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Wilkes-Barre, PA 18702

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The Importance of Regular Insurance Reviews: Adapting Your Coverage to Evolving Business Needs

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In the fast-paced business world, staying ahead means regularly reassessing your strategies—including your insurance coverage. At The Shay Agency, serving the greater Wilkes-Barre, PA region, we understand how crucial it is to keep your commercial insurance up to date with your evolving business needs.

Why Regular Reviews Matter

Businesses grow and change, and your insurance should reflect these developments. Whether you’ve expanded your operations, invested in new equipment, or moved to a larger location, each change can impact your coverage requirements. Regular insurance reviews help ensure your policy adequately protects your assets and aligns with your current risks.

Identifying New Risks

As your business landscape shifts, so do potential risks. New technologies, market trends, and regulations can introduce vulnerabilities you hadn’t previously considered. By conducting routine reviews, you can identify these emerging risks and adjust your coverage accordingly, safeguarding your business against unexpected challenges.

Maximizing Cost Efficiency

Reviewing your insurance isn’t just about adding more coverage but also finding efficiencies. Over time, you might discover that certain coverages are redundant or that you qualify for new discounts. Regularly evaluating your policy with a professional can help you optimize your insurance spending, ensuring you get the best value without compromising protection.

Let Us Help Ensure You Have the Commercial Insurance Coverage Your Business Needs

At The Shay Agency in Wilkes-Barre, PA, we’re committed to helping you navigate the complexities of commercial insurance. Our team is ready to assist you in reviewing your current policy and making necessary adjustments to protect your business. Contact us today to schedule a comprehensive insurance review and ensure your coverage evolves with your business.

What’s Covered by Comprehensive Auto Insurance?

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When you contact an insurance agent to get car insurance, you have a choice. What kind of insurance should you get?

There are several types of car insurance, including liability only, collision insurance, personal injury insurance, and others. Comprehensive coverage is usually a combination of coverage. The Shay Agency, servicing Wilkes-Barre, PA, offers comprehensive coverage to customers who want to ensure full protection while they’re driving. In this article, we’ll discuss comprehensive auto insurance in more detail.

What Is Comprehensive Auto Insurance?

Comprehensive auto insurance is primarily known as insurance that covers repair to your vehicle after a collision, regardless of fault. Comprehensive auto also pays to repair the other driver’s vehicle if you caused the collision. Comprehensive auto insurance also covers:

  • Fire
  • Theft
  • Collision with an animal
  • Vandalism
  • Windshield damage
  • Roadside assistance

Who Needs Comprehensive Auto Insurance?

Many people who choose comprehensive auto insurance are people who have a brand-new vehicle. Comprehensive auto insurance is also a requirement for most car loan applicants.

Even if you don’t have a car loan, you may choose to get comprehensive insurance anyway because new vehicles are valuable. Comprehensive auto insurance helps protect the value of your car by making it easier to get your car repaired following a collision.

Do you want to know more about comprehensive auto insurance? The Shay Agency, servicing Wilkes-Barre, PA, can help. Our highly trained agents provide our customers with the information they need to make intelligent decisions about vehicle auto insurance.

Whether you have a brand-new car or you’re buying a pre-used vehicle, you’ll need auto insurance. We can help you choose the right type and policy for your needs.

When You May Need to Temporarily Modify Your Home Insurance Policy

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Modifying Your Home Insurance Coverage for Temporary Needs

Unique circumstances may require you to modify your home insurance coverage temporarily. Below, we will review some scenarios where temporary insurance coverage may be acquired.

Home Renovations

Home renovation projects might increase the risk of damage to your property. Procuring more liability coverage will safeguard you against property damages and injuries.

This type of protection extends throughout the renovation process. It encompasses the land, construction materials, tools, and equipment used for residential renovations.

Vacant Home Coverage

A vacant dwelling could incur damages that require rebuilding. If your home will be unoccupied for a considerable length of time, vacant home coverage can safeguard your investment.

This type of coverage protects against break-ins, weather-induced incidents, and unexpected issues like burst pipes and electrical fires.

