Horn & France Insurance - Insurance Tips

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Horn & France Insurance
Helpful Tips

You Need An Umbrella Policy If:

You operate a business from your home.
You're in a carpool.
You have a swimming pool.
You have a trampoline.
You have a dog.
You have a teenage driver.
You have many assets.

Annual Checkup:

Get your insurance coverage reassessed on an annual basis. As your needs grow and changes, so do your needs and potential liabilities. Underinsurance ranks as a major problem with expanding firms.

EXTRA TIP: Get an independent appraiser to value your property; if it has been more than five years since it was last appraised, chance are you're in for a surprise.

Helping Us Help You:

Do not withhold any important information from your insurance representative about your vehicle, or home, health, etc.

If it's a business do not withhold any important information about its exposure to loss.

Help us obtain the best coverage for your needs.

Tax Deductions:

Premiums for fire, casualty and burglary insurance on business property are all deductible for tax purposes as trade or business expenses.

If a business taxpayer has a self-insurance plan, however, all payments into the self-insurance reserve will not be tax-deductible for purposes; the actual losses incurred by the taxpayer would be the deductions.

Reporting a Claim:

Virtually all policies require notification of any type of accident within 24, 48 or 72 hours of the incident. The claim itself does not necessarily have to filed at this time. Failure to report the loss may nullify your right to recovery.

Life-Insurance Tax Deducations:

Premiums for life-insurance are tax-deductible. But premiums paid on a policy covering the life of an officer, employee or other key person are not deductible if the business is a direct or indirect beneficiary under the policy. Premiums paid on a life insurance policy of which the business is a beneficiary are not deductible, since life-insurance proceeds would not have to be included in taxable income when received by the company.