Commercial Insurance to Protect Employees: Workers Compensation Coverage

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At Brent Young Agency LLC, we believe in empowering our clients with a thorough understanding of commercial insurance coverage, enabling them to keep their Manchester, CT, businesses fully compliant. In certain instances, state or federal governments mandate companies purchase insurance, such as workers’ compensation insurance. This blog post explains when a Connecticut business is required to purchase workers’ compensation insurance and the extent of coverage it must carry.

Workers’ Compensation Insurance in Connecticut

While some states only require a workers’ compensation policy for companies with multiple employees, typically three or more, your Manchester, CT, business must carry one as long as it employs even one person. The law makes an exception for sole proprietors unless they choose to pay themselves as employees. Most sole proprietors don’t do this; self-employed individuals typically file personal taxes and pay their own Social Security taxes.

If the individual expands their company to hire a part-time or full-time employee, they would need to purchase workers’ compensation insurance. However, this insurance coverage is not required if they contract with an independent contractor.

Workers’ Comp Policy Requirements

Workers’ compensation is part of the commercial insurance category known as property and casualty (P&C) insurance. There is no standard rate for this type of insurance, and the cost of a policy varies depending on the jobs and salaries or wages of the company’s employees.

Your insurance agent calculates it using estimated payroll wages and class codes, not actual wages. This means it’s always subject to an audit. If you know the class codes and salaries you plan to offer, you can estimate your workers’ comp premium rates, as they’re always expressed as a percentage of $100 in wages.

Tax Breaks for Workers’ Comp

The government doesn’t only take; it also gives. The Internal Revenue Service (IRS) and the state of Connecticut consider workers’ comp insurance premiums separate from payroll, allowing business owners to list them as expenses on their taxes.

Contact Us Today

When you expand your local business, contact Brent Young Agency LLC for your workers’ compensation policy. Let us help you stay compliant.

Water and Sewer Lines: What Typical Home Insurance Policies Do and Don’t Cover

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If you are a homeowner, you understand the responsibility that comes with owning a home. However, homeowners may not be sure about what their home insurance policies do and don’t cover. Owning a home is a significant responsibility, and sometimes an expensive one, but home insurance can help. That’s why many Manchester, CT area homeowners rely on the friendly and professional team at Brent Young Agency LLC for all their home insurance questions and the protection they need for their homes.

Understanding Coverage for Water and Sewer Lines

Here’s the good news: In most cases, water and sewer lines last for many decades. The bad news: In many cases, broken or damaged water lines between the city feed line (typically at the curb) and the home become an issue for both the utility company and the homeowner. That’s why it’s important to understand what your home insurance policy does and doesn’t cover. Working with a knowledgeable and experienced agent for all your home insurance needs is always a good idea.

Home Insurance Solutions for Manchester, CT Area Homeowners

Do you have questions about what your home insurance coverage protects? If you live in or around the Manchester, CT area and have questions or need home insurance solutions, we can help. Contact us at Brent Young Agency LLC today to learn more and schedule an appointment for the home insurance and protection you need and deserve.

What Does Hurricane Preparedness Insurance Cover and Not Cover?

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Living in hurricane-prone areas requires vigilance and preparation. At Brent Young Agency LLC, serving the Manchester, CT area, we understand the importance of proper insurance to protect your home and belongings. But what exactly does hurricane preparedness insurance cover, and where might it fall short?

What It Covers

Hurricane preparedness insurance is designed to provide financial protection against the destructive forces of hurricanes. Typically, this includes coverage for wind damage, which can impact your home’s roofs, windows, and other structural elements. Additionally, it often covers damage to personal property inside the house, such as furniture and appliances, if they are harmed by wind or other related elements.

What It Doesn’t Cover

While this type of insurance offers crucial protection, there are some limitations. One of the most significant exclusions is flood damage. Many homeowners mistakenly believe that hurricane insurance covers flooding caused by storm surges, but this is usually not the case. For flood protection, a separate flood insurance policy is necessary. Some policies may not cover debris removal or additional living expenses if you need to relocate temporarily.

Understanding Your Policy

It’s essential to read the fine print of your policy and communicate with your insurance provider to understand your coverage entirely. At Brent Young Agency LLC, we can help clarify any uncertainties and ensure that you have comprehensive protection tailored to your needs.

Be Prepared By Purchasing Hurricane Preparedness Insurance Today

Don’t wait until a storm is approaching to review your insurance. Contact Brent Young Agency LLC, serving the greater Manchester, CT region, today. We’ll help you navigate your options and secure the right coverage so you can face hurricane season with confidence and peace of mind.

What is Gap Insurance and Do You Need It?

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When purchasing a new car, you’ll likely be offered gap insurance and asked if you want to add it to your payment. The answer to that question should be yes, and here’s why.

What is Gap Insurance?

