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Do I need Additional Insurance If I Own a Luxury Vehicle?

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Due to the diversity of available vehicles, more residents of Marshall, MI, are choosing luxury cars and SUVs as their primary means of transportation. With more manufacturers offering high-end vehicles, some owners may not realize that they should get an enhanced auto insurance policy for their purchase. Great Michigan Insurance can help you determine if you need higher insurance limits to protect your car adequately.

Standard Auto Insurance Can Cover Many Luxury Vehicles

Insurance companies that regularly write auto insurance policies will also cover high-end vehicles. However, if you stick with your current company, you should increase your payout limits. Luxury sedans and SUVs cost more to buy and have higher repair costs and payouts if the vehicle is totaled in an accident. Standard auto insurance may suffice for the lower end of the luxury market. Still, the higher the purchase price and the more features the vehicle has, the more you may need a policy underwritten by a company specializing in luxury vehicles.

Understanding Luxury Car Insurance

Companies specializing in luxury car insurance policies understand owners’ unique needs and lifestyles. Such coverage is sometimes referred to as supercar insurance. A significant difference between standard insurance and supercar insurance policies is that the latter considers the vehicle’s full value. You and the insurer can negotiate the vehicle’s agreed-upon value minus a deductible for payment in the event of a total loss. These policies can protect your investment against depreciation or market fluctuations. Luxury vehicle policies generally have a lower risk rate and allow more customization to meet your needs.

Contact Great Michigan Insurance Agency, serving Marshall, MI, and the surrounding areas, to schedule your consultation and learn how to protect your luxury vehicle fully.

How Insurance Protects Businesses from Legal and Liability Issues

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Running a business is an exciting venture but comes with inherent risks. Regardless of how meticulous you are, accidents, errors, and legal disputes can occur. That’s why having the right insurance coverage is crucial. At Great Michigan Insurance in Marshall, MI, we assist business owners in safeguarding their companies from unforeseen challenges.

Minimizing the Risk of Lawsuits

Even the most efficiently managed businesses can face legal claims. A customer might slip and fall in your store, an employee could make an error, resulting in a client’s financial loss, or a contract dispute could emerge. Legal fees and potential settlements could significantly strain your business finances without adequate coverage. General liability insurance helps cover legal costs, medical expenses, and damages if your company is held responsible for an incident.

Protecting Your Employees and Business Operations

Workplace injuries can occur in any industry. Workers’ compensation insurance ensures that their medical expenses and lost wages are covered if an employee is injured on the job. This provides financial support for your team and helps protect your business from costly legal claims related to workplace accidents.

Coverage for Professional Errors

If your business provides professional services, even a minor mistake can lead to significant financial consequences. Professional liability insurance, also known as errors and omissions insurance, helps cover legal fees and settlements if a client claims your advice or service caused them harm.

Secure Your Business with the Right Coverage

Legal and liability issues can arise unexpectedly, but the right insurance policy protects your business. Great Michigan Insurance in Marshall, MI is here to help you find the right coverage for your needs. Contact us today to secure your business for the future.

How much content coverage do you need on your Home Insurance policy?

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When purchasing a standard homeowner insurance policy, you are getting coverage for your home and your personal belongings. Many other great options are also standard, like coverage for other structures such as sheds and detached garages, liability coverage if someone is hurt on your property, and additional living expense coverage if you are displaced for a time after a covered peril.

However, if we are honest, most of us are mainly concerned with repairing our homes and replacing our lost personal belongings after the unthinkable happens. No matter your priorities after a covered loss to your home, we at Great Michigan Insurance in Marshall, MI, are here to assist you.

Coverage for your Personal Belongings

The value of your personal belongings on your home insurance policy depends on the items’ value and how much coverage you purchased when insuring your home. Insurance companies typically insure your contents for up to 70% of your home insurance coverage amount. For instance, if your house is insured for $500,000, then you should receive coverage for your belongings up to $350,000.

To decide how much coverage you need for your content, you should take inventory of what you have. Remember to write down serial numbers, makes, models, and purchase years for your costly items. It wouldn’t hurt to include photos, receipts, and appraisal amounts with your inventory as well.

From there, speak to a licensed insurance professional about how the compensation works. Most insurance agencies compensate you based on the items’ actual cash value or replacement cost value. This is something you decide when purchasing your policy and greatly impacts your insurance premiums. Actual cash value is considered when you buy an item and how the value has depreciated over time. Replacement cost, which costs more in premium, replaces your personal items based on today’s price for the same or similar items.

To know more about home insurance.

For more information about contents coverage on your home insurance policy, call Great Michigan Insurance in Marshall, MI, at (269) 789-0909.

Does Umbrella Insurance Cover Everyone In The Household?

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Umbrella insurance protects you by stepping in when your liabilities exceed the limits of your underlying auto, home, or other insurance policies. They also provide coverage for some legal issues. Generally, umbrella insurance covers everyone in the policyholder’s household, but there are common exceptions, so discussing your situation with your agent is essential. If you live in or near Marshall, MI, and have questions about an umbrella or other insurance, contact the Great Michigan Insurance team.

