INSURANCE

Home insurance

also known as homeowner’s insurance, provides financial protection to homeowners in the event of damage or loss to their home or personal property. Home insurance policies typically cover various risks, including damage caused by fire, theft, vandalism and weather-related incidents such as wind, hail and lightning strikes. For most people, a home is the largest asset they have. Without homeowners’ insurance, a major loss might jeopardize their family’s future.

Home insurance policies can vary in terms of coverage and cost, depending on the level of protection and amount of coverage you choose. Typically, a standard policy will provide coverage for your dwelling (the physical structure of your home such as a single-family house, a residential condominium or up to 4-apartments residential building occupied by owner), personal property (your belongings), liability (any legal responsibility you have for injury or damage to others), and additional living expenses (if you are unable to live in your home due to a covered loss). With respect to personal property, a homeowners insurance policy can protect against loss of specified items under the policy, including jewelry, furs, silverware, golf clubs and fine arts. It can also cover specific risks, including pets, swimming pool, trampoline and home business (for example, daycare).

It’s extremely important to understand the terms and limitations of your home insurance policy, as well as any deductibles or exclusions that may apply. Homeowners may also want to consider purchasing additional coverage, such as flood insurance or earthquake insurance (not included in the basic home insurance policy!), depending on the location and potential risks associated with their home.

When shopping for home insurance, it’s essential to compare policies and rates from multiple insurance providers, as well as review customer ratings and reviews to ensure you are getting the best coverage for your needs.

Midland Realty Group Brokers can help you determine the right amount of coverage for your home. Call us at (773) 699-1531 or email us at [email protected].

Renters Insurance

Renters insurance is designed for people who rent their homes or apartments. It provides financial protection to renters against losses or damages to their personal belongings caused by various incidents, including theft, fire, vandalism and other covered perils.

In addition to covering personal property, renters insurance may also include liability coverage, which can protect renters if they are found liable for injuries or damages caused to others while they are on the rental property. This coverage can help pay for legal expenses and any damages awarded in a lawsuit.

The cost of renters insurance varies depending on several factors, such as the location of the rental property, coverage limits and deductible. It is often an affordable option for renters and can provide valuable peace of mind knowing that their personal belongings and finances are protected in case of unexpected events.

Do you rent and don’t have any insurance to cover your personal property?
Call us at (773) 699-1531 or email us at [email protected]

Additional Coverage Example – Sewer back up coverage:

Sewer back up insurance coverage provides protection for homeowners and renters against damage caused by a sewer backup. Sewer backup can occur when water or sewage backs up through drains, pipes or toilets due to a blockage or other problem in the sewer system.

In Chicago, sewer backup coverage is not typically included in standard homeowners’ insurance policies even though sewer back up risk and occurrences are well known. Therefore, sewer back up insurance coverage must be considered and should be procured, especially for dwellings with below grade spaces. It is typically added as to a standard homeowner’s insurance as an optional coverage. It is important to note that not all insurance companies offer this type of coverage, so you should check with your insurance provider to make sure that it is available for your home. When considering sewer backup insurance, you should also be aware that coverage limits, deductibles and exclusions may vary by policy and insurance provider. Some policies may only cover damage caused by a sewer backup, while others may also cover the cost of cleaning and repairing the damage.

It’s also important to note that sewer backup insurance typically does not cover damage caused by flooding, which is a separate type of insurance coverage. If you live in an area that is prone to flooding, you may want to consider purchasing flood insurance in addition to sewer backup insurance.

Auto insurance provides coverage for vehicles and their drivers in case of accidents, theft or other types of damage. The purpose of auto insurance is to provide financial protection for drivers and their vehicles, as well as to help cover the costs associated with any damage or injuries that may occur as a result of a car accident.

Auto insurance policies can vary in terms of coverage and price, depending on factors such as the driver’s age, driving record, type of vehicle and location. Common types of auto insurance coverage include liability insurance, which covers damage to other people and property caused by the insured driver; collision insurance, which covers damage to the insured vehicle in case of an accident; and comprehensive insurance, which covers non-accident-related damage such as theft, fire and natural disasters.

Most states in the US require drivers to have some form of auto insurance coverage, and it is generally recommended that drivers carry enough coverage to protect themselves in case of an accident.

