Month: May 2025

Does Commercial Insurance Cover Damaged Inventory?

Posted on by agentinsure

While commercial insurance isn’t typically legally required, many business owners opt for it to protect themselves and their assets. Business insurance can help cover the cost of losses due to various natural disasters, theft, and more. But does it only cover structural damage, or does it also cover damaged inventory?

Types of Commercial Insurance

Commercial insurance usually refers to basic liability insurance. This insurance protects your assets if someone is injured on the property, unless it’s a workers’ compensation claim. Liability doesn’t cover many other things. However, business owners should consider several different types of commercial insurance to ensure they’re adequately covered.

  • Workers’ Compensation: Most states usually legally require Workers’ Compensation. This type of insurance handles workers’ compensation claims and pays for the costs of injured employees.
  • Commercial Property Coverage: Commercial property coverage will cover inventory if it’s not covered under your current insurance policy. Always consult an agent about the insurance you need to cover damaged inventory.
  • Natural Disasters: Many businesses in Chandler, AZ, need specific disaster coverage to cover damaged inventory from natural disasters, such as floods, tornadoes, hurricanes, and wildfires. This coverage is in addition to property coverage. San Marcos Insurance Group can help you determine which natural disaster coverage you need.

Specific Exclusions

Many insurance companies exclude specific events. For example, it’s common for a policy to exclude damage due to flooding. Instead, business owners must get flood insurance to cover their inventory. Always ask an agent at San Marcos Insurance Group about exclusions in your policy to ensure you’re adequately covered.

The various types of commercial insurance available can make things confusing. Your inventory may be covered if it’s damaged by an electrical fire, but not by a hurricane. Our agents will discuss your concerns with you to make sure you have the necessary insurance. We’re currently serving the Chandler, AZ area.

High Deductible vs Low Deductible: Which is Better?

Posted on by agentinsure

When purchasing health insurance for yourself and your family in Chandler, AZ, there are many factors to consider. One such factor is choosing between an HMO and a PPO. Another crucial factor involves determining whether a high or low deductible will be more beneficial for you. San Marcos Insurance Group can assist you in deciding which health insurance deductible will best suit your situation.

Understanding Health Insurance Deductibles

A deductible is the amount you’re required to pay out-of-pocket before your insurance policy begins to cover eligible costs. For most people, affordability is a primary reason for choosing one type of plan over another. The size of your monthly premium, which you must pay even if you don’t incur any medical expenses, influences your deductible. In addition to your deductible, you should also consider your out-of-pocket maximum, which includes doctor co-pays and co-insurance. This figure will help you determine which type of policy is right for you.

Making the Right Choice

With a high deductible, you assume the risk that you won’t need extensive healthcare, resulting in a lower premium. These plans typically cover preventive care and annual checkups and include a healthcare savings account (HSA), which you can use to pay for out-of-pocket expenses you may encounter. The money you contribute to your HSA can help lower your annual income tax bill. Low-deductible plans have a higher monthly premium, but you’ll pay less money upfront for healthcare. Older adults and those with chronic health problems who frequently visit doctors can benefit from these plans. However, these plans typically do not include an HSA.

Contact San Marcos Insurance Group, serving Chandler, AZ, to learn how different health insurance carriers operate high—and low-deductible plans. Call our office today to get started.