Navigating Boat Insurance

According to the National Marine Manufacturers Association, 141.6 million Americans go boating each year – that’s almost half the population of the U.S. Unfortunately, not every boater is going to be as conscientious as you, and that’s why it’s important to stay safe, and stay covered with watercraft insurance.

Do I need it?

Yes. Some states legally require it, and a quick Internet search can reveal if yours does. But more importantly, without it, you could be on the hook for major costs related to liability or repairs in the event of an accident. If you ever have to make a claim, the average is $11,000.

How much do I need?

Similar to cars, boats lose value when in use. That’s why it’s important to remember these two terms: agreed value and market value. Insuring for market value factors in depreciation, and thus can be a money saver in terms of your premium. However, if you intend to replace your boat with something new in the event of a total loss, you’ll want to insure it for its agreed value, so you won’t have to go out-of-pocket to purchase a replacement.

Protection for your boat – and from others

According to the U.S. Coast Guard, the leading type of boating accident is collision with a recreational vehicle. That’s why it’s important to protect yourself against other vessels and operators who may not be carrying the right level of insurance. An uninsured and underinsured watercraft liability option provides coverage for a loss that you or other occupants of your watercraft experience from a claim involving an un-/underinsured boater.

More than just boats

You may regularly transport your boat from your home to a dock or marina. If so, boat insurance may help protect your trailers and other equipment, too. One example is a watercraft physical damage endorsement, which can provide physical damage coverage for eligible watercraft as well as trailers.

All aboard for coverage

You can protect what’s on your boat, too. With a fishing equipment and personal effects endorsement, you can increase coverage limits for items like fishing gear, water sports equipment, coolers and more.

Smart sailing

Inexperienced or inattentive operators are the leading contributors to boating accidents. So, stay safe and stay alert. Much like teens and driver’s ed courses, taking a boating class can help you reduce not just your insurance premium, but the risk of getting in an accident.

It’s kind of like a canopy

Once your boat is out of the water, its insured status can get vague. For instance, if you are driving your boat on a trailer, and get into an accident, the coverage in your auto policy takes effect. However, your boat insurance often does not factor in. So, to make sure you are covered both in water and on land, consider an umbrella policy. It’s expanded liability coverage that can help protect you in this scenario (and plenty of high-cost scenarios not involving boats as well).

That’s a boatload of options

Talk to Peterson McGregor Insurance today at (866) 547-4474 or our website https://petersonmcgregor.com/ to learn more about (water)crafting the right plan for your boat. We offer coverage affordable, and easy to add to your existing home and auto policy.

Source: https://www.hanover.com/resources/tips-individuals-and-businesses/prepare-now-learn-how/navigating-boat-insurance

May 18, 2022 Cadillac Office, Grand Rapids Office, Lake City Office, Manistee Office, People, Petoskey Office, Traverse City Office Comments Off on Navigating Boat Insurance
TaxReturn

11 Ways to Keep Your Identity Safe this Tax Season

What Cybercriminals Don’t Want You to Know

Thieves are working extra hard this tax season to steal your information and gain access to your money. These cybercriminals use email and phone scams to trick taxpayers into revealing valuable information.

In a tax tip article, “Don’t take the bait”, the Internal Revenue Service (IRS) says, “The most common way for cybercriminals to steal money, bank account information, passwords, credit cards and Social Security numbers is to simply ask for them.”

The scams seek to fool people into sharing sensitive information under the guise of being a legitimate company, such as a bank, tax service or even the IRS. They often involve counterfeit email addresses and phone numbers, copycat webpages or corrupt hyperlinks that contain viruses.

Protect yourself by reading emails carefully:

  • Do not open attachments or click on links unless you are able to verify the sender.
  • Check email addresses for spelling and accuracy. If possible, use a reliable search engine and go to the source’s main web page to verify contact information.
  • Use security software. Some anti-virus software can detect suspicious websites, malware and viruses found in phishing emails.

Take your time and don’t let aggressive or urgent-sounding emails rattle you. Cybercriminals may use threatening language or pressing deadlines to make their messages seem more authentic. This is just a tactic to push you into making a careless mistake.