In Illinois, drivers are required to have the following minimum auto insurance coverage:

Liability Coverage: Drivers must carry liability coverage for bodily injury and property damage with the minimum coverage limits of:
$25,000 per person for bodily injury
$50,000 per accident for bodily injury
$20,000 per accident for property damage
Uninsured Motorist Coverage: Drivers must also carry uninsured motorist bodily injury coverage with minimum limits of:
$25,000 per person
$50,000 per accident
Underinsured Motorist Coverage: Underinsured motorist bodily injury coverage is also required with minimum limits of:
$25,000 per person
$50,000 per accident
Note that while these are the minimum requirements, it is strongly advisable for most individuals to purchase higher coverage limits to ensure adequate protection in the event of an accident. Additionally, drivers in Illinois are required to carry proof of insurance with them at all times while operating a vehicle.

Midland Realty Group Brokers can help you determine the right amount of coverage for your auto. Call us at (773) 699-1531 or email us at [email protected]

Illinois SR-22
What is SR-22 Mandatory Insurance Supervision? For answers click here.

Life insurance is an essential product that can provide financial security to your dependents, loved ones or other designated beneficiaries in the event of your unexpected death. Here are some of the reasons why life insurance is so important:

Protects Your Family’s Future: Life insurance can help protect your family’s financial future by providing them with a source of income after your death. This can help ensure that your family can continue to pay for important expenses such as mortgage or rent payments, transportation, food, utility bills and education costs.

Covers Outstanding Debts: If you have outstanding debts, such as a mortgage or a car loan, life insurance can help ensure that those debts are paid off in the event of your death so that your survivors don’t’ have to burdened with them after you’re gone. The life insurance proceeds can also pay for your funeral expenses and other debts, like personal loans and credit cards. This can ensure that your assets are not depleted by outstanding debts and that your heirs inherit the full value of your estate.

Provides Peace of Mind: Knowing that your dependents and loved ones will be taken care of in the event of your death can provide you with peace of mind. With adequate life insurance protection, you can rest assured that your beneficiaries will be able to cover their expenses and maintain their quality of life.

Builds Cash Value: Some life insurance policies, such as whole life insurance, can build cash value over time. This cash value can be borrowed against or used to pay for insurance premiums later in life.

Assures Business Continuity: If you own a business, life insurance can be used to ensure that the business can continue to operate after you pass away. The death benefit can be used to buy out your share of the business or to provide funds for a new owner to take over.

Covers Estate Taxes: Depending on the size of your estate, your heirs may be subject to estate taxes upon your death. Life insurance can be used to help cover these taxes and prevent your heirs from having to sell assets to pay them.

What is the difference between term life insurance and whole life insurance?

Term life insurance provides life insurance protection for a specific period of time and a cash benefit upon death. Premiums are generally lower than whole life insurance, but can increase as you grow older. Whole life insurance, sometimes referred to as permanent insurance, provides life-long protection but at a higher initial premium than term life insurance. Along with a cash benefit upon death, whole life insurance accumulates cash value over time.

Is term life insurance or whole life insurance right for me?

It depends. The lower premium of term life insurance is attractive. However, if you want coverage for a period that extends beyond the original policy length, you will need to re-qualify in order to purchase a new policy. This will likely mean a higher premium as you grow older. A combination of term and whole life insurance is often the right answer.

Midland Realty Group Brokers can help you determine the right type and limit of life insurance.

Call us at (773) 699-1531 or email us at [email protected]

Commercial Liability Insurance

Commercial liability insurance is important for businesses of all sizes, as it provides protection against various risks and liabilities that can arise during the course of business operations. Here are some of the key reasons why commercial liability insurance is an essential tool for businesses to protect themselves against the various risks and liabilities they face:

Protection Against Lawsuits: Commercial liability insurance can protect a business from the financial impact of a lawsuit or legal claim made against the business, such as claims of personal injury or property damage.

Risk Management: With proper and adequate commercial liability insurance in place, businesses can better manage their risks and minimize the financial impact of unexpected events.

Meeting Contractual Requirements: Many contracts, such as those for leases or vendor agreements, require businesses to have certain types and levels of liability insurance. Without adequate coverage, businesses may be in breach of contract and subject to penalties or legal action.

Professional Image: Commercial liability insurance can help businesses project a professional image and instill confidence in customers and business partners.

Peace of Mind: Knowing that your business is protected by insurance can give you peace of mind and allow you to focus on growing your business without worrying about potential risks and liabilities.
Contract Midland Realty Group Brokers with all your commercial/business insurance needs.

Call us at (773) 699-1531 or email us at [email protected]

Business Interruption Insurance

While business owners can’t control the forces of nature or prevent all serious accidents from

happening, they can cushion the financial blow of a possible shutdown by purchasing adequate

business interruption insurance. This kind of insurance typically reimburses policyholders for lost income and the expenses they incur during a break in normal business operations. If, for example, a fire forces a business to shut down for repairs, the owners can be compensated for the money that would’ve been made, as if the fire hadn’t occurred.

