Why should I buy a business owner’s policy (BOP)?

Posted on June 28, 2022 by admin

Starting a business in Chicago, IL requires intricate planning, but Arial Insurance Group can help with one of the most important steps – your commercial insurance. Most businesses start with a business owners’ policy (BOP).

Why start with a BOP?

As its name suggests, a business owner’s policy provides serious protection for your business. It combines the coverage of four separate policies under one insurance policy and reduces the price of the premium in the process.

These four coverages provide the foundation of the coverage needed for any non-home-based business. The BOP includes coverage for:

Property damage,
Business interruption,
General liability,
Coverage for third-party items in storage.

You Can Add to the BOP

The BOP forms a foundation that the business owner can add to for a custom policy. If your storefront includes plate glass windows, you’d add glass insurance. If your business delivers orders by car or freight using its own fleet, you’d add commercial auto insurance and inland marine insurance. These examples only name a few possibilities.

More than 20 types of commercial insurance policies exist. Your business won’t need each one. Most businesses only need to add two or three other coverages to a BOP. A dentist, chiropractor, or physician would add malpractice insurance and workers’ compensation insurance. The latter would cover their office staff.

How do you know which policies you need?

You meet with Arial Insurance Group of Chicago, IL to determine which policies your business requires. We ask a set of questions that helps us determine which policies best suit your business which will differ from those of the business next door. The only commonalities might be the BOP and glass insurance.

Home insurance FAQs

Posted on May 31, 2022 by admin

Owning a home is the American dream and, with the right home insurance, you can make sure that it doesn’t become a nightmare. Having an independent insurance agent who knows you and who you know will be there for you is vital. At Arial Insurance Group in Chicago, IL, we know that we work for our customers. We will make sure you get service you can count on from day one.

Home insurance FAQs

Does home insurance cover the roof?

Yes and no. If your roof is leaking because it is 25 years old and needs to be replaced, then no, home insurance doesn’t cover wear and tear. If a storm goes through and rips off some of your roof tiles, that will be covered.

When should you review your home insurance?

You should review your home insurance policy every year when you renew it. Make sure that you know exactly what you are paying for. Check to see if you are getting all the discounts you are eligible for. Read the policy and determine if there are any endorsements that might be right for you.

What is a good deductible?

There is no right or wrong when it comes to the deductible. The higher the deductible, the lower the premium. Only you can decide what makes sense to you. Just remember it is the out-of-pocket amount you will need to pay when you have a claim.

Is my laptop covered when I take it away from home?

Yes, your personal items are covered under your content coverage even when they are away from home with you. But you do still have to pay a deductible if it is lost or stolen.

Contact Arial Insurance Group in Chicago, IL when you need to have a home policy review or are looking for a new insurance agency.

What Is A Condo Association And What Role Does Insurance Play?

Posted on April 29, 2022 by admin

Condo associations are similar to landlords and homeowners’ associations in that they are responsible for maintaining the condo complex grounds and shared spaces. Examples of shared spaces could include a complex gym, parking garage, elevators, pool, and anything else that is used by all residents and does not directly belong to the condo owner. With that said, if you cause severe damage to a shared area, the condo association may decide to hold you responsible for any required reimbursement or deductible payment. Because condo owners have freedom and flexibility in the interior of their unit, the condo association policy ends at your door, and your individual condo insurance policy kicks in.

Prior to purchasing a condominium, be sure to request a copy of the condo association’s master policy so you can learn precisely what is and is not covered. Thus, you’ll then be able to shop for a condo insurance policy that best protects your interests without paying for coverage that you don’t need. Purchasing an individual condo insurance policy will cover the interior of your unit along with your personal belongings such as furniture, clothing, and electronics. Additionally, an individual condo insurance policy will include liability coverage that can protect you should a third party be injured while at your home.

At Arial Insurance Group in Chicago, we have the experience and resources needed to assist condo owners in obtaining the best condo insurance for their needs. To find out more, give us a call today to schedule a no-obligation consultation with one of our friendly, knowledgeable, and professional team members.

Navigating Health Insurance: What You Need To Know

Posted on March 31, 2022 by admin

Health insurance can feel overwhelming. At Arial Insurance Group, serving Chicago, IL, we can help you navigate this important yet confusing type of insurance coverage. Keep reading to find out more.

Do I Need Health Insurance?

With rising health insurance costs in America, some people wonder if they should even invest in health insurance. It is important to remember that health care costs are also rising. This means that if you have need of extensive health care, you could be left financially vulnerable if you were to pay out of pocket. Health insurance protects you from this vulnerability.

What Is Open Enrollment?