The IRS does not contact taxpayers with aggressive threats of lawsuits or arrest. Their tax tip article also says, “Remember that no legitimate business or organization will ask for sensitive financial information by email.”

Keep your personal information safe:

  • Never give out personal information unless you are sure about who you are talking to. If you are unsure, investigate further by contacting the IRS.
  • Use strong passwords or passphrases for email and sites containing your personal information.
  • Give personal information over encrypted websites only, and only if required.
  • Look for sites that have “https” at the beginning of the URL and a lock symbol that you can click on to get more information.
  • Use multi-factor authentication if it is available. Typically, this requires your name, password and a separate security code that is sent to your mobile phone to log in.

You already protect things like your family, home, car and pets. Maybe you even own a business and have cyber insurance coverage, because you know about the many risks posed by cybercriminals.

Now is the time to protect your data, so you don’t become the next victim of phishing or identity theft. Stay aware of how you share your information, especially while filing your taxes, and don’t be afraid to investigate who you are dealing with.

Protect your tax information like you would your money:

  • Keep tax returns locked in a safe place, or encrypted if they are electronically stored.
  • Shred tax documents before throwing them away.
  • Report phishing scams to the IRS by forwarding suspicious emails to phishing@irs.gov.

Cybercriminals are good at gaining trust and don’t want you to protect your data. But with a few simple precautions you can safeguard your personal information and your money. For more information about phishing attacks and how to stay safe, visit https://www.irs.gov/newsroom/dont-take-the-bait-heres-how-taxpayers-can-avoid-getting-caught-by-a-phishing-scam

Peterson McGregor was founded in 2000 by a dedicated group of local insurance professionals with a deep commitment to area families and businesses. Today, we have offices stretching from mid-Michigan to the Mackinac Bridge and serve clients across the state and beyond. As an independent insurance firm, we’re structured and committed to providing best-in-class commercial and personal lines of insurance. In short, we help you develop a plan that’s tailored to your specific goals, budget and comfort level. Contact an agent at 866-547-4474 or https://petersonmcgregor.com .

 

April 26, 2022 Cadillac Office, Grand Rapids Office, Lake City Office, Manistee Office, People, Petoskey Office, Traverse City Office Comments Off on 11 Ways to Keep Your Identity Safe this Tax Season
Cyber-Lock

What is Cyber Insurance and Why Do You Need it?

Cybersecurity insurance is a new and emerging industry. It has its origins in errors and omissions (E&O) insurance, a separate form of insurance that protects against faults and defects in the services a company provides. E&O insurance is analogous to product liability policies for companies that sell physical or digital products. At Peterson McGregor Insurance, it’s important to us that you and your business stay safe during these emerging times. Read on to learn more about what is Cyber Insurance, how does it work, and why do you need it.

What is Cyber Insurance?

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, is a contract that an entity can purchase to help reduce the financial risks associated with doing business online.

While some cyber insurance policies contain specific provisions for E&O, most providers sell these as separate and distinct policies. E&O insurance does not cover the loss of third-party data, such as customer credit card numbers; customers needing such protection can purchase a cyber insurance policy that covers it.

How Does Cyber Insurance Work?

Cyber insurance policies help cover the financial losses that result from cyber events and incidents. In addition, cyber-risk coverage helps with the costs associated with remediation, including payment for the legal assistance, investigators, crisis communicators, and customer credits or refunds. Vinson & Elkins discusses Cyber Insurance 101 in this short video.

Why is Cyber Insurance Important?

Cyber-SecurityThe loss, compromise or theft of electronic data can have a negative impact on a business, including the loss of customers and revenue. Businesses may be liable for damages stemming from the theft of third-party data. Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with terrorism. Cyber-risk coverage can assist in the timely remediation of cyberattacks and incidents.

According to Thirdway.org, “There are approximately 300,000 reported malicious cyber incidents per year. Attacks cost the U.S. economy anywhere from $57 billion to $109 billion annually and these costs are increasing.” Cyber risk is real and let’s face it: almost everyone uses some kind of cyber technology every day. In an era when email is used for everything, and transactions often occur online, the world of cyber presents a great opportunity for criminals.

