Insurance

Commercial Insurance: Excess Liability vs. Umbrella Coverage

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Today’s litigious environment has increased the importance of supplemental liability insurance. Should a business face an injury, property damage or defamation lawsuit, supplemental liability might be needed to cover the potentially expensive lawyer fees, court fees and settlement. There are two types of commercial liability insurance that businesses can get: excess liability coverage and umbrella coverage. Here’s a breakdown of these two different commercial insurance options.

What Is Excess Liability Insurance?

Excess liability insurance provides additional coverage for a specific underlying policy, such as general liability, commercial auto, or employee practices liability policy. The additional coverage only applies to the one policy that’s being supplemented, and it adopts the terms, conditions and exclusions of that policy.

This option is good if you have one liability policy that you’d like more coverage for. It’s more basic and limited in some ways, but could be a lower-cost option if that’s all your business needs.

What Is Umbrella Insurance?

Umbrella insurance can extend the limits of multiple policies, and may also cover claims not included in your primary policies. The supplemental policy comes with its own terms, conditions and exclusions. Sometimes the different terms make it possible to fill in gaps that underlying policies have.

This option is good if your business needs broad supplemental liability coverage. We at Cross Creek Insurance see many businesses in Hope Mills, NC choose umbrella over excess liability. After all, many different types of incidents could lead to an expensive lawsuit.

Which One Is Right for Your Business?

Choosing between excess liability and umbrella insurance depends on your business’s risks. While many businesses in Hope Mills, NC choose umbrella coverage, it’s possible that excess liability is better for your particular business. To get help evaluating each of these options, contact us at Cross Creek Insurance.

Do My Children Need Life Insurance?

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Acquiring life insurance for children is not for everyone but can be a good investment in your child’s future, depending on your circumstances. The discussion below reviews the primary pros and cons, though having a conversation with your insurance agent is best before deciding. If you are considering life insurance for yourself or family members, the Cross Creek Insurance team in Hope Mills, NC, can guide you through the process.

Benefits of Life Insurance for Children

Buying life insurance for children has benefits that vary by family and child. Among the reasons it may be wise to acquire life insurance for your children are:

Low Cost

Children’s life insurance is relatively inexpensive. You can lock in low rates when they are young.

Insurability

Children or families with certain medical histories benefit from buying life insurance that may not be available based on their future medical status.

Cash Value

Children’s life insurance comes as whole-life policies, allowing them to build cash value.

Final Expenses

In the unlikely event of a child’s death, the policy can pay for money for the funeral arrangements.

Drawbacks of Life Insurance for Children

Long-Term Commitment

Life insurance is a long-term financial commitment, so you need confidence that your budget will handle the payments.

Low Rate of Return

Life insurance is a low-return investment. Ensuring that you and other breadwinners and caregivers have adequate life insurance is more important for most families.

Coverage Limits

Most life insurance policies for children are limited to $100,000 in value.

Working with Cross Creek Insurance

If you live in the Hope Mills, NC, area, the Cross Creek Insurance team will design an insurance plan that meets your needs. Call (910) 423-2900 or stop in today to ensure your family has the insurance protection it needs.

Strategies To Provide Your Commercial Warehouse with Sufficient Insurance Coverage

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Conducting an inspection and documenting your findings can help you select adequate insurance coverage for your commercial warehouse. Use the strategies below to assist with preparing your commercial insurance plans.

The Benefits of an Inspection

Performing an inspection of your warehouse allows you to gather concrete information about any inconsistencies or potential risks. For instance, inconsistencies in the building design may raise concerns about potential future damage.

Your inspection will help you clearly understand your business’s needs and reveal any risks that require adequate insurance protection.

Documentation

The documentation you prepare should be referred to as you explore different types of commercial insurance. Your records may indicate a high risk of theft and/or vandalism at your place of business.

If so, you may decide to compare various policies that provide protection if criminal activity occurs on your property or inside your warehouse.

Commercial Insurance Products

Owning and operating a warehouse may require obtaining a wide range of insurance products. These include:

  • Commercial vehicle insurance
  • Liability insurance
  • Personal property insurance
  • Cybersecurity insurance
  • Workers’ compensation insurance

The list above outlines some commercial insurance types that protect business owners. Each type of insurance can be customized, allowing you to obtain the perfect level of protection for your business.

Your insurance coverage can protect vehicles, automated machinery, inventory essentials, and other items you rely upon daily.

Contact An Insurance Agent Who Serves Hope Mills, NC

At Cross Creek Insurance, our customers come first. Feel free to contact an agent today. An insurance agent will set you up with insurance coverage to protect your warehouse and all the essentials needed to operate it.

The Ethics of Targeted Life Insurance Ads Based on Big Data

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In today’s digital era, life insurance companies increasingly leverage big data to create highly targeted advertisements in and around Hope Mills, NC. These ads aim to reach individuals with specific needs. By analyzing data from various sources such as social media, online browsing habits, and personal profiles, insurers can craft personalized offers that appear at just the right moment. While this approach can make life insurance more accessible and tailored, it also raises significant ethical concerns.