Storage of Goods

If you own a boat or a piece of equipment that will temporarily be stored on your property, an upgrade of your insurance policy might be necessary.

Additional coverage could be necessary for the temporary storage of goods. This type of coverage provides protection against criminal activities and natural disasters.

Things to Consider

Remember to consider your personal situation. Assessing your property will help identify areas with more insurance coverage. Keep an updated record of your home’s value and possessions. The value of the items should align with the amount of temporary coverage selected.

Modifying Your Insurance Policy

One of our agents from The Shay Agency can upgrade your existing home insurance policy. Contact an agent serving the Wilkes-Barre, PA region for further assistance with your policy.

Navigating Liability Risks for Businesses and Selecting Commercial Insurance in Wilkes-Barre

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Launching a business is exciting, particularly when you’ve tapped into an in-demand market. However, if you’re investing in a new venture in Wilkes-Barre, PA, it’s crucial to understand how to navigate liability risks and commercial insurance options effectively. At The Shay Agency, we’re here to help you understand liability risks for your type of business while assisting you in finding an insurance plan that meets your needs.

Liability Risks for Businesses in Wilkes-Barre, PA

When operating a business in Wilkes-Barre, PA, there are a few key liability risks to be aware of, including:

  • Professional Liabilities: Errors and omissions, along with negligence, are liabilities when running a business in Pennsylvania.
  • Product Liabilities: If you’re producing products, defective or harmful products may create liabilities.
  • Bodily Injury: Liabilities involving injuries due to your operations.
  • Employment Claims: Wrongful termination, harassment, abuse, or discrimination.
  • Cyber: Cyber risks such as include, data breaches, or security vulnerabilities.

Types of Commercial Insurance in Wilkes-Barre, PA

Some common types of commercial insurance options in Pennsylvania include:

  • General Liability: General liability insurance is crucial to protect against common risks, such as property damage or bodily injury.
  • Product Insurance: Product insurance protects you from potential harm caused by defective products you manufacture or sell.
  • Professional: Professional liability insurance protects against negligence and omissions claims.
  • Cyber: Cyber insurance can protect you from data loss, hacks, or breaches.
  • EPLI: EPLI, or Employment Practices Liability Insurance, helps protect against discrimination and wrongful termination claims.

Whether you’re running a retail store, operating a local agency, or you’re constructing a commercial warehouse, having adequate liability and commercial insurance matters. To learn more about commercial insurance policies and how to navigate liability risks in Wilkes-Barre, PA, contact The Shay Agency today.

Stay Safe Out There: PA Motorcycle Safety Tips for New and Seasoned Riders

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Riding your motorcycle through beautiful Pennsylvania is an exciting experience. Before heading out, the Shay Agency serving Wilkes-Barre, PA encourages you to prioritize motorcycle safety with the following tips.

Always Wear A Helmet & Riding Gear

Despite Pennsylvania laws not requiring motorcycle riders to wear helmets, wearing one could save your life and prevent serious injuries. Consider wearing jackets, boots, gloves, and reflective tape designed especially for motorcyclists.

Make Sure Your Motorcycle Is Ready To Ride

Ensuring your motorcycle is safe to ride is vital. Check your tires, ensure all lights and brakes are working, mirrors are correctly adjusted, and your horn is loud and clear.

Know Pennsylvania Motorcycle Laws

Like driving a car, following all the rules of the road is crucial. Don’t speed, keep your headlights on at all times, avoid lane splitting, and refrain from passing or changing lanes when unnecessary.

Don’t Drive Under The Influence

Drinking and driving or doing drugs and driving is illegal. Driving under the influence affects your reaction time, vision, coordination, and balance. If you’ve had a few drinks, calling a friend or using a ride-sharing service is safer.

Motorcycle Riding Training Courses

The Penn Dot Driver and Vehicle Service offers helpful Motorcycle Riding Courses and Safety programs. With courses for beginners, intermediate riders, 3-wheel rider courses, and advanced rider courses, these programs assist riders at every level. Even for licensed motorcyclists and experienced riders, refresher courses help strengthen your riding skills and teach life-saving emergency skills.

