For small business owners, commercial insurance protects their business and its assets. Whether it’s liability coverage or property insurance, having the correct type of Insurance can make all the difference in protecting what you’ve worked so hard to build.

What Is Commercial Insurance?

Commercial insurance is an insurance policy specifically designed to protect businesses from financial losses due to damage or destruction of property, injuries on company property, legal claims against the company, or lost income due to unforeseen circumstances. The right kind of coverage can provide peace of mind for business owners and employees alike, knowing that their hard work and investments are protected in case of an unfortunate incident.

Types Of Commercial Coverage Available

At Taake Insurance Agency, we offer various commercial insurance policies tailored specifically for small businesses in Columbia, IL.

• Property & Liability Insurance– This covers damages caused to your building and liability coverage for third-party injuries sustained on your business premises. This also includes coverage for any lost income due to power outages or other mishaps beyond your control.
• Business Interruption Insurance – If a natural disaster or other catastrophic event causes you to lose revenue, this policy helps cover those costs, so you’re not left high and dry when needed most.
• Product & Professional Liability – If a product fails to perform up to the standards expected in the industry, this policy protects against any litigation costs associated with such an occurrence. Additionally, professional liability covers any mistakes made while providing services if they lead to financial losses on behalf of the client.

No two businesses are exactly alike – each has its own set of individual needs based on factors like size and scope of operations, along with industry requirements that must be met for a company to survive and thrive in today’s competitive marketplace.

Contact Taake Insurance Agency to learn more!

You may hear many different types of health insurance plans thrown around, so how do you know which one is the best for you to choose? Contact Taake Insurance Agency, serving Columbia, IL, for help as you navigate.

What is an “HMO?”

HMO stands for “Health Maintenance Organization.” The goal of an HMO is to focus on keeping individuals healthy and introducing structure to outpatient care. Your main point of contact for your care will be a primary care physician or PCP. If you need specialty care, your PCP will refer you to a specialist within the care network for further treatment. A referral is required to schedule.

What does in-network mean? HMOs function as part of a provider network of affiliated organizations. This helps HMOs keep costs lower, and HMOs typically offer the lowest out-of-pocket costs as a result.

HMOs generally do not pay for out-of-network care except in the case of emergencies.

What is a “POS?”

POS stands for “Point of Service.” Like an HMO, a POS will manage care through your PCP. Unlike an HMO, you will not need your physician’s permission to visit other doctors in or out-of-network.

In this model, the average costs are higher out-of-pocket than for an HMO. Receiving care out-of-network will cost more out-of-pocket.

What is a “PPO?”

PPO stands for “Participating Provider Option.” A PPO generally offers the most flexibility but at a higher out-of-pocket cost. With a PPO, you will not need to choose a regular doctor or get referrals to receive specialty care. If you need or choose to go out-of-network, a PPO will pay a portion of out-of-network costs.

Contact Taake Insurance Agency, serving Columbia, IL, for your questions and to get a quote.

We live unpredictable life. Today, you might be okay, but tomorrow you may suddenly be involved in an accident or fall ill. Given the erratic nature of life, you need to protect those you love with life insurance. But if I am single, do I need life insurance? It depends. Taake Insurance Agency of Columbia, IL looks at instances where a single person may need life insurance.

If you have a debt

Do you have a mortgage, car, or student loan? You should invest in life insurance to care for your debts when you die. Otherwise, you may leave the burden to your cosigners and loved ones.

If you have dependents

You may be single, but that doesn’t mean you don’t have dependents. If you support your siblings or parents financially, investing in life insurance would be a good idea to ensure they aren’t financially crippled when you die.

You plan to start a family.

Today you may be single, but you have plans to get married and have children. It’s a good idea to invest in life insurance now; when you are young and healthy — you may enjoy affordable premiums.

If you have a life insurance policy today, all you need is to update your policy when you get married or have children.

You own a business

When you have business partners, it can be challenging for them to cope in your absence. Life insurance buys them time as they think about the next move. Besides, life insurance proceeds can help settle debts if you have business loans.

Do you still need more information about life insurance in Columbia, IL? Please talk to Taake Insurance Agency. We may not have all the answers — just the life insurance ones.

You probably already have your plate full if you are a small business owner. However, you still need to ensure you have enough coverage to protect yourself and your business. Taake Insurance Agency in Columbia, IL offers commercial insurance, including property and liability risks. You may be able to bundle products to save money, depending on the coverage you need.

While certain businesses must have workers’ compensation, Illinois does not require general liability and other business policies. However, there are at least five reasons it makes sense to get it.

