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Three things to consider when you are in the market for commercial property insurance

Like any other asset, commercial properties face dangers such as fires, natural disasters, and theft. That is why many property owners in Knoxville, TN consider buying commercial property insurance to protect their investments. If you are in the market for commercial property insurance, IRM insurance recommends purchasing adequate coverage to protect your property from a variety of risks. To help you make an informed decision, here are three things to consider.

Where your property is located is a significant determinant.

If your commercial property is located in a remote area around Knoxville, TN, it could cost you more compared to a property located in the city or town. Big cities and towns are considered relatively safe as they are closer to fire protection areas than those in the countryside. It will typically cost less to insure such a building because chances of filing claims are minimal.

Occupancy matters

How the building is being used can also be a significant concern as it determines the type of coverage you should have. For instance, a busy business building means there is a lot of traffic, and lots of accidents can happen, which can lead to lawsuits. If the building is only used as an office, then it will cost less to insure than a building where there are hazardous tenants who can affect the fire rating of the whole building. A restaurant or an auto repair shop will likely raise premiums more than a dry-cleaning office or a shoe shop.

The type of construction material can raise or lower your premiums.

Is your building fire-resistant? If not, what type of construction is used? Buildings made of combustible materials will automatically command higher premiums than those made of fire-resistant materials.

Commercial property insurance can cover a wide variety of situations. Let IRM insurance help you get the most out of your coverage. Feel free to call or visit us today!

A Guide to General Liability Insurance for Contractors

One of the most high-risk workplaces is a construction site in the United States. General liability insurance is a must-have in protecting all professionals should they be involved in a work-related accident. IRM Insurance of Knoxville, TN can assist contractors with understanding a general liability insurance policy and how it protects their business from a financial nightmare.

What Does General Liability Insurance Cover?

General liability insurance is an excellent foundation for all contractors trying to protect their business. There are plenty of risks when being an active participant in the construction industry. The wording of your insurance policy should allow for additional coverage if the business expands.

The purpose of general liability insurance is to cover for work accidents and personal property damage. It’s rare, but employees, clients, and innocent bystanders could get injured from flying debris. General liability insurance will cover all medical expenses for the injured party.

Another major concern for general contractors is damaging a client’s personal property. But, accidents will happen due to operator or mechanical error. General liability coverage will protect a contractor from making out-of-pocket payments for the repairs.

Why a Contractor Needs General Liability Insurance?

Contractors learn quickly why they need general liability insurance. It’s to keep them from facing financial ruin from a work-related accident. Too often, construction businesses have folded because they failed to have the right general liability insurance coverage. A settlement for either property damage repairs or medical care for an injured third-party became too much of a financial burden for the business to survive. Plus, more clients are requiring contractors to show proof of general liability insurance before hiring them for home improvement work. 

General liability insurance has become a must-have in protecting contractors from unexpected losses. IRM Insurance of Knoxville, TN is honored to assist those connected in the construction industry in getting the right coverage for their business. We will design a policy that protects your interest and meet your insurance needs. Schedule an appointment today!

What Benefits and Protections Does Commercial Auto Insurance Provide?

If your business or company relies on the use of vehicles to accomplish your business goals, commercial auto insurance is a wise investment. Unlike personal auto insurance, commercial auto insurance provides security and protection from many uncovered liabilities. We all know that even the best-laid plans can go awry, and accidents can happen when you least expect it. It’s a good idea to have protection in place to come to your aid when a wide variety of circumstances take place. IRM insurance of Knoxville, TN is committed to helping businesses attain the coverage they need to protect themselves from the unknown. Commercial auto insurance provides peace of mind to business owners in that they can rest assured that unexpected events will be covered and will provide adequate protection for their business and employees. 

What is Commercial Auto Insurance?

No two businesses are exactly alike. As a result, commercial auto insurance provides many primary benefits to any company that owns vehicles that are operated by its employees. However, this type of insurance can be structured to suit the specific needs of a company. In general, commercial auto insurance provides financial protection when it comes to liability. This includes personal injury, collisions, and uninsured motorists to list a few. However, it goes a step further by providing higher policy limits than personal auto insurance. 

What is Covered?

Commercial auto insurance provides coverage for accidents involving company vehicles, as well as personal vehicles, when driven for business. This insurance also covers car theft, damage to cars under some circumstances, and vandalism. 

The damages covered by commercial auto insurance include damage to company vehicles as well as any damage done to other vehicles caused by an employee in a company vehicle or a personal vehicle driven for business purposes. This insurance also covers bodily injuries to others caused by an employee in a company-owned vehicle or personal vehicle driven for business purposes. 

Other Protections

Commercial auto insurance can also cover the legal costs incurred by the damage you or an employee may cause by your vehicle or a company vehicle and be sued for. This falls under auto liability coverage. 

