What Type Of Insurance Do Contractors and Subcontractors Need?

If your contracting company faces a claim due to work completed by your subcontractor, you don’t want to realize after the fact that your contractor’s insurance won’t pay. When hiring independent contractors, you need to ensure that your business insurance policy provides coverage for subcontractors and the work they perform. As a contractor, your business needs to carry general liability insurance as part of your San Antonio, TX business owner’s policy. That insurance covers you for property damage and personal injury for any work your company does, however, it generally won’t cover work performed by your subcontractor on your behalf. If your subcontractor performs shoddy work that causes damage, such as water damage due to improperly installed plumbing, that will be excluded from your general liability coverage, and you will be on the hook financially to cover the damage costs. Here’s what you need to know about subcontractor insurance from LeapFrog Insurance.  

Why You and Your Subcontractor Must Have Insurance 

In order to ensure that you are covered in the event of an accident or damage due to your subcontractor’s actions, you need to make sure that they carry general liability insurance, and that your company is named as an "additional insured" party in their liability policy. Require that they provide that insurance in your contract, and require proof that they carry it. If your insurance company determines that your subcontractor is not insured, they may consider your subcontractor to be part of your company and may increase your premiums. Even if there is no claim filed against them, your general liability coverage premium will go up to cover them.

Your subcontractor also needs workers’ compensation coverage. So that in the event that one of their employees suffers an illness or injury on the job, you won’t be held financially responsible. If you aren’t paying premiums to cover your subcontractors and one of their workers is injured on the job, you could end up paying their damages out of pocket if your subcontractor does not carry workers’ compensation insurance. You can cover yourself by adding the subcontractor’s employees to your own business’s policy and pass the cost on to the subcontractor in your contract. 

Your client may file a loss, damage, or personal injury suit months or years after your subcontractor’s work is completed. So you need continuous coverage to protect yourself. If your business is in the San Antonio, TX area, call LeapFrog Insurance today. Our helpful agents will help you get the correct amount of contractors and subcontractors insurance for your unique needs.  

3 Reasons Life Insurance Is So Important

Even though it is not mandatory in San Antonio, TX, it is important to consider life insurance, and the reasons have been outlined below.

To make preparations for your funeral

As they say, death is constant, and it will definitely come. Unfortunately, in San Antonio, TX, death comes with a double-blow to the deceased’s family. Apart from coping with the trauma of grief, they also have to part with a huge amount of money for a funeral. This may leave them in debt.

To mitigate this, LeapFrog Insurance Company allows you to make financial preparation for your funeral while you are still alive. You will stipulate how you want to be buried, which company should handle it, and the type of casket you want. This way, your family won’t have to cope with a financial loss.

To cover your children’s expenses

Some kids drop out of school immediately after the demise of either their mother or their father because the remaining parent cannot afford the expenses involved. So, LeapFrog Insurance Company and other life insurance providers that are serving San Antonio can put you through on how you can cover your children’s expenses after your demise.

Apart from education, they will also have other bills to pay. So, you may stipulate an amount that will be given to each of them when you die. You can also state if the amount should be given to them at once or in bits depending on the purpose and the ages of your children.

To pay off debts

Apart from providing funds for the living expenses of your family, you may also need to help them pay off existing debts. Otherwise, they may have to sell your property(ies) to pay the debt. For instance, if you are yet to pay off your mortgage loan, your life insurance policy can help with that.

In conclusion, it is important to state that there are many more reasons you should consider life insurance. Reach out to our offices to have your life insurance questions answered and to learn how you can start a policy.

 

In What Cases is Home Insurance Required?

Home insurance, though very beneficial, is not always required by law. It is simply recommended. In other cases, you are required to have some coverage. There are also some cases in which you are required to have home insurance and to know what these cases are is the best way to make sure you are fully covered. For those that live in the San Antonio, TX area, the agents with LeapFrog Insurance can elaborate on instances in which you must have home insurance.

The most common instance in which you are required to hold home insurance is in the case that you have a mortgage on the property. This means that the bank or other lender has loaned you money to purchase the property or home and therefore you are required by the lender to have insurance to protect the investment. The bank or lender will require that the home or property be insured at least for the amount of money that is still out on loan. If you have a home that is worth $200,000 and you only owe $100,000, you must have insurance for at least $100,000.

This is to protect the lender should something happen to the property in which they cannot recoup their investment from the property itself. If your home is destroyed, you are going to be able to collect your insurance and pay off the remainder of the mortgage. Each year you can have your coverage adjusted, and you can make sure you have enough to recover should something happen to your home.

For those in the San Antonio, TX area, the agents with LeapFrog Insurance can help you get the correct amount of coverage you need for your home and your property. Reach out to our offices for more information or start your home insurance quote online today.

