Umbrella Coverage – Increased Liability Protection for Your Place of Business

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Do you operate a large business that serves many clients? If so, your standard liability insurance policy may not provide sufficient coverage for unexpected risks. Here are some situations that might prompt you to consider acquiring an umbrella insurance policy.

Injury Risks

Your products or services could potentially cause an unexpected injury. If any of the goods or services you offer carry inherent risks, you may need to increase the amount of liability coverage available to you.

An umbrella insurance policy serves as a safety net, providing supplemental coverage to help cover out-of-pocket legal costs, medical bills, and other unforeseen expenses. This additional protection ensures your business is prepared for situations that exceed the limits of your standard liability policy.

Threat of Damage

Accidents happen—whether it’s a delivery driver or an onsite worker causing damage to another party’s machinery, or equipment within your business, causing harm. These scenarios can lead to significant financial and legal challenges.

If your business faces considerable risks of property damage, an umbrella insurance policy can provide the extra liability protection you need. This coverage can help manage high legal expenses and other costs associated with resolving disputes or legal battles.

Conducting a Business Risk Analysis

Performing a thorough analysis of your business operations is a smart way to identify injury and damage risks. This evaluation will help you make an informed decision about whether adding umbrella insurance to your business insurance policy is the right move.

Learn More About Umbrella Insurance

Do you have questions or concerns about umbrella insurance? Contact one of our agents at Thompson Insurance Services. Our team, serving Highland Village, TX, is ready to schedule a consultation and help you explore your options.

Home Insurance When You Work From Home: What Changes?

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Do you work from home and wonder how home insurance might impact you? With more people working remotely now than five years ago, and many running their own businesses, it’s important to understand potential changes. For instance, your workspace might double, or a spare bedroom could become a client meeting space. It may be time to reassess your setup and your policy.

At Thompson Insurance Services, we proudly serve Highland Village, TX. More homeowners are merging their personal and professional lives under one roof, which brings subtle but significant considerations.

The Usage of Your Home Matters

While working from home might not necessitate a commercial policy, it’s important to consider how your home is used. Ask yourself questions like: Are you meeting clients at your house? Do you have valuable supplies or equipment needed for your business? These are all factors to consider when reviewing your insurance plan.

Consider Beyond The Basics of Home Insurance

It’s also advisable to think through the practical aspects of working from home. Does your setup support productivity and safety? Have you made any physical changes (like added wiring or renovations) that could affect how your home is maintained?

Your Lifestyle Has Changed: Your Insurance Review Should Too

Everyone’s work-from-home situation in Highland Village, TX, is unique, and their insurance discussions should be too. The team at Thompson Insurance Services is here to help guide you through any adjustments or questions you may have as your home life evolves. Working from home shouldn’t mean working with uncertainty. Contact Thompson Insurance Services today to ensure your home setup aligns with your current lifestyle.

Does Renter’s Insurance Cover Tornado Damage?

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If you’re a renter, you may be aware of the importance of renter’s insurance in protecting your belongings. It often provides reimbursement for theft. However, many renters also lose everything when there’s a natural disaster, such as a tornado. So, does renter’s insurance cover tornado damage?

Windstorm Damage

Many renters’ insurance policies include windstorm coverage, which means your policy may cover damage to your belongings due to a tornado. This coverage includes damage to personal belongings you have inside or outside the home, but it won’t cover damage to the building itself.

Exclusions Apply

Most renters insurance policies in Highland Village, TX, specifically exclude natural disasters, such as floods or earthquakes. There may be fine print that excludes tornadoes, too. It’s always important to speak with a professional at Thompson Insurance Services to ensure you’re covered during common natural disasters.

Common Coverage

These insurance policies commonly cover your personal belongings. However, the landlord’s homeowner’s insurance policy covers damages to the structure. Some policies include additional coverage for lodging expenses. Cars on the property usually aren’t covered because car insurance policies cover them.

Every Policy Is Different

Renter’s insurance tends to differ from one company to the next. Some include lodging expenses as a standard part of the policy, while other companies require you to purchase additional coverage for reimbursement for lodging. Consider what you want in your insurance policy, and then contact a professional agent to ensure you have the coverage you need.

Here at Thompson Insurance Services, we understand the importance of proper coverage. Our agents will work with you to understand your needs and create a policy to protect you during a crisis. Contact us today to learn more. We’re currently serving the Highland Village, TX, area.

Insurance and a Second Car

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Congratulations on your second car! Whether it’s a result of marriage, a prize, or a well-deserved purchase, it’s important to remember that this second car also requires insurance. Both vehicles need coverage even if they are not used as frequently as the first. While this might increase your expenses, the options available might not be as costly as you anticipate. Regardless, insuring both cars is a necessity.

