What Type of Insurance Is Best for a Small Business?

If you own and operate a small business, at a minimum you will need general liability. It is likely some form of property insurance is needed as well. Other factors like employees and operating commercial autos, may require some other types of insurance coverage.

Running a small business can bring added levels of insurance that may be optional or necessary. The type and size of your business will determine how much and what kinds of insurance you may need. There are several different coverages to be considered.

Small Business Insurance

Small business insurance is a standard type of coverage that usually comes as a package policy. It can help your business through the tough times. Property damage and liability claims are part of this kind of coverage.

General Liability Insurance

This type of coverage can help with property damage or injuries customers may experience. Claims against your business may be covered with general liability. This is a standard insurance that many small businesses are required or voluntarily have.  

Professional Liability Insurance

This is a more specific type of insurance that covers errors made in clerical or errors in services provided. If a product is misrepresented or the wrong service is provided, professional liability can help cover claims. This type of insurance may not be a requirement but could be useful in unique circumstances.

Workers’ Comp Insurance

If you have employees, Workers’ Comp Insurance is something you will likely need. Commercial Auto Insurance will be needed for vehicles involved in a business.

If you own a small business and you are in the market for insurance, contact Wellspring Insurance Network Inc in Frederick, MD,. An agent will be happy to assist you with all your insurance needs.

The Important Role of Life Insurance in Financial Planning

Life insurance agents sometimes get an undeserved negative stereotype. In the movie Ground Hog Day, actor Bill Murray, who plays the lead, faces the same day over and over. Every time he wakes up it is the same calendar day reoccurring. One hilarious moment is when he runs into a man who went to high school with him and now is an insurance agent. This is a cringe-worthy chance encounter with the insurance salesman who greets Murray in an over-the-top, pushy way.

Most insurance agents do not act like that. They are thoughtful, intelligent, kind, considerate, and looking out for the best interests of their clients.

The real underlying resistance to the concept of life insurance is a fear of death and not wanting to think about it. That is a common attitude but should not stop you from have proper life insurance. We do not get home insurance only because we are afraid of fires. We get it to protect our loved ones and our valuable assets. With life insurance, the valuable asset is you.

Financial Planning

Life insurance, when considered from a more accurate perspective, becomes one of the tools that are effective for better financial planning. Start with a life insurance review and financial consultation with your agent at Wellspring Insurance Network Inc. serving Frederick, MD and the surrounding area to get recommendations.

The benefits of obtaining life insurance include these five important considerations:

  1. Death Benefits: This money is allocated to support surviving family members with ongoing expenses and major life expenses, such as college tuition for the children.
  2. Investment: Life insurance premiums for whole life policies and other types that build value over time are preplanned incremental investments. They build net worth automatically.
  3. Tax Benefits: This may include reducing income and lowering estate taxes.
  4. Cash Value: This is a source of funds that can be accessed when the need is high later in life.
  5. Key Person Insurance: This provides the money for buy/sell agreements that are used for small businesses. These agreements are made between partners who own a business together. When one of them becomes permanently disabled or dies, key person insurance pays for their ownership interest. Then, the surviving partner can continue to operate the business.

Conclusion

Make life insurance an important part of your financial planning. Call us or use the convenient online form to get a quote for life insurance. Talk over the specifics with your agent at Wellspring Insurance Network Inc. in Frederick, MD to understand how different types of life insurance can be used to protect you and your family.

How to Save Big with Home Contents Insurance

Things happen, they just do. 

Unanticipated events are a part of life that possesses the potential to bleed one’s savings dry.  Whether it is a rusted water-heater in the home or a Nor’easter blowing through Frederick, MD, unexpected disasters can cause significant damage to furniture, knickknacks and even irreplaceable keepsakes.  Is there a way to protect one’s home’s contents before the accident/disaster occurs?

The reality is, there is the insurance product — home contents insurance — that can be purchased from the respected insurance professionals at Wellspring Insurance Network Inc. for those living in the Frederick, MD vicinity and surrounding areas. 

When considering the purchase of home contents insurance, it is important to determine just how much it will cost to replace the items that can be taken from a home when one moves. This would include:

  • Clothing and Jewelry
  • Electrical and Entertainment Equipment
  • Kitchen Furnishings
  • Furniture
  • Curtains, bedding, and towels

The list adds up quickly, and the cost to replace the contents will likely total in the tens of thousands of dollars. The best way to accurately anticipate the replacement cost of one’s home contents is to keep a written record of any item that cost more than $500, or so. Work from room-to-room to ensure all items are included in the total estimate.

Most contents insurance policies include a ‘wear and tear’ clause to account for an item’s true cost at the time of the unexpected event. However, home contents insurance is generally an affordable option for those who seek to protect their prized possessions. 

Home contents insurance is not required by a third party, like a mortgage lender. Home contents insurance is strictly optional, but a really levelheaded idea. Reach out to the insurance professionals at Wellspring Insurance Network Inc. by email, or phone (240-848-0355) to meet all your insurance needs.

What is Comprehensive Coverage and Why Do You Need It?

