The Typical Length of Business Insurance Contracts

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Business insurance contracts differ by both substance and length. Do your due diligence before securing business insurance to ensure your contract is optimal. In the end, you’ll find Gateway Property & Casualty, serving Dover, NH and Augusta, ME, has competitive terms that protect your bottom line.

Here’s a quick look at the typical length of commercial insurance contracts for businesses like yours.

What Determines Business Insurance Contract Length?

Compare and contrast potential business insurance contracts before signing and you’ll have the information necessary to move forward in confidence. The length of the contract is particularly important as it determines how long your business is protected for. 

Business insurance contracts vary in length, ranging from yearly terms to contracts that span several years and more. The preferences of the individual insurer and coverage type primarily dictate business insurance contract length.

Typical Business Insurance Contract Length

No two business insurance contracts have the exact same length. Professional liability insurance typically has policy terms that span between one year and half a decade.

Business interruption insurance is unique in that it is often aligned with the term of the property insurance policy. It typically lasts between one year and three years.

In contrast, the average general liability insurance contract for businesses tends to be a single year. However, these are general estimates that might not hold true for your unique business.

Gateway Property & Casualty is at Your Service

Serving Dover, NH and Augusta, ME, our commercial insurance terms are here to serve all businesses. If you are thinking about starting a business, already own a business or manage a business, give us a call today for a commercial insurance quote.

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How Often Should You Review Your Auto Insurance?

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Your auto insurance is an important part of car ownership. Having the right type of insurance and the right level of coverage can help you recover if you’re in an accident. Over time, car insurance needs can change. Reviewing your car insurance regularly can help you keep up with those needs.

The professionals at Gateway Property & Casualty, servicing Dover, NH, and August, ME, are here to help. Our insurance professionals can offer information about insurance products and expert insurance advice. Here’s what you need to know about reviewing and updating your auto insurance. 

Why Review Your Auto Insurance?

Your auto insurance needs may change as your vehicle ages. Often, car owners want full coverage auto insurance for new vehicles, then reduce their coverage as their car gets older. Reviewing your car insurance helps you avoid being underinsured while also preventing you from overpaying for your car insurance. 

How Often Should You Review Your Auto Insurance?

Review your auto insurance once per year at the same time that you review your other insurance policies. 

When Should You Review Your Auto Insurance?

You can review your auto insurance policies at whatever time of year is most convenient for you. Some people review their auto insurance policies near the beginning of the year. Others wait until their auto insurance policy is up for renewal. As long as you’re getting it done, you don’t have to do it at a specific time. 

Need To Review Your Auto Insurance? We Can Help

If you need to review your auto insurance policy, the professionals at Gateway Property & Casualty, serving Dover, NH, and Augusta, ME, can help. We can review it for any coverage gaps and recommend options for full protection. 

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Will Home Insurance Cover A Hot Tub?

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There’s nothing quite like relaxing in a hot tub at the end of a long day. However, you may end up with an injured guest or damage to your hot tub if there’s a natural disaster near Dover, NH. It’s important to follow proper procedures and ensure you have coverage for it.

Notify the Insurer

Forgetting to notify the insurer is one of the biggest mistakes homeowners make. Insurance companies, such as Gateway Property Casualty, often have specific rules for risks like hot tubs. Some may exclude them, while others may increase your premium and deductible to account for potential liability lawsuits. On the other hand, it may not impact your insurance rate at all.

If you experience an issue with your hot tub and fail to inform your insurance company, they may deny your claim. You may not have the necessary coverage if a natural disaster causes damage.

Type of Coverage

It’s essential to discuss the type of coverage you need for your hot tub with an insurance agent. Hot tubs located inside the house may be covered by personal property coverage. If the hot tub is outside and attached to the house, it would likely be covered under dwelling or structural coverage. A hot tub situated in the middle of the yard will typically be covered by extra structure coverage, which insures items such as detached sheds and garages.

Discussing the details with a professional agent is crucial. At Gateway Property Casualty, we take the time to listen to your needs and ensure you get the right type of home insurance. Contact us today. We proudly serve the Dover, NH area.

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Can a Retiree on Medicare Get Life Insurance in New Hampshire?

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Many people don’t think about getting a life insurance policy during their younger years, and by the time they retire and enroll in Medicare, there may be an assumption that retirees are not eligible for life insurance. If you are a retired individual in Dover, NH, and want to plan for the future, contact Gateway Property & Casualty to discuss your options for a life insurance policy.

Life Insurance for Retirees on Medicare

Medicare Parts A, B, C, and D each cover specific health-related areas, but none of them include life insurance. The reason is simple: Medicare is designed for healthcare purposes, while life insurance serves a different function. Retirees interested in obtaining a life insurance policy are not prohibited by Medicare, nor does Medicare influence whether you are approved for a policy.

