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The History of Auto Insurance

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A Glimpse into the History of Auto Insurance

Given that cars are a relatively recent phenomenon, auto insurance is a comparably modern convention. Nonetheless, the concept of insurance bears a much longer history. In this piece, we will journey through the evolution of insurance, with a special focus on auto insurance. If you have inquiries about coverage or policy choices for auto insurance, feel free to contact Foresee General Insurance Agency Inc., which proudly serves Harrison, AR.

The Evolution of Insurance Through Ages

Insurance, in elemental forms, has been in existence for millennia. Going as far back as 1750 BC, there are mentions of insurance for sea shipping in the Code of Hammurabi. During the medieval era, trade guilds occasionally offered compensation if a member’s forge or other properties were destroyed by fire. With the increased global shipping in the 17th and 18th centuries, shipping insurance saw a boom. Subsequently, Ben Franklin started a fire insurance scheme in Philadelphia in 1751.

Moving forward, auto insurance came onto the scene comparatively later. The first automobile invention dates back to 1886, and by the turn of the 19th century, cars were becoming considerably common in some regions. The first auto insurance policy is believed to have been procured by Gilbert J. Loomis in 1897 in Ohio.

In 1925, Massachusetts took the lead as the first state to make auto insurance mandatory. New York followed suit in 1956, North Carolina in 1957, and by 1970, car insurance policies were required in most states. However, coverage mandates vary from state to state, so consulting with an insurance agent is advisable.

If you or your loved ones need guidance in selecting an auto insurance policy, reach out to the Foresee General Insurance Agency Inc., serving Harrison, AR, for assistance.

Is commercial insurance in Arkansas necessary for all businesses?

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If you are an aspiring business owner, the Harrison, AR, area can be a great place to own a company. If you would like to own a business here, there are a lot of choices that need to be made. One important choice will come when you need to build a new insurance plan. Having a commercial insurance policy will be necessary in various situations. 

Meet Obligations Set by Various Parties

A reason that you will need to have commercial insurance is so you can meet the obligations set by various parties. Those who start a business will need to raise capital, take out loans, lease space to operate, and enter into various contracts with customers and vendors. Many of these agreements will have specific commercial insurance requirements for the business to maintain. If you do not comply and provide evidence of coverage, it can lead to a violation and penalization. 

Protect Business

Even if your business does not have a specific insurance requirement, carrying this insurance is still a good idea. When you are looking to build a business, you will find that commercial insurance offers many advantages and forms of coverage. This includes support to replace your core assets or manage your commercial liability risks, providing valuable financial protection. 

If you own a business and are in the Harrison, AR, area, you will always want to ensure you have the right commercial coverage. A great way this can be done is by calling our team with Foresee General Insurance Agency Inc. Our team of professionals with Foresee General Insurance Agency Inc. will help you evaluate your needs and build a plan that will keep you supported and protected at all times. 

Commercial Auto Insurance for the Gig Economy: Coverage Considerations for Rideshare and Delivery Drivers

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In the gig-driven economy of Harrison, AR, Foresee General Insurance Agency Inc. stands ready to assist rideshare and delivery drivers with their unique insurance needs. Today, let’s explore key considerations for commercial auto insurance tailored to those thriving in the gig economy.

Understanding Gig Economy Insurance Needs

The surge in rideshare and delivery services has reshaped employment, emphasizing the need for specific insurance coverage. Foresee General Insurance Agency Inc., serving Harrison, AR, recognizes the distinctive requirements that accompany gig work.

Tailored Coverage for Rideshare Drivers

Foresee General Insurance Agency Inc. acknowledges the evolving nature of gig work. For rideshare drivers, having the right insurance is crucial. Traditional personal auto insurance may fall short during commercial activities, making specialized coverage essential.

Key Coverage Considerations:

  1. Commercial Liability Insurance: Rideshare drivers require robust liability coverage to safeguard against injury and property damage claims. Foresee General Insurance Agency Inc. guides drivers in determining appropriate liability limits for their unique circumstances.

  2. Coverage Gaps: Standard personal auto insurance may not cover accidents during active rideshare or delivery services. Commercial auto insurance fills these gaps, ensuring comprehensive protection.

Navigating Insurance Challenges

In the ever-changing gig economy landscape, navigating insurance challenges is critical. Foresee General Insurance Agency Inc. simplifies this process, offering personalized guidance to ensure Harrison, AR, rideshare, and delivery drivers are adequately covered.

Consult Foresee General Insurance Agency Inc. Today

For gig workers in Harrison, AR, Foresee General Insurance Agency Inc. is the go-to source for comprehensive commercial auto insurance. Consult our knowledgeable agents today to discuss your specific commercial insurance needs. Let us craft a policy that provides peace of mind as you navigate the gig economy’s roads.

Natural Disasters and Home Insurance: Are You Prepared?

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Natural disasters can strike anytime, leaving homeowners vulnerable to significant financial losses. Securing your investment calls for having a reliable home insurance policy, yet it’s crucial to recognize that not all policies cover the complete range of disasters. Here’s a guide to assist you with preparing before a natural disaster strikes.