Do you know what comprehensive coverage does or why you even need it? For many Frederick residents, this is a question that they cannot answer.

Thankfully, our Wellspring Insurance Network Inc. team has put together a short post to help you understand. Here is what you need to know about comprehensive coverage and why you need it.

What is Comprehensive Coverage?

It is important to understand what your car insurance’s comprehensive section covers in the event of a claim. In most cases, it protects you against so-called “acts of nature” including fire, storm damage, and weather-related events. Theft and vandalism are also listed perils under your comprehensive coverage. Should you experience a comprehensive loss, all you would have to pay to fix your vehicle or replace a stolen vehicle is your deductible.

Why Do You Need Comprehensive Coverage?

Comprehensive coverage is important in that it protects you from having to pay for damage to your vehicle due to incidents that are largely out of your control. If your vehicle is newer or you’re concerned about having to pay out-of-pocket to repair or replace your vehicle if it is stolen or damaged by weather, you should consider adding comprehensive coverage to your policy.

Are You Required to Carry Comprehensive Coverage?

In most cases, you are not required to carry comprehensive coverage on your auto insurance policy. However, there is an exception. If you have a loan or lease on your car, you’ll need to discuss with your lender whether they require you to purchase this type of protection.

Wellspring Insurance Network Inc. is proud to help residents of Frederick, MD and surrounding areas with all of their auto insurance needs. Please contact us today for a no-obligation coverage review.

 

3 things you should know about life insurance

Life insurance is something that you should not go without in Frederick, MD. Not only does an assurance policy of this sort help you plan for the future, but a life insurance plan also gives your family a sense of peace.

You can speak with an agent at Wellspring Insurance Network Inc. for details regarding life assurance. Read on to learn three basic concepts about having a plan!

1. Life insurance has nothing to do with placing a monetary value on your life

Human life is priceless. Life assurance is not an entity that seeks to place value on a person’s existence. Instead, an indemnity plan works to assure that final expenses and remaining bills are paid after a person passes away.

Life insurance is especially crucial for breadwinners in this regard. Many individuals who are the head of a household have the responsibility of paying the mortgage. Family members who are left behind after an untimely death may not have the means to pay for shelter while maintaining the same lifestyle. It is during such dilemmas that a life insurance plan can serve as a sort of saving grace.

2. There are three types of life assurance

Term life insurance is the cheapest in terms of premiums. The buyer agrees to pay a certain amount per month for a specified period. It is during such time (usually between 10 and 30 years) that the purchaser is covered in the instance of death. You have to find a new policy once your term runs out or run the risk of going uninsured.

Whole and universal life insurance policies, on the other hand, are typically unlimited and come with other perks. There are instances where policyholders can cash out the interest attached to their plans and use the money for expenses. Whole and universal life insurance tends to be more expensive than term assurance.

3. Life insurance comes with stipulations

As with any indemnity plan, there are certain rules that you must follow in order to keep your life assurance plan active in Frederick, MD. Contacting an agent at Wellspring Insurance Network Inc. is the best way to ensure that you get the most out of your policy. Call today for a quote!

3 Ways Commercial Insurance Is a Smart Business Choice

If you’re looking for a way to take your business to the next level of success, it starts with making smart business choices. At the heart of a successful business is a willingness to protect your customers and your assets. One of the best ways to do this is by investing in commercial insurance. Here at Wellspring Insurance Network Inc. we strive to help all of our customers achieve great success in their endeavors as business owners. Let’s take a quick look at the many reasons commercial insurance makes for a smart business choice in and near Frederick, MD.

Understand the Law

Depending on the type of business you own, you may be required by law to have commercial insurance. In fact, without proper insurance, you may run the risk of facing penalties and large fines. At the worst, you could even face possible criminal charges for not having commercial insurance. This is why it’s so important to understand the law and how it applies to your company.

Protect Yourself

A customer can sue you at any time. This doesn’t necessarily mean the customer will win the lawsuit, but what if he or she does? Do you have the monies in place to cover a $2 million settlement? Probably not, but with proper commercial insurance, you can protect your business as well as your personal assets.

Improve Professionalism

Another way that commercial insurance is a smart business choice is because it increases your professionalism. Customers prefer doing business with companies that exhibit the utmost professionalism, and having commercial insurance shows you are a legitimate brand.

To learn more about the benefits of commercial insurance, please contact Wellspring Insurance Network Inc. serving the Frederick, MD area.

Home Insurance Facts Every Homeowner Should Know

As a new homeowner, it’s important you understand the ins and outs of home insurance and the protection it provides. Learning the basics is key to getting the right insurance coverage. At Wellspring Insurance Network Inc. we can explain how home insurance works and answer questions you may have about coverage and costs. Here are some facts you should know before buying a policy for your Frederick, MD home.

Areas to Cover

A good home insurance policy will cover your dwelling, personal goods, liability, and living expenses if you can’t occupy the home due to a disaster. Your coverage should be enough to rebuild your home, if necessary, replace your goods, safeguard you against lawsuits and cover the cost of living elsewhere while home repairs are being done.