Eligibility for Life Insurance

When applying for a life insurance policy, several factors come into play. Our agents will guide you through the requirements and help you understand the options available. We will discuss different types of life insurance, such as term life, whole life, and simplified issue life insurance, and assist you in selecting the coverage that best suits your needs.

Typically, a verbal medical evaluation or a medical examination may be required. These assessments can impact your eligibility, the coverage options available, and the cost of your premiums. Factors that may affect eligibility include advanced age, terminal illness, cognitive impairment, or chronic diseases.

Contact Us

Dover residents can reach out to us anytime with questions about life insurance. Our knowledgeable agents at Gateway Property & Casualty are here to provide answers and recommend coverage that aligns with your personal and financial needs. Call or email us today, and we’ll help you secure the protection you need.

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Why Construction Companies Need Specialty Insurance

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Construction companies in Dover, NH operate in a high-risk industry and require various types of insurance to protect their investments and build customer trust. Several types of insurance are essential for construction company owners to consider.

Workers’ Compensation

Construction is a physically demanding industry, and employees frequently face a higher risk of injury compared to those in other fields. The use of heavy equipment and construction tools can lead to injuries such as shoulder strain or wrist damage. Workers’ compensation insurance ensures that employers won’t have to pay out of pocket for medical bills or face liability lawsuits, providing essential protection for both employees and businesses.

Liability Insurance

Liability insurance is critical for construction companies. This coverage protects businesses from liability lawsuits that may arise during a project or other similar events. For instance, if a home is damaged during construction or a third party (not an employee) is injured on-site, liability insurance can help cover the associated costs.

In some cases, liability insurance can also cover settlements if there is a judgment against your company. Speak with a professional at Gateway Property & Casualty to explore your coverage options and ensure your business is adequately protected.

Bond Insurance

Clients often require bond insurance before hiring a construction crew. This type of insurance ensures that the job will be completed in accordance with the terms of the agreement. Having bond insurance can expand a construction company’s opportunities and build consumer trust, making clients more likely to hire your services.

At Gateway Property & Casualty, we understand the unique needs of the construction industry. Our experienced representatives will work with you to find the right specialty insurance to meet your needs. Contact us today to learn more about our services in the Dover, NH area.

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How to Tell If a Car is a Classic

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Classic car insurance differs significantly from standard car insurance due to factors such as cost, usage, storage requirements, and the unique systems involved. But what exactly makes a car a classic? Is it simply the age? The make or model? Its rarity? Or could it be a combination of these factors? According to the Classic Car Club of America, a classic car is defined as an unmodified model of any country of origin built between 1915 and 1948 (though this date range is subject to change). However, other factors may also influence whether your car qualifies as a classic for insurance purposes.

Classic, Antique, or Vintage

Technically, any car older than 20 years is considered a classic. That means if you’re older than 25, the car your mom drove you to kindergarten in could now be classified as a classic. Even the cars featured in the first The Fast and the Furious movie might qualify as classics. If a car is older than 45 years, it is considered an antique—yes, even a Pontiac Astre could be an antique. Cars built between 1919 and 1930 are classified as vintage, such as the iconic Model T.

Other factors, such as styling and cultural impact, can also play a role in determining a car’s classic status. Limited production runs may elevate a car’s status as a classic. For example, the Aston Martin DB10 featured in Spectre might be considered a classic despite being only 10 years old, simply because of its appearance in a movie. For insurance purposes, factors such as age, usage, manufacturing details, weight, historical interest, and storage conditions are all taken into account.

Contact Gateway Property & Casualty in Dover, NH

If you’re in the Dover, NH, area and need to insure your classic car, contact Gateway Property & Casualty. We’re here to help you find the right coverage for your treasured vehicle.

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Do I Need Recreational Insurance if I Own Recreational Vehicles?

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With the variety of recreational activities available for fun, exploration, and adventure, you might wonder, "Do I need insurance?" When you contact our team at Gateway Property & Casualty, we’ll provide the answers, make recommendations, and explain the benefits of recreational vehicle insurance.

Understanding New Hampshire and Recreational Insurance

While New Hampshire does not generally require recreational insurance, there is an exception for owners of motorized RVs. In this case, New Hampshire mandates that you have insurance, such as comprehensive and liability, similar to what you would have for a car or truck. If your motorized RV is financed, the lender will require the recreational vehicle to be insured.

Owners of all-terrain vehicles (ATVs) and dirt bikes are not required to have insurance.

Motorboats fall under the recreational vehicle category in New Hampshire and require registration, as do other boat types, such as sailboats, which are over 12 feet long. However, the state does not require boat insurance.

During the winter months, snowmobiles are a popular way to enjoy off-road adventures. The state requires you to have liability insurance if you plan to operate a snowmobile on property not owned by you.

Benefits of Recreational Insurance

Whenever you’re out and about in Dover, NH, enjoying the freedom of a recreational vehicle, on the road, trails, or water, accidents can happen. For this reason alone, having recreational insurance is beneficial. The policy covers two important areas, which include property and liability coverage.

