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Archive for the ‘Insurance’ Category

Why Review Your Chicago Business Insurance?

Wednesday, May 9th, 2018

A Chicago Business Insurance Renewal

Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing and the right insurer. We have found at least five factors that are important to manage when renewing your business insurance program.

Business Insurance

A business insurance program can include commercial property, auto, commercial liability, employment liability, workers’ compensation, professional liability and excess liability.

Insurance Renewal Tips

Provide complete information about your operation. Paint a picture that describes what you do and how well you do it. You have to sell the underwriter on what is different about your operation and how the insurance company needs to insure your risk, because you are above average.

Use an independent agent. We are best equipped to provide you with the best combination of coverage, price and service.

Combine your property, auto and liability with one insurer if possible. You will receive package discounts.

Have a well-managed safety program.

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.

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

 

Things You May Not Know About Life Insurance

Wednesday, April 11th, 2018

Life insurance can be a great benefit as it provides them with many benefits. These benefits are not just when the individual passes away. There are what we call living benefits. In many cases, these can be very compelling reasons for you to consider life insurance.

1. Show Me The Money
Some permanent life insurance policies include a cash value, meaning there’s financial potential that can be applied towards college tuition or even supplemental income for retirement.

2. Allows You To Pay Less In Taxes
Proceeds are generally income tax-free to beneficiaries. And when properly structured, are not considered part of your estate and therefore safeguarded against estate taxes. Plus, there’s room for tax-deferred growth, tax-favored loans, and tax-friendly withdrawals

3. The Price is RightMost people overestimate the total cost to be almost twice what it really is. Term life insurance rate are coming down; in fact, they have never been more cost-effective.

4. More Valuable Than You Think
Imagine a family of four living off a single 60k annual income. If that income was to suddenly disappear at the age of 40, it accumulates to a total loss of 1.2 million over only 20 years. That’s well over the amount the average person could save on their own.

5. It’s Portable
Most life insurance products can follow you from job to job. This allows you to adjust limits and other terms as you need to.

6. Receive A Guaranteed Income In Retirement
While you are alive, you can also get an annuity from permanent life insurance instead of later providing a death benefit to relatives and others.

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.

How Much Life Insurance Do You Really Need?

Tuesday, March 27th, 2018

We understand that a conversation about life insurance is not always an easy one, but should be part of your long-term planning. There are many good reasons to consider purchasing life insurance. Life insurance gives your loved ones the resources to pay off debt, continue living the same standard of living and provides added financial security.  Also remember, the tax-free proceeds from life insurance will provide your loved ones with a tangible expression of your concern and thoughtfulness.

After you have decided to purchase life insurance, it brings us to the most significant question, that is how much life insurance do it need? That question depends on many factors.

  1. How much will be required to meet my family’s financial obligations?
  2. How much debt do you have other than your mortgage?
  3. What are the future income needs of my family?

Once you know this, we can provide you with limit and pricing options. Here is an example for you to consider.

After Tax Monthly Income    $5,000

Mortgage/rent                          $1,200

Expenses                                    $3,000

Savings                                      $   800

Under this example, it takes around $5,000 of after-tax income to sustain your family. If you are gone, we might expect your family to need that same amount of after-tax income still. You would need an investment amount of $500,000 to see an average return of 10% or $50,000 annually. We understand that investment returns change over time, but this is a reasonable approach.

We recommend term life insurance which is very cost effective.  The price is based on how much coverage you need, current age, and length of time you would like the coverage. You pay as you go and can drop the policy at any time. Usually, term insurance is purchased in 5, 10, or 15-year terms, but again you don’t have to renew. It is cost effective to purchase a longer policy term, as it locks in the premium.

What Does A Commercial General Liability Policy Cover?

Monday, March 19th, 2018

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:

Do I Need Insurance Form My Condominium?

Friday, March 9th, 2018

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?

Tuesday, February 27th, 2018

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

Thursday, February 15th, 2018

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:

Why You Should Consider Chicago Disability Insurance

Sunday, October 22nd, 2017

If you and your loved ones depend on your salary for financial support, then you probably need disability income insurance. Think about it, if you were to become disabled, even for a few months, how would you and your family manage? 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.

If you are thirty-five years old, you have a 50/50 chance of experiencing a disability lasting 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.

If your employer doesn’t offer a group plan or you don’t like what you’re offered at the office, you can shop around as an individual. But keep in mind that, without a group, your price is based on your unique situation and needs.

Leave a legacy of love. Whether you need to secure a loan, are doing estate planning or just want to ensure your family is provided for if your life is cut short, life insurance can provide this protection.

Health insurance is only half the story. If health insurance pays your doctors and hospital, who will pay you when you become ill or injured? Income protection insurance does just that. Your best asset is your ability to earn a living. Call us today to see how affordable it is to protect it.

How Your Business Can Recover From a Natural Disaster

Wednesday, October 11th, 2017

A Chicago Business Insurance Update

Hurricane Harvey’s impact will be felt for the next three to five years, or even longer.  Many affected businesses may not survive.  It is our hope that all the people and businesses impacted by Harvey will recover as soon as possible.  For those businesses that had flood insurance, the recovery will be helped through the insurance resources.  There are other kinds of disasters, or losses, which can cause your business to be shut down.  Now is the time to have us complete a business insurance review. We can offer many coverage and pricing options for your business.

Disaster Planning for Your Business

  • Review your commercial insurance. Being proactive can help in the end.  We can help you determine what coverage is best suited for your individual business needs.
  • Put together a crisis team and a plan. Design a plan for the kinds of disasters you are likely to have.  Have contingency plans for continued operations. This may mean developing agreements with other businesses for use of their facilities or locations for a short term.
  • Meet with your insurer as soon as possible. Developing a relationship with your claims adjuster is critical.  Be willing to provide all information required.
  • Request an upfront partial payment. This will help you fund your recovery.
  • Be prepared to document all expenses. It might even help to hire an accountant to help you with post loss expenses and documentation.

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.

 

 

7 Deadly Sins Of Insurance Buying

Wednesday, September 27th, 2017

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:

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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