Can Your Business Survive Without Commercial Insurance?

Many small business owners think that insurance is too expensive or that they can just go without it.  But what they don’t realize is that four out of ten business will experience a property or liability loss in the next ten years. Topping the list for most common is burglary and theft but thanks to the internet age the most costly for small business owners is reputation harm that includes violation of privacy, libel, and slander coming in at a whopping $50k. The majority of small businesses would not be able to survive such a claim, and some may not have the funds or resources to keep the doors open after some of these other costly scenarios either. At Jim Boyce Insurance we are here to provide Charlotte, NC business owners with tools they need to run a successful business. 

Most Costly Reported Claims 

  • Reputation Harm ($50,000) Less than 5% of all claims filed 
  • Vehicle Accident ($45,000) Less than 5% of all claims filed 
  • Product Liability ($35,000) Less than 5% of all claims filed 
  • Fire ($35,000) 10% of all claims filed 
  • Customer Injury or Damage ($30,000) Less than 5% of all claims filed 
  • Wind and Hail Damage ($26,000) 15% of all claims filed 
  • Customer Slip and Fall ($20,000) 10% of all claims filed 
  • Water and Freezing Damage ($17,000) 15% of all claims filed 
  • Struck by an Object ($10,000) Less than 5% of all claims filed 
  • Burglary and Theft ($8,000) 20% of all claims filed 

It’s important to note that these numbers only represent those that carry commercial insurance and have filed claims. These situations play out every day for those that don’t have insurance as well.  

Could your business survive if you have you had one of the above happen to you? At Jim Boyce Insurance we want to make sure Charlotte, NC businesses are protected. 

Umbrella Insurance Can Also be for Personal Use

The term umbrella insurance is often associated with businesses and corporations. However, fundamentally, the tool can be available for personal financial protection as well. Umbrella insurance in Charlotte, NC and elsewhere simply provides an additional safety net to other insurance policies if they are insufficient to cover a financial need. That can happen more often than people think with injuries, property damage, and even behavior, as is becoming more and more common in the work world. For example, imagine you’re a manager in the office and regardless of doing your job, you get accused of harassing someone at an office party you had at your house one weekend. The person sues the company but also sues you personally. The company will try to limit it’s liability, which means you could end up with a personal claim. Your homeowner’s insurance would be the next option, but their language may not cover or may limit seriously any response. Without an umbrella policy in place, you could be looking at the cost of the claim being out-of-pocket. And with today’s legal costs, that will probably bankrupt most personal portfolios.

While no one wants to plan for a legal nightmare like the one above, having the protection in place for such a risk can avoid the problem entirely if it ever does occur. The folks at Jim Boyce Insurance can help. They regularly provide advice, guidance and technical assistance in developing umbrella policy coverage for clients in Charlotte, NC. Don’t wait for a problem to happen to figure out what will be covered. Talk with Jim Boyce Insurance today and avoid risk altogether.

Why You Need Renters Insurance

When renting an apartment, many people make the incorrect assumption they don’t need any kind of insurance. After all, they don’t own the property so there’s no need to take out additional insurance. While this aspect is true, not taking out renters insurance can leave a person vulnerable. Whether living in or around Charlotte, NC, Jim Boyce Insurance is here to educate renters into why it is vital to take out renter’s insurance. 

At Greater Risk of Property Damage

People living in apartments and shared units are at a greater risk from fire. This is because should a fire break out in any of the rental units, it may affect the renter’s own apartment. From the fire spreading to sprinklers going off, fire and water are some of the top causes of damage inside of an apartment. Renter’s insurance is there to replace the damaged valuables. 


Without renter’s insurance, if someone breaks into an apartment and steals valuables a person is completely out of luck. Unless the police are able to track down the culprit before the goods are sold off, there’s little chance of tracking down and returning the valuables. In these instances, a renter is forced to pay for new items, which can quickly add up. However, with renter’s insurance, these valuables will be covered. Instead of paying thousands of dollars to replace the computers, entertainment systems, and jewelry, if the items are included on a rental insurance policy a company like Jim Boyce Insurance will be there to replace the stolen valuables. 

Renter’s insurance protects renters in the event of a fire, flooding or if their valuables are stolen. Insurance coverage is inexpensive, yet helps protect renter’s should any of these instances take place. When living around Charlotte, NC, Jim Boyce Insurance is here to help. If you have further questions about renter’s insurance, make sure to contact Jim Boyce Insurance today. 

What is a classic car?

In North Carolina, the  Dept. of Motor Vehicles uses terms “antique” and “classic” interchangeably.  Any vehicle more than 35 years old would fit into this category. If you need insurance for your classic car or need help in deciding if your car is a classic, visit Jim Boyce Insurance in Charlotte, NC to make sure you have the coverage you need.