Insurance Options for Your Second Car

One option is to add your second car to your primary vehicle’s insurance policy. This could potentially qualify you for a multi-vehicle insurance discount, saving you money. However, this might not be the best choice depending on the type of the new car and its intended usage. Two separate policies might be more suitable if the second car is only used occasionally. For instance, classic cars require a specialized type of insurance. Even if not used regularly, sports cars can be challenging to insure. Whether good or bad, your driving history will significantly influence the cost of insuring a second car. So, safe driving is always encouraged!

Thompson Insurance Services: Serving Highland Village, TX

If you live in the Highland Village, TX, area and need auto insurance, consider Thompson Insurance Services. Whether you have one car, two cars, or an entire fleet, our friendly and knowledgeable agents can help you find the policy that best suits your needs.

Umbrella Insurance vs. Excess Liability: What’s the Difference?

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If you live in the Highland Village, TX, area and are considering an umbrella insurance policy, Thompson Insurance Services is here to assist. We understand you may have questions about this type of coverage, and we’re more than happy to answer them. Whether you already have a policy and need to make updates or you’re exploring a new policy for the first time, our trusted agents can help you secure the proper protection for peace of mind.

Understanding Umbrella Insurance

An umbrella policy is designed to provide coverage beyond the limits of your current auto, home, and other policies. It’s more than just added coverage; it doesn’t increase those policies’ limits. Instead, it offers a blanket of expanded coverage for more than just what your other policies typically handle. Many people think this kind of coverage is only for people with high levels of assets, but an umbrella policy is valuable coverage for anyone.

Excess Liability Can Also Provide Protection

Excess liability differs from an umbrella policy because it only increases the protection limits of the policies you already have. In other words, there’s no ongoing or overarching blanket of protection from this kind of coverage. Having higher coverage limits can be helpful, but you won’t get the expanded kind of coverage an umbrella policy provides.

Discuss Your Options With an Agent

Contact us today at Thompson Insurance Services if you’re in the Highland Village, TX area and want to learn more about umbrella insurance. We can provide you with quotes from multiple insurers and help you choose the right one to meet your needs. Having that extra layer of protection can be a great way to have more peace of mind and feel secure as you navigate through life.

Yes, You Can Buy Insurance Coverage for Sewer and Drain Backups

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Understanding Homeowner’s Insurance Coverage for Sewer and Drain Backups

Homeowner’s insurance coverage can be very specific about what it covers. It also won’t cover everything, so if you’re looking to buy coverage from insurance companies like Thompson Insurance Services, serving Highland Village, TX, you need to see what other riders and amendments are necessary. For example, coverage for damage caused by sewer and drain backups is one type that people often have to add as a separate item to their policy.

Don’t Overlook This Type of Coverage

You’ve no doubt heard that homeowner’s insurance won’t cover flooding, and you may have heard that flood insurance covers things like sewer backups if the flood was the reason that the sewer backed up. But if there’s a clog in the line and no flooding around, your flood insurance won’t cover a thing — and your home insurance might not either, if you don’t have coverage specifically for drain and sewer backups.

Homeowner’s insurance policies usually have a basic policy to which you add riders. These riders (also called endorsements or amendments) are like additional, smaller policies that you attach to the main policy. In this case, your basic policy might not cover the damage from a backed-up drain. But if you have a sewer and drain amendment, then you could get reimbursed should those back up and overflow.

Sewer and drain backups are those events you don’t think about. Clogged drains don’t always lead to water overflowing back into your home, so the potential effects aren’t on your radar. But if a backup occurs, the damage can be costly. For this reason alone, you’ll want to add this rider to your home insurance.

If you want to ensure that your homeowner’s insurance covers sewer and drain backup, contact Thompson Insurance Services, serving Highland Village, TX. Don’t be surprised—get this coverage now.

How to Collect Renters Insurance

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The unfortunate news is that an incident has occurred at your rented property. It could be a burglary, a storm causing a tree branch to break a window, or even an outburst from your father-in-law over a Cowboys’ loss. Regardless of the cause, the silver lining is that you had the foresight to secure renters’ insurance! Now, it’s time to claim what you’re entitled to.

Seven Easy Steps

Firstly, if necessary, file a police report to have a legal record of theft or vandalism to present to your insurer. As per your rental agreement, your landlord should be the next person you inform. Following this, notify your renters’ insurance company and provide them with the necessary documentation. Take photographs of the damage to include with your claim and maintain organized records of all related information. If you need to relocate while repairs are being made, your policy’s additional living expenses coverage may cover this, provided you keep all receipts. You can complete your claim once you have gathered all the documentation and receipts. It would also be beneficial to update your home inventory at this point.