Gap insurance is offered on any leased vehicle. In an accident where the car is deemed a total loss, the insurance provider will pay off the difference of the financial amount, excluding the deductible. For example, if you owe $5,000 on a car at the time of an accident, but it is totaled, and you have a $500 deductible, the gap insurance will cover the $4,500 difference.

Financial Security

Firstly, gap insurance provides financial security when you don’t have much extra money. The lender will want the balance due immediately if your car is totaled in an accident. This ensures they get paid and your credit doesn’t suffer.

Car Depreciation

One key thing to consider about cars is how quickly their value depreciates. Gap insurance will cover the difference immediately, so if you get into an accident shortly after buying the vehicle, it will cover it. The car’s value has likely dropped at least 10 percent, meaning you would be paying more for it than it’s worth.

Small Down Payment

Gap insurance is required for car buyers who put little to no down payment on a vehicle. Your down payment will not cover the difference in the car’s value at the time the car is totaled. This means you’ll have a significant out-of-pocket difference that will need to be paid.

Contact us today if you’re in the Manchester, CT, area or surrounding communities looking for auto insurance. Our Brent Young Agency LLC team is ready to assist you with your insurance needs.

Get a Risk Assessment and Discover How to Protect Your Business

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Staying aware of business risks is crucial if you own a business. Risk assessments can reveal these risks so you can prepare and avoid threats that might disrupt your business. The Brent Young Agency, LLC team in Manchester, CT, offers these risk assessment tips.

Steps for Conducting a Risk Assessment

Step 1: Identify Potential Threats

Identify potential threats, such as failing technology, weather, and employee misconduct. Consider possible infrastructure damage, which could impact your ability to continue normal operations.

Step 2: Assess the Probability of Those Threats

Rank risks unlikely to occur as zero, somewhat likely threats as 2-4, and very likely threats as five. Record these numbers for each potential threat.

Step 3: Establish the Severity of Any Threats

Consider the potential damage of the listed risks. For instance, in a storm or other significant incident, would it damage only one floor of the building or the entire structure? Assign a severity rank from 0 (low) to 5 (high).

Step 4: Calculate Your Overall Threat Risk Value

After scoring the severity and probability of each threat, multiply these two values to determine your overall threat risk value. If the score is between 17 and 25, prepare to address these issues as soon as possible.

Step 5: Consult an Insurance Agent

Speak with one of our experienced agents at Brent Young Agency, LLC in Manchester, CT. They can provide you with a risk review, look at your current policies, ask questions, and suggest any additional policies to ensure you have the right insurance coverage. Contact us today to learn more.

Swimming Pools and Home Insurance: What You Need to Know

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Getting a pool on your property is a great way to spend more time with your family and increase your home value. However, there are some insurance considerations you should be aware of. At the Brent Young Agency LLC, serving Manchester, CT, we want to ensure you know all the details before investing in a pool. 

Insurance Will Cover Your Pool

There are a lot of misconceptions about pools. You should know that your homeowners’ insurance will cover your pool. A swimming pool on your property can be a lot of fun, but it increases liability risk. A property with a pool will have slightly higher insurance premiums than one that doesn’t have a pool. 

Inform Your Insurance Company

If you already have a homeowners’ policy and you decide to have a pool installed on your property, you’ll need to inform your insurance company as quickly as possible. Your policy will need to be updated, as a pool will change many details. 

Make Your Pool a Safe Place

It would be best if you also did everything possible to make your pool safe. This will first and foremost include putting a security fence around the pool. The fence should have a lock that can only be opened by an authorized person. You want to ensure there are no other structures around the fence that would make it possible for someone to climb over either. 

These are just a few things to consider regarding pools and your homeowners’ insurance policy. If you’d like to learn more, please contact us today at Brent Young Agency LLC, serving Manchester, CT, and the surrounding areas. 

What You Need to Know When a Hurricane Threatens and How to Prepare

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When a hurricane threatens the Manchester, CT area, understanding the risks and preparing adequately can significantly improve your safety and minimize damage. Hurricanes can bring powerful winds, heavy rainfall, and storm surges, all of which can cause extensive damage to property and lives.

Understanding Hurricane Risks

Hurricanes can cause several hazards, including high winds, flooding, storm surges, and tornadoes. High winds can uproot trees, damage buildings, and destroy power lines. Heavy rainfall often leads to flooding, particularly in low-lying areas, while storm surges can inundate coastal regions, causing significant damage. Understanding the potential impact on your area can help you plan and take appropriate measures.

Preparing Your Home

Securing your home is a critical step in hurricane preparation. Start by checking your home’s exterior for vulnerabilities and reinforcing weak points like doors, windows, and the roof. Ensure your gutters and drains are clear to prevent water accumulation and trim back branches and shrubs. If you live in a flood-prone area, consider using sandbags to divert water from your property.

Creating an Emergency Plan

Having a well-thought-out emergency plan is essential. Ensure all family members understand the evacuation routes and have a designated meeting point. Assemble emergency kits with water, non-perishable food, medications, important documents, flashlights, batteries, and a first-aid kit. Keep a list of emergency contacts and local shelters handy.

