When is Commercial Insurance a Necessity?

One dream that a lot of people share is to one day own their own business. If you desire to be a small business owner, starting one in the Abilene TX area could be a good idea due to the great amenities that the local area offers. If you are going to start a business where you need to think about your insurance needs. There are several situations when getting commercial insurance will be a necessity for you and your situation. 

When Protection is Needed

The first situation when getting commercial insurance will be a necessity is when protection is needed. A business has a lot of different risks and an owner will want to protect against these as much as they can. A great way to do this is by getting a commercial insurance policy, which will protect both the company assets and give liability coverage. 

Lender or Investor Requirements

Having this form of coverage is very important. Due to this, many lenders and investors will require that you have commercial insurance at all times. The lenders and investors you work with will want you to have it as it can help to keep your business solvent, which ultimately will help to protect the investment they have in your company. 

If you are going to own and start a business in the Abilene TX area, having commercial insurance continues to be very important. When you are looking for a new commercial insurance policy, it is important to have someone by your side that can help. The Koda Insurance Group Can help you to identify your business risks and get into a policy that is right for your organization. Koda Insurance Group can also answer any questions that you have regarding your options and needs. 

5 fire hazards to remove from your home today

Fire safety plans include many components. These include forming an escape plan and addressing common household hazards that can lead to fires in Abilene, TX and beyond. This means removing hazardous items or eliminating risk factors associated with certain appliances or products. Here are five hazardous areas to check today and often to reduce your risk of fire.

Clean the lint filter

One of the leading causes of home fires is the dryer. Cleaning the lint filter and the surrounding area after each load of laundry isn’t just a best maintenance practice — it is a safety necessity. A lint fire only takes a spark to get started and can be devastating. To further lower your risk of fire, clean the dryer vent of your home annually to remove additional build-up.

Remove extension cords

Extension cords are not a permanent solution to overloaded outlets. If you are using an extension cord for small appliances like coffee pots and toasters, stop and relocate the items to where they can be plugged directly into the wall. If you are using extension cords regularly in other areas of the home for phone charging and electronics, consider repositioning furniture near existing outlets for direct plug-in or calling an electrician to install additional outlets in the home.

Limit candle usage

Candles provide beautiful light and warm fragrances in the home, but they are a top fire hazard. Consider investing in LED faux candles for the same effect without the risk or limit your candle usage while applying best safety practices. Keep candles one foot away from flammable objects like paper and fabric. Never leave the candle burning by itself in a room or burning while you sleep. Don’t rely on candles in a power outage. Opt for battery-powered lanterns for stationary light and flashlights for walking.

Store propane outdoors

For grill masters with a propane grill, additional fuel for the grill needs to be stored outside the home to reduce the risk of fire. Pick a well-ventilated area detached from the home or an outdoor location for tanks. Propane does not freeze, so it is safe to leave outdoors year round.

Keep gas out of the garage

The same principle applies to a can of gas for the lawn mower and other home maintenance tools. Keep gasoline in a detached structure away from the house. If it is stored in a shed, keep it away from sources of direct heat, such as a window, heaters and hot water heaters.

After protecting your home from the inside out, always double-check your home insurance policy to ensure you have the appropriate level of coverage for your property and family. If you are unsure about coverage options and levels, the Koda Insurance Group serving Abilene, TX is a resource for more information.

Contact the Koda Insurance Group today for a free quote or to discuss your home insurance needs.

An Introduction to Commercial Insurance

Koda Insurance Group of Abilene, TX knows the complexities of opening and running your own business. One of the most important needs includes the right commercial insurance.

Think of the business equipment you purchased. Or your office furniture. Imagine how you would pay for replacement windows if vandals broke the glass on your storefront. Your commercial insurance covers that.

You need to decide if you need commercial liability, a business owner’s policy, commercial auto, glass insurance, etc. Only the right policy pays out when you file a claim.

You will not need the same insurance policies as your friend’s business unless you both own the same type of business. For example, every pizza delivery operation needs commercial auto to cover its delivery vehicles. The complex nature of these policies means that no two cover the same items. Among the potential commercial/business insurance policies you may need are:

  • commercial auto insurance,
  • boiler/machinery,
  • business owner’s policy,
  • business interruption insurance,
  • builder’s risk insurance,
  • crime insurance,
  • debris removal,
  • directors’ and officers’ liability insurance,
  • errors and omissions insurance,
  • fidelity bonds,
  • glass insurance,
  • inland marine insurance,
  • malpractice insurance,
  • ordinance or law insurance,
  • tenant’s insurance.