Business interruption insurance can include two main types of coverage:

Business income insurance, which generally pays business owners the amount of money they would have earned if a covered peril hadn’t forced them to suspend normal operations. This insurance will pay for net income and for continuing normal operating expenses.
Extra expense insurance, which covers expenses that the business would still incur regardless of a shutdown. Examples of these expenses include rent, commercial mortgage payments, commercial insurance premiums, utility bills and some taxes.
To protect your business against unexpected interruptions, Call us at (773) 699-1531 or email us at [email protected]

Error and Omissions / Professional Liability Insurance

Errors and omissions insurance is intended to help professionals when they’re accused of negligence or incompetence in their work, and they usually arise whenever a professional either provides services that don’t meet a client’s or customer’s expectations or fails to provide an expected service at all. For most types of errors and omissions coverage to apply (with an exception of medical malpractice insurance), the harm to the client or customer must be financial in nature.

Basic examples of scenarios that might ultimately result in an errors and omissions claim include the following:

Giving bad professional advice.

Failing to complete an important task before an important deadline.

Committing a seemingly minor but ultimately costly clerical error.

Performing an inadequate analysis of a client’s needs.

The terms “error and omissions insurance,” “professional liability insurance” and “malpractice insurance” are often used interchangeably; however, important distinction exist among them:

Professional Liability Insurance is a broad category of liability insurance that includes malpractice insurance, errors and omissions insurance, directors and officers insurance and more.

Errors and Omissions Insurance is a type of liability insurance that covers various professionals when their services don’t meet clients’ or customers’ expectations.

Malpractice Insurance is another name for errors and omissions insurance specific to medical doctors, attorneys and a few other professions.

Are you looking for the right professional liability or error’s and omission insurance to protect your business? Call us at (773) 699-1531 or email us at [email protected]

Commercial Property Insurance

Running a business is difficult enough without having to worry about theft, accidents or natural disasters that could result in the loss of property. Good property insurance won’t be able to stop those unfortunate events from occurring, but it can certainly help a business get back on its feet.

The most common kind of property insurance for businesses is the building and personal property coverage, which covers business building, business personal property and personal property of others while in the business’s possession. However, beyond this basic form, insurance companies offer various endorsements or separate endorsements altogether to cover properly and adequately the risks of business property owners.

To find out what products offered by our insurance partners are most suitable for your business property needs, Call us at (773) 699-1531 or email us at [email protected]

Commercial Auto Insurance

Commercial auto insurance provides coverage for vehicles used for business purposes. This type of insurance policy is typically purchased by businesses that use vehicles as part of their operations, such as delivery companies, trucking companies, and taxi or ridesharing services.

Commercial auto insurance provides coverage for a range of risks, including liability for bodily injury and property damage to third parties, collision damage to the insured vehicle, and theft and other non-collision losses. The commercial auto policy may also include coverage for medical expenses, personal injury protection, uninsured or underinsured motorist coverage, and other optional coverages.

The cost of commercial auto insurance varies depending on factors such as the type and number of vehicles insured, the level of coverage selected, the driving history of the insured drivers, and the location and nature of the business operations. Contact us to obtain a quote for your commercial auto insurance needs.

To insure your commercial auto, Call us at (773) 699-1531 or email us at [email protected]

Trucking insurance is a type of insurance designed specifically for commercial trucks and their drivers. It provides coverage for a variety of risks, including liability, physical damage, and cargo loss or damage. Here are some of the basics of trucking insurance:

Primary Liability Insurance: This is the most basic and mandatory form of insurance that trucking companies must have. It covers damages and injuries to third parties caused by the truck driver during the course of work.

Physical Damage Insurance: This type of insurance covers damages to the truck itself, regardless of who is at fault. It includes collision coverage, which pays for damages caused by an accident, and comprehensive coverage, which covers damages caused by other events, such as theft or vandalism.

Cargo Insurance: Cargo insurance is designed to protect the value of goods being transported in the truck. It covers loss or damage to the cargo caused by theft, collision, or other unexpected events.

Bobtail Insurance: This type of insurance covers trucks when they are being driven without a trailer attached. It typically includes liability and physical damage coverage.

Non-Trucking Liability Insurance: This insurance is designed for truck drivers who are using their vehicles for non-business purposes, such as running personal errands. It covers damages and injuries caused by the truck driver during these activities.

Occupational Accident Insurance: This is a type of insurance that covers medical expenses and lost wages for truck drivers who are injured while on the job.

