Insurance

What Does Financial Services Insurance Cover?

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What Does Financial Services Insurance Cover?

Like most industries, the financial service sector is rapidly growing, leading to the emergence of new risks. Without a valid insurance policy, the risk of things going south is high in this competitive, highly-regulated sector. At Freeland Insurance in Oklahoma City, OK, we offer financial services insurance, and here is how this coverage protects your institution.

  • Cyber liability protection: Given the amount of personal data that financial institutions store, one cyberattack will likely cause untold financial consequences. While you may have installed risk mitigation measures, hackers may still be one step ahead of you, and data breaches can occur. Luckily, you can run to your insurance coverage to help you cushion yourself from the financial consequences of a cyberattack.
  • Professional liability: If a stakeholder sues you for negligence, missed deadlines, or incomplete work, you can run to your financial services insurance for protection.
  • General liability: Like any other business, financial institutions aren’t safe from liability claims. Luckily, financial services insurance can always bail you out when facing property damage, bodily injury, and advertising injury claims.
  • Property coverage: Your business must have invested in multiple assets to deliver seamless financial services. In light of this, you must invest in insurance coverage that protects your assets when the worst happens.
  • Worker’s comp insurance: This insurance protects your employees against illnesses and work-related injuries. This means that you don’t have to enter your pocket to cover medical costs for your injured or sick employees.
  • D&O coverage: This insurance protects individuals when they are sued because of serving as an officer or director of a financial institution.

One of the best ways to set your business apart is investing in financial services insurance coverage. This way, you will have taken care of your risks to concentrate on the most critical aspects of your business. To get financial services insurance in Oklahoma City, OK, please contact Freeland Insurance.

When Do Small Businesses Need Commercial Umbrella Insurance?

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Small businesses are the backbone of the American economy. According to The U.S. Small Business Administration, there are 31.7 million small businesses in America, and they account for 47% of all jobs in the country.

These businesses face a wide range of risks every day. Many small business owners are surprised to find out that their carriers’ general commercial liability insurance does not cover all of these risks. This often results in a total loss for the company, especially if a large liability claim catches it off guard. Here we will talk about the most common types of risks that small businesses face and how they can be financially protected.

Commercial umbrella insurance is a policy that acts as an extension to your existing commercial liability policies. In addition to covering damages, lawsuits, and legal costs from general negligence claims as part of your existing carrier’s policy limits, it can provide additional liability protection beyond your existing limits. This can help prevent a financial crisis in the event of a catastrophic loss.

Let’s take a look at an example of a situation where small businesses need commercial umbrella insurance.

In the event of a large liability claim, your commercial insurance policy will likely not cover all of the costs associated with the settlement. This is most often the case for small business owners who have a hard limit on how much they are insured. For example, if you have a $1 million commercial liability policy, but you end up with a $2 million settlement resulting from a large lawsuit, your carrier will only pay out the first $1 million. Your umbrella insurance policy would pick up an additional 1 million dollars subject to the limits of your policy.

Commercial umbrella insurance is an essential product for small businesses. It can provide additional liability protection and help you avoid a financial crisis in the event of a large claim in Oklahoma City, OK. Call Freeland Insurance to learn more today.

How do you know if you have to buy flood insurance?

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When you purchase a new home, at least new to you, you may or may not need to purchase flood insurance in addition to your homeowner’s insurance. Many people in Oklahoma City, OK as us at Freeland Insurance, “How do you know when you must buy flood insurance?”

Typically, this need gets brought up by your bank. Few individuals purchase homes outright, so when you obtain a mortgage, your bank provides you with a list of fees and purchase requirements. If the Federal Emergency Management Agency (FEMA) designated your home as lying within a flood zone, you will find out in your mortgage documents.

If you must purchase flood insurance, you can also find this information in your home sale and closing documents. When a home is situated within a map zone that requires flood insurance, the home seller must reveal this information in the listing or sale documents. It is one of the items the law requires the home seller to reveal during the sale process. This makes it very important for you to read all documents related to the home purchase before signing them.

You can also ask the home seller or the real estate agent outright. The law requires them to answer you directly and admit if the property does require flood insurance.

Don’t worry. Flood insurance does not cost that much. The laws are written the way they are to protect consumers from purchasing without full knowledge of what they are buying. They also have to tell you things like if a death occurred in the home or a fire.

You need to know in advance that the home requires flood insurance because, like home insurance, you have to own the policy before the bank will let you take possession of, i.e. move into, the house. Since the bank really owns the home until you pay the mortgage, they require you to assume the risk of the unpaid mortgage by buying insurance. This reduces their risk of loaning you the money to buy your new home.

Contact Freeland Insurance serving Oklahoma City, OK to obtain your flood insurance today. Let us help you find the right National Flood Insurance Program (NFIP) policy for you.

What You Can Do When You Age Out of Your Parents’ Health Care Coverage

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Health insurance is designed to help you cover various medical expenses, including preventative care and sickness. As of right now, children can stay on their parent’s policy until the age of 26. If you’re almost 26 years old, you do have health insurance options. Freeland Insurance, serving Oklahoma City, OK, shares some of these options.