That list probably seems a little overwhelming unless you happen to be an insurance expert. Let Koda Insurance Group of Abilene, TX help you understand the ins and outs of commercial insurance. While for most businesses, a business owner’s policy makes the perfect starting point, not every business needs one. You may only need a commercial auto policy or liability coverage. If you have employees you will need worker’s compensation insurance. 

Call us or come by the Koda offices to learn more about the coverage that fits your business.

Gap Insurance is Not Enough, Reasons To Keep Your Full Coverage Even After You Pay Off Your Vehicle.

Koda Insurance Group serves the community of Abilene, TX with premium auto insurance services. We want our clients to have the exact insurance policy they need to be fully protected in case of an accident. Here is some information you may not have known about Gap insurance in Texas. 

Gap insurance is called such because it is created to cover any “gap” in a person’s auto insurance and the cost of their vehicle. When the car first drives off the lot this gap in what is owed is large, depending on the vehicle the gap may shrink but it can also stay significant if the vehicle losses value or the loan has high interest. 

Many loan companies are requesting gap insurance as part of the loan (it is illegal to require this in the state of Texas), and gap insurance can be a useful thing in case of an accident on a vehicle that is relatively new. It is important to understand that gap insurance is not going to be worth much if your car is paid off or mostly paid off. Full coverage insurance will protect you much more. 

Some people drop their full coverage insurance once their loan is paid off with the belief that gap insurance or PIP coverage will be enough. But it should be known that gap insurance is often useless if there is no loan, and PIP will leave you with zero property damage or vehicle replacement payouts. Full comprehensive coverage should be kept if you are concerned about having to purchase a new car after a sudden accident. 

Contact us at Koda Insurance Group to learn more about a comprehensive affordable insurance policy to keep you covered, we can answer any questions you have about gap insurance vs full coverage after your car loan is paid. We serve all of Abilene and the surrounding areas. Call today. 

3 Reasons You Need Flood Insurance

No one expects to have their home or business flooded. Unfortunately, this is something that happens in Abilene, TX all too often. Unfortunately, most homeowner policies don’t provide coverage for flooding, and unless you have a separate policy, then you aren’t protected. 

At Koda Insurance Group, we are here to ensure you have the flood protection insurance you need, so if the unthinkable happens, you have a way to rebuild. Some specific reasons you should invest in this coverage today can be found here. 

1. Protect Your Home

Your home is a sitting duck if it floods in your area. You can’t move it, and there’s very little you can do to stop the water. However, you can protect your home with the proper insurance policy. Just make sure you call sooner rather than later. There is typically a 30 day wait period.

2. Protect Your Bank Account

Trying to restore and rebuild your home after a flood is not only time-consuming and tedious, it’s expensive. The fact is, if you don’t have insurance coverage for flood damage, you can quickly drain your bank accounts and any other assets you have. With insurance coverage, this is a non-issue as your home can be restored and rebuilt from the money provided by the policy. 

3. Peace of Mind

While floods aren’t guaranteed, having flood insurance can provide you with peace of mind by knowing that if something does happen, you are prepared. 

If you are ready to find flood insurance to protect your home and property, contact our team at Koda Insurance Group today. We serve the residents of Abilene, TX, and look forward to helping you with all of your insurance needs, regardless of how big or small they may be. Contact us today. 

Important considerations when buying life insurance

A life insurance policy is a vital tool to protect your family from having to struggle financially in the event of your death. It is critical to take the time to understand how policies work and what to look for in a plan. Koda Insurance Group in Abilene, TX has multiple products available and will work with you closely to find a plan that is best for your family. 

Timing of payout 

If you want your funds to be paid out right away, you need to confirm with your agent that your policy has an immediate payout. There are some policies out there that are often referred to as simplified issue life insurance. A streamlined issue policy usually has a 2 to 3-year waiting period before it will pay out the full amount of the policy. 

Stability of the insurer 

It is essential to make sure you are buying a policy from a financially stable insurance company. You want to make sure the insurer has a substantial reserve number and a good rating.

Amount of the policy 

Many people take their income and multiply it by a certain number to calculate their policy amount. However, it is essential to take into consideration how many years you want to take care of your family and multiply your income by that amount. Also, it would be best if you looked at your debts that your family has, such a mortgage, credit card debt, school loans, and car payments. Finally, what about future costs such as college tuition? If you want your kids to have that, then you will need to factor it into the amount. 

If you are interested in leaving more life insurance policy option, please reach out to a specialist at Koda Insurance Group today. We proudly serve the Abilene, TX area. 

Does My Insurance Cover My Boat If It’s in Seasonal Storage?

In Abilene, TX, residents who put their boats in storage often have concerns about whether or not to maintain their boat insurance. The agents of Koda Insurance Group can answer that question and many others concerning your boats and other types of watercraft. Even though your risk of damage and liability is reduced with your boat being in storage, it’s still a good idea to maintain your policy. This ensures that your boat is covered if something happens while it is in storage.