Privacy and Consent Issues

One of the primary ethical concerns surrounding targeted life insurance ads is privacy. Many individuals are unaware of how much their personal data is being collected and used. This data-driven marketing can feel invasive, as consumers may not fully understand how their data is being leveraged to influence purchasing decisions.

Exploitation of Vulnerabilities

By analyzing data on individuals’ life events, such as the loss of a loved one, job change, or financial hardship, insurers may target vulnerable people who are more likely to purchase insurance out of urgency or emotional distress. This can raise questions about whether it is ethical to use sensitive data to prompt consumers into making decisions that they may not have otherwise made.

Transparency and Fairness

A key ethical consideration is ensuring transparency and fairness in marketing life insurance products. While targeting ads based on data can be efficient, it also has the potential to discriminate against certain groups, leading to unfair pricing or exclusions. Consumers may not be aware of the underlying algorithms that determine their premiums or eligibility and must be careful.

Cross Creek Insurance Offers Insurance Policies for Your Needs

Cross Creek Insurance underwrites policies to fit our customers’ needs. We serve Hope Mills, NC, and surrounding cities. Reach out today.

How General Liability Insurance Helps Businesses Navigate Legal Challenges

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Running a business involves facing various challenges, especially legal ones. At Cross Creek Insurance in Hope Mills, NC, we recognize the importance of being prepared for any legal obstacles that might arise.

Significance of General Liability Insurance

General liability insurance is a vital resource for businesses. It offers protection against potential issues like bodily injuries, property damage, and personal or advertising injuries. This coverage helps businesses manage claims without risking their financial health.

Navigating Unexpected Legal Claims

Consider scenarios where a customer slips in your store, or a competitor alleges your advertising infringes on their rights. Such incidents can lead to expensive lawsuits. General liability insurance covers legal costs, medical expenses, and settlements, enabling you to concentrate on your business operations.

Building Trust with Clients and Partners

Having general liability insurance not only safeguards your finances but also boosts your credibility. Clients and partners are more inclined to trust well-prepared and responsible businesses. It shows that you take potential risks seriously and are committed to maintaining solid professional relationships.

Customized Coverage for Your Business

At Cross Creek Insurance, we provide tailored general liability insurance policies to meet your specific business needs. Our team in Hope Mills, NC, is dedicated to guiding you through the complexities of insurance and ensuring you have the protection necessary to succeed.

Why Choose Cross Creek Insurance?

Choosing the right insurance provider is crucial. At Cross Creek Insurance, we pride ourselves on our personalized approach and commitment to client satisfaction. Our expertise in the industry allows us to offer insightful advice and robust coverage options.

Are you interested in protecting your business against legal challenges? Reach out to Cross Creek Insurance today, and let us help you find the perfect general liability insurance solution.

How General Liability Insurance Helps Businesses Navigate Legal Challenges

Posted on by AgentInsure

Running a business involves facing various challenges, especially legal ones. At Cross Creek Insurance in Hope Mills, NC, we recognize the importance of being prepared for any legal obstacles that might arise.

Significance of General Liability Insurance

General liability insurance is a vital resource for businesses. It offers protection against potential issues like bodily injuries, property damage, and personal or advertising injuries. This coverage helps businesses manage claims without risking their financial health.

Navigating Unexpected Legal Claims

Consider scenarios where a customer slips in your store, or a competitor alleges your advertising infringes on their rights. Such incidents can lead to expensive lawsuits. General liability insurance covers legal costs, medical expenses, and settlements, enabling you to concentrate on your business operations.

Building Trust with Clients and Partners

Having general liability insurance not only safeguards your finances but also boosts your credibility. Clients and partners are more inclined to trust well-prepared and responsible businesses. It shows that you take potential risks seriously and are committed to maintaining solid professional relationships.

Customized Coverage for Your Business

At Cross Creek Insurance, we provide tailored general liability insurance policies to meet your specific business needs. Our team in Hope Mills, NC, is dedicated to guiding you through the complexities of insurance and ensuring you have the protection necessary to succeed.

Why Choose Cross Creek Insurance?

Choosing the right insurance provider is crucial. At Cross Creek Insurance, we pride ourselves on our personalized approach and commitment to client satisfaction. Our expertise in the industry allows us to offer insightful advice and robust coverage options.

Are you interested in protecting your business against legal challenges? Reach out to Cross Creek Insurance today, and let us help you find the perfect general liability insurance solution.

Why You Need Life Insurance Entering the Workforce

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Even if you’re starting your career and feel like your life is just beginning, there are still good reasons to consider life insurance. Here are a few reasons why life insurance can be beneficial, even at a young age.