Employer Insurance Plan

If you are currently employed with a company that offers employee health benefits, you should reach out to your supervisor or Human Resources department to find out how you can sign up. As a general rule, there will be several options available, and your premiums will be taken directly out of your regular paycheck.

COBRA

COBRA coverage allows you to petition the employer or health insurer of your parent’s health insurance policy to stay on their current plan for as many as 36 months following the day you turn 26 years old. You will need to fill out an election form and submit it to the necessary party. 

Catastrophic Insurance

These types of health insurance plans are designed to offer protection against some of the worst situations. This health insurance plan is permitted for individuals under 30 years of age and anyone who is facing undue financial hardship. 

Usually, preventative care is covered, as well as expenses greater than the deductible, which ensures you don’t go into financial distress. However, when it comes to emergency care, you will be responsible for paying for these services out of your own pocket until the deductible has been reached.

Medicaid

Oklahoma is one of the states that offer Medicaid expansion. This expansion makes it easier for more people in the state to qualify for insurance coverage, especially if you are on a low or limited income. As long as your income is a certain amount below federal poverty, you may be eligible for Medicaid health insurance. 

With any of the aforementioned options, there may be certain stipulations to meet that vary from state to state, so you should speak to a professional insurance agent with Freeland Insurance, serving Oklahoma City, OK residents.

What Is the Difference Between Short-Term and Long-Term Disability Insurance?

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No one knows for sure what life has in store for them. But one 2018 report said that 90 percent of long-term disabilities result from illness rather than accidents. After thinking about that fact, you might want to talk to the insurance experts at Freeland Insurance in Oklahoma City, OK. We sell short-term and long-term disability insurance.

How Long Are Disability Policies In Effect?

Short-term disability policies pay a percentage of your base salary and your medical bills as stated in the policy. Depending on your policy, the waiting period could be from days to weeks before your policy kicks in.

The benefit period for these policies varies according to the policy you choose. However, a short-term policy usually caps the term to receive benefits at a few years at most. That period for a long-term disability policy, of course, is longer. The more years your stated policy has, the more expensive your coverage is. 

What Influences the Cost of Disability Insurance?

Other factors that influence the cost of short-term and long-term disability insurance are your salary, occupation, health, age, gender and location. For your policy to go into effect, you have to be totally disabled. Generally, this means that you are unable to do the duties of the job you had before you fell ill or were injured and that you need the care of a physician.

Who Needs Disability Insurance?

People who benefit by having disability insurance are:

  • Self-employed
  • Sole providers for their family
  • Parents of minor children
  • Workers in hazardous occupations

Contact the Freeland Insurance Agency in Oklahoma City, OK to discuss your short-term and long-term disability insurance.

When Should You Buy Umbrella Insurance Coverage?

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Many people are interested in umbrella insurance and whether they need it or not. If you have many assets or rent properties, it can be a good move to have this extra coverage in case you are sued. While umbrella insurance is effective for certain situations, anyone can benefit from this type of insurance in general. As a kind of personal liability, umbrella insurance covers claims where your standard homeowners and auto insurance stop. This can be very useful to keep you protected during unforeseen events.

The agents at Freeland Insurance located in Oklahoma City, OK can help you understand the ins and outs of umbrella insurance. We will make sure you get adequate coverage to keep you and your assets protected. 

Knowing When You Need Umbrella Insurance

There are several circumstances when having umbrella insurance will save you financially in big ways. If you are a public figure, host many social gatherings, have teenagers, or need extra coverage beyond your homeowner’s insurance, you may want to consider umbrella insurance. Your homeowners may provide adequate coverage in most cases, but an umbrella insurance policy can save you financially when it is needed most. Your family members may cause damages to others and umbrella insurance can help. You can be sued for situations that arise from your property involving your teenagers and an insurance policy umbrella can protect you. Some common instances where umbrella insurance is useful to include:

  • Libel, slander, and false imprisonment
  • Coverage beyond homeowners and auto insurance
  • Legal expenses

Professional Insurance Agents in Oklahoma

Contact us at Freeland Insurance of Oklahoma City, OK to discuss your umbrella insurance options. Our agents work with well known companies to find quality insurance products at competitive pricing. We look forward to helping with all of your insurance needs.

The Ins and Outs of Flood Insurance

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Floor insurance is crucial if you live in a state with a high flooding risk, as you might lose a lot of valuable items in case of flooding. We can help you navigate what flood insurance to get. 

Freeland Insurance in Oklahoma City, OK offers flood insurance quotes for health insurance servicing the state of Oklahoma. We work with multiple providers so that you can choose the appropriate insurance quote for you.

Water in Oklahoma

Because Oklahoma has a lot of water sources, such as rivers, you might be at a higher risk of flooding. We can walk you through where you live and determine whether your risk of flooding is higher, as this determines your flood insurance quote and what type of coverage you need. 

