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Should I invest in more than auto liability coverage if I own my car?

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For many, paying off a car loan or lease is a huge relief. The financial sacrifices you make to pay off a car loan or lease can be difficult. As a result, many breathe a massive sigh of relief to be free from this financial obligation. Our team at NCIB Group Inc. is committed to helping Chicago, IL drivers get the coverage they need.

What is Auto Liability Insurance?

Auto liability insurance is the minimum required for all drivers by state law. Liability insurance covers you as a driver if you are found responsible for an accident while driving. Liability auto insurance provides coverage for injuries you may cause to others and property damage coverage. Illinois requires all drivers to carry $25,000 for personal injury coverage per person and $50,000 per accident. Illinois drivers must also carry $20,000 in property damage coverage. 

I own my car. Should I invest in more than auto liability coverage?

If you don’t have a car loan and aren’t leasing your car, you can carry liability insurance and nothing more. However, this may not be a wise choice. Auto insurance has the liability to save drivers a lot of money. Often, the rule of thumb is to drop full coverage auto insurance once your premium is greater or equal to the appraised value of your car. In short, when your vehicle is worth less than the cost of your full coverage auto insurance, it may be a good idea to discontinue. If you have questions about auto insurance, call us. We’d be happy to answer all of your questions and help you explore your options. 

How will a condo insurance plan protect me in Chicago?

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Being a property owner has continued to be a good option for Chicago, IL residents. Although there might not be many options, a great type of property to acquire is a condo. With a condo, you will enjoy the advantages of owning a home while not having the same level of maintenance obligations that come with owning a house. When getting a condo, you should also get insurance as it offers valuable protection. 

Protect Your Assets

A condo insurance plan is helpful for Chicago residents because it can protect their assets. When you are insured with a condo plan, a part of the policy will offer coverage for the dwelling and your personal belongings. This coverage will ensure you have support if you incur a loss due to a fire, theft, vandalism, or even interior water damage. You can obtain an additional rider to the policy for valuable personal items. 

Offset Liability Risks

Getting condo coverage to offset your liability risks is also a good idea. There are a lot of liability risks that come with owning a condo, including if your condo has a leak or another issue that causes damage to other units. When you get a condo plan, it will provide coverage for such situations. 

If you are in the Chicago, IL area and want to purchase a condo or any other type of home, you must have insurance. You can be assured that you select the appropriate policy by calling our team at the NCIB Group Inc. When you call us at the NCIB Group Inc., you can have all of your questions answered and can receive the guidance you need to build a new policy. 

How workers compensation insurance can protect your employees and your business

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Workers’ compensation insurance from NCIB Group Inc. is an important safety net for employees and businesses in Chicago, IL. It helps ensure that employees are compensated for any injuries sustained on the job and helps employers avoid costly lawsuits. 

Workers’ compensation insurance provides financial protection for employees if they are injured or become ill while working. In most cases, this coverage pays for medical bills, lost wages from missed work, and disability benefits if an injury leaves them unable to continue in their current role. It also ensures injured workers maintain their rights to receive compensation without going through a lengthy legal process or worrying about going up against a major company in court. 

For employers, workers’ comp insurance can protect their business from expensive legal fees in case of a workplace injury lawsuit. The coverage also helps guarantee that employees who are hurt on the job will have access to necessary medical care and treatment immediately instead of waiting until after a lengthy court case. And since most states require employers to carry workers’ compensation insurance, having it in place can help prevent hefty fines or penalties in the event of non-compliance with state law. 

All in all, workers’ comp insurance is a beneficial form of protection for both employers and employees. It ensures that employees are taken care of in the event of an injury while safeguarding businesses from unnecessary legal costs.

For more information, give us at NCIB Group Inc. a call today. We proudly serve the Chicago, IL area and would happily help you find a policy that suits your needs and budget. 

Tips to prepare your boat for a storm

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As a boat owner in the Chicago, IL area, you know that it’s essential to take steps to protect your vessel when a storm is coming. Here are a few tips from us at NCIB Group Inc. to get your boat ready for the next storm. 

  • Anchor your boat securely: Before a storm hits, make sure your boat is anchored securely and check the anchoring line for wear or damage. 
  • Secure items on board: Ensure all items on board are secured and stowed away safely. This includes life jackets, fishing gear, tackle boxes, extra fuel tanks, and other loose items. 
  • Check the dock lines: Inspect all dock lines for signs of wear or damage before a storm hits and replace any that need it. Also, ensure they are properly tied off to ensure your boat doesn’t move or drift during the storm. 
  • Keep an eye on the weather: Regularly monitor weather reports to track the progress of incoming storms so you can prepare accordingly. 
  • Store away electronics: Before a storm arrives, unplug and store away any electronic devices, such as fish finders or GPS units, that could be damaged in high winds or heavy rainfall. 

