What Will Happen to Businesses Without Umbrella Insurance in Lawsuits?

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Umbrella insurance policies help protect many businesses from severe liability issues. And we at The Merhar Agency LLC can help Willoughby, OH owners understand their coverage options and minimize their potential financial loss in an intense and long-term lawsuit situation.

How Umbrella Insurance Protects You 

Umbrella insurance policies are a form of additional liability that goes into effect when your standard business liability coverage is depleted. For example, if you get into an extensive lawsuit and your typical coverage cannot cover the whole cost of your case, you will have to pay out of pocket. 

And if the overall costs of your lawsuit are high enough, you might find yourself on the brink of bankruptcy. High-quality umbrella policies help you by covering these costs for you, giving you a better chance of staying solvent and minimizing the overall impact a lawsuit may have on your bottom line.

Common Risks It Covers 

Your umbrella insurance policy will cover a wide variety of different risk situations to protect you and your company from lawsuits. Just a few of these include:

  • Severe injuries to older patients with heavy doctor bills 
  • Product failures that affect many people 
  • Recalls that may impact a broad range of buyers 
  • Class action lawsuits that could bankrupt you 

By getting an excellent umbrella insurance policy, you protect yourself and your business from severe financial loss. Otherwise, you might end up having to close down in many circumstances.

Get a Policy Today 

So if you operate a business in Willoughby, OH, and want to minimize your potential lawsuit risks, please contact us at The Merhar Agency LLC right away to learn more. Our team of experts will do what they can to help transition you to a high-quality umbrella insurance policy ASAP.

Animals Invaded Your House During a Flood: What Can Your Insurance Do?

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Floods can cause a lot of surprising damage issues, such as animals invading a home unexpectedly. At The Merhar Agency LLC serving Willoughby, OH, we’ve run into many of these coverage issues. And we’re here to help you understand your options here.

Understanding What Your Policy Will Cover 

When you have a flood insurance policy, your home will be protected against severe natural floods and the damages that it causes. For example, it will help to safeguard things like your electrical system, your plumbing elements, all furnaces and water heaters, appliances in your home, permanently installed carpeting, window blinds, your foundation, a detached garage, and most of your belongings. 

But what happens when animals get into your home during a flood and cause damage? For example, if a flood causes your door to burst open and frightened animals like rabbits, deer, or other creatures get into your home, they may cause a lot of damage trying to get out. Are you covered for the damage that they may cause? Or are you going to be stuck with an expensive repair bill? 

Here is where things get tricky with your flood insurance policy. Some options may cover animal damage, depending on whether it is related to the flood. That’s because they may cover ALL issues caused during a flood, including problems with animals. However, that isn’t always the case, and some policies may have limitations. It is essential to talk to your agent to learn more about this factor. 

Reach Out to Us Today 

Are you worried about the potential damage animals may do to your home during a flood? Then, reach out to us at The Merhar Agency LLC to learn more. We serve the Willoughby, OH, area and can help you understand your rights in this situation.

Why you need condo insurance

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Owning a condo is something many people prefer. It makes owning a home possible in some cases and in others; it is the lack of exterior maintenance that is the big attraction. No matter what your reason for choosing condo ownership is, you still need to protect your investment. Condo insurance is designed to protect condos and only includes the kinds of coverage you need. The Merhar Agency LLC in Willoughby, OH we have been providing friendly and knowledgeable customer service to local residents for more than 65 years. 

To protect your assets

You need condo insurance to protect your assets. Not only the money you have invested in your condo but your other assets. Liability insurance is included in condo insurance, and it will help to protect you if you are involved in a legal action where someone sues you. It covers you, the members of the family, and even your furry friends as long as they are not excluded. It can also help with the legal costs of defending yourself. 

Protect your possessions

Condo insurance protects the contents of your condo. This includes things like your furniture, appliances, clothes, electronics, and jewelry. Some categories do have limits so make sure you are aware of them. You can increase the limit if necessary with a rider. Your possessions are also covered when they are away from home with you. 

Loss of use

When a covered hazard damages your condo you may have to find another place to stay. In the immediate aftermath it will reimburse you for hotel expenses and if needed help you to pay for a short-term rental. This coverage is not in every policy. Make sure it is included with yours. 

Contact The Merhar Agency LLC in Willoughby, OH when you are in the market for condo insurance. 

Life Insurance Pros and Cons

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When selecting the best life insurance to protect your Willoughby, OH loved ones, you must first weigh the pros and cons to help narrow down your options and needs. The two most common life insurance policies are term life insurance and whole life insurance. 

Listed below are the pros and cons for both term life insurance and whole life insurance. When done reading, if you still have questions, give us a call at The Merhar Agency LLC.

