hope mills

Can Umbrella Insurance Be Applied To a Commercial Insurance Policy?

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Running a business requires more than the ability to sell services and/or products to consumers. Understanding the importance of liability coverage, property protection, and financial safeguards is key to running a successful business. At Cross Creek Insurance, serving Hope Mills, NC, we specialize in helping clients find the right commercial and umbrella insurance plans for their ventures.

What Is Commercial Umbrella Insurance?

Commercial umbrella insurance provides an additional layer of liability protection for any type of business, regardless of its size. Umbrella insurance coverage extends beyond the limits of traditional business policies. When a major accident, lawsuit, or claim exceeds your primary policy’s limits, an umbrella policy can help cover the additional costs.

Why Businesses in Hope Mills Can Benefit From Umbrella Insurance

Umbrella insurance can be paired with traditional commercial insurance policies. Business owners face lawsuits, customer injuries, and even auto accidents involving commercial vehicles. An umbrella policy can help cover:

  • Large lawsuits that are much more expensive than what your traditional commercial policy allows for
  • Large bodily injury claims
  • Legal defense fees when facing a lawsuit
  • Excess property damage liability, especially if you have a retail store, office space, or warehouse
  • Multiparty or multivehicle accidents involving commercial vehicles you use to run your business

Understanding how umbrella insurance works and its benefits is essential as a business owner in Hope Mills, NC. If you’re thinking of adding an umbrella insurance policy to your existing liability coverage, Cross Creek Insurance is here to help. To discover how umbrella insurance paired with commercial insurance can help add a layer of protection to your investment while providing you with peace of mind, contact us.

Will Auto Insurance Replace Your Tires?

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Vehicle owners in Hope Mills, NC, often find themselves spending hundreds on new tires. You may need them due to vandalism or normal wear and tear. There are several situations where your auto insurance policy may be able to assist. 

Type of Policy

Whether your insurance will cover a new set of tires typically depends on the type of policy you have. Liability insurance only covers damage to another person’s property if the accident is your fault. Other policies, such as collision and comprehensive, may help if a covered peril occurs. 

Covered Perils

Insurance policies will pay for damage if it’s due to a covered incident. Commonly covered perils include, but are not limited to: 

  • Vandalism
  • Certain natural disasters
  • Accidents

These vary depending on your policy and insurance company. An agent at Cross Creek Insurance can help you learn what events your policy covers. 

Common Exclusions

Many policies also have specific exclusions. For example, auto insurance will not cover everyday wear and tear. If you need a new set of tires because they’re old and worn out from driving, you are responsible for the cost. Policies also don’t cover events that aren’t covered by your current policy. For example, if you are found at fault for an accident, but only have liability insurance, your policy won’t cover any damage to your vehicle. 

Some policies also specifically exclude theft and vandalism. This can depend on where you live. The best way to determine whether your policy will cover new tires is to contact an agent at Cross Creek Insurance. We’re currently serving the Hope Mills, NC, area. We are happy to answer any questions you have. 

How To Create and Keep a Home Inventory

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Owning a home is the fulfillment of the American dream. It’s probably the biggest investment you will ever make in your life. Hope Mills, NC, is a great community, but even in the nicest places, bad things can happen. At Cross Creek Insurance, we want to make sure your investment is safe and you have the home insurance you need. 

Making a Home Inventory

You can easily make a home inventory with a mobile app. This will allow you to document each room with pictures, supplemented by any receipts you have. The more detail you add, the better. Include the brand, serial numbers, and model number for electronics. Open every drawer, in every room, and count everything in them. Go through closets and record all major furniture and decor. 

Go up to the attic if you have one, and remember to include your holiday decorations. Head down to the basement and then to the garage. You have no idea the extent of any damage that your home may sustain. It’s better to overdocument than underdocument. 

Storing Your Home Inventory

Your home inventory needs to be stored in a safe place. If you have a digital home inventory, store it in the cloud so you’ll be able to access it from anywhere. But if you have a physical home inventory, you’ll need to use a safe deposit box or another secure location outside of your home. 

Cross Creek Insurance, serving Hope Mills, NC, is your local independent insurance agency. That means we can offer you more choices when it comes to your home insurance. Call us, and let us help you with your home inventory or any other home insuracne needs. 

Does Home Insurance Cover Trampoline Injuries?

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Trampolines are a popular backyard attraction. They provide hours of fun for kids, and everyone in the neighborhood will want a turn. However, they are also known for causing occasional injuries. So, does home insurance cover trampoline injuries in Hope Mills, NC? The answer isn’t straightforward.

Who Was Injured?

The person injured on the trampoline plays a key role in determining which insurance company is responsible for covering expenses like medical bills. Personal medical insurance typically covers injuries if the person lives in the house. However, homeowners’ insurance may cover medical expenses and other costs if the person injured doesn’t live in the home.

Type Of Insurance Coverage

Home insurance may or may not cover injuries and liability expenses, depending on your level of coverage. Homeowners with the bare minimum coverage may have opted out of things like liability and personal injury coverage, and won’t have insurance coverage for the incident. Homeowners should always take the time to speak with a professional insurance agent at Cross Creek Insurance to understand what coverage they have.