By taking these simple steps, you can help protect your vessel from potential damage during storms and create peace of mind by knowing that you’ve done everything possible to keep your boat safe!

For more tips, give us at NCIB Group Inc. a call today. We are proud to serve the Chicago, IL area and would be happy to help you find a policy that meets your needs and budget. So don’t wait! Give us a call today!

Frequently Asked Questions about Home Insurance

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Buying a house can be stressful, overwhelming, and confusing. There are so many things that you need to do to buy a house. One of those things on the list of things to do when buying a house might include getting home insurance. Many people are confused about what home insurance includes and don’t include. Below is a list of some of the most frequently asked questions about home insurance and answers to those questions.

Frequently asked questions about home insurance.

Is home insurance required in the state of Illinois?

Home insurance is not required by law in most states, including Illinois. However, most lenders require home insurance if you plan to get a loan for your house.

What is not included in a home insurance policy?

Home insurance covers many things, but some things are not covered. Home insurance doesn’t cover maintenance, pests, mold, earthquakes, floods, and acts of war.

What types of home insurance coverage are available?

Most insurance companies offer a variety of similar basic coverage across the board. The basic types of home insurance available include:

  • Dwelling coverage
  • Other structures
  • Liability
  • Additional living expenses
  • Personal property or personal belongings coverage

If you live in high-risk places, you can get add-ons to your policy, such as flood and natural disaster insurance, but you must purchase them separately.

How does home insurance work?

You research what home insurance policies are available in your area. Once you choose a company you like, you purchase your insurance policy. If something happens like a fire, hail damage, or someone gets injured on your property, you file a claim with your insurance company.

Contact NCIB Group Inc.

If you want home insurance in Chicago, IL, contact us at NCIB Group Inc.

Questions to Ask an Agent About Auto Insurance

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Auto insurance is mandatory in the state of Illinois. Therefore, if you are a car owner, you will have to have a proper auto insurance policy to drive your vehicle. However, there are hundreds of insurance options to choose from, and it might be overwhelming to find a policy that would address your individual needs. If you are currently shopping for auto insurance in Chicago, IL or any other town in Illinois, here is a list of questions you should ask an insurance agent. 

Questions to Ask an Insurance Agent

You should always ask the following questions:

  • How much coverage do I actually need? There is a minimum amount of liability coverage you have to carry to comply with state law. However, you may need additional coverage for better protection. You should ask an insurance agent this question to be guided through coverage options and make the right choice. 
  • Are there any discounts available? You might be eligible for specific discounts, including multi-car, homeownership, and good student discounts. Ask an insurance agent about them. 
  • What deductible should I choose? The deductible is the amount an insurance holder must pay out of pocket before their insurance kicks in to cover the rest. If you ask an insurance agent about it, they will explain how the deductible affects your premium. 

Do not hesitate to ask more questions and get as much information as possible. This will help you avoid mistakes when choosing auto insurance. 

NCIB Group Inc. – Insurance Agency in Illinois That You Can Trust

Do you live in Chicago, IL, or any other nearby town and own a car? You should consider carrying proper car insurance. Since choosing the right policy might be more complex than you think, an experienced and reliable insurance agency NCIB Group Inc. is ready to assist you. Feel free to visit our website to get more information, or give us a phone call. 

Questions You Should Ask When Searching For Auto Insurance?

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Regarding car insurance, it might be challenging to find a perfect insurance plan, especially if you have never done it before. There are many things to consider, and you should not walk into the process blindly. If you are currently searching for auto insurance in Chicago, IL, or any other nearby town, here is a list of questions you should ask an agent:

What Should You Ask an Insurance Agent?

The list of the most important questions should include the following:

  • What types of coverage do I need? Liability coverage is required by law, but there are other types of coverage to consider, including comprehensive, collision, uninsured and underinsured, personal injury protection, and others. 
  • What is my deductible? There is a certain amount you have to pay before insurance kicks in, It is called a deductible. The higher your deductible is, the lower your premium is. It is crucial to decide on the deductible amount before buying insurance.
  • Is there a 24-hour claims service? Getting into a car accident is very stressful. If that happens, you want to ensure that your insurance has a 24-hour claim reporting service so that you can reach out to them anytime. 

NCIB Group Inc. in Chicago, IL – An Insurance Company You Can Rely On

If you are looking for an insurance company in Chicago, IL, or any other nearby area, NCIB Group Inc. is the one you should contact. We specialize in all types of insurance, including auto insurance, and we will help you find a perfect plan based on your insurance interests and needs. If you have any questions or want to know more, feel free to call us. 

