Have you ever looked at your homeowners, condo, or renters policy and saw that your property, belongings, and/or roof is listed as being insured for Replacement Cost Value (RCV) or Actual Cost Value (ACV)? Have you ever wondered what that means?
Replacement Cost (RCV) is the value to replace an item at today's cost.
Actual Cash Value (ACV) is the value for a similar item at today's cost minus depreciation (replacement cost minus depreciation).
What does this mean? Let's use an example most people have in their house - a couch. Four years ago when you moved into your house, you purchased a new sectional for $2500. Last month, your sectional couch was damaged in a covered claim.
RCV and ACV also affects how your roof is insured too. Some companies only offer RCV coverage for roofs if they were installed within the last 15 years, otherwise the roof is covered for ACV.
Here are some important things you can do:
Workers' compensation coverage provides medical expenses, lost wages, and physical rehabilitation costs to employees who are injured or become ill "in the course and scope" of their job. Additionally, this coverage protects an employer from being sued by an injured worker in most cases.
Alliance General Insurance can help your business find complete solutions to your unique workers compensation insurance needs. We'll find solutions that create safer and more productive workplaces, more confident and secure workers and overall savings you'll see on the bottom line.
Coverage for office workers using their own vehicles on company business is often needed, as well. If you have employees, it is critical that you consider this workers compensation coverage.
Some Workers Compensation coverage can include: