Part of protecting yourself, your family, and those who are dear to you, is protecting your personal net worth. Work with your agent at Saucon Insurance Agency serving Bethlehem, PA and the surrounding area on financial planning that includes personal umbrella insurance.

What is your net worth?

If you add up all the things you owe and deduct this total amount of debt from the value of all the things you owe, this is your net worth. Be sure to consider the current value of assets not what you paid for them, especially if the asset appreciated in value.

Here is how to figure out your net worth:

1. Add up the following, the remaining balance on your mortgage loan(s), all your outstanding credit card debts, the balance remaining on auto loans and any other loans that you have. These are your total liabilities.
2. Add up the net value of every asset that you have, such as the amount of the appraised value of your real estate that exceeds the balance on the mortgage loan. If a home is worth $1 million and you still owe $600,000 on the home loan; the net value of this asset is $400,000. Do this same calculation for every asset and then add all the net values together. These are your total assets.
3. Subtract your total liabilities from your total assets. This is your net worth.

Usually, your net worth is the figure used to set the minimum amount of personal umbrella insurance, which you should carry to be adequately insured. Umbrella insurance extends the policy limits of other policies and may provide extra coverage for some things that are not covered otherwise. The strategy is to have personal umbrella insurance that provides sufficient protection for your net worth in the face of a big claim against you.

Umbrella Insurance for Negative Net Worth

What if you owe more than all your assets are worth? This is a negative net worth. It is still a wise strategy to carry umbrella insurance because even when you have no positive net worth, you can be sued and a judgment may be entered against you that can become a lien on anything you try to do in the future.

Conclusion

Protecting your net worth with personal umbrella insurance is a valuable strategy. As a general rule, you want to carry at least the amount of your net worth as personal umbrella insurance. If you might be sued for a larger amount, you may want to have even more coverage. Consult with your agent at Saucon Insurance Agency in Bethlehem, PA to discuss these issues and to get a quote for umbrella insurance.

Whether you’ve just got your first bike or you’re a veteran on the Bethlehem, PA area roads, it’s important to know the laws that govern motorcycle use in the state of Pennsylvania. This short review of state laws from Saucon Insurance Agency will help you stay safe and legal while you enjoy your motorcycle.

• All motorcycle drivers are required to have a Class M license. This allows them to legally operate motorcycles on Pennsylvania roadways. The first step to obtaining this license is passing the written knowledge test. This tests your understanding of roadway laws as it relates to motorcycle operations.
• Upon successful completion of the written test, drivers can apply for a motorcycle learner’s permit. With this permit, you are allowed to operate your motorcycle in order to practice for the skills test. However, this credential restricts passengers to only properly licensed instructors. These documents are valid for one year. During that time, the licensee is expected to accumulate practical experience and knowledge.
• Drivers over the age of 18 don’t have to wait to take the final skills test. However, those under the age of 18 are required to hold their permits for at least 6 months. During that time, they must accumulate at 65 hours of verified and supervised riding experience. The completion of a mandatory Pennsylvania Motorcycle Safety Program Basic Rider Course counts for 15 of those 65 hours.
• If your vehicle has more than two wheels, you may have to search around to find an office to accommodate your testing.

Like all licensed Pennsylvania drivers, motorcycle enthusiasts are required to maintain insurance on their vehicles. Talk to the experts at Saucon Insurance Agency to find the right motorcycle insurance coverage for your Bethlehem, PA lifestyle.

Having toys to play with isn’t just for kids! Adults like to play and have fun too, only our "toys" are often bigger and more expensive. Just look at all the jet skis, boats and other watercraft on the lakes and waterways here in the Bethlehem, PA area!

If you own such a toy, it’s only natural to wonder what kind of insurance you’ll need to protect your investment. At Saucon Insurance Agency we’re here to help, but it’s important to know what kind of options you’re looking at. There’s Watercraft (boat) insurance, and there’s toy insurance, both of which serve different purposes. So, which kind of coverage is best for you?

Defining a ‘Toy’

Watercraft/boat insurance can be used to cover a wide range of boats and water vehicles. However, if you have a smaller watercraft that is strictly for recreational use, then it can be considered a "toy" as far as insurance goes. Such water-based toys include (but may not be limited to) the following:

• Jet Skis (a brand that is also a generic term referring to water scooters and other personal watercraft or PWCs)
• Small boats (usually up to 26 feet)
• Small-scale Sailboats
• Any small watercraft with a motor

How Toy Insurance Works

Boat insurance is more comprehensive and often geared toward watercraft that have more regular use (sometimes commercial/transportation use as well). However, toy insurance focuses on watercraft that is primarily for recreation purposes. As such, this type of insurance provides coverage for liability risks that may come with recreational use, as well as theft or other damaging situations.

Give us a call or stop by our offices in the Bethlehem, PA area to learn more about getting an insurance policy for your watercraft/recreational ‘toy’. At Saucon Insurance Agency, we look forward to getting you the coverage you need so you can get out there and start playing!

Flooding is a real threat in today’s ever-changing environment. Living in a low-risk flood zone doesn’t guarantee your home will never suffer from flood damage. As home insurance doesn’t cover flooding, it only makes sense to consider obtaining flood insurance coverage. Flood insurance from Saucon Insurance Agency in Bethlehem, PA could save you from catastrophic loss in the event of a major flood disaster. Here’s why flood insurance is so important to Bethlehem, PA homeowners.

Standard Home Insurance Doesn’t Cover Flooding

Standard home insurance policies don’t cover flood damage. If a flood were to damage your home or destroy your personal goods, you would have to cover repair or replacement costs on your own, putting you at risk of financial loss.   