Who Should Invest in Commercial Auto Insurance?

This is a question that involves focusing on the type of vehicles your company utilizes, as well as what they’re used for. If your company or business is heavily dependent on the use of a vehicle to achieve your duties and must rely on them to fulfill contracts., commercial auto insurance is a good investment. Of course, it is wise to consider other unique factors about your business that might make commercial auto insurance a wise investment. The primary understanding that you should garner about commercial auto insurance is that it protects your business and its employees from exposure to uncovered liabilities that could come from a serious accident.

Call us today or schedule to visit our office in Knoxville, TN. We want to make sure that your business has the coverage it needs to protect you.

How Does Workers’ Compensation Work?

  Workers’ compensation is insurance coverage provided by employers to cover injuries sustained by employees while on the job. This does not necessarily mean the employee has to be injured inside the company’s building. It can also cover injuries suffered off of the property as long as the employee is doing work, such as making deliveries.

Workers’ Compensation Coverage

Workers’ compensation insurance is designed to help cover medical expenses, disability, and treatment for the injured employee. It may also need to cover as much as two-thirds of their average weekly income if the injury results in any lost wages.

If there is a fatality involved, workers’ compensation should cover most of the burial costs as well as continuing to send a percentage of the employee’s wages to their spouse or other dependents.

The injuries sustained by the employee must be legitimately caused by something on the job to be covered by workers’ compensation. If the employee is under the influence of alcohol or drugs when the accident occurs, the claim will likely be denied.

Likewise, if there is any indication that the injury was intentional, that it was due to the employee not using correct safety procedures, or that it occurred somewhere else, the claim will probably not be approved. Rejected claims and unsatisfactory settlement offers can be appealed and further investigated by the Tennessee Bureau of Workers’ Compensation.

Is Workers’ Compensation Required in Tennessee?

Not all businesses in Knoxville, TN are required to carry workers’ compensation, but those that check any of the following boxes are required to do so:

  • Those with at least five employees, even if some are family or just part-time.
  • Construction and coal mining business, no matter how many employees you have.

IRM Insurance is happy to advise you on whether your business is required to carry this coverage. If you are required to carry workers’ compensation insurance and do not, you face pretty steep penalties, including fines, jail time, and even having to close the business down until you meet requirements.

For more information or your no-obligation consultation, give IRM Insurance in Knoxville, TN a call today.  

Details You Need To Know About Cyber Liability Insurance

In today’s society, technology is continually evolving and helping us with daily tasks. Unfortunately, there are cyber hackers ready to steal any type of information or money that they can from businesses. It is horrible that cyber hackers believe that they can steal anything from anyone. However, there is a way to protect yourself/your business in the worst-case scenario.

We are IRM Insurance, and we are based in Knoxville, TN. Created in 2013, we have provided our local businesses with a wide array of insurance options. It is never enough protection to have with the information your business has in its database. Cyber liability insurance is crucial to have as a business owner because you are essentially responsible for the sensitive information of thousands/millions of people. Cyber hackers seem to find new ways of breaching into databases, and you do not want your business to be held liable for something you did your best to protect. 

What is cyber liability insurance?

Cyber liability insurance is a policy to cover the cost for a business to recover from a data breach, virus, or other cyberattacks. Businesses need to protect all of the sensitive information that they have stored from their clients/consumers as much as possible. If for any reason a database full of information such as (but not limited to) social security numbers, identification information, phone numbers, date of births, bank account numbers, and credit card numbers are stolen, this policy will help.

Are there any questions or concerns you would like for our agents to assist you? You can reach us at our office in Knoxville, TN via phone by calling (865) 579-0500. Feel free also to send an e-mail at your earliest convenience. One of our agents will assist you in a timely fashion to answer your questions/thoughts/concerns.  

Are You Covered if Winter Weather Damages Your Home?

Winter is the time of year for snowball fights, skiing, sledding, and cozy evenings by the fire. However, despite the joys of winter, the weather can be harsh and unyielding. If you’re a homeowner insured by IRM Insurance, winter weather can really damage your home if you don’t take proper precautions. Read on to discover more about what damages may be covered by your homeowner’s policy. 

1. Flooding

Most of the time, water damage to the home due to frozen pipes will be covered by your homeowner’s policy. However, you will have to demonstrate that you, as the homeowner, took proper precautions against the freezing of the pipes. You should insulate your home properly, use heat tape, and keep the home’s temperature above freezing to prevent frozen pipes. 

If your roof is damaged in a storm or windows are broken, you may experience water damage. Typically, these damages are covered. However, if water comes in from the outdoors, such as if your area gets excessive rain or snowmelt, that type of flooding is not usually covered by the typical homeowner’s policy. Contact your insurance agent to add flood insurance to your policy to make sure that all types of flooding damages are covered.