Replacement Value vs Cash Value

Cash value coverage pays for the value of personal goods minus depreciation, which may be insufficient to replace your property. Replacement value coverage provides funds to replace everything that’s stolen or lost in a covered peril, saving you thousands of dollars out of pocket. You’ll pay more for replacement value coverage but the protection you receive makes up for it.

Claims Handling

Make sure you understand and agree to how your insurer handles the claims process. Some companies pay for losses upfront; others pay a fraction and make you wait for the rest. Some pay for all personal property losses while others only pay for the items you replace. Discuss the claims process with your insurer before signing on the dotted line.

Extra Insurance Coverage

If you own pricey goods, you may need extra insurance to fully protect these valuables as the limits of a standard homeowner’s policy may not cover what these goods are worth.  

For customized home insurance coverage at reasonable costs, contact Wellspring Insurance Network Inc. in Frederick, MD.

Claiming your totalled car

If you are in an accident and the repairs will cost 75 percent or more of the market value of your car, it will be declared a total loss and called "totaled" by insurance companies in Maryland.  If you have a low-value car you may feel like you can make repairs and keep the car running. It is a slightly complicated process, but you can reclaim your car if it is ruled a total loss by the insurance company Vist the Wellspring Insurance Network Inc. in Frederick, MD to learn more about the intricacies of automobile insurance.

When a car is totaled, the insurance company takes possession of the car as part of the settlement. Often the insurance company will sell it for salvage to recoup some of their losses. If you wish to claim the car you have to notify the insurance agency as soon as possible. They will let you have the car back but will deduct the salvage value from your settlement. 

In Maryland totaled cars are called Salvage vehicles. If your car is not repairable and you want it for parts, you will get a salvage certificate when you take possession. If it is repairable you will get a rebuilt salvage title. There is also a special title for cars that have been totaled due to flood damage. Also as part of the settlement, you will have to get a release from the loan company if you owe money against the vehicle.

Visit the Wellspring Insurance Network Inc. in Frederick, MD to get more information about car insurance. You may visit us online, by phone, or in person. If you do have an accident and want to reclaim your totaled car, remember it is very important to let the insurance company know before they send it to be salvaged.

 

When Should You Get Life Insurance?

Technically, the best time to get life insurance is right after a child is born, since life insurance gets more expensive as each year passes. However, chances are most people don’t have life insurance policies as they are born, so the answer to when you should get life insurance in Frederick, MD can depend on your financial situation. Age does play a role in when you should get life insurance, but you need life insurance when people will rely on your income.

Since life insurance provides money after death, whatever age you have people depending on your income is when you should get life insurance. There are plenty of common examples to demonstrate when life insurance is good. If you are 30 but still single, then you likely don’t need to purchase life insurance. If you are 25, married, and you have a newborn, then you should get life insurance. If you are 28 and both your spouse and you work then you may not need life insurance, but now is the time to begin thinking about it. In many cases, as soon as you start a family you need life insurance. Life insurance is not about you but instead helps provide for the family. If you don’t have a family, there are some other instances where life insurance makes sense. If you are single but a parent has cosigned a mortgage or student loan, then a life insurance policy can help pay for their share if something does happen to you. Even if you don’t have children yet, many married couples rely on both incomes to pay the bills, so it’s something to consider. An agent at Wellspring Insurance Network Inc. can help you determine if your circumstances mean you have time to wait on life insurance.

Contact Wellspring Insurance Network Inc. serving Frederick, MD, to get a quote on life insurance. 

 

Commercial Insurance For Your Ecommerce Store: What It Is And Why You Need It

When it comes to protecting your E-commerce business, insurance can be a tricky topic. However, commercial insurance coverage is an essential way to protect your online business. In the event that you are facing a claim, commercial insurance can be the difference between a minor situation and a total disaster. 

Do I Need Commercial Insurance?  

If you are an eCommerce business owner and have revenue coming in from selling products or providing services, you should think about commercial insurance. Even if you work out of your Frederick, MD home, coverage is essential, because your homeowner’s policy is not likely to cover any business lawsuits. 

What Are The Most Common Types of Ecommerce Insurance 

Wellspring Insurance Network Inc. recommends three basic types of insurance you need to consider for your Ecommerce business: 

Liability Insurance – Liability insurance protects you in the event a third party is injured by your product or service. For example, if a child is injured by a toy you sold their parents online. 

Property Insurance – If you sell products, you need to insure them. Property insurance covers more than inventory, it also provides replacement costs and protection against loss, theft, or damage to your inventory, equipment, and business property – which your Frederick, MD homeowners policy will not cover. 

Transit Insurance – Also called inland marine insurance, when you send or receive large batches inventory through suppliers, warehouses or distributors. this policy protects against loss or damage during the shipping process. 

Smart Business Planning 

There will always be some risks involved in running an E-commerce business, but worrying loss due to lack of insurance coverage shouldn’t be one of them. Working to identify the perfect commercial insurance for your E-commerce business with an informed broker can help you take those worries off your plate. For more information about how to protect your E-commerce business, call Wellspring Insurance Network Inc. today.