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The Lakeview Blog

What Does A Commercial General Liability Policy Cover?

A Chicago Business Insurance Update

We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small needs general liability insurance to protect your organization from unforeseen events.

General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:

  • Bodily Injury– Bodily Injury to a third party.
  • Property Damage– Damage to a third parties’ property (equipment building etc.).
  • Personal Injury– Injury to the mind or emotions, as opposed to an injury to property.
  • Advertising Liability– Damages arising out of advertising, libel, slander and invasion of privacy.
  • Products & Completed Operations– Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.
  • Premises-Covers liability arising out of injury to third parties while on your premises.
  • Medical Payments- A general liability coverage that reimburses others, without regard to the insured’s liability for bodily injury while on your premises.

General liability insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization.

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:

Medicare Basics for the New Enrollee

If you are new to Medicare, it may seem like there is a lot to learn and absorb. We are here to help you. Keep this information close to you, and then call us today.  We are always available to answer your Medicare questions.

Medicare was created to provide health insurance for all people 65 years of age or older. It has gone through many changes over the years. More recently, a new program was added to help cover prescription drug costs.

Here are some Medicare facts to remember:

  1. Using an agent does not cost you any more.
  2. When you are first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.
  3. January 1 to March 31 each year is the standard enrollment period. If you didn’t sign up for Part A and/or Part B when you were first eligible, and you aren’t eligible for a Special Enrollment Period (see below), you can sign up during the General Enrollment.
  4. Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period. If you are covered under a group health plan based on current employment, and that plan ends, you can call us for enrollment options

The Affordable Care Act puts consumers back in charge of their health care. Under the law, a new “Patient’s Bill of Rights” gives the American people the stability and flexibility they need to make informed choices about their health.

We provide Medicare solutions through the following insurance companies:

BlueCross BlueShield of Illinois
Mutual of Omaha
Humana
UnitedHealthCare

To discuss Medicare options specific to your needs, contact our life & heath benefits department at (773) 871-8000 ext.3413 or Dhanusiak@lakeviewins.com

This is not a complete listing of plans available in your area. For a complete listing, contact Medicare at (800) MEDICARE or www.medicare.gov

Do I Need Insurance Form My Condominium?

If you own a condominium you need the same kind of insurance as any homeowner does. You also own personal property like clothes, guns, electronics and furniture that needs to be insured.

The condo association’s insurance usually covers the common areas you share with others in your building (walls out), like the roof, basement, elevator, boiler and walkways for the association’s liability and physical damage, but not much more. These policies are intended to protect the association owner for direct damage to their property. Condo associations should also have Directors and Officers Insurance to protect against alleged or actual financial losses from third parties including individual condo owners.

That leaves a lot of items to be covered under a condo owner’s property policy. Condo owner insurance typically covers what the condo association’s insurance doesn’t; personal property, liability, the owner’s portion of the building, and loss of use. Condo owners also can purchase added coverage including water backup, flood, earthquake, umbrella, fine arts, and jewelry insurance.

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 Will Your Business Respond?

A Business Insurance Update

If you think about it, your business faces risks every day.  When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises.  The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up.

Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners.  Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them.

According to the survey, the top seven worries of today’s business owners across all industries are:

  • Medical cost inflation
  • Increasing employee benefits costs
  • Legal liability
  • Broad economic uncertainties
  • Tech and data/cyber risks
  • Complying with laws
  • Attracting and retaining talent

Source: Business News Daily

Let our agency help you understand how to manage and treat the risks.  We offer a wide range of highly rated insurers that can offer the necessary products to help your manage you risks.

Or, you may be a plant manager, office supervisor or HR manager charged with finding the right insurance for your company and its employees. Either way, Lakeview Insurance Agency is the right independent agent for you.

Emerging Risks Facing Many Small and Large Businesses

A Business and Risk Update

You buy commercial insurance to protect your business from the unforeseen events that might cause a claim, damage, or loss.  Commercial insurance provides the financial resources necessary to help your business recover from a covered loss.  As your business grows, so does your risk.  As societal norms change, your business risks also change.  A commercial insurance review can help you better understand your new risks and how best to manage them.

Common Emerging Risks

  1. The connected workplace is allowing employees to work from remote locations. However, this can create new liabilities for businesses.  Remote workplaces create increased risk of cyber breaches, undocumented workers’ compensation claims, and other HR issues.
  2. The use of imported products can adversely affect your businesses risk. If you use imported products as part of your manufacturing process, you have an increased risk of that product failing.  You may then have difficulty recovering your losses in a foreign county.
  3. The shortage of skilled workers can also increase your business risk. Set up a thorough training program to ensure all new employees have an understanding of their job duties and functions.
  4. Business interruption losses can close your business down. It is important to have the right kind of business insurance to cover a shutdown. Coverage can include payroll, extra expenses, and lost revenue.
  5. Loss of brand reputation can kill your business overnight with the use of social media. Make sure you respond quickly to all client concerns and have a social media policy for your business.

