Commercial Insurance Mistakes You Can’t Afford To Make

At Castillo & Associates Insurance, we have seen too many Tucson, AZ businesses make commercial insurance mistakes over the years. These common errors are understandable, but they can cost you money and ruin your coverage effectiveness.

Not Covering All Of Your Properties 

Did you check your policy to make sure that every piece of property you own was insured? If not, you are going to be in for a rude awakening when something happens to an uninsured item. Just because you insure your business, that doesn’t mean everything will be protected. Make sure you get specific coverage on every piece of property to avoid this problem. 

Ignoring Business Income Insurance 

Failing to insure your business income is a significant issue because it can help to protect you against loss of income when your company is unable to operate. For example, let’s say that your building suffers from a fire or vandalism. Your average commercial insurance will cover the cost of these repairs. However, without income insurance, your loss of finances won’t be covered. 

Paying Too Much 

This point may seem obvious on its surface. However, too many businesses insure their businesses for more than they are worth. For example, some buy a $2 million policy in property insurance for a $1 million company. Guess what? You can only ever get the value of your business back in a plan. Don’t waste your money on excessively covering your business but fine-tune your policy to meet the demands of your company.

Avoiding These Mistakes 

If you live in Tucson, AZ and need a company who can help you avoid these mistakes, contact us at Castillo & Associates Insurance. We cover Tucson and the surrounding areas and can provide you with high-quality policies that meet your needs. 

The Benefits of Having Commercial Insurance

If you own your own business, there is no getting around it — you are going to need to invest in commercial insurance. You may think to yourself that you only own a small business, so therefore there is no reason to put commercial insurance on it, but the truth is, you will still benefit from having this type of protection. In fact, the peace of mind that it can give you in itself is enough reason to purchase it. For now, let’s take a quick look at the benefits of commercial insurance for your company. 

It may be required by law

In some states, you are required by law to have commercial insurance. There are, of course, certain pieces of criteria that decide whether or not you need this type of insurance, such as the number of employees you have. With this in mind, it is always a good idea to speak with an insurance specialist to determine whether or not your business is required by law to be protected with commercial insurance. 

Keep your company going during a disaster

What happens if your business floods and all of your products are ruined? How will you continue paying your employees and restock your shelves? With commercial insurance, you can have peace of mind in knowing that in the event of a disaster, you will still be able to stay afloat. 

If you would like to learn more about the many benefits of protecting your business with commercial insurance, please do not hesitate to reach out to us today at Castillo & Associates Insurance serving the Tucson, AZ area. 

Who Needs Commercial Insurance?

Owning a small business is a dream for many people.  For those that are in the Tucson, AZ area, making sure that the business is properly insured is very important.  While there are situations in which having some types of insurance may be elective, there are other situations in which having insurance is a requirement by law or under a different agreement.

Worker’s Compensation

One situation in which you will need to have commercial insurance is if you have employees.  In the State of Arizona, workers compensation insurance is a requirement to have even if you have only one employee.  Workers compensation will provide you with coverage in the event an employee is injured while they are on the job.  Not having it in place could lead to significant penalties.  

Property Coverage

If you own your own business property, you will also be required to carry property coverage. This type of insurance will provide you with financial protection for the building and the contents inside of it. Your mortgage lender will normally require carrying property insurance  Furthermore, if you lease the property, you may be required to carry insurance in the name of your property owner.  

Liability Coverage

If you have a bank loan, the lender may also require you to carry liability coverage. Liability coverage will provide you with coverage in the event you are found liable due to an injury that occurs at your place of business or if someone is hurt through the use of your product or service.  

For those that are in the Tucson, AZ area, choosing the right commercial insurance policy is very important. Due to the complexity of commercial insurance, meeting with Castillo & Associates Insurance could be very helpful. Castillo & Associates Insurance will work with you to help you better understand your insurance needs and make sure you get into the right policy.  

For Your Tucson, Arizona-area Insurance Needs, Visit the Professional Team at Castillo & Associates Insurance

Castillo & Associates is an independent insurance agency providing insurance services to the Tucson, AZ area. Their professional team of insurance specialists provides timely and efficient insurance sales and service. Whether you need new service, an existing policy interpreted, or a claim presented to the parent company, Castillo & Associates is the agency to go to to resolve your insurance issues.

