3 Common Business Insurance Myths

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Myths word on card index paper

There are several misconceptions when it comes to business insurance.

Here are three myths that you’ve probably heard before:

Myth #1- Personal Auto Policies Will Cover Losses on Vehicles Used for Commercial Purposes

Make sure you check with your insurance agent to see what’s covered and excluded from your personal auto policy.

If you have a vehicle that is primarily used for business purposes, you will need to consider getting a commercial auto insurance policy because a personal auto policy is intended for personal use.

Don’t assume that your personal coverage will cover any claims, liabilities, loss, or damage if you have an accident in your vehicle while running a business errand.

Myth #2- Umbrella or Excess Insurance Has Me Covered, Completely

While you may think umbrella or excess insurance is supposed to completely protect you on a rainy day, you’ll need to check your policy to see what your limits and exclusions are.

Umbrella or excess insurance is not meant to cover everything for you. It simply provides extra liability coverage when you’ve exhausted the limits of your other business insurance policies.

If you’re not sure what your insurance limits are or what is or isn’t covered, we would be happy to review it with you.

Myth #3- My Home Insurance Protects My Home Business

They call it homeowners insurance for a reason. Home insurance is intended for certain claims related to your home, not your business.

You don’t want to assume that your homeowners insurance is going to give you the coverage you need for your home business should you have to file a claim.

It’s best to contact an agent to get business insurance that will give you the coverages you need.

While these are not the only myths associated with business insurance, they are some of the common myths you don’t want to fall for.

Questions about what coverages you need?

Reach out to us and we will be happy to help.


Your Business Needs a Thermal Imaging Camera, Here’s Why

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Thermal imaging camera

Would you believe us if we told you a simple camera could help prevent your business from a major electrical fire?

Our partners at Cincinnati Insurance Companies explained how thermal imaging cameras can help businesses “see the heat” before a fire starts.

Here’s how it works.

If you have a circuit breaker that’s heating up, you may not know it’s reaching dangerous temperatures on the inside.

This is where a thermal imaging camera comes into play.

“Using a thermal imaging camera, inspectors were able to “see” the heat so that the hidden wiring issue could be corrected. Without a repair, the problem could have resulted in an electrical fire – a leading cause of building fires,” according to Cincinnati Insurance Managers.

This type of camera will look on the inside of a circuit breaker for instance and show you colors related to the object’s internal temperature.

For example, you will see yellow if temperatures on the inside of an object are extremely hot.

Having access to a thermal imaging camera could be just the thing that helps your business prevent an electrical fire and damages/claims related to a fire.

However, it’s recommended that you let a loss consultant and a licensed electrician help you identify and handle a thermography related issue if loss consultants are applicable to your area and insurance provider.


Allied Insurance Managers’ blog is provided for informational purposes only. It is not intended to be comprehensive, and is not a substitute for and should not be construed as legal advice. Allied Insurance Managers does not warrant any statements in this blog. Any statutes or laws cited herein should be read in their entirety. You should direct your legal questions to experienced counsel regarding your organization’s compliance, interpretation, or application of laws or regulations and any additional legal requirements that may apply to you.

How to Prevent a Clothes Dryer Fire

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Dryer with clean blanket inside

Your clothes dryer is probably one of the appliances in your home that you would least expect to cause a house fire.

A clothes dryer fire can happen and occurs more often than you think.

According to the U.S. Fire Administration, “2,900 home clothes dryer fires are reported each year and cause an estimated 5 deaths, 100 injuries, and $35 million in property loss.”

Also, failure to clean the dryer is the primary cause of dryer-related home fires, according to the National Fire Protection Association.

Before you dry your next load of clothes, here is a list of things you can do to help prevent a clothes dryer fire:

  • Keep items such as boxes and clothing away from the dryer while it’s in use to prevent them from burning and causing a fire.
  • Clean the lint filter before and after each load of laundry.
  • Check the air exhaust vent pipe and make sure it’s not blocked and that air flow is not restricted.
  • Turn off the dryer while you’re sleep and when you’re away from home.
  • Let a professional service and install it for you.
  • Avoid overloading the dryer. Overloading the dryer can cause the dryer to work harder, which may lead to a fire.
  • Make sure the dryer is connected properly.

We don’t want you to ever experience a home fire, especially one that could have been prevented.

Taking a few minutes to inspect your clothes dryer could save your home and prevent unnecessary injuries and loss.



Replacement Cost and Market Value: What’s the Difference?

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Exterior of new home

If we asked you what’s the difference between replacement cost and market value, what would you say?

In case you don’t know the answer, we’re here to quickly clarify what these two insurance terms mean.

 Re-place-ment Cost


 According to BusinessDictionary, replacement cost is defined as:

  1. “Current cost of replacing an existing asset or property with the same quality of construction and operational utility, without taking depreciation into account.”

In other words, replacement cost is what you can expect to pay to rebuild or replace your home using the same or similar materials that your home is made from.

If you have replacement cost coverage, this insurance coverage will help pay for or reimburse the amount spent replacing your home.

Mar-ket Val-ue


According to Investopedia, market value is defined as:

  1. “The price an asset would fetch in the marketplace.”

Market Value is basically how much your home is worth or could reasonably sell for in the housing market in your area.

Think of a car’s trade in value. Before you can trade in your car, your car is evaluated for its condition and age. Based on that info, you receive a price of how much your car is worth and if it’s even able to be traded in.

Market value works in a similar way just with a house instead of a car.

Before you can sell your home, you need to know the market value, or the home’s worth compared to other homes nearby.

What coverage does your policy have? What coverage do you need?

Like all types of insurance, it depends.

Everyone has different needs and situations. Don’t hesitate to reach out and make sure you have the coverage you need.

If you have any questions or need further clarification, feel free to contact us and we’ll be glad to help.