Busted! Don’t Believe These Personal And Commercial Insurance Myths!

Whether you are a homeowner, business owner or both, you need to have the right insurance policy to make sure that you are protected at all times. An insurance agent can assist you with these requirements as they have extensive knowledge of the insurance process, coverages, and claims available. 

However, in spite of the numerous advantages, there is a lot of inaccurate information about insurance policies that are floating around. 

To help you avoid falling prey to these misconceptions, Jones Deslauriers Insurance has debunked three of the most widely believed myths about personal and commercial insurance.

Myth 1: In the event of a claim, your personal home and/or auto insurance policies can also cover your home-based business needs. 

Unfortunately, this is not necessarily true. If you use a portion of your home as a business office, or to store business-related materials and equipment, you most likely need to have separate commercial insurance. Realize that although some insurance policies can extend coverage to small home-based businesses at the insurance company’s discretion, it is not automatic that your personal property insurance will cover a home-based business in the event of a claim. Similarly, you also require a commercial automobile policy even if you use your personal vehicle for work. Using your personal vehicle for business purposes includes (but is not limited to) meeting with or driving clients, carrying work equipment, or any other business appointment. A personal policy for your home or auto is just that: coverage for non-commercial personal use. Give us a call and we will help to ensure that you have appropriate personal and commercial coverage.

Myth 2: You can drive without a seatbelt and your insurance premium won’t get affected.

When you don’t wear a seatbelt, you’re putting yourself in danger. Although you’re not putting other drivers at risk, the fact is that if you’re in a collision and not wearing your seatbelt, your injuries may be far worse than whiplash. Yes, your insurance company will cover medical expenses, but if you are convicted of driving without a seatbelt, your insurance premiums will probably increase.

Myth 3: Condo owners don’t need insurance because the condo corporation already has insurance. 

It would be best if you had an insurance policy for your condo. Condo corporations have insurance that protects common areas of the building, structural features, and even the land, including sidewalk areas. However, the interiors of condo units are not covered. Therefore, condo owners must obtain home insurance for their unit, such as loss of personal belongings, personal liability damage, and unit upgrades. If fire or water damage spreads from your unit to another unit, the condo owner may still have to pay the deductible even if they are not at fault. Condo owners should also ask about coverage for their belongings kept in the building’s storage locker. Contrary to popular belief, your maintenance fee does not automatically cover you, nor does the corporation’s insurance policy. Our staff will provide expert insurance advice to ensure appropriate coverage and eliminate any gaps in your policy.

If you’re looking for experienced insurance agents in Toronto, ON, reach out to Jones Deslauriers Insurance. We have been providing home, auto, business, liability, individual and family insurance services to clients since 1980. Our agents can help you find the right insurance plan that will suit your needs as well as budget.

For a complete list of our services, please click here. If you have any questions about personal and commercial insurance, get in touch with us here.