What commercial insurance covers

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Commercial insurance is vital for any business to protect its assets, employees, and customers. It is designed to cover various scenarios that can arise during normal business operations, such as property damage, theft, liability, and other financial losses. At NCIB Group Inc., we are experts in the area.

Commercial insurance in the Chicago, IL area includes various types of policies tailored to an individual business’s specific needs. The most common types include general liability insurance, property insurance, workers’ compensation, and product liability. General liability protects you if someone is injured or sustains property damage on your premises or due to your products or services. Property insurance covers buildings and equipment the business owns if damaged or stolen. Workers’ compensation covers medical bills, lost wages, and other damages related to employee illness or injury while on the job. Product liability protects against injuries caused by defective products you sell or manufacture.

Aside from traditional commercial insurance coverage, businesses may also consider specialized coverage for specific risks associated with their industry or sector. For instance, a restaurant owner may require additional protection for food contamination; a construction firm may need more expansive coverage for workplace accidents; and a retail store may purchase coverage for customer slips and falls on the premises. Even "boilerplate" packages are available, covering all significant areas of risk concern in one policy.

Businesses must evaluate their commercial insurance needs carefully to ensure they are adequately protected from potential losses due to unforeseen circumstances outside their control. For more information, call us at NCIB Group Inc. today! We proudly serve the Chicago, IL area.

 

Does Condo Insurance Cover Storm Damage in Chicago, IL?

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Homeowners in Chicago, IL are no strangers to severe weather. From thunderstorms and tornadoes to floods and wildfires, homeowners need to ensure they have the right insurance coverage in case of storm damage. But what happens when you live in a condo instead of a single-family home? Does condo insurance still protect against storm damage? Let’s look at how condo insurance covers storm damage in Chicago, IL.

Protection Against Wind Damage

Condo owners should not assume that the building owner’s policy covers their structure. Most policies do not cover interior items such as furniture, flooring, and appliances, which means the responsibility would fall on your shoulders. However, if you purchase an HO-6 policy, you should be covered for any wind damage from storms or hail as long as it does not involve flooding or earthquakes.

Protection Against Fire Damage

You may be entitled to compensation for smoke and soot removal and any structural damages due to the fire itself. Most standard condo insurance policies cover this type of loss regarding fire damage caused by storms or other disasters. However, this coverage is often limited in scope, so you should speak with your NCIB Group Inc. representative about what coverage you need before signing a policy.

Protection Against Water Damage

Water damage can come from many sources, including floods and plumbing issues. While most condo insurance policies will cover water damage caused by plumbing problems (such as burst pipes), they usually do not cover flood damage caused by natural disasters like hurricanes or heavy rainfall. If you live in an area prone to flooding, you may need additional coverage for this event.

It’s always best to speak with an experienced agent at NCIB Group Inc who can help answer any questions and determine the best course of action for protecting your home against storm-related damage.

Four Add-ons to Consider for Your Commercial Insurance Policy

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Your commercial insurance is a lifesaver, but it isn’t perfect. Luckily, you can add special coverage to boost your commercial insurance. Endorsements or add-ons are special policies you buy to fill gaps in your underlying policy.

If you are unsure about add-ons you should buy for your commercial insurance, NCIB Group Inc. in Chicago, IL is here to guide you.

Flood Insurance

Like home insurance, your standard commercial insurance doesn’t cover flood damage. The good news is that you can purchase flood insurance to protect your business premises and the contents inside against flood damage. Flood damage compensates you for losing your building and assets up to your coverage limit.

Earthquake insurance

While earth movements are common, the sad bit is that your standard commercial insurance doesn’t cover damage from mudslides, landslides, and other earth movements. Luckily, if your business is in an earthquake-prone area, you can purchase earthquake insurance to protect your business.

General liability insurance

Although general liability insurance isn’t mandatory in Illinois, all businesses should invest in this coverage. General liability insurance covers your business when it sustains bodily injury or property damage to others. Additionally, general liability insurance covers your business against lawsuits. Legal fees can be costly, especially when the case isn’t ruled in your favor. Thankfully, you don’t have to worry about liability claims if you have the relevant coverage.

Cyber liability coverage

While digitalization eases the operations of businesses, it’s also an opportunity for hackers to terrorize businesses. When cybercriminals are successful, your business can incur significant losses. However, investing in cyber liability insurance can lessen your financial burden.

Would you like to invest in commercial insurance? Are you a resident of Chicago, IL, or the surrounding area? Please contact NCIB Group Inc. for all your business insurance solutions.