Term Life Insurance

Term life insurance policies range from five to 30 years, depending upon the term selected. Some pros for term life insurance include: 

  • Very affordable when compared to other life insurance plans
  • Easy to understand plans
  • Renewable (in some cases)
  • A portion of your paid premiums may be paid back to you if you outlive the policy terms (or given the option to change to a whole life insurance plan)

Some cons for term life insurance include: 

  • Hold no cash value
  • Many plans require a physical and health questionnaire to determine eligibility
  • Coverage limited to term’s lifespan
  • If you outlive the policy, premiums on a new policy may increase

Whole Life Insurance

Whole life insurance is permanent insurance that covers you for your entire life, and the policies accrue cash value. Some pros to whole life insurance include: 

  • Lasts your entire life
  • Premiums do not change as long as they are paid
  • Policies build cash value that can be borrowed against while still living
  • Very useful for estate planning

Some cons of whole life insurance include: 

  • More expensive than term life insurance
  • It can be challenging to understand
  • The investment component of the policy may not be needed

Life insurance is a way to help your family after your passing to adjust to their life without your financial support. It is always a good idea to speak with someone about life insurance options available in Willoughby, OH. Give us a call at The Merhar Agency LLC to discuss your life insurance options. 

Renters Insurance Guide To Help Ohio Residents Find Coverage

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The Merhar Agency LLC offers coverage to the Willoughby, OH community. We have flexible policies designed to help our clients secure their future. For over 50 years, we have provided excellent customer service to Northeast Ohio residents. We look forward to helping you find the coverage you need.

Renters Insurance Guide

If you’re staying in a nice rental property in Willoughby OH or the surrounding areas, renters insurance helps you protect your prized possessions. Renters insurance covers your belongings if they are damaged or stolen.

Think of how stressful it would be to replace all your electronics, clothing, and furniture if your items were destroyed in an accidental fire. Renters insurance will help you replace the items, so you don’t have to worry about covering everything out of your own pocket. However, keep in mind that you have to amend your policy to provide extra coverage if you have luxury items at your rental property. It’s a good idea to take inventory of your personal items so that you’ll have a clear understanding of their value.

If you like to host parties or invite guests over, liability insurance protects you if someone gets hurt. You’re also responsible if one of your guests causes damage to someone else’s property. Liability coverage protects you if one of your neighbors pursues legal action because of the damage.

If severe weather moves through the area and causes significant damage to your rental property, you can lean on additional living coverage. You’ll be protected as you look for another place to stay after your property is repaired. If your property is damaged due to a flood or earthquake, you’ll need extra coverage, or you won’t be protected.

The Merhar Agency LLC Will Help You Protect Your Assets

Visit our website to learn more information about renters insurance.  

How to Understand Terms With RV Insurance in Ohio

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Willoughby, OH residents love their RVs, but they sometimes don’t like the complicated insurance terms that come with RV ownership. At the Merhar Agency LLC, we think that for RV insurance in Ohio, the terms are not as complex as they sound. Like every other insurance policy you have, there are standard coverages and optional coverages.

Standard Recreational Insurance

The standard coverages for recreational insurance include liability coverage, and property damage coverage.

Liability coverage will cover you in the event that you are in an accident, and found to be responsible for any personal injury or wrongful death that is the result. 

Property damage coverage will pay for any damage to your own property, and some property in the vehicle at the time of an accident, theft, or fire. 

Here you could have the actual cash value, agreed upon value, or full loss replacement of your vehicle when it comes to property damage.

Determining Value in RV Insurance

When you get RV insurance, a value is set in your insurance policy in the event of property damage.  The most common terms here are actual cash value, agreed value, and full loss replacement.

  • Actual cash value: This is a default option in RV insurance and what most policies have. If your RV is damaged, you will get paid according to what it is worth on the market that day. If you have a deductible, that will be subtracted from your payout.
  • Agreed value: This value is a value that you have set with your insurance provider when you get the insurance policy.
  • Full loss replacement: This amount is considered the best coverage, but not every RV will qualify. You will get paid for the full loss of the vehicle in the event of an accident. Many insurance companies will only provide full loss replacements on vehicles that are less than a year old, and will only allow you to carry this insurance for a certain number of years.

Get a Quote

When you are looking for RV insurance in Willoughby, OH, let the Merhar Agency LLC help you to understand the terms. Get a quote today.

Boat Insurance: Reasons Why You Need It And How To Get It

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Do you need boat insurance in Ohio? Though it is not a requirement by law, you need boat insurance to finance future damages in accidents. Contact The Merhar Agency, LLC, serving Willoughby, OH, and the surrounding areas, for all your boat insurance concerns.

What Is Boat Insurance?

Boat insurance is an insurance policy for your watercraft. It finances the costs needed to recover from any accidents in water and storage. With boat insurance coverage, you can pilot your boat peacefully, knowing that whatever happens, your insurer has got your back.

Why Do You Need Boat Insurance?

The need for boat insurance and auto insurance is similar. Boat insurance will help you in the following ways, depending on the policy you choose.

Replace Your Boat After A Theft

If your boat is hijacked in the water or stolen in storage, you won’t even fret. You file a claim to your provider, and they will get you a new boat.

Replace Your Boat After An Accident

If a hurricane ruins your boat, the provider will cover all the costs needed to get your boat back in working order. You can even get back valuables damaged inside the boat. Even when an uninsured motorist or a submerged rock wrecks your boat, your insurer can foot the repair bills.

