Ask Stone Spotlight: Lincoln Insurance Agency

Lincoln Insurance Agency is a third-generation independent agency located in the heart of St. Matthews. Owned and operated by Mark Aschbacher, his daughter Sara, and their amazing staff, the family-run agency is celebrating its 60th year in business.

Lincoln Insurance Agency is an insurance broker for all your auto, home, small business, and special event insurance needs, representing many different insurance companies to better fit its clients’ needs.

The name Lincoln is highly valued in the office. Mark and his staff admire Honest Abe’s legacy, and they work daily to provide their clients with the same integrity and trust. Fun Fact: When the Aschbacher family immigrated from Germany, they settled in Lincoln County, where Mark’s grandfather was born.

We sat down with Sara, a third-generation licensed agent, to find out a little bit more about the company and its services.

SLG: Sara, when it comes to my homeowner’s policy, why should I complete a home inventory?

SA: A home inventory should be kept up-to-date to help expedite any claim settlements. The home inventory will provide verification during the time of loss.

SLG: Living in the Louisville area, am I covered if it floods?

SA: Flood insurance is a separate coverage from your Homeowner policy; it is for the building and contents and must be purchased to have coverage. Coverage is mandated by the federal government and is required on homes with a mortgage that are determined to be in a flood zone.

SLG: I am renting out my home through Airbnb; am I covered under my Homeowner’s policy?

SA: I get this question a lot during Derby time. Renting your home on Airbnb would be considered commercial use; it’s not covered under your Homeowner’s policy.

SLG: I’m going on vacation soon; talk to me about rental cars. Am I covered?

SA: Coverage from your personal auto policy will extend to a rented passenger vehicle. However, there can be gaps in coverage. We always advise our clients of these gaps and suggest buying the coverage the rental company offers.

SLG: My child is going to be 16 soon; what tips to you have for families with new drivers?

SA: Woah, watch out! Adding a young driver to your policy is expensive, but there are some discounts available for young drivers including: good student, driver training, and using monitoring devices in their vehicle.

SLG: A very popular side business right now is driving for Uber and Lyft. What kind of coverage is available for the driver?

SA: What people don’t realize is those situations may or may not have coverage. If you’re the Uber or Lyft driver and you’re logged into the app, waiting for a client and circumstances occur resulting in a claim, Uber or Lyft will not provide coverage. Your auto policy will also not respond to coverage at that point either, as it is a related business exposure that’s not covered under your auto policy. Uber or Lyft will provide coverage in the event of a claim if you’re on your way to pick up a client or have a client in the vehicle. An endorsement is available for Uber/Lyft drivers through some carriers.

SLG: Business insurance seems a little bit different from what I have at home. What is Business Insurance and what does it cover?

SA: There are many types of commercial insurance, such as a Businessowners Policy (similar to a Homeowners policy but for your business, covering the structure and contents), Commercial Package Policies (we help you build the exact coverages you need), Commercial Auto, Commercial General Liability, and Worker’s Compensation, to name a few. Business insurance can be complex; one of the most critical aspects is to make sure your assets and property are insured to proper value. Due to the ever changing business world, it’s easy for business exposures to become undervalued, something you don’t want to realize at a time of loss or a claim.

SLG: What exactly is Workers Compensation insurance?

SA: Workers’ Compensation provides benefits to employees who are injured on the job, and it is a state-mandated program.

SLG: You also write Special Event Insurance. Why do I need it?

SA: Special event insurance is quite unique in that it can provide general liability coverage, along with liquor liability for the event. These two coverages are the main reason special event insurance is desired and sometimes required by the venue.

SLG: Is this just for weddings, or can I also insure a party I’m throwing as well?

SA: Special event insurance can be used for almost any type of party.

SLG: What if the bride or groom gets cold feet?

SA: This is probably the most frequently asked question but no, there is no coverage if the bride or groom get cold feet or must cancel due to pregnancy.