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The Lakeview Blog

7 Deadly Sins Of Insurance Buying

Personal and business insurance buyers–don’t make these mistakes

Everyone who buys insurance often runs into what we call the 7 deadly sins of buying insurance. These apply to both personal insurance and business insurance. Read these to see if you can relate to any of them.

Your deductibles are too low. The lower the deductible the higher the premium. Consider increase auto physical damage deductible on older vehicles.

You have more than one agent. Having two agents it not wise. Select one agent whom you believe will be best for you. Two agents can trip over each other, and you could end up un-insured.

You don’t consider the insurance cost when buying a car. The make and model of the car you purchase will have an impact on the insurance costs.

Your replacement cost value is not correct. It is very important to keep your replacement cost up to date. Replacement cost coverage will replace or rebuild your property with like kind and quality of materials.

Failure to develop a property inventory. Having an accurate inventory of your personal property can reduce stress at the time of a loss and help insure you receive 100% of what you lost.

You have coverage you do not need. There are many different types of insurance you can buy but not all are needed. For example, travel insurance, pet insurance, extended warranties and mortgage life insurance is not always needed. We have other options and recommendations, call us today.

Cancer insurance. Marketed by specialty-insurance companies, these plans supplement health insurance for cancer-care costs. Annual premiums range between $400 to $2,000 dollars. Despite their high cost, the policies may not cover outpatient care. Chances are that your existing health insurance already covers cancer expenses.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

Buy – Sell Agreements Funded By Life Insurance

There is considerable planning that goes into running a business. This is especially true if there is more than one partner involved in the business. It is important to have a clear understanding and agreement if something should happen to one of the owners. According to David N. Barkhausen, “Buy-sell agreements among co-owners or present and future owners of a closely-held business are intended to assure the smooth future transition of its ownership. They provide the mechanism, and, if properly funded, the means, to effect a change in control and a transfer of interests upon the occurrence of a number of events, beginning with death, disability and retirement.”

Here are some of the benefits of a buy-sell agreement:

Provides recovery for partners and heirs

Tax advantages

Provides for transfer of ownership and wealth

Creates fair and market value exchange of ownership

What can be a trigger for a buy-sell agreement?

Death, disability, retirement, divorce, loss of license, termination, and voluntary transfer of ownership.

How is a buy-sell agreement funded?

Any buy-sell agreement requires a decision regarding the type of insurance policy to purchase. The initial choice is between term and whole life insurance. The ability to maintain life insurance throughout a shareholder’s life is important. Of course there are other methods of funding including; cash, borrowing, and stock, but the most common is insurance.

We recommend you consult with an attorney and tax professional as part of your planning process.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

 

How to Keep Your Small Business Open After a Loss

A Business Insurance Update

As a small business owner, you wear many hats, including owner, manager, human resource manager, sales manager—and even window washer.  Because there is so much to do, you may not spend time thinking about your business insurance, but you should.  Recent studies by the Insurance Information Institute found that over 50% of small businesses never reopen after a severe loss.

We are ready to help you by providing the best possible combination of coverage, price, and service.  We will shop the market and provide you with the coverage you need. Let us become your insurance department.

What Kind of Coverage Should Your Small Business Have?

Commercial General Liability Insurance covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses can face a wide array of damage charges like personal injury, property damage, libel, and slander.

Commercial Auto Insurance covers your business owned vehicles.  Operating costs of vehicles have increased over the past few years including general maintenance, repairs, and fuel.

Property Insurance covers loss of equipment, personal property, and buildings.

Product Liability Insurance covers legal fees for litigation involving a faulty product.  It also covers any personal or property damage charges caused by a defective product.

Cyber Liability Insurance covers the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology.  It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors and Officers Liability covers costs, damages, and defense protection for directors and officers of a company for lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees.  It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment related allegations.

Professional Liability Insurance is designed to cover third party claims and damages arising out of providing professional advice.  Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

Workers’ compensation insurance is usually required by law for small businesses with employees.  This insurance provides benefits for employees who are injured or die from job-related causes.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

Why Do You Need insurance?

A Personal Insurance Update

Insurance can be confusing, but here are a few interesting facts to get you thinking about your insurance program.  The following facts are not confusing at all, and in fact, they should cause us all to think about safety and personal insurance issues.  We can offer the right combination of pricing and coverage for your home, auto, and boat insurance.  If anything, the following facts are great reasons to have us complete a review of your insurance program.

There were over 26,000 arson fires in the U.S. in 2016.

Hail causes about $1 billion dollars in damage to crops and property each year.

There were over 2,000,000 home burglaries in 2016.

One third of consumers believe they do not have enough life insurance.

721,000 autos were stolen in 2015.

