Why business insurance should be a priority for your start-up

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Why Commercial Insurance Should Be a Priority for Your Business

If you’re considering starting a business in the Columbia, IL area, we invite you to contact us at Taake Insurance Agency. We can help you protect your enterprise with customized coverage to minimize your specific risks.

Here are some reasons commercial insurance should be a priority for your business.

A Lender May Request Coverage

If you are financing your enterprise, business insurance may be required or requested by your lender. This helps protect their investment.

You May Be Subject to Liability Claims

Starting a business can expose you to injury liability claims, such as slip-and-falls, whiche can be expensive to settle and litigate.

It Assures Vehicles Will Be Covered

Your personal car insurance may not cover you when you use your vehicle for business purposes. Commercial vehicle coverage can help cover you.

It Can Help Insure Income

You may qualify for business income protection should your business be interrupted by a covered peril.

Business Insurance Offers Protection from Theft and Vandalism

Theft or the threat of vandalism can cause many sleepless nights, especially if you have a brick-and-mortar location or an investment in inventory.

Business Insurance Delivers Peace of Mind

Starting a business can be full of long days and stress. You can have greater peace of mind with a carefully crafted business insurance program.

Don’t Say No Until You Know

Don’t decline business insurance before you know what it can do for you and what it may cost. Call Taake Insurance Agency, serving the Columbia, IL, area. We will discuss your new business, how to best protect it, and even provide a quote.

We look forward to helping you get the coverage you deserve.

The Most Overlooked Auto Insurance Coverages and Why They Matter

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When it comes to auto insurance, most people focus on the basics—coverages like liability or collision that handle the big-ticket items. However, smaller, often overlooked additions to your policy can make a significant difference when the unexpected happens. At Taake Insurance Agency, serving the greater Columbia, IL region, we believe understanding these lesser-known options is key to staying fully protected.

The Importance of Uninsured Motorist Coverage

Accidents happen. But what if the other driver doesn’t have insurance or enough coverage to cover the damages? Uninsured and underinsured motorist coverage steps in to protect you financially when someone else fails to. Without this, you could be left paying out of pocket for repairs or medical bills through no fault of your own.

The Value of Rental Car Reimbursement

Dealing with a car accident is stressful enough without worrying about how you’ll get around while your vehicle is in the shop. Rental car reimbursement ensures you’ll have a temporary vehicle to keep your life moving while repairs are underway. It’s a small investment that saves you from scrambling during an already difficult time.

Roadside Assistance for Everyday Emergencies

Flat tires, dead batteries, or even locking yourself out of the car—it happens to everyone. Roadside assistance coverage offers immediate help when you’re stranded, giving you peace of mind and saving you time.

Protect Yourself from the Unexpected

Auto insurance isn’t just about meeting minimum requirements—it’s about being prepared for the unexpected. At Taake Insurance Agency, providing auto insurance coverage throughout the greater Columbia, IL region, we’ll help you build a policy that includes the coverage you need most. Reach out today to get started.

You Inherited a House! Does Insurance Come With It?

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Unfortunately, your beloved Uncle Jack has passed away. On a brighter note, he left a will stating that you are the beneficiary of his house. However, Uncle Jack’s insurance policy doesn’t automatically transfer to you. You could qualify for a traditional policy if you plan to move in. You have 30 days to decide whether you want to move in, sell, or rent the property. After this period, you will need to secure your own insurance policy.

Four Options to Consider

You have several options. Firstly, you could move in and make it your primary residence. In this case, you will need home insurance. If the house remains unoccupied for 30 days, it becomes an unoccupied property. These properties are at a higher risk of damage and theft, making their insurance quite expensive. Therefore, securing a six-month policy and expediting the property’s sale is advisable. Secondly, if you find a tenant, consider getting landlord insurance, also known as a rental property policy. This could potentially be covered under an umbrella policy. Lastly, if Uncle Jack’s house is ideal, but you don’t wish to live there, you could turn it into a vacation home. However, remember that unoccupied houses carry risks, making their insurance costly.

Taake Insurance Agency: Serving Columbia, IL

If you live in the Columbia, IL, area and need home insurance, please get in touch with Taake Insurance Agency. Our friendly and professional agents will discuss your options and help you find the right policy for your needs.

Should Newlyweds Combine Auto Insurance?

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Maybe you read a blog that suggested newlyweds bundle their auto insurance. Perhaps you watched "The Closer" episode, in which Brenda and Fritz tried to bundle their auto policies and found out they should not. Taake Insurance Agency wants to answer the question, "Should you or shouldn’t you?" so you can enjoy married life in Columbia, IL.

When Does Bundling Policies Benefit You?

