Commercial insurance is a broad term that covers a lot. However, to put it in the simplest form, commercial insurance is a type of insurance meant to protect businesses against losses from injury to employees and damage to facilities/properties. Since businesses and their processes vary widely, commercial insurance protects different organizations from different types of risks.

However, according to the Shay Agency, whose serving city is Wilkes-Barre, PA, despite the variances, all commercial insurance policies have some typical coverage, which are:

• Public liability
• Professional indemnity
• Employers’ liability

Public Liability

This aspect of commercial insurance protects businesses that receive visitors to their premises or work on client locations. If suppliers, clients, of members of the public suffer property damage or personal injury caused by the policyholder’s business, public liability insurance will cover the legal expenses and compensations.

For example, if you have a painting company and while one of your painters is painting the exterior of a building, his brush drops on the windshield of a Ferrari and breaks it. This insurance policy will bear most of the claim settlement costs.

Professional indemnity

If your business causes a client some financial losses or professional losses, this insurance policy will cover the payment of compensation and legal fees. Here are some examples of how your business can cause losses to your clients:

1. You inadvertently publish a reputation-damaging statement about someone or an organization that happens to be false.
2. A client’s data or document gets lost in your care/custody.
3. You mistakenly share someone’s sensitive or confidential information without the person’s express permission.
4. You violate someone’s or an organization’s copyright.
5. A client incurs a loss because he acted on your wrong or misleading advice.

Employers’ liability

This policy will cover your legal fees and compensation if your existing or former employee files a lawsuit against your company because of an injury or illness caused by your work.

For more information, contact The Shay Agency in Wilkes-Barre, PA.

Your business began with an idea for how to improve life or a product that would revolutionize the marketplace.  You’ve worked hard to make that original spark of imagination into reality.  Now, you need to protect that business and keep it growing.  This is where the agents at The Shay Agency, serving the Wilkes-Barre, PA area, can help.

Commercial insurance combines the protection of several policies.  Liability coverage is important for business, particularly startups.  It covers several areas of liability risk such as personal injury or injuring that is the result of the company’s products or services.  This is accompanied with property insurance for any structures the company owns.  The policy will also cover the contents of the buildings including computers, raw materials or inventory and equipment.  Virtually, everything the company needs to operate.  Typical perils that are covered include severe weather damage, fire, and theft.  It will not, however, cover flooding.  If the business is located in an area with high or moderate flood risk, discuss the options with the agent.  Lastly, worker’s compensation covers employees if they are injured on the job.  These are the basics but depending on the type of business you have, you have needed additional coverage.  For instance, corporate fleets have commercial auto insurance and professional corporations have professional liability coverage.  Some businesses carry business continuity insurance so that they can recover quickly if a disaster occurs. 

At the Shay Agency, your agent will take the time to get to understand your business’ needs.  They will then talk about the options that you have and answer any questions.  In the Wilkes-Barre, PA area, they know the types of protection businesses need.  Go online for general information or come by the offices.  You’ve worked hard for your business, now protect it. 

Can you feel it? It is almost indiscernible after this hot summer but there are already hints of fall in the air and it is beautiful to behold. More people are eager to get out and enjoy the cooler weather and the stunning foliage than ever, so we have some safety tips as you enjoy the local sights around Wilkes-Barre, PA this fall. At the Shay Agency, we will also be enjoying all a Pennsylvania fall has to offer, and we want all of our friends and clients to be as safe as possible out on the open roads. 

Tips For Motorcycle Safety in the Fall

• Remember that even on warm days the temperature drops fast after dark. Do not get stuck far from home shivering because you dressed for warmer weather, because extreme cold while driving is not only uncomfortable, it can be dangerous. 
• Watch for ice. Early ice is not uncommon yet may motorist are not prepared and it comes as a surprise, often a dangerous one. Keep your eyes out for icy conditions such as a drop in temperature after a fall rain. 
• Pullover to enjoy the views. The fall foliage is worthy of a photo or at least a moment of enjoyment but do yourself a favor and get off of your bike a moment. Do not try to take in the best views from the road, pull over to a safe spot to soak it in.

Contact us at the Shay Agency if you need motorcycle insurance coverage or if you have any questions about fall road safety. We proudly serve the Wilkes-Barre, PA area with quality insurance services. 

When going grocery shopping, did you ever notice that there is a whole aisle of cereals to choose from? There are dozens of varieties. With life insurance it is similar, there are many varieties to choose from; however, you have an advantage with life insurance because you get help from your agent at The Shay Agency serving Wilkes-Barre, PA, and the nearby areas.

Think of your agent as a personal shopper’s helper, who will give you an intelligent recommendation of the type(s) of life insurance that will best fit your needs.

The Two Biggest ‘Flavors’ of Life Insurance

Like chocolate and vanilla, there are two broad categories of life insurance. One is the type of policy that builds up cash value over time and therefore has some investment/savings qualities. This most popular of this type is called “whole life” because it is meant to be put into place while young and then kept for protection and investment purposes for a person’s entire life.