Finding a local insurance agency that you are comfortable with is always a challenge. In the Tucson, AZ area, you need to look no further than the independent professional insurance representatives at Castillo & Associates. They work around the clock to address your questions, settle your claims, discover new insurance products to make available, and to save you money on insurance products. These tireless Tucson, AZ agents perform on your behalf as they are stay informed on new industry trends and new insurance products. Because of insurance industry-provided education opportunities, your independent Tucson, AZ-area agent is able to stay abreast of both national Underwriting trends and any developments in Arizona law which impact the insurance industry. This ability to remain current on finance and insurance matters gives your Tucson, AZ-area Castillo & Associates agent a professional edge over others providing similar services to the Tucson, AZ service area.

Call Castillo & Assoc. today to let the agency discover how it can be of service to you. Let us find out if you have sufficient and adequate coverage to protect your family and your assets. Be confident that your loved ones and assets are properly taken care of when you reach out to Castillo & Associates with your insurance needs in the Tucson, AZ area.

Does Your Auto Insurance Cover Flood or Water Damage?

The agents at Castillo & Associates Insurance provide all types of auto insurance to the residents of Tucson, AZ. They are capable of evaluating your existing policy and providing you with the type of auto insurance you need to prevent significant financial loss if your car is damaged or destroyed. Their policies can be written to cover several types of damage. This includes flood or water damage. 

Types of Water/Flood Damage

Water damage can occur in several ways. While most places in Arizona are not prone to flooding, there are other types of damage that can ruin your motor and the interior of your car. Storm damage can damage windows allowing rain to soak the interior of your car. Driving through large areas of standing water can also damage your motor. It’s important to be adequately prepared for water damage of any kind. 

Are You Covered?

The type of auto insurance you have will determine if you are covered by water damage. In most cases, water damage is only covered by a comprehensive coverage insurance policy that protects you against all kinds of damage. Collision insurance only protects against damaged caused by an accident. PL/PD only covers damages and injuries caused to the other driver and their passenger.

Residents of Tucson, AZ are encouraged to call Castillo & Associates Insurance to review their current auto insurance policy. A review of your policy will ensure that you are sufficiently covered against all types of damage. Call the office today to speak to a licensed insurance agent and schedule an appointment to have your policy reviewed and updated. 

 

How to Get an Auto Insurance Quote on a Vehicle You Don’t Yet Own

If you are looking to purchase a new vehicle, it is advised that you obtain auto insurance quotes to determine how much your auto insurance will be for the car you are considering buying. However, in order to get an accurate auto insurance quote, you have to provide the VIN number of the car in question. As such, many people ask us at Castillo & Associates Insurance how to get an insurance quote on a vehicle they do not yet own. Here is how. 

When you are looking to obtain a quote on a car that you do not yet own, you will need to tell the insurance company exactly what you are trying to do. They can bypass the VIN number on their insurance quote page and give you a rough quote based on the make, model and condition of the car you are looking to insure, as well as the zip code that the vehicle will be housed at. However, it is important to note that the quote you are given is not a binding quote, as may be the case when you enter the VIN in. The amount you are quoted may change when the VIN is entered into the system based on the exact specifications of the car you are purchasing,. Obtaining an estimate will allow you to determine approximately how much your insurance will be for that car and if it is something you can afford. 

If you are looking to obtain a quote for a car you are thinking about purchasing or have already purchased, give Castillo & Associates Insurance a call today. We can provide you with a free quote to help you price out auto insurance. 

Top Commercial Insurance Coverages all Businesses should Consider.

All businesses are different, and as a result, there is no one policy fix all solution when it comes to insuring your business. It is important to work with an agent to come up with a customized solution for your business. As a Tucson, AZ business owner, you should certainly consider each of the following policies to protect your business.

Professional Liability

Professional liability is also referred to Errors and Omission insurance, and it protects your business in the event a claim is made against you asserting that you made a mistake that resulted in harm to a third party. Due to the fact that each industry is unique; a professional liability will be geared to cover the potential claims that are common E&O Claims in your industry. You agent at Castillo & Associates Insurance can help guide you to the correct policy.

Property Insurance

Just because your business leases space does not mean you do not need a property insurance policy. A property policy will protect your equipment and inventory in the event of a loss.

Business Interruption

If a catastrophic event were to occur that prevents your business from operating, a business interruption policy could reimburse you for loss of income during this time. This coverage is essential for companies with a retail location.

Home-based businesses

If you are running a business out of your home, you need to speak to your agent about coverages for home based business. If you are relying on your homeowner’s policy to respond in the event of a loss, you may find yourself without coverage.

If you are interested in learning more about commercial insurance policies, please reach out to us at Castillo & Associates Insurance so we can help design a custom solution right for your business. We proudly serve the Tucson, AZ, area.