Covering Outstanding Debts

Even as a young person, you’ve likely accrued some debt, such as student loans or a mortgage. If you intend to leave property to loved ones, you should leave enough funds to cover these expenses. The person you want to take over this property can be named as the beneficiary, and they can use these funds to pay off these debts.

Handling Final Costs

In the event of your untimely passing, funeral expenses for services must be paid for. With a life insurance policy, you can take this burden off of family members and ensure you have enough money to cover the minimum services required and any other expenses that may arise.

Leaving One Last Gift

Whether you’re single or in a relationship, you likely have loved ones you want to care for, even after you’ve passed. With life insurance, you can leave behind one last gift to help your loved ones get ahead and ensure they’re financially secure, even if you are no longer here. You can name parents, siblings, or even significant others as beneficiaries in these policies.

If you live in or around the Hope Mills, NC area, then you don’t have to look far for a personal quote on life insurance. Our team at Cross Creek Insurance is ready to assist you with any questions you may have and help you get your policy started.

Small Business Loans to Recoup Losses From Drought Damages

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If you own a business, protecting your assets is crucial. The best way to accomplish this is by investing in commercial insurance. If your company operates near the Hope Hills, NC area and you’re in search of a reliable insurance agent, turn to Cross Creek Insurance, Inc. With over 20 years of serving local clients, we look forward to working with you.

SBA Loans for Drought Relief

If you’re a small business operator, you may be interested in learning about small business loans available through the SBA (Small Business Association) for qualifying North Carolina businesses negatively impacted by droughts. As per the SBA website, the U.S. Attorney General declared some areas of North Carolina as disaster areas in early July 2021 due to drought conditions. You can borrow up to $2 million, which can offset the costs of reviving your business post-drought.

These loans are available to aquaculture businesses, nurseries, farms, and private non-profit organizations. If your company meets these guidelines and can document an economic impact directly due to the drought, you are eligible to apply for an SBA loan. The loans offer a 4% interest rate for small businesses and a reduced rate of 3.25% for non-profit organizations.

Call Us Today for an Appointment

There are many types of commercial insurance, and our agents can help you understand which is right for your business. Businesses operating near Hope Hills, NC seeking to ensure they have the necessary protection should consult one of our experienced agents at Cross Creek Insurance, Inc. We’ll take the time to discuss your business and answer any insurance-related questions you might have. Give us a call today to discuss all your coverage needs.

Burial Insurance vs. Life Insurance

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Did you know that about half of all people in the Hope Hills, NC area and throughout the country have insufficient or no life insurance?

At Cross Creek Insurance, we believe that the more you know about life insurance, the less likely you will be caught unprepared.

One common question is, what’s the difference between life and burial insurance?

Burial Insurance

Burial insurance, an older term gaining renewed popularity, traditionally refers to a life insurance amount sufficient to cover burial expenses. These usually encompass services, the casket, embalming, a vault, a marker, and other associated costs.

Life Insurance

As time has passed, people have recognized the value of life insurance in covering more than just burial expenses. Nowadays, life insurance is utilized to pay debts, mortgages, family living expenses, and even for a child’s college expenses.

With term life insurance now so affordable, many families are increasing their coverage to ease the financial burden in case of the breadwinner’s unexpected passing.

The Essential Difference

The difference between burial insurance and life insurance may primarily be the amount of coverage and the intended use of the proceeds. If it’s a smaller amount to help cover burial or cremation expenses, it’s often dubbed burial insurance. Conversely, if it’s a larger amount to ensure a family’s quality of life should the insured pass, it’s typically referred to as life insurance.

Have Questions? Contact Us

If you’re curious about burial or life insurance or interested in its affordability, we invite you to contact us at Cross Creek Insurance, serving the Hope Hills, NC, area. We’re more than happy to assist you in securing the coverage that you and your family deserve.

Insurance Coverage for New Flooring Materials Installed in Your Residence

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Research some insurance guidelines that will help you choose coverage for the new flooring materials you plan on installing in your residence. Then, contact one of our agents who serve Hope Hills, NC to discuss your insurance needs.

Value

New flooring materials installed within your residence will increase its value. The type of flooring you select could influence how much coverage you need.

Flooring materials prone to scratching or fading over time may require moderate coverage. Consider the value of the new flooring and whether any of the flooring materials will be covered by a warranty.

Usage and Layout

A liability policy can cover the new flooring materials, damage, and theft.

Examine how the new flooring will be utilized. If flooring is going to be used to upgrade an existing staircase, for instance, you may want to purchase liability coverage. Liability coverage will protect against injuries that occur within your residence.

If someone slips on the new flooring materials, your liability coverage will reimburse you for any out-of-pocket costs you are responsible for.

Assess the flooring’s layout. If any of the materials are susceptible to damage, they should be added to your home insurance policy.

More Assistance

One of our Cross Creek Insurance agents will consult with you about your home insurance policy. During the consultation, discuss the flooring upgrades you have decided on. The agent will modify your insurance policy. Your home insurance policy will cover the new flooring materials.