  • Know Your Policy: Take the time to review your policy and understand any exclusions. Consulting with us can ensure that you have comprehensive coverage for potential disasters in your particular area.
  • Flood Insurance: Floods, a common natural disaster, are often not covered by standard policies. Contact Foresee General Insurance Agency Inc., located in Harrison, AR, and the surrounding neighborhoods to secure the appropriate coverage before heavy rain or storms.
  • Fire: With the increasing frequency of wildfires, understanding your policy is crucial for comprehensive coverage against potential fire damage. Our team can provide guidance to make your property fire-ready.
  • Earthquake Coverage: If you reside in an earthquake-prone zone, check your policy to ensure adequate coverage, especially in the event of seismic activity. Don’t underestimate the potential impact an earthquake can have on your property.
  • Evaluate Potential Risks: Proactively understand evacuation routes and maintain an emergency kit for preparedness. Being proactive can make all the difference when it comes to staying safe during a crisis.

Feel confident in your home insurance coverage today by contacting Foresee General Insurance Agency Inc., serving Harrison, AR, and surrounding regions. Our team will conduct a thorough policy review, offering personalized guidance to enhance your coverage. Don’t wait for disaster to strike. Contact us now for peace of mind in the face of a natural catastrophe. You and your home will thank us.

How does auto insurance in Arkansas protect me?

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Car owners throughout the Harrison, AR area will find that owning a vehicle can make it far easier to get around the state and local community. While there are plenty of reasons to own a car, it is important to remember that it is an important responsibility. One aspect of owning a car that you need to take seriously is the need to get insurance. An auto insurance policy for your Arkansas vehicle will cover you in several ways. 

Covers Your Car

A great reason to have an auto insurance plan here is that it can cover your car. If you buy a vehicle here, you will need to ensure your investment is secure. The best way this is done is with insurance. When you have a comprehensive and full collision plan, you will get support to replace or repair your vehicle if it is stolen or damaged in any way. If you also have an auto loan, your lender will require you to carry full coverage. 

Liability Risk Mitigation

It is also a good idea to get auto coverage to mitigate your liability risks. Anyone who drives a car could cause a collision. If this happens to you, it will be your responsibility to cover the damages. Fortunately, if you do carry an auto insurance policy, you will have financial resources to cover these expenses. 

An auto insurance plan is a good investment due to the benefits that it provides to policyholders. If you want this insurance in the Harrison, AR area, you should call our team with Foresee General Insurance Agency Inc. Our insurance team at Foresee General Insurance Agency Inc. knows the value of this coverage and will ensure you choose the ideal policy that meets your needs. 

The Role of Business Valuation in Commercial Insurance: Accurate Coverage for Asset Protection

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Commercial insurance is a critical component of risk management for businesses of all sizes in and around Harrison, AR. It protects against unforeseen events disrupting operations or resulting in financial losses. One crucial aspect of commercial insurance is business valuation, which is significant in ensuring businesses have accurate coverage to protect their assets. 

Business Valuation in Commercial Insurance

In the context of commercial insurance, business valuation is essential for several reasons:

  • Accurate Coverage: Commercial insurance policies must provide adequate coverage to protect a business’s assets, including property, equipment, inventory, and intellectual property. 
  • Risk Assessment: A comprehensive valuation helps insurers understand the insured company’s financial health and potential risks.
  • Premium Determination: A more accurate valuation can result in fair and competitive premium rates.
  • Claims Settlement: In the event of a covered loss, business valuation helps determine the amount of compensation the insured business is entitled to receive. 

Factors Considered in Business Valuation for Insurance

Several factors are considered when conducting business valuation for insurance purposes:

  • Asset Valuation: The value of tangible assets, such as real estate, equipment, and inventory, is assessed based on market conditions and replacement cost.
  • Income Evaluation: The company’s earnings and cash flow are analyzed to determine its income-based value. This is particularly relevant for businesses with significant intellectual property or intangible assets.
  • Market Analysis: Market conditions, industry trends, and competitive landscape are evaluated to understand how external factors impact the business’s value.
  • Liabilities and Debt: Existing liabilities and debt obligations are factored into the valuation to provide a comprehensive picture of the business’s financial position.

Foresee General Insurance Agency Inc. Can Help You

At Foresee General Insurance Agency Inc., we can help answer questions concerning commercial insurance. We serve the Harrison, AR area. Contact Foresee General Insurance Agency Inc. today. 

Does my home policy cover my home office business equipment?

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Foresee General Insurance Agency Inc. wants your home insurance to work hard for you so it adequately protects your Harrison, AR home. You might wonder if your home policy protects the business equipment you bring home from work.

Business Equipment Gets a Tiny Bit of Protection

Home policies only cover personal property, and some policies provide as little as $1,000 of coverage. You probably own more than $1,000 worth of items, so you would need to add additional personal property coverage.