Contact Thompson Insurance Services in Highland Village, TX

Insurance is always a wise choice whether you’re a renter or a homeowner. If you’re in the Highland Village, TX area and are considering renters’ insurance, please get in touch with Thompson Insurance Services. We will promptly connect you with one of our friendly and skilled agents who will go above and beyond to help you find the insurance policy that best fits your unique needs.

What is Uninsured and Underinsured Motorist Coverage?

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At Thompson Insurance Services in Highland Village, TX, we understand the frustration that you may have when you are in an auto accident, and the other driver who caused the wreck doesn’t have insurance. This is a growing reality and is stressful for drivers all over Texas. However, there are a couple of remedies for the situation, and they are called uninsured and underinsured motorist coverages.

What is Uninsured Motorist Coverage?

Uninsured motorist coverage (UM) is a protection you can add to your policy to cover if you are in an accident with an uninsured driver. For instance, an uninsured motorist caused the wreck and doesn’t have an active insurance policy to cover your damages. This coverage also protects you if you were involved in a hit-and-run accident and are unaware of who damaged your vehicle.

How it works: you will pay a deductible (usually $250 in the state of Texas), and the insurance company will pay for the auto repairs. UM will also cover injuries for you and your passengers up to the coverage limits in either scenario. The limits typically mirror the property damage and bodily injury limits you have on your liability policy.

Underinsured Motorist Coverage

Underinsured motorist coverage (UIM) is designed to cover you if you are in an accident with a driver, and their liability coverage is not enough to cover your damages. It could be that they don’t have enough liability because you are in a state that offers lower liability limits than your home state. No matter the case, UIM kicks in when your injuries and damages exceed that of the other parties’ coverage limits. UIM goes above and beyond the liability limits on your auto policy. For instance, you were in the vehicle alone and were rear-ended by another driver. They only had the Texas minimum of $30,000 for your bodily injuries, but you sustained medical bills of $50,000. Your UIM coverage would cover the additional $20,000 needed. The extra amount covered would mirror your liability coverage. So, if you have state minimums in Texas, it will cover up to $30,000 of additional medical expenses, if needed.

For more information

To learn more about uninsured and underinsured motorist coverage, call Thompson Insurance Services in Highland Village, TX, at (972) 801-0901.

How Home Insurance Protects More Than Just Your Home

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Home insurance offers several different types of coverage. One of these is to protect your home against a wide range of risks. It can pay for repairs after certain accidents, disasters, and other incidents. However, this isn’t the only way home insurance protects you. It also has other types of coverage built in that give you layers of protection against several other types of risks. Contact us at Thompson Insurance Services in Highland Village, TX when you need home insurance.

Protection for Your Belongings

Getting home insurance means that the policy also covers your belongings. The policy covers all of your home items against various risks they face. There are many ways your belongings can get damaged or destroyed, and you need home insurance to be able to replace or repair them. When something major damages a home, it may also damage several items. These could be extremely expensive to try to replace on your own. It’s important to never go without home insurance.

Protection for Your Finances

You may not think much about it, but it’s always possible for someone to come to your home and have an accident with injuries there. This can be financially devastating if you don’t have home insurance. The cost of medical bills alone can be enormous. However, home insurance comes with bodily injury liability coverage. This can pay for a wide range of costs that are associated with an accident in your home, such as lost wages and medical bills.

Get Your Home Policy

If you’re buying a home or want to change your home insurance, we can help you get a policy. Contact us at Thompson Insurance Services in Highland Village, TX.

Full Size Pickup Truck vs. SUV

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When your family starts expanding, you might consider upgrading your vehicle. One common deliberation is between a full-size pickup truck and an SUV. The choice ultimately depends on your family’s specific needs and how you plan to use the vehicle.

1. Handling Heavy Loads

If your family frequently camps or hauls large equipment, a full-sized pickup truck might be better. Its elongated bed design makes it easier to tow a camper or trailer and offers robust suspension for heavy loads. Unless you’re eyeing the largest SUVs on the market, small to mid-size SUVs likely won’t meet these demands.

2. Accommodating More Seats

While a full-size truck can comfortably seat up to six people in a crew cab, a sizeable SUV can seat eight to nine individuals. This might be necessary for larger or smaller families who enjoy traveling with pets. A large SUV offers beneficial interior space, enabling everyone to travel comfortably in one compartment.

3. Daily Errands and Hobbies

Both full-size pickup trucks and SUVs are great choices for handling everyday errands such as grocery shopping or driving family members to the recreation center. Consider your other needs, too, whether you regularly haul trash, shop at wholesale stores, or frequent home improvement stores. Depending on the frequency and nature of these tasks, you might find that a full-size truck or an SUV is better suited to your needs. Both vehicles offer ample cargo space, and a pickup truck bed cover can always protect your cargo.

If you’re in the Highland Village, TX, area and are looking for auto insurance, don’t hesitate to contact Thompson Insurance Services today for more information.