2. Falling Limbs or Trees

If a tree or tree limb falls on your home, typical homeowners’ policies will cover the damages. Also, these policies usually extend to your outbuildings, garages, and structures like fences. However, insurance policies will not cover the cost to remove dead trees or trim tree limbs before they fall on the house.

3. Wind Damage

If a severe storm damages your roof or other parts of the structure of your home, most homeowners’ policies will cover the repair or replacement of these things. Before storms come through, make sure that your home is in good shape to avoid damage. Repair damaged shingles, secure loose shutters, and tie-down outdoor items like patio furniture and grills to protect your home. 

Every policy is different, so if you have questions about what is covered by your homeowner’s insurance, contact IRM Insurance before winter storms hit. Our helpful agents will answer any questions and support you, whatever your needs. 

Do I need to buy additional insurance when I rent a car?

Everyone loves to travel, and when traveling, renting a car is often part of the travel package. When you get to the desk at the car rental agency, you are going to have quite a lot of pressure applied to you to purchase auto insurance from the rental agency. They offer several layers of protection, and it can add a considerable amount to the total cost of the rental. You’re tired and confused, and you may think that you should buy it so that they will leave you alone, but is it necessary?  

The most likely answer is no, it isn’t, but you need to do a little research before you leave home. Give your agent at IRM Insurance in Knoxville, TN a call and ask them about the coverage that your policy provides. Typically, your coverage on a rental car will be the same as the coverage on the vehicle you drive every day. If you have a vehicle of equal value to the car you are renting, then you are in good shape. If, however, you have an older car and no longer carry collision and comprehensive, then you will need to get coverage another way. 

You don’t necessarily have to resort to buying the insurance offered by the rental company. Many credit cards provide rental insurance coverage when you pay for the car with your credit card. Be sure to check with your company to find out if they offer this coverage and what the limits are. If you have travel insurance, be sure to check if it provides rental car coverage as well. 

When it comes to buying additional insurance when you rent a car, be sure to check out all the other options before you say yes to the rental company. Your agent at IRM Insurance in Knoxville, TN will be happy to explain your coverage to you.

Business Owner’s Insurance

Business Insurance If you own or run a business, especially a small-sized or medium-sized one, it is of absolute significance that you buy a Business Owner’s Insurance policy. Does this Insurance not only protects you against unforeseen monetary losses in your business but also gives you the confidence and help to focus on making your business improved.

Business Owner’s Insurance ensures that the coverage it provides protects all your major business property and the liability risks that it comes with so that your business runs smoothly. In today’s time where businesses are slowly rising, it has become almost a necessity to avail Business Owner’s Insurance and protecting your business from future events.

How it works?

Business Insurance runs on the system of you paying methodical fixed monetary amounts every month, and in turn, you get the facility of making claims and getting coverage at times of unfortunate disasters. These details and further terms and conditions are noted down in your Insurance Policy, a legal document that is proof of your Insurance bond.

You can only make claims and get compensated if the claim is made during your policy period. If you make a claim after your policy period (mentioned clearly on the Insurance Policy) has ended, the company will not entertain it. Business Owner’s insurance provides you with all the basic coverage that are essential for business owners in one bundle and at a lower cost as compared to paying for all the various insurances separately.

Different types of Business Insurance

Business InsuranceThere are different types of coverage that the business owner’s insurance includes depending on the policy that you choose. A typical business owner’s policy includes; property insurance, business interruption insurance and liability protection.

Property insurance, also called peril coverage, provides coverage mainly for the loss or damage to the business site caused by fire, explosions, smoke damage, vandalism and wind damage. This coverage is provided to the insured business’s site, owned or rented. It will also cover all items owned by the business or kept within a 100 feet radius with the purpose to the business itself.

The business interruption insurance provides coverage for the loss of income that is due to disasters like fire and others that may halt the business proceedings. It also covers the extra expense of operating in a temporary location in case of the original on being unavailable. Lastly, liability protection is the name given to the protection that covers the damage that accidents may cause such as injuries, inside the business and outside.

How much will a Business Insurance cost me

The cost of your business owner’s insurance varies according to the policy you choose for your business. If it is likely to provide higher coverage, taking into consideration all kinds of losses and damage, then you will probably pay a higher premium. This premium can depend on other things too. Such as the kind of business you run, your previous claim history, your business’s size etc.

If your business involves high-risk manufacturing work such as a factory where chemicals are used, then accidents are more likely to happen and the premium will rise. One convenient way of lowering premiums is by choosing your deductible amounts wisely.

Should I opt for a higher deductible or not?

Deductibles are amounts of money that you agree to pay at the time of damage and are not covered under your policy. They go from your own pocket. Choosing to pay a higher deductible significantly lowers your premium cost and thus should always be given consideration.