1) Protects Your Physical Location

If you own a commercial building, you’ll want to protect it in case of vandalism or fire. Work with your agent to find the property coverage you need.

2) Covers Business Equipment

Many businesses invest a significant percentage of their budget in equipment. Whether you have expensive refrigeration units or equipment needed to complete work orders, repairs and replacement costs can derail your entire year. Therefore, you may want to add equipment coverage to your policy. Remember that business insurance typically doesn’t cover regular wear and tear on equipment.

3. Handles Non-employee Injuries on Your Premises

If you or an employee slips and falls on the job, you’ll have to rely on workers’ compensation to cover the claim. However, if a customer, client, or guest falls on a slippery floor, your commercial insurance will probably handle the medical and legal expenses. Talk to your agent to ensure you have sufficient liability protection in place.

4. Covers Injuries in Case of Business Product Defects

Whether you sell food, kitchen gadgets, or cars, product liability insurance baked into your commercial policy can protect you in case of product-related injuries. Gadgets and gizmos are great, but there’s always a chance someone could cut their finger on a sharp edge or get sick after eating at your restaurant. With the right insurance, you won’t have to worry about footing medical bills and damages out of pocket.

5. Guards Against Business Interruptions

Business interruption insurance can keep you afloat if you have to shut down due to unforeseen circumstances. Covered events might include natural disasters or fires. To purchase business interruption insurance, you must first have a commercial insurance policy.

Contact Taake Insurance Agency in Columbia, IL for more information on commercial insurance.

Your employer now must legally provide health insurance, and the government sets minimum standards as to what the coverage includes.

You still might not have the coverage you want, but you can add a supplemental or secondary policy to your medical coverage. Most people think of supplemental medical as related to Medigap insurance. You don’t have to be on Medicare or Medicaid to purchase a supplemental medical policy.

You can purchase your own policy and the one your employer provides. At Taake Insurance Agency, serving Columbia, IL, we can help you find the secondary medical coverage that rounds out your employer-provided one.

What might a secondary policy offer? You can obtain a policy that provides drug coverage, preventative care, or hospital coverage. Some supplemental policies cover a pre-existing condition that the employer’s group plan exempts.

You can have complete medical coverage by purchasing one of these policies. With medical insurance, no such thing as a one-size-fits-all policy exists. You build your own coverage based on your own medical needs. We can help you find medical coverage for your family, too. Your employer may offer family plans. You can purchase a plan that covers your entire immediate family, too.
Taake Insurance Agency doesn’t list every option on our website. Instead, please email or phone us for a consultation. We will meet with you online or in person to explore the range of suitable possibilities to address your medical coverage needs.

An option exists for nearly everyone. Call or email Taake Insurance Agency today. We serve the residents of Columbia, IL with the medical insurance they need. Let us help you find the right supplemental medical policy.

Taake Insurance Agency wants to help you protect your family. If you are a resident in the greater Columbia, IL area, you can count on us. Having the right life insurance policy in place can help your family cope with the stress of an unexpected death. Give us a call today and find out more about the options available in our area.

Benefits of life insurance for a bereaved family

Losing a spouse is always a traumatic event, even if you are lucky enough to enjoy a long life together. It can be even more complicated if the death is unexpected and you have young children.

In any situation, having an appropriate level of life insurance in place can make coping with the situation a bit less stressful. Of course, money cannot ease emotional pain, but grieving can be more manageable when there aren’t any financial concerns.

With a robust policy in place, surviving family members can take care of burial costs and other end-of-life expenses without worrying about filing a claim. Having financial stability can also help maintain some sense of normalcy for small children. 

Knowing that you and your family can remain in your home, even after the death of a spouse, can help the transition period for all family members, not just children.

Now is the perfect time to find out how a life insurance death benefit can help secure your family’s future, no matter what may happen. 

Call today and set up an appointment.

Taake Insurance Agency is here to help with all of your insurance needs. If it’s time for you to start thinking seriously about life insurance, give us a call today. We are proud to serve the Columbia, IL community!

With the recent increase in cyber attacks, no business is safe from threats. Contrary to popular opinion, small businesses present an easier target for cybercriminals than large multinational companies because their cyber defenses are often far less robust. Consequently, whether you own a business in Illinois with ten employees or a hundred, you need to protect yourself from the rise in data breaches, phishing attempts, and other cyber incidents with the appropriate insurance. 

