Frequently Asked Insurance Questions

These are unforeseen events that take place which put your ability to complete the job in jeopardy. It is prudent of a business owner to have a plan in place to help alleviate the impact that these events have on your business. Reliable Insurance Solutions is here to help identify risks that could render your business inoperable. Call us today to find out how we can help you identify your risks.

Yes, there are options available for those who are nearing retirement such as an Immediate Annuity. Contact Reliable Insurance Solutions to discuss your personal situation for a program that is right for you.

The State of Indiana requires you to complete a Certificate of Compliance (COC), whether you are at-fault or not. For more information about filing a COC, please call our agency or visit the Services & Claims portion of this site.

A Buy-Sell Agreement is a legal document that binds business partners and allows them to buy out the interest of a deceased partner at predetermined terms, allowing the business to continue to be run by the remaining partner(s). This type of agreement is funded by Life Insurance policies on each of the partners, allowing proceeds to be paid to the business according to the terms of the agreement. Since this is a legal document, we recommend the agreement be drafted by an attorney.

Yes. It is important to consider all the liability exposures that your business may have, such as actions of employees, product defects as an example, and make sure that you have adequate insurance against any that may be significant to your business.

Condominium Insurance will cover the betterments and improvements on the interior of your condo unit. The amount of coverage will depend on the quality of cabinets, wall and floor coverings, and appliances that your unit affords, as well as the size of the unit. Naturally a larger unit would require more coverage as there is more wall space involved.

Coinsurance, sometimes called "percentage participation," requires the insured to share in the cost of medical care. Under an 80/20 coinsurance provision, the Medical Expense Plan pays 80 percent of eligible medical charges above any deductible. The insured is required to pay the remaining 20 percent. Other coinsurance arrangements, e.g., 70/30 or 90/10, are sometimes used.

In the event of large or catastrophic medical expenses, an insured might suffer severe financial hardship due to the operation of the coinsurance clause. To compensate for this possibility, many major medical expense plans contain a coinsurance cap, or stop-loss limit. This provision places a limit on the insured's out-of-pocket costs in a given year arising from the operation of the coinsurance clause.

The size of the coinsurance cap generally ranges from $2,000 to $3,000, depending on the plan, although limits as low as $1,000 are sometimes used. Once the coinsurance cap has been reached, all eligible expenses above this amount are paid in full, up to the plan's overall limit of coverage.

Property Insurance includes coverage for a number of covered perils including fire, theft, windstorm, and hail. You may also be able to purchase additional coverage that is not included in your base insurance contract. Remember, property policies do have exclusions. See Reliable Insurance Solutions to tailor a policy that is right for you.

A Commercial Umbrella Liability Policy covers the amount of loss above the Liability limits of your underlying Liability policy. When a Liability claim exceeds the aggregate Liability limit of your General Liability policy, the policy limits are exhausted. The Commercial Umbrella protects the business from being liable for the excess judgment up to the Commercial Umbrella policy limits. In addition, a Commercial Umbrella contains a “Self-Insured Retention” amount, which is similar to a deductible.

Homeowners Insurance policies exclude Flood from coverage. You must purchase a separate Flood policy to obtain this coverage, available for purchase through Reliable Insurance Solutions.

Yes. However, there is limited coverage for jewelry for loss due to theft. To properly insure your jewelry, you should purchase an Inland Marine jewelry rider for your Homeowner policy that will also give you broader coverage.

Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You need enough Liability coverage to protect yourself from lawsuits resulting from your possible negligence.

Lender Requirements: Your lender may require you to cover the house for at least the amount of the mortgage. You are not required to purchase insurance from the insurer recommended by your lender.

Policy Requirements: Insurers may impose some conditions for replacement cost protection, including insurance of the property to value.

Yes. Contact Reliable Insurance Solutions to discuss the necessary information to secure insurance on your vehicle.

Pre-existing conditions are frequently excluded from coverage. Suicide attempts, drug abuse, war, or injuries received when committing a crime are not covered by many policies.

The definition varies depending on the type of policy that you have. Some plans will pay when you are not able to work in your own occupation while others pay when you are unable to engage in any occupation for which you are reasonably suited (based on your training and experience).

If the company is just you and doesn’t have any employees or other people who depend on it, then Key Man Insurance would not be necessary. However, don’t confuse Key Man Insurance with your Personal Life Insurance. If the business is just you and you have a spouse and/or children who depend on your income, then you should have Personal Life Insurance for that purpose.

Yes, there are options available to you to still receive some tax-deferred benefits. Speak to an agent at Reliable Insurance Solutions to discover which option best suits your individual needs.

There are many different programs for Life Insurance. The most economical program is Term Life Insurance where the coverage, as well as the premium, would be level for a stated number of years; 10, 20, 30, as an example. Contact Reliable Insurance Solutions for the program that is right for you.

The Surety Companies use various underwriting guidelines to ascertain what Surety limits are applicable. Financial strength, prior job history, time in business, and the type of work to be performed are some of the information necessary to determine the job size.

You must first determine your business entity, i.e., sole proprietor, partnership, LLC, corporation, etc. Consult Reliable Insurance Solutions for specific information on your business situation.

Students have a need not only for insuring their cars when they own one, but also Renters Insurance to cover the personal property owned including your computers and their equipment. A Renters Insurance policy does not only cover personal effects but also gives additional coverage within the policy itself, such as Personal Liability.

Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You need enough Liability coverage to protect yourself from lawsuits resulting from your possible negligence.

Policy Requirements: Insurers may impose some conditions for replacement cost protection, including insurance of the property to value.