How Umbrella Insurance Works

Umbrella insurance is designed to pay the excess amount when your liabilities exceed the policy limits of an underlying policy. While these situations are rare, they can be significant. Umbrella insurance can be invaluable when someone is found at fault for a sizable award. Like an auto policy, umbrella insurance covers every household member you identify when acquiring the policy. Your premiums are adjusted for your household members’ ages, occupations, and other characteristics, including insurance policies.

Why Household Members Are Not Always Covered

For example, your umbrella policy will cover each household member under your auto policy. However, it may exclude relatives who live with you and maintain separate auto insurance policies. Similarly, your umbrella policy may exclude certain liabilities for a child with a separate renters’ policy for a college apartment. These examples demonstrate the need to review your household members and policies with your agent. Besides cost savings, these examples show the need to bundle your policies with one agent who understands your needs and insurance package.

Working With The Great Michigan Insurance Team

The Great Michigan Insurance team knows everyone’s insurance needs differ. If you live in or near Marshall, MI, call (259) 789-0529 today or stop by the office so our team can help with your insurance needs.

Will My HOA Require Me to Get Condo Insurance?

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If you’re thinking about buying a condo, one of the things you’ll need to consider is whether to get condo insurance and whether your HOA will require it.

At Great Michigan Insurance, servicing Marshall, MI, we can help you decide whether condo insurance is right for you. We work with many insurance carriers to help our clients find the right condo insurance for them. Below, we’ll talk about condo insurance and whether you’ll be required to get it.

What Is Condo Insurance?

Condo insurance is similar to home insurance but with a major difference. Condo insurance doesn’t cover the condo’s structure, which is likely covered under the master policy for the condo association.

Who Needs Condo Insurance?

Condo insurance is something that many condo owners get for a variety of reasons. Even when not required to get condo insurance, many people choose this type because it protects them from financial risk and provides peace of mind. When covered events occur, condo insurance can help repair or replace broken items. Condo insurance can also help repair damage to your condo’s interior.

Is Condo Insurance an HOA Requirement?

Many HOA’s require condo insurance, but you’ll have to check with your specific HOA before buying the condo. In addition, if you’re getting a loan to buy your condo, your lender will likely require you to get condo insurance.

Do you need condo insurance for a condo purchase in Marshall, MI? If so, contact Great Michigan Insurance, servicing Marshall, MI. We can get you quotes from several carriers to help you pick a policy that will work well for your new home.

Some Things New Parents Must Consider

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Life Insurance: A Crucial Consideration for New Parents

If you’re new to parenting, you might feel a bit overwhelmed. Caring for a child is a huge responsibility, and plenty of new parents need a bit of assistance getting up to speed. While it’s tempting to focus on your child’s physical health and development, you should be careful not to overlook their financial well-being. For example, taking out a life insurance policy could prove crucial to your child’s well-being later in life. If you live in or near Marshall, MI, and need help with insurance policies (including but not limited to life insurance), contact the team at Great Michigan Insurance.

Things Parents Should Watch For

Medical practitioners often pay very close attention to babies, and the first several months of your child’s life may be packed with doctor’s appointments. Why? Early intervention could make a big difference if medical practitioners notice an issue that could impede development. Development is crucial, and development challenges could have a big impact on your child throughout the rest of their life.

Your child isn’t the only consideration, however. You also need to consider yourself and your partner. There is a risk that you or your partner (or both) may pass away at some point. Should the worst occur and a parent passes away, the right life insurance policies can help provide financial security.

Financial stability can be crucial for your child’s development. If your child can’t attend college or can’t enjoy a healthy, diverse diet simply because the money isn’t there, it could impact their life trajectory. However, the right life insurance policies can help ensure that your child has access to needed financial resources. Folks who need help with life insurance in Marshall, MI should come work with Great Michigan Insurance.

What is Uninsured/Underinsured Motorist Coverage

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The Importance of Uninsured/Underinsured Motorist Coverage

At Great Michigan Insurance in Marshall, MI, we are committed to empowering our clients with knowledge, particularly when purchasing an auto insurance policy. The importance of uninsured/underinsured motorist coverage on today’s roadways cannot be overstated. With numerous drivers lacking sufficient coverage to repair another driver’s vehicle in case of an accident, this kind of coverage is more crucial than ever.

Holding uninsured and underinsured motorist coverage is not merely about financial protection. It’s about peace of mind. It’s about knowing that you and your passengers are covered when sharing the roads with other drivers.

Understanding Uninsured Motorist Coverage

Uninsured motorist coverage (UM) is available for drivers in an accident with a party lacking insurance. Liability, the minimum requirement by the state, pays for the injuries of others and repair or replacement of another’s property, if you are found liable for an accident. Suppose a driver is operating a motor vehicle without this minimum coverage and damages your vehicle. In that case, you can rely on your uninsured coverage to kick in and pay for medical costs for you and any passengers in your car. It can also pay for damages to your vehicle to repair or replace it.