The other is the type of life insurance does not build up value and lasts only for a certain number of years before you need to renew it or get a new policy. The most popular type of this kind is called “term life.”

Universal Life vs. Whole Life

Universal life insurance is a mixture of the characteristics of whole life and term life. Universal life insurance is considered “permanent” like whole life insurance because it does not have a time limit. At the same time, universal life has lower premiums than whole life. These lower premiums are similar to term life insurance.

Whole life insurance has a death benefit and consistent monthly premiums. It has a guaranteed increase in its cash value over the life of an insured person. Whole life pays an annual dividend that either accumulates or can be taken out. Once the whole life policy has a cash value, you can borrow against it

Universal life has a death benefit, flexible premiums, and a savings option that can be chosen to build value. If it has a cash value because of choosing the savings option, you can borrow against it.

Summary

There are many other types of life insurance to consider. Each type is useful for different purposes. The characteristics to consider are the investment/savings portion and the insurance portion, along with the premium schedule.

In some cases, it may be beneficial to have two separate life insurance policies for different important reasons such as whole life to create long-term value and term life for protection against unexpected risks when younger.

To get personal help making these choices, contact an agent at The Shay Agency in Wilkes-Barre, PA by calling 570-704-0074 or use our convenient online form to get a quote.

Flood insurance is usually not included in a standard homeowner’s insurance plan, and instead comes as a specific rider that you can add-on to your property. The Shay Agency wants you to know why flood insurance is necessary to keep your investment safe from destruction. 

1. Swift Action Means Less Damage 

When you have water damage in your home, it’s not always clear just how much it will be to fully clean. Because the moisture can sink deep into the surfaces of the home, the repair bills can be astronomical. Instead of fixing it right away, homeowners in Wilkes-Barre PA may choose to wait if they don’t have insurance to cover the full costs. Flood insurance allows you to take care of the trouble as soon as possible, which will save the property as well as your finances. 

2. It’s Healthier 

Your home was never meant to be infused with mildew. It can pollute the air and lead to anything from allergies to respiration problems. Plus, if you let water damage sit for too long, you increase the odds of a mold formation in the home. This can be more than irritating, it can actually be deadly. 

3. You Have a Resource 

When your home is flooded, it’s a lot easier to protect your property when you have someone you can call. The Shay Agency is here to help the people of Wilkes-Barre, PA do more for themselves, so they can live in a stable property and maintain their resale value. 

If you want to find out more about what it takes to add flood insurance to a policy, call our staff today. We can help you determine your level of coverage based on everything from the size of your property to the value of your possessions. 

Living in a condo in Wilkes-Barre, PA comes with many advantages; amenities like a clubhouse, pool and/or hot tub, playground, landscaping, and nearby neighbors, to name just a few. While these extras are paid for by your condo due and protected by the condo association, it’s also important to protect what’s inside your condo, like your furniture and other valuable items. If you’re considering whether you need condo insurance, the answer is "yes". Read on to learn a few reasons why.

Protect Your Condo from Theft

Property crime in the United States happens frequently. In fact, according to a report by Homeland Security, there were an estimated 7,694,086 property crimes in 2017, many of which were burglaries. If someone were to burglarize your condo, you would need condo insurance to submit a claim and recoup your financial loss after your deductible. 

Protect Your Condo from Fire

Condos are close together so if your neighbor were to accidentally start a fire, it could easily spread to your unit. There is also the chance that a fire could start in your own condo. If either scenario were to happen, only the outside of the condo would be covered without your own condo insurance policy. In order to protect your valuables, you need your own policy.

Protect the Rest

To protect your plumbing, appliances, and electrical wiring, as well as any liability cases you will also need to secure the right condo insurance policy. Considering you own your condo, it’s just like a house and everything in it and whatever happens there is your responsibility. 

To learn more about protecting your condo in Wilkes-Barre, PA, contact The Shay Agency serving this area. Our knowledgeable and friendly staff will answer all your questions and concerns, determine what you want to be covered, and then help you find the right policy at the right price by comparing quotes. You can contact The Shay Agency today at 570-704-0074. 

You don’t have to wait for misfortune to benefit from your commercial liability policy. Here are several ways your commercial liability policy from The Shay Agency in Wilkes-Barre, PA helps your business right now.

• Your commercial liability insurance can help you find more business. For construction contractors and those who provide direct services to clients, an active commercial liability insurance policy can be an essential selling point. With these policies, your clients know that any damages they sustain from your services or products will be financially covered. Let potential customers know that you care about their property enough to carry extra protection.
• Are you looking for a small business loan? Your active commercial liability policy makes you a more attractive candidate for bank loans. If an accident occurs while your loan is still open, lenders know that they’re more likely to recoup their investment when you have adequate insurance coverage.
• Professional entertainers, writers, and others who frequently state their opinion in a public forum are at high-risk for lawsuits related to slanderous speech. Your active commercial liability policy protects you from the financial fallout of these cases. If you’re trying to convince a publication, station, or other outlets to carry your brand, this type of coverage could help convince them that you’re worth the risk.
• Freelancers and independent contractors often work together on more significant projects. This allows them to make more profits with less effort. However, you can’t always be sure of the other person’s abilities. With an active commercial liability policy, your interests are always protected, no matter who you work with. If an accident or loss occurs, your policy ensures that you’ll be able to afford any legal liabilities. It may also make you a more attractive partner for more experienced partners.

