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Ledford Agency LLC

1910 N Big Spring St
Midland, TX 79705

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Types Of Insurance for A Mobile Business

A mobile business owner often has more flexibility than a traditional business owner. Because a mobile business owner typically provides services in a significant geographical location, they may need specialized insurance products to prevent financial loss.

Business Plan

The business plan should be assessed before insurance is sought. This will allow the business owner to identify risks that may require a specific type of coverage. Liability insurance, workers’ compensation insurance, and commercial property insurance are just a few types of insurance that a mobile business owner may need.

The number of items being transported to and from each client’s location may influence the insurance coverage amounts that a business owner seeks.

Automotive Coverage

A mobile business relies on the use of a vehicle, which may necessitate the acquisition of a comprehensive automotive policy.

Since driving to and from each client’s location will be conducted regularly, a mobile business owner and his employees are more susceptible to accidents than a standard business owner or employee.

If large equipment is towed, a business owner may require insurance add-ons. Automotive insurance add-ons fill in gaps that standard automotive insurance policies don’t cover.

Security

A mobile business owner may benefit from using security equipment. Security equipment protects a business owner’s vehicle, tools, and inventory from damage or theft in transit. The security upgrades added to a business plan could affect the type of insurance policy a mobile business owner needs.

Contact Ledford Agency LLC

Contact a representative of Ledford Agency LLC to schedule an appointment to discuss mobile business insurance products. If you own a mobile company, you will benefit from receiving help from an agent who serves Midland, TX.

Is a Home Warranty Worth It?

When you buy a home, you have to furnish it and get appliances if the builder doesn’t provide them. You’ll come across a home warranty as you purchase items for your house, including upgraded HVAC systems. Home warranties cover items like broken-down appliances and other things that wear out over time. They sound good, but are they worth it? Ledford Agency LLC in Midland, TX wants you to take a good look at the pros and cons of these warranties before you buy one.

Just How Much Is Covered?

When you get a home warranty, you pay a yearly fee and a smaller fee whenever you have something inspected. The good part is that if the warranty pays for the repairs you need, your financial outlay may be a lot easier to handle; you pay only the amount that the warranty states you’ll pay rather than the entire repair cost. That cost can run very high for larger systems, so a warranty stating you’d pay only a small amount can be excellent.

As with any warranty, though, there are some cons to consider. One is that the warranty may not pay out, a risk you take with any coverage. Another is that the warranty may cover only repairs and not replacement, leaving you on the hook for the whole cost if repairs are deemed useless. And you may be limited to using only those repair companies the warranty company deems acceptable.

A home warranty can be good, but it’s not for everyone. You may want to discuss whether or not to buy a warranty with an insurance agent at Ledford Agency LLC in Midland, TX.

Review Some Auto Insurance Add-Ons

Supplementing your auto insurance with add-ons offers increased coverage beyond a standard policy. Explore common add-ons that may suit your needs and consult our agents serving Midland, TX after making your choice.

The Benefit of Add-Ons

Add-ons furnish an extra layer of protection that is usually not part of a standard automotive insurance policy. They may offer coverage for lost or damaged labor and materials and even property damage while driving.

Towing Coverage

A towing add-on protects your vehicle while towing another vehicle or machinery. If you are considering this coverage, investing in requisite towing equipment that keeps your vehicle safe and compliant with regulations is a prerequisite.

Coverage for Active Repairs

If your vehicle is under repair or restoration, you can obtain coverage that extends the protection your standard automotive policy provides. This coverage covers automotive parts required for the upgrades and the cost of replacing parts that are lost or stolen during the process.

Perform a Self-Assessment

Assess how you use your vehicle and where you’ll be driving. Also, reflect on whether your vehicle usage requires additional insurance coverage for specific purposes.

Reach Out to Ledford Agency LLC

Once you’ve reviewed and selected desirable insurance add-ons, set up an appointment with one of our representatives at Ledford Agency LLC. They will ensure your automotive insurance policy reflects these new changes.

Do You Ever Need Commercial Insurance When You Are Using Your Own Car?

In Texas, business use of your personal vehicle can get you into unexpected trouble.

At the Ledford Agency LLC, serving Midland, TX, and other locations in West Texas, many of our clients who own businesses don’t realize that their auto policies don’t cover business use. Some situations void your Texas auto insurance policy.

Here are some examples:

  • You let an hourly employee drive your personal vehicle during work hours.
  • You let a salaried employee drive your personal vehicle at any time.
  • You transport goods or people for a fee. This includes using your vehicle for services like Instacart or Uber.
  • You use your personal vehicle for picking up supplies.

There is also a situation that affects our most successful clients:

  • You need more coverage because your successful business has made you a high-net-worth individual, a target of people who want to sue you.