Open enrollment is a particular time when you can sign up for health insurance each year. This window varies from company to company. You will need to talk with an insurance agent who can advise you on when open enrollment is.

Why Are There Different Types of Health Insurance Plans?

Health insurance plans vary because different people need different levels of health care coverage. A very healthy individual will not need the same type of coverage as someone with significant health problems.

What’s The Difference Between Premium and Deductible?

A monthly premium is how much you pay for health insurance each month. A deductible is a set amount that you will need to pay out of pocket before your health insurance will kick in to pay for your health care services. In most cases, a smaller monthly premium will have a higher annual deductible, whereas a higher monthly premium will have a lower annual deductible.

If you want to learn more, please contact us at Arial Insurance Group, serving Chicago, IL, and the surrounding areas.

Are Your Kids Set For Success? Understanding How Your Life Insurance Policy Affects Your Family

Posted on February 7, 2022 by admin

Purchasing life insurance protects your family in the event that you pass away. It’s important to be sure you have enough life insurance for your family’s needs in the event of your untimely passing. Here, we’ll explore what you need to know to determine whether you have a high enough level of life insurance for your spouse and/or children, and how Arial Insurance Group, serving Chicago, IL, can help you prepare for the unexpected.

How Does Life Insurance Work?

Life insurance is a common and important way to protect your family. When you purchase a life insurance policy, you’re financially protecting your family in the event that you pass away.

Family members receive a benefit in the event that you die unexpectedly, potentially allowing them to enjoy the same quality of life as when you were alive and able to care for them. While it can be tough to talk about life insurance, doing so can help your family rest assured that they’ll be able to continue their current lifestyle in the event of the unexpected.

How Much Life Insurance Do You Need?

The level of life insurance that makes the most sense for your needs will depend on your current financial situation and the payout amount you’d like to provide for your spouse and/or children. An insurance agent at Arial Insurance Group, serving Chicago IL, can help you figure out the right policy level for your family.

Ready To Talk About Life Insurance?

Arial Insurance Group, serving Chicago, IL, is here to help you ensure that your family is protected by your life insurance policy in the event that you pass away. Reach out to Arial today to learn more about your life insurance policy options.

When should you review your auto insurance coverage?

Posted on January 24, 2022 by admin

At Arial Insurance Group in Chicago, IL, we offer outstanding customer service provided by our team of professionals. We work with multiple insurance carriers, which allows us to offer you choices and the ability to find exactly the coverage you need. Auto insurance is something that needs to be reviewed from time to time to make sure that the coverage you have is the coverage you need.

When your auto policy comes up for renewal, your insurance carrier will send you a copy of the policy. The front page is the declaration page and gives you all the particulars of your policy. If you have never looked at your declaration page, you have missed an opportunity to review your policy, and you may end up not having the coverage you require or want. Check what coverage each vehicle has. That is important. When your vehicle gets to a certain age or value, it is worth thinking about whether it makes sense to have collision and comprehensive coverage.

If your premium has increased significantly, it is a good time to review your policy and make sure all the information on it is correct. If you haven’t had an accident or added another vehicle or driver, you need an explanation about the increased premium. Are you getting all the savings you are entitled to? Give your agent a call and ask for an explanation. You may need to look for a new carrier.

What is your deductible? You can save money by having a higher deductible. Do you have any additional coverage such as roadside assistance? If you have AAA you don’t need to have this type of coverage.

Contact Arial Insurance Group in Chicago, IL if you are ready to review your auto insurance coverage. You can visit the office or give us a call.

Types of Commercial Insurance

Posted on December 13, 2021 by admin

The Arial Insurance Group serving Chicago, IL would like you to know about your commercial insurance options. Commercial insurance is insurance for business and business owners. One of the greatest benefits of this kind of insurance is peace of mind knowing your assets and livelihood are protected.

Several types of commercial insurance are available to business owners, and you should review your insurance policies annually.

Commercial Property Insurance

Commercial property insurance is designed to protect your assets, including physical structures, inventory, machinery, and equipment. Correct valuations are essential for insuring your physical assets adequately, and commercial insurance of any sort needs to be tailored to your requirements.

A particular subdivision of commercial property insurance is protection against theft and vandalism, and another category is commercial auto insurance.

Business Interruption Insurance

Business interruption insurance is for when your business is interrupted to such an extent that it is adversely affected. Please review what is covered and not covered when purchasing this type of insurance.

Liability Insurance

Commercial liability insurance is there to protect you from legal liability if someone uses your product and is harmed, or someone is injured on your property or by your machinery accidentally. General liability insurance is the most common type available.

BOP

A business owner’s policy (BOP) combines general liability insurance and commercial property insurance. This type of policy is often suitable for small business owners.

