Monthly Memo- February: National Pistachio Day, Home Based Business and more
HOME BASED BUSINESS
A home based business (Pampered Chef, Gold Canyon Candles, Mary Kay, Tastefully Simple, a beauty salon in a spare room, work from home typing, to name just a few) creates exposure from clients/customers entering your premise, your business operation and even the products that you carry/store to conduct your business. If you have one of these types of business, please contact us to review your specific needs. Most standard homeowner policies do not extend adequate coverage for a home based business located in a person’s home whether it be liability or business personal property. The simplest way to address a home business’ liability exposure is through an Incidental Business Endorsement. The IBE covers 50 different types of business’, mostly small offices and service providers for an additional annual premium depending on the type of business. Commercial policies are available for more sophisticated home business’ with expensive equipment, higher liability exposure or employees.
LETTING YOUR INSURANCE LAPSE WILL COST YOU EVEN MORE NOW!
Per Indiana Codes, 9-25-6-14 and 9-25-8-6, the Indiana BMV is now requiring an SR-22 filing be made anytime an insured’s operator’s license has been suspended, regardless of the underlying violation. Drivers who are caught operating a vehicle without insurance will be suspended for a mandatory 90 days, be required to pay a reinstatement f…ee and be required to maintain a sr22 policy for three years at the end of the 90 day suspension. Preferred insurance companies typically do not allow SR22 policies so you’d have to be placed with a Standard or Nonstandard (high risk) carrier which have higher rates AND pay the SR22 policy fee. ***$$= OUCH*** Don’t let your coverage lapse!
Mandatory registration for owners of snowmobiles and other outdoor recreational vehicles switched on Jan. 1 from being handled by the DNR to being handled by the Bureau of Motor Vehicles. Registration is valid for three years and must be renewed every three years thereafter, for $30. Registration may be done online or in person at a BMV branch.
People use the term identity theft loosely. True identity theft occurs when a thief uses your personal information, such as your Social Security number, home address, checking account number, etc., to commit fraud and open new accounts. Fraudulent charges on a credit or ATM card may mean that someone has stolen your credit card account number to make purchases that you did not approve, but it may not indicate that your identity was stolen. Identity theft occurs when a thief steals your personal information to:
- Open new credit card accounts
- Take out loans for new cars or homes
- Access bank accounts and withdraw funds
- Rent homes
- Obtain medical treatment and charge it in your name
- Use your good name as an alias when committing a crime
These activities can result in a significant financial and emotional cost.
The FTC has many resources for Immediate Steps to Repair Identity Theft, Fraud Alerts and Credit Freezes, Repairing Credit After Identity Theft, How To Keep Your Personal Information Secure and more!