It’s important to note that the insurance requirements for trucking companies vary by state and by the type of cargo being transported. It’s also important to work with an experienced insurance broker to ensure that you have the right coverage for your specific needs.

Contact Midland Insurance Brokers if you have any questions about trucking insurance or if you are looking for a quote for your trucking operations. Call us at (773) 699-1531 or email us at [email protected]

Why is it important to maintain adequate trucking insurance coverage?

It is a critical for a trucking company or an owner-operator to obtain and maintain at all times adequate insurance coverage related to the tractor, trailer and trucking operations as it provides:

Protection against financial losses: Trucking insurance can protect trucking companies and drivers from financial losses resulting from accidents, theft, cargo damage and other unexpected events. Without sufficient insurance, these losses could potentially bankrupt a business or individual.

Liability protection: Trucking insurance can provide liability protection in case of accidents that result in injury or property damage to others. This can include coverage for bodily injury, property damage, and environmental damage caused by the trucking operation. Just like with losses related to trucking companies and owner-operator’s own equipment and assets, liabilities to third parties arising out of accident could potentially bankrupt a business or individual without sufficient insurance.

Protection for cargo: Along the same lines, appropriate trucking insurance can also provide protection for the cargo being transported, ensuring that shippers and receivers are compensated in case of loss or damage. Otherwise, disputes may arise as to the responsibility for the lost cargo and payments owed by shippers or receivers to a trucking company, which may also result in severe financial losses to a trucking business or individual.

Compliance with legal requirements: Most states and the federal government require trucking companies and operators to carry certain types of insurance. Failing to meet these requirements can result in fines, penalties and legal liability.

Peace of mind: Trucking insurance can provide peace of mind to trucking companies, drivers and owner-operators knowing that they are adequately protected against potential risks and liabilities, including financial losses arising out of damage to their own equipment, liabilities to third parties arising out of property damage or bodily injury, liabilities to shippers or receivers arising out of damaged or lost cargo, as well as potentially significant costs of lawsuits filed as a consequence of disputes related to the above described claims. Let us handle your insurance needs, so that you can concentrate of your business.

Why do I need to rely on Midland Insurance Brokers to obtain trucking insurance for my business?

Your reliance on the expertise and service of our insurance professionals will help you obtain proper and adequate insurance for your trucking business and avoid the potential pitfalls that otherwise present grave risks to your trucking operations:

Coverage Gaps: It’s important to make sure that your trucking insurance policy covers all the risks that you may encounter in your business. Some policies may have coverage gaps that could leave you exposed to financial losses in the event of an accident or other incident.

Limited Coverage Options: To expand on the issue of coverage gaps, some trucking insurance policies may only offer limited coverage options, which may not be suitable for your specific needs. It’s important to work with an experienced insurance agent who has access to many insurers and their wide offerings of insurance products and can help you find a policy that meets all of your unique needs.

High Premiums: Trucking insurance premiums can be very expensive, especially for businesses with a high number of trucks or drivers. Some insurance companies may also charge higher premiums for drivers with less experience or a history of accidents. Our relationship with many trucking insurance providers will allow up to obtain the best insurance coverage at the lowest possible cost for your business. We will also advise you on safety and other aspects of your trucking business operations to make sure that you control the cost of premiums over time.

Claims Processing Delays: When you need to file a claim, you want it to be processed quickly so that you can get back to running your business. However, some insurance companies may be slow to process claims, which can cause significant delays and financial losses. We will help you to choose an insurance company with a good reputation to assure efficient and effective claim processing when need arises.

Complex Regulations: The trucking industry is heavily regulated and there are many different regulations that must be followed to remain compliant. Failure to comply with these regulations can result in fines, penalties or even loss of your operating license. It’s important to make sure that your trucking insurance policy is compliant with all relevant regulations.

Builder’s risk insurance is designed to protect construction projects and buildings during the construction process. It covers losses and damages to the property under construction, including materials, equipment and the building itself against a range of risks such as fire, theft, vandalism and weather-related events.

The importance of builder’s risk insurance lies in the fact that construction projects are inherently risky and unpredictable. Construction sites are often exposed to various hazards such as weather events, theft and accidents, which can result in costly damage or loss of materials, equipment or the entire building. Without adequate insurance coverage, the project owners, contractors or developers may be liable for the costs of repairing or replacing damaged or lost property, which can significantly impact the project’s budget and timeline.

Builder’s risk insurance also helps to mitigate the financial risk and uncertainty associated with construction projects. By providing coverage for property damage and loss, this type of insurance can help to minimize financial losses and ensure that the project can be completed as planned. It can help to protect the interests of all parties involved in the construction project, including owners, contractors, and subcontractors.

