When Should You Update Commercial Insurance?

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Running a business in Chicago, IL, brings numerous opportunities and ample excitement. However, it also presents various challenges, some of which are insurance-related. At NCIB Group Inc., we frequently receive inquiries regarding commercial insurance. Hence, we aim to provide straightforward responses. For instance, we’re often asked when it is necessary to update commercial insurance.

Changes in Your Assets

Protecting your assets is a vital component of your commercial insurance. If the value of your assets alters significantly (by over 10 percent), it’s advisable to update your policy. Reducing assets could potentially lower the cost of your policy. On the other hand, if your assets are growing, it’s crucial that your coverage adapts accordingly.

Even if insuring the assets directly isn’t a concern for you, increased values increase your liability risks in the event of a lawsuit. Payouts are often influenced by how much money you possess, with your assets playing a significant role.

Changes in Your Business Structure

Structural changes to your business, such as adding new partners or leaders or changing personnel that affect the business’s structure, necessitate an update in commercial policies. These changes affect questions such as who receives payment in the event of a claim and who has the authority to make claims on the policy.

The structure of your business can influence how your insurance functions. Therefore, it’s essential to keep your insurer informed regarding these changes.

Changes in Your Operations

Changes in your operational regions or services, or a reduction in operations, directly affect your liability risks. For instance, if you introduce a delivery service to your business, you would need to insure your delivery drivers. If you expand your business to another state, the operational rules there may be different.

Such changes necessitate a dialogue with your insurance representative to ensure your policy aligns with your business structure.

If you’re ever uncertain about how a change might affect your commercial insurance, don’t hesitate to discuss it with us. At NCIB Group Inc., we possess extensive experience in dealing with these matters and are always ready to assist. Our goal is to help keep your Chicago, IL, business protected under all circumstances.

Do Non-Motorized Boats Need Boat/Watercraft Insurance?

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If you own a boat or watercraft, it’s essential to understand the risks you face and how you can mitigate them with insurance products. Many factors influence the decision to purchase boat insurance, so let our expert team help you find the right policy for your specific needs. NCIB Group Inc., serving Chicago, IL, is ready to assist you with superior support and guidance. 

Boat/Watercraft Insurance Protection

Regardless of the type of non-motorized boat that one owns, such as a canoe, kayak, or stand-up paddleboard, there is no need for boat or watercraft insurance in most cases. Underwater crafts powered by non-motorized methods are usually considered less of a risk to a motor-powered boat; therefore, insurance is usually not a must. Nevertheless, motorboat owners are responsible for being in select individual circumstances and needs.

In some situations, for example, when there is an intention to use waterway mode (i.e., in crowded waterways) or store in a marina, insurance could provide a valuable buffer against liabilities or claims for damages. Fishing vessel owners should measure the level of the risk attached to their activities and determine whether insurance is the right way to protect the possession of their property, especially if they plan to run a charter service. Involving an insurance professional who will give the information about the different options and also be able to make a sensible choice by factoring in the individual’s needs and choices would always be a wise move. 

Learn More About Boat Insurance Near Chicago, IL

If you want to learn more about boat and watercraft insurance near Chicago, IL, we encourage you to contact us at NCIB Group Inc. and let us show you how easy it is to attain coverage. We’ll answer any questions you have and help ensure you understand your policy and its limitations. Call or stop by to speak with us today. 

Surprising Things Covered by Homeowner’s Insurance

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You know that your home insurance covers your home’s structure and belongings. However, you may find some of the things it covers surprising. We offer homeowner’s insurance coverage at NCIB Group Inc. in Chicago, IL. 

Spoiled Food

When a power outage occurs, all the food in your fridge is ruined. Your homeowner’s policy can help you pay to replace your groceries. 

Falling Objects 

Falling objects are considered open perils. If a meteor hits your home, your policy will cover the repair or replacement cost. Airplane crashes, satellite debris, and other falling objects are also covered. 

Volcanic Eruptions 

If you live in the vicinity of a volcano, this is important. Volcanic eruptions can cause damage many miles away from the volcano itself. Your homeowner’s policy will cover the cost if your home is damaged due to a volcanic eruption. 

Home Away From Home 

If your home is unlivable because of a covered event, like a fire, your homeowners’ policy will cover the cost of accommodations until you can live in your home again. Living costs, including food, are also covered during this time. 

Personal Liability 

If someone in your home causes damage to someone else’s property or accidentally injures them, this is also covered by your homeowner’s policy. 

For example, a game of football results in a broken leg. The policy will cover the cost of medical bills and other expenses. 

New Door Locks 

You probably know that your home is protected from theft and vandalism. However, if a robbery does occur, your policy may cover replacement door locks in addition to covering your property losses. 

Homeowner’s Insurance at NCIB Group Inc.

If you need a homeowner’s policy in Chicago IL, contact us at NCIB Group Inc. Our experienced agents will help you choose the best policy for your needs. 

