Can Commercial Insurance Help Your Online Business?

New online businesses spring up every day in San Antonio, TX. At LeapFrog Insurance, we feel it’s in your best interest to obtain a professional commercial insurance policy for your online business no matter how large or small your operations. Commercial insurance can only help your online business, and here’s how.

Your Online Business Comes With Risks

Every business comes with risks, and your online business is no exception. Even if your online business consists of nothing more than small-scale personal e-book sales, you create risk and take on liability, often in surprising ways. You may not even realize the number of risks your online business creates. Here are some examples:

  • Causing harm, mentally or physically to someone
  • Reneging on a promise of delivery, even accidentally
  • Claims that your service or product is damaging or defective
  • Claims of copyright or trademark infringement

Those are only a few of the potential risks your business can face. Many online businesses can fold completely from even one claim, even if the claim is fraudulent.

Commercial insurance can help mitigate the damage, in whole or part, such claims can do to you and your business. It’s important to have commercial insurance that can handle even the unforeseen risks.

Your Online Business Needs Protection

Your business depends on equipment and services that must work in order for your business to work. For example, you will rely on a server, other businesses to provide you the online connectivity you need, and cyber security. Hacking concerns and protecting client information are of the utmost importance.

Commercial insurance packages help to protect you, your business, and even your finances. With proper business insurance options, you can protect your business and business assets from downtime, repair costs, loss of income, loss of data, and various other things. In all these ways, commercial insurance can help.

You should consider commercial insurance in San Antonio, TX a necessity rather than just an option. To learn more about commercial insurance and what type of business insurance coverage is right for you, contact LeapFrog Insurance today.

Is life insurance community property in Texas?

Texas is a traditional community property state just like Louisiana, Arizona, Idaho, Nevada, California, Louisiana, Washington, Wisconsin, and New Mexico. The life insurance community property implies any property acquired by a couple while married is equally owned by both of them. However, there are a few exceptions. Hence, this affects property dissolution proceedings in case of divorce. Serving San Antonio, TX, LeapFrog Insurance provides you what you need to know about community property risks in Texas. 

Law provision

 Texas constitution enshrines community property in section 3.002 of the Texas family code. However, it doesn’t clearly include ‘community property’ in the provisions, but there is presumed community property as other than what is owned separately or claimed by a spouse before, during or at the time of marriage dissolution.  Property owned during marriage include by devise, descent, or gift. It presumes a gift as all the income and wealth arising from property gifted between spouses. In case of dispute, parties with rights can assert and assume the burden of proof of separate property. Thus, this assertion is clear and convincing. 

The separate property comprises any recovery for personal injuries or losses ought to have been sustained by a spouse during marriage. However, this also excludes recovery for loss of earning capacity during marriage. In case of any debts incurred during the marriage, community property law maintains, they are presumed to be a joint responsibility of both spouses. However, the code explores other complications in regard to such debt in detail. This includes when a spouse owes another a debt, or when the debt is incurred, and the obligations of a spouse’s debts after death. The code also clarifies how to divide divorce property among other concerns. 

Might you be in ownership of community properties in Texas? Would you like additional information on how life insurance community property would help? Call today San Antonio, TX, LeapFrog Insurance. Our certified professional agents will provide you with the necessary details for a stress-free underwriting as you prepare for any associated risks.

 

Commerical Insurance for Improved Cybersecurity

Nearly every business, especially those with an online presence, has the possibility of severe damage from a data breach and therefore benefits from having special commercial insurance for cybersecurity. The insurance agents at LeapFrog Insurance in San Antonio, TX note that hackers are attacking businesses, financial institutions, and governmental organizations to cause severe damage and enormous losses.

These hackers are not just lone cyber-geeks trying to penetrate networks and systems for some hacking fun. In many cases, the cyber attacks come from organized and sophisticated hacking teams that are working for governments and/or intelligence agencies.

Billions of dollars are lost to cyber threats annually, with a new case of personal identity theft happening about one in every three seconds. Confidential and propriety company data is stolen and easily found for sale on the “dark” web, which is the “secret” network hub for criminal activity worldwide.

Organizations that manage highly-sensitive data files such as personal medical history records are required by the Health Insurance Portability and Accountability Act (HIPAA law) to use additional and robust security protection for their networks and storage media. They must do many things under the law in order to make sure these data sets are not compromised for misuse.

When considering the cost of these risks, it is shocking to discover losses and fines that occurred in the hundreds of millions of dollars.

Insurance for Cybersecurity

Cybersecurity insurance helps to mitigate losses from data breaches, network damage, and business interruption. Cybersecurity insurance also helps reduce the losses from cyber attacks by using preventative measures. Most businesses will suffer a cyber attack and many have uncertainty about where it may come from. The Department of Homeland Security works with key stakeholders in the organizations that have exposure, in order to address increasing cybersecurity risk.

Get a Cybersecurity Insurance Quote Before It Is Too Late

Request an insurance review by your agent at LeapFrog Insurance serving San Antonio TX and the surrounding area to get a quote for cybersecurity insurance.

The Best Way to Approach Buying Life Insurance

For many people, buying life insurance is something that they dread. They think it’s going to be a difficult process and it’s particularly something they want to think about. After all, no one really wants to plan for their death. Still, it is paramount that you do all you can to make sure your family is protected financially once you pass away, especially if you are the sole income earner for your family. This is why purchasing life insurance is so important. For now, LeapFrog Insurance serving San Antonio, TX would like to share with a few tips for approaching life insurance the right way. 

It Should Involve the Whole Family

Ideally, your spouse, of course, will be involved in the process of purchasing life insurance. The two of you will need to discuss the intricacies of your finances to determine the best amount of coverage to buy. For some families, a life insurance policy in the amount of $250,000 is plenty, while for others, a policy exceeding $1M is necessary. It all depends on your current financial state, the standards you want your family to maintain once you pass away, and any income the family might receive after you pass away. If your children are older and they provide financial support to themselves, then you may not need to buy a policy that provides them with monies once you pass away.

Assess the Provider

Another tip for appropriately approaching life insurance is to make sure you are buying it from a quality provider. You will want to ask friends and family about their providers and if you have a special interest in a certain provider, you will want to check online for reviews. 

If you would like to learn more about the best way to approach buying life insurance, please contact LeapFrog Insurance serving San Antonio, TX today.

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.

 

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.

Discover Life Insurance coverage options or call one of our agents today.

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.