There are two main types of cyber liability insurance: first-party coverage and third-party coverage. First-party coverage is for paying costs that directly impact your business. For example, if your network is hacked and sensitive customer information is stolen, first-party cyber liability insurance can be used to cover any of the following:

• Extortion payments
• Hiring an outside firm to investigate the data breach
• Regulatory fines
• Notification to impacted customers
• Crisis management and public relations
• Customer credit and fraud monitoring services

The second type of coverage, third-party cyber insurance, protects you if a client blames you for failing to prevent a data breach or cyberattack at their company. Third-party cyber insurance is predominantly used by IT consultants that may be hired to provide specific technological services to a company. This type of coverage can pay for legal defense costs, settlements with the third party if settled out of court, and judgments that you may be required to pay after a breach. 

At Taake Insurance Agency in Columbia, IL, our professional team of insurance masterminds will help determine if cyber liability insurance is needed for your business. Call us today to schedule a no-obligation consultation to learn more about our insurance offerings.

You probably know that the US health insurance marketplace holds open enrollment annually. What happens if you miss it though? Perhaps your situation changed and now you need insurance, but your employer-provided it before. Taake Insurance Agency serving Columbia, IL can help you obtain the health insurance policy you need.

You do not need to wait for open enrollment if you qualify for an exception. If your employer fired you or closed their business, that’s an exception. Other exceptions include your spouse’s death or another life-changing occurrence that was out of your control, like a transfer that moves you across the country.

You fill out the form at the marketplace and document your exception. This lets you purchase insurance through the marketplace purchase from Taake Insurance Agency. You will need to provide proof of the exception, such as separation paperwork, documentation of your move to Illinois or Columbia specifically, and show that this negates your use of your current health insurance. Your new employer must provide insurance, but if you have to re-locate without having a job, you can obtain it through us.

You can also purchase a temporary policy if you do not qualify for an exception. To do this, you also visit the marketplace and choose Taake Insurance Agency. This displays the temporary plans we have to offer. You choose one and purchase it. These policies provide coverage while you wait for open enrollment. You must purchase full health insurance once open enrollment occurs.

You can avoid going through the marketplace by contacting Taake Insurance Agency serving Columbia, IL. We can help you obtain the health insurance you need directly.

When it comes to protecting your family, one of the most important things you can do is to make sure that they will be provided for if you are no longer there to take care of them. Trying to get that right is what it is all about. An independent agent who knows you, your family, and your needs certainly can help. At Taake Insurance Agency in Columbia, IL, we have more than 40 years of experience providing our customers with the highest quality products and services.

How much life insurance you need is something that only you can determine. Not your employer, and not your insurance agent. Only you know the amount of insurance that will allow you to sleep at night knowing that your family and loved ones will be taken care of if something happens to you. 

Determining that amount requires careful consideration and answering some questions honestly. Who depends on your income? Elderly parents, spouse or partner, children or dependents? All of these are potential people who count on you for financial support. 

How long will you need to support this or these dependents? This is an important figure. Think about it in terms of years. How many years of your income will you need to provide? Does it need to be equal to your entire income or is it just supplemental support? Once you have these figures you need to do some math. How many years times how much money. Now you have a figure to consider for the amount of life insurance you need. 

You need to be able to afford life insurance for tomorrow while living today. It can be a fine balance that you must maintain.  

Contact Taake Insurance Agency in Columbia, IL with all your life insurance needs and questions.

Businesses have many options to choose from when it comes to insuring their company. Everything from general liability to workers’ compensation helps protect the business owner from anything that may and can happen. However, the different insurance options have limits as to how much is paid out. When there is a large claim, and the policy has paid everything it is supposed to, the Columbia, IL business owner is left responsible for the remaining amount. Where other policies stop paying is where commercial umbrella insurance comes to the rescue. 

Reach out to the experts at Taake Insurance Agency for more details about how commercial umbrella insurance can provide you the added protection your business needs. 

What is Commercial Umbrella Insurance?

Commercial umbrella insurance provides business owners with extra coverage to help pay for costs they are liable for beyond their general liability insurance limits. Anything you would have had to pay out of pocket for liability claims are covered by a commercial umbrella insurance policy. Payouts from an umbrella insurance policy include legal costs, medical bills, damage to someone else’s property, judgments, and settlements. 

How Does Commercial Umbrella Insurance Work?

When general liability insurance limits are met, the commercial umbrella policy extends those limits, providing additional coverage. For example, an employee is in a car accident with a company vehicle, and your company is held liable for the employee’s injuries and the damage to the other car and the injuries for others in the accident. Chances are, the costs are more than the limits on your general insurance policy. Your umbrella insurance policy protects you and your business by paying the amount after the other policies stop paying. 

Columbia, IL business owners should consider purchasing umbrella insurance. Call Taake Insurance Agency today for additional information about commercial umbrella insurance coverage.