According to the Insurance Information Institute, “Insurance experts now consider the risk of cyber liability losses to exceed the risk of fraud or theft. In this tumultuous environment, your business can take several steps to limit risks, including purchasing cyber liability insurance.”

Contact Peterson McGregor Insurance at https://petersonmcgregor.com/ or call us 866-547-4474 today to discuss your Cyber Insurance needs with an agent!

Source: https://searchsecurity.techtarget.com/definition/cybersecurity-insurance-cybersecurity-liability-insurance and https://prowritersins.com/cyber-insurance-blog/how-does-cyber-security-insurance-work/

 

March 3, 2022 Cadillac Office, Grand Rapids Office, Lake City Office, Manistee Office, Petoskey Office, Traverse City Office Comments Off on What is Cyber Insurance and Why Do You Need it?
Luxury-Stone-Home

Homeowners Insurance Facts

When you decide you want to buy your first home, homeowners insurance may not be the first thing you think about. However, most mortgage lenders require you to have homeowners insurance before they will approve your loan. There are a few things you should know about homeowners insurance.

Certain losses are excluded from most homeowners insurance policies. Standard homeowners insurance policies don’t cover floods or earthquakes. If you want coverage for flood or earthquake damage, you will need separate policies for those. If you are in a flood zone, your mortgage lender may require you to purchase flood insurance.

We all know that our credit score is important for many things. Did you know it can also affect your homeowners insurance premium? Some states have banned this practice; however, in most cases your credit score can affect your insurance premium. The better your credit rating, the lower your premium. So while you’re spiffing up your credit rating to get a good deal on your mortgage loan, you should maintain a good rating to save money on your homeowners insurance.

home-repairPoor home maintenance may cause a claim to be denied. Not all damages are covered by homeowners insurance. If the damage that occurred to your home is due to your failure to properly maintain your home, your claim may be denied. When it comes to home maintenance, don’t be a procrastinator!

home-is-where-the-heart-isWhile you are living in your new home, you will acquire new valuables, personal possessions, and may do some home improvements. You should always report these to us right away so we can ensure your coverage is sufficient for your investment. Enjoy your new home, you deserve it! If you have any questions regarding homeowners insurance, please contact Peterson McGregor Insurance at 866-547-4474 or online at https://petersonmcgregor.com/ .

Source: https://www.hsh.com/first-time-homebuyer/facts-about-home-insurance.html

March 2, 2022 Cadillac Office, Grand Rapids Office, Lake City Office, Manistee Office, Petoskey Office, Traverse City Office Comments Off on Homeowners Insurance Facts
AA-Teenage-Boy-Drive

Auto Insurance Costs

 

women-in-carIf you own a vehicle, you should own an auto insurance policy. Have you ever wondered how the cost of your policy is determined? There are a number of different factors that impact the cost of your auto insurance. While not all companies use the same parameters, Peterson McGregor Insurance will help you understand what commonly determines the bottom line of your auto policy.

First, your driving record – The better your record, the lower your premiums. If you have been in accidents or had serious traffic violations, it is likely you will pay higher premiums. How much you use your car is also considered while determining the cost of your premium. The more miles you drive, the more chance for an accident. Even where you park is taken into consideration. Do you park in a secure garage? Or do you park on a street?

Other factors taken into consideration while determining your auto insurance costs are: your age, your gender, the car you drive, and the amount of auto insurance you wish to carry. Mature drivers generally have fewer accidents than beginners. Statistics show that women are involved in fewer accidents, and when women are involved in an accident they tend to be less severe than men. The cost of your car and the amount of insurance coverage you want to carry are major factors in the cost of your policy as well.

cardealershipThere are many different factors that go into determining the cost of your auto insurance policy. Some factors can vary from one area or state to another. To get the best idea of the cost you will pay for auto insurance, contact Peterson McGregor Insurance at 866-547-4474 or online at https://petersonmcgregor.com/ to request your free auto insurance quote!

Source: https://www.iii.org/article/what-determines-price-my-auto-insurance-policy

March 2, 2022 Cadillac Office, Grand Rapids Office, Lake City Office, Manistee Office, Petoskey Office, Traverse City Office Comments Off on Auto Insurance Costs
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