Knowing Underinsured Motorist Coverage

Underinsured motorist coverage (UIM) protects you and your passengers if your vehicle is damaged by another driver and/or you’re injured, and their liability is insufficient to cover the total cost of damages. Every state has different minimum requirements for liability, and another’s liability may not be adequate to cover your damages and injuries. In such cases, underinsured motorist coverage will pay the difference between the other’s liability and the cost of your damages up to the policy limit.

Reach Out To Us

If you have more questions about uninsured and underinsured motorist coverage or want to explore your options, contact Great Michigan Insurance in Marshall, MI, at (269) 789-0909.

Commercial Insurance Add-Ons – Benefits for New and Existing Business Owners

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You may encounter unique experiences that will require you to purchase add-on insurance. Add-on protection fills gaps that a standard commercial insurance policy does not address.

Business Income Insurance

A disruption that temporarily closes your business could greatly affect your finances. Business income insurance provides financial relief while your business is inoperable.

The financing you receive will help you handle any costs necessary to get your business in order. Business income insurance can be adjusted to provide adequate coverage for small or large businesses.

Cybersecurity Insurance

Cybersecurity insurance protects sensitive information shared online. This type of insurance may provide routine monitoring onsite, remote surveillance, and other services to keep information safe.

The amount of equipment you own should be considered before purchasing cybersecurity insurance.

Equipment Breakdown

Equipment breakdown coverage will provide financial assistance if your equipment becomes damaged. This type of insurance should cover automated and manual equipment you and your workforce rely upon. Before purchasing equipment breakdown coverage, you should inspect your equipment professionally.

Any issues that need to be addressed during the inspection will be presented. Once your equipment is in good order, seek coverage that will pay for its repair or replacement in the future.

Agent Assistance

Contact one of our Great Michigan Insurance agents. Our agents offer insurance products that will protect the owner of a small or large business.

An agent who serves the Marshall, MI, region will schedule an appointment to meet with you. During your meeting, provide the agent with your business plan. They will recommend commercial add-ons that will protect your interests.

Home Insurance for Vacation Home Owners

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At Great Michigan Insurance in Marshall, MI, we provide coverage for individuals who own one, two, or even three homes! Protecting a vacation home is a priority whether you’re actively using it or it’s vacant. Since a lot can happen to a vacation home left unoccupied for lengthy periods, it’s crucial to understand the different requirements for insuring a vacation home before assuming a regular home insurance policy will suffice. For more information about home insurance for vacation homeowners, do not hesitate to contact our office.

What Is Home Insurance?

Home insurance is designed to protect your primary residence. It shields personal property against damage from events specified in your policy, provides liability coverage, and covers other expenses detailed within the policy’s guidelines. Home insurance is also referred to as "homeowner’s insurance." Each policy can vary, so discussing your particular policy’s specifics with our agents is highly advisable if we insure you.

Does Home Insurance Cover a Vacation Home?

Typically, a standard home insurance policy does not extend to cover a vacation home. You’ll have secondary dwelling insurance to secure coverage for a vacation home. As vacation homes are often left vacant for portions of the year, they tend to be at higher risk for theft and vandalism. Secondary dwelling policies are crafted to reflect these risks in their terms and limits. While managing more than one insurance policy for multiple properties may feel overwhelming, we strive to streamline this process, making it as easy and stress-free as possible. Having professional insurance agents guide you every step of the way can significantly reduce the strain this process may entail.

Contact Great Michigan Insurance

For more information on home insurance and protecting your vacation home, contact us at Great Michigan Insurance in Marshall, MI.

Reasons to Consider Umbrella Insurance

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Umbrella insurance, also known as catastrophic insurance, is designed to protect you from major liabilities that can significantly affect you financially. Great Michigan Insurance, located in Marshall, MI, offers umbrella insurance.

1. You Have Significant Assets

Many individuals consider umbrella insurance primarily due to their significant income or assets. If you are financially stable, an unforeseen accident could have catastrophic results. You could potentially lose the assets you’ve worked diligently to accumulate due to a judgment against you.

2. You Want to Safeguard Your Future

It can be easy to assume that umbrella insurance isn’t necessary if your assets amount to less than 1 million. However, it’s also crucial to secure your financial future. A liability judgment can encompass your future earnings and assets. You might find yourself footing the bill for a claim for many years.

3. You Are at a Higher Risk

Some situations increase the likelihood of you being sued for a liability claim. These include owning a swimming pool, having a dog, or an inexperienced driver in your household. Hosting social gatherings also comes with added risk.

4. You Want to Ensure Your Family’s Protection

Having a family means having people who depend on you for financial stability. Protecting them includes having life insurance, and you might also want to consider an umbrella policy. This gives an added layer of security to the people who rely on you.

5. You Participate in Recreational Activities

Engaging in recreational activities can also increase your risk of being sued. This includes activities like boating, golfing, and even coaching Little League. Essentially, the more active your lifestyle, the higher your liability risk.

Umbrella Insurance at Great Michigan Insurance

If you require umbrella insurance in Marshall, MI, reach out to us at Great Michigan Insurance. Our approachable agents are available to discuss your needs and assist you in choosing the best policy for your situation.