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:

Retirement Planning Tips For 2018

People of all ages need to be planning and funding retirement. We can’t rely on Social Security to provide 100% of our retirement income. Here are a few tips to help you as you and your family plan out your retirement.

People Are Living Longer

You need to plan for the possibility you may live longer in retirement than you ever imagined. This may require adjustments in spending and life style.

Get out of Debt

Pay off expensive debts and then accelerate retirement savings in earnest.

Consider Life and Disability Insurance

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.

Disabling illness or injury is one of the leading causes of personal bankruptcy in the United States. Just like any other form of insurance, disability insurance (short term or long term) promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation.

Get A Will

Without a will, the courts decide what happens to your assets and who is responsible for your kids. Many people put off making a Will for a variety of reasons; either because they do not think it is relevant to them at their particular stage of life, because they do not feel that it is necessary, or because it may force them to confront difficult issues.

Health Care Costs

Health care cost are going up, plan for 5% to 15% increases or more, over time. Also, people tend to utilize health services more in the last years of life. Your health should be considered your most vital investment. After all, it is hard to live a rich and fulfilling life while struggling with serious medical conditions. Having health insurance could help ensure you have the means of receiving the medical care necessary to preventing various illnesses that could negatively affect your quality of life.

Close to age 65?

You should find out how to apply for Medicare. You may need to sign up for Medicare close to your 65th birthday, even if you are still working.

To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes. Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. 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.

 

Is Your Chicago Business Prepared For The Future?

Business Insurance and Risk Management Trends

Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late.

Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars.

A good risk management plan starts with reviewing your potential risks then developing a plan to treat or manage these risks. Commercial insurance is a good tool that can address many of your business risks. However, many business owners often don’t consider the following risks.

Some Important Business Risks to Consider

The risk of being sued by employees – There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks.

The risk of lost income – If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection.

Cyber liability risk –  If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses.

We Offer a Fresh Perspective to Your Business Risks

As part of our service we can review and examine your business operations and help you identify the important business risks. Then we will design a risk and insurance program tailored to meet your needs. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial risks.

To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes. Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. 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.

Life Insurance Provides Options For Buy-Sell Agreement

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. 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.

 

 

 

 

Chicago Life Insurance

So, you’ve decided to purchase life insurance. Well then, you have made a good decision! If you have dependents, you know that you must provide for them long after you are gone. Buying life insurance shouldn’t be a budget buster either. Take a look at the following options which can help you save big time!

We will give you free life insurance quotes. Naturally, you will want to talk to an agent. There are four types of life insurance plans from which you can choose: Term Life, Whole Life, Universal Life, and Variable Universal Life.

Term Life is the most affordable as it lets you lock in a fixed rate for the length of the policy [typically 10 or 20 years], but it does not have any cash accumulation. You are not able to borrow money from your Term Life policy.

Whole Life offers policy holders lifetime coverage, guaranteed level premiums, tax-deferred accumulation of cash values. In other words you can borrow off the policy if you need the cash.

Universal Life offers policy holders Lifetime coverage, flexible premiums and death benefits, tax-deferred accumulation of cash values. Rates are adjustable.

Providing for family members after your death is one of the most important reasons to include life insurance as part of your financial planning. You can receive your free life insurance quote by shopping online today; don’t delay

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.

Individual Life Insurance Vs. Company Sponsored Plans

Chicago Life insurance

We often get asked the question; “is it better to buy my company provided life insurance or buy life insurance on my own?” As with most things insurance-related, there are big variations in life insurance coverage and price. We recommend you consider looking at an individual plan first. Let’s look at some of the differences between group life insurance plans and individual plans.

Group plan problems

  • Group plans tend to have higher premiums
  • Rates may change from year to year
  • Group life insurance cannot be tailored to your individual needs
  • You have a limited amount of coverage you may buy
  • You do not have a choice of insurers
  • Group insurance is not portable, you can’t take it with you if you change jobs

Individual plans benefits

  • You can shop around to get the best deal
  • Premiums are generally less
  • You have the option of higher limits
  • Premiums can be locked in over a long period of time
  • The policy is portable and can be adjusted as your life needs change

The safer and smarter move is to buy life insurance on your own today. If you are interested in the deal offered through work, at least compare your costs for that group plan to what you can qualify for in an individual policy.

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 (773) 871-8000 ext.3413 or Dhanusiak@lakeviewins.com

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

After-Hours Emergency Claims
Ph: 773-502-8888
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