How much workers compensation insurance do I need?

In the world of business, protecting your employees is a top priority. Workers’ compensation insurance can help cover medical expenses and lost wages for employees who are injured on the job in the Youngsville, NC area. It’s important for businesses to know how much workers’ compensation coverage they need in order to protect themselves from potential liability. At Holmes Insurance Services, we can help.

The amount of workers’ compensation insurance that a business needs depends on the type of industry and the number of employees. Generally, employers must carry at least the minimum state-required amount of workers’ compensation insurance as prescribed by each state’s laws. This will ensure that all employees are protected if an injury or illness occurs on the job.

Business owners should also consider purchasing additional coverage above the state-required limits for certain types of injuries or illnesses that may not be covered by the minimum state-mandated coverage. For example, some states require employers to provide temporary disability benefits to employees who experience a long-term illness or injury while working, which may not be covered under standard workers’ compensation policies. Businesses may also want to purchase uninsured employer protection in case an employee files a lawsuit against them for an injury or illness caused on the job that is not covered by their insurance policy.

Overall, it is important for businesses to make sure they have enough workers’ compensation coverage to fully protect their employees and their business from potential liabilities and losses due to injuries or illnesses experienced while on the clock. Doing your research and purchasing adequate coverage allows businesses peace of mind knowing they are doing what is best for both their employees and their company.

Reach Out To Us

For more information, call us at Holmes Insurance Services today. We proudly serve the Youngsville, NC area.

Why Do You Need Home Insurance?

When you own a home, there is a broad range of things that may happen to it and what’s inside it. There are so many risks to your home that it’s never a good idea to go even a day without home insurance.

Home insurance is likely required for you to have by various organizations, including your lender. This insurance is so important that it’s a good idea to set it up before you buy your home.

If you need home insurance for your new home, or you want to switch insurance companies for a new policy, call us today at Holmes Insurance Services in Youngsville, NC.

Why Home Insurance?

Protection for Your Home

Your home is an important investment that you’ve made, and part of your responsibility to it is to keep it insured. There are many accidents, disasters, and other incidents that can happen to your home and damage or destroy it. If this were to happen, you need to be covered so that the repairs can be paid for by the policy. We provide home insurance that protects you against a wide range of incidents that could happen that would require repairs or rebuilding. 

Protection for Your Belongings

It’s also important to have this insurance because it protects all of the items that you own inside your home. Next to the investment in your home, your belongings are likely your second-largest investment. That makes it important to have those items covered just like you cover the dwelling itself. Home insurance includes this coverage so that you can have your items replaced if a damaging incident were to occur. 

Always Have Home Insurance

Never put off getting this vital insurance type. When you need a home policy to protect yourself from many potential costs, call us at Holmes Insurance Services. We serve the greater Youngsville, NC community.

Will My Auto Insurance Cover Someone Else Driving My Vehicle?

There are a number of reasons why someone else may be driving your vehicle. Their car may be in the shop, and you may be lending them your vehicle, or they may be doing you a favor, such as picking your kids up from school and borrowing your car to do so. Or, you may have guests visiting you from out of state, and you may give them your vehicle so they can run up to the store or out to eat alone one night.

At Holmes Insurance Services, serving the greater Youngsville, NC area, we are often asked if auto insurance will cover someone else driving their vehicle. 

Will My Auto Insurance Cover Someone Else Driving My Vehicle?

As a general rule of thumb, yes, your auto insurance will cover someone else who is driving your vehicle, as long as that person is licensed. If the individual is not licensed and is driving your vehicle illegally, they generally will not be covered by your auto insurance policy.

Additionally, your auto insurance policy may have an excluded driver list. If your policy has an excluded driver list, read this list and see if anyone is on the list. If you have a family member who is on the list, they are excluded from driving your vehicle and will not be covered by your auto insurance policy. 

Contact Us Today

If you own a vehicle, you want to do everything you can to ensure that you and your vehicle are fully covered if an accident happens. Here at Holmes Insurance Services, serving the greater Youngsville, NC area, we can help you to ensure that everything is fully covered. Schedule an appointment with us to discuss your auto insurance needs today. 

Does Surety Bonds Insurance Cover Every Type of Surety Bond?

Sometimes, insurance doesn’t contain the word insurance or policy. That’s the case with surety bonds. When you read that a business presented a surety bond to the city or that your business needs to obtain a surety bond, it describes an insurance purchase. Here at Holmes Insurance Services, we can assist you with the four types of surety bonds when a Youngsville, NC business needs to obtain them.

Surety Bond Defined

The term surety bond or surety bond insurance refers to a legal document that promises a business or organization will complete the task specified in the bond. The bond contract includes provisions that protect the obligee (the government) if the principal (the business owner) named in the documents fails to complete the task or comply with the agreement. The surety or insurer serves as the middleman between the obligee and the principal.