Combining auto coverage on one policy can reduce costs if both spouses have good driving records. Insuring two or more drivers and vehicles on a single policy typically results in lower premiums. When both spouses have spotless driving records and high credit scores, bundling benefits them.

When Does Bundling Policies Hurt You?

If one or both spouses have lost points on their license or had a DUI, they should not combine policies. In "The Closer," Fritz neglected to mention a DUI he had incurred. His poor driving record caused the bundled premium quote to be higher than what Brenda paid for her own auto policy. So, don’t bundle your insurance if either spouse has lost license points. Credit scores can similarly affect premiums, so the premiums may be higher if one spouse has a low or mid-range score.

Preventing Conflict

Instead of starting your marriage with an argument about the past because your auto insurance quotes reveal it, talk about finances first. Before you get married, sit down with each other and discuss your financial past, present, and your goals for the future. Include your insurance agent after you settle things with one another.

Contact Your Insurance Agent Today

Call or email Taake Insurance Agency today to find out about the best auto insurance options for you. Before you walk down the aisle in Columbia, IL, plan your finances and insurance.

Do Homeowner’s Insurance Have Room for Two Homes on One Policy?

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The phrase "second home" often conjures images of affluent individuals owning a vacation home. However, the average person can also buy a vacation home, not just for leisure, but as a rental property or a residence for relatives. Regardless of the reason, it would be best if you had homeowner’s insurance from Taake Insurance Agency. While it might seem easier to bundle the second home into your existing home insurance, whether that’s possible is a different matter.

Can a Homeowner’s Insurance Policy Provide Coverage for Two Homes?

You cannot bundle two or more homes into the same policy. Homeowner’s insurance covers one home in Columbia, IL. A house has several risks that other big-ticket purchases don’t have, so adding two will be more challenging. The home’s location, age, and repair needs factor into a home’s coverage, and no two homes’ characteristics match up. Additionally, the purpose of the homes and the items inside them differ. It’s impossible to cover both houses in the same policy when each house has different needs.

Can You Get a Homeowner’s Insurance Policy for a Second Home?

You can purchase a second policy for your second home and enjoy the same benefits as the first. The flip side is that the monthly cost is higher because of the higher risk second homeownership brings. Those risks are:

  • Vacant homes that stay vacant for a long time
  • Rental property and tenant issues
  • Vacation home locale
  • Risk of a natural disaster

The risk increases because you are not the primary resident. If you are, you don’t live there regularly. That limits second home insurance coverage to only the situations in the policy. You may need additional insurance like flood and landlord insurance to strengthen coverage.

At Taake Insurance Agency, we want you to get adequate home insurance for each home’s unique needs. Come by our Columbia, IL office to discuss our home insurance offers.

Captive Health Insurance for Your Small Business

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Most small businesses find paying for healthcare for their employees challenging. But what if your small business could make money on its healthcare premiums?

That’s possible because of changes in the tax law and captive insurance, a way of insuring your employees.

At Taake Insurance, we advise certain companies to consider captive health insurance. If your company has:

  • Healthcare premiums of $500K to $2.3M a year, and
  • A five-year history of your employees filing 50 percent less in claims than your premiums and
  • The cash to fund one year of premiums, then

We can help you set up your own health plan and get a recognized insurance company to administer it. Your subsidiary keeps the savings and, for up to $2.3 million a year, transfers them back to you largely tax-free.

What’s the catch?

You do need to have enough cash to fund a full year. You will need to have actual claims. The IRS looks at askance at 100% profitability. And you need to rely on professional actuaries to set your premiums. Setting premiums is not a DIY operation.

Thousands of firms across the USA self-insure. You can cooperate with other small businesses to self-insure together and make meeting capital requirements easier.

If you spend more than $2.3 million annually on healthcare premiums, Taake Insurance Agency can help you create a subsidiary that will work for you.

Since a national insurer will administer your plan, your employees will get all the same coverage as they do now. In many cases, your plan administrator may even be the company you have now.

Whether you run your business in Columbia, IL, or anywhere in the state, we can help you set up captive health insurance. Call us today to get started!

How Whole Life Insurance Policies Work

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Choosing between term life and whole life insurance policies depends heavily on your financial circumstances and insurance requirements. While both options have their own strengths and weaknesses, whole life insurance often emerges as a favored choice due to its unique benefits. Contact us at Taake Insurance Agency in Columbia, IL to learn more.

No Expiry Date

One of the most appealing aspects of whole life insurance is its absence of an expiration date. Unlike term life policies that expire after a predetermined period, whole life policies provide continual coverage as long as the premiums are paid. Neither you nor the insurance company can discontinue it, which provides you with steadfast peace of mind.