Get Motorcycle Insurance Coverage in Pennsylvania

If you’re looking for motorcycle insurance, contact the friendly and experienced insurance team at Shay Agency serving the Wilkes-Barre, PA area. We’ll explain and help you find the perfect coverage for your motorcycle.

Benefits of a Higher Foundation Home

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While there has been a trend over the last year to build homes on slabs in many areas, homeowners in Pennsylvania are finding that doesn’t work out in the long run. Below are some benefits of a higher foundation home if you’re planning to build or looking for an existing property. 

Reduce Mold and Water Damage

If you have a crawl space or a basement in your home, you have a place that is easy to access and drain any excess water that may come into your home. With a crawlspace, this water can go directly into the ground and be recycled back into the water table. If you have a basement, you’ll want to have it waterproofed, but then allow the French drain to capture the water and cycle it out of the home. There isn’t a place for the water and mold to go in homes on slabs, which can increase the damage in your home. 

Access Different Systems

You can easily access the plumbing system and your HVAC vents under the house when you have a home with a basement or a crawl space. Having this space to work makes it easier to diagnose any issues you may be having and get in there to fix them. Homes without this extra space can be harder to access and cost you more money in labor over time. 

Extra Living Space

Homes with full basements can add additional living space. You can finish and seal your basement so that it is a place for your kids to play and guests to sleep when they visit, or even rent out an apartment for additional income. 

If you’re a homeowner in the Wilkes-Barre, PA, area and want a personal insurance quote, contact our team at The Shay Agency today for more information. 

How to Combine Life Insurance and Savings

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At The Shay Agency, we want to help Wilkes-Barre, PA, residents protect their financial security and provide for their families. Our agency offers a unique insurance product, a cash-value life insurance policy, that enables you to save money in an interest-earning account while maintaining a life insurance policy. 

How Cash Value Policies Work 

A cash-value life insurance policy provides traditional whole-life coverage and a savings component that takes the form of a money market or savings account. When you pay the premium for the traditional life insurance policy, a portion of each month’s premium goes into the savings account pre-tax. That means you also build a tax-free savings account that earns monthly interest. 

When You Pay Taxes on the Cash Value Savings Once the account vests, you can withdraw funds from it or use it as collateral for a loan. At this time, you pay taxes on it. If you never touch the savings account, you never pay taxes on it. It grows via its interest and contributes to your net worth. 

How It Benefits Your Beneficiary 

Most cash-value accounts return the savings component to the insurance company at your death. In most cases, there’s little left because individuals and their families use the money to pay the premiums on the whole-life policy as they age. Some individuals withdraw funds from the account for medical care or other necessary expenses. The whole life policy that forms the other half of the insurance product pays its full benefit to your beneficiary unless you borrowed against the policy or depleted the savings component. In those cases, the death benefit reduces the amount of the withdrawal. 

Here’s an Example

You purchase and maintain a $100,000 whole life plus cash value account policy. It vests. Each month, you pay a premium. In this example, you contribute to the savings over the years, building a cash value account of $10,000. Five years before your death, you withdraw $5,000 to make renovations so you can use a mobility chair in your Wilkes-Barre, PA, home. This withdrawal reduces your death benefit by $5,000 unless you repay the money. Because you choose not to do so, when you die, your beneficiary receives $95,000 as your death benefit.

Contact Us Today

Let the insurance agents at The Shay Agency help you prepare your finances for life and death. Contact us today to establish a cash-value life insurance policy.

How Long Does an Accident Affect Your Auto Insurance Rate?

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Choose The Shay Agency in Wilkes-Barre, PA, for your auto insurance needs. Our strong dedication to finding the best individualized insurance coverage lets you hit the road confidently. We value top-notch customer service, with our highly competent team ready to guide you through all possible driving scenarios. Our commitment to expert knowledge and custom-fit solutions means you’re well-protected in your vehicle. Trust The Shay Agency as your reliable insurance partner for a worry-free driving experience.

