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Business Personal Bonds Benefits

    As insurance agents we get asked this question all the time.  The short answer – yes!  As an independent agency, McFarlin Insurance has access to dozens of competitive companies offering competitive products.  Chances are, we can save you some money by remarketing your account if no one else has lately.  But, there’s a catch (there’s always a catch, right?).  While we are brokers providing products our clients need, we’d be nothing but simple hucksters if price was all that we sold.   For example – we could save our clients hundreds of dollars a year if we recommend they exclude comprehensive/collision coverage and only carry the state minimum insurance requirements* for their car insurance.  But what happens when they drive their new Audi A8 off the dealer’s lot and into a tree across the street?  There would be no coverage for that $80,000 car.  Or, they drive their new car into another $80,000 car?  The $15,000 required property damage liability minimum would mean that individual would need to pay the remaining $65,000 out of pocket.  

What about my commercial insurance?
    We write many contracting and construction companies here at McFarlin Insurance in Maryland, DC, and Northern Virginia.  These folks are trained in the art of estimating, bidding, and negotiating.  So obviously when it comes to their insurance they want to make sure they’re getting the best pricing without leaving anything on the table.  But what happens when standard general liability and workers compensation aren’t enough?  Was carrying these bare-bones coverages penny wise and pound-foolish?   A great example of this cost cutting is Electronic Data Liability.  

    Most business owners and insurance purchasers are aware that a standard general liability policy is going to provide coverage for bodily injury and property damage caused by their actions (or inactions).  Let’s say Electro Electrical Contracting is installing a large outdoor conduit box across the street from North Park Office Condos.  One of Electro’s employees operating a trencher to lay the cables into the box and happens to nix an existing line.  This causes a surge into North Park Office Condos that fries everyone’s phones and computers.  Tangible damage to the phones and computers? That’s covered under the standard ISO general liability policy.  Damage to the electronic files that are now lost forever?  Not covered.  So the accountants, lawyers, and doctors occupying the building lose their client files, payroll information, and anything else that isn’t stored at an offsite backup. Think they’ll be seeking damages from Electro Electrical Contracting?  If Electro had purchased this relatively inexpensive coverage, they wouldn’t have to pay out of their own pocket…   

These are a few small examples.  Stay tuned to our blog/Facebook page to stay updated with the latest and greatest happenings in the wonderful world of insurance!

Auto insurance minimums

State Liability required? Liability minimums (in thousands of dollars) PIP required? No-fault state? Uninsured motorist coverage required?
Alabama Yes, 25/50/25 No No No
Alaska Yes, 50/100/25 No No No
Arizona Yes, 15/30/10 No No No
Arkansas Yes, 25/50/25 Yes No No
California (1) Yes, 15/30/5 No No No
Colorado Yes, 25/50/15 No No No
Connecticut Yes, 20/40/10 No No Yes
Delaware Yes, 15/30/10 Yes No No
Florida (2) No, 10/20/10 Yes Yes No
Georgia Yes, 25/50/25 No No No
Hawaii Yes, 20/40/10 Yes Yes No
Idaho Yes, 25/50/15 No No No
Illinois Yes, 20/40/15 No No Yes
Indiana Yes, 25/50/10 No No No
Iowa Yes, 20/40/15 No No No
Kansas Yes, 25/50/10 Yes Yes Yes
Kentucky Yes, 25/50/10 Yes Yes No
Louisiana Yes, 15/30/25 No No No
Maine (3) Yes, 50/100/25 No No Yes
Maryland (4) Yes, 30/60/15 Yes No Yes
Massachusetts Yes, 20/40/5 Yes Yes Yes
Michigan Yes, 20/40/10 Yes Yes No
Minnesota Yes, 30/60/10 Yes Yes Yes
Mississippi Yes, 25/50/25 No No No
Missouri Yes, 25/50/10 No No Yes
Montana Yes, 25/50/10 No No No
Nebraska Yes, 25/50/25 No No No
Nevada Yes, 15/30/10 No No No
New Hampshire No, FR only (7)
No No Yes
New Jersey (5) Yes, 15/30/5 Yes Yes Yes
New Mexico Yes, 25/50/10 No No No
New York (6) Yes, 25/50/10 Yes Yes Yes
North Carolina Yes, 30/60/25 No No Yes
North Dakota Yes, 25/50/25 Yes Yes Yes
Ohio Yes, 12.5/25/7.5 No No No
Oklahoma Yes, 25/50/25 No No No
Oregon Yes, 25/50/20 Yes No Yes
Pennsylvania Yes, 15/30/5 Yes Yes No
Rhode Island (2) Yes, 25/50/25 No No Yes
South Carolina Yes, 25/50/25 No No Yes
South Dakota Yes, 25/50/25 No No Yes
Tennessee (2) Yes, 25/50/15 No No No
Texas Yes, 30/60/25
No No No
Utah (2) Yes, 25/65/15 Yes Yes No
Vermont Yes, 25/50/10 No No No
Virginia Yes, 25/50/20 No No Yes
Washington Yes, 25/50/10 No No No
Washington D.C. Yes, 25/50/10 No No Yes
West Virginia Yes, 20/40/10 No No Yes
Wisconsin Yes, 50/100/55 No No Yes
Wyoming Yes, 25/100/15 No No No

Source: Insurance Information Institute

Posted 5:23 PM

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