Flooding Costs Can Be Devastating

Flooding can leave you with tens of thousands of dollars’ worth of damage to your home, not to mention the loss of belongings. Without flood insurance, you run the risk of paying these funds out-of-pocket or taking a loan to cover repair costs. Flood insurance puts much-needed funds at your disposal to repair your home or replace the loss of personal property. This enables you to recover from this disaster quicker and move on with your life.

If You Live Outside a High-Risk Flood Area, Flood Insurance is Affordable

Adding flood insurance to a standard home insurance package is doable for most Pennsylvania homeowners, particularly if you live outside a flood zone area. Rates vary according to home value and location. Your Saucon Insurance agent can help you select a flood insurance policy conducive to your individual needs.

Why worry about the risk of flooding when flood coverage is well within your reach? Talk to an agent from Saucon Insurance Agency in Bethlehem, PA today about flood insurance coverage.

Preparing your boat for the coming winter months can make a big difference in your bottom line – and how fast you get back in the water next year. There’s a lot that goes into winterizing your boat. Engine coolant, fuel lines, oil, and maintenance repairs are very important to address. If you’re not comfortable doing all the mechanical checks, your licensed marine tech at your Bethlehem, PA boat dealer can help. There are, however, some simple things you can do that are just as important for your boat. Here’s how you can get ready for winter.

Be Clean and Green

Once you haul your boat, clean off all algae, barnacles, and marine debris with a phosphate-free cleaner safe for marine environments. If you need to power wash your boat, have a large pad or tarp under it to catch paint chips or rust flakes. You can use it to catch oil drips too if you’re changing the oil yourself. Put the old oil in an enclosed container for your marine recycling center to dispose of properly. Treat the gasoline with fuel stabilizer and run the engine to work it through. Don’t forget to empty your sewage and plumbing compartments to prevent freeze damage. Propylene glycol is an ideal nontoxic antifreeze to fill the pipes.

Protect and Plan Ahead

Some boat owners shrink wrap their boats, while others store them in enclosed sheds. However you store it, always put the cover on. Make sure that air can get in to reduce mildew buildup. Remove the wheels to prevent rot and boat theft. Finally, it doesn’t hurt to review your boat insurance policy with an agency like Saucon Insurance Agency and update it as needed. That’s one less thing to worry about over the winter!

Winterizing your boat takes time and elbow grease, but is well worth it. And for all your Bethlehem, PA boat policy needs, you can count on Saucon Insurance Agency to help navigate the waters of insurance.

Business owners in the greater Bethlehem, PA area understand how important stability is to the success of their companies. When your firm is working as designed and everything is humming along smoothly, it’s easy to become comfortable and neglect to prepare for unforeseen mishaps or accidents that can interrupt the flow of business. The team at Saucon Insurance Agency are here to provide the knowledge and expertise that can help you ensure that you have the protection you need for any eventuality. 

Why you should have a comprehensive commercial policy

Commercial insurance is available in just about any configuration that you can imagine! There are a lot of options available to bolster your primary property insurance policy to obtain the protection you need. Comprehensive commercial policies allow you to cover your business from top to bottom and make sure that you are ready for unforeseen events that can have a negative impact on your company. 

There are policies available for your equipment, your vehicles, liability, business interruption, and more.  The bare minimum coverage can make a bad situation even worse in the event that your policy limits are exceeded or you have an aspect of your firm that isn’t covered at all. Working with a knowledgeable agent can help ensure that you have all of your protection needs covered. We recommend that you review your policy on a regular basis to ensure that it’s keeping pace with company growth. 

Want to learn more about comprehensive commercial insurance? Saucon Insurance Agency is here to provide you with the information you need to make the right decision when it comes to choosing your commercial insurance policy. Contact us today and let’s start a conversation about how we can make sure your Bethlehem, PA area business is protected!

Employers that offer benefits to their employee take on an added responsibility to make sure each employee is treated fairly and in the same way the other employees are. It is the employer’s responsibility to make sure employees receive the benefits that they deserve. Moreover, the employer must manage any resources held for employee benefits programs in a manner that is in the best financial interests of the employees.

Employee Benefits Insurance

Employee benefits insurance is in the general category of insurance that is called errors and omissions (E&O) insurance. This protection helps reduce liability risk for errors made by the employer or the employer’s authorized agent when handling employee benefits.

Employee benefits insurance helps lower liability risks for employers that offer health insurance, life insurance, disability insurance, retirement benefits, and other plans administered by the employer.

Work with your agent at Saucon Insurance Agency, serving Bethlehem, PA and the nearby communities, to conduct a comprehensive commercial insurance review. In this way, you can get a good recommendation about the level of employee benefits insurance needed to protect your business.

Things to Discuss With Your Agent

It is a good idea to discuss potential problems and concerns with your insurance agent, such as:

• Retirement Fund Loses Value: Retirement funds that invest in the stock market may lose value if the underlying investments fail to perform well. Talk about what happens in this case.
• Mistakes: Talk about what would happen if an employee is not added by mistake to the health care program, when the employee first starts to work for the company and then finds out they are not insured when they need to access health care.
• Criminal Activity and Fraud: Discuss what happens if the retirement funds are stolen or lost due to criminal fraud such as a cyber-hacking attack.
• Other Concerns: Talk with your agent about any other concerns you may have.

Call 610-868-1800 to speak with your agent at Saucon Insurance Agency in Bethlehem, PA to get a quote for employee benefits insurance coverage.