If you are feeling ill, but are unable to get to the doctor’s office in Chandler, AZ, your health insurance policy may cover in home treatment. This provides you with a layer of comfort that you can rest easy at home.

Consult With San Marcos Insurance Group

To learn more information on health insurance, visit our website today!