Ledford Agency LLC offers tailored coverage for drivers in and around Midland, TX. This gives you the coverage you need at a price that doesn’t break the bank.

We tailor business vehicle coverage with the following:

  • Higher liability limits: If you have business assets, you need higher liability coverage to protect them.
  • "Any auto" policies: Ledford Agency LLC can write auto policies that cover the driver, not the car. That way, you and your employees can be covered whenever you use any car for business purposes. These policies cover when you are test-driving a new car, leasing or renting a car when you borrow a car, and when you haven’t gotten around to insuring a new car yet.
  • Downtime reimbursement: Some insurance companies will reduce your premiums by the percentage of time your car is parked. There are similar discounts for geofencing cars used by your employees.

If you live around Midland, TX, Ledford Agency LLC can find the coverage you need. Call us for an appointment today!

The Main Types of Homeowner’s Insurance Policies

Homeowner’s insurance comes in many different types to fit the needs of those living in Midland, TX. Buying the right kind of policy is crucial to your well-being and that of your family. If you’re unsure of what you need in a homeowner’s policy, Ledford Agency LLC will gladly guide you through the process.

Home Policies Have a Number Designation

Consumers will find eight basic types of home insurance policies, each with the letter HO, a dash, and the numbers 1 through 8. You’ll find this designation on your policy’s declaration page. Each refers to a specific type of coverage.

The following are the different types of policies you may encounter:

  • HO-1, providing barebones coverage for only ten specific perils
  • HO-2, known as the broad form, provides additional coverage, including dwelling coverage, personal liability, and loss of use
  • HO-3, an open peril policy, is the most common type issued
  • HO-4, renter’s insurance, for those renting houses and apartments
  • HO-5, the highest level of coverage, involving actual replacement costs
  • HO-6, for those living in a condo or co-op
  • HO-7, similar to an HO-3 but applying to mobile homes
  • HO-8, for homes more than 40 years old that may have higher replacement costs

Why Designations Matter

If you purchase the wrong type of policy, you may not receive essential coverage. The best bet is to buy coverage in the amount that reflects your total assets. Anything beyond that will increase your liability protection for accidental injury or property damage.

Don’t Select the Wrong Policy

You may be tempted to choose an incorrect type of policy because it may be cheaper than the one that is right for your needs. Instead of guessing, let Ledford Agency LLC, serving residents in Midland, TX and surrounding areas, help you choose the most appropriate policy to cover your home and its contents.

How can I tell if I have enough liability coverage on my auto insurance?

If you drive in Texas, you will need to be able to prove financial responsibility in case you are in an accident. The state has certain minimum amounts of coverage you need to ask for when purchasing your policy. However, those minimum amounts may not be enough to truly protect you if you are involved in a serious accident. Ledford Agency LLC in Midland, TX can help you evaluate your coverage so you can decide how much is right for you.

What Happens When My Insurance Maxes Out?

If you are found to be at fault in an accident, your insurance will usually pay for the claim. Your insurance is only responsible for paying out the amounts that you have specified in your policy.

For instance, say you have $30,000 liability coverage for injuries to a person. Once the medical bills hit $30,000, you are personally responsible for paying the rest of the claim. If you cannot pay, the injured party may be able to take your assets, such as your bank account or your home.

So How Do I Decide How Much Insurance I Need?

You want enough auto insurance coverage to protect your assets. Figure out your net worth, which is equal to your assets minus your debts. The less you have, the less incentive there is to sue you.

If you cannot get enough insurance to protect your assets, you can add an umbrella policy with much higher limits.

Get the Auto Insurance Coverage You Need In Midland, TX

There are always risks to driving, and insurance is how you protect your assets. If you have any questions about auto insurance, or if you would like to discuss additional coverage, please feel free to call Ledford Agency LLC today.

Protecting Your Business in the Digital Age

In today’s digital landscape, businesses grapple with unprecedented opportunities and risks as technology becomes inseparable from operations. Cyber threats, growing in sophistication, have a profound effect on commercial insurance. At Ledford Agency LLC, providing insurance products in the greater Midland, TX region we want to help you learn more about the vital role of cybersecurity measures in protecting businesses and how insurers are adapting.

Escalating Cyber Risks

The dynamic and increasingly complex nature of cyber threats poses a substantial challenge to businesses. From data breaches to ransomware attacks, robust cybersecurity measures have become critical. Commercial insurance must evolve to cover a spectrum of cyber risks, including financial losses, reputational damage, and legal liabilities.

Tailored Cyber Insurance

Standard commercial insurance policies often fall short in addressing the specific risks associated with cyber threats. To bridge this gap, insurers now provide specialized cyber insurance policies. These are crafted to offer comprehensive coverage for expenses related to data breaches, business interruption, and the costs of investigating and mitigating cyber incidents.