Contact IRM Insurance in Knoxville, TN for the best business owner’s insurance rates available – (865) 234-9177 or email us.

Apartment Insurance – What is it?

Apartment Insurance

Unforeseen circumstances and unfortunate events are often not uncommon in household settings like an Apartment’s. These situations often leave the family with immense loss and damage that is difficult to make up for later.  Thus, it becomes very important to avail Apartment Insurance and keeping your apartment safe from the un-recoverable losses.

Apartment Insurance – What it is?

apartment insuranceWhen you rent an apartment and buy apartment insurance, you are ensuring the security and safety of your property, belongings, liabilities and possibly the living expenses as well.  In case of damage to personal belongings inside your apartment such as your furniture and valuable items from disasters such as theft, break-ins, floods, earthquakes, fire and other natural disasters.

It also covers liability and protection against it. This means that is there is any bodily injury property damage that is caused by the family living in the apartment and this result in a lawsuit being filed; Apartment Insurance will protect you against it. It also covers the expenses that result from someone being injured in the form of medical bills.

Lastly, Apartment insurance also provides coverage in situations where the family is required to live in another makeshift house until the damage done to their apartment is repaired. It covers any hotel bill, temporary rentals, restaurant meal and any other relevant expense.

How does it work?

The Apartment Insurance you buy will be a binding contract between you and your insurance company, evident by an insurance policy. This insurance policy will stay with you and will contain all details relevant to your chosen insurance policy that includes the various terms and conditions, your policy period, the coverage limit and lastly information on the premium. It is essential that you provide truthful information about yourself and your apartment so that the Apartment Insurance’s policy holds valor.

 

How are premiums decided?

Premiums for Apartments Insurance are decided after taking into account various factors, which may include; how big your apartment is, how safe it is, how many people will live in it, and the risk involved (i.e. how susceptible your apartment is to unforeseen disasters)

Can Premium amounts change and how can I lower mine?

apartment insurancePremiums are decided after the risk is evaluated in your apartment. It is a fixed payment amount but can be changed in certain situations. One of these is when the risk involved is reduced. You can achieve this by taking steps that will reduce the risk of damage being caused, such as installing burglar alarms and lock systems that will prevent theft and break-ins in your apartment making it safer and thus lowering the premium cost for you Apartment Insurance.

Another way of paying a lower premium is simply by agreeing to pay a higher deductible amount if and when the loss and damage occurs. This means that you would be expected to pay some amount of monetary compensation from your pocket when the damage occurs in your apartment. The higher the deductible you pay, the lower your premium is.

Contact IRM Insurance in Knoxville, TN for the best apartment insurance rates available – (865) 579-0500 or email us.

Things to know before buying business insurance

Things to know before buying business insurance

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Business Insurance

Business insurance is a must for any business owner. As a business owner, one of the responsibilities you have is to handle is choosing an insurance coverage. There are plenty of great policies you can opt for, depending on the particularities of your needs, but before deciding to purchase a policy, being thoroughly documented on the subject is advised. Because you probably do not want to deal with an incident and realize your insurance policy does not have all the costs involved, nor to face any other similar inconveniences, you should be aware of the following details before actually buying your policy.

There are several types of business insurance policy options

Because there are various types of policy packages available, you should start by researching them all, and learning what they include. From general liability, to property and product insurance or business interruption policy, you have the possibility to opt for the package that meets your expectations. There is no perfect business insurance for all enterprises out there, because each has its own type of professional practice and needs. So analyze your potential requirements, try to visualize incidents that have the highest chances of occurring, and opt for a package that suits your business in particular. Depending on the company you will opt for, you even have the possibility of customizing your policy.

Be aware of your risks

Regardless of what policy type you eventually decide on, usually, there is an acceptable risk involved. If you want to opt for the most budget friendly option, you will want to cut down on certain coverage possibilities, and for you to make a wise decision in this department, it is essential to assess and be aware of your risks. Analyze the profile of your business, and try to find the most easily to exclude conditions, in order to access the best price, while still benefiting from the level of coverage you desire.

Work with the right insurance agent

Regardless of what type of business you might want to cover with insurance, one aspect that you should never overlook is the agent you collaborate with. The broker is the one who can bring you the best offer, in term of both coverage and price, so finding someone you can trust should be one of your main concerns. While there might be several agencies willing to offer you the services you are asking for, not all firms are characterized by professionalism or reliability so doing your homework in advance is needed. Read client references, check agent fees and book an initial consultation to see if the agency that has caught your interest is really the perfect choice for you.

If you want the business insurance policy you opt for to meet all potential future requirements, you will need to know a few things before actually buying it. These are probably the most relevant details to have in mind when browsing through the insurance offers put at your disposal. Remember that the reliability of the agent you collaborate with is always something that you should inform yourself about, making quite a significant difference.

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