Basic & Special: Two Forms of Commecial Insurance to Get to Know

If you are in business in Idaho, you know there’s a big difference between income and profit. You also know the difference between an employee and a contract employee. But do you know the difference between Basic Form and Special Form commercial Insurance?

Basic Form and Special Form insurance are both forms of property insurance, but how they cover potential perils to your property are quite different. Knowing the difference can be helpful.

With Basic Form insurance, the specifics of your property coverage are spelled out in the policy. The policy will list each peril that is covered under the terms of the policy. If it is not listed you can assume you are not covered for a particular calamity. Special form insurance, however, takes a different approach. Special Form insurance assumes that you are covered for all perils to your property, unless they are specifically excluded. Many businesses prefer Special Form commercial property insurance because of its wider coverage. They seem to appreciate specifically knowing what is not covered.

An independent insurance agency can help find you the most competitive rates on your business insurance, whether you choose Basic or Special Form. Because they are independent, they can search multiple companies. In Idaho, The Insurance Shop USA is such an independent agency.

We can review your insurance, and scour our vendor companies to get you a rate you will appreciate. You can try us online. Visit our website and get a comparative quote for your homeowner or auto insurance.

Knowing the difference between Basic Form and Special Form insurance can make a significant difference in how you are protected. Knowing the difference between captive and independent agents can make a difference in what you pay. Contact The Insurance Shop USA today, and let us help you start saving money tomorrow!

4 Frequently-Filed Homeowners Claims and How You Can Avoid Them

Your homeowners insurance policy is designed to help protect you as well as your personal belongings – not to mention your house. However, no one wants to have to go through the hassles of filing an insurance claim. Therefore, if you can reduce your chances of needing to file a claim, you want to do it. Here are some tips for each of the four major types of home insurance claims that are filed:

  1. Damage from Storms – When a storm comes in, it will usually bring some significant winds with it. These winds can do some serious damage to your home. Make sure your outdoor furniture is put away or anchored down. Inspect your trees for dead limbs. Take the time to trim off any limbs hanging over your home’s roof.
  2. Damage from Fires – Fire damage does not only impact your home and its structure, as it always damages your personal belongings. You need to take caution when using candles, matches, fireplaces, and other fire-related items in the home, including the stove. Whenever possible, you should not smoke inside.
  3. Damage from Water – In order to prevent water damage, you need to make sure that your frozen pipes, plumbing leaks and other water-related problems are taken care of immediately. Keep in mind that flood damage is typically covered underneath a separate flood policy.
  4. Personal Injuries – While your home should be safe, you, your family and home guests should be as well. When a person gets injured on your property, you are at risk of a personal injury claim. Make sure that your swing sets, hot tubs, pools and trampolines are very dangerous, so it is crucial that you keep the areas secure.

When you own your home, it is important that you have taken the necessary steps to keep it safe and secure for your entire family and any guests that may come over. By following the above steps, you are less likely to need to file a claim in Rathdrum, ID. If you aren’t currently insured, give our agency a call to get quotes for homeowners coverage.