An antique is defined by age. A classic car is generally old too, but the definition is not as black and white. The Classic Car Club of America says a classic is a car made between 1925 and 1948.  The Antique Automobile Club of America defines a classic as a car between 25 and 50 years old, and an antique is anything older than 50.

A classic car must have something unusual or special about it, or there needs to be a rare quality.  Often classic cars are not driven daily and are only on display at car shows. Classic cars must have a garage where they are parked for insurance companies to cover them as classics.

It can be hard to define what a classic car is, but it is clear that it must be 25 years old or about that age. To get insurance an appraisal is recommended to get the actual value of the car. Sometimes classic cars get more valuable as they age.  You may negotiate the value of the car with your insurance agent to some extent as you work out the details of your policy. There may also be mileage limits and other requirements in order to get this specialized insurance.

If you have a car that is 25 years old or more or has special qualities that might make it a classic, visit Jim Boyce Insurance in Charlotte, NC to take care of all your insurance needs.

What you need to know about unclaimed life insurance.

Often at times, policyholders fail to mention their life insurance policies to their families or beneficiaries and when they die the money goes unclaimed. As compared to term life insurance where the policy expires after a set number of years, whole life policies get paid up which means they have accumulated sufficient cash value as premiums for the rest of the policyholder’s life.

When the policyholder passes on, the beneficiaries are required to notify the insurance company in order to claim the payout. In cases where the beneficiaries cannot be traced, the unclaimed benefits are handed over to the state.

Usually, there’s a limiting age on insurance policies after which insurance companies assume the policyholder died. Currently, the limiting age is 120. Three years after an insured person reaches the limiting age and no claim is made on the policy or no contact made with the policyholder insurers turn the policy proceeds to the state.

At Charlotte, NC, Jim Boyce Insurance, we have adopted the new requirements which demand insures to undertake retroactive searches on death records, despite its major challenge of matching names.

If you believe a departed family member had a life insurance policy which you cannot find, you can consider getting search services of the state or a private individual or use the policy locator service of the National Association of Insurance Commissioners website.

As a policyholder, it is therefore important to update your contact information and mailing address with your insurance company anytime there are changes, provide information of your life insurance company to your beneficiaries to facilitate filing of claims in case of death and keep clear records of any notices with regards to change of name, location or contact information of your life insurance company so that it does not end up being unclaimed.

Does Commercial Insurance Cover Flood?

Flood is a big issue for some areas and a non-concern from other areas so flood insurance is not something that all people need. For those that do need flood insurance, it is important to understand what the policies you already have in place cover and what may need a bit more coverage. For those in the Charlotte, NC area, the agents with Jim Boyce Insurance can help you determine what your policy already covers and what policies you may need to add more coverage too.

Overall commercial insurance covers a wide range of things from employee damages and injury to fire and even theft of your inventory. Most commercial policies, however, do not cover flood or similar water damage. So why do these commercial policies not cover flood? For the same reason that most homeowner’s policies do not, a flood is not a common occurrence in all areas and therefore does not need to be covered by all policies.

Flooding from something like a burst pipe, however, is going to be covered because it is something that cannot be prevented and that can happen literally anywhere. Flooding from storms and from nature, however, are not going to be covered by most commercial policies. If you do live in an area where you feel there is a chance your business or commercial property is going to be damaged by flood, you may need to take out a separate flood policy so that you can use to protect your commercial property from a flood.

You need to take the time to really make sure you know what your policy covers, what it does not cover, and what extra coverage you may need. For those that live in the Charlotte, NC area, the agents with Jim Boyce Insurance can help you find your perfect policy.  

Is Your RV Insurance Optimized?

Owning an RV provides unique freedom. You can travel in ways inaccessible to the masses, and you can maintain comfort and autonomy at a completely different level. But, as they say, there’s no such thing as a free lunch. If you really value your RV, you need ways to protect it. Living in Charlotte, NC, protecting your RV is best done through proper insurance. Take a look at some of the ways Jim Boyce Insurance can help you optimize your policy to expand coverage and save money.

Common Options

Optimizing your insurance starts with understanding your options. When it comes to covering RV’s, things are a little different from primary vehicles. Because they drive, you still need basic liability in every state. Since they represent a much larger investment than your average used clunker, you probably want more than just liability. At the extreme end of the spectrum, you can get total loss replacement. The premiums for this coverage will be based on the value of the vehicle. Aside from that, you can get vacation coverage that protects you from vacation-specific expenses, emergency expense coverage, roadside assistance and full-timer coverage. Full-timer coverage is intended for those who use their RV as their full-time residence.

Managing Costs

Once you know which options are right for you, you can manage your costs by looking for key ways to save. The biggest factor is the classification of your RV. This classification is based solely on size and will come in categories A, B or C. Some insurers make mistakes, so double check that you aren’t getting coverage for the wrong RV class. Aside from that, the typical driving savings can apply. You can look for safe driving discounts and insurance bundles. Most importantly, RV insurance doesn’t have to be available year-round. You can consider seasonal or part-time coverage if your RV is safely stored for significant and regular chunks of the year.