How Much Commercial Insurance Do You Need?

Owning a small business in San Antonio, TX, can be fun, exciting, stressful, and frightening. There are always many things to juggle, and there is still the nagging fear of getting bogged down in lawsuits or liability claims. Insurance for businesses gets complicated pretty quickly, and that is precisely why LeapFrog Insurance is always working to demystify the process. If your business includes any form of driving on the clock, you need to know about commercial insurance.

What Should Be Covered

The answer to this question depends on what you own and operate. If you own the vehicles being driven, then you want at least a standard commercial policy. This will typically cover liability, bodily injury, and property coverage for your vehicle. You may also consider things like rental coverage and uninsured motorist coverage.

If you don’t own the vehicle being operated (think pizza delivery), then you want a different plan. Non-owner coverage is the standard here. It covers bodily injury and liability if your driver is at fault, but it does not insure the vehicle itself. In many cases, these policies cost less than the commercial insurance listed above, so make sure you don’t overspend.

Determining Coverage Limits

Ok, but how much coverage do you need? There is no one-size-fits-all formula for this. The best solution is to talk to your insurance agent to weigh options and come to a custom fit. That said, there are some baselines to help your expectations. For most small businesses, a minimum of $100,000 in liability coverage and $50,000 in bodily injury coverage is recommended. You can investigate umbrella liability plans that might supplement that aspect of coverage if you are considered high risk or have a lot to lose. As for the vehicle, you want to base your coverage on the replacement cost. Remember, this is a vehicle that generates your income. Unlike a personal car, downtime here could be extremely costly. Aim for a plan that can keep you operational.

As always, a simple conversation can always go a long way. Contact your LeapFrog Insurance representative, serving San Antonio, TX, to see all of your options and make sure you have the right policy.

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Do You Need Life Insurance if You Are Single?

For many people, life insurance is only something that you need if you have children or are married. However, do you really need to have life insurance if you are single? Here at LeapFrog Insurance, serving San Antonio, TX and most major Texas cities, we know that there are reasons to have a life insurance policy even if you are single. These are a few reasons to consider it.

  • If you have a lot of debt – There are some types of debt that are not forgiven when someone passes. You will want to take a look at the debt that you currently have to see if you have any that falls into this category. If you do, then you will not want to pass along this burden to someone that you love. You will want to make sure you have a policy that is large enough to take care of these debts upon your passing.
  • If there is no money to pay for your funeral – This is something that may be difficult to think about but it is important. This is another thing that you do not want to burden your family with. At the very least, you should have a policy that will take care of all of your funeral expenses.

Life insurance is meant to help out financially if you are no longer here. That does not mean that you must have people who rely on this money to survive in order to purchase it. If you think that you may need to have a life insurance policy, be sure to reach out to us at LeapFrog Insurance, serving San Antonio, TX, today. We can help you find the right life insurance policy, the right amount of coverage, and can even help you find one that fits within your budget.

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What Does Home Insurance Actually Cover?

Home insurance is one of the most frequent types of insurance that you will have to deal with in your lifetime. As the name suggests, home insurance covers your home in the event of an unexpected tragedy or accident.

Types of Home Insurance

There are numerous types of home insurance, and the only way to know for sure what your home insurance policy covers is to speak directly with your agent and look at your policy. On the other hand, we can give you a quick overview of what most home insurance policies will cover.

Coverage

For the most part, home insurance or a homeowners insurance policy covers three things: your dwelling, your personal property, and yourself.

Dwelling coverage refers to the structure of your home. For example, if a tree falls on your house after a storm, this would be coHnsidered damage to the structure of your home. Most homeowners insurance policies cover these damages.

Personal property coverage refers to coverage of your belongings. This includes everything that isn’t your walls, floors, ceilings, or built-in appliances. It includes things like jewelry, clothes, furniture, and more.

Finally, a personal liability policy covers you if someone files a lawsuit against you because they were personally injured on your property or because their property was damaged and it was possibly your fault.

Need Home Insurance around the state? LeapFrog Insurance in San Antonio, TX Has You Covered!

If you are a Dallas, Austin, or San Antonio, TX resident and are looking for home insurance, LeapFrog Insurance is here to provide you with all the options you’ve been looking for. Give us a call or stop by our office to learn more about the plans and coverage details we have available. We offer everything you’ll need for complete home coverage!

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Will my policy cover business records if they are destroyed?

If you have a commercial insurance policy at LeapFrog Insurance in San Antonio, TX, you know that you are protected in case of regular problems like theft or fire. Your coverage includes equipment, furniture, and other items, all of which have a fairly specific value.