Cover Medical Expenses After A Boat Accident

If a boat accident injures you or any passengers, your provider pays the medical bills.

Requirement By Marinas

If you plan to store your boat in a marina, they will need you to cover your boat against liabilities.

Requirement By Lienholders

If you want to take a loan to buy a boat, the lienholder (like a bank) will ask you to insure it until you pay up the full amount. There are different boat policies to cover any of your fears. An insurance agent will answer all your questions and help you choose the best option.

Contact The Merhar Agency LLC, For Boat Insurance

Reach out to The Merhar Agency LLC serving North East Ohio for a free consultation! Call us today at 440-946-2040 to get a boat policy that suits your needs.

Motorcycle Drivers Should Consider Ample Medical Coverage: Here’s Why

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Motorcycles can offer a lot of fun and allow riders to zip through traffic. That said, motorcycles are a bit more dangerous to drive and ride compared to a car. If you get in a motorcycle accident, you could suffer some bad injuries. The proper gear, including helmets and riding suits and/or jackets, is necessary. Ample medical coverage is also needed.

Need help selecting motorcycle insurance? Contact the Merhar Agency LLC, which serves Willoughby, OH, and other areas too! For now, let’s take a look at why ample medical coverage is necessary when driving motorcycles.

Motorcycle Accidents Can Cause Major Injuries, But Ample Medical Coverage Can Cover the Bills

When you drive or ride in a car, you’re basically encased in a protective cage that’s often equipped with airbags and other safety features. It isn’t easy to provide comparable protection on a motorcycle.

If you suffer an accident, you may be thrown from your sports bike, cruiser, or cafe racer, causing serious injuries. Prevention is the best form of treatment, especially when it comes to accidents. That said, you may suffer an unavoidable motorcycle accident.

If you suffer injuries as a result of a vehicle or motorcycle accident, medical coverage will pay the bills. However, there are typically limits to how much is covered. Once limits are reached, you may be responsible for the medical bills out-of-pocket.

When selecting an insurance plan for your motorcycle, car, or other vehicles, you can sometimes select how much medical coverage is provided. Often, this coverage is called bodily injury liability or something similar. Besides paying medical bills, some bodily injury programs will also cover lost wages and other costs.

Since the risks of injury are so high should you be involved in an accident, it’s smart to carry high bodily injury liability coverage to cover potentially expensive medical bills and lost wages.

Get in touch with the Merhar Agency LLC, which serves Willoughby, OH, to find great motorcycle insurance!

Who needs umbrella insurance in Ohio?

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In the Willoughby, OH area, having proper coverage for personal liability risk is critical. One great way to improve your coverage for liability risk is by getting an umbrella insurance plan. This is a unique form of insurance coverage that will provide protection on top of coverage you receive through home or auto policies. There are many scenarios in which someone may need to get a full umbrella insurance plan in Ohio.

When Wanting More Coverage

When someone wants to get an umbrella insurance plan, they want to get more coverage. Most people that have home or auto insurance plans will receive an ample amount of liability coverage. However, there will always be the risk that the actual damages in an accident exceed these policies. Fortunately, you can mitigate this risk by getting an umbrella insurance plan as it gives more coverage on top of the base insurance.

Peace of Mind

It would be best to consider getting an umbrella insurance plan as it offers you peace of mind. While there are many risks that you can plan for and insure against, there are others that are far more difficult to predict. When you have an umbrella insurance plan, you will get coverage for unexpected situations as well. This can provide anyone with comfort and peace of mind that they are ready for the unexpected. 

If you are going to get an umbrella insurance plan and are in the Willoughby, OH area, it would be wise to contact The Merhar Agency LLC. The insurance team with The Merhar Agency LLC understands the value that umbrella coverage can provide. They can then help you build a plan to mitigate your liability risk and provide peace of mind. 

Why should I get a flood insurance policy in Ohio?

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Those in the Willoughby, OH area that want to buy a home will need to evaluate their insurance needs. One type of insurance that you may need to get here is flood insurance. There are a few reasons why you may need this unique insurance coverage. 

Flood Insurance is an Effective Way to Protect Home

A good reason for anyone to get a flood insurance policy is that it is a great way to protect your home. If you are a property owner and are concerned about the damage caused by a flood, you will want to know that your home is properly secured with insurance. Since a standard home insurance plan may not offer enough coverage, getting a flood insurance policy is a great option as it will give specific coverage to mitigate this risk.

Many Lenders require flood Insurance

If you had taken out a mortgage when you went to buy your home, you should make sure you get the required insurance. If your home is located in a flood zone, this may mean getting a full flood insurance policy. Any lender will run searches on your property to see if you are in a flood zone. If you are, they will require that you get this insurance and maintain coverage the whole time.

Those looking to protect their home in the Willoughby, OH area should consider getting a flood insurance policy. When you are looking for your next flood insurance policy, it would be wise for you to call The Merhar Agency LLC. When you call The Merhar Agency LLC, you will learn about this insurance and how it can protect you. This will help you choose the best policy for your situation.