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Umbrella Policies

Personal umbrella policies provide additional liability coverage above and beyond what is included in home or auto policies. Sometimes referred to as “excess liability,” an umbrella policy is is the best option available for comprehensive financial protection.

What you should know

  • Umbrella policies are designed to protect your current assets, future earnings, and legal expenses
    The main purpose of an umbrella policy is to protect your assets from an unforeseen event such as a tragic accident in which you are held responsible for damages or bodily injuries.
  • Your coverage limit is unique to your situation
    A customized plan is determined based on the value of your assets, the risks and exposures you face, and your potential loss of future income. In most cases, personal umbrella policies have a range of coverage from $1mm up to $10mm (specialized carriers can offer as much as $100mm) It is important to work with an advisor to determine the right coverage for your situation.
  • An affordable investment
    The typical cost of an umbrella policy is only about 5% of a family’s total insurance cost per year. It is the best value available for comprehensive financial protection.

WHAT IS TYPICALLY COVERED

  • Auto accidents
  • Accidents in your home
  • Dog bites
  • Libel/slander
  • Watercraft accidents
  • Legal fees

NEXT STEPS

  • Contact your Cox Insurance advisor to discuss your options for adding an umbrella policy for optimum protection. If you already have an umbrella policy, you should confirm that the amount of coverage aligns with your net worth and risk factors.
  • Consult with your financial advisor or wealth manager to be sure your coverage aligns with your financial portfolio.

Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.

Cyber Liability Insurance

Cyber liability coverage is used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

What You Should Know

  • Companies of every size have cyber risks and cyber threats are rapidly increasing.

  • A data breach can damage more than just your computer system. It can damage your reputation and put your customers and/or employees at risk.

  • Most states require companies to notify customers of a data breach involving personally identifiable information and the federal government also has privacy and security rules.

  • Coverage limits are determined by the nature of your business. Whose sensitive data do you have access to? How is collected and how is it destroyed? How many records could be breached? Would you face a PR problem?

WHAT IS TYPICALLY COVERED?

First-party expenses
Losses sustained by your company directly.

  • Legal fees and expenses
  • Loss or damage to electronic data
  • Loss of income or extra expenses
  • Cyber extortion losses
  • Notification costs
  • Damage to your reputation

Third-party expenses
Claims against your business by people who have been harmed as a result of your actions or failure to act.

  • Network security liability
  • Network privacy liability
  • Electronic media liability

NEXT STEPS

Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.

Minnesota Hands-Free Law

The hands-free bill was signed by Gov. Tim Walz on April 12, 2019, and becomes law on August 1, 2019.

Read below for some important information from the Minnesota Department of Public Safety regarding the new law.

What can I do under the new law?

The new law allows a driver to use their cell phone to make calls, text, listen to music or podcasts and get directions, but only by voice commands or single-touch activation without holding the phone.

Remember, hands-free is not necessarily distraction-free.

What can’t I do with my phone under the new law?

You may not hold your phone in your hand. Also, a driver may not use their phone at any time for video calling, video live-streaming, Snapchat, gaming, looking at video or photos stored on the phone, using non-navigation apps, reading texts and scrolling or typing on the phone.

Can I ever hold my phone?

Yes. Hand-held phone use is allowed to obtain emergency assistance, if there is an immediate threat to life and safety, or when in an authorized emergency vehicle while performing official duties.

Can I use a GPS navigation device?

Yes. GPS and other systems that can only be used for navigation are exempt from the Hands-Free law. In-car screens and systems are also exempt. In both cases, most of these systems lock when the vehicle is moving.

If my teen is under 18 years old and has a driver’s permit or provisional driver’s license, can they use their phone in hands-free mode?

The new hands-free law does not change anything for teens under 18 with a driver’s permit or provisional driver’s license: They cannot make or answer calls while driving (hand-held or hands-free). They can use their phone in hands-free mode in the following situations:

  • Using their phone as a GPS device, but only in hands-free or voice-activated mode. They must set their destination before driving. They can’t hold their phone at any time.

  • Listening to music or podcasts in hands-free or voice-activated mode is OK, but hand-held scrolling through playlists or channels is not allowed under the law.

  • Calling 911 in an emergency situation. If there’s an immediate threat to life and safety, they can use the phone in either hand-held or hands-free mode.

Does the new hands-free law address smart watches? 

Drivers can use them as a conventional watch to check time, but smart watches are considered an electronic communications device under the hands-free law. That means the device has the same restrictions as a cell phone. Drivers can use a smart watch the same way they use a cell phone as long as it’s by one-touch or voice activation. Drivers can’t type, text or do the other things prohibited under the hands-free law.​ 

Are there penalties?

Yes. The first ticket is $50 plus court fees and the second and later tickets are $275 plus court fees.

Will this make the roads safer?