Accumulating Cash Value

Another significant advantage of this policy is the cash value it accrues over time. As you continue to pay your premiums, a small portion of the insurance company’s profits from your payments contribute towards this cash value. Over the years, this value builds up, providing a financial reserve you can borrow against in an emergency.

Securing Whole Life Insurance

To learn more about whole life insurance policies and how to procure one, call Taake Insurance Agency in Columbia, IL, today.

Commercial Inventory – Insurance Coverage Upgrades

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Assess the inventory that you use at your place of business. Seek insurance coverage upgrades that protect the inventory while it is stored within your commercial property.

Risks

Inventory stored on your property could be stolen or damaged. Flooding waters, fires, criminal activities, and other risk factors should also be considered.

Before you insure the inventory, schedule an appointment to inspect your place of business. The inspection will reveal any damage within your business. Damage to structural walls, for instance, could increase the risk of a flood.

The location of your business may also help you determine how much insurance coverage you need. If your business is located within a busy area, increasing the amount of insurance your inventory is provided with will give you peace of mind.

Inventory Records

Keep track of how much inventory you keep on hand on a regular basis. Take into account any seasonal items or other special items that you will be featuring at your place of business.

The records will help you decide if you will need more insurance coverage at specific times of the year.

Security

Make sure the inventory remains secure during normal business operations. Camera equipment and other security aids can help keep the inventory protected.

Prepare a storage plan for any overstock kept onsite. Overstock should be stored in an inconspicuous area where it won’t be subjected to theft.

Contact Taake Insurance Agency for Commercial Insurance

Contact one of our Taake Insurance Agency representatives to schedule a time to sit down with them. An agent who serves the Columbia, IL, area will help you pick out coverage to protect the commercial inventory.

Why You Need Liability Coverage in Your Auto Insurance

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If you own a vehicle, auto insurance is a necessity. Some components of auto insurance are legally required, while others are optional. Possessing liability insurance is non-negotiable to protect yourself, as mandated by law. Ensuring your liability insurance is adequate to cover the costs of a costly accident is essential. If auto insurance is what you need, reach out to us at Taake Insurance Agency in Columbia, IL.

Bodily Injury Liability

Medical expenses can be exorbitant in the U.S., which makes coverage crucial to avoid shouldering substantial bills from your pocket. It is necessary to include bodily injury liability in your auto policy. This component is responsible for covering medical expenses and related costs incurred by another party in an accident in which you are involved. As the bills for injuries from an accident can run into tens of thousands or more, it is advisable to ensure you are covered as long as you have your vehicle.

Property Damage Liability

When an accident occurs, it’s not just the individuals involved who can incur damage. Personal properties such as vehicles and belongings inside these vehicles can also be affected. Property damage liability is necessary to cover the costs of repairing or replacing a vehicle damaged in an accident. Without this coverage, you’ll be personally liable for all related costs, which can lead to financial distress. It is also beneficial to include collision coverage in your policy to cover any damage to your property resulting from an accident.

Stay Insured, Stay Legal

Having auto insurance isn’t just a legal necessity- it’s a vital means of protecting yourself. Contact us at Taake Insurance Agency in Columbia, IL if you’re seeking auto insurance.

What Types of Damage Can Home Insurance Cover?

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At Taake Insurance Agency in Columbia, IL, we assist new homeowners and seasoned homeowners with determining what their home insurance policy does and doesn’t cover. While many homeowners may take for granted what they believe their policy covers, it never hurts to confirm what your policy offers and what is outside of the scope of what your policy can cover. Before your home is damaged, we recommend getting home insurance to protect against liability, qualifying damage, and more.

What Types of Damage Can Home Insurance Cover?

When your home experiences damage due to theft, a natural disaster, or vandalism, you may wonder how you’ll be able to afford to repair the damage. After all, most of us don’t have the extra funds lying around to cover these kinds of damages. Before you panic, you should know that some home insurance policies may cover damage that occurs during a qualifying natural disaster, vandalism, fire, or theft. Of course, every insurance policy is different, so you should speak with one of our professionals to determine whether the damage may qualify for coverage.

What Types of Damage Can Home Insurance NOT Cover?

Home insurance doesn’t cover damage from regular wear and tear. It also usually doesn’t cover damage from natural disasters outside of qualifying events. Additionally, if your home isn’t damaged and you want to renovate it, home insurance almost certainly will not cover those expenses. If you have questions about what events and damages fall outside of your home insurance coverage, we can answer any related questions when you call our office or visit it in person.

For more information about our home insurance policy options, we welcome you to call our office at Taake Insurance Agency in Columbia, IL!