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Knoxville, TN 37934

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IRM Insurance Blog

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.