Picking the Best Insurance for Your Business: What to Consider

A business owner needs to protect their venture and the money they invested on it. A lot of companies offer Seattle Business insurance which provides one of the most effective means for a person to protect every asset and investment they made into the business from all forms of debts and liabilities. However, the best kind of protection can only be expected by picking the right kind of insurance for your business. To do this, there are quite a few factors you have to consider when choosing business insurance policies.

Policy Types

There are quite a lot of business insurance policies out there and each is designed to attend to very specific sets of needs. Depending on the insurance, you can expect coverage for your business’s location, vehicles, equipment, inventory and other assets. There are even business insurance policies that protect you against man-made threats like theft, vandalism and fraud. You can also find insurance policies that protect your business in the event that it is involved in a major legal process like a lawsuit.

To determine the right kind of insurance for your business, you need to understand that all business-related policies are classified under 4 major categories. The first category is property insurance wherein your business’s site and every asset located on it will be given the proper reimbursements in the event that they are damaged, stolen or loss. The second coverage is known as liability insurance. Here, the business can expect financial protection in the event of a bodily injury or damage in which the business is held legally responsible for.

The third category covers for the business’s vehicular assets when used for business purposes. Like the regular auto insurance, business automobile insurance will provide compensation should the insured vehicle be several damaged while in use or has caused considerable damage to another vehicle or individual. Finally, umbrella insurance is designed to help you cover for losses that are above the limit of any existing policy that you bought.

Limits and Deductibles

Once you have learned what an insurance policy can cover for you, you will now have to understand what it can’t. Every business insurance policy has its own set of limits and deductibles which means that you have to find the one who will cover your every need. Keep in mind that the limits and deductibles in insurance will determine the premiums, the amount you pay before you can enjoy the benefits of the insurance, which you will have to pay on a regular basis.

Before you purchase any policy, you will need to understand what exactly it can cover for you. Keep in mind that even similar-sounding insurance policies will have very different coverage limits. Compare and contrast each policy you get to see if it will cover your needs for now and the immediate future.

If your business is home-based, it is best that you find a Seattle Business Insurance policy that can cover for both your home and business needs. If you have an existing homeowner’s policy, you often have the option of adding another rider to your policy with a minimal extra expense to your premiums. Either way, you will have all your needs covered without having to buy another policy.

5 Myths about Life Insurance That You Need To Know

Preparing for their eventual passing is something that a lot of individuals would rather not think about. However, several companies like the Gunning and Associates Insurance Company are homing on the point that preparing for death is something that individuals should consider. This is why a lot of companies offer a life insurance plan as they are designed to help a family cope with the passing of a person on the financial aspects. Before you invest on a life plan, however, there are a few myths you need to know and fully understand.

Myth #1: You Need Not Worry About Health

Though there are several life insurance policies that promise you medical help whenever you are nearing death, it is best not to rely on a guarantee-issued product like insurance. It is important to remember that most life insurance policies are designed to make sure that all the costs for your death will be covered; the keyword here being “death”. In other words, the amount to be given will be enough to get you peacefully buried and your memorial services paid. Policies that offer assistance when a person is at death’s door are few and far between.

Myth #2: Medical Examinations Are Only Formalities

Whenever you buy an inexpensive life insurance, you would most certainly notice that the insurers tend to regard medical examinations as mere formalities. The real reason, however, is that they don’t want their clients to know how seriously they take their state of health. Studies show a pattern in which smaller insurance policies will only hand out a questionnaire and a form to be filled up while a larger policy will have a person undergo full medical evaluation by a doctor of the insurer’s choice. In short, the more expensive the policy you are about to take, the more thoroughly your health will be scrutinized.

Myth #3: Only Breadwinners Need Insurance

It is long though that only the breadwinners of a family need to be insured as the coverage will replace the amount of money they will make on a regular basis. This means that insuring other family members are not essential. However, the cost of replacing the contributions of one family member, regardless of role, might be higher than what one might thought. On the flip side, insuring against the loss of family members will make more sense.

Myth#4: The Cost of Premiums Will Be Deductible

Though this is true for certain cases, the premiums of personal life insurance will never be deductible. The premiums in life insurance coverage will only be deductible under two specific occasions. The first is when the policy holder is self-employed and the second circumstance is when the coverage is used as asset protection for the business owner.

Myth#5: Life Insurance Is Not Necessary For the Young

One of the most prevalent myths about life insurance is that they are only for the old and dying. The truth, however, is that there is no certainty that a person will reach old age before passing away. Companies like Gunning and Associates Insurance company know this fact and, thus, are offering plans for young individuals. This way, they can prepare for their eventual passing and minimize financial problems to a considerable degree.