Do you need builder’s risk insurance? Call us at (773) 699-1531 or email us at [email protected]

An umbrella insurance policy provides additional coverage beyond the limits of other insurance policies, such as homeowners insurance, auto insurance or business liability insurance. In other words, if the limits of your primary insurance policy are not enough to cover a claim against you, an umbrella policy can cover the remaining costs up to the limits of the policy. For example, if you are in a car accident and the damages exceed the limits of your auto insurance policy, an umbrella policy can help cover the additional costs. Umbrella also fills in some of the circumstantial coverage gaps in many homeowners and auto insurance policies when the insured is accused of property damage or bodily injury. It usually insures the policyholder against $1 million in damages or more. A true umbrella policy will not only increase the insured person’s dollar limits for liability but also cover losses that are excluded by other forms of liability insurance.

Umbrella policies provide relatively inexpensive insurance protection, but coverage may be conditional in some respects. For the umbrella policy to pick up where the primary policy left off, the insured needs to remain covered by a company-mandated amount of primary liability insurance as part of an auto and/or homeowners’ policy.

Umbrella insurance is important because it helps protect you from financial loss in the event of a liability claim. Without umbrella insurance, you could be responsible for paying out-of-pocket for damages or legal fees that exceed the limits of your primary insurance policies. This can be especially important if you have significant assets, as a liability claim could potentially result in the loss of your savings, home, or other valuable possessions. With an umbrella policy, you can have peace of mind knowing that you are protected in the event of an unforeseen liability claim.

Midland Insurance Brokers can help you determine whether you should consider umbrella insurance. Call us at (773) 699-1531 or email us at [email protected]

Specialty insurance products provide coverage or specific risks or situations that are not typically covered by standard insurance policies. These policies are designed to meet the unique needs of individuals, businesses or organizations that require coverage beyond what is available through standard insurance products.

Examples of specialty insurance products include:

Boat and Watercraft Insurance: Although some insurance for personal watercraft is available within homeowners’ insurance, the property coverage might be very limited and the liability coverage might be completely nonexistent for boats with most types of motors. Special boat owners’ policies are available for property and liability protection. Yacht insurance is available for larger vessels.

Motorcycle Insurance: Unless a driver pays an additional premium for the proper endorsement, vehicles with fewer than four wheels, such as motorcycles, will have to be insured by something other than a personal auto policy. A motorcycle coverage can be obtained through a dedicated policy or added as an endorsement to an auto policy.

Aircraft Insurance: Just like most boats and motorcycles, airplanes require a special aircraft policy to insure the airplane itself and any liability arising from its operation.

Pet Insurance: Provides coverage for veterinary expenses, including accidents, illnesses and routine check-ups.

Farm Insurance: Farm insurance is available as a package policy with several coverage options to choose from. Like homeowners’ insurance, it can combine property insurance and liability insurance in the same product. But unlike homeowners’ insurance, the same policy can be used to insure someone against personal risks and business risks. For example, property insurance for farms can ensure parts of the farm that are used as family dwellings, while other parts of the policy can be used to insure farm-specific structures (such as barns) and farm-specific property (such as grain and livestock).

Crop Insurance: Farmers may purchase federal crop insurance from private insurers that have been approved by the government. This insurance is designed to protect farmers from natural events out of their control (such as a drought). However, it will generally only insure a farmer against a portion of losses and must be purchased in advance of a growing season. Private crop insurance is also available for broader protection or sold as a stand-alone policy.

Flood Insurance: Damages and losses caused by flood are not included in a standard homeowner’s policy. This type of insurance is provided by private insurers or through National Flood Insurance Program, which is administered by the Federal Emergency Management Agency. Any person who purchases a home in a special flood hazard area with the help of a federally regulated lender is required to cover the home with flood insurance.

Earthquake Insurance: Homeowners insurance generally excludes coverage of earthquake-related damage. Many carriers sell special earthquake coverage that can either be added as an endorsement to a homeowner’s policy.

Travel Insurance: Provides coverage for travel-related risks, such as trip cancellations, lost or stolen luggage and medical emergencies while traveling.

Cyber Insurance: Provides coverage for losses or damages resulting from cyber-attacks, data breaches and other cyber threats.

Event Insurance: Provides coverage for events such as weddings, concerts and festivals against liability and property damage.

Product Liability Insurance: Provides coverage for businesses against claims arising from their products causing injury or damage to consumers.

With any questions about specialty insurance call Midland Insurance Brokers at (773) 699-1531 or email us at [email protected]