Winter storms caused $1.9 billion dollars in insured losses in 2015.

Did you know that if the price of gold goes up, you may need to increase your insurance on your jewelry?

September is the most common month for hurricanes making landfall in the U.S.

Identity theft claims increased over 18% in 2016.

21% of fatal auto accidents were caused by driving too fast.

Most homeowner’s insurance does not cover flood damage. Just a few inches of water from a flood can cause tens of thousands of dollars in damage.

The average renter paid about $200 for insurance in 2016.

Alcohol was the largest human factor in boating deaths in 2016 (17 percent of boating fatalities), causing 140 deaths in 368 accidents and resulting in 313 injuries.

There were 3,020 distraction-affected fatal crashes in 2016. Turn off your phone!

We hope this has given you a chance to think about your home, auto, boat, motorcycle and business insurance needs. Please call us today and let us help you sleep better at night, knowing you are better protected.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you.

Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

 

Disability Insurance…. What You Should Know

Why You Need Disability insurance

If you and your loved ones depend on your salary for support, then you probably need long term Denver disability income insurance. Think about it: if you were to become disabled, even for a few months, how would you and your family manage? Who would pay your bills? Disabling illness or injury is one of the leading causes of bankruptcy in the United States. Just like any other form of insurance, disability insurance promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation

Most people do not realize that their chances of becoming disabled are greater than their chances of dying prematurely. Yet they are more likely to buy life insurance than disability insurance. For this reason, people in the insurance industry call disability “the forgotten risk.’ According to statistics from the Journal of the American Society of Chartered Life Underwriters, if you are age thirty to fifty-five, your chances of becoming disabled are two to three times greater than your chances of dying.

If you are thirty-five years old, you have a 50:50 chance of experiencing a disability lasting last three months or longer before you retire. One in seven workers will become disabled for more than five years before he or she reaches age 65.

Many people mistakenly believe that the government or Worker’s Compensation will pay them an income if they become disabled. Actually, more than 80% of the people who apply for Social Security disability benefits are rejected. Social Security does not pay benefits for partial or short-term disability. Your disability has to either last a year or be expected to last a year before you can collect Social Security. Worker’s Compensation pays only if you were injured on the job and benefits are often limited to a few years

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

Call us today for more information

The True Value of Life Insurance

Chicago Life Insurance

Are you one of those people who think you don’t need life insurance? Please think again. Life insurance has been a part of estate planning in the United States for many years. Although life insurance does not need to be a part of every person’s estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child. Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone.

Let’s look at a few of the reasons to consider life insurance:

Payment on Debt- If you have any outstanding debt (like a mortgage) at the time of your death, it does not go away. Your estate will still be responsible to settle all accounts.

Continuation of Income- Life insurance can provide the funds to replace your income upon your passing. Family income will certainly diminish and there’s a very good chance that your family will experience a lower standard of living.

Unpaid Medical Expenses- It is highly likely that you will have medical expenses prior to your death; some of which may not be covered by health insurance. Adequate life insurance proceeds ensure that these final expenses are well taken care of.

Funeral Expenses- Most people don’t plan or fund their funeral expenses; again life insurance is there to help.

The good news is that life insurance rates are low and there are many different kinds of products from which to select.  One question we often get is, “How much life insurance do I need?”  That really depends on your individual situation, but here is our general guideline. We think you need to consider a life insurance limit of at least 10 times your annual gross income. For example if you earn $50,000 per year, your family would need to replace some-where close to that amount. A $500,000 life policy could return $45,000 to $50,000 depending on interest rates.

Term life insurance

Term life insurance is designed to provide financial protection for a specific period of time, usually 10 or 20 years. Typically, premiums are level and guaranteed for that time. Term life insurance is generally a less costly option than permanent life insurance.

Think you don’t need life insurance if you don’t have kids? Think again. It may seem like an unnecessary expense. But there are many reasons to have life insurance.  Do it for your Family!

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

To discuss your life & health insurance needs, contact our life & health benefits department at Contact Jeffrey at: jyarosz@lakeviewins.com     773-871-8000

Ask the Insurance Expert From Lakeview Insurance

 

Insurance Question We Most Often Answer

As professional insurance agents, we are asked many questions regarding personal insurance.  We thought it might be good to offer answers to the most common kinds of questions we receive.

“Why buy from an agent when I can go online?”

When you buy insurance online, you are forced to become the insurance expert and if there is ever an issue, you have only yourself to blame.  In most cases, we can offer the same, or better, coverage with a licensed professional agent who is willing to actually meet with you and educate you on your choices.  The cost for these services is included in the cost of your insurance.

“How much insurance do I need?”