If you live in a flood zone, there is a high chance that your usual home insurance for home flooding does not cover flooding. Therefore, you should look into flood insurance right away to avoid damage and loss of your property and items. 

Non-Flood Zones

If you do not live in a flood zone, your normal home insurance might cover you already. We can still help you check this and provide you with a floor insurance quote if it turns out you need one. 

Flooding can be a risk wherever you live. If you live near a body of water, you should always check whether you require flood insurance. 

If you want to take a look at flood insurance quotes, contact Freeland Insurance in Oklahoma City, OK today by requesting a quote from us via our website. Our agents will help you look through the quotes and help you decide what insurance to go with. 

Benefits of Health Insurance

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There are several benefits to Health Insurance, the most important being peace of mind that you have insurance to help you pay for medical expenses you may incur. An informed decision when it comes to health insurance is vital. Freeland Insurance serving Oklahoma City, OK is here to help answer any questions you may have.

Qualified health care plans meet the Affordable Care Act requirements and provide the following essential health benefits subject to agreed-upon network coverage, co-payments, deductibles, and out-of-pocket expenses including:

  • Emergency services – in an emergency, it is often difficult to think clearly, and you may need to rush or be transported to your closest hospital for treatment.
  • Hospitalization – admission to the hospital for ill health or non-elective surgery.
  • Mental health services – this may include counseling and psychotherapy.
  • Prescription medications – medicines for chronic and acute illnesses and poor health.
  • Rehabilitation services – these may include certain types of therapy to assist in regaining physical and mental abilities.
  • Laboratory Services – may include things like blood tests.
  • Preventative and wellness services – subcategorized into preventative health measures for women, men, and children.
  • Maternity and baby care – services while you are pregnant, including care for your newborn after birth.
  • Pediatric services – these include certain services for your children if they are covered by your health insurance plan.
  • Outpatient services – certain health care services that do not require hospitalization.

The list of benefits is extensive. However, the insurance plan still needs to be tailored to you and your family, depending on your budget and requirements. To successfully navigate and set up a health insurance plan for your benefit, speak to the folks at Freeland Insurance serving Oklahoma City, OK, and purchase peace of mind.

Who Will Be Covered in Your Life Insurance Policy?

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Are you looking to buy life insurance in or near Oklahoma City, OK, and aren’t sure to whom your policy will pay? Talk to us at Freeland Insurance to learn more about this situation and how we can help you choose a policy that works for you.

Deaths Covered By Life Insurance

Almost all deaths are covered by life insurance, depending on your policy. For example, homicide is covered unless the person getting the money from the policy is the murderer. And suicide has a two-year clause, meaning that people who buy an insurance policy cannot collect if they commit suicide before this time passes. Such clauses are essential for protecting the rights of the insurance company. 

Beyond these rare exceptions, your policy should cover natural causes – heart attacks, stroke, cancer, sudden death, etc. – and accidental deaths – drowning, car accidents, fire deaths, etc. And when you create a policy, you list many people for whom your policy will payout. Therefore, it is essential to understand who makes an excellent executor get the best results for your needs in this situation. 

Policies Pay to Whom You Want

The benefactor of your policy will vary, based on whom you want to get money. It will typically cover only the death of the person holding the procedure and no one else in your family, though. But when you die, the person you name as the executor will distribute the money to the proper people. These may include your spouse, children, friends, family members, or anyone else you want to name.

Get a Great Policy Today

So if you want a level of protection that will keep your family safe, please contact us at Freeland Insurance today. We provide Oklahoma City, OK, residents with fine life insurance policies to protect their families.

Learn About Commercial Insurance

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As a business owner, you no doubt wear many hats in an effort to operate your business and care for customers and employees. Having the right insurance in place can make all of these tasks less stressful. At Freeland Insurance serving Oklahoma City, OK, we strive to provide you with the best insurance information. Keep reading to learn more about commercial insurance.

What Is Commercial Insurance?

Commercial insurance is a unique type of bundled insurance product which were specifically designed with the business owner in mind. These insurance products help you to provide protection and security for your employees and your customers. These products also help to protect the investment of time and money you have made into your business. 

What Does Commercial Insurance Cover?

Every business is different, and that is why commercial insurance can be customized to suit your particular needs. However, there are certain elements of business that are commonly covered under this type of policy. A commercial insurance policy will generally provide the following types of coverage.

  • Auto insurance- If your business operates vehicles as part of your day-to-day operations, a commercial policy can provide the auto insurance necessary to keep your vehicles and drivers safe and legal. 
  • Property damage- If you operate a brick and mortar business, property damage coverage is essential in the event that your property is damaged through fire, natural disaster, or burglary. The insurance policy can help to replace or repair damaged property or lost equipment or assets. 
  • Liability coverage- If an employee or a customer is injured at your place of business or because of your goods or services, liability coverage will pay for expenses resulting from the incident. 

If you would like to learn more about our services, please contact us at Freeland Insurance, serving Oklahoma City, OK.