Car insurance is required by law to drive, but why do you really need it? Most people figure it's something they have to do but care little about the benefits of car insurance and its meaning in their lives.
Every day, there are over 17,000 car accidents in the United States, and over forty thousand people die from car crash injuries each year.
Many of those who survive often face significant physical and emotional trauma. Hospital bills and repair costs can cost thousands upon thousands of dollars. Are you able to cover theses cost if it happens to you?
The truth is that no one wants to pay for car insurance, and understanding all of the reasons why you should have it won't make you any more eager to fork over a hundred or more dollars each month. But auto insurance in Lake Charles isn't just something people with enough money should have. Every licensed driver should have car insurance in Lake Charles. This article will take a look at some of the more significant reasons why auto insurance matters.
Everyone is Protected When There's Insurance
After a car accident, drive and passenger safety and recovery are the top priorities. No one wants to stress about a court date and think about how they'll manage to pay their expenses. Car insurance is protection, plain and simple. Every state has required minimum coverage limits that ensure drivers can cover moderate damages in the event of an accident.
The most common minimum car insurance requirements are:
You may not want to pay for each of these different types of coverage, but they all serve a unique purpose that offer a blanket of protection if you're in an accident. Bodily injury liability pays for the other car's injured passengers medical expenses. If only one driver has insurance, uninsured or underinsured motorist coverage kicks in.
Underinsured/uninsured coverage protects drivers and covers expenses for an accident when the at fault driver doesn't have insurance, or their insurance coverage is low, and is insufficient to cover the claim.
PIP coverage is there to provide some financial support regardless of who is at-fault in an accident. This provides a peace of mind and sense of security if you're ever in an accident and require emergency medical care.
Property damage, as the name implies, covers the cost of the other driver's repairs in an accident.
As you can see, most of the car insurance requirements don't pay for you, but the other driver. What does that mean? In the event of an accident, you're relying on the other driver to have insurance that can pay for your expenses if you were not at fault.
If drivers choose not to carry auto insurance in Lake Charles, or they simply can't afford it, they put others' lives and finances at risk every time they get behind the wheel.
Insurance Covers More Than Accidents
Car insurance in Lake Charles can be customized to cover a variety of life events. Many types of supplemental coverage pay for damages and repairs that aren't caused by another driver. Some of the most damaging things that can happen to your car don't even occur on the road!
Take theft and vandalism coverage. If your car is broken into and someone steals your laptop, who pays for it? Most people would just file a police report and figure they're out of luck, but if you have theft protection added onto your car insurance, you'll be able to replace stolen property.
Car insurance policies can also cover weather damage, accidents involving animals, towing and rental vehicles while your car is in the shop after an accident.
Being sure about your business needs is crucial to staying afloat, especially in a competitive world where not everyone can be trusted. Imagine conducting business with someone who promises to perform a service for you. On the day they are to perform said service, they fail to show up.
Imagine hiring a contractor for an expansion that is desperately needed for your business to grow to the next level. Your highly recommended contractor is doing a fabulous job. Everything is on schedule and your Grand Opening of the new wing of your business is planned for the end of the following month. You order food, entertainment, print invitations, and media to cover the opening and 3 weeks before completion, your trusted, high-producing contractor suffers some personnel issues and is unable to maintain the work pace because he no longer has qualified employees. The job, that you already paid for, is shut down. You cannot find a replacement contractor. You cancel your Grand Opening Celebration. How much money would you lose? It could mean a significant loss unless you had protection against losses from obligations not being met. Surety Bonds are an insurance product that covers contractors.
Surety (or Commercial) Bonds are used to protect the obligee (client) in the case of nonperformance. Basically, a Surety Bond, or Commercial Bond insures the hired party will perform or funds will be returned and losses covered.
To put it in bond, Surety Bond, language, a surety protects the obligee against losses if the principal does not meet their obligations. Further definitions to help you understand the language are: the obligee is the hiring party, the principal is the hired person or party, and the surety is the insurance company who guarantees that the obliging contractor can fulfill the obligation.
Let’s put it in first person: The obligee or hiring party is you. The principal or hired person is your contractor. The surety is the insurer.
Kelly Lee Insurance has access to over 50 independent underwriting sources, this means you can find the best value Surety Bonds for your business. Rates on Surety or Commercial Bonds are dependent on several factors including risk, type of business, and the cost of the project or work to be performed.
The business world can be complicated, the business world can be uncertain, however, with the issuance of a Surety Bond your project can find concrete footing in the case of an unforeseen impediment.