That depends on your personal situation.  If you have a number of vehicles, recreational vehicles, or a boat, we might recommend higher limits than if you are a renter with no “toys.”  We also recommend that you buy auto insurance coverage/limits above the state minimum.  If you have a growing family and own your home, we suggest higher limits and a personal umbrella policy to protect your assets.  A personal umbrella policy is very competitive and can provide an added layer of coverage and security.

“Which deductible should I select?”

The higher the deductible, the lower the premium.  In the long run, it may benefit you to increase your homeowner’s insurance deductible above a minimum amount, especially if you are claim free for a number of years.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

Chicago Heat Stress Prevention

As summer approaches, workers all over the State will experience the risk of heat stress.  Heat stress is especially prevalent in the summer months due to climate changes in July and August.

Heat stress is a signal that says the body is having difficulty maintaining its narrow temperature range. The heart pumps faster, blood is diverted from internal organs to the skin, breathing rate increases, and sweating increases, all in an attempt to transfer more heat to the outside air and cool the skin by the evaporation of sweat. If the body can’t keep up, then the person suffers effects ranging from heat cramps to heat exhaustion, and finally to heat stroke.

Prevention Tips

Drink water frequently and moderately.

Take breaks and rest periodically out of the sun and heat.

Eat lightly.

Do jobs that are more strenuous during the cooler morning hours.

Utilizing ventilation or fans in enclosed areas.

Remembering that it takes about 1-2 weeks for the body to adjust to the heat; this adaptation is quickly lost – so your body will need time to adjust after a vacation.

Avoiding alcohol consumption. Many cases have occurred the day after a “night on the town”.

Wear light-colored, cotton clothes, and keep your shirt on; desert nomads do not wear all those clothes for nothing.

Additional sources: CNA

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them.

Summer Driving Tips From Lakeview Insurance

An Auto Insurance Update

Summer is almost here, and many families are planning that great summer road trip.  Whether you are planning a day trip or a longer weeklong adventure, it is important to be prepared before you hit the road.  Insurance Institute for Highway Safety (IIHS) statistics reveal that more fatal traffic crashes occur over the summer months than over the winter months.

Auto Insurance

It will be important to have an auto insurance update before you go. Laws vary from state to state and when it comes to your auto insurance, it is important to have the best possible combination of coverage, price, and service.

Summer Driving Tips

If you have teen drivers, make sure they have taken driver safety training.

Never use your phone while driving.

When on a long drive, take frequent breaks.

Roads become very slippery in the first few minutes of rainfall because the rain mixes with the oil and dirt on the road. It takes about 30 minutes of steady rain to wash the oil and dirt off the road.

If your car is due for a tune-up, oil change, battery check, or tire rotation, now is the time to get it done.

Use seats belts every trip, all the time.

Traffic laws vary by state so it is important to follow traffic signs.

Pack extra water and supplies in case of an emergency.

Drive at a safe speed. Speeding increases the likelihood and severity of a crash.

Call our office for more information on how these discounts may apply to your situation. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

Why Are Your Auto Insurance Premiums Increasing?

 

How To Buy Chicago Homeowners Insurance

Home Owners Insurance

Buying a home is a huge step in your life. Whether it’s a one-room condo, a three-flat or a suburban “mansion,” you need to protect it from fire, theft and other hazards or losses. Lakeview Insurance Agency can help you protect your “castle” and other valuables, too.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Buying Homeowners Insurance–The Right Way

Use an independent agent. We will search the market for the best coverage value for you. Do you know that some insurers don’t like older homes, while others do? Do you also know that some insurers give certain discounts that others don’t? We know how to give you the best value.

Read your policy. It is important that you know what your policy covers. We can certainly answer any questions you have, but it pays to review your coverage.

Talk with us about your coverage needs. You may travel frequently, have many toys like ATV or boats, or you may have expensive jewelry; all these life style choices need to be considered when selecting homeowners insurance.

Have you completed any home improvement projects? Did you add a bathroom, enlarge your deck, or add a media room? Home improvement projects may require an update to your policy.

Often adding other coverage like auto, boat or RV to combine coverage will gain a better cost advantage.

Having a home security system or home sprinkler system often will help lower premiums.

We all want to save money, especially on our home insurance. However, you must know how to get a good rate without compromising on coverage. By talking to us and discussing the coverages needed for your home, you will be able to receive the best possible combination of coverage, price and service.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

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Office Contacts
Ph: 773-871-8000 Fax: 773-871-8062
lakeviewins@lakeviewins.com

Lakeview Insurance Agency of Illinois, Ltd.
3438 N. Southport Ave.
Chicago, IL 60657 map

After-Hours Emergency Claims
Ph: 773-502-8888
lakeviewins@msn.com