Why Millennials Need Life Insurance

Millennials have a unique set of needs in terms of insurance. Although health insurance is vital at any age, it’s becoming more apparent that life insurance is beneficial to have at any age as well, even if you’re a millennial. You’ll find purchasing a policy through Castillo & Associates Insurance, serving Tucson, AZ and the surrounding area, will give you a peace of mind.  

1. Student Loans 
The student loan debt that you’ve accumulated doesn’t just go away after you pass if somebody else co-signed for your loans. If your parents signed for a loan for you, they’ll have to pay the balance of your loan. You could leave your family financially responsible for a debt they didn’t accrue. Although you hope when you’re that young there isn’t a chance you’re going to pass, but you never know. Accidents happen behind the wheel, in a plane or anywhere really. You could even develop an unexpected illness. By having insurance, you’ll be prepared for whatever happens.   

2. Preparing for Children 
Millennials are at the age where they’re either having children or at least starting to family plan. Once a child is there, it might be too late to open a policy if something should happen during delivery. In some cases, you’ll find yourself procrastinating on opening a policy because it’s just too expensive, and there’s so much else your family needs besides a life insurance policy. If you want your children to have money to maintain the household and for their care, you’ll need to have life insurance for whoever is responsible for them after your passing.  

3. More Affordable when You’re Young 
As you age, the price of life insurance increases. The earlier you purchase insurance, the cheaper it is because insurance companies realize your health declines as you age, and you’re more at risk for certain potentially life-threatening health conditions as you age. Therefore, if you purchase life insurance early, you’ll be able to lock in that cheap rate before the price increases over time.  

Contact Castillo & Associates Insurance, serving Tucson, AZ and the surrounding region, today for a quote by calling 520-323-0220. 

Babies, Animals, Technology and other things that don’t go with heat

Castillo & Associates Insurance serving Tucson, AZ knows all about heat, cars, and insurance. It’s Arizona, and some parts are hot.

In this incredibly mobile world, we start thinking of our cars as bubbles of conveniences that are extensions of our homes.   However, unlike our homes, the small nature of cars has them soar to blistering heat, in a matter of minutes. Our most precious possessions: our beloved children, our animals, and technology: like phones and computers, can boil and die when exposed to too high temperatures. Unfortunately, those temperatures can skyrocket in a matter of minutes.

Here are some facts about heat and cars and the things precious to us:

  • In 80 degrees to 100 degrees, the temperature inside a car parked in direct sunlight can climb to between 130 to 172 within 10 minutes.
  • Over 600 children have died since 1990 by being left in a hot car. (This doesn’t account for the countless animals.)
  • Exposure to high heat can cause permanent brain damage.
  • "Just a moment, while I run in and do…"   isn’t the way to think.   It’s always longer and hotter than you realize.
  • Children and pets are at higher risk for heat-related illness and injury than adults, partly because they don’t sweat like adults.
  • Heat of only 90 degrees can fry the processor on your laptop or phone.
  • Extreme heat can lower your battery’s life and make the hard drive expand.
  • If your computer or phone does heat up past 90 degrees, let it sit in a cool room and allow it to cool down for 30 minutes.

If you want to know more details to protect all the things in your life, Call or visit Castillo & Associates Insurance serving Tucson, AZ, they take the heat out of any insurance issues you might have.

Are there businesses that don’t require commercial insurance in Tucson?

Do you need commercial insurance in Tucson, AZ? That depends on a few factors. It comes down to industry and scale. In other words: What do you do for a living, and how much are you making doing it?

There are a lot of businesses that, for more people in that line of work than not, will never really require any commercial insurance, for instance:

  • Consulting
  • Many forms of freelancing such as web design and programming
  • Small side businesses like selling art on Etsy

It comes down to this: Does your business have a physical location that is not covered by some other form of insurance, like a homeowner’s policy? And do you have enough in business assets to be worth covering?

A commercial policy is primarily for covering the physical assets of your business. There are other forms of insurance that can help you to protect, for insurance, intellectual property, or to protect the time and money you’ve put into software development should your code be compromised. Commercial insurance is there to make sure that if you suffer a fire or theft or other damages at your Tucson, AZ business, then you will have a safety net there to catch you and help you to recover.

If you are ready for a commercial policy, Castillo & Associates Insurance may help to connect you to a commercial policy that will cost you far less than you might expect. So if you’re ready to take the step, if your business has expanded to the point that it needs commercial insurance coverage, don’t hesitate, give Castillo & Associates Insurance a call.