Contact Gateway Property & Casualty

Our team at Gateway Property & Casualty can put your mind at ease when it comes to operating a recreational vehicle. Contact us about your vehicle so we can recommend coverage that provides peace of mind, whether you’re on the road traveling or off-road exploring.

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Is Renters Insurance a Requirement for Renting an Apartment?

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If you’re renting an apartment, one question to ask yourself is whether you want renters’ insurance. If you do, the professionals at Gateway Property & Casualty, servicing Dover, NH, can help.

We offer renters’ insurance from multiple insurance carriers to help our customers find the best carrier and policy for their needs and budget. If you’re interested in renters’ insurance, we’re here to help you compare policies and find the right one.

What Is Renter’s Insurance?

Renter’s insurance is a type of insurance that can pay to repair or replace your belongings if a covered event occurs. Renter’s insurance can also pay for your living expenses if you have to move out of your apartment while it’s being repaired after a covered event.

Who Benefits From Renter’s Insurance?

Essentially, anyone who is renting an apartment can benefit from renters’ insurance. Renter’s insurance can help protect you financially in the event of covered disasters, such as apartment fires and burglaries.

Many people don’t have the money to replace all of their belongings if needed. If this describes you, then you may benefit from renters’ insurance.

Do I Need Renter’s Insurance to Rent an Apartment?

Most people who are renting an apartment aren’t required to get renters’ insurance. You can find out if you’re required to have renter’s insurance by reading your lease. You can ask your landlord if you have questions.

Even if it’s not required, it’s still a good idea to have renter’s insurance. The professionals at Gateway Property & Casualty, servicing Dover, NH, can help. To get started with your renter’s insurance policy, call us today. We’ll be happy to answer your questions and provide you with more information about renters’ insurance. Our fully trained and experienced insurance professionals want to help.

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Does Umbrella Insurance Cover Everyone in My Household?

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Although most policyholders never make a claim against their umbrella insurance policy, it provides an invaluable safety net when needed. If you have liabilities exceeding your auto, home, and other insurance policy claim limits, umbrella insurance covers the excess amount. It’s important to recognize that while umbrella insurance typically covers all household members, exceptions can exist, so you should discuss your circumstances with your agent. If you live in or near Dover, NH, and need umbrella or other insurance assistance, contact the Gateway Property & Casualty team.

Why Household Members Are Not Always Covered

Umbrella insurance pays the excess liabilities if you exceed your underlying policy limits. Just as auto insurance requires that you identify the household members covered by your policy, you need to identify which household members need coverage under your umbrella insurance. Your policy and premiums will adjust based on who is covered and their occupations, hobbies, ages, and coverage by other insurance policies.

Umbrella policies cover only those household members covered by your underlying policies. It does not, for instance, cover adult children or parents in your household who have separate auto policies. Similarly, a child with a renters’ policy for a college apartment may not have umbrella coverage for some liabilities.

Other exceptions can exist, so you should discuss your umbrella policy and household members with your agent, especially as conditions change to ensure you know who is covered. Bundling all family policies with one agent helps ensure your agent is aware of each household member’s policies.

The Gateway Property & Casualty Difference

Gateway Property & Casualty recognizes your unique needs. Call us today at (603) 294-1902 if you live in the Dover, NH, area and want personalized insurance solutions.

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Does Condo Insurance Cover Water Damage From Neighbor’s Plumbing?

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Owning a condo is a great way to enjoy homeownership without the arduous tasks of watering the garden, pulling up dandelions, or trying to keep up with the Joneses. However, condo ownership can be tricky, or rather, "trickling," when water from your neighbor enters your condo and causes damage. What’s to be done in a situation like this besides mopping up the floor? And are you covered by your condo insurance for incidents like this?

When Condo Insurance Covers Water Damage

Condo insurance, available through Gateway Property & Casualty serving Dover, NH, typically does cover water damage from sudden and accidental events. If a neighbor’s plumbing suddenly bursts and water leaks into your unit, your policy may help pay for damage to your walls, floors, and personal belongings. However, the neighbor’s liability insurance may also come into play if it turns out that negligence caused the issue.

If the damage affects shared structures like walls, ceilings, or floors, the condo association’s master insurance policy might cover repairs to common areas. The specifics depend on how the association defines unit ownership in the bylaws.

When Condo Insurance Does Not Cover Water Damage

If the water damage is due to gradual leaks, poor maintenance, or pre-existing issues, your condo insurance may not cover the repairs. Slow leaks over time or mold caused by neglected plumbing problems are often excluded. Flooding from heavy rain or rising groundwater typically isn’t covered under standard condo insurance, but flood insurance would.

Determining Liability and Filing a Claim

In cases where a neighbor’s negligence caused the damage, their insurance might cover your losses. If they refuse responsibility, you may need to file a claim with your own insurer and let them pursue reimbursement. Reviewing your policy with the help of Gateway Property & Casualty, serving Dover, NH, can help you navigate water damage claims.

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