Staying Informed

Stay updated with weather reports and heed warnings from local authorities. Reliable sources of information include the National Weather Service, local news channels, and official social media accounts. Understanding the hurricane’s projected path and intensity can help you decide when to evacuate or take shelter.

Brent Young Agency LLC Is Here For You

Brent Young Agency LLC is here for you when you need insurance information. Our services are available in Manchester, CT, and the surrounding areas. Call today.

Uninsured Motorist Coverage: Because Not Everyone Has Auto Insurance

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If you’re a responsible driver, it’s hard to believe that some people drive without coverage. As shocking as it is, up to one in eight drivers doesn’t have auto insurance. If they hit you, you could be left footing the bill for repairs to your vehicle. At Brent Young Agency LLC in Manchester, CT, we offer uninsured motorist coverage to prevent this from happening.

Everyone Has Insurance, Right? Wrong!

You may wonder how drivers can operate a vehicle without insurance. The truth is they can’t do so legally. However, around 15% of drivers do it anyway. Often, these individuals can’t afford coverage or can’t find insurance due to poor driving records. Chances are, then, they aren’t going to worry about whether you can afford the damage they cause.

What’s the Point of Having Uninsured Motorist Coverage?

Uninsured motorist coverage usually covers damages caused by uninsured or underinsured drivers. If you or your car gets banged up, that’s the time you’ll appreciate adding this option to your auto insurance policy. Are you still paying off your vehicle? Your lender will probably require this coverage to protect their investment. Typically, it handles damages or medical bills up to your regular policy limits.

What’s the Difference Between Uninsured and Underinsured Motorist Coverage?

While some drivers have no insurance, others carry minimal auto insurance. Underinsured motorist insurance covers additional costs exceeding the responsible party’s coverage limits. Underinsured and uninsured motorist insurance is usually included in the policy option. Your insurance agent can help you determine your coverage limits.

Are You Ready to Add Uninsured Motorists to Your Policy?

Whether you want to review your existing coverage or add uninsured motorist insurance to your policy, we can help. Contact the Brent Young Agency LLC team in Manchester, CT, to schedule an appointment for a free quote or more information about uninsured motorist coverage.

Which Types of Commercial Insurance Does Your Business Need?

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Owning a business comes with a never-ending list of responsibilities. One of the most important things is to have the kinds of commercial insurance you need. The specific policies that your business needs depend on many factors of your business, such as whether you have employees and what you sell. When you need to know which types of commercial insurance would be helpful for your business, we’re here to help. Give us a call at Brent Young Agency LLC in Manchester, CT.

Worker’s Compensation Insurance 

This is an essential type of commercial insurance if you have any employees. You likely won’t have to get this coverage if you’re a sole proprietor or work only with contract workers. However, when you employ someone, you’re responsible for the damages done if they have an accident. This coverage pays for those expenses, including the steep medical bills and the employee’s lost wages. 

Cyber Insurance

If you use a computer system in your business, you probably need cyber insurance. This is a form of commercial protection in case there is a major computer problem, like a data breach. These messes can take a lot of money to clean up, and this type of policy can help with those expenses. If you have employees and customers whose data you keep, it’s especially important to have this type of commercial insurance. 

Premises Liability Insurance 

If customers, clients, or anyone else has access to your place of business, you’re responsible for their safety while they’re there. When you have this coverage, it protects you against your liability for injuries that happen on your premises. 

Get Commercial Insurance for Your Business

When it’s time to protect your business with the right insurance, contact Brent Young Agency LLC in Manchester, CT. 

Four rules to follow when you buy home insurance

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As a homeowner, you must purchase an insurance policy to protect you and your property financially. We at Brent Young Agency LLC offer home insurance coverage for homeowners in Manchester, CT.

The following are four rules to follow when you buy home insurance. 

Learn as much as you can about home insurance providers in your area

The insurance provider you choose to buy your coverage from is an important consideration. Select an insurance provider you can rely on for quality service.

Ask fellow homeowners you know in your area for recommendations, and be sure to check out insurance providers’ websites before choosing a policy. 

Knowing what coverage your property needs

There are certain types of coverage that you’ll have to have added to your policy specifically. For example, you’ll need to add flood coverage if you want because standard home insurance doesn’t include coverage for flood damage.

Please find out about coverage types that aren’t automatically included in your policy and consider whether you need them for your home. 

Update your home insurance coverage down the road.

You might eventually add an addition to your home or invest in another type of home improvement. Home improvements can increase a home’s value, which in turn increases the amount of home insurance coverage you need.

Be sure to review your policy once in a while. Consider whether you need to increase or reduce the amount of coverage you’re getting so that your home insurance coverage is both adequate and cost-effective. 

Call Brent Young Agency LLC today to get a quote on an insurance policy for your property in Manchester, CT.