Some home policies offer no business equipment coverage, while others offer a modest amount – typically about $500. That might seem odd in today’s work-from-home environment, but the insurance industry offers specific types of coverage for each property type. Adding a home business rider can cover home office equipment and the occasional piece of office equipment you bring home, such as your office laptop.

Expanding Your Business Equipment Coverage

Depending on the underwriter and state law, you can increase your coverage up to $10,000 for business equipment on your home insurance in some locations. This helps ensure you don’t have to pay a huge amount out of your pocket if something occurs.

Contact Foresee General Insurance Agency Inc. Today

Call or email Foresee General Insurance Agency Inc. today to learn more about how to protect your business equipment used in your Harrison, AR home. Let us help you make the most of your home insurance. We can help you determine the amount of coverage you need and how to add it through a rider or an increase in policy amounts.

When Should You Update Your Auto Insurance Coverage?

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When was the last time you thought about your auto insurance? If you’re not reviewing your policy annually, you could lose out on valuable coverage or pay extra for unnecessary coverage. Changes in your life or lifestyle could impact your auto insurance, and you may need to update your policy to maintain accurate coverage. At Foresee General Insurance Agency Inc. in Harrison, AR, we’ve compiled a few examples of when it may be necessary to update your auto insurance.

Moved to a New Location

A move to a new city or state will require that you update your contact information on your policy. If you move from a rural to an urban area, you may want extra insurance protection to cover the risks of city driving. If you move out of state, you may need to update your policy to reflect the insurance requirements of your new state.

Adding Drivers to Your Household

New drivers to your household will need to be added to your insurance policy if they are driving your vehicle regularly. Putting them on your policy ensures they’re fully protected against any eventuality.

Retirement

If you’re driving less due to retirement, you may not need as much coverage as when you had a daily commute to and from work. Talk to your agent about updating your coverage to reflect new driving habits. Reducing your coverage could save you money in the long run.

Change of Vehicle

A change of vehicle will require an update to your insurance coverage. If you’re financing a new vehicle, your lender may require more extensive coverage to protect his investment. You can discuss coverage options with our agent to ensure you get the protection you need.

For help updating your auto insurance policy, contact Foresee General Insurance Agency Inc. in Harrison, AR.

What You Need To Know About Umbrella Insurance

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Understanding the different types of insurance coverage available is essential to make smart insurance choices. Here at Foresee General Insurance Agency Inc., serving Harrison, AR, we are committed to helping our clients develop a good insurance education. Keep reading to learn more about umbrella insurance. 

Umbrella Coverage

Umbrella coverage is a special type of insurance policy designed to provide coverage when other insurance policies are exhausted. This type of insurance can help you avoid costly liability expenses that could put you in a vulnerable financial situation. 

Policy Exhaustion

In the insurance industry, policy exhaustion refers to a policy reaching its payout limit. Each type of insurance policy you might purchase will have a limit on how much the policy will pay in a claim event. When the policy has paid this amount, the policy has been exhausted. If this happens and there are still expenses left to be paid, those expenses would be the individual’s responsibility. 

Financial Vulnerability 

If an individual faces a considerable amount of out-of-pocket liability expenses, it could place them financially vulnerable. This could be detrimental to their financial security in the short term as well as the long term. 

Umbrella Protection 

When an umbrella policy is in place, it can kick in to pay remaining expenses if another policy has been exhausted.

Umbrella insurance is recommended for people with many assets they want to protect from liability, as well as for people involved in high-risk occupations or hobbies. It can also benefit people who conduct activities on their own property that could be considered high-risk as well. Anyone can benefit, though, from this extra layer of protection.   

Contact us at Foresee General Insurance Agency Inc., serving Harrison, AR, and the surrounding areas to learn more. 

Do I need flood insurance in addition to my homeowner’s policy?

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Do you live in an area prone to flooding in Harrison, AR?

If so, there is a chance that your homeowner’s policy won’t cover damage caused by floods. Flood insurance from Foresee General Insurance Agency Inc. is essential to protect your home and assets in the event of a flood. Even if you don’t live in a high-risk area, consider obtaining flood insurance, as it can provide peace of mind should the unexpected occur. 

Most standard homeowner’s insurance policies do not cover flood damage, and even if coverage did exist, it would likely not be enough to indemnify the property owner against losses fully. To be adequately protected against flooding, homeowners must purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP). The NFIP provides different levels of coverage for buildings and their contents, allowing homeowners to choose the protection that best suits their needs.

It is important to note that most flood insurance policies have a waiting period before they become active, and there may also be deductibles associated with the coverage. When purchasing flood insurance, ensure you understand these terms and conditions thoroughly before committing yourself. 

If you live in an area prone to flooding or are worried about potential damage from floods in the future, it is highly recommended that you obtain an additional flood insurance policy alongside your existing homeowner’s policy. This will ensure complete protection against any losses incurred due to flooding events.

For more information, call us at Foresee General Insurance Agency Inc. today. We proudly serve the Harrison, AR area and gladly assist you.