Does a Business Operating from My Home Need Insurance Coverage?

All businesses must carry adequate commercial insurance in case of liability, loss, damage, etc. More and more companies are starting from home, and some remain there even after they’ve become established. What are the rules regarding commercial insurance requirements when operating a business from your home in Houston, TX? Here is a brief explanation that could help. 

Location Doesn’t Matter

Regardless of where your business is located, even if it’s located in your home, you must obtain commercial insurance coverage. This is especially true if you have a company vehicle, but liability coverage is essential even if you don’t. You can never predict when someone might sue your business, and if they’re awarded damages, you’ll need to pay out of pocket without insurance. Paying a lawsuit out of pocket could cause you to end up bankrupt, which is only one example of why commercial insurance is important. Before obtaining quotes for commercial insurance coverage, you need to register your business if you haven’t already and get all your business documents in order. Determine what your business is worth in advance, as this will help you ensure you’re obtaining enough coverage. 

So, if you’re seeking a new insurance provider that provides coverage for Houston, TX, businesses, you should consider us at Modern Risk Management. At Modern Risk Management, we are proud to provide top-notch service to everyone purchasing policies through our agency. We try to keep our rates affordable while offering the absolute best coverage. Call us today so one of our licensed insurance agents can provide you with a quote and get you on your way to being covered.

Shopping Around for Home Insurance? What to Look For

Your homeowner’s insurance policy is there for you when covered events occur. Whether it’s a lightning strike, a burglary, or a windstorm, your homeowner’s insurance policy is there to help you during the recovery process. This means that shopping for the right home insurance policy is important.

It’s essential to have the right amount of coverage for the right price, and getting a policy from an agency that treats you well is important. At Modern Risk Management in Houston, TX, we help homeowners find the policy that will serve them well when the time comes. Here’s what you need to know. 

Affordable Policy

Find a policy that you can afford by shopping around and comparing policies. When you get a policy from Modern Risk Management in Houston, TX, we work with multiple carriers, meaning we can shop around for you. We’ll help you find the most affordable insurance policy.

One way you can reduce your policy’s cost is by choosing a higher deductible. This is a good option if you can afford to pay the higher deductible when a covered event occurs. 

Excellent Customer Service

Working with an insurance agency that offers good customer service is important. Please make a note when you call the agency of the way they treat their customers. Do they answer the phone right away? Are they able to answer questions quickly and with accuracy? These important details can help you decide if this is the right insurance agency. 

Know What’s Covered and What Isn’t

It’s essential to get the right amount of coverage for your home. The team at Modern Risk Management in Houston, TX can help you determine which policies offer the right amount of coverage for the size and value of your property. Do you need a homeowners insurance policy? Call today to get started. 

Which homeowners’ insurance perils coverage do you need?

When you purchase home insurance for a single-family home, you can choose the level of perils coverage in your policy. In this blog, Modern Risk Management offers a quick guide to perils coverage for Houston, TX homes.

What is a peril?

In insurance, the term peril refers to a damaging event, such as a fire or tornado. A break-in or vandalism also qualifies as a peril.

Perils Covered in Home Insurance

Home insurance consists of four levels of perils coverage for single-family homes – three named peril levels, HO-1, HO-2, and HO-8, plus an all-perils level, HO-3. One form, HO-5, offers all-perils coverage and additional coverage types.

Named peril coverage means that it covers any peril specifically mentioned in the policy. HO-1 policies cover ten perils, while HO-2 policies cover 15 perils. If you want to know that no matter what happens, your policy will cover the damage repair or theft, choose at least the HO-3  form of coverage.

When to Make Your Decision

Each homeowner must choose which level of coverage they want to purchase at the outset of buying an insurance policy. You can amend a policy at a later date, but it won’t apply retroactively. If a peril damaged the home on the 11th of a month, updating the policy on the 12th won’t cover the damage. It will ensure that if the same situation occurs again, the policy will cover the damage on the second event.

Contact Our Offices Today

Call or email Modern Risk Management today to consult an insurance agent about updating your home insurance. Don’t let your Houston, TX home go unprotected or under-protected. Contact us today!

Can I use my Houston, TX flood insurance as soon as I purchase it?

Your Houston, TX home insurance and renters insurance cover some natural disasters. Unfortunately, flooding is not one of the natural disasters that is covered under a standard policy. That is why it is so important to have a policy so that your family doesn’t suffer if something happens. At Modern Risk Management, we can help you find a policy to meet your needs.

When To Purchase Flood Insurance

If you think there is not much risk of flooding, you may decide to wait. That could cause you to lose out on the ability to use flood insurance because almost all flood insurance policies have a waiting period of 30 days.