Workmen’s Compensation

Workmen’s compensation insurance is legally required and provides financial cover for employees who become injured, disabled or diseased because of their employment. The business owner takes out the insurance, and the business pays for it.

Contact Us

With so many options available, speak to the experienced consultants at Arial Insurance Group serving Chicago, IL, about your commercial insurance needs today.

Illinois Home Insurance – What You Need To Know About Home Insurance

Posted on November 22, 2021 by admin

Home Insurance is one of the most important services you can ever purchase. By just paying a monthly premium, your home and all contents within it are protected from most disasters. But what kind of insurance coverages for your home are available? For those in the market for home insurance, Arial Insurance Group in Chicago, IL has options for the homeowner.

Legal Requirements

If you own your home outright, there are no legal requirements in having home insurance, although it’s strongly suggested that you have it for peace of mind and financial protection. If you have a mortgage on the home, it’s a requirement of the terms of the mortgage to have the home insured. This protects your personal items inside the home and it also protects the lender’s collateral during the life of the mortgage.

Insurance Options

Most basic-level home insurance protects the structure (the house itself) and the personal items inside the home to a certain dollar amount. You can pay a higher monthly premium to have a higher dollar amount coverage limit. This coverage offers protection against burglaries, damage to the structure (tree falls on the house during a storm, etc.), and fire. There are also additional coverages that you can get that will protect the property at-large (liability insurance) and flood insurance for flood-prone areas.

Some insurance policies will also provide displacement coverage in the event of an emergency. For instance, if you’ve suffered fire damage (a claimable event) to your home and you need to live elsewhere for a time (hotel, house rental for a month, etc.) your insurance will cover the costs for that expenditure. The insurance company will either set it all up for you ahead of time, or they’ll reimburse what you paid for those services.

More Information

You can learn more about home insurance by contacting Arial Insurance Group in Chicago, IL today!

Top Benefits of Condo Insurance

Posted on October 15, 2021 by admin

Most residents of Chicago, IL have discovered the advantages of owning or renting a condo. They are conveniently located near growing centers, allowing you to access almost anything with ease. Getting condo insurance with Arial Insurance Group is an excellent way of ensuring that you are protecting your investment. Considering that the condo association insurance policy only covers the external part of your residence, here are a few benefits you will enjoy by getting your own condo insurance.

Liability Coverage

If your guests suffer an accident in your house and they get injured, or their property is damaged, you automatically become liable. That means you are supposed to cover their medical expenses and the cost to repair and replace the damaged property. However, your policy comes in handy with condo insurance and covers these costs, saving you from a financial loss.

Covers Personal Belongings

Like furniture, electronics, fine art, and jewelry, your personal property faces various risks like fire, water damage, theft, and vandalism. With condo insurance, if you are exposed to any covered risk, your policy covers the cost of repairing or replacing items, ensuring you are compensated for that loss.

Loss of Use

If your condo unit becomes inhabitable after suffering a covered loss, you will have to relocate till the unit is repaired. Condo insurance helps cover the additional expenses such as accommodation and transport. This ensures you are not left stranded for the time being.

Covers the Interior

Your condo association policy covers only the external structure of your home. When renting a condo, you are responsible for the internal structure, including fittings, fixtures, drywall, and carpets. When any of these are damaged, condo insurance covers replacement and repair costs.

At Arial Insurance Group, we want you to enjoy these benefits and more by insuring your condo. Our agents in Chicago, IL are ready to help you pick the right coverage designed for your needs. Contact us today for any assistance.

Health insurance FAQs

Posted on September 30, 2021 by admin

When it comes to health insurance and choosing your plan for the year, most people have lots of questions. It is an important decision and much depends on getting it right. Many factors need to be considered if you don’t want to end up with coverage that just isn’t right. At Arial Insurance Group in Chicago, IL, we have 30 years of experience helping clients to find the correct insurance for their needs.

How do I know if my doctor takes the health insurance I am considering?

All carriers have networks of providers and you need to go online to their website and check to make sure your doctor is in the network for the plan you are considering. Another option is to call your doctor’s office and ask them. You can also call the carrier to double-check.

Who should have a high deductible plan?

A high deductible plan is good for you if you don’t have a serious illness and need ongoing care. It also works well in combination with an HSA that allows you to save tax-free for your out-of-pocket medical expenses.

Can I see a provider out of network?

You can always see a provider outside of your network. The correct question is will my insurance pay if I visit a provider outside of my network. The answer is, it depends on the type of health insurance plan you have. If it is an HMO, no, you won’t be covered for an out-of-network provider. If you have a PPO or a POS you will have more options for going out of your network.