The Shay Agency in Wilkes-Barre, PA offers commercial liability insurance coverage for businesses of all industries, sizes, and purposes. Let us know how we can help you achieve your business goals with comprehensive insurance coverage.

Basic liability coverage is a must-have for any motorcycle rider and a requirement when riding in the Wilkes-Barre, PA area. Full coverage goes beyond what typical liability insurance coverage offers, giving you better protection against financial uncertainties while making it easier to replace your motorcycle after an accident. But is it worth adding extra coverage beyond liability insurance? You can count on The Shay Agency to help you find out.

What Full Coverage Gives You

Here’s a brief list of additional coverage options to choose from when considering full coverage:

• Comprehensive and collision – These options can help you replace your motorcycle if it’s damaged in an accident or stolen.
• Uninsured and underinsured motorist – This option covers you if you’re in an accident with someone who has inadequate insurance coverage or no coverage at all.
• Medical payments – This add-on covers your medical expenses regardless of whether you were found at fault or not.
• Custom parts – There’s even coverage for your motorcycle’s custom parts and equipment, especially for components that aren’t covered by comprehensive and collision insurance.

When to Purchase Full Coverage

Buying full coverage motorcycle insurance is a good idea if your motorcycle’s resale value is higher than what you could comfortably replace out-of-pocket. For a high-value classic or custom motorcycle, the increase in your insurance premiums is a small price to pay compared to the cost of replacing a total loss out of your own pocket.

If you have a cheap used motorcycle, on the other hand, the extra premiums may not justify the benefits you’ll get from a full coverage policy. In this case, you may end up saving money by paying for the repairs yourself.

It’s up to you to decide if full coverage motorcycle insurance is right for you. The experts at The Shay Agency can help you and others in the Wilkes-Barre, PA area select the right coverage.

Flood insurance is a separate policy, and it is not a part of what is offered on your homeowners’ coverage. Unfortunately, not everyone realizes that. They end up without the coverage they need when a flood takes place, and it is only after the problem occurs that they find out they are not covered. Even if you have a flood policy, though, it may not be giving you what you need. By working with The Shay Agency in Wilkes-Barre, PA, you can find out if you are properly covered, and get the guidance you need to find the right flood policy or make changes to the one you have.

A policy for flood insurance should be based on the risk you have in your location. Not everyone who has flood insurance is in a flood zone, but it can flood anywhere it can rain. What you need from a policy will generally be a little bit different if you are in a designated flood zone, so you want to make sure you are working with an agency and an agent who understands your needs and the location of the property you are getting insurance on. Flood zone maps and designations change periodically, as well, so it is a good idea to have your insurance policy reviewed at least once a year.

When you work with The Shay Agency in Wilkes-Barre PA, you will have the representation you need, along with a flood policy that offers you what you actually require for your location. You can feel safe in the knowledge that you will be protected in case of a flood, and you can also reduce your worry about whether your policy is the right one for you. Having the right agency on your side is a great feeling.

Life insurance provides death benefits, and some types of policies also have investment characteristics. Deciding what type of life insurance is a smart choice for your personal circumstances but can be challenging. Work with an agent at The Shay Agency, serving Wilkes-Barre, PA and the surrounding areas, to discuss the different types of life insurance available.

Here are a few things to consider that will help you make the right decision:

Coverage Term

Term life insurance with level premium payments is available for a specific number of years, which are 10 to 30 years in five-year increments. If the time needed for life insurance is predictable, the term life insurance is a good choice. However, after the term is over, life insurance premiums will be much higher. For life insurance needs longer than 30 years, it is better to get whole life (also known as “permanent”) insurance.

Death Benefit Choices

The amount of the death benefit needs to be decided. Term policies only offer payment of a level death benefit. Whole life policies offer the choice of a level death benefit plus the cash value, a decreasing death benefit that is reduced by the accumulated cash value in the coverage, and a decreasing death benefit to reduce premiums over time.

Policy Guarantees

Term policies, some universal life, and some whole life policies offer a guaranteed premium amount and guaranteed death benefit. In other types of policies, which are designed to be investment vehicles, the policy premiums and death benefit are based on the assumption that is made for the rate of return. Premiums may be larger, and death benefits may be smaller if the underlying investments of the policy have a lower rate of return.

Cash Value

Term policies do not accumulate any cash value. Permanent whole life and other insurance policies that have investment characteristics accumulate cash value over time. Some prefer to have term insurance that comes along with a conversion rider that allows the option to convert the policy to permanent life insurance at some point in the future.

Talk with your agent at The Shay Agency in Wilkes-Barre, PA about these issues and any others to get a complete understanding of the options available for life insurance in New York and Pennsylvania.