Your business is also responsible for many important papers, and these are harder, if not impossible, to access the value. These include leases, insurance policies, permits, and other kinds of important original documents ("important papers" in this sense never means stocks and securities). You are responsible for storing them and protecting them, and if they are destroyed in a fire or tornado, you will need to replace or restore them somehow. 

Most commercial insurance properties will specify that important business papers are not covered under the policy. If you feel that it would be better to provide coverage for your papers, you may be able to get the additional coverage with a coverage extension.

To assess the value of the papers, you will have to determine how expensive it will be to replace them. For instance, if your accounting records are destroyed, the cost of replacement will depend on how many hours it will take to re-create the records. You can ask for the physical value of the ledger and the hourly wage of the person who will be performing this complicated work.

You may be able to get coverage through an endorsement. There is no coverage for the loss of electronic records, but you may be able to get electronic data processing coverage.

When you decide to take steps to get better protection for your business, call LeapFrog Insurance and we will help you explore your additional commercial coverage options in San Antonio, TX.

What happens if your life insurance policy reaches maturity before retirement?

In San Antonio, TX, the agents of LeapFrog Insurance can offer sound advice to individuals who are interested in learning more about the different types of life insurance available. Depending on the type of life insurance you choose, you may be able to reap additional benefits if the policy matures before you reach the age of retirement.

Keep It Where It Is

If purchased early enough in life, a whole life policy can mature long before you reach the age of 65. One of your options is to leave the money where it is. It will continue to earn interest and you will have the benefit of knowing that it will be there when you need it. Policies that were purchased while you were in your 20s and 30s could mature as early as your 50s giving you quite the nest egg when you retire.

Other Possibilities

Other possibilities include taking a loan against the policy and cashing the policy in. If you take a loan against the equity, you don’t have to pay it back but you will have to maintain the payment of the premiums. Cashing in the policy allows you to put the money in smaller accounts like CDs or stock options. If you cash in the policy, however, there may be tax ramifications that can be rather costly.

When you have questions about life insurance, you need to call the agents of LeapFrog Insurance to get answers that are both accurate and concise. Every person’s situation is different and they understand the importance of tailoring a policy to their client’s personalized needs. If you live in the Austin, Dallas, or San Antonio, TX area, call and schedule an appointment today to get the answers you need and a policy that protects your interests.

How Can I Protect My Home From a Break-In?

A home break-in can be devastating. Not only do you lose your sense of security and have personal property taken, but your home insurance premiums may also increase. At LeapFrog Insurance, serving San Antonio, TX and the greater half of the state, we want to provide you with a few tips for protecting your home from a break-in. Here are a few of the ways you can protect your home from a thief. 

Keep Valuables Out of Sight

One of the best tips for protecting your home from a break-in is to keep valuables out of sight. Shut your blinds or curtains and ensure your valuables are not exposed in the open for all to see. If you get a new television or computer, break down the box instead of simply putting it out on garbage day as is. 

Secure Pet Doors

Another tip is to secure your pet doors. Pet doors allow your animals to come in and out, but they can also allow burglars easy access to unlock your door. When you are away, find a way to secure the pet door so that it does not open and close. 

Use Automatic or Motion Detector Lights

The last tip is to use automatic lights or motion detector lights. A burglar wants to go unnoticed. If your home is brightly lit, they run a higher chance of someone seeing them or noticing them. Keep the exterior of your home well lit with the right lights to prevent break-ins. 

If you need home insurance in the greater San Antonio, TX area, turn to LeapFrog Insurance. Contact us today and let us put together a policy that best meets your needs and provide you with a free quote. Call now to get started. 

Are there industries that don’t need commercial insurance?

The question of whether or not you need commercial insurance in your industry is less a yes or no proposition, and more of a what-and-when. If you’re a professional graphic designer, for instance, there is effectively zero overhead. At a certain point you may need to look into liability insurance to help protect you against a libel lawsuit should you work on a website that rubs someone with a lawyer the wrong way among other events. If you run a courier service, then you might not need to worry about worker’s compensation or similar policies, but you might need a policy in place to cover your customer’s cargo.

If you’re doing it as your primary means of income, then chances are you are going to need to at least give LeapFrog Insurance a call and see what your options are for getting commercial coverage. For a San Antonio, TX business owner, it’s worth noting that a commercial policy is less about covering you than it is about covering the business. The business owner is generally protected by their personal insurance policies, but the business itself may be at risk all the same, and this even includes individual self-employment businesses.

The question of whether you need commercial insurance comes down to whether or not there’s something there to protect. In some industries, you’re going to have higher overhead and more employees, while in others the entire business might be you and a laptop for the majority of your company’s lifespan. In any event, if you do have something worth protecting in San Antonio, TX, it’s not a bad idea to call LeapFrog Insurance and see what we have to offer you. Reach out to our agents to have your questions answered.