Exceptions To the 30-Day Waiting Period

There are some exceptions to the waiting period:

  1. You would probably not need to wait 30 days if you added flood insurance while creating your policy, renewing it, or increasing your overall policy.
  2. You can probably waive the period if you add the extra coverage to your renewal bill.
  3. There is also a rare exception for some homes recently affected by wildfire. 
  4. Another unusual exception may apply to homes recently added to high-risk flood areas.

Don’t Wait To Protect Your Home

The water can destroy the structure even if a flood leaves your home standing. Water can cause permanent damage quickly, cracking your foundation, interfering with your electrical system, and destroying everything inside your home. Mold and mildew can start growing within 24 to 48 hours, leading to additional health hazards. 

Without flood insurance, you will be responsible for paying for the damages to your Houston, TX home. If you have any questions about flood insurance or would like to add a policy, please call Modern Risk Management today.

I have a small online business with no employees. Do I need commercial insurance?

Commercial insurance carries many benefits for business owners. Whether your business is large or small, commercial insurance provides vital protection. Small business owners may feel that commercial insurance isn’t necessary. However, the team at Modern Risk Management is committed to helping small Houston, TX business owners understand the benefits of commercial/business insurance.

What is Commercial Insurance?

Commercial insurance is insurance for businesses. It can be customized to fit the unique needs of a business. Commercial insurance protects business owners, the business itself/business property, employees, and customers. Companies can take advantage of liability coverage, which provides protection from lawsuits, as well as property and bodily injury coverage. Your coverage includes coverage for natural disasters, accidents, financial loss, lawsuits, vandalism, and more. Any insurance is designed to provide protection and compensation for the insured. Business owners have a vested interest in protecting their assets. Commercial insurance provides the tools to protect, maintain, and grow their businesses.

I have a small online business with no employees. Do I need commercial insurance?

Yes. Even online business owners can benefit from commercial insurance. Commercial insurance can provide cybersecurity protection for your business. If you sell products online, cybersecurity protection can provide protection for your online purchases. However, the protection doesn’t stop there. If you sell online, commercial insurance can also provide liability protection if your products harm a customer. Liability protection can also help with property damage and protect your products while in transit to your customers. If you provide delivery to local customers, commercial auto insurance can protect your company vehicles as well. There are many benefits available to online business owners that may be surprising to know. Commercial insurance is designed to meet the unique needs of different business owners. If you have questions about commercial insurance and how it can benefit you, call Modern Risk Management in Houston, TX.

Life Insurance for Newlyweds: Building a Financial Foundation Together

As newlyweds embark on this exciting life adventure together, it’s essential to consider how life insurance can play a crucial role in building a solid financial foundation for their future in the Houston, TX area. 

Protecting Each Other’s Financial Interests

One of the primary reasons for getting life insurance as newlyweds is to protect each other’s financial interests. In the event of the untimely death of one spouse, life insurance ensures that the surviving spouse is not left with financial burdens, such as outstanding debts, mortgage payments, or funeral expenses. 

Covering Shared Expenses

As a married couple, you likely have shared financial responsibilities, such as mortgage or rent payments, car loans, and utility bills. Life insurance can help cover these shared expenses if one spouse passes away.

Debt Repayment

Many couples enter marriage with various forms of debt, including student loans, credit card debt, or personal loans. Life insurance can pay off these debts if one spouse dies.

Income Replacement

If both spouses contribute to the household income, losing one income significantly impacts the family’s financial stability. Life insurance can provide a source of income replacement for the surviving spouse, ensuring they can cover daily expenses and maintain their quality of life. 

Planning for Future Goals

Newlyweds often have long-term financial goals, such as buying a home, saving for their children’s education, or planning retirement. Life insurance can help secure these goals by providing a financial cushion that allows the surviving spouse to continue working toward them, even in the absence of their partner. It is the most loving thing they can do for each other. 

Modern Risk Management Can Help You

At Modern Risk Management, we can help answer questions concerning life insurance. We serve the Houston, TX area. Contact us today. 

Recover Quicker from Flood Disasters with Flood Insurance

Houston, TX is no stranger to flood disasters. Hundreds, if not thousands, of homeowners have been victims of flooding within the last few years. By purchasing flood insurance, you can protect yourself against flood risks. Modern Risk Management offers flood insurance protection to homeowners in Houston and surrounding areas.

Importance of Flood Coverage

Home insurance protects you from a variety of disasters. This includes water damage that may occur due to a broken pipe or other plumbing problem in your home. Flood damage caused by outside water sources, however, such as rising rivers and lakes, melting snow, or ocean surges, is NOT covered by your home insurance policy. That kind of protection comes from flood insurance.

Flooding can occur almost anywhere, even if you don’t reside in a “flood zone.” And there’s no telling how much damage a flood can cause. It doesn’t take much water to ruin the foundation or interior of a home. Without flood coverage, you’ll bear the brunt of paying for flood damages. You could suffer financial ruin if you don’t have the monetary resources to do so.