Surety Bonds are not applicable to every type of business. Surety Bonds may not be necessary or even obtainable for every situation that involves hiring a contractor to provide a service.
If you would like more information on Surety Bonds or Commercial Bonds in Lake Charles LA, call your local insurance agent Kelly Lee Insurance. They are than willing to have a no-obligation discussion about the protection this type of insurance affords your clients.
If Kelly Lee Insurance is your agent for auto, life, business, and/or home, then you know about the top-notch service their local staff provides on a daily basis. They are ready and willing to help make your business decisions and operations are sure as possible.
On Monday, March 4, 2019, major drugmaker Eli Lilly announced that they would begin selling an authorized generic version of their top-selling insulin, Humalog 100, for half the cost. A vial of Humalog 100 costs $275, while a vial of the generic version, Insulin Lispro, will cost $137.35 per vial.
The company said their new product—which will be offered in both vial and pen options—will be sold through their subsidiary ImClone Systems in pharmacies as soon as possible, according to the company’s statement. Eli Lilly will continue to offer its name-brand insulin to insurers and employers while making its generic version available to patients who pay for the medicine out-of-pocket.
What’s the difference between the two drugs?
A misconception that is common among consumers is that a generic medication is inferior to a brand name medication. In actuality, a generic drug is identical to a name-brand drug in safety, form, dosaage, strength, route of administration, quality, performance characteristics and intended use. In addition, any generic medication approved by the Food and Drug Administration (FDA) must pass the same stringent standards as brand name drugs.
This action is one of the latest by a major drugmaker to offer lower-priced versions of popular drugs. However, Eli Lilly’s announcement is considered by the many Americans to be a step in the right direction when it comes to pricing of medications needed to manage chronic conditions.
Eli Lilly’s generic insulin offering announcement comes almost one week after top drugmaker CEOs were called before the Senate to undergo questioning about the rising costs of drug prices. While there is a long way to go to fix skyrocketing drug prices, this most recent announcement demonstrates a step in the right direction.
Everyone knows you should get life insurance, auto home business insurance. Yet, does anyone actually know why?
Yes, Kelly Lee insurance is there to cover liabilities, acts of God, and other accidental damages that crop up from time to time in life. However, insurance serves a greater long term purpose. Insurance provides financial stability to your budgeting.
By making a life insurance policy the basis of your financial security, you ensure that your family will be covered in the instance of your death. You can then build your savings, investments, and future financial goals upon the knowledge that your family will be covered even if the economy tanks. This allows you to take calculated risks and over time become financially independent as your investments take hold.
The same is true for commercial trailer insurance and business insurance. Business insurance is the backbone upon which you build your company’s future stability. There are several instances which business insurance covers, and we’ll get into them below.
Instance #1: Liability Insurance Policies
Liability insurance is put in place to safeguard your business from the costs of claims filed against your company. Whether an employee or customer sustain a bodily injury on your property, your liability insurance will help you stay safe in the midst of a lawsuit. It will also allow your employee or client to be fairly compensated in the event that the company was at fault. While collecting on this claim could hurt your reputation with the insurance company, the coverage of liability is essential for keeping you in business if an injured party is badly hurt.
There are several liability programs on the market. These include, but are not limited to general liability, professional liability and commercial umbrella insurance. Each has its own policies and addendums to suit the type of industry you operate within and the kind of people you employ.
Instance #2: Employee Insurance Policies
As a piggyback off of liability coverage, businesses can also engage in Workers’ Compensation programs which provide employee benefits for those suffering from work-related injuries and illnesses. These not only help workers get back on their feet after the accident but keeps your business safe if an employee or their family member decides to sue you unjustly. As with life insurance, factors like job safety, claims history and the size of your payroll affect the rates you will receive. However, the higher premiums are likely worth it to ensure that you are covered in the event of an injury.
Instance #3: Property Policies
Property policies aim to protect your properties in the instance of a natural disaster or terrorist action. These events are impossible to predict. While your company should do everything in its power to make sure safety standards are up to code, no one can anticipate a freak tornado coming through and demolishing your infrastructure. In this case, 40% of businesses go under because they do not have proper property protection for acts of God. The world we live in is unpredictable. Your financial security depends on having a policy that protects against the unknown.
It is better to purchase insurance and find out you never needed it than to never have it and soon after discover that you need it.
The protection business insurance offers is not an invitation to be lazy with safety measures. Just like with life and commercial trailer insurance, business insurance is a security for your finances in the instance of the unforeseen and unpredictable. Allow Kelly Lee Insurance to share the options they offer on auto, home, business and commercial insurance so you can find the coverage that best fits you and the company you are building.