Overall, your best way to save money is to simply talk with your Jim Boyce Insurance representatives. Ask about ways to save money or improve coverage. An easy conversation is a powerful tool, and as soon as you start saving money on insurance, you have more freedom to travel beyond Charlotte, NC, and to the world beyond.


How Much RV Insurance is Needed?

Driving an RV can be a great way to see the country and enjoy time with your friends and family. While a recreational vehicle is designed to be a lot of fun, they are also expensive and are an important investment that needs to be properly covered by insurance. For those that are in the Charlotte, NC area, figuring out what their RV insurance needs are is very important.

State Requirements

Similar to any other type of vehicle, those that operate an RV are subject to minimum insurance requirements in the state of North Carolina. In North Carolina, and operator of an RV will be required to have liability coverage of at least $25,000 for property damage as well as minimum bodily injury coverage of $30,000 per person up to $60,000 per accident. This type of liability coverage will only provide financial protection for the other party in the event you are at fault in an accident.

Lender Requirements 

While the state only requires you to carry minimum levels of liability insurance coverage, if you have a loan on your recreational vehicle you will likely also have to carry collision and comprehensive insurance coverage. Collision and comprehensive insurance coverage will provide you with a wide range of other types of coverage including theft, damage from a storm, or if you are in an accident with an uninsured motorist. Generally speaking, you will need to have coverage with limits equal to at least the amount of your outstanding loan balance.

Since picking the right RV insurance policy is so important, those that are in the Charlotte, NC area would benefit greatly from meeting with the Jim Boyce Insurance company. The Jim Boyce Insurance company will be able to help you pick the right insurance policy for your situation to ensure you were compliant with all requirements.


The impact of flooding

Jim Boyce Insurance serving Charlotte, NC understands the impact of flooding.  

Life goes along with holidays and barbeque and everything seems wonderful, until a flood hits. Even a small flood with just a few inches of water can reek havoc on a home or business. Not only in costly repairs and replacements but in loss of work either for the individual who must take care of their home and family or in the business that can’t open because of the mess and health hazards. Flooding can occur from a natural disaster, such as a hurricane, heavy rains, a water main break or the impact of construction in a higher elevation impacting the water levels or even a tub overflowing.

Jim Boyce Insurances recommends a few steps to take to ensure that impact is lessened.

  1. Have a flood insurance policy to safeguard your home, possessions, work, and assets.
  2. Keep important documents, such as insurance policies in a secure, high location in plastic ziplock bags or offsite to protect them.    
  3. Plan ahead where to park your cars.
  4. Plan where you might evacuate.
  5. Have a reserve of bottled water and non-perishable food ready as well as candles and flashlights.

Our grandmothers were always ready with a well-stocked pantry and emergency items. Make sure you have medication, waterproof clothing and torches and plenty of batteries to hand. It may be useful to have a radio, mobile phone and battery-powered phone chargers available too.

If flood water is about to enter your home, turn off water, electricity and gas supplies. It is important to stop all of these utilities. You will be safer and so will your house. Move vulnerable people and pets out of harm’s way. Move valuable belongings upstairs. If there is time, move your valuable and necessary belongings upstairs. Unplug all electrical equipment

Talk to Jim Boyce Insurance serving  Charlotte, NC for all your flood insurance needs.

What Does RV Insurance Cover?

The type and amount of RV insurance that you need will depend on how you use your vehicle. Additionally, the policy you choose is going to determine what is covered. If you need help deciding what RV insurance policy is right for you, Jim Boyce Insurance serving Charlotte, NC can help. However, some basic information about these policies can also be found here. 

Basic RV Insurance Coverage 

Usually, a basic insurance package for your RV will include the following:

  • Liability coverage: This will pay for someone else’s property damage and medical bills if you cause an accident.
  • Comprehensive and collision coverage: This will help to cover any repairs for damages that occur to your RV in an accident that was your fault. Also, comprehensive insurance will replace the RV if it is stolen or provide the funds for repairs related to non-collision damage from things such as fire, vandalism and falling debris. 

Additional RV Options for Insurance Coverage 

There are usually add-ons that you can have applied to your RV insurance policy, depending on your specific needs. Some of the most common add-ons include:

  • Bodily injuries: If you are involved in an RV accident and incur thousands of dollars in medical expenses, your RV insurance can pick up the slack if you don’t have enough health insurance coverage. 
  • Valuables/belongings: Chances are you keep a number of items in your RV and if they are stolen or damaged, they can be paid for with this coverage option. 

You can speak with your insurance provider to find out the best options for your insurance policy. In fact, feel free to contact the staff at Jim Boyce Insurance serving Charlotte, NC to learn more about RV insurance options that are available today.