Recover Quicker from Flood Disasters

Flood insurance offers both dwelling and contents coverage to protect your home and belongings. You can purchase dwelling coverage up to $250,000. You can protect your goods for up to $100,000. Flood insurance provides financial support to help you recuperate your losses after a flood disaster. This support can help you recover quicker from flood damage to move on. Flood insurance can’t prevent floods, but it can help save you from substantial financial loss. 

To learn more about flood insurance coverage in Houston, TX, or to purchase a flood policy, contact your Modern Risk Management agent today!    

Warm Weather is Here: Getting the Right Motorcycle Insurance

Warm weather is great for many activities, and if you ride a motorcycle in the Houston, TX area you want to ensure you have the right insurance coverage to protect you. At Modern Risk Management, we can help you get the quality coverage you can rely on with motorcycle insurance options you feel good about. Here’s what to consider to get the best policy for your needs.

When you choose a motorcycle policy, you want to be sure you’re protecting what matters most. That includes your bike, but it also includes you and the people you love and support. While there are minimum coverage limits your policy will have to meet, you may want to get additional coverage to add to your protection and peace of mind if you’re involved in an accident.

Also, consider the specific insurer you’re choosing. They might all be similar, but they definitely aren’t all the same. In other words, they may have different ratings, offerings, and other details, even though they all provide motorcycle coverage. Not only do you want to get good value from your insurer, but you also want to know they’ll handle things properly if you ever need them.

When you’re ready to get the right motorcycle insurance for your needs, it’s a good idea to work with a trusted agent who can review your options properly. If you’re in the Houston, TX area, contact us today at Modern Risk Management and let us work with you to find the best insurance for your specific situation. We’re here to help you feel secure and protected on the road, so you can enjoy your motorcycle during the warm weather and have less to worry about in the future.

Tips to prepare your boat for a storm

When a storm is brewing here in the Houston, TX area, it’s essential to ensure that your boat is adequately prepared to weather the storm safely. Here are some tips from us at Modern Risk Management to help you get ready: 

  1. Check the forecast before the storm arrives. Knowing what to expect will help you prepare for the worst. 
  2. Secure all loose items on your boat by tying them down or storing them away in secure containers. This will prevent them from damaging your boat or other property during turbulent waters. 
  3. Inspect your vessel for any signs of damage and repair anything that needs attention before the storm hits. 
  4. Check your emergency supplies, such as life jackets, flares, and first aid kits, to ensure they’re up-to-date and ready for use if needed. 
  5. If possible, take your boat to a safe location away from high seas and strong winds before the storm arrives. This will help protect it from any potential damage. 
  6. If you’re unable to move your boat, ensure it’s securely anchored in a sheltered area and tie off all lines to prevent them from chafing or snapping in high winds. 
  7. Pay close attention to changing conditions and warning alerts issued by the National Weather Service. This will help you make an informed decision about when to return to your vessel and assess any potential damage after the storm has passed. 

By following these tips, you can be sure you’ll be prepared when a storm comes knocking at your door! For more tips, call us at Modern Risk Management today. We are proud to serve the Houston, TX area. 

Protect Your Assets with Umbrella Isurance in Texas

What is Umbrella Insurance?

Many of your Houston, TX neighbors are taking advantage of adding umbrella insurance coverage to their insurance policies.

If you’ve never heard of umbrella insurance, it is a form of liability insurance that extends the coverage of existing home and auto insurance policies. This "add-on" insurance can help you protect your assets from unexpected financial losses. Houston area homeowners with active insurance policies can add on extended coverages to pay when their current policies end. 

The insurance experts at Modern Risk Management in Houston, TX can explain the benefits and coverage of umbrella insurance policies in Texas. 

Why Texas Homeowners Should Have Umbrella Insurance to Protect Their Assets

Texas is no stranger to inclement weather, including severe thunderstorms and coastal hurricanes that cause millions of dollars in damage because of flooding each year. 

Umbrella insurance can help protect Texas families from financial losses related to natural disasters, car accidents, personal injury lawsuits, and other monetary damages that threaten your bank account. 

Texas umbrella insurance policyholders have peace of mind in knowing that they have additional insurance coverage to extend the limits of their current policies.

This add-on insurance can cover personal liability claims, property damage, and personal injury claims. In addition, umbrella insurance can help you and other covered policyholders cover legal fees, court costs, and other unexpected expenses related to a legal lawsuit filed against you.  

Get Umbrella Insurance in Texas

Don’t wait until an accident or natural disaster happens and threatens your savings. Instead, get an umbrella insurance quote from the experts at Modern Risk Management in Houston, TX.

Our knowledgeable insurance partners can help you and your family choose the best umbrella insurance plan to meet your needs.