Collaborative Risk Management

The intersection of cybersecurity and commercial insurance necessitates collaboration between businesses and insurers. Companies are encouraged to actively engage in risk management strategies, implementing robust cybersecurity measures to demonstrate their commitment to safeguarding sensitive information. Insurers, in turn, reward proactive risk management with tailored coverage and support.

In navigating the digital age, the synergy between cybersecurity and commercial insurance is paramount. Businesses must recognize the evolving cyber risks, invest in tailored insurance coverage, and collaborate on effective risk management strategies to protect their operations, finances, and reputation in our interconnected world. If you’re looking to purchase commercial insurance, we can help you. Call Ledford Agency LLC in Midland, TX today.

What is the 80/20 rule for home insurance?

Just like with everything else, you want to find the right balance when it comes to buying insurance. You want to have enough protection to avoid disaster without paying extra for coverage you don’t need.

At Ledford Agency LLC, we help you find that balance when you insure your Midland, TX home. One of the ways you can make sure you have the right coverage is by following the 80/20 rule.

What Is the 80/20 Rule?

The 80/20 rule is an insurance industry standard. Most insurance companies use this standard, which basically assigns a minimum amount of coverage you need to get when insuring your home.

Under the 80/20 rule, you will need to insure your home for at least 80% of its replacement value in order to make claims. If your coverage is less than 80% of the replacement value, your insurance will only pay a proportionate amount of your claim.

Changes To Your Home’s Value Can Change the Amount of Insurance You Need

As the homeowner, you need to be aware that changes in your home’s value can affect the use of the 80/20 rule. For instance, making major upgrades to your home can significantly raise your home’s value, at which point you may need more insurance. Let your agent know right away when you make improvements to your home. Inflation can also cause your home’s value to increase.  

We Are Here To Help

You need to keep in mind that the 80/20 rule has no effect on your liability coverage. Also, there can be a large difference between the replacement value of your home and the market value. If you have any questions about your Midland, TX homeowners insurance, please feel free to call the Ledford Agency LLC today.

When should I assess my auto insurance needs in Texas?

Those that are in the Midland, TX area will always need to have insurance for their vehicle. When you do have a car here, you will be required by the law to at least have liability insurance, and most lenders will require a full comprehensive plan. There are various situations when you should reconsider your insurance needs and assess different policy options. 

When Buying a New Car

A situation when you are going to need to consider your insurance needs is when you buy a car. When you do purchase a car, you need to have some level of insurance the second you drive it off the lot. Generally, it is better to start talking to an agent before you purchase a car so you can assess your options. Once you have finalized the details of your purchase, an insurance professional can help you get into a new policy.

When Moving to a New Area

Another time when you should consider your auto insurance needs is when you are moving to a new area. Particularly if you are moving to a new state, it is important to consider what different requirements you may have. Further, as different cities have different rates of accidents and theft, premiums can vary considerably when you move. When you do look to move, it would be a good idea to assess your auto insurance needs to see if you can get into a better plan. 

Consult With Us

It is always helpful for someone in the Midland, TX area to speak with someone they can trust when looking for a new plan. As you are looking for a policy here, you should call our team with the Ledford Agency LLC. Our professionals at Ledford Agency LLC can give you any help you need to build a new plan. 

What Questions Should You Ask When Shopping For Commercial Insurance

Almost 75% of businesses in the United States are underinsured. That suggests that when people experience problems, they are not protected and are in charge of paying the related expenses. Commercial insurance is essential because most organizations don’t have a lot of extra cash on hand to meet these unplanned (and usually expensive) charges.

Here is a list of questions you should ask before acquiring a commercial insurance policy because it’s critical to select the best option for your business.

What To Ask When Shopping For Commercial Insurance

How Much Coverage Should I Have?

The first thing you need to know is the value of your commercial property. Its value will determine how much coverage you need. Remember that the property’s value may fluctuate over time, requiring regular insurance adjustments. Despite the fact that you want to protect your investment, you also do not want to go overboard with insurance and end up paying more than necessary.

What Are the Deductibles?

Deductibles are the amount that you would be responsible for paying out of pocket if you had to file a claim. The higher the deductible, the lower your monthly premium will be. However, you should not set your deductible so high that you cannot pay it in the event that you ever need to file a claim.

What Is Exactly Covered By My Commercial Insurance?

Choosing the best commercial insurance for your business from the range of possibilities may be stressful and challenging. Therefore, it’s imperative to make sure that you are well aware of what commercial coverage will cover and what it won’t. Behind your primary policy, commercial insurance often serves as a kind of catch-all that handles a variety of eventualities.

Schedule A Consultation Today!

If you own a business in Midland, TX and are thinking of purchasing business insurance, do not hesitate to reach out to Ledford Agency LLC. At Ledford Agency LLC, we work with clients from Midland, TX and other nearby areas, and we help them find perfect policies based on their individual needs.