The obligee doesn’t allow the project to start until the principal obtains the surety bond insurance. The policy purchased must contain the following:

  • proof of sufficient funds to complete the project,
  • professional abilities to successfully complete the project,
  • proof of a positive corporate image,
  • proof of appropriate business management practices,
  • documentation of a positive reputation with financial lenders,
  • a proper line of credit.

Once obtained, the principal can alter the surety bond by adding a rider. The available riders for a surety bond include increasing the bond amount, changing the bond’s date or bond terms, and rectifying an error in the original bond.

Types of Surety Bonds

Like most forms of insurance, the surety bond offers a variety of policy types. The term surety bonds insurance refers to the following four types of policies:

  • court surety bonds – required before embarking on a civil court proceeding, this bond confirms the financial liability of the parties if they refuse to comply with the court’s orders,
  • commercial surety bonds – compulsory insurance that a government requires to protect the public’s welfare against fraud, misrepresentation, and dishonest practices.
  • contract surety bonds – used in the construction industry, this bond promises that the contractor will comply with the bond’s terms and that the obligee pays the contractor on time. Each organization obtains its own surety bond.
  • fidelity surety bond – ensures an employer offers financial protection to its employees from mismanagement, theft, and illegal activities.

Give Us A Call

Contact Holmes Insurance Services, serving Youngsville, NC, to obtain a surety bond for your business. We offer all four types of surety bonds and all riders.

How do I know what type of life insurance is right for me?

Residents of the Youngsville, NC area need to spend time assessing their personal insurance needs. There are various forms of coverage to obtain when you are here. One important form of coverage to get is life insurance. This type of coverage offers various advantages. As there are multiple options to consider, it is important to evaluate the benefits of various choices to determine which option is right for you. 

How do I know what type of life insurance is right for me?

Term Life Coverage

The first type of life insurance that you should consider getting is term life insurance. When you have a term life insurance policy, you will have a specific level of coverage for a certain period of time. This type of insurance allows you to build a plan that meets your specific needs. While coverage goes away at the end of the policy term, the premiums tend to be more affordable than other options.

Whole Life Coverage

You also can consider getting a whole life insurance plan. Whole life coverage offers various benefits that are unmatched by other forms of coverage. To start, there is an investment benefit. This insurance includes a cash value component that grows over the years with interest. On top of the investment benefit, you will be able to hold this type of plan for as long as you want if you continue to make your payments. 

Get the Right Coverage Today

It is very important that people all over the Youngsville, NC area properly evaluate their life insurance needs and options. Since it is such an important form of coverage, calling the team with Holmes Insurance Services to discuss your needs is a great option. The professionals with Holmes Insurance Services understand this unique form of coverage and will offer any support needed so you can build an ideal plan. 

Auto Insurance Protects You from Financial Disaster

You may wonder, how? If you are ever in an accident or if your car is stolen, the costs can mount up quickly. We at Holmes Insurance Services in Youngsville NC can help you with all your auto insurance needs.

Auto Insurance Coverage: What You Need To Know

Only two states in the country do not require auto insurance – Virginia and New Hampshire. All the other states require insurance prior to the purchase or registration of a vehicle. The federal government allows each state to set its own laws regarding car insurance.

Anyone not covered by insurance can be fined or face jail time. All drivers should have the most affordable insurance their budget can handle. Certain lenders may require drivers to have coverage prior to getting approved for a loan.

Liability is the reason for mandatory car insurance. Causing an accident is one of the most stressful and potentially expensive things that can happen to any driver. Liability insurance helps to defray the costs of the charges you will be responsible for.

Personal injury protection or collision insurance will handle the costs no matter who is at fault.

Renting and leasing a vehicle can increase insurance requirements.

Accidents are not the only reason for insurance. Weather events such as tornadoes, hail, fires, etc. can damage your vehicle. These types of “acts of God” are covered under a comprehensive policy where no one is at fault. This type of insurance is important if your car is vandalized or stolen. Certain policies will cover damaged or stolen personal property that was in the car.

Get Auto Insurance Today

Don’t allow a traffic accident to put your assets at risk. An insurance policy can protect those assets. Contact the insurance professionals at Holmes Insurance Services in Youngsville, NC today. We will be happy to answer your questions and give you the help you need.

How to Protect Your Business as a Sole Proprietor

As a sole proprietor in the Youngsville, NC area, you are the face and name of your business. You are also solely responsible for its debts and liabilities. This can be a great way to keep control over your business, but it also comes with some risks.

Here are some tips from Holmes Insurance Services to help you protect your business as a sole proprietor.

Sole Proprietorships: What are they?

A sole proprietorship is a business owned and operated by one individual, as opposed to a corporation or limited liability company (LLC). There are many benefits to running a sole proprietorship, like the ability to operate your business how you see fit, set your hours, and run it how you want to run it.