Protecting Every Mile You Drive and Those You Don’t

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There is no assurance that you won’t be involved in an accident, and the truth is, you don’t always control your own fate on the road. According to data from sources like the NSC (National Safety Council), distracted driving has increased by an eye-popping 127% over the past decade. That uncertainty and the need for protection are also one of the few reasons drivers from the Chicago, IL area turn to NCIB Group Inc. for all their auto insurance needs.

Stay Protected On the Road and At Home

Unfortunately, safe drivers have more risks than other distracted drivers, and sometimes, we don’t even have to be on the road to encounter an accident. Some potential concerns vehicle owners can face are falling trees, flood damage, and other concerns.

The good news is, it doesn’t matter if you need repairs after an accident on the freeway, a fender bender on the parkway, or storm damage while your vehicle sits in your driveway; the right insurance solutions can help. From auto insurance solutions designed to fit your needs, your budget, and your vehicle, the friendly and professional team at the NCIB Group Inc. provides auto insurance solutions for drivers from all around Chicago, IL. 

For All Your Auto Insurance Needs

For all your auto coverage needs and auto insurance questions, our friendly and professional team at NCIB Group Inc. has you covered. If you live in or around the greater Chicago, IL area, contact us to find out more about the insurance solutions you need and deserve today. For every mile you drive and those you don’t, stay safe with NCIB.

Do Auto Insurance Policies Differ If You Own an Electric Vehicle?

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Understanding Insurance Policies for Electric Vehicles

In the streets of Greater Chicago, IL, electric vehicles, also called EVs, are gaining popularity rapidly. As a result, many drivers are left wondering how insurance policies for such vehicles differ from those of traditional gasoline-powered cars. Here, we at NCIB Group Inc. aim to dispel any confusion.

Coverage Similarities

Luckily, many aspects of auto insurance for electric vehicles are similar to those for conventional cars. Basic insurance coverage elements like liability, collision, and comprehensive insurance typically apply to both types of vehicles.

Differences in Premiums

However, one significant difference lies in the premium costs. While EVs can be more expensive to insure due to their higher repair costs and specialized parts, some insurance companies offer discounts or incentives to electric vehicle owners. These discounts could be based on the vehicle’s safety features, its environmental friendliness, or a driver’s conscious decision to opt for an EV, reducing the risk of accidents.

Specialized Coverage

Some insurance providers offer specialized coverage options explicitly crafted for electric vehicles. This coverage could include things like charging stations, battery replacements, or damage related to electrical systems.

Maintenance Considerations

An important consideration is maintenance. While electric vehicles generally have fewer moving parts compared to traditional ones, repairs and replacements for components like batteries can be expensive. Therefore, ensuring your insurance policy adequately covers these potential costs is crucial for maintaining peace of mind.

In conclusion, while there are similarities between auto insurance for conventional and electric vehicles, certain notable differences exist. Reviewing your policy carefully and considering specialized coverage options for your electric vehicle is important. If any question arises or assistance is needed with your insurance coverage, don’t hesitate to contact NCIB Group Inc., serving the Greater Chicago, IL area.

How commercial insurance can save your small business

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Small businesses make up a considerable proportion of all businesses. The number is 99.9 percent. There are more than 30 million small businesses in the United States. This leaves a lot of businesses at risk for all the things that could go wrong. We are independent agents at NCIB Group Inc. in Chicago, IL, offering our customers more choices and personalized service. 

Property coverage

Bad things happen even to good businesses, and the property coverage that commercial insurance provides can help your business recover from the results of a covered hazard. Even if you are a renter, it is beneficial. It helps to replace the things that you use to do business. This includes office equipment, tools, machinery, inventory, raw materials, display units, etc. 

Liability coverage

One of the biggest dangers that any business faces is being sued. If you don’t have commercial liability insurance and get sued, the legal fees alone can kill your business. The chances that your business will be sued at some point are very high, and being prepared for a judgment against you is imperative. This is a case of an ounce of prevention is worth a pound of cure. 

Workers Compensation

In Illinois, if you have even one employee, they need to be covered by workers’ compensation insurance. They do not have to be full-time; one part-time employee is enough. 

Commercial auto insurance

If your business owns or uses even one vehicle, it should be covered by commercial auto insurance. If you are using your personal vehicle to do business, you run the risk of having any problems not being covered. 

Contact our team at NCIB Group Inc. in Chicago, IL, when you are ready to discuss the types of commercial coverage that can save your small business. 

Do I Need Condo Insurance?

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If you live in a condo, the short answer is yes. And here is the long answer. While you may not own the building or land, you still need insurance for your unit and any personal belongings you may have. Condo insurance covers accidental injuries to people in your condo, fire damage, and theft of personal belongings. It may even defray the costs of temporary displacement should you need to evacuate your condo. The HOA master policy won’t cover that. Moreover, you may be required to have condo insurance in some instances. 