Proper Maintenance for Seasonal Storage

Before storing your boat for the winter, you need to make sure it has been winterized and adequately covered. Maintaining your boat both in and out of the water is essential. Once you have taken the time to winterize your boat, the next step is to cover it. Putting a cover over your boat will protect it from falling debris and will also prevent small animals from finding their way inside and damaging its interior.

Seasonal Coverage

Many insurance providers offer what is known as Seasonal Insurance for boats and other watercraft. This type of insurance is less expensive, simply due to the fact that your boat has a reduced risk of damage and liability. It goes into effect when you winterize your boat, and your regular coverage resumes when you take your boat out of storage and prepare to put it in the water.

The agents of Koda Insurance Group are only a phone call away for residents who live in the Abilene, TX area. If you have questions about putting your boat in seasonal storage or want a quote, call and talk to one of our agents today!

Does My Homeowner’s Policy Include Liability Coverage?

Homeowners who live in the Abilene, TX area can call the agents at Koda Insurance Group for assistance with home insurance. When it comes to liability questions or concerns, we have the answers you need to make wise decisions about your homeowner’s policy. There are many different types of liability policies, and every homeowner carries a certain degree of risk.

What Is Liability Coverage?

A liability is something you are responsible for by law. If someone slips and falls on your property or is injured in any way while in your home, you are liable for their injuries. It is your responsibility to make sure the medical bills incurred because of the injury are covered. You are also responsible for correcting the cause of the injury. 

Am I Covered?

Most homeowner’s policies cover general liability issues. If you own a dog, you may be required to have liability added to cover the possibility of being injured by a dog, through biting, scratching, or knocking a person down. Because there are several different types of liability, you will need to talk to your insurance agent to ensure you are fully covered.

In Abilene, TX, the agents of Koda Insurance Group are always available to address your concerns. You can schedule an appointment at any time to go over your policy. We can audit your existing policy and provide information on various types of liability so that you are fully covered.We want your risk of financial loss remains as low as possible. When you have questions or concerns, call and talk to a reputable agent today! We will make sure you have the answers you need, as well as peace of mind.

Do Babies Need Health Insurance?

Buying health insurance in Abilene, TX can be a confusing activity. From shopping for different policies to trying to understand the various terms and jargon that are used, you want to make sure you are getting the best plan that can meet your unique needs.

Insurance for your Infant

Often, people wonder whether or not babies need health insurance. We know the mother needs insurance when the child is born to pay for the associated costs, but there are actually a lot of expenses that the child will incur during the first few years of his or her life, especially medical expenses. Having an insurance plan, like from Koda Insurance Group, in place that covers these cost is vital to ensuring you are not going to suffer a financial burden due to them. 

Babies need health insurance because there is a long list of checkups that they need to attend, especially during the first few years after being born. It is at these checkups that they will be assessed for learning and developmental issues. Without insurance, many parents will find it nearly impossible to ensure their children are able to receive the health care they may desperately need.

Having health insurance is also important because it helps cover vaccination costs. As a baby grows, there are many vaccinations that are suggested by physicians. Missing one of these vaccinations could be detrimental to your child’s life. With the right insurance in place, you can rest easy knowing that your baby is going to receive great health care from a qualified doctor who can tell you when it’s time for the child to receive vaccination shots. 

Contact an insurance provider serving the Abilene, TX area today to learn more about health insurance. 

Important Things to Understand About Life Insurance

Do you think about ways that you can protect your family if something happens to you? There are several important things to understand about life insurance policies. First off, you may want to have a discussion with your family about what kind of protection might be needed if you pass on. Of course, nobody wants to talk about these issues, but if you do want to see the best for your family, then it might be something that you want to discuss with them.

Also, you should take some time to think about the kind of quality of life and care that your family should receive once you do pass on. There are more than one type of policy, so take the time with an agent to discuss what type of policy might be best for your current situation, then periodically see if changes need to be made to your coverage to reflect needs. 

Term Life Policies

Term life insurance is different from permanent life insurance. It usually means that there is a living benefit. Also, the premiums differ from permanent life policies. As its name implies, term life insurance provides coverage for a certain period of time. It could be 10, 15, 20, or even 30 years per policy. The policy can then be renewed after such time if nothing happens. Term life payouts only occur during the policy period. 

Permanent Life Policies

Permanent or whole, life Insurance policies differ because sometimes you can borrow against your policy in times of need. Also, the major difference is that you usually pay more in premiums for permanent life insurance because the coverage lasts a lifetime. Also, you don’t need to pay tax on cash value accumulation. For more questions, refer to your agent at Koda Insurance Group in Abilene, TX.