The importance of property and liability insurance for sole proprietorships

A sole proprietorship should have commercial insurance to protect the business from liability if something goes wrong. If there is an accident or injury on the premises, the company could be sued for damages. Commercial insurance can help to cover the costs of a legal defense and any damages that may be awarded.

How to choose the right insurance for your sole proprietorship

As the business owner, you are responsible for all the costs associated with doing business. This includes the cost of potential litigation if you are sued or lost after an accident. Without proper insurance coverage, you will end up paying the price out of pocket.

If you are a sole proprietor in the Youngsville, NC community, reach out to Holmes Insurance Services today to learn more about the risks small businesses face and how to insure your own business.

What every new homeowner should know about home insurance

If you think that home insurance is just one size fits all, you are mistaken. Every home and homeowner has different needs and you deserve an independent insurance agent who takes the time to get to know you and what fits your home and your requirements. Holmes Insurance Services in Youngsville, NC is dedicated to providing our customers with the personalized service they deserve. 

Home Insurance: What You Need To Know

Home insurance has exclusions

As a new homeowner, you probably feel very safe knowing that your home is covered by home insurance. Home insurance does offer a lot of protection, but it does have exclusions that you may not be aware of. Your home is not covered against flooding, earthquakes, sinkholes, landslides and mudslides, sewer backup, termites, mold, rodent infestation, and owner neglect. The good news is that for some of these exclusions, you can add a rider to your policy or get a totally separate policy to provide additional protection. 

All dogs are not covered

If you have a dog, you may never have considered the possibility that your home insurance would not be covered by your home insurance in the event that they ever have a problem with a person or another dog. If you have a dog, you need to talk to your insurance agent about the breed that you have chosen. 

Some categories of content have limits

Just because you have some beautiful jewelry doesn’t mean that it is covered by your home insurance. Typical home insurance has low limits on jewelry. In order to cover your jewelry, you need to get an appraisal and add a jewelry rider to your policy. Art and antiques also have limits that you may want to check if they apply to you. 

Contact Us Today

Contact Holmes Insurance Services in Youngsville, NC with your questions and home insurance needs. 

The Surety Bond Application Process Explained

Once you’ve determined you need a surety bond to conduct business in the Youngsville, NC area, you can get started on the surety bond application process. Fortunately, the process is quite easy and involves a few simple steps.

Here’s what you need to do: 

Figure out the bond type and amount

The three most common types of bonds in North Carolina are bid, performance, and payment bonds. But no matter the type of bond, you can expect the cost of your surety bond to be somewhere between 1% and 5% of the total bond amount. 

Collect information required for the application

This includes your business name, license number (if applicable), address, and owner information. 

Obtain your free no-obligation quote through Holmes Insurance Services

Opting to work with our surety bond experts means choosing professionals who have your best interests at heart and offer competitive rates. 

Purchase your bond

By working with one of our surety experts, you’re working with professionals who are fast and efficient and keep your information secure. Although the amount of time it takes to receive your bond after purchase depends on different factors, such as the type of bond, you can generally expect to get it within three days. 

File the surety bond

You’ll have to get in touch with the obligee to determine if they need a digital or raised seal. Once that part is out of the way, you can sign your bond as the principal before submitting it to the obligee. After that, you’re all set! 

Give Us A Call

As you can see, the surety bond application process is quite simple and painless. And, with the help of our surety bond professionals at Holmes Insurance Services, we can make the process even easier for you. Serving the Youngsville, NC area, our surety experts can help you with all your surety bond and insurance needs. Contact an agent now to get a free no-obligation quote. 

How Whole Life Insurance Works

When it comes to life insurance, there are two main types- term and whole life. Both have their pros and cons, and both can provide great coverage. If you are thinking about getting a whole life policy, we’d love to talk to you. Call us at Holmes Insurance Services in Youngsville, NC.  

How Whole Life Insurance Works

Lifelong Protection

When you get a term life policy, it’s good only for the specific term of the policy, often 20 or 25 years. When you get a whole life policy, it can cover you for the rest of your life. When you get a policy, it is good for as long as you live- as long as you keep paying the premiums. This is a great way to lock in coverage when you’re younger so that you don’t face a hard time getting insurance when you’re older. 

Building a Cash Value

Another thing that people love about whole life policies is that they build up a cash value over time. As you continue to pay for your premiums, after a few years a part of the profits made by investing your premiums gets put into a cash value for your policy. This is an amount that you can then borrow against. When policyholders get into a financial bind and need cash, these policies can certainly come in handy. When the policyholder borrows against that cash value, that amount is subtracted from the eventual death benefit until the amount is paid back. 

Get a Whole Life Policy

If you need a life insurance policy, getting a whole life policy is a good choice for many people. If you want to learn more about these policies and get started, call us at Holmes Insurance Services in Youngsville, NC to talk to an agent about a policy of your own.