Coverage Limitations

Home insurance has limitations, just like car insurance. Many insurance policies will only pay out so much for bodily injury or liability, including liability lawsuits. Homeowners will be responsible for expenses that exceed their policy limits. Many insurance companies offer additional coverage options if you’re worried about trampoline injuries.

Minimize Liability

Preventing lawsuits and injuries is the best way to protect your finances. Notify insurance agents in Hope Mills, NC, that you have a trampoline and ask for their advice. Have adults, including parents of children, sign a liability waiver before letting them play on the trampoline. Ensure you follow standard safety precautions, like having a safety net and spring covers, to minimize the risk of injury.

Many insurance policies specifically exclude trampolines. Others may provide coverage if specific safety conditions are met or require additional liability insurance. Contact an agent at Cross Creek Insurance to learn whether your policy will cover injuries.

Does Auto Insurance Cover Accidents Caused by AI Assistance?

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In recent years, artificial intelligence (AI) driving features have become increasingly prevalent in vehicles driven in Hope Mills, NC. One of the most common features is semi-autonomous driving, which allows drivers to take their hands off the wheel on certain designated highways. Manufacturers like Ford, Volvo, and others have included such features in their higher-end models. Cross Creek Insurance can help you understand the coverage implications for accidents involving AI driving technology.

Who is Liable for an AI Accident?

Fully or partially autonomous vehicles have been involved in high-profile accidents across the United States. However, legal experts indicate that the liability in these incidents is unclear. Typically, the driver of a vehicle that causes an accident is deemed liable due to negligence. When a car accident occurs due to human error, the liability portion of your policy will cover damages. But if the vehicle was in autonomous or semi-autonomous mode, the driver may not be negligent. This situation could shift the responsibility for the accident to the vehicle’s manufacturer.

How AI Cars Will Impact Insurance

Currently, the liability portion of your auto insurance policy will pay for damages incurred in an accident involving a semi-autonomous or autonomous vehicle. This scenario could change as more accident claims pass through the courts and insurance companies. Cars with AI driving technology may eventually require specialized policies or product liability clauses that cover damages from AI mishaps. When this happens, you may see a corresponding decrease in comprehensive coverage. In the meantime, ensure you have sufficient liability coverage for your vehicle if it has AI technology.

Cross Creek Insurance, serving drivers and residents of Hope Mills, NC, can help find an auto insurance policy that fits your needs. Call our office today to schedule your appointment.

Could My Home-Based Business Benefit From Commercial Insurance?

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Most individuals running businesses from home understand the importance of separating their home and business finances. They also recognize the need for adequate home insurance, yet many fail to insure their home-based businesses properly. If you live in or near Hope Mills, NC, and need an insurance plan for your home and business, consider working with the team at Cross Creek Insurance.

Work-from-Home and Insurance

Home-based businesses come in many forms, but almost all possess office electronics and possibly furniture. Some keep tools and equipment or maintain inventories and supplies at home. As these businesses grow, the value of these assets increases, as does the need for proper insurance. Additionally, growing businesses often have many other insurance requirements.

If you have a home-based business, it’s important to note that home policies typically cover only $2,500 in business assets. Business assets kept at home that are worth more than $2,500 require additional insurance, often in the form of a commercial insurance policy.

If your home-based business is small, a rider on your home policy may suffice, though these generally cap at $5,000. When your business assets exceed $5,000, or your business requires professional, liability, or other commercial insurance, you should consider commercial insurance.

Companies with revenues of $250,000 or less can obtain simple in-home business insurance that provides property, liability, and other commercial insurance elements. Alternatively, businesses with revenues exceeding $250,000 may find a Business Owner’s Policy (BOP) more suitable. Home-based businesses with employees can obtain a BOP that includes Workers’ Compensation coverage.

Working with Cross Creek Insurance

The team at Cross Creek Insurance serves homeowners and businesses in Hope Mills, NC. Contact us today at (910) 423-2900 to schedule an appointment so we can develop an insurance plan that meets all your needs.

What Type of Life Insurance is Right For Me?

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Life insurance comes in various forms. Understanding these different types can assist you in selecting the right policy for your needs. If you’re unfamiliar with the types of life insurance, your insurance agent at Cross Creek Insurance, servicing Hope Mills, NC, can help you identify the most suitable life insurance policy for you.

In this article, we’ll explore the different types of life insurance. If you have any questions, we’re here to assist.

What Are the Different Types of Life Insurance?

There are four primary types of life insurance:

  • Term life insurance: This type of life insurance lasts for a specified period, typically up to 30 years. The death benefit is fixed.
  • Whole life insurance: Whole life insurance is a policy that lasts as long as you continue to pay your premiums, until your death. The death benefit is fixed.
  • Universal life insurance: This type of life insurance lasts as long as you pay the premiums. Premiums can vary, and the death benefit is not fixed.
  • Final expense insurance: This type of life insurance policy is designed to cover the costs of the funeral and associated end-of-life expenses.

How Can I Choose the Right Life Insurance?

Before you can select a type of life insurance that suits your needs, it’s crucial to understand your goals and options. The agents at Cross Creek Insurance, servicing Hope Mills, NC, can help you choose the right insurance policy for your needs. We can answer your questions and help you understand the various options. Contact us today to schedule an appointment and speak with our insurance professionals.