Understanding the Impact of Accidents on Your Auto Insurance Rates

Several factors must be considered to understand an accident’s impact on your auto insurance rate. At The Shay Agency in Wilkes-Barre, PA, we include the impact duration and the accident’s severity. For minor fender benders, your premium might increase for three to five years, while more serious accidents can have ongoing implications.

Insurance companies often examine your driving record and details of the incident before determining the rate hike’s duration. The frequency and fault of accidents also play a significant role in how long accident rates will affect your insurance premium. Therefore, timely communication with your insurance provider and seeking solutions to reduce premiums after an accident become vital to minimizing your insurance costs over time. Preserve a clean driving record and handle any issues promptly with your insurer – these actions will gradually lower your auto insurance rates.

Enjoy Top-Tier Auto Coverage with The Shay Agency

Contact us at The Shay Agency in Wilkes-Barre, PA for personally tailored, high-quality auto coverage. Our expert team can assist you in finding the perfect insurance solutions to ensure you have the protection you deserve. With The Shay Agency’s commitment to excellence, we promise a seamless, stress-free experience in securing the coverage that fits your needs just right. Contact us today and enjoy peace of mind on the road.

What Add-Ons Should I Consider for My Home Insurance Policy?

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Some homeowners in Wilkes-Barre, PA, believe that their homeowner’s policy will cover all risks associated with their property. However, that is not the case. Virtually all homeowner’s insurance policies have exclusions, meaning they won’t cover specific incidents. So, how do you insure these additional risks?  The Shay Agency can advise homeowners on what additional coverage they should consider?

Consider Your Situation

Add-ons, also called riders, are additional coverage options that allow you to customize your protection. Not everyone will need each add-on, so analyzing your needs before buying such coverage is essential. Among the types of riders you should consider are the following:

  • Scheduled property for items worth much more than your deductible
  • Flood insurance and sump pump overflow essential in low-lying areas at risk for floods
  • Identity theft to protect you from costs associated with thieves stealing your information
  • Umbrella insurance provides additional liability insurance beyond what your policy covers

Endorsements vary by each insurance company, so it’s essential to check with your agent to determine which add-ons are available through a specific company. Some endorsements, such as scheduled property and flood insurance, can be expensive. Scheduled property increases with the amount and value of property insured. Flood insurance may be required if your home is in a flood plain. You may also want to consider underground utility service coverage if you live in an older property. Homeowners are responsible for mishaps that happen on utility lines on their properties.

Determining Your Needs

If you are wondering what you need regarding add-ons to your policy, the professionals at the Shay Agency can help. Each year, we advise hundreds of homeowners in Wilkes-Barre, PA, on the best policy riders for their needs. Contact our office today to get started on your personalized quote.

 

The Difference Between Term and Whole Life Insurance

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Understanding Life Insurance Policies: All You Need to Know

When it comes to securing the financial future of your loved ones, having a life insurance policy is paramount, especially if others depend on you. This security blanket can shield your family from potential financial turmoil. At its core, there are two primary life insurance types, term life, and whole life, each functioning differently to safeguard your family after your departure. Therefore, deciphering the differences between these policy types is crucial for making the best choice for your family. For more information about these life insurance forms, contact us at The Shay Agency in Wilkes-Barre, PA.

Term Life Insurance: A Temporary Safety Net

Term life insurance provides coverage over a set term or period. This means the policy remains valid for a specific number of years, whether it’s five, ten, or twenty years, agreed upon before the policy’s execution. Once this term elapses, however, the policy expires, prompting the policyholder to secure a new policy for continued coverage.

Whole Life Insurance: Lifelong Coverage

In contrast, whole life insurance does not encompass a set term, remaining valid as long as the policyholder maintains premium payments. This continuous coverage system ensures your policy remains intact provided you stay up-to-date with payments, rendering it immune to cancellations by the insurance company. Although it comes at a higher cost than term life policies, many individuals favor whole life insurance due to its lifelong validity, eliminating the need for policy renewals.

Securing A Life Insurance Policy: An Essential Step

Regardless of the policy type you opt for, securing life insurance is essential. When you’re ready to explore your policy options further, reach out to us at The Shay Agency in Wilkes-Barre, PA.