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What Does My Auto Insurance Policy Cover?

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According to Mississippi laws, all drivers must have at least the minimum liability insurance. However, it is wise to buy additional coverage for better protection. Auto insurance protects you from financial losses in case of insured risks. Reach out to Tackett Insurance, Inc. for your auto insurance needs from Oxford, MS to Memphis, TN. 

Auto Insurance Coverage Options

Liability Coverage

Liability insurance protects you from financial losses if you are legally liable for injuries or property damage to others. It does not cover injuries to you or damages to your car. Bodily injury liability helps you pay for the medical fees, loss of income, or funeral costs of another person in case of an accident where you are at fault. Property damage liability helps you to pay for the costs of repairing or replacing their property including their car, signposts, or home. If they sue you, your liability coverage compensates you for all legal charges that you incur.

Collision Insurance

Your collision insurance coverage compensates you for the costs of repairing or replacing your car after an accident. Your car needs to have collided with another car or object for you to claim this policy. You may also get compensation if your car rolls or falls over. Your collision insurance does not cover you for injuries to other people or damage to their property.

Uninsured/Underinsured Motorists Insurance

Even though car insurance is a requirement in Mississippi, some drivers may have insufficient or no insurance. If you get into an accident involving such drivers, they may not have a way to pay you. In such instances, you may claim your uninsured/underinsured motorists insurance. The policy may also cover you in case of hit-and-run accidents.

Contact Tackett Insurance, Inc. to discuss your auto insurance quote in Oxford, MS. Our agents can work with you to find the auto insurance policy that fits your needs.

Four common types of commercial insurance plans.

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Commercial insurance from Tackett Insurance, Inc. in Oxford, MS is the insurance that protects businesses by covering them against losses arising from the damage to property or injury to employees. Usually, it includes property, liability, and workers compensation. Often, this type of insurance varies significantly from business to business because of the disparity and uniqueness. You can get an additional specialized coverage depending on your business, but for a start, a basic commercial policy is a utility.

Below are the four most common types of commercial insurance:

Property insurance

Property insurance plans generally cover damages to your business property that include structures and inventory. However, it might not cover all your property. Which means that you’ll have to purchase an add-on property coverage to cater for other items not included in the basic policy like income coverage, boiler and machinery insurance, crime insurance, builders risk insurance, tenants insurance, and ordinance or law insurance.

Liability insurance

This type of plan covers any detriments that the policyholder causes to third parties. A basic liability insurance plan only covers common risks like injury to customers on your premises, therefore, it is necessary to get a more specialized type of liability insurance to cater for other elements like errors and omission insurance to cater for unintended mistakes which cause injuries to third parties and malpractice insurance, also known as professional liability insurance.

Workers Compensation Insurance

This plan covers your employees if they are hurt in the line of duty. However much you may try to keep your workplace safe, it is difficult to have control over the state of your business completely. Therefore, purchasing a workers compensation policy will be beneficial to your employees since many state laws forbid employees from filing a negligence lawsuit against an employer for injuries connected to work.

Commercial auto insurance

Commercial automobile plans cover trucks, vans, cars, and buses used in your business. In case your driver injures a person or your vehicles are damaged or stolen, the coverage will reimburse you depending on the vehicle type. Premiums for this plan will depend on the risks related to the items you are moving and your business’ driving record.

The cost of commercial insurance policies always vary with the size and risk level of your business. For any legal guidance on what is good for your organization, don’t hesitate to talk to our agents at Tackett insurance, Inc. in Oxford, MS.

When Can You Claim Your Home Insurance

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It’s crucial to insure your home against various uncertainties that may happen at any time. Natural disasters are prone to occur, and you may find yourself homeless if you lack a homeowners’ insurance policy in Oxford, MS.

Typically, you pay for the homeowners’ insurance to protect yourself against incurring significant financial losses when something happens to your home. Tackett Insurance, Inc. is here to help you and safeguard your property. However, the biggest challenge that exists among homeowners is knowing when to claim their homeowners’ insurance and when not to claim. Read on to find out.

When to File a Claim

You should file a claim for your homeowners’ insurance if something happens and the cost of replacing or repairing it is above your deductible amount. Let’s say that you have a $250,000 deductible. A tornado occurs and the roof of your house caves in. You discover that the cost of replacing your roof is $300,000. In this case, you should file a claim even if you can afford the $300,000 since your homeowners’ insurance policy covers your house’s structure.

You should also file a claim if something valuable is stolen from your home that can cost you a lot of money to replace. For example, when you lose $100,000 worth of silver, you’d be better off filing a claim than replacing the property from your own pocket.

Homeowners should also file their insurance claim if a third party files a liability claim against you; maybe for property damage or in case of a slip and fall case.

Information is Your Best Protection

Although it’s the insurer’s job to compensate you, it’s your responsibility to prove losses. The more information you can provide, the higher your chances of being compensated. Be sure to keep all the records and record your version of the occurrence. Take photos if possible and make sure that you obtain a police report.

Are you a homeowner in Oxford, MS? Contact Tackett Insurance, Inc. today for your homeowners’ insurance policy.