Yes, in two ways. In 12 of 15 states with hands-free laws, traffic fatalities have decreased by an average of 15 percent [Source: National Safety Council and Insurance Federation based on National Highway Traffic Safety Administration data].

This law will also help law enforcement keep Minnesotans safe. Because drivers aren’t allowed to have a phone in their hand, it’ll be easier for law enforcement to see violations and take more effective action.

How to go hands-free 

  1. Don’t use your phone when you drive. Put your phone in the glove compartment or trunk or backseat or turn on a do-not-disturb app and enjoy the drive. It’s free, and you will be surprised at how many new sights you will see on your drive. A number of large, successful companies have adopted no-phone-use policies for their employees while driving on company time, and after getting used to it, employees report being happier and at least as productive as when they used their phones.

  2. Use a single earphone that has the microphone, and you are hands-free. Remember, using earphones in both ears at the same time is illegal in Minnesota.

  3. Pair your phone to your current car or truck. If your existing vehicle and phone can talk to each other, pair up and go hands-free.

  4. Buy an auxiliary cable and connect your phone’s earphone jack to your car’s AUX jack. You can operate your phone by voice or single touch and listen through your car’s audio system. Auxiliary cables can be purchased for less than $5.

  5. If your car is older and doesn’t have an AUX jack but has a cassette player, you can buy an adapter that fits into the cassette player and allows you to connect your phone through the earphone jack. The cassette adapters cost about $30.

  6. Buy a holder to clip your phone to the dash. You can use it in a voice-activated or single-touch mode. Clips can be simple and cheap or complicated. Make sure you get one that holds your phone securely. Prices range from less than $5 to $50.

  7. Buy a Bluetooth speaker or earphone to pair with your phone. There are many after-market choices for both, all of which let you go hands-free. Prices are generally in the $10 to $50 range.

 

Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.

Hail Damage

Hail from severe storms can damage roof shingles, skylights, car windows, and more. Be informed about your insurance coverage and what to do when hail occurs!

What you should know

  • If hail has hit your house, you’ll often first notice damage on soft metals like gutters, vents, or an air conditioning unit. This does not necessarily mean your roof has sustained damage but it can be a good indication for whether or not to inspect.

  • For safety reasons, don’t get on your roof. Damage is often hard to spot by the untrained eye — leave it to the professionals and avoid risking an injury!

  • Why are all my neighbors getting a new roof? Do I have damage?
    It depends. The amount of damage a hail storm can cause is impacted by many factors, including the age and type/quality/rating of the shingle, the pitch of the roof, tree coverage, and wind direction. There are also “pockets” within hail storms where hail is not produced, so it is not uncommon for one house to have damage and another house a few doors down to escape without a scratch!

  • Is there a statute that limits the amount of time I have to report a claim?
    In Minnesota, the basic insurance guidelines state that you have 180 days from the date of the storm to report a claim (although each carrier may have different requirements). If you think you could have damage, we recommend starting the claim process as soon as possible so you are not subject to any limitations with how a claim is settled.

  • Beware of repair companies that solicit at your door. We refer to them as “storm chasers.” It is always better to get a referral and properly vet your contractors.

NEXT STEPS

  • Document the date, time, and approximate size of the hail. Include photos whenever possible!

  • Contact the Cox Insurance service team. We can help determine next steps and guide you through the process.

  • Work with a qualified and reputable contractor. Do your research and hire a trusted professional.

Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.

General Liability vs Professional Liability

Understanding how General Liability and Professional Liability insurance coverages compare and contrast will help you make the best decisions to protect your business. You may find you need both policies to be properly covered.

What is General Liability insurance?

General Liability insurance covers your business from some common lawsuits, including:

  • Bodily injuries that incurred on your commercial premises or while you were at a third-party site
  • Damage you caused at a third-party property
  • Advertising injuries (e.g. slander, libel, misappropriation, and copyright infringement)
  • Coverage for claims arising out of client products and completed operations as it relates to a third party bodily injury or property damage

General Liability insurance pays for your legal expenses including lawyers’ fees, court costs, and settlements or judgments.

Any business owner, no matter their industry or the size of their business, can face these claims. 

What is Professional Liability insurance?

Professional Liability insurance is sometimes referred to as “Errors and Omissions Insurance”

Professional Liability Insurance focuses specifically on lawsuits that allege a business:

  • Provided negligent professional services
  • Made mistakes or omissions

This coverage is especially important for service providers, but many businesses can benefit from the added coverage.

The insurance carrier has a duty to defend even in the case of a frivolous lawsuit

KEY TAKEAWAYS

  • Both policies cover certain liabilities, but they don’t cover the same liabilities
  • As a rule of thumb, General Liability covers physical damages and Professional Liability covers financial losses
  • Either policy may be required by client contracts

NEXT STEPS

  • Contact your Cox Insurance commercial team to discuss your options and coverage limits for General Liability and Professional Liability insurance.

Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.