What HO-6 Can Do For You

A condo insurance policy is also known as an HO-6. If your belongings are stolen or damaged, it can help repair or replace them. If, after buying the condo, you need repairs or renovations to the unit’s walls, ceilings, or floors, an HO-6 policy can help you pay for that. You may want to look into a type of HO-6 known as co-op insurance that covers your personal belongings and additional living expenses if you need to move temporarily after a property loss. It also offers liability protection. If you have a mortgage, this could be a requirement. Even if you don’t, it’s still an excellent idea. You never know when an accident or disaster might happen, leaving you with expenses that must be covered. 

Contact NCIB Group Inc. Serving Chicago, IL

If you live in a condo in Chicago, IL, and want to get it insured, please get in touch with NCIB Group Inc. Our courteous, knowledgeable, and compassionate agents will do all they can to help you get what you need. 

 

Chicago’s Commercial Coverage: What Business Owners Need to Know

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Anything can happen to your business in Chicago, IL. It’s critical that you have the commercial coverage you need to take care of the unexpected. By working with experienced agents at NCIB Group Inc., you can have a policy that covers every aspect of your business.

Every Industry is Unique

Every industry has unique commercial insurance needs. Even individual businesses require different levels of coverage. You’ll want to consider how your commercial property is used, the level of foot traffic you get, the value of the items you may sell within your location, and more.

An insurance agent will guide you through the various questions to determine enough coverage.

You’ll also want to look at the different types of coverage:

  • Business property coverage
  • General liability
  • Bodily injury

You need to be prepared for every possible scenario, whether a break-in, an employee gets injured, or a customer sues you.

A good insurance policy is tailored specifically to your business. There’s no need to build this independently – that’s how an insurance agent can help you.

Protect Your Business Against Financial Loss

All it takes is one accident or lawsuit for your business in Chicago, IL to lose everything. Some accidents can be extremely costly because of the amount of medical care – and lawsuits can easily clean out your bank account if you’re not careful.

By working with us at the NCIB Group Inc., you can get the commercial coverage that will truly offer the level of protection you need. We’ll take the time to look at what makes your business unique and work to provide coverage against any possible scenario that could plague your property and your operations.

Contact us today to get a no-obligation quote.

Is boat insurance required by law in Chicago, IL?

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Chicago, IL is one of the best places in the country for great boat experiences. You can experience the best in nature and architecture, all while relaxing on the water. But if you have your own boat, you need to know the boat rules.

Illinois boat owners are not required to carry boat insurance. However, you are still responsible for anything that happens if you operate a boat in Illinois. NCIB Group Inc. can help you learn your options to make the best decision about what works for you.

How Can Boat Insurance Protect You And Your Family?

Accidents can happen, no matter how careful you are. Whether or not you are at fault, there may be property damage and medical bills that need to be paid. If you are at fault, you could be the subject of a lawsuit.

If you have liability insurance, you can call your agent and refer the other people to your insurance for the claim. Your insurance will pay damages if you are at fault up to the limits of your policy.

Coverage Besides Liability

If you are not at fault, it is still essential to have other kinds of coverage. Anyone with a loan on their boat will probably be required to have full coverage, but you can keep full coverage after the loan is paid off, so your investment is still protected.

You can also get insurance to protect personal property, fuel spills, watersport activities, and other kinds of coverage. Underinsured/uninsured boat insurance protects you if someone else is at fault in an accident.

Protect yourself while boating in Chicago, IL, by ensuring you have the coverage you need. To discuss your options for boat insurance, please call NCIB Group Inc. today.

Will homeowners insurance pay for the repair of my flood damaged car?

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Homeowners insurance has the ability to create peace of mind for many. It’s the type of insurance that covers a variety of areas for the homeowner, including the interior and exterior of the home, the foundation, any structures on the property, the homeowner’s personal belongings, and more. The NCIB Group Inc. is committed to helping Chicago, IL homeowners understand the benefits of insurance and what’s covered. 

What is Homeowners insurance?

In short, homeowners insurance is designed to pay for the repair or replacement of your home, your personal belongings, property, and more. Personal liability coverage is also included in most homeowners’ insurance policies. The coverage consists of the exterior and interior of your home and your home’s foundation. Homeowners receive coverage in the form of repair, replacement, and actual cash value coverage. 

Will homeowners insurance pay for the repair of my flood-damaged car?

No. Typically, homeowner insurance doesn’t cover flood damage. However, if a pipe bursts in your home, your homeowner’s insurance likely covers the repair, replacement, and cleanup. However, damage to your home and personal belongings due to flooding is usually not covered by a homeowners’ policy. Your car insurance may pay for repairing or replacing your flood-damaged car if you carry comprehensive auto insurance. However, liability auto insurance and other forms of auto insurance aren’t designed to cover flood-damaged vehicles. Also, if your car is totaled due to flood damage, specific types of car insurance may not pay for its repair or replacement. However, understand that comprehensive auto insurance is the only form of auto insurance that covers flood damage. Call us if you have